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"unit": "iso4217:NOK" } }, "f1__s4__4__32": { "value": "160531000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f1__s6__7__5": { "value": "HydrogenPro ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__7": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__11": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__8": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__6": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__9": { "value": "Hydrovegen 55, 3936 Porsgrunn, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__10": { "value": "HydrogenPro ASA specializes in designing and supplying large-scale hydrogen production plants in collaboration with global partners and suppliers. The company\u2019s core technology is the alkaline high-pressure electrolyzer, enabling efficient and scalable green hydrogen production.Established in 2013 by industry veterans with expertise in electrolysis,", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__12": { "value": "HydrogenPro ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__14": { "value": "NOTE 1.2 BASIS OF PREPARATIONThe consolidated financial statements of HydrogenPro ASA and its subsidiaries (collectively \u201cthe Group\u201d, or \u201cHydrogenPro\u201d) comprise consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, consolidated statement of changes in equity and related notes.The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations, as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of 31 December 2024.The consolidated financial statements have been prepared on a historical cost basis and in accordance with the going concern assumption.The consolidated financial statements are presented in Norwegian kroner (\u201cNOK\u201d). For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. HydrogenPro ASA has Norwegian krone (\u201cNOK\u201d) as its functional currency.For presentation purposes, balance sheet items are translated from functional currency to presentation currency by using exchange rates at the reporting date.Items within total comprehensive income are translated from functional currency to presentation currency by applying monthly average exchange rates. The resulting translation differences are recognized in other comprehensive income.All values are rounded to the nearest thousand, unless stated otherwise. Due to rounding differences, some numbers or percentages may not sum precisely to the total.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__13": { "value": "NOTE 1.2 BASIS OF PREPARATIONThe consolidated financial statements of HydrogenPro ASA and its subsidiaries (collectively \u201cthe Group\u201d, or \u201cHydrogenPro\u201d) comprise consolidated statement of comprehensive income, consolidated statement of financial position, consolidated statement of cash flows, consolidated statement of changes in equity and related notes.The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations, as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of 31 December 2024.The consolidated financial statements have been prepared on a historical cost basis and in accordance with the going concern assumption.The consolidated financial statements are presented in Norwegian kroner (\u201cNOK\u201d). For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. HydrogenPro ASA has Norwegian krone (\u201cNOK\u201d) as its functional currency.For presentation purposes, balance sheet items are translated from functional currency to presentation currency by using exchange rates at the reporting date.Items within total comprehensive income are translated from functional currency to presentation currency by applying monthly average exchange rates. The resulting translation differences are recognized in other comprehensive income.All values are rounded to the nearest thousand, unless stated otherwise. Due to rounding differences, some numbers or percentages may not sum precisely to the total.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__15": { "value": "The consolidated financial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations, as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of 31 December 2024.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__16": { "value": "The consolidated financial statements are presented in Norwegian kroner (\u201cNOK\u201d). For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. HydrogenPro ASA has Norwegian krone (\u201cNOK\u201d) as its functional currency.For presentation purposes, balance sheet items are translated from functional currency to presentation currency by using exchange rates at the reporting date.Items within total comprehensive income are translated from functional currency to presentation currency by applying monthly average exchange rates. The resulting translation differences are recognized in other comprehensive income.All values are rounded to the nearest thousand, unless stated otherwise. Due to rounding differences, some numbers or percentages may not sum precisely to the total.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__17": { "value": "NOTE 1.3 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSThe preparation of the consolidated financial statements in accordance with IFRS, and the application of the chosen accounting policies, require management to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates and associated assumptions are based on historical experience and other factors deemed reasonable under the circumstances. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The accounting policies applied by management, which involve significant estimates, assumptions, or judgments that may have a substantial impact on the amounts recognized in the financial statements, are summarized below: \u25a0 Revenue recognition from contracts with customers (Note 2.2)Estimating fair value for share-based payment transactions (Note 2.4)Value-in-use calculation related to impairment testing of goodwill (Note 3.1)A detailed description of these significant estimates and assumptions is included in the individual notes referenced above.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__18": { "value": "NOTE 1.4 GENERAL ACCOUNTING POLICIESHydrogenPro has adopted a presentation format where accounting policies, estimates, assumptions, and key judgments are disclosed within the relevant accounting policy note. If not included there, they are provided in the specific notes related to the respective policies.A comprehensive summary of the Group\u2019s general accounting policies, not covered in the specific notes, is presented below:Consolidation Subsidiaries are all entities over which the Group has control. Control of an entity exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are deconsolidated from the date that control ceases.All intra-group assets, liabilities, equity, income, expenses, and cash flows arising from transactions between Group entities are fully eliminated upon consolidation. Where necessary, adjustments are made to subsidiary financial statements to align their accounting policies with those of the Group.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in statement of comprehensive income.Non-Controlling Interest Non-controlling Interest arises when less than 100% of the interest in an entity is acquired. Non-controlling interest is recognized and measured at the proportional share of net identifiable assets.Transactions and Balances in Foreign Currency Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in profit or loss.Leases The group recognises right-of-use assets and lease liabilities for all lease contracts, except leases that are considered short-term (lease term of 12 months or less), or for which underlying assets are of low value when new.Right-of-Use AssetsThe group recognises right-of-use assets at the lease commencement date. The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liabilities, adjusted for any lease payments made at or before the commencement date, and adjusted for initial direct costs and lease incentives received. The right-of-use assets are subsequently depreciated using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. In addition, the right-of-use assets are reduced by any impairment charges and adjusted for certain remeasurements of the lease liabilities.Lease LiabilitiesThe group recognises a lease liability at the lease commencement date. The lease liabilities are measured at the present value of future lease payments at the commencement date, discounted using the interest rate implicit in the lease, or, if that rate cannot be readily determined, the group\u2019s incremental borrowing rate.HydrogenPro utilises the incremental borrowing rate as the discount rate for virtually all lease agreements. Lease payments included in the measurement of the lease liabilities comprise the following:Fixed lease payments, less any lease incentives received.Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to changes in an index or rate.The group presents its lease liabilities as separate line items in the consolidated statement of financial position.The group does not act as a lessor. See Note 3.3 for more information.Share-based Payments Share-based compensation benefits are provided to employees via the share option plan. Information relating to the options scheme is set out in Note 2.4.The employee option plan is regarded as equity-settled share-based payments. The fair value of options granted under the share option plan is recognised as an employee benefits expense or other operating cost (if it is given to external consultants), with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted.The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest, based on the non-market vesting and service conditions. It recognises the impact of the revision to the original estimates, if any, in profit or loss, with a corresponding adjustment to equity.For further information, refer to Note 2.4 (Personnel Expenses).Income Tax The tax expense in the consolidated statement of comprehensive income consists of the tax payable and changes to deferred tax. Deferred tax assets and liabilities are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of:Temporary differences linked to goodwill that are not tax deductible.Temporary differences related to investments in subsidiaries, associates, or joint ventures, where the Group controls when the temporary differences are to be reversed, and this is not expected to take place in the foreseeable future.Deferred tax assets are recognised when it is probable that the company will have sufficient profit in the future to utilise the deferred tax asset. The company recognises previously unrecognised deferred tax assets to the extent that it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that it no longer regards it as probable that it can utilise the deferred tax asset.Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. Deferred tax and deferred tax assets are recognised at their nominal value and classified as non-current assets and/or current liabilities in the consolidated statement of financial position.Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.Deferred tax liabilities and assets are offset if:The entity has a legally enforceable right to set off current tax liabilities and assets; andThe deferred tax liabilities and assets relate to income taxes levied by the same authority on either the same taxable entity or on different taxable entities, but these entities intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously.See Note 2.8 for tax.Property, Plant, and Equipment Property, plant, and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised, and any gain or loss is recognised in the statement of comprehensive income.The depreciation period and method are assessed each year.Assets Under Construction Assets under construction are classified as non-current assets and recognised at cost until the production or development process is completed. Assets under construction are not depreciated until the asset is brought into use.Intangible Assets Goodwill Goodwill acquired through business combinations is included in intangible assets. Goodwill is recorded at cost less accumulated impairment losses and is subject to annual impairment testing, or more frequently if events or changes in circumstances indicate that it might be impaired.Research and Development Research costs related to internal projects are recognised in profit or loss as incurred. Development costs are capitalised only if the expenditure attributable to the intangible asset can be measured reliably and there is an intention and ability to complete and make the intangible asset commercially available for sale or for own use, which will generate probable future economic benefits.If the conditions for capitalisation are not met, the costs are recognised in profit or loss as incurred. Subsequent to initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.Patents, Licenses, and Technology Patents, licenses, and technology acquired are measured at cost less accumulated amortisation and any accumulated impairment losses.Amortisation Methods Refer to Note 3.1 for details about amortisation methods.Government Grants Government grants are recognised when it is reasonably certain that the group will meet the conditions stipulated for the grants and that the grants will be received.Government grants related to the construction of an asset are recognised as a reduction of the acquisition cost.Grants related to R&D projects that are expended are recognised as a reduction of cost.Financial Instruments The Group\u2019s financial instruments include a range of assets and liabilities that arise from its operational and investment activities. Financial assets primarily consist of other non-current receivables, trade receivables, cash, and bank deposits, while financial liabilities include non-current lease liabilities, trade and other payables, and current lease liabilities.Financial investments classified at amortized cost is entirely related to the convertible loan to DG Fuel (See Note 3.4). These financial instruments are recognized in the statement of financial position when the Group enters into the contractual terms of the instrument.Financial assets are initially recognized at fair value and subsequently measured based on their classification, with trade receivables subject to an expected credit loss assessment. Financial liabilities are recorded at amortized cost unless designated otherwise.Further details on the carrying amounts, valuation methods, and key risk exposures, including credit, liquidity, and market risks, are provided in Note 6.1 (Financial Instruments).Measurement of Financial InstrumentsFinancial instruments are measured either at amortized cost or at fair value through profit or loss, depending on the Group\u2019s business model and the characteristics of the financial asset.Financial investments are classified at amortized cost when the Group\u2019s objective is to hold the assets to collect contractual cash flows, provided these cash flows consist solely of principal and interest. If these criteria are not met, the investments are measured at fair value through profit or loss.For financial investments measured at fair value through profit or loss, valuation follows the fair value hierarchy:Level 1: Valuation based on quoted market prices in active markets for identical financial instruments.Level 2: Valuation derived from observable inputs, such as comparable asset prices or marketinterest rates, when quoted prices are not available.Level 3: Valuation based on unobservable inputs, including internal models or assumptions when market data is limited or unavailable.The classification of the Group\u2019s financial investments within this hierarchy is detailed in Note 3.4.Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method, ensuring a systematic allocation of transaction costs and interest expenses over the liability\u2019s term.Cash and Bank Deposits Cash includes cash on hand and at the bank. Cash equivalents are short-term liquid investments that can be immediately converted into a known amount of cash and have a maximum term to maturity of three months.Equity Financial instruments are classified as liabilities or equity in accordance with the underlying economic realities. Interest, dividends, gains, and losses relating to a financial instrument classified as a liability will be presented as an expense or income. Amounts distributed to holders of financial instruments classified as equity will be recorded directly in equity.Cost of Equity Transactions Transaction costs directly related to an equity transaction are recognised directly in equity after deducting tax expenses.Translation Differences Translation differences arise in connection with exchange rate differences of consolidated foreign entities. Exchange rate differences in monetary amounts (liabilities or receivables) that are, in effect, part of a company\u2019s net investment in a foreign entity are also included as translation differences.Provisions The Group recognises a provision when it has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and the amount can be reliably estimated. If some or all of a provision is expected to be reimbursed, such as under an insurance contract or due to recourse from a supplier, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect of the time value of money is material, provisions are measured at the present value of the expected future cash outflows, discounted using a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Unwinding of the discount due to the passage of time is recognised in the statement of profit or loss as an interest expense.Onerous Contracts An onerous contract is defined as a contract where the unavoidable costs of meeting the contractual obligations (i.e., the lower of the cost of fulfilling the contract or the costs arising from failing to fulfil it) exceed the economic benefits expected to be received. For contracts identified as onerous, the present obligation under the contract is recognised as a provision and measured accordingly.Social Security Share Options The provision for social security stock options in Norway is calculated based on the intrinsic value at the reporting date. The provision fluctuates with factors such as the number of active options, the timing of their exercise, and the share price. For further details regarding the share option program, refer to Note 2.4.Going Concern The consolidated financial statements have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS). As of the date of this report, the Group has assessed its financial position and determined that it has adequate working capital to meet its obligations and support its planned business activities for the foreseeable future, covering at least the next twelve months.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__19": { "value": "Consolidation Subsidiaries are all entities over which the Group has control. Control of an entity exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are deconsolidated from the date that control ceases.All intra-group assets, liabilities, equity, income, expenses, and cash flows arising from transactions between Group entities are fully eliminated upon consolidation. Where necessary, adjustments are made to subsidiary financial statements to align their accounting policies with those of the Group.A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__20": { "value": "Transactions and Balances in Foreign Currency Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__21": { "value": "Leases The group recognises right-of-use assets and lease liabilities for all lease contracts, except leases that are considered short-term (lease term of 12 months or less), or for which underlying assets are of low value when new.Right-of-Use AssetsThe group recognises right-of-use assets at the lease commencement date. The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liabilities, adjusted for any lease payments made at or before the commencement date, and adjusted for initial direct costs and lease incentives received. The right-of-use assets are subsequently depreciated using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. In addition, the right-of-use assets are reduced by any impairment charges and adjusted for certain remeasurements of the lease liabilities.Lease LiabilitiesThe group recognises a lease liability at the lease commencement date. The lease liabilities are measured at the present value of future lease payments at the commencement date, discounted using the interest rate implicit in the lease, or, if that rate cannot be readily determined, the group\u2019s incremental borrowing rate.HydrogenPro utilises the incremental borrowing rate as the discount rate for virtually all lease agreements. Lease payments included in the measurement of the lease liabilities comprise the following:Fixed lease payments, less any lease incentives received.Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to changes in an index or rate.The group presents its lease liabilities as separate line items in the consolidated statement of financial position.The group does not act as a lessor. See Note 3.3 for more information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__22": { "value": "Share-based Payments Share-based compensation benefits are provided to employees via the share option plan. Information relating to the options scheme is set out in Note 2.4.The employee option plan is regarded as equity-settled share-based payments. The fair value of options granted under the share option plan is recognised as an employee benefits expense or other operating cost (if it is given to external consultants), with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted.The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest, based on the non-market vesting and service conditions. It recognises the impact of the revision to the original estimates, if any, in profit or loss, with a corresponding adjustment to equity.For further information, refer to Note 2.4 (Personnel Expenses).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__23": { "value": "Income Tax The tax expense in the consolidated statement of comprehensive income consists of the tax payable and changes to deferred tax. Deferred tax assets and liabilities are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of:Temporary differences linked to goodwill that are not tax deductible.Temporary differences related to investments in subsidiaries, associates, or joint ventures, where the Group controls when the temporary differences are to be reversed, and this is not expected to take place in the foreseeable future.Deferred tax assets are recognised when it is probable that the company will have sufficient profit in the future to utilise the deferred tax asset. The company recognises previously unrecognised deferred tax assets to the extent that it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that it no longer regards it as probable that it can utilise the deferred tax asset.Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. Deferred tax and deferred tax assets are recognised at their nominal value and classified as non-current assets and/or current liabilities in the consolidated statement of financial position.Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.Deferred tax liabilities and assets are offset if:The entity has a legally enforceable right to set off current tax liabilities and assets; andThe deferred tax liabilities and assets relate to income taxes levied by the same authority on either the same taxable entity or on different taxable entities, but these entities intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously.See Note 2.8 for tax.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__24": { "value": "Property, Plant, and Equipment Property, plant, and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised, and any gain or loss is recognised in the statement of comprehensive income.The depreciation period and method are assessed each year.Assets Under Construction Assets under construction are classified as non-current assets and recognised at cost until the production or development process is completed. Assets under construction are not depreciated until the asset is brought into use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__25-1": { "value": "Intangible AssetsGoodwill Goodwill acquired through business combinations is included in intangible assets. Goodwill is recorded at cost less accumulated impairment losses and is subject to annual impairment testing, or more frequently if events or changes in circumstances indicate that it might be impaired.Research and Development Research costs related to internal projects are recognised in profit or loss as incurred. Development costs are capitalised only if the expenditure attributable to the intangible asset can be measured reliably and there is an intention and ability to complete and make the intangible asset commercially available for sale or for own use, which will generate probable future economic