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"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__5": {
"value": "Otovo ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__8": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__6": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__9": {
"value": "Torggata 11, 0181 Oslo.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__12": {
"value": "The consolidated financial statements of the Group have been prepared in accordance with IFRS \u00ae Accounting Standards as adopted by the European Union and Norwegian authorities, effective as of December 31, 2024.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__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 11, 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 parent company and its subsidiaries (together referred to as the \"Group\"). The Board of Directors authorised for issue the consolidated financial statements on 23 April 2025.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 as adopted by the European Union and Norwegian authorities, effective as of December 31, 2024. Otovo also provides additional required disclosures as specified in the Norwegian Accounting Act.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. 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 2024.At the date of authorisation of these financial statements, the following standard that could affect Otovo\u2019s consolidated financial statements was issued, but not effective: \u25cf The new IFRS 18 Presentation and Disclosure in Financial Statements effective 1 January 2027 replaces IAS 1 Presentation of Financial Statements. The standard seeks to improve financial reporting by requiring defined subtotals, disclosure of management-defined performance measures (MPM), and new principles for the aggregation and disaggregation of information. Management anticipates that the new IFRS 18 standard will be adopted at the effective date stated above, provided that the changes are approved by the EU. There are no other standards, interpretations, or amendments effective from 1 January 2025 or later that are expected to have a significant impact on the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__30": {
"value": "Consolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__29": {
"value": "Consolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__7": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__28": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__27": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__26": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
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"f1__s7__6__25": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
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"f1__s7__6__24": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__23": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
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"f1__s7__6__22": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
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"f1__s7__6__21": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__20": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
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}
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"f1__s7__6__19": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
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"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__18": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__17": {
"value": "Note 2. Accounting policiesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial position of Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Group controls a company when it is exposed, or has rights, to variable returns from its involvement with the Company and has the ability to affect those returns through its power over the Company.Business combinations and goodwillBusiness combinations are accounted for according to the acquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value of acquired assets, equity and liabilities incurred. Goodwill is measured as the difference between the consideration transferred and net identifiable assets. Identifiable assets, liabilities and contingent liabilities are calculated at fair value at the time of the acquisition. If the difference is negative, the resulting gain is a bargain purchase in profit or loss. However, before any bargain purchase gain is recognised, a review is undertaken to ensure the identification of assets and liabilities is complete, and that measurements appropriately reflect consideration of all available information. Transaction-related costs are expensed as incurred. 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 transactionsForeign 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, with EUR being the most dominant. 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 statementCurrent/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. RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.Further details are included in note 9 Income tax.Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.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. 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 are 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 derecognised on disposal, or when no future economic benefits are expected to be derived.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 12.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 expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit 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 transaction costs 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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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.Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
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"value": "Foreign currency translation and transactionsForeign 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, with EUR being the most dominant. 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",
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"f1__s7__6__32": {
"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.",
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"f1__s7__6__33-1": {
"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.Note 5. Reporting segment information and revenueAmounts in NOK thousandFor Management purposes the Group is organized into two reporting segment. \"Marketplace\" and \"Subscription SPV\". The Executive Management monitors the operating results of these segments 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 and 20 for further information.The segment reporting is presented in the same manner as presented to the Executive Management.The following changes in presentation have been implemented for FY 2023 financial information, compared to the presentation in the annual consolidated financial statements for 2023- Finance lease revenues, included in Revenues in FY 2023, is presented separately in the Consolidated income statement- Gain on disposal of subsidiary is reclassified from Other operating income and presented separately in Other IncomeInformation regarding reporting segments in the Group(NOK 000')Marketplace Subscription SPV Elimination Group total2024 2023 2024 2023 2024 2023 2024 2023Revenue & Finance lease revenue565 612 996 209 20 067 14 341 - -585 679 1 010 550Revenue internal 166 549 376 880 - - - 166 549 - 376 880 - -Other operating income 5 515 5 814 57 779 38 285 - - 63 294 44 099Other operating income 5 752 5 279 1 564 1 002 - 7 316 - 6 281 - -internalOther income - - 8 025 37 925 - - 8 025 37 925Total operating income 743 428 1 384 182 87 435 91 553 -173 865 - 383 161 656 998 1 092 574Cost of materials and 581 146 1 163 605 15 605 12 048 - 142 384 - 366 003 454 367 809 649installation servicesPayroll and related 292 635 346 924 2 004 251 - 97 294 639 347 272costsDepreciation, amortisation and 37 205 31 132 27 484 22 722 -1 606 21 346 63 083 75 200impairmentOther operating 212 296 238 955 20 035 26 706 - 7 414 - 5 756 224 917 259 904expensesOperating profit/(loss) - 379 854 - 396 432 22 307 29 826 - 22 461 - 32 845 - 380 008 - 399 451Revenue external by product / service 2024 20231)Solar panels and related products565 612 996 209Finance lease 20 067 14 3411) 2)Operating lease and service agreements57 779 38 285Other operating income 5 515 5 814Other income 8 025 37 925Total operating income 656 998 1 092 5741) Of which are revenues from contracts with customers 621 598 1 033 3062) Of which are revenues from operating leases 1 793 1 188Disaggregation of Total revenue and incomeThe reported Revenue & Finance lease revenue is stemming from contracts with customers for their purchase of solar panels and batteries, including service and interest income on the financial leases. The majority of the Revenue & Finance lease revenue is related to installations completed during the year and the consideration recognised at the inception of the lease. The reported Other operating income is primarily stemming from contracts with customer for their use of solar panels and batteries held by the Group, as reported in the subscription segment. The reported Other income is stemming from non-recurring gains relating to divestment and acquisition of subscription portfolios. Total operating income from external customers is NOK 657 million, while it is NOK 174 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 2024 20231North184 281 464 0922DACH + Italy336 667 415 4753Benefrux78 770 120 1154Atlantic57 280 92 891Total revenue and other income 656 998 1 092 574Assets by geographical location of the CompanyGeographical information 2024 20231North171 940 157 4542DACH + Italy280 889 154 2243Benefrux201 867 167 9624Atlantic170 572 144 007Total non-current assets 825 268 623 6501) Norway, Sweden and Poland, of which Norway is 44 884 (2024) and 213 172 (2023)2) Italy, Germany, Switzerland and Austria3) France, the Netherlands and Belgium4) Spain, Portugal and the UK",
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"f1__s7__6__34": {
"value": "RevenueThe 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.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 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 and are presented as Other operating income. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at the end of the contract period at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024 under the subscription model. The related subscription contracts are classified 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 Finance lease receivables, split into a non-current and a current part. Revenue, being the present value of the lease payments, discounted using a market rate of interest, is recognised at the point in time when the battery installation is completed. Interest income, included in Finance lease revenue, 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. Revenue from the provision of services, embedded in the lease, is generally recognised over time when or as the Group performs the related service during the agreed service period.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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.",
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"f1__s7__6__35-1": {
"value": "Revenues from contracts with customers primarily comprise sale of \u25cf Goods: solar panel installations and related products such as batteries.\u25cf 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 is completed. 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.For goods sold 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 guarantees only provide assurance that the product sold to the customer complies with agreed-upon specifications.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, such as adding more panels or other hardware. 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 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 20. Contracted future subscription paymentsAmounts in NOK thousandSubscription 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 1.4b 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.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. The calculated Contracted Customer Payments are impacted by changes in foreign exchange rates during the year.202620292032EDEA Contracted customer payments NPV 2025Total-2028-2031-2044Non-discounted contracted 71 178 222 131 235 728 896 496 1 425 533customer payments*NPV at 5% discount rate 930 451 *) Assuming 2% Annual inflationNote 23. 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. The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024, and has classified the related subscription contracts as finance leases. Refer to note 2 for more information.Sales price, Service fee and Interest income are included in Finance lease revenues in 2024, while for 2023 Service fee was included in Other operating income and Interest income was included in Financial income.Consolidated statement of profit and loss 2024 2023Revenue 18 517 14 347 Cost of materials and installation services 15 605 12 048Selling profit 2 912 2 299Service fee 17 11Interest income 1 535 441 Net impact on Consolidated statement of profit and loss 4 463 2751Consolidated statement of financial position 31 Dec 2024 31 Dec 2023- Less than one year 4 735 1 850- One to five years 18 939 7 400- More than five years 23 674 10 175 Gross finance lease receivable 47 347 19 425Less unearned Interest income -15 371 -5 706Total finance lease receivables 31 976 13 719",