benefits.If the conditions for capitalisation are not met, the costs are recognised in profit or loss as incurred. Subsequent to initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.Patents, Licenses, and Technology Patents, licenses, and technology acquired are measured at cost less accumulated amortisation and any accumulated impairment losses.Amortisation Methods Refer to Note 3.1 for details about amortisation methods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__26": { "value": "Goodwill Goodwill acquired through business combinations is included in intangible assets. Goodwill is recorded at cost less accumulated impairment losses and is subject to annual impairment testing, or more frequently if events or changes in circumstances indicate that it might be impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__28": { "value": "Research and Development Research costs related to internal projects are recognised in profit or loss as incurred. Development costs are capitalised only if the expenditure attributable to the intangible asset can be measured reliably and there is an intention and ability to complete and make the intangible asset commercially available for sale or for own use, which will generate probable future economic benefits.If the conditions for capitalisation are not met, the costs are recognised in profit or loss as incurred. Subsequent to initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__31": { "value": "Government Grants Government grants are recognised when it is reasonably certain that the group will meet the conditions stipulated for the grants and that the grants will be received.Government grants related to the construction of an asset are recognised as a reduction of the acquisition cost.Grants related to R&D projects that are expended are recognised as a reduction of cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__32-1": { "value": "Financial Instruments The Group\u2019s financial instruments include a range of assets and liabilities that arise from its operational and investment activities. Financial assets primarily consist of other non-current receivables, trade receivables, cash, and bank deposits, while financial liabilities include non-current lease liabilities, trade and other payables, and current lease liabilities.Financial investments classified at amortized cost is entirely related to the convertible loan to DG Fuel (See Note 3.4). These financial instruments are recognized in the statement of financial position when the Group enters into the contractual terms of the instrument.Financial assets are initially recognized at fair value and subsequently measured based on their classification, with trade receivables subject to an expected credit loss assessment. Financial liabilities are recorded at amortized cost unless designated otherwise.Further details on the carrying amounts, valuation methods, and key risk exposures, including credit, liquidity, and market risks, are provided in Note 6.1 (Financial Instruments).Measurement of Financial InstrumentsFinancial instruments are measured either at amortized cost or at fair value through profit or loss, depending on the Group\u2019s business model and the characteristics of the financial asset.Financial investments are classified at amortized cost when the Group\u2019s objective is to hold the assets to collect contractual cash flows, provided these cash flows consist solely of principal and interest. If these criteria are not met, the investments are measured at fair value through profit or loss.For financial investments measured at fair value through profit or loss, valuation follows the fair value hierarchy:Level 1: Valuation based on quoted market prices in active markets for identical financial instruments.Level 2: Valuation derived from observable inputs, such as comparable asset prices or marketinterest rates, when quoted prices are not available.Level 3: Valuation based on unobservable inputs, including internal models or assumptions when market data is limited or unavailable.The classification of the Group\u2019s financial investments within this hierarchy is detailed in Note 3.4.Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method, ensuring a systematic allocation of transaction costs and interest expenses over the liability\u2019s term.Equity Financial instruments are classified as liabilities or equity in accordance with the underlying economic realities. Interest, dividends, gains, and losses relating to a financial instrument classified as a liability will be presented as an expense or income. Amounts distributed to holders of financial instruments classified as equity will be recorded directly in equity.Cost of Equity Transactions Transaction costs directly related to an equity transaction are recognised directly in equity after deducting tax expenses.Translation Differences Translation differences arise in connection with exchange rate differences of consolidated foreign entities. Exchange rate differences in monetary amounts (liabilities or receivables) that are, in effect, part of a company\u2019s net investment in a foreign entity are also included as translation differences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__33": { "value": "Measurement of Financial InstrumentsFinancial instruments are measured either at amortized cost or at fair value through profit or loss, depending on the Group\u2019s business model and the characteristics of the financial asset.Financial investments are classified at amortized cost when the Group\u2019s objective is to hold the assets to collect contractual cash flows, provided these cash flows consist solely of principal and interest. If these criteria are not met, the investments are measured at fair value through profit or loss.For financial investments measured at fair value through profit or loss, valuation follows the fair value hierarchy:Level 1: Valuation based on quoted market prices in active markets for identical financial instruments.Level 2: Valuation derived from observable inputs, such as comparable asset prices or marketinterest rates, when quoted prices are not available.Level 3: Valuation based on unobservable inputs, including internal models or assumptions when market data is limited or unavailable.The classification of the Group\u2019s financial investments within this hierarchy is detailed in Note 3.4.Financial liabilities are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method, ensuring a systematic allocation of transaction costs and interest expenses over the liability\u2019s term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__35": { "value": "Cash and Bank Deposits Cash includes cash on hand and at the bank. Cash equivalents are short-term liquid investments that can be immediately converted into a known amount of cash and have a maximum term to maturity of three months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__37": { "value": "Provisions The Group recognises a provision when it has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and the amount can be reliably estimated. If some or all of a provision is expected to be reimbursed, such as under an insurance contract or due to recourse from a supplier, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect of the time value of money is material, provisions are measured at the present value of the expected future cash outflows, discounted using a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Unwinding of the discount due to the passage of time is recognised in the statement of profit or loss as an interest expense.Onerous Contracts An onerous contract is defined as a contract where the unavoidable costs of meeting the contractual obligations (i.e., the lower of the cost of fulfilling the contract or the costs arising from failing to fulfil it) exceed the economic benefits expected to be received. For contracts identified as onerous, the present obligation under the contract is recognised as a provision and measured accordingly.Social Security Share Options The provision for social security stock options in Norway is calculated based on the intrinsic value at the reporting date. The provision fluctuates with factors such as the number of active options, the timing of their exercise, and the share price. For further details regarding the share option program, refer to Note 2.4.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__39": { "value": "Going Concern The consolidated financial statements have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS). As of the date of this report, the Group has assessed its financial position and determined that it has adequate working capital to meet its obligations and support its planned business activities for the foreseeable future, covering at least the next twelve months.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__38": { "value": "Going Concern The consolidated financial statements have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS). As of the date of this report, the Group has assessed its financial position and determined that it has adequate working capital to meet its obligations and support its planned business activities for the foreseeable future, covering at least the next twelve months.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__40": { "value": "NOTE 2.1 OPERATIONAL SEGMENTSOperating segments are identified based on the internal reports regularly reviewed by the Chief Operating Decision Maker (CODM) to allocate resources and assess segment performance. The CODM is defined as the executive management group.For the HydrogenPro Group, the business is considered a single operating segment. This treatment is consistent with the internal reporting provided to the CODM and reflects the Group\u2019s integrated approach to managing its operations.Intangible assets, property plant and equipment and and right of use assets by geography2024NOK \u2019000 Intangible assets Property pland and equipment Right of use assetsNorway 4 697 11 132 5 986Europe 27 564 39 486 1114Asia Pacific 24 034 38 193 10 183Carrying amount at 31 12 2024 56 295 88 811 17 2832023NOK \u2019000 Intangible assets Property pland and equipment Right of use assetsNorway 7 046 3 900 914Europe 28 952 19 533 2124Asia Pacific 21 934 44 724 17 417Carrying amount at 31 12 2023 57 932 68 157 20 455", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__41": { "value": "NOTE 2.2 REVENUE FROM CONTRACTS WITH CUSTOMERSRevenue RecognitionThe revenue in HydrogenPro is from the sale of both hydrogen electrolyzer systems and engineering services, including installation, commissioning, and long-term service agreements.The group\u2019s revenues result from the sale of goods or services and reflect the consideration to which the group is, and expects to be, entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligations are satisfied.Revenue recognition is determined on a contract-by-contract basis by evaluating the terms and performance obligations specified in each contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognized at a point in time or over time.Revenue is recognized over time using the method that best depicts the pattern of the transfer of control. The method applied is the cost-to-cost input method to determine the percentage of completion. Contract costs are expensed as incurred.The Group applied the following judgments, which significantly affect the determination of the timing of revenue recognition and the amounts of revenue in contracts with customers:Performance ObligationsUnder IFRS 15 Revenue from Contracts with Customers, HydrogenPro ASA identifies the following distinct performance obligations in its contracts with customers: Sale of Hydrogen Electrolyzer Systems: HydrogenPro commits to delivering high-pressure alkaline electrolyzers for large-scale hydrogen production. Control of the electrolyzers transfers to the customer upon delivery or as specified in the contract (e.g., FOB shipping point or upon site acceptance). Revenue is recognized at a point in time when the customer obtains control. Front-End Engineering Design (FEED) Services: HydrogenPro provides FEED services, assisting customers with project planning, system design, and feasibility assessments. These services are typically classified as distinct performance obligations under IFRS 15. When FEED services are delivered as part of a structured project, revenue is recognized over time using the cost-to-cost input method, reflecting project progress. For contracts where FEED services are billed on an hour-by-hour basis, revenue is recognized over time, based on actual hours delivered. Each FEED contract is assessed to determine the appropriate revenue recognition method, ensuring compliance with IFRS 15 and reflecting the transfer of value to the customer. Engineering, Procurement, and Construction (EPC) Services: HydrogenPro provides engineering, installation, and commissioning services as part of turnkey projects. These services are combined with the sale of electrolyzers as a bundled contract. Revenue is recognized over time using the percentage-of-completion method if the services create or enhance an asset the customer controls. Percentage of completion is calculated using the cost-to-cost input method. This method includes adjustments for time and goods delivered to the customer. Contract costs are expensed as incurred.Long-Term Service Agreements Contracts: HydrogenPro offers long-term maintenance, operational support, and spare parts supply for installed electrolyzers. Revenue is recognized over time as services are performed, typically on a straight-line basis or based on usage metrics.Variable ConsiderationSome contracts with customers include performance-based incentives, such as efficiency guarantees, as well as penalties, such as liquidated damages (LDs) for delays or underperformance. These elements create variable consideration, which must be estimated to ensure accurate revenue recognition.HydrogenPro ASA estimates variable consideration using the most likely amount method. This estimation is subject to a constraint to ensure that revenue is only recognized to the extent that it is highly probable that no significant reversal will occur when uncertainties are resolved.Performance-Based Incentives: If a contract includes incentives for meeting specific performance targets (e.g., efficiency, uptime, or production capacity), the expected revenue is adjusted based on the likelihood of achieving these targets.Liquidated Damages (LDs)LDs are pre-defined penalties imposed for breaches of contract, most commonly related to delays in project completion. In contracts with customers, LDs typically arise when project milestones or deadlines are not met.In contracts that include liquidated damages (LDs), the fixed transaction price is initially determined by the maximum possible LD amount. Any amounts exceeding this fixed price represent variable consideration. Variable consideration from LDs can only be included in the transaction price if it is highly probable that the amount will not result in a significant revenue reversal once the uncertainty is resolved.The assessment of variable consideration is judgmental and based on factors such as historical data, contractual obligations, client relationships, and the status of ongoing negotiations.Timing of revenue recognitionNOK \u2019000 2024 2023Revenue recognised over time -744 565 081Revenue recognised at point in time 196 432 3 152 Total revenue 195 688 568 233In 2024, negative revenue recognition was impacted by the reversal of NOK 21 million in revenue recognized in the first quarter, related to a customer contract. The project adheres to the percentage of completion (POC) accounting principle, where revenue recognition is based on incurred versus estimated costs. The reversal reflects additional estimated costs associated with the replacement of delivered components, resulting in a lower POC.Major Products and ServicesThe group generates revenue from customer contracts from three principal sources: i) Hydrogen Electrolyzer Systems, ii) FEED Services and iii) Long-Term Service Agreements Contracts. The hydrogen electrolyzer systems sales are generated from both sales of standalone equipment and as part of larger EPC contracts.NOK \u2019000 2024 2023Revenue from sale of electrolyzer system 192 799 -Revenue from EPC Contracts -6 930 555 158Revenue from sale of Feed and case-studies 6 186 9 923Other revenue 3 633 3 152Total revenue 195 688 568 233The group has not recognized revenue from Long-Term Service Agreements Contracts in 2024 or 2023.Major Customer The Group\u2019s revenue for 2024 is significantly concentrated with one major customer, Andritz AG, which accounted for 99 % of the revenue in 2024. Previous year revenue was similarly concentrated