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"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__37-1": {
"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 6. Employee benefitsAmounts in NOK thousandSpecification of payroll and related cost 2024 2023Salary/wages 233 090 278 612 Employee tax 50 670 53 609 Pension costs 5 879 8 598 Other personnel costs 5 000 6 453 Total payroll expense 294 639 347 272Full time equivalents 2024 2023Male 125 218Female 113 165Total 238 383Percentage female employees 47% 43%Remuneration to CEO, Executive Management and board members Share-2024 Salary Bonus PensionOther Totalbased CEO 3 002 750 121 660 11 4 544 Other members of 11 737 2 746 616 668 3 213 18 998 Executive ManagementBoard members - - - - 1 583 1 583Total remuneration 14 739 3 514 738 1 328 4 807 25 125Share-2023 Salary Bonus PensionOther Totalbased CEO 2 581 263 125 - 8 2 977 Other members of 11 680 2 013 657 - 2 442 16 792 Executive ManagementBoard members - - - - 1 270 1 270 Total remuneration 14 261 2 276 782 - 3 720 21 039Salary 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 8 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 2024 and 2023. One of the members of Group Management was an external consultant from September 2023 until he was employed in August 2024, his compensation for the period up until he was employed has been included in \"Other\". Additionally, \"Other\" includes severance payments to a former member of Group Management in 2024, and compensation for parental leave in 2023.The CEO has 6 months notice period and is entitled to severance pay equal to six months salary in case of termination. The Group Management are members of a collective pension and insurance scheme applicable to all employees in the country of employment.For more information about remuneration to Group Management, refer to the Remuneration report.Loans to employees and board membersA former member of Group Management was granted a loan in a prior year. The loan was repaid during 2024. 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 3 000 000 - - 11 664 610Other members for Group Management 2 858 797 2 883 334 - 42.735 5 784 866ManagementJosefin Christina Landg\u00e5rd Board member 91 583 - - - 91 583Zo\u00eb Wyon Board member 14 326 - - - 14 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 68 686 696 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. In December 2024 Otovo bught back options that vested on 1 January 2024, or will west on 1 January 2025. The buy back was at fair value of the instrument and has been accounted for as repurchase of equity interest. The repurchase amounts to NOK 2.3 million, including social security. The cancelled and repurchased 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 there are still outstanding retention shares.Expenses related to share-based payments included in total payroll expense 2024 2023Share-based payments 12 172 47 629 Social security contribution -178 -1 309 Total expenses related to share-based payments 11 993 46 320Overview of outstanding options (after share split) 2024 2023Outstanding options 1 January 27 573 334 4 740 007Options granted 160 000 32 396 000 Options exercised - -23 340 Options forfeited -20 417 660 -9 539 333 Outstanding options 31 December 7 315 674 27 573 334Of which exercisable - - Average share price at grant date (NOK per share) 3,45 3,55Weighted average remaining contractual life of outstanding options 1,51 2,5(years)Overview of outstanding performance and retention shares 2024 2023Outstanding shares 1 January 1 073 930 1 417 762Shares granted - -Shares released -944 115 -Shares forfeited -59 302 -343,832Outstanding shares 31 December 70 513 1,073,930Performance shares 31 December - -Retention shares 31 December 70 513 1,073,930Total 70 513 1,073,930Weighted average remaining contractual life of performance shares - -Weighted average remaining contractual life of retention shares 1.33 1.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__36": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__38": {
"value": "Financial income and expensesInterest income or expense is recognised using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__39": {
"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.Further details are included in note 9 Income tax.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__40": {
"value": "Property, plant and equipmentThe Group\u2019s Property, plant and equipment consists primarily of solar panel installations and batteries used in the Group\u2019s subscription business. Property, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment acquired through business combinations 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. The subscription customer has the right to purchase solar panel installation and battery during the contract period at residual value. 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 operating 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. Further details are included in note 10 Property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__41": {
"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. 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 are 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__43": {
"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 12.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__44-1": {
"value": "Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for expected credit losses. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected credit loss allowance for all trade receivables.Note 13. Trade receivablesAmounts in NOK thousand 31 Dec 2024 31 Dec 2023Trade receivables 52 197 49 017Provision for bad debt -6 719 -2 821Total trade receivables 45 478 46 196Trade receivables at 31 December - ageing 31 Dec 2024 31 Dec 2023Not due 10 259 14 762 1\u201330 days past due 9 935 16 117 31\u201360 days past due 3 456 1 422 61\u201390 days past due 3 102 5 998 More than 90 days past due 25 445 10 718 Total trade receivables 52 197 49 017For 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. The increase in bad debt provision during the year is driven by: \u25cf Increase in provision for recharges to installers that it has been challenging to collect\u25cf Increase in provision for buy outs and terminations in the subscription segmentRefer to note 18 for further information about the Group's assessment of credit risk.Trade receivables denominated in currency 31 Dec 2024 31 Dec 2023NOK 5 524 4 055SEK 6 183 7 556EUR 31 245 25 231PLN 3 610 2 456CHF 5 045 8 960GBP 590 758 Total trade receivables 52 197 49 017",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__42-1": {
"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 derecognised on disposal, or when no future economic benefits are expected to be derived.Capitalisation of internally generated intangible assetsA significant part of the Group\u2019s intangible assets relates to software generated internally. Otovo'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.It may be challenging to assess whether an internally generated intangible asset qualifies for recognition, due to issues related to identifying whether and when the identifiable asset will generate expected future economic benefit and determining the costs of the asset reliably. In some cases, the cost of generating an intangible asset internally cannot be distinguished from the cost of maintaining the asset or from the running of the day to day operations.Management has assessed the future benefits of the changes made to the asset during the year based on the Product road map for the year and related submitted time sheets. The assessment has also considered the actual impact of the added functionality for the users of the software. Based on this assessment the Management has split the associated costs on development and maintenance.Refer to note 12 for further information about the software and the development in 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__45": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__46": {
"value": "Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less transaction costs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__47": {
"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. Following the restructuring of the Group during 2024, workforce reductions were required. At the end of 2024 there are still certain provisions recognised in the balance sheet related to this. The provisions are included in other current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__48": {
"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. For subscription customers there is formally no guarantee, but Otovo is responsible for ensuring that the system works throughout the contract period, which is 20 years for PVs and 10 years for batteries. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__49-1": {
"value": "Trade payables and Other current liabilitiesTrade payables and Other current liabilities 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. Trade payables are recognised when an invoice has been received and approved. Trade payables and Other current liabilities 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>531.12.24yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 6 780 2 909 2 070 1 802 - - -Borrowings from credit institutions 472 732 1 969 1 474 469 289 - - -Trade payables 47 419 47 419 - - - - -Public duties payable 18 217 18 217 - - - - -Other current liabilities 78 910 78 910 - - - - -Total 624 058 149 424 3 544 471 091 - - - Total as < 12 345>5ofyearyearsyearsyearsyearsyears31.12.23Non-derivative financial obligationsLeasing 16 763 9 534 7 229 - - - -Borrowings from credit institutions 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 482 983 240 321 240 977 1 123 561 - -Interest expenses are excluded from the above maturity tables. Estimated interest expenses for future years, calculated based on the interest rate and outstanding loan balance at the balance sheet date, can be found in note 15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__50": {
"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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__51": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__53": {
"value": "ImpairmentThe Group has made significant investments in property, plant and equipment, intangible assets and goodwill. 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 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 12 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__52": {
"value": "Note 3. Use of estimates and judgementThe 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 judgments, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__54": {
"value": "Share-based payments Estimating 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 6 Employee benefits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__55": {
"value": "Deferred tax assets Deferred 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__57": {
"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 29 November 2024, Otovo ASA purchased a portfolio of subscription customers in Austria from a reputable electricity provider through a wholly owned subsidiary. Otovo ASA purchased 100% of the shares in a special purpose vehicle that has leasing agreements with customers similar to those in EDEA's current portfolio. Refer to Note 22 for further information. In 2023, EDEA Midco AS sold 100% of the shares for their Norwegian and Swedish subscription portfolios, refer to Note 22 for additional information. As of year-end 2024 the Group consists of the subsidiaries presented in the table below.Reportable Parent Company Country Location Equity interestssegmentcompany 31 Dec31 Dec20242023Otovo AB Sweden Stockholm 100% 100% Marketplace Otovo ASAOtovo France France Paris 100% 100% Marketplace Otovo ASASASOtovo Iberic SL Spain Madrid 100% 100% Marketplace Otovo ASAOtovo Srl Italy Milan 100% 100% Marketplace Otovo ASAOtovo Sp. Z.o.o Poland Warsaw 100% 100% Marketplace Otovo ASAOtovo GmbH Germany Berlin 100% 100% Marketplace Otovo ASAOtovo GmbH Austria Vienna 100% 100% Marketplace Otovo ASAOtovo Portugal Lisbon 100% 100% Marketplace Otovo ASAUnipessoal LDAUnited Otovo LimitedLondon 100% 100% Marketplace Otovo ASAKingdomOtovo Schweiz Switzerland Z\u00fcrich 100% 100% Marketplace Otovo ASAGmbHOtovo B.V. Netherlands Amsterdam 100% 100% Marketplace Otovo ASAOtovo BE B.V. Belgium Brussels 100% 100% Marketplace Otovo ASAOtovo Shared Spain Madrid 100% 100% Marketplace Otovo ASAServices SLEuropean Distributed Norway Oslo 100 % 100 % Subscription Otovo ASAEnergy Assets Midco ASReportable Parent Company Country Location Equity interestssegmentcompany 31 Dec31 Dec20242023European 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 Vienna 100 % 100 % SubscriptionAssets Midco ASOtovo Energy Assets European Distributed Energy Portugal Lisbon 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 ASEuropean Distribution Energy EDEA II AB Sweden Stockholm 100% 0% SubscriptionAssets Midco ASEuropean Distribution Energy EDEA Europe AS Norway Oslo 100% 0% SubscriptionAssets Midco ASEDEA Two GmbH Austria Vienna 100% 0% Subscription EDEA GmbH",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__60-1": {