with one major customer, Mitsubishi Power America Inc., which accounted for 95% of total revenue in 2023.This reliance on a single customer represents a concentration of credit and market risk, which is monitored by the Group as part of its risk management practices.Primary geographical marketsNOK \u2019000 2024 2023Norway - 3 280 Europe 196 853 7 295 America -5 551 538 499Asia Pacific 4 386 19 159Total 195 688 568 233Performance Bonds As part of its contractual agreements, the Group is required to provide guarantees or bonds to customers to secure contractual milestones. During 2024, HydrogenPro issued an irrevocable and unconditional performance bond amounting to EUR 1.9 million (NOK 22.5 million) in relation to one of its contracts. The bond was issued under a bond facility provided by Atradius. As of 31 December 2024, no drawings have been made against the bond.The Group monitors its exposure under these guarantees as part of its ongoing risk assessment processes.Order BacklogThe performance obligations in the Group\u2019s contracts with customers vary in duration, with some contracts having performance obligations that are expected to be completed within a few months, while others, such as maintenance contracts, can extend up to ten years. These varying contract durations reflect the nature of the services and products provided by the Group, with longer-term obligations typically associated with maintenance and ongoing service agreements. The order backlog as of December 31, 2024, was NOK 305 million (2023: NOK 422 million).The order backlog in delivery of electrolyzer systems and long-term service agreements contracts is NOK 85.9 million and NOK 219.1 million, respectively. The transaction price allocated to the remaining performance obligations is illustrated in table below:As of 31.12.2024NOK \u2019000 2025 2026 2027 or later Total BacklogPartly unsatisfied performance obligations 85 923 - - 85 923 Unsatisfied performance obligations - 21 912 197 209 219 121 Total Backlog 85 923 21 912 197 209 305 044The unsatisfied performance obligation as of December 2024 is exclusively linked one Long-Term Service Agreement Contract.As of 31.12.2023NOK \u2019000 2024 2025 2026 or later Total BacklogPartly unsatisfied performance obligations 15 702 - - 15 702 Unsatisfied performance obligations 158 495 71 803 176 695 406 993 Total Backlog 174 197 71 803 176 695 422 695", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__42": { "value": "Revenue recognition is determined on a contract-by-contract basis by evaluating the terms and performance obligations specified in each contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognized at a point in time or over time.Revenue is recognized over time using the method that best depicts the pattern of the transfer of control. The method applied is the cost-to-cost input method to determine the percentage of completion. Contract costs are expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__43": { "value": "NOTE 2.3 DIRECT MATERIALDirect material consists of raw materials and components for project delivery. Direct materials are recognized as inventories when they are purchased and held for future use. They are measured initially at cost, which includes the purchase price (including import duties, taxes, and freight costs) and handling and other costs directly attributable to bringing the materials to their current location and condition. When these materials are used in production or project delivery and revenue is recognized, the cost of these materials is matched with revenue in the period in which they contribute to the revenue generation.NOK \u2019000 2024 2023Direct materials 145 915 325 314 Handling and freight expense 1 052 3 300 Other consumables - 2 246 Total direct materials 146 967 330 860", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__44-1": { "value": "NOTE 2.4 PERSONNEL EXPENSESNOK \u2019000 2024 2023Salaries 116 297 97 817Social security tax 8 941 7 981Option expenses 3 863 3 943Pension expenses defined contribution plans 7 766 7 456Other personnel expenses 7138 2 566Total salaries and personnel expenses 144 005 119 763The figures for 2023 are adjusted. Please refer to Note 8.1 for details of this adjustment and justification.Option cost related to hired personnel are expensed as other operating expenses.Average number of full time employees2024 2023Norway 38.7 39.8Europe 13.7 10.5China 104.1 171.8America 2.0 -Total 158.5 221.1Shareholder Option Plan The Company has a share option program that covers certain employees in senior positions, some other employees, board members, and guarantors. Under the plan, granted options generally vest over a period of three years according to a predetermined schedule.Once vested, these options can be exercised, with a deadline for exercise set at four years from the grant date. The vesting of options is contingent upon continued employment or association with the Company during the vesting period.The purpose of the Company\u2019s share option program is to attract and retain key personnel. The fair value and annual costs of the options are determined using the Black-Scholes model and are expensed over the vesting period.For the year 2024, the fair value calculation of the options, based on the Black-Scholes model, includes input factors such as the risk-free interest rate, volatility factor, and share price at the grant date. The calculated fair value of the individual options at grant date is then recognized and distributed over the vesting period in accordance with the vesting schedule.Social security tax provisions are accrued on a quarterly basis and become payable upon exercise of the options. These provisions are estimated based on the intrinsic value of the options, multiplied by the relevant social security tax rate.The total expense recognized for the share-based programs in 2024, excluding social security, amounted to NOK 3.7 million (2023: NOK 4.4 million). The total social security provisions at the end of the year were NOK 0 as of 31 December 2024, the total accumulated cost related to share-based payments, including both option-related expenses and social security provisions, was NOK 42.6 million (2023: NOK 38.6 million).Options to leading employees and Board of DirectorsNOK\u2019000 Quantity Granted Terminated Exercised Quantity Cost for the 01.01.24in periodin periodin period31.12.24periodNameJarle Dragvik 400 000 - - - 400 000 1 705Erik Christian Bolstad 100 000 - - - 100 000 18Martin Thanem Holtet 150 000 - - - 150 000 8Cathrin Brezeg 50 000 - - - 50 000 223Tormod Kl\u00f8ve 50 000 - - - 50 000 212 TM Holding (Terje Mikalsen) 163 005 - - - 163 005 192NOK\u2019000 Quantity Granted Terminated Exercised Quantity Cost for the 01.01.23in periodin periodin period31.12.23periodNameTM Holding (Terje Mikalsen) 163 005 - - - 163 005 78Jarle Dragvik - 400 000 - - 400 000 354Elling Nygaard 206 250 - - - 206 250 -Erik Christian Bolstad 100 000 - - - 100 000 103Karoline Aafos 57 396 - - -21 875 35 521 9Martin Thanem Holtet 150 000 - - - 150 000 307Cathrin Brezeg - 50 000 - - 50 000 265Tormod Kl\u00f8ve 50 000 - - - 50 000 869 Sindre Utne 68 750 - - - 68 750 -Tarjei Johansen 400 000 - -400 000 - - -234Ellen Hanetho 1) 2 143 170 - -101 148 - 2 042 022 1 2571) 1 490 000 of Ellen Hanetho\u2019s options are held by Opulentia Invest AS, which is owned 100% by Ellen Hantho.Total costs and Social Security ProvisionsNOK \u2019000 2024 2023Total cost 3 710 4 395Total Social security provision - -7 550Granted instrumentsNOK \u2019000 2024 2023Instrument Option OptionQuantity 31 12 (instruments) - 486 000Quantity 31 12 (shares) and Board of Directors - 486 000Contractual life * - 5.65Strike price * - 21.38Share price * - 22.24Expected lifetime * - 3.72Volatility * - 61.01%Interest rate * - 4.01%Dividend * - -FV per instrument * - 9.68* Weighted average parameters at grant of instrumentQuantity and weighted average prices01.01.2024 - 31.12.2024 01.01.2023 - 31.12.2023Number of Weighted aver. Number of Weighted aver. instrumentsstrike priceinstrumentsstrike priceActivity Outstanding OB 5 085 637 13.64 5 402 811 14.41Granted - 0.00 486 000 21.38Exercised 216 000 7.00 271 875 7.00Released - - - -Adjusted - - - -Performance Adjusted - - - -Cancelled - - 13 456 26.15Terminated - - 517 843 32.12Expired - - - -Outstanding CB 4 869 637 13.93 5 085 637 13.64Vested CB 4 456 723 13.27 4 506 570 12.69Outstanding Instruments