"value": "Note 5. Reporting segment information and revenueAmounts in NOK thousandFor Management purposes the Group is organized into two reporting segment. \"Marketplace\" and \"Subscription SPV\". The Executive Management monitors the operating results of these segments 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 and 20 for further information.The segment reporting is presented in the same manner as presented to the Executive Management.The following changes in presentation have been implemented for FY 2023 financial information, compared to the presentation in the annual consolidated financial statements for 2023- Finance lease revenues, included in Revenues in FY 2023, is presented separately in the Consolidated income statement- Gain on disposal of subsidiary is reclassified from Other operating income and presented separately in Other IncomeInformation regarding reporting segments in the Group(NOK 000')Marketplace Subscription SPV Elimination Group total2024 2023 2024 2023 2024 2023 2024 2023Revenue & Finance lease revenue565 612 996 209 20 067 14 341 - -585 679 1 010 550Revenue internal 166 549 376 880 - - - 166 549 - 376 880 - -Other operating income 5 515 5 814 57 779 38 285 - - 63 294 44 099Other operating income 5 752 5 279 1 564 1 002 - 7 316 - 6 281 - -internalOther income - - 8 025 37 925 - - 8 025 37 925Total operating income 743 428 1 384 182 87 435 91 553 -173 865 - 383 161 656 998 1 092 574Cost of materials and 581 146 1 163 605 15 605 12 048 - 142 384 - 366 003 454 367 809 649installation servicesPayroll and related 292 635 346 924 2 004 251 - 97 294 639 347 272costsDepreciation, amortisation and 37 205 31 132 27 484 22 722 -1 606 21 346 63 083 75 200impairmentOther operating 212 296 238 955 20 035 26 706 - 7 414 - 5 756 224 917 259 904expensesOperating profit/(loss) - 379 854 - 396 432 22 307 29 826 - 22 461 - 32 845 - 380 008 - 399 451Revenue external by product / service 2024 20231)Solar panels and related products565 612 996 209Finance lease 20 067 14 3411) 2)Operating lease and service agreements57 779 38 285Other operating income 5 515 5 814Other income 8 025 37 925Total operating income 656 998 1 092 5741) Of which are revenues from contracts with customers 621 598 1 033 3062) Of which are revenues from operating leases 1 793 1 188Disaggregation of Total revenue and incomeThe reported Revenue & Finance lease revenue is stemming from contracts with customers for their purchase of solar panels and batteries, including service and interest income on the financial leases. The majority of the Revenue & Finance lease revenue is related to installations completed during the year and the consideration recognised at the inception of the lease. The reported Other operating income is primarily stemming from contracts with customer for their use of solar panels and batteries held by the Group, as reported in the subscription segment. The reported Other income is stemming from non-recurring gains relating to divestment and acquisition of subscription portfolios. Total operating income from external customers is NOK 657 million, while it is NOK 174 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 2024 20231North184 281 464 0922DACH + Italy336 667 415 4753Benefrux78 770 120 1154Atlantic57 280 92 891Total revenue and other income 656 998 1 092 574Assets by geographical location of the CompanyGeographical information 2024 20231North171 940 157 4542DACH + Italy280 889 154 2243Benefrux201 867 167 9624Atlantic170 572 144 007Total non-current assets 825 268 623 6501) Norway, Sweden and Poland, of which Norway is 44 884 (2024) and 213 172 (2023)2) Italy, Germany, Switzerland and Austria3) France, the Netherlands and Belgium4) Spain, Portugal and the UKNote 7. Other operating expensesAmounts in NOK thousand 2024 2023Other expenses related to buildings and short-term/low value rent of equipment 8 703 14 4271External personnel and consultancy fees 59 057 79 592Media spend, advertising and partnerships 116 810 121 504System and software 19 643 18 3212Other operating expenses20 704 26 060Total other operating expenses 224 917 259 9041) Including audit fee, see specification below2) Including fees for Board Insurance with AIG. This policy provides coverage of NOK 150 million for each individual instance of a claim, with an accumulated limit of NOK 150 million for the entire year.In FY 2024 , the Group has changed the presentation of costs associated with lead purchases and referrals to Media Spend, advertising, and partnerships. Previously, these costs were included in Other operating expenses. The 2023 numbers in this note have been adjusted accordingly.Specification of audit feesThe table below summarises audit fees, fees for further assurance services and tax services incurred by the Group during 2024 and 2023 from BDO. Fees include all companies in the Group. 2024 2023Audit fees 2 061 2 717 Fees for further assurance services 123 178 Fees for other services 57 54 Fees for tax services - - Total fees to auditors 2 241 2 949 The amounts in the tables for audit fees are the amounts expensed in 2024 and 2023. Amounts presented exclude VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__59": {
"value": "Note 5. Reporting segment information and revenueAmounts in NOK thousandFor Management purposes the Group is organized into two reporting segment. \"Marketplace\" and \"Subscription SPV\". The Executive Management monitors the operating results of these segments 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 and 20 for further information.The segment reporting is presented in the same manner as presented to the Executive Management.The following changes in presentation have been implemented for FY 2023 financial information, compared to the presentation in the annual consolidated financial statements for 2023- Finance lease revenues, included in Revenues in FY 2023, is presented separately in the Consolidated income statement- Gain on disposal of subsidiary is reclassified from Other operating income and presented separately in Other IncomeInformation regarding reporting segments in the Group(NOK 000')Marketplace Subscription SPV Elimination Group total2024 2023 2024 2023 2024 2023 2024 2023Revenue & Finance lease revenue565 612 996 209 20 067 14 341 - -585 679 1 010 550Revenue internal 166 549 376 880 - - - 166 549 - 376 880 - -Other operating income 5 515 5 814 57 779 38 285 - - 63 294 44 099Other operating income 5 752 5 279 1 564 1 002 - 7 316 - 6 281 - -internalOther income - - 8 025 37 925 - - 8 025 37 925Total operating income 743 428 1 384 182 87 435 91 553 -173 865 - 383 161 656 998 1 092 574Cost of materials and 581 146 1 163 605 15 605 12 048 - 142 384 - 366 003 454 367 809 649installation servicesPayroll and related 292 635 346 924 2 004 251 - 97 294 639 347 272costsDepreciation, amortisation and 37 205 31 132 27 484 22 722 -1 606 21 346 63 083 75 200impairmentOther operating 212 296 238 955 20 035 26 706 - 7 414 - 5 756 224 917 259 904expensesOperating profit/(loss) - 379 854 - 396 432 22 307 29 826 - 22 461 - 32 845 - 380 008 - 399 451Revenue external by product / service 2024 20231)Solar panels and related products565 612 996 209Finance lease 20 067 14 3411) 2)Operating lease and service agreements57 779 38 285Other operating income 5 515 5 814Other income 8 025 37 925Total operating income 656 998 1 092 5741) Of which are revenues from contracts with customers 621 598 1 033 3062) Of which are revenues from operating leases 1 793 1 188Disaggregation of Total revenue and incomeThe reported Revenue & Finance lease revenue is stemming from contracts with customers for their purchase of solar panels and batteries, including service and interest income on the financial leases. The majority of the Revenue & Finance lease revenue is related to installations completed during the year and the consideration recognised at the inception of the lease. The reported Other operating income is primarily stemming from contracts with customer for their use of solar panels and batteries held by the Group, as reported in the subscription segment. The reported Other income is stemming from non-recurring gains relating to divestment and acquisition of subscription portfolios. Total operating income from external customers is NOK 657 million, while it is NOK 174 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 2024 20231North184 281 464 0922DACH + Italy336 667 415 4753Benefrux78 770 120 1154Atlantic57 280 92 891Total revenue and other income 656 998 1 092 574Assets by geographical location of the CompanyGeographical information 2024 20231North171 940 157 4542DACH + Italy280 889 154 2243Benefrux201 867 167 9624Atlantic170 572 144 007Total non-current assets 825 268 623 6501) Norway, Sweden and Poland, of which Norway is 44 884 (2024) and 213 172 (2023)2) Italy, Germany, Switzerland and Austria3) France, the Netherlands and Belgium4) Spain, Portugal and the UK",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__61": {
"value": "Note 6. Employee benefitsAmounts in NOK thousandSpecification of payroll and related cost 2024 2023Salary/wages 233 090 278 612 Employee tax 50 670 53 609 Pension costs 5 879 8 598 Other personnel costs 5 000 6 453 Total payroll expense 294 639 347 272Full time equivalents 2024 2023Male 125 218Female 113 165Total 238 383Percentage female employees 47% 43%Remuneration to CEO, Executive Management and board members Share-2024 Salary Bonus PensionOther Totalbased CEO 3 002 750 121 660 11 4 544 Other members of 11 737 2 746 616 668 3 213 18 998 Executive ManagementBoard members - - - - 1 583 1 583Total remuneration 14 739 3 514 738 1 328 4 807 25 125Share-2023 Salary Bonus PensionOther Totalbased CEO 2 581 263 125 - 8 2 977 Other members of 11 680 2 013 657 - 2 442 16 792 Executive ManagementBoard members - - - - 1 270 1 270 Total remuneration 14 261 2 276 782 - 3 720 21 039Salary 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 8 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 2024 and 2023. One of the members of Group Management was an external consultant from September 2023 until he was employed in August 2024, his compensation for the period up until he was employed has been included in \"Other\". Additionally, \"Other\" includes severance payments to a former member of Group Management in 2024, and compensation for parental leave in 2023.The CEO has 6 months notice period and is entitled to severance pay equal to six months salary in case of termination. The Group Management are members of a collective pension and insurance scheme applicable to all employees in the country of employment.For more information about remuneration to Group Management, refer to the Remuneration report.Loans to employees and board membersA former member of Group Management was granted a loan in a prior year. The loan was repaid during 2024. 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 3 000 000 - - 11 664 610Other members for Group Management 2 858 797 2 883 334 - 42.735 5 784 866ManagementJosefin Christina Landg\u00e5rd Board member 91 583 - - - 91 583Zo\u00eb Wyon Board member 14 326 - - - 14 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 68 686 696 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. In December 2024 Otovo bught back options that vested on 1 January 2024, or will west on 1 January 2025. The buy back was at fair value of the instrument and has been accounted for as repurchase of equity interest. The repurchase amounts to NOK 2.3 million, including social security. The cancelled and repurchased 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 there are still outstanding retention shares.Expenses related to share-based payments included in total payroll expense 2024 2023Share-based payments 12 172 47 629 Social security contribution -178 -1 309 Total expenses related to share-based payments 11 993 46 320Overview of outstanding options (after share split) 2024 2023Outstanding options 1 January 27 573 334 4 740 007Options granted 160 000 32 396 000 Options exercised - -23 340 Options forfeited -20 417 660 -9 539 333 Outstanding options 31 December 7 315 674 27 573 334Of which exercisable - - Average share price at grant date (NOK per share) 3,45 3,55Weighted average remaining contractual life of outstanding options 1,51 2,5(years)Overview of outstanding performance and retention shares 2024 2023Outstanding shares 1 January 1 073 930 1 417 762Shares granted - -Shares released -944 115 -Shares forfeited -59 302 -343,832Outstanding shares 31 December 70 513 1,073,930Performance shares 31 December - -Retention shares 31 December 70 513 1,073,930Total 70 513 1,073,930Weighted average remaining contractual life of performance shares - -Weighted average remaining contractual life of retention shares 1.33 1.5",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__64": {
"value": "Specification of audit feesThe table below summarises audit fees, fees for further assurance services and tax services incurred by the Group during 2024 and 2023 from BDO. Fees include all companies in the Group. 2024 2023Audit fees 2 061 2 717 Fees for further assurance services 123 178 Fees for other services 57 54 Fees for tax services - - Total fees to auditors 2 241 2 949 The amounts in the tables for audit fees are the amounts expensed in 2024 and 2023. Amounts presented exclude VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s7__6__67": {
"value": "Note 8. Net financial itemsAmounts in NOK thousandInterest expenses relating to leasing agreements are included in the below and specified in note 11. The increase in interest income from 2023 to 2024 is related to cash balance from capital increases in 2024. The increase in interest expense is related to debt financing of new subscription assets, net of the effects from repayments in the end of 2023 related to the divestment of Swedish and Norwegian subscription assets. Refer to note 22 for more information. Interest expenses includes commitment fees and amortisation of arrangement fees relating to the debt facility for financing of subscription assets. Refer to note 15 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, partially netted by external financing in EUR.Gains/(losses) on disposal of investment in associated company in 2023 is related to 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 sale resulted in a gain of NOK 13.8 million and a positive cash effect of NOK 23.5 million.Specification of financial income 2024 2023Interest income 8 423 4 309Net exchange gain 33 109 20 587Other financial income 149 178Total financial income 41 681 25 074Specification of financial expenses 2024 2023Interest expenses 35 115 28 846Net exchange gain - -Other financial expenses 770 387Total financial expenses 35 885 29 234",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s7__6__66": {
"value": "Note 8. Net financial itemsAmounts in NOK thousandInterest expenses relating to leasing agreements are included in the below and specified in note 11. The increase in interest income from 2023 to 2024 is related to cash balance from capital increases in 2024. The increase in interest expense is related to debt financing of new subscription assets, net of the effects from repayments in the end of 2023 related to the divestment of Swedish and Norwegian subscription assets. Refer to note 22 for more information. Interest expenses includes commitment fees and amortisation of arrangement fees relating to the debt facility for financing of subscription assets. Refer to note 15 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, partially netted by external financing in EUR.Gains/(losses) on disposal of investment in associated company in 2023 is related to 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 sale resulted in a gain of NOK 13.8 million and a positive cash effect of NOK 23.5 million.Specification of financial income 2024 2023Interest income 8 423 4 309Net exchange gain 33 109 20 587Other financial income 149 178Total financial income 41 681 25 074Specification of financial expenses 2024 2023Interest expenses 35 115 28 846Net exchange gain - -Other financial expenses 770 387Total financial expenses 35 885 29 234",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__65": {
"value": "Note 8. Net financial itemsAmounts in NOK thousandInterest expenses relating to leasing agreements are included in the below and specified in note 11. The increase in interest income from 2023 to 2024 is related to cash balance from capital increases in 2024. The increase in interest expense is related to debt financing of new subscription assets, net of the effects from repayments in the end of 2023 related to the divestment of Swedish and Norwegian subscription assets. Refer to note 22 for more information. Interest expenses includes commitment fees and amortisation of arrangement fees relating to the debt facility for financing of subscription assets. Refer to note 15 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, partially netted by external financing in EUR.Gains/(losses) on disposal of investment in associated company in 2023 is related to 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 sale resulted in a gain of NOK 13.8 million and a positive cash effect of NOK 23.5 million.Specification of financial income 2024 2023Interest income 8 423 4 309Net exchange gain 33 109 20 587Other financial income 149 178Total financial income 41 681 25 074Specification of financial expenses 2024 2023Interest expenses 35 115 28 846Net exchange gain - -Other financial expenses 770 387Total financial expenses 35 885 29 234",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s7__6__68": {
"value": "Note 9. Income taxAmounts in NOK thousandIncome tax expense in the consolidated statement of income 2024 2023Income tax payable - -Changes in deferred tax / deferred tax asset -57 -5 047Tax assets not recognised in previous year 355 -Total income tax expense reported in the income statement 298 \u22125 047Reconciliation from nominal to effective tax rate 2024 2023Profit/(loss) before tax -374 212 -389 820Estimated tax expense with nominal tax rate, 22% of profit/(loss) before -82 327 -85 760taxTax effect of the following items:22% of net permanent differences 2 871 2 492Other items -15 483 -6 304Deferred tax asset not recognised current year 95 237 84 525Total income tax expense reported in the income statement 298 -5 047Effective tax rate 0.1% 1.3%The nominal tax rate in Norway was 22 % in 2023 and 2024. 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. As of year-end 2024 none of the Group entities are in a position to recognize a deferred tax asset.Specifications of temporary differences on wich deferred tax 2024 2023is recognisedIntangible assets -914 -1 695Right of use assets \u20131 298 -3 067Trade receivables 213 192Provisions 3 818 7 540Deferred gains / losses 209 -253Lease liabilities 1 282 3 313Loss carried forward 312 176 214 163Not recognised deferred tax \u2013317 539 -222 303Total -2 052 -2 109Changes in deferred tax 2024 2023Opening balance at 1 January -2 109 -9 607Recognised in current year's profit 57 5 047Deferred tax on disposals- 2 451Balance at 31 December -2 052 -2 109The 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__69": {
"value": "Note 10. Property, plant and equipmentAmounts in NOK thousandEquipment andSolar panels Batteries TotalmachineryAccumulated costAs of 1 January 2023 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 Additions during the year 360 112 559 14 237 127 157Additions through acquisition of subsidiaries- 56 558 -56 558Disposals -1 603 -9 270 -1 600 - 12 473Translation differences 432 23 603 1 908 25 943As of 31 December 2024 7 682 510 249 46 349 564 280Accumulated depreciation and impairment lossesAs of 1 January 2023 -3 349 -7 406 -100 -10 855Depreciation -1 780 -18 402 -1 613 -21 795Impairment - -1 207- -1 207Accumulated depreciation disposals- 10 430 - 29 10 401 Translation difference 130 157 181 468 As of 31 December 2023 -4 999 -16 428 -1 561 -22 988Depreciation -1 219 -19 861 -4 162 -25 242Impairment-900 -1 820 - -2 720Disposals1 453 581 146 2 180Translation difference -185 -823 -78 -1 086As of 31 December 2024 -5 850 -38 350 -5 655 -49 855Carrying amountAs of 31 December 2023 3 494 310 371 30 243 344 108 As of 31 December 20241 832 471 899 40 694 514 425Depreciation method Straight line Straight line Straight lineUseful life 3-10 years 20 years 10 yearsThe significant amount on disposals in 2023 is related with the EDEA transaction, where Otovo sold Norwegian and Swedish subscription portfolios. Refer to note 24 for more information.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__70-1": {
"value": "Note 11. 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 2024 2023Opening balance 1 January 13 939 14 317 Depreciation -8 151 -7 702Additions 5 427 7 654 Disposals -5 316 -Other / exchanges differences -1 -330Balance per 31 December 5 898 13 939 Overview of changes to lease liabilities 2024 2023Opening balance 1 January 15 058 14 877Payments -8 595 -7 247Additions 5 427 7 654 Disposals -6 064 -Other / exchanges differences 1 227Balance per 31 December 5 826 15 058 Lease liabilities non-current 3 449 6 696 Lease liabilities current 2 377 8 362 Total 5 826 15 058 Maturity analysis: contractual, undiscounted cash flows31 December 2024 31 December 2023Current liabilitiesLess than one year 2 909 9 534 Non-current liabilitiesOne to five years 3 872 7 229 More than five years - -Total 6 780 16 763 Amounts recognized in the consolidated statement of income2024 2023Depreciation 8 151 7 702 Interest expense 612 823 Total 8 763 8 525 Amounts recognized in statement of cash flows 2024 2023Interest payments 612 823 Payments of principal 8 595 7 247 Total lease payments 9 207 8 070Note 23. 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. The Group has changed contracts with new subscriptions customers in Germany, Austria and the UK as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 in Germany, and January 2024 for Austria and the UK. The change entails that the customer has the right to purchase the battery at a price that is significantly lower than fair value at the date the option becomes exercisable. It is considered to be reasonably certain that the option will be exercised. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in the applicable markets in 2023 and/or 2024, and has classified the related subscription contracts as finance leases. Refer to note 2 for more information.Sales price, Service fee and Interest income are included in Finance lease revenues in 2024, while for 2023 Service fee was included in Other operating income and Interest income was included in Financial income.Consolidated statement of profit and loss 2024 2023Revenue 18 517 14 347 Cost of materials and installation services 15 605 12 048Selling profit 2 912 2 299Service fee 17 11Interest income 1 535 441 Net impact on Consolidated statement of profit and loss 4 463 2751Consolidated statement of financial position 31 Dec 2024 31 Dec 2023- Less than one year 4 735 1 850- One to five years 18 939 7 400- More than five years 23 674 10 175 Gross finance lease receivable 47 347 19 425Less unearned Interest income -15 371 -5 706Total finance lease receivables 31 976 13 719",
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"f1__s7__6__71": {
"value": "Note 12. Intangible assets and goodwillAmounts in NOK thousandOther Exclusivity Customer Goodwill Otovo CloudintangibleTotalagreementcontractsassetsAccumulated costAs of 1 January 2023 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 259Translation difference 6 430 - -57 - - 6 373As of 31 December 2023 164 611 128 368 4 418 - 9 863 307 260Additions during the year - 28 557 - - - 28 557Additions through - - - - 5 274 5 274acquisition of subsidiariesDisposals - - -77 - - -77Translation difference 4 944 - - - - 4 944As of 31 December 2024 169 555 156 925 4 342 - 15 137 345 958Accumulated amortisation and impairment lossesAs of 1 January 2023 - -36 095 -921 -37 187 -257 -74 460Amortisation - -20 772 -928 -22 488 -257 -44 445Impairment - - - - - -Accumulated depreciation - - 4 59 675 240 59 919disposalsTranslation difference - - -6 - - -6As of 31 December 2023 - -56,867 -1,851 - -275 -58,992Amortisation - -25 828 -917 - -257 -27 002Impairment - - - - - -Accumulated depreciation - - 42 - - 42disposalsTranslation difference - - - - - -As of 31 December 2024 - -82 695 -2 726 - -532 -85 953Carrying amount As of 31 December 2023 164 611 71 501 2 567 - 9 588 248 267As of 31 December 2024 169 555 74 230 1 616 - 14 605 260 006Depreciation 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 fundamentally digital and software-driven. Central to this architecture is Otovo Cloud, a proprietary platform developed in-house, which integrates seamlessly with complementary applications. These include software designed to collect and analyze production data from various solar hardware, as well as systems for streamlined financial management and reporting, as well as end-customer interactions. Otovo Cloud is tailored to Otovo's marketplace business model 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 an installer and awarding projects), follow-up and invoicing of the project (monitoring progress, obtaining documentation of the work performed and generating sales orders that will be sent to the Group ERP as basis for invoicing). Post installation and invoicing, Otovo Cloud continues to create value for the customer through collecting, compiling and presenting production data from inverters. Additional to maintaining the software, significant development work has been carried out to adapt the software and integrations to handle the variation in input and requirements that exist across the Company's current and potential new markets and products, as well as adding new functionality facilitating for efficient internal processes through standardization and automation. A significant part of the Group's future value creation is expected to come as a result of the functionality currently available and further development.The software is scalable and is used across the markets in which the Group operates. 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.Key developments in 2024 largely focused on enhancing the Otovo Cloud platform's capabilities to better support the sales process. Notable improvements include functionalities enabling the introduction of a field-sales approach and standardization of the sales workflow across Otovo\u2019s markets, resulting amongst others in higher conversion rates. Additionally, significant advancements were made to the core marketplace functionality, extending Otovo Cloud's capacity beyond traditional solar panel products to accommodate new SKUs such as batteries, EV chargers, heat pumps, and home energy management systems. These enhancements substantially improved the platform's user interface (UI) and user experience (UX) for customers.