Overview2024 Outstanding Instruments Vested InstrumentsStrike price Number of Weighted Average Weighted Average Vested instruments Weighted Average instrumentsremaining contractual lifeStrike Price31.12.2024Strike Price7.00 2 745 383 0.66 7.00 2 745 383 7.0016.80 206 250 0.84 16.80 206 250 16.8017.00 36 000 2.17 17.00 21 000 17.0017.16 50 000 1.17 17.16 46 877 17.1617.24 251 745 0.80 17.24 251 745 17.2417.66 159 584 0.75 17.66 159 584 17.6618.20 50 000 1.87 18.20 38 542 18.2018.78 150 000 0.17 18.78 150 000 18.7820.65 100 000 0.67 20.65 100 000 20.6520.95 400 000 4.61 20.95 41 666 20.9526.15 526 925 0.39 26.15 526 925 26.1528.00 50 000 2.50 28.00 25 001 28.0032.45 68 750 0.34 32.45 68 750 32.4566.00 75 000 0.09 66.00 75 000 66.00 4 869 637 4 456 723 2023 Outstanding Instruments Vested InstrumentsStrike price Number of Weighted Average Weighted Average Vested instruments Weighted Average instrumentsremaining contractual lifeStrike Price31.12.2024Strike Price7.00 2 961 383 1.16 7.00 2 961 383 7.00 16.80 206 250 1.84 16.80 206 250 16.80 17.00 36 000 3.17 17.00 9 000 17.00 17.16 50 000 2.17 17.16 34 377 17.16 17.24 251 745 1.80 17.24 251 745 17.24 17.66 159 584 1.75 17.66 129 376 17.66 18.20 50 000 2.87 18.20 26 042 18.20 18.78 150 000 1.17 18.78 131 250 18.78 20.65 100 000 1.67 20.65 81 252 20.65 20.95 400 000 5.60 20.95 - -26.15 526 925 1.38 26.15 526 925 26.15 28.00 50 000 3.50 28.00 8 334 28.00 32.45 68 750 1.34 32.45 68 750 32.45 66.00 75 000 1.09 66.00 71 886 66.00 5 085 637 4 506 570NOTE 2.5 PENSIONSPension Plans The Group\u2019s Norwegian companies operate defined contribution pension plans in accordance with the Pension Act of Norway. These plans cover all employees earning between 0G and 12G of the Norwegian National Insurance base amount (G), with contributions set at 7% of the employee\u2019s salary.Employees have the ability to influence the investment management of their pensions through an agreement with Gjensidige AS. Pension contributions are expensed as incurred, and the Group has no further obligation once the contributions are paid. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments is available. As of 31 December 2024, the total expense recognized for the Norwegian defined contribution plans during the year was NOK 2.9 million (2023: NOK 2.7 million).The parent company operates pension plans that comply with statutory requirements in Norway. Foreign subsidiaries maintain pension plans that meet the legal and regulatory requirements of their respective countries. These pension plans are defined contribution in nature and are accounted for in accordance with IAS 19.For all defined contribution plans, the Group recognizes expenses in the period the contributions are made, with no additional obligations.NOK \u2019000 2024 2023Employees covered by the scheme 138 223Contribution recognised as expense 7 766 5 777Contribution to CEO 110 144", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__45-1": { "value": "Shareholder Option Plan The Company has a share option program that covers certain employees in senior positions, some other employees, board members, and guarantors. Under the plan, granted options generally vest over a period of three years according to a predetermined schedule.Once vested, these options can be exercised, with a deadline for exercise set at four years from the grant date. The vesting of options is contingent upon continued employment or association with the Company during the vesting period.The purpose of the Company\u2019s share option program is to attract and retain key personnel. The fair value and annual costs of the options are determined using the Black-Scholes model and are expensed over the vesting period.For the year 2024, the fair value calculation of the options, based on the Black-Scholes model, includes input factors such as the risk-free interest rate, volatility factor, and share price at the grant date. The calculated fair value of the individual options at grant date is then recognized and distributed over the vesting period in accordance with the vesting schedule.Social security tax provisions are accrued on a quarterly basis and become payable upon exercise of the options. These provisions are estimated based on the intrinsic value of the options, multiplied by the relevant social security tax rate.The total expense recognized for the share-based programs in 2024, excluding social security, amounted to NOK 3.7 million (2023: NOK 4.4 million). The total social security provisions at the end of the year were NOK 0 as of 31 December 2024, the total accumulated cost related to share-based payments, including both option-related expenses and social security provisions, was NOK 42.6 million (2023: NOK 38.6 million).Options to leading employees and Board of DirectorsNOK\u2019000 Quantity Granted Terminated Exercised Quantity Cost for the 01.01.24in periodin periodin period31.12.24periodNameJarle Dragvik 400 000 - - - 400 000 1 705Erik Christian Bolstad 100 000 - - - 100 000 18Martin Thanem Holtet 150 000 - - - 150 000 8Cathrin Brezeg 50 000 - - - 50 000 223Tormod Kl\u00f8ve 50 000 - - - 50 000 212 TM Holding (Terje Mikalsen) 163 005 - - - 163 005 192NOK\u2019000 Quantity Granted Terminated Exercised Quantity Cost for the 01.01.23in periodin periodin period31.12.23periodNameTM Holding (Terje Mikalsen) 163 005 - - - 163 005 78Jarle Dragvik - 400 000 - - 400 000 354Elling Nygaard 206 250 - - - 206 250 -Erik Christian Bolstad 100 000 - - - 100 000 103Karoline Aafos 57 396 - - -21 875 35 521 9Martin Thanem Holtet 150 000 - - - 150 000 307Cathrin Brezeg - 50 000 - - 50 000 265Tormod Kl\u00f8ve 50 000 - - - 50 000 869 Sindre Utne 68 750 - - - 68 750 -Tarjei Johansen 400 000 - -400 000 - - -234Ellen Hanetho 1) 2 143 170 - -101 148 - 2 042 022 1 2571) 1 490 000 of Ellen Hanetho\u2019s options are held by Opulentia Invest AS, which is owned 100% by Ellen Hantho.Total costs and Social Security ProvisionsNOK \u2019000 2024 2023Total cost 3 710 4 395Total Social security provision - -7 550Granted instrumentsNOK \u2019000 2024 2023Instrument Option OptionQuantity 31 12 (instruments) - 486 000Quantity 31 12 (shares) and Board of Directors - 486 000Contractual life * - 5.65Strike price * - 21.38Share price * - 22.24Expected lifetime * - 3.72Volatility * - 61.01%Interest rate * - 4.01%Dividend * - -FV per instrument * - 9.68* Weighted average parameters at grant of instrumentQuantity and weighted average prices01.01.2024 - 31.12.2024 01.01.2023 - 31.12.2023Number of Weighted aver. Number of Weighted aver. instrumentsstrike priceinstrumentsstrike priceActivity Outstanding OB 5 085 637 13.64 5 402 811 14.41Granted - 0.00 486 000 21.38Exercised 216 000 7.00 271 875 7.00Released - - - -Adjusted - - - -Performance Adjusted - - - -Cancelled - - 13 456 26.15Terminated - - 517 843 32.12Expired - - - -Outstanding CB 4 869 637 13.93 5 085 637 13.64Vested CB 4 456 723 13.27 4 506 570 12.69Outstanding Instruments Overview2024 Outstanding Instruments Vested InstrumentsStrike price Number of Weighted Average Weighted Average Vested instruments Weighted Average instrumentsremaining contractual lifeStrike Price31.12.2024Strike Price7.00 2 745 383 0.66 7.00 2 745 383 7.0016.80 206 250 0.84 16.80 206 250 16.8017.00 36 000 2.17 17.00 21 000 17.0017.16 50 000 1.17 17.16 46 877 17.1617.24 251 745 0.80 17.24 251 745 17.2417.66 159 584 0.75 17.66 159 584 17.6618.20 50 000 1.87 18.20 38 542 18.2018.78 150 000 0.17 18.78 150 000 18.7820.65 100 000 0.67 20.65 100 000 20.6520.95 400 000 4.61 20.95 41 666 20.9526.15 526 925 0.39 26.15 526 925 26.1528.00 50 000 2.50 28.00 25 001 28.0032.45 68 750 0.34 32.45 68 750 32.4566.00 75 000 0.09 66.00 75 000 66.00 4 869 637 4 456 723 2023 Outstanding Instruments Vested InstrumentsStrike price Number of Weighted Average Weighted Average Vested instruments Weighted Average instrumentsremaining contractual lifeStrike Price31.12.2024Strike Price7.00 2 961 383 1.16 7.00 2 961 383 7.00 16.80 206 250 1.84 16.80 206 250 16.80 17.00 36 000 3.17 17.00 9 000 17.00 17.16 50 000 2.17 17.16 34 377 17.16 17.24 251 745 1.80 17.24 251 745 17.24 17.66 159 584 1.75 17.66 129 376 17.66 18.20 50 000 2.87 18.20 26 042 18.20 18.78 150 000 1.17 18.78 131 250 18.78 20.65 100 000 1.67 20.65 81 252 20.65 20.95 400 000 5.60 20.95 - -26.15 526 925 1.38 26.15 526 925 26.15 28.00 50 000 3.50 28.00 8 334 28.00 32.45 68 750 1.34 32.45 68 750 32.45 66.00 75 000 1.09 66.00 71 886 66.00 5 