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 2024 2023ISWT 103 685 98 741 EDEA 65 870 65 870 Total 169 555 164 611 Impairment testingISWTThe Group conducts an annual impairment test to assess whether goodwill has suffered any impairment. The subsidiary ISWT is treated as a separate cash-generating unit (CGU), while goodwill from the EDEA acquisition is tested at the EDEA Group CGU level. The impairment assessment is performed at the CGU level, and the calculated present values of free cash flows from existing assets exceed their respective carrying amounts. As a result, no impairment of goodwill has been identified.The calculation is based on pre-tax cash flow projections derived from the financial budget approved by the Board of Directors and expected market developments. The growth rate in the explicit forecast is reduced from last year to reflect observed market development over the last year. Beyond the 5-years period, we have applied a steady growth rate of 3% to calculate the terminal value using the Gordon Growth Model. The change from the 2% used in 2023 to 3% used in 2024 is based on an analysis of the implied growth rate derived from the valuation of marketplace businesses with similar characteristics to Otovo. The 3% growth rate reflects a balanced approach, considering both strong near-term growth projections and IAS 36.33(c) guidance, which calls for a steady or declining rate beyond that period. This conservative estimate ensures long-term sustainability while accounting for potential market fluctuations and competitive dynamics, as outlined in IAS 36.37. The change in average gross margin is based on the achieved gross margin in the transaction with Swiss Life Asset Managers that was announced in October 2024. The reduction in discount rate is reflecting the reduction in long term interest rates seen in 2024. ISWT2024 2023Long term growth rate (%) 3% 2%Long term gross margin (%) 31% 25%Average annual growth rate used in cash flow projections (%) 9% 35%Discount rate pre tax (%) 13% 14.1%The Group assessed the impact of changes in key variables within the valuation model on impairment. Given the increased focus on subscriptions in 2024, Management conducted a sensitivity analysis for ISWT on compounded growth combined with gross margin across various scenarios, recognizing that subscription revenue and margins are higher than those of direct sales:\u25cf A 1 percentage point change in the gross margin impacts the net present value of future cash flows by approximately \u00b110%. Should gross margins be reduced with more than 4 percentage points the carrying value would exceed the value of future cash flows\u25cf A 1 percentage point reduction of while a similar change in the growth rate affects it by around \u00b14%. Should growth rates be reduced with more than 5 p.p. the carrying value would exceed the value of future cash flows. Additionally, a 1 percentage point change in the discount rate results in a \u00b112% shift in net present value, with headroom remaining positive in all scenarios.EDEAFor EDEA, projections are based on expected pre-tax cash flows over the contract lifetime for subscription contracts active at the end of the reporting period. It is assumed that 90% of customers will extend their contracts for an additional five years at 50% of the original contractual amount. Extensions occur when customers choose to continue subscribing beyond the initial term, generating additional cash flow. Subscription fees are adjusted annually for inflation. The assumptions and enterprise value are supported by recent agreements with Swiss Life Asset Managers for the sale of Scandinavian and Continental subscription assets (refer to note 22 and 24 for further information), which reduce uncertainty. EDEA2024 2023Long term growth rate (%) 0% 0%Average annual growth rate used in cash flow projections (%) 2% 2%IRR (%) 12% 11.4%Discount rate pre tax (%) 7.8% 8.1%The goodwill from the EDEA acquisition retains significant headroom. To simplify, a long-term growth rate of 0% is assumed, reflecting no further deployments beyond 2024. The discount rate is based on the continental portfolio sale transaction announced in February 2025. Refer to note 24 for further information. A 1 percentage point change in the discount rate would impact the net present value of future cash flows by approximately \u00b18%.",
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"value": "Note 14. Other receivables and prepaymentsAmounts in NOK thousandCurrent receivables 31 Dec 2024 31 Dec 2023Subsidy related receivables 9 627 14 349 VAT receivables 19 537 33 528 Prepaid expenses 6 172 17 524 Earned not invoiced revenue 10 333 16 349Other receivables 12 282 21 569Total other receivables and prepayments 57 951 103 319 Subsidy related receivables are related to subsidy programs in Sweden and Italy where parts of the consideration from the customer was settled non-cash in the form of tax credit receivables.The reduction in prepaid expenses is primarily explained by arrangement fees incurred in NOK at the establishment of the Group's loan facility. Arrangement fees, net of amortisation, were included in Total other receivables and prepayments at 31 December 2023, but are netted in Interest-bearing liabilities at 31.12.24, refer to note 16.",
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"f1__s7__6__76-1": {
"value": "Note 15. Interest-bearing liabilitiesAmounts in NOK thousandAt the end of the year the Group has 3 loans from Banque Publique d'Investissement (BPI) and a debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50 million revolving credit facility to finance the subscription assets. The facility is priced based on a floating interest rate, with EURIBOR, NIBOR, STIBOR, or other relevant IBOR as the reference rate based on the the loan currency, and a margin of 325 bps. Total outstanding amount at 31 December 2024 was NOK 458 million. Arrangement fees incurred in NOK at the establishment of the facility are netted with the loan drawdown and amortised over the loan period. In addition to this the Group has lease liabilities relating to office premises. Refer to note 11 for further details about the lease liabilities.Outstanding nominal valueCurr At 31 Dec 2024Interest rate Maturityency(Currency) (NOK)BPI 1 EUR 5.27% April 2025 10 118BPI 2 EUR 1.25% September 2025 32 377BPI 3 EUR 2.81% March 2027 275 3 242DNB Bank ASA and EUR EURIBOR + 3.25% January 2027 39 784 468 995Sparebank 1 SR-bank ASATotal 472 732 Non-current Current31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023Interest-bearing liabilitiesBorrowings from credit institutions470 763235 431 1 969 2 077Total interest-bearing liabilities 470 763 235 431 1 969 2 07731 December 2024 31 December 2023Interest-bearing liabilities by currency Currency NOK Currency NOK amountamountamountamountEUR 40 101 472 732 21 153 237 508Total interest-bearing liabilities 40 101 472 732 21 153 237 508Interest-bearing liabilities - maturity 2024 2025 2026 2027 2028 2029 2030 TotalBorrowings from credit institutions 1 969 1 474 469 289 - - - 472 732 Total interest-bearing liabilities excl. prepaid 1 969 1 474 469 289 - - - 472 732 borrowing expensesInterest to be paid on interest-bearing liabilities 27 976 27 976 1 865 - - - 57 816 Total interest payments 27 976 27 976 1 865 - - - 57 816Total future payments on interest-bearing liabilities 29 945 29 450 471 154 - - - 530 548Interest-bearing liabilities - maturity 2023 2024 2025 2026 2027 2028 2029 TotalBorrowings from credit institutions 2 077 233 748 1 123 561 - - 237 509 Total interest-bearing liabilities excl. prepaid 2 077 233 748 1 123 561 - - 237 509 borrowing expensesInterest to be paid on interest-bearing liabilities 17 292 1 481 16 - - - 18 789 Total interest payments 17 292 1 481 16 - - - 18 789 Total future payments on interest-bearing liabilities 19 369 235 229 1 139 561 - - 256 298 Financial CovenantsThe debt facility held with DNB Bank ASA and Sparebank1 SR-Bank ASA contains financial covenants. The Group conducts a quarterly assessment of its compliance with financial covenants associated with outstanding debt. These covenants require the maintenance of a loan-to-value ratio not exceeding 80%, an interest coverage ratio of at least 1.4, and an equity ratio of no less than 30%. The covenants are measured at EDEA Midco subgroup. As of 31 December 2024, the Group is in full compliance with all applicable financial covenants. 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 ad 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. Following the successful sale of Scandinavian subscription assets in late 2023 the Group's started the process to sell its continental subscription assets during 2024. In February 2025 Otovo signed an agreement with Swiss Life Asset Managers to sell these assets. Parts of the consideration will be used to repay debt. Refer to note 24 for further details about the transaction.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 2024 the proceeds relate to a debt facility with DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50 million revolving credit facility to finance the subscription assets. The repayments of borrowings relate to loans from Banque Publique d'Investissement (BPI).2024 2023Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 237 473 15 511 252 984 135 136 14 877 150 013Cash flow from Financing activitiesProceeds from borrowings 222 581-222 581 423 293-423 293Repayments of borrowings -1 758--1 758 -345 660--345 660Payments of lease liabilities--8 595 -8 595-- 7 247 -7 247Net cash flow from financing 220 823 -8 595 212 228 77 633 -7 247 70 386activitiesFX Rate effects 14 461114 462 11 69622711 469New lease contracts-5 427 5 427-7 654 7 654Disposal of Lease Liability -6 064- 6 064Arrangement fees -10 577 --10 57713 008 -13 008Other changes 3 884 -637 3 248 24 704 7 881 32 131Balance as of 31 December 462 180 6 280 468 460 237 473 15 511 252 531Non-current liabilities 470,763 3,449 474,212 235 431 6 696 242 127Current liabilities 1,969 2,377 4,346 2 077 8 362 10 439",
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"f1__s7__6__75-1": {
"value": "Note 15. Interest-bearing liabilitiesAmounts in NOK thousandAt the end of the year the Group has 3 loans from Banque Publique d'Investissement (BPI) and a debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50 million revolving credit facility to finance the subscription assets. The facility is priced based on a floating interest rate, with EURIBOR, NIBOR, STIBOR, or other relevant IBOR as the reference rate based on the the loan currency, and a margin of 325 bps. Total outstanding amount at 31 December 2024 was NOK 458 million. Arrangement fees incurred in NOK at the establishment of the facility are netted with the loan drawdown and amortised over the loan period. In addition to this the Group has lease liabilities relating to office premises. Refer to note 11 for further details about the lease liabilities.Outstanding nominal valueCurr At 31 Dec 2024Interest rate Maturityency(Currency) (NOK)BPI 1 EUR 5.27% April 2025 10 118BPI 2 EUR 1.25% September 2025 32 377BPI 3 EUR 2.81% March 2027 275 3 242DNB Bank ASA and EUR EURIBOR + 3.25% January 2027 39 784 468 995Sparebank 1 SR-bank ASATotal 472 732 Non-current Current31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023Interest-bearing liabilitiesBorrowings from credit institutions470 763235 431 1 969 2 077Total interest-bearing liabilities 470 763 235 431 1 969 2 07731 December 2024 31 December 2023Interest-bearing liabilities by currency Currency NOK Currency NOK amountamountamountamountEUR 40 101 472 732 21 153 237 508Total interest-bearing liabilities 40 101 472 732 21 153 237 508Interest-bearing liabilities - maturity 2024 2025 2026 2027 2028 2029 2030 TotalBorrowings from credit institutions 1 969 1 474 469 289 - - - 472 732 Total interest-bearing liabilities excl. prepaid 1 969 1 474 469 289 - - - 472 732 borrowing expensesInterest to be paid on interest-bearing liabilities 27 976 27 976 1 865 - - - 57 816 Total interest payments 27 976 27 976 1 865 - - - 57 816Total future payments on interest-bearing liabilities 29 945 29 450 471 154 - - - 530 548Interest-bearing liabilities - maturity 2023 2024 2025 2026 2027 2028 2029 TotalBorrowings from credit institutions 2 077 233 748 1 123 561 - - 237 509 Total interest-bearing liabilities excl. prepaid 2 077 233 748 1 123 561 - - 237 509 borrowing expensesInterest to be paid on interest-bearing liabilities 17 292 1 481 16 - - - 18 789 Total interest payments 17 292 1 481 16 - - - 18 789 Total future payments on interest-bearing liabilities 19 369 235 229 1 139 561 - - 256 298 Financial CovenantsThe debt facility held with DNB Bank ASA and Sparebank1 SR-Bank ASA contains financial covenants. The Group conducts a quarterly assessment of its compliance with financial covenants associated with outstanding debt. These covenants require the maintenance of a loan-to-value ratio not exceeding 80%, an interest coverage ratio of at least 1.4, and an equity ratio of no less than 30%. The covenants are measured at EDEA Midco subgroup. As of 31 December 2024, the Group is in full compliance with all applicable financial covenants. 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 ad 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. Following the successful sale of Scandinavian subscription assets in late 2023 the Group's started the process to sell its continental subscription assets during 2024. In February 2025 Otovo signed an agreement with Swiss Life Asset Managers to sell these assets. Parts of the consideration will be used to repay debt. Refer to note 24 for further details about the transaction.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 2024 the proceeds relate to a debt facility with DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50 million revolving credit facility to finance the subscription assets. The repayments of borrowings relate to loans from Banque Publique d'Investissement (BPI).2024 2023Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 237 473 15 511 252 984 135 136 14 877 150 013Cash flow from Financing activitiesProceeds from borrowings 222 581-222 581 423 293-423 293Repayments of borrowings -1 758--1 758 -345 660--345 660Payments of lease liabilities--8 595 -8 595-- 7 247 -7 247Net cash flow from financing 220 823 -8 595 212 228 77 633 -7 247 70 386activitiesFX Rate effects 14 461114 462 11 69622711 469New lease contracts-5 427 5 427-7 654 7 654Disposal of Lease Liability -6 064- 6 064Arrangement fees -10 577 --10 57713 008 -13 008Other changes 3 884 -637 3 248 24 704 7 881 32 131Balance as of 31 December 462 180 6 280 468 460 237 473 15 511 252 531Non-current liabilities 470,763 3,449 474,212 235 431 6 696 242 127Current liabilities 1,969 2,377 4,346 2 077 8 362 10 439Note 17. Other liabilitiesAmounts in NOK thousandOther current liabilities 31 Dec 2024 31 Dec 2023Accrued wages and holiday pay 39 137 47 534Indirect taxes payable 18 217 13 735Accrued interest costs 1 634 4 052Other accruals 21 540 75 010Prepayments from customers 16 599 19 036Current portion of non-current debt 1 969 2 077Total other current liabilities 99 096 161 444WarrantiesThe 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 1 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 18. Risk managementAmounts in NOK thousandCapital ManagementThe 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. During 2024 the share price of Otovo has fallen significantly, while the Group has not raised additional equity beyond the Offering completed in January 2024, the recent share price performance suggests that securing new equity could be more difficult in the current market environment. To address this, management has maintained close communication with key investors and continued broader investor relations efforts. The Group\u2019s activities are exposed to financial risks: credit risk, liquidity risk, currency risk and interest risk.Financial RiskThe 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. In order to adapt to the current market environment, Otovo has simplified and reduced its organization significantly, and has refocused its marketing, partnership, and launched new sales methods. Further to this the Group\u2019s financial position is expected to significantly strengthen upon closing of the portfolio transaction that was signed on 21 February 2025. Refer to note 24 for more information. Overall the Group considers the financial risks 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. The incentive to pay is further strengthened by the severe repercussion non-payment can have on a customer\u2019s credit score and resulting access to credit. Both incentives are stronger in countries where Otovo observes a higher loss given default (such as Spain) and as such contributes to reduce the overall credit risk. 2024 2023Loss on trade receivables 701 166Loss on trade receivables in % of Revenues 0.12% 0.02%Trade receivablesAt 31 December the exposure to credit risk were separated into the following segments; 2024 2023Marketplace 40 503 45 117Subscription 11 694 3 900Trade receivables at 31 December - ageing 2024 2023Not due 10 259 14 762 1\u201330 days past due 9 935 16 117 31\u201360 days past due 3 456 1 422 61\u201390 days past due 3 102 5 998 More than 90 days past due 25 445 10 718 Total trade receivables 52 197 49 017Bad debt provision -6 719 -2 821The 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 a 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 Marketplace segment the customers are grouped into categories, market by market, and the expected credit loss is estimated category by category. The expected loss reflects 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 expected loss assessment, when relevant. For Subscription segment the same method is applied, 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, 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 business is exposed to liquidity risk over time. The combination of lower energy prices, high inflation, and rising interest rates has resulted in decreased demand for solar and battery products in key markets for Otovo, leading to lower sales and increasing liquidity risk for the Group. As part of its efforts to improve operational efficiency and financial resilience, Otovo focused its market presence to 10 countries during 2024, pausing three markets by limiting investments in marketing and personnel. At the same time, the Group underwent a reorganization to a functional structure, with increased centralization in a few key locations, and executed a cost reduction program in order to strengthen the cash position and align operation levels with expected installations in the near future . 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). The Group has a EUR 50 million revolving credit facility to finance the subscription assets. Following the successful sale of Scandinavian subscription assets in late 2023 the Group's started the process to sell its continental subscription assets during 2024. In February 2025 Otovo signed an agreement with Swiss Life Asset Managers to sell these assets. As both the continental and Scandinavian agreements include a continuous sale structure, Otovo ensures that subscription sales are converted into cash as installations are completed going forward. Refer to note 24 for further details about the transaction. The Group's financial position is expected to strengthen after closing of the transaction. Considering the expected effects the above measures will have on the Group's cash position, the liquidity risk is considered to be acceptable.Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of< 12 345>531.12.24yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 6 780 2 909 2 070 1 802 - - -Borrowings from credit institutions 472 732 1 969 1 474 469 289 - - -Trade payables 47 419 47 419 - - - - -Public duties payable 18 217 18 217 - - - - -Other current liabilities 78 910 78 910 - - - - -Total 624 058 149 424 3 544 471 091 - - - Total as < 12 345>5ofyearyearsyearsyearsyearsyears31.12.23Non-derivative financial obligationsLeasing 16 763 9 534 7 229 - - - -Borrowings from credit institutions 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 482 983 240 321 240 977 1 123 561 - -Interest expenses are excluded from the above maturity tables. Estimated interest expenses for future years, calculated based on the interest rate and outstanding loan balance at the balance sheet date, can be found in note 15.Currency 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.SensitivityLoan financing of subsidiaries are in the subsidiaries\u2019 local currency, primarily EUR. A strengthening of EUR compared to NOK, would have a positive effect on the Group\u2019s profit and loss before tax, while a weakening of EUR would have a negative effect on the Group\u2019s profit and loss. The currency effects are primarily explained by internal loans in EUR and other foreign currencies being higher than external financing in EUR and other foreign currencies in the NOK entities providing the internal loans. If the following currencies had strengthened/weakened against the functional currency, it would have had the below effect on the Group's profit and loss. Profit and loss Change in 2024 2023EUR +/- 10% 57 236 58 134 SEK +/- 10% 2 133 3 706 PLN +/- 10% 518 750 GBP +/- 10% 3 675 1 453 CHF +/- 10% 5 778 2 347 USD +/- 10% 2 3 Total 69 342 66 393Interest 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 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 decreased slightly from 2023 to 2024, with the decreasing interest rates. In combination with the decreasing interest rates and mitigating factors of inflation and yield adjustment on new contracts (as described above), the Group has decided to maintain its' policy not to enter into interest rate swaps to hedge interest rate risk.See note 15 for further information about the debt facility.Interest Rate SensitivityIf the following interest rates had strengthened or weakened, the change would have had the below effect on the Group\u2019s Loss: Profit and loss Change in Interest Rate 2024 2023EURIBOR + 3.25% +/- 1% 4 690 2 358(\u201824)/3.5% (\u201823)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s7__6__74": {
"value": "Note 15. Interest-bearing liabilitiesAmounts in NOK thousandAt the end of the year the Group has 3 loans from Banque Publique d'Investissement (BPI) and a debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50 million revolving credit facility to finance the subscription assets. The facility is priced based on a floating interest rate, with EURIBOR, NIBOR, STIBOR, or other relevant IBOR as the reference rate based on the the loan currency, and a margin of 325 bps. Total outstanding amount at 31 December 2024 was NOK 458 million. Arrangement fees incurred in NOK at the establishment of the facility are netted with the loan drawdown and amortised over the loan period. In addition to this the Group has lease liabilities relating to office premises. Refer to note 11 for further details about the lease liabilities.Outstanding nominal valueCurr At 31 Dec 2024Interest rate Maturityency(Currency) (NOK)BPI 1 EUR 5.27% April 2025 10 118BPI 2 EUR 1.25% September 2025 32 377BPI 3 EUR 2.81% March 2027 275 3 242DNB Bank ASA and EUR EURIBOR + 3.25% January 2027 39 784 468 995Sparebank 1 SR-bank ASATotal 472 732 Non-current Current31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023Interest-bearing liabilitiesBorrowings from credit institutions470 763235 431 1 969 2 077Total interest-bearing liabilities 470 763 235 431 1 969 2 07731 December 2024 31 December 2023Interest-bearing liabilities by currency Currency NOK Currency NOK amountamountamountamountEUR 40 101 472 732 21 153 237 508Total interest-bearing liabilities 40 101 472 732 21 153 237 508Interest-bearing liabilities - maturity 2024 2025 2026 2027 2028 2029 2030 TotalBorrowings from credit institutions 1 969 1 474 469 289 - - - 472 732 Total interest-bearing liabilities excl. prepaid 1 969 1 474 469 289 - - - 472 732 borrowing expensesInterest to be paid on interest-bearing liabilities 27 976 27 976 1 865 - - - 57 816 Total interest payments 27 976 27 976 1 865 - - - 57 816Total future payments on interest-bearing liabilities 29 945 29 450 471 154 - - - 530 548Interest-bearing liabilities - maturity 2023 2024 2025 2026 2027 2028 2029 TotalBorrowings from credit institutions 2 077 233 748 1 123 561 - - 237 509 Total interest-bearing liabilities excl. prepaid 2 077 233 748 1 123 561 - - 237 509 borrowing expensesInterest to be paid on interest-bearing liabilities 17 292 1 481 16 - - - 18 789 Total interest payments 17 292 1 481 16 - - - 18 789 Total future payments on interest-bearing liabilities 19 369 235 229 1 139 561 - - 256 298 Financial CovenantsThe debt facility held with DNB Bank ASA and Sparebank1 SR-Bank ASA contains financial covenants. The Group conducts a quarterly assessment of its compliance with financial covenants associated with outstanding debt. These covenants require the maintenance of a loan-to-value ratio not exceeding 80%, an interest coverage ratio of at least 1.4, and an equity ratio of no less than 30%. The covenants are measured at EDEA Midco subgroup. As of 31 December 2024, the Group is in full compliance with all applicable financial covenants. 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 ad 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. Following the successful sale of Scandinavian subscription assets in late 2023 the Group's started the process to sell its continental subscription assets during 2024. In February 2025 Otovo signed an agreement with Swiss Life Asset Managers to sell these assets. Parts of the consideration will be used to repay debt. Refer to note 24 for further details about the transaction.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__77": {
"value": "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:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__79": {
"value": "Note 16. Cash and cash equivalentsAmounts in NOK thousand 31 Dec 2024 31 Dec 2023Total cash and cash equivalents in the statement of financial 183 109 582 707 position and in the statement of cash flowRestricted deposits related to employee tax deduction 3 095 4 674Restricted deposits related to escrow 0 7 566Total cash and cash equivalents net of restricted deposits 180 014 570 468Cash flow from interest-bearing liabilitiesCash flow from financing activities consists of proceeds and repayments of borrowings. In 2024 the proceeds relate to a debt facility with DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50 million revolving credit facility to finance the subscription assets. The repayments of borrowings relate to loans from Banque Publique d'Investissement (BPI).2024 2023Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 237 473 15 511 252 984 135 136 14 877 150 013Cash flow from Financing activitiesProceeds from borrowings 222 581-222 581 423 293-423 293Repayments of borrowings -1 758--1 758 -345 660--345 660Payments of lease liabilities--8 595 -8 595-- 7 247 -7 247Net cash flow from financing 220 823 -8 595 212 228 77 633 -7 247 70 386activitiesFX Rate effects 14 461114 462 11 69622711 469New lease contracts-5 427 5 427-7 654 7 654Disposal of Lease Liability -6 064- 6 064Arrangement fees -10 577 --10 57713 008 -13 008Other changes 3 884 -637 3 248 24 704 7 881 32 131Balance as of 31 December 462 180 6 280 468 460 237 473 15 511 252 531Non-current liabilities 470,763 3,449 474,212 235 431 6 696 242 127Current liabilities 1,969 2,377 4,346 2 077 8 362 10 439",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__78": {
"value": "Note 16. Cash and cash equivalentsAmounts in NOK thousand 31 Dec 2024 31 Dec 2023Total cash and cash equivalents in the statement of financial 183 109 582 707 position and in the statement of cash flowRestricted deposits related to employee tax deduction 3 095 4 674Restricted deposits related to escrow 0 7 566Total cash and cash equivalents net of restricted deposits 180 014 570 468Cash flow from interest-bearing liabilitiesCash flow from financing activities consists of proceeds and repayments of borrowings. In 2024 the proceeds relate to a debt facility with DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50 million revolving credit facility to finance the subscription assets. The repayments of borrowings relate to loans from Banque Publique d'Investissement (BPI).2024 2023Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 237 473 15 511 252 984 135 136 14 877 150 013Cash flow from Financing activitiesProceeds from borrowings 222 581-222 581 423 293-423 293Repayments of borrowings -1 758--1 758 -345 660--345 660Payments of lease liabilities--8 595 -8 595-- 7 247 -7 247Net cash flow from financing 220 823 -8 595 212 228 77 633 -7 247 70 386activitiesFX Rate effects 14 461114 462 11 69622711 469New lease contracts-5 427 5 427-7 654 7 654Disposal of Lease Liability -6 064- 6 064Arrangement fees -10 577 --10 57713 008 -13 008Other changes 3 884 -637 3 248 24 704 7 881 32 131Balance as of 31 December 462 180 6 280 468 460 237 473 15 511 252 531Non-current liabilities 470,763 3,449 474,212 235 431 6 696 242 127Current liabilities 1,969 2,377 4,346 2 077 8 362 10 439",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__82": {
"value": "Cash flow from interest-bearing liabilitiesCash flow from financing activities consists of proceeds and repayments of borrowings. In 2024 the proceeds relate to a debt facility with DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50 million revolving credit facility to finance the subscription assets. The repayments of borrowings relate to loans from Banque Publique d'Investissement (BPI).2024 2023Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 237 473 15 511 252 984 135 136 14 877 150 013Cash flow from Financing activitiesProceeds from borrowings 222 581-222 581 423 293-423 293Repayments of borrowings -1 758--1 758 -345 660--345 660Payments of lease liabilities--8 595 -8 595-- 7 247 -7 247Net cash flow from financing 220 823 -8 595 212 228 77 633 -7 247 70 386activitiesFX Rate effects 14 461114 462 11 69622711 469New lease contracts-5 427 5 427-7 654 7 654Disposal of Lease Liability -6 064- 6 064Arrangement fees -10 577 --10 57713 008 -13 008Other changes 3 884 -637 3 248 24 704 7 881 32 131Balance as of 31 December 462 180 6 280 468 460 237 473 15 511 252 531Non-current liabilities 470,763 3,449 474,212 235 431 6 696 242 127Current liabilities 1,969 2,377 4,346 2 077 8 362 10 439",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__80": {
"value": "Cash flow from interest-bearing liabilitiesCash flow from financing activities consists of proceeds and repayments of borrowings. In 2024 the proceeds relate to a debt facility with DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50 million revolving credit facility to finance the subscription assets. The repayments of borrowings relate to loans from Banque Publique d'Investissement (BPI).2024 2023Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 237 473 15 511 252 984 135 136 14 877 150 013Cash flow from Financing activitiesProceeds from borrowings 222 581-222 581 423 293-423 293Repayments of borrowings -1 758--1 758 -345 660--345 660Payments of lease liabilities--8 595 -8 595-- 7 247 -7 247Net cash flow from financing 220 823 -8 595 212 228 77 633 -7 247 70 386activitiesFX Rate effects 14 461114 462 11 69622711 469New lease contracts-5 427 5 427-7 654 7 654Disposal of Lease Liability -6 064- 6 064Arrangement fees -10 577 --10 57713 008 -13 008Other changes 3 884 -637 3 248 24 704 7 881 32 131Balance as of 31 December 462 180 6 280 468 460 237 473 15 511 252 531Non-current liabilities 470,763 3,449 474,212 235 431 6 696 242 127Current liabilities 1,969 2,377 4,346 2 077 8 362 10 439",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__87": {
"value": "Note 17. Other liabilitiesAmounts in NOK thousandOther current liabilities 31 Dec 2024 31 Dec 2023Accrued wages and holiday pay 39 137 47 534Indirect taxes payable 18 217 13 735Accrued interest costs 1 634 4 052Other accruals 21 540 75 010Prepayments from customers 16 599 19 036Current portion of non-current debt 1 969 2 077Total other current liabilities 99 096 161 444WarrantiesThe 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 1 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__86": {
"value": "Note 17. Other liabilitiesAmounts in NOK thousandOther current liabilities 31 Dec 2024 31 Dec 2023Accrued wages and holiday pay 39 137 47 534Indirect taxes payable 18 217 13 735Accrued interest costs 1 634 4 052Other accruals 21 540 75 010Prepayments from customers 16 599 19 036Current portion of non-current debt 1 969 2 077Total other current liabilities 99 096 161 444WarrantiesThe 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 1 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__84": {
"value": "Note 17. Other liabilitiesAmounts in NOK thousandOther current liabilities 31 Dec 2024 31 Dec 2023Accrued wages and holiday pay 39 137 47 534Indirect taxes payable 18 217 13 735Accrued interest costs 1 634 4 052Other accruals 21 540 75 010Prepayments from customers 16 599 19 036Current portion of non-current debt 1 969 2 077Total other current liabilities 99 096 161 444WarrantiesThe 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 1 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__90": {
"value": "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. The incentive to pay is further strengthened by the severe repercussion non-payment can have on a customer\u2019s credit score and resulting access to credit. Both incentives are stronger in countries where Otovo observes a higher loss given default (such as Spain) and as such contributes to reduce the overall credit risk. 2024 2023Loss on trade receivables 701 166Loss on trade receivables in % of Revenues 0.12% 0.02%Trade receivablesAt 31 December the exposure to credit risk were separated into the following segments; 2024 2023Marketplace 40 503 45 117Subscription 11 694 3 900Trade receivables at 31 December - ageing 2024 2023Not due 10 259 14 762 1\u201330 days past due 9 935 16 117 31\u201360 days past due 3 456 1 422 61\u201390 days past due 3 102 5 998 More than 90 days past due 25 445 10 718 Total trade receivables 52 197 49 017Bad debt provision -6 719 -2 821The 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 a 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 Marketplace segment the customers are grouped into categories, market by market, and the expected credit loss is estimated category by category. The expected loss reflects 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 expected loss assessment, when relevant. For Subscription segment the same method is applied, 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, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__89": {
"value": "Note 18. Risk managementAmounts in NOK thousandCapital ManagementThe 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. During 2024 the share price of Otovo has fallen significantly, while the Group has not raised additional equity beyond the Offering completed in January 2024, the recent share price performance suggests that securing new equity could be more difficult in the current market environment. To address this, management has maintained close communication with key investors and continued broader investor relations efforts. The Group\u2019s activities are exposed to financial risks: credit risk, liquidity risk, currency risk and interest risk.Financial RiskThe 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. In order to adapt to the current market environment, Otovo has simplified and reduced its organization significantly, and has refocused its marketing, partnership, and launched new sales methods. Further to this the Group\u2019s financial position is expected to significantly strengthen upon closing of the portfolio transaction that was signed on 21 February 2025. Refer to note 24 for more information. Overall the Group considers the financial risks 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. The incentive to pay is further strengthened by the severe repercussion non-payment can have on a customer\u2019s credit score and resulting access to credit. Both incentives are stronger in countries where Otovo observes a higher loss given default (such as Spain) and as such contributes to reduce the overall credit risk. 2024 2023Loss on trade receivables 701 166Loss on trade receivables in % of Revenues 0.12% 0.02%Trade receivablesAt 31 December the exposure to credit risk were separated into the following segments; 2024 2023Marketplace 40 503 45 117Subscription 11 694 3 900Trade receivables at 31 December - ageing 2024 2023Not due 10 259 14 762 1\u201330 days past due 9 935 16 117 31\u201360 days past due 3 456 1 422 61\u201390 days past due 3 102 5 998 More than 90 days past due 25 445 10 718 Total trade receivables 52 197 49 017Bad debt provision -6 719 -2 821The 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 a 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 Marketplace segment the customers are grouped into categories, market by market, and the expected credit loss is estimated category by category. The expected loss reflects 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 expected loss assessment, when relevant. For Subscription segment the same method is applied, 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, 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 business is exposed to liquidity risk over time. The combination of lower energy prices, high inflation, and rising interest rates has resulted in decreased demand for solar and battery products in key markets for Otovo, leading to lower sales and increasing liquidity risk for the Group. As part of its efforts to improve operational efficiency and financial resilience, Otovo focused its market presence to 10 countries during 2024, pausing three markets by limiting investments in marketing and personnel. At the same time, the Group underwent a reorganization to a functional structure, with increased centralization in a few key locations, and executed a cost reduction program in order to strengthen the cash position and align operation levels with expected installations in the near future . 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). The Group has a EUR 50 million revolving credit facility to finance the subscription assets. Following the successful sale of Scandinavian subscription assets in late 2023 the Group's started the process to sell its continental subscription assets during 2024. In February 2025 Otovo signed an agreement with Swiss Life Asset Managers to sell these assets. As both the continental and Scandinavian agreements include a continuous sale structure, Otovo ensures that subscription sales are converted into cash as installations are completed going forward. Refer to note 24 for further details about the transaction. The Group's financial position is expected to strengthen after closing of the transaction. Considering the expected effects the above measures will have on the Group's cash position, the liquidity risk is considered to be acceptable.Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of< 12 345>531.12.24yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 6 780 2 909 2 070 1 802 - - -Borrowings from credit institutions 472 732 1 969 1 474 469 289 - - -Trade payables 47 419 47 419 - - - - -Public duties payable 18 217 18 217 - - - - -Other current liabilities 78 910 78 910 - - - - -Total 624 058 149 424 3 544 471 091 - - - Total as < 12 345>5ofyearyearsyearsyearsyearsyears31.12.23Non-derivative financial obligationsLeasing 16 763 9 534 7 229 - - - -Borrowings from credit institutions 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 482 983 240 321 240 977 1 123 561 - -Interest expenses are excluded from the above maturity tables. Estimated interest expenses for future years, calculated based on the interest rate and outstanding loan balance at the balance sheet date, can be found in note 15.Currency 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.SensitivityLoan financing of subsidiaries are in the subsidiaries\u2019 local currency, primarily EUR. A strengthening of EUR compared to NOK, would have a positive effect on the Group\u2019s profit and loss before tax, while a weakening of EUR would have a negative effect on the Group\u2019s profit and loss. The currency effects are primarily explained by internal loans in EUR and other foreign currencies being higher than external financing in EUR and other foreign currencies in the NOK entities providing the internal loans. If the following currencies had strengthened/weakened against the functional currency, it would have had the below effect on the Group's profit and loss. Profit and loss Change in 2024 2023EUR +/- 10% 57 236 58 134 SEK +/- 10% 2 133 3 706 PLN +/- 10% 518 750 GBP +/- 10% 3 675 1 453 CHF +/- 10% 5 778 2 347 USD +/- 10% 2 3 Total 69 342 66 393Interest 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 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 decreased slightly from 2023 to 2024, with the decreasing interest rates. In combination with the decreasing interest rates and mitigating factors of inflation and yield adjustment on new contracts (as described above), the Group has decided to maintain its' policy not to enter into interest rate swaps to hedge interest rate risk.See note 15 for further information about the debt facility.Interest Rate SensitivityIf the following interest rates had strengthened or weakened, the change would have had the below effect on the Group\u2019s Loss: Profit and loss Change in Interest Rate 2024 2023EURIBOR + 3.25% +/- 1% 4 690 2 358(\u201824)/3.5% (\u201823)",
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"value": "Liquidity riskLiquidity risk is the risk that the Group will have difficulties in paying its financial liabilities. The Group's business is exposed to liquidity risk over time. The combination of lower energy prices, high inflation, and rising interest rates has resulted in decreased demand for solar and battery products in key markets for Otovo, leading to lower sales and increasing liquidity risk for the Group. As part of its efforts to improve operational efficiency and financial resilience, Otovo focused its market presence to 10 countries during 2024, pausing three markets by limiting investments in marketing and personnel. At the same time, the Group underwent a reorganization to a functional structure, with increased centralization in a few key locations, and executed a cost reduction program in order to strengthen the cash position and align operation levels with expected installations in the near future . 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). The Group has a EUR 50 million revolving credit facility to finance the subscription assets. Following the successful sale of Scandinavian subscription assets in late 2023 the Group's started the process to sell its continental subscription assets during 2024. In February 2025 Otovo signed an agreement with Swiss Life Asset Managers to sell these assets. As both the continental and Scandinavian agreements include a continuous sale structure, Otovo ensures that subscription sales are converted into cash as installations are completed going forward. Refer to note 24 for further details about the transaction. The Group's financial position is expected to strengthen after closing of the transaction. Considering the expected effects the above measures will have on the Group's cash position, the liquidity risk is considered to be acceptable.Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of< 12 345>531.12.24yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 6 780 2 909 2 070 1 802 - - -Borrowings from credit institutions 472 732 1 969 1 474 469 289 - - -Trade payables 47 419 47 419 - - - - -Public duties payable 18 217 18 217 - - - - -Other current liabilities 78 910 78 910 - - - - -Total 624 058 149 424 3 544 471 091 - - - Total as < 12 345>5ofyearyearsyearsyearsyearsyears31.12.23Non-derivative financial obligationsLeasing 16 763 9 534 7 229 - - - -Borrowings from credit institutions 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 482 983 240 321 240 977 1 123 561 - -Interest expenses are excluded from the above maturity tables. Estimated interest expenses for future years, calculated based on the interest rate and outstanding loan balance at the balance sheet date, can be found in note 15.Currency 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.SensitivityLoan financing of subsidiaries are in the subsidiaries\u2019 local currency, primarily EUR. A strengthening of EUR compared to NOK, would have a positive effect on the Group\u2019s profit and loss before tax, while a weakening of EUR would have a negative effect on the Group\u2019s profit and loss. The currency effects are primarily explained by internal loans in EUR and other foreign currencies being higher than external financing in EUR and other foreign currencies in the NOK entities providing the internal loans. If the following currencies had strengthened/weakened against the functional currency, it would have had the below effect on the Group's profit and loss. Profit and loss Change in 2024 2023EUR +/- 10% 57 236 58 134 SEK +/- 10% 2 133 3 706 PLN +/- 10% 518 750 GBP +/- 10% 3 675 1 453 CHF +/- 10% 5 778 2 347 USD +/- 10% 2 3 Total 69 342 66 393",
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"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 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 decreased slightly from 2023 to 2024, with the decreasing interest rates. In combination with the decreasing interest rates and mitigating factors of inflation and yield adjustment on new contracts (as described above), the Group has decided to maintain its' policy not to enter into interest rate swaps to hedge interest rate risk.See note 15 for further information about the debt facility.Interest Rate SensitivityIf the following interest rates had strengthened or weakened, the change would have had the below effect on the Group\u2019s Loss: Profit and loss Change in Interest Rate 2024 2023EURIBOR + 3.25% +/- 1% 4 690 2 358(\u201824)/3.5% (\u201823)",
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"f1__s7__6__94": {
"value": "Note 19. 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 capital increases during 2024 and issued 782,804 shares. In total, NOK 0.35 million, net of transaction costs, was raised through the capital increases.At the end of the year, the Company owned 464,865 own shares, corresponding to 0.17% of the share capital. The average cost price for the shares was NOK 1.17. The shares were purchased in order to fulfill the Company's obligations to deliver shares under the Company's share purchase programme. 42.735 shares were delivered under the employee share purchase program during 2024.In addition to the own shares, the Company also held 287,207 shares in custody on behalf of employees as of 31.12.24.Share capital Number of shares Share price Carrying amountOrdinary shares 280 007 384 0.9 252 006 646The shareholders of Otovo ASA Number of shares % Total\u00c5 Energi Invest AS 87 732 58131.33%Axel Johnson AB 68 686 69624.53%Nysn\u00f8 Klimainvesteringer AS 19 306 931 6.90%Codee Holding AS 11 000 000 3.93%Andmar Operations AS 8 664 610 3.09%Obos Bbl 7 261 8702.59%N.A. Citibank 7 000 000 2.50%Akershus Energi Sol AS 6 312 4202.25%Verdipapirfondet Dnb Gr\u00f8nt Norden 5 874 863 2.10%Citibank Europe Plc 3 600 000 1.29%Simvest AS 2 528 127 0.90%Beacon Group AS 1 807 730 0.65%Bank Pictet & Cie (europe) AG 1 733 876 0.62%Telinet Invest AS 1 402 678 0.50%Roar Henden 1 288 660 0.46%Verdipapirfondet Dnb Milj\u00f8invest 1 259 570 0.45%Er\u00f8y AS 1 217 916 0.43%Nordnet Livsforsikring AS 1 005 367 0.36%Emjo AS 839 0000.30%Gekko AS 732 330 0.26%Remaining shareholders (less than 1%) 40 752 159 14.55%Showing holdings as of 31 December 2024Updated list of shareholders can be found at investor.otovo.com/stock-info",
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"f1__s7__6__98": {
"value": "Note 21. 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. 2024 2023Profit/(loss) after tax attributable to parent company shareholders -374 510 -384 773Number of shares outstanding at 1 January 279 224 580 136 214 346New shares issued during the year 782 804 143 010 234Number of shares outstanding at 31 December 280 007 384 279 224 580 Weighted average number of shares during the year 279 837 686 158 611 409 Earnings per share (in NOK) Basic -1.34 -2.43Diluted -1.34 -2.43Effect of dilution is 0 in both years as the Group is reporting a loss after tax. Retention shares and share options granted could potentially dilute basic earnings per share in the future. Refer to note 6 for further details about these shares and options",
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"value": "Note 22. Acquisition and disposal of subsidiariesAcquisition of SubsidiaryOn 2 December 2024 it was announced that Otovo ASA on 29 November 2024 bought a portfolio of subscription customers in Austria for EURm 4.3 (the \u201cTransaction\u201d), the SPV HalloSONNE GmbH, from a reputable electricity provider, through a wholly owned subsidiary. The Company has changed name to EDEA Two GmbH after the acquisition.The Transaction is structured as a purchase of 100% of the shares in an Austrian special purpose vehicle that has entered into leasing agreements with customers that are similar to those in EDEA\u2019s current portfolio. The purchase of a subscription portfolio in Austria, is consisting of 429 subscription customer contracts, and the related assets.Net consideration for the shares was EUR 4.33 million. The consideration was settled with cash.Transaction Details (EUR)Acquiring CompanyEDEA GmbhAcquisition date29.11.2024CountryAustriaCurrencyEURVoting Rights/Ownership Interest before Acquisition0.00%100%Voting rights / ownership interest after AcquisitionIdentified assets acquired and liabilities assumed (EUR)Customer contracts447 390Fixed assets4 797 326Trade receivables5 042Cash and cash equivalent46 512Total Assets5 296 27032 471Current Liabilities32 471Total Liabilities5 263 799Total identifiable net assets acquired4 326 245Consideration transferred (for 100% of shares)5 263 799Fair value of identifiable net assets (100%)-937 554GoodwillThe consideration transferred is less than the fair value of net identifiable assets acquired and liabilities assumed, resulting in a gain. The main underlying explanation for the bargain purchase price is that the seller has decided to discontinue their leasing business. Otovo is one of few potential buyers, and is benefiting from the already existing presences and business setup in Austria.The bargain purchase gain has been included in Other income. The gain was EUR 938k, translated to NOK 10.9 million.Total revenue and income in the ownership period was EUR 60k, translated to NOK 713k, while the profit for the ownership period was EUR 35k, translated to NOK 407k. Total revenue and income for the the Company for full year 2024 was EUR 451k, while the Company had a loss for the year of EUR 546K. The loss for the year is primarily explained by reversal of prior year tax income relating to Group taxation. The prior tax group was dissolved retroactively and the tax income reversed.Disposal of subsidiariesOn 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.The extension has been applied, and the parties are discussing further extensions, but nothing has been concluded as of 31.12.24. 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 5 for more information. The gain on the transaction, based on the submitted completion accounts was NOK 38 million, net of directly attributable costs of NOK 6.5 million. The gain was recognised in 2023, but adjusted with NOK 2.9 million in 2024 due to working capital adjustments to the purchase price, reducing the gain. The gain has been included in Other income in 2023 and 2024 accordingly.The following changes in presentation have been implemented for FY 2023, compared to the presentation in the annual consolidated financial statements for 2023:- Gain on disposal of subsidiary is reclassified from Other operating income to Other Income- Cash effects relating to tangible and intangible assets included in the transaction are excluded from disposal of tangible and intangible assets in Net cash flow from investing activities- Consideration, net of cash disposed of, is presented as Disposal of subsidiary, net of cash disposed of- Gain on the disposal of subsidiary is presented as a separate adjustment in Cash flow from operating activities- Change in other assets and other liabilities, in Cash generated from operating activities, is adjusted with the net effects of the above",
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"value": "Note 24. Events after the reporting periodOtovo ASA on 28 March 2025 closed the transaction to sell its continental portfolio of subscription assets in Austria, Belgium, France, Germany, Netherlands, Spain, Poland and Portugal to Swiss Life Asset Managers (\u201cSLAM\u201d). The transaction relates to the sale of 89% of the shares in eight special purpose vehicles holding a fleet of around 6,000 residential solar and battery leasing assets in the eight countries. The total transaction size on a 100% basis is EUR 105 million (NOK 1,209m) split on assets built between 2020-2024 of EUR ~50 million (NOK 580m) closing in Q1; and continuous sale agreement of EUR ~55 million where SLAM will continue to buy subscription assets until the end of Q3 2026. The cash release from the first close net of debt repayment and reinvestment is EUR 13 million (NOK 155m), whereas the estimated gross margin for the continuous sales agreement is 32%. The accounting effect of the transaction will be included in the Q1 2025 financial report. ",
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