085 637 4 506 570", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__46-1": { "value": "Options to leading employees and Board of DirectorsNOK\u2019000 Quantity Granted Terminated Exercised Quantity Cost for the 01.01.24in periodin periodin period31.12.24periodNameJarle Dragvik 400 000 - - - 400 000 1 705Erik Christian Bolstad 100 000 - - - 100 000 18Martin Thanem Holtet 150 000 - - - 150 000 8Cathrin Brezeg 50 000 - - - 50 000 223Tormod Kl\u00f8ve 50 000 - - - 50 000 212 TM Holding (Terje Mikalsen) 163 005 - - - 163 005 192NOK\u2019000 Quantity Granted Terminated Exercised Quantity Cost for the 01.01.23in periodin periodin period31.12.23periodNameTM Holding (Terje Mikalsen) 163 005 - - - 163 005 78Jarle Dragvik - 400 000 - - 400 000 354Elling Nygaard 206 250 - - - 206 250 -Erik Christian Bolstad 100 000 - - - 100 000 103Karoline Aafos 57 396 - - -21 875 35 521 9Martin Thanem Holtet 150 000 - - - 150 000 307Cathrin Brezeg - 50 000 - - 50 000 265Tormod Kl\u00f8ve 50 000 - - - 50 000 869 Sindre Utne 68 750 - - - 68 750 -Tarjei Johansen 400 000 - -400 000 - - -234Ellen Hanetho 1) 2 143 170 - -101 148 - 2 042 022 1 2571) 1 490 000 of Ellen Hanetho\u2019s options are held by Opulentia Invest AS, which is owned 100% by Ellen Hantho.NOTE 7.1 REMUNERATION AND BOARD MANAGEMENTExecutive management remuneration2024NOK \u2019000 Salary Bonus Benefits Pension Total Number of Ownership in kindexpenseremunerationsharesInterestJarle Dragvik (CEO) 3 539 - 146 102 3 787 41 033 0.06%Martin Thanem Holtet (CFO) 2 325 351 17 103 2 796 1 500 0.00%Erik Chr Bolstad (CCO) 2 107 297 45 107 2 556 - 0.00%Cathrin Bretzeg (CPCO) 2 065 149 35 108 2 357 - 0.00%Tormod Kl\u00f8ve (CLO) 2 175 250 22 103 2 550 - 0.00%Odd-Arne Lorentsen (CTO) 1) 1 717 - 31 90 1 838 - 0.00%Jon Backer (COO) 2) 1 473 - 26 81 1 580 - 0.00%1. Lorentsen started 01.03.20242. Backer started 01.04.20242023NOK \u2019000 Salary Bonus Benefits Pension Total Number of Ownership in kindexpenseremunerationsharesInterestJarle Dragvik (CEO) 1) 1 476 - 57 40 1 572 41 033 0 06%Tarjei johansen (CEO) 2) 3 360 - 134 104 3 599 - 0.00%Elling Nygaard (CEO) 3) 1 265 - - - 1 265 10 0.00%Richard Espeseth (CBDO) 4) 2 513 - 16 97 2 626 11 257 458 17.78%Martin Thanem Holtet (CFO) 1 832 468 16 95 2 411 1 500 0.00%Erik Chr Bolstad (CCO) 1 549 363 16 97 2 025 - 0.00%Marc Jedamzik (CPO) 5) 154 - 7 - 161 - 0.00%Karoline Aafos (CPO) 6) 1 449 - 269 86 1 804 - 0.00%Sindre Utne (CPO) 7) 222 - - - 222 4 270 0.01%Cathrin Bretzeg (CPCO) 8) 1 028 - 12 57 1 097 - 0.00%Tormod Kl\u00f8ve (CLO) 1 510 - 23 110 1 643 - 0.00%1. Dragvik started 08.08.20232. Johansen started 01.12.2022 and resigned 08.08.2023. He ended his employment 30.11.2023.3. Nygaard resigned 21.6.22 and ended employment 30.09.2022. He received severance pay included the month of June 2023.4. Espeseth served as CBDO from 01.12.2022 to 01.12.2023.5. Marc Jedamzik started as CPO 01.12.20236. Aafos started 15.08.2023 and ended employment 30.11.2023. Benefits in kind includes net gain of exercise 21.875 options with strike NOK 7/sale of shares NOK thousand 2497. Utne started 01.05.2021 and ended 30.04.2022. He received severance pay including the month of January 2023.8. Bretzeg started 01.06.2023Board of Directors remuneration2024NOK \u2019000 Board Audit Compensation Nomination Board and Taxable Total fee and risk and staff committee comittee fees income remuneration commitee committee 2023 1) execution of optionsDag Opedal (Chair) 2) 564 - 75 - - - 639Terje Mikalsen (ex Chair) 3) 272 - - - 14 - 286Ellen Hanetho (ex Chair) 4) - - - - 69 1 166 1 235Asta Stenshagen (member) 453 99 - - 83 - 635Jarle Tautra (member) 453 31 62 - 44 - 590Marianne Aamodt (member) 453 106 - - 174 - 733Geir Bredo Larsen (member) 308 62 - - - - 370Bj\u00f8rn Hansen (member) 308 - 62 - - - 370Arild S Frick (Chair nom Commitee) - - - 200 102 - 303Bj\u00f8rn G Reed (member nom commitee) - - - 50 8 - 591. Includes remuneration regarding the year 2023 not included in provision as of 01.01.20242. Opedal was elected as Chair 23.04.2024.3. Mikaelsen served as Chair from the 04.10. 2023 to 23.04.2024. 4. Hanetho served as a board member in the period 2019 until 04.10.20232023NOK \u2019000 Consultant Board Audit and risk Nomination Total feesfeecommiteecommitteeremunerationTerje Mikalsen (Chair) 1) - - - 27 27 Ellen Hanetho (ex Chair) 2) 28 953 108 - 1 089 Richard Espeseth (member) - - - - -Asta Stenshagen (member) - - - - 263Jarle Tautra (member) 248 400 36 - 684 Jarle Dragvik (ex member) - 600 36 8 644 Donna Rennemo (ex member) - 286 - - 286 Arild S Frick (Chair nom Commitee) - - - 32 32 Bj\u00f8rn G Reed (member nom commitee) - - - 27 27 1. Mikaelsen served on the board in the period 2014-2021. He was re-elected 14.05.2023 and started as Chair 04.10.20232. Hanetho has been Chair of the board since 2019. She resigned the board 04.10.2023.Shares held by Board of Directors2024 2023Number of shares Ownership Interest Number of shares Ownership InterestDag Opedal (Chair) - - - - Terje Mikalsen (ex Chair) 1) 9 653 182 13.74% 9 653 182 15.22%Ellen Hanetho (ex Chair) - - - - Asta Stenshagen (member) - - - - Jarle Tautra (member) 1 000 0.00% 1 000 0.00%Marianne Aamodt (member) - - - - Geir Bredo Larsen (member) - - - - Bj\u00f8rn Hansen (member) - - - - Vivian Y Chen Espeseth (ex member) 3 090 238 4.41% 3 090 238 4.88%Jarle Dragvik (ex member) 41 033 0.06% 41 033 0.06%Richard Espeseth (ex member) 11 257 458 16.05% 11 257 458 17.78%Arild S Frick (Chair nom Commitee) - - - - Bj\u00f8rn G Reed (member nom commitee) - - - - 1. Mikaelsen served as Chair from the 04.10. 2023 to 23.04.2024. Shares are hold by TM Holding AS.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__48": { "value": "Total costs and Social Security ProvisionsNOK \u2019000 2024 2023Total cost 3 710 4 395Total Social security provision - -7 550", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__54": { "value": "NOTE 2.6 OTHER OPERATING EXPENSESOther operating expensesNOK \u2019000 2024 2023Rental and leasing expenses 8 995 15 869Repair and maintenance expenses 19 993 43 560Consultancy fees and external personnel 52 973 52 068Travel expenses 10 659 7 849Provision bad debts 236 -Waranties 5 509 16 962Reversal of provisions -5 603 -Grants -8 232 -9 287Other operating costs 24 371 26 600Total operating expenses 108 900 153 621The figures for 2023 are adjusted. Please refer to Note 8.1 for details of this adjustment and justification.Reversal of Provision The reversal of a provision is related to the Rapid Validation Project (RVP). The provision, originally recorded in 2023, amounted to NOK 5.6 million and was fully reversed in the third quarter of 2024 due to change in circumstances. This reversal is reflected in the financial statements as a reduction in provisions and has been appropriately adjusted in the current period.Grant IncomeThe Company has received grants for its research and development activities during the year. In accordance with IAS 20, grant income is recognized as a reduction in the related research and development expenses. The amount of grant income recognized for the year is NOK 8.2 million (2023: NOK 9.3 millon), which has been deducted from the related R&D expenses in the statement of profit or loss.Fees to the group auditorsNOK \u2019000 2024 2023Statutory audit 3 335 2 056Other assurance services 50 384Other non-assurance services 63 174Total 3 448 2 614Fees to other auditors elected by subsidiariesNOK \u2019000 2024 2023Statutory audit 900 328Other assurance services 166 -Other non-assurance services 93 -Tax consultant services 15 -Total 1174 328", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__55-1": { "value": "Fees to the group auditorsNOK \u2019000 2024 2023Statutory audit 3 335 2 056Other assurance services 50 384Other non-assurance services 63 174Total 3 448 2 614Fees to other auditors elected by subsidiariesNOK \u2019000 2024 2023Statutory audit 900 328Other assurance services 166 -Other non-assurance services 93 -Tax consultant services 15 -Total 1174 328", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__58": { "value": "NOTE 2.7 FINANCIAL INCOME AND EXPENSESNOK \u2019000 2024 2023Interest income 4 379 3 473Net foreign exchange gain 26 122 -Other financial income 484 750Total financial income 30 985 4 223Other interest expenses 72 200Interest expense lease liabilities 1 036 899Net foreign exchange loss - 7 569Impairment of financial assets 1 839 -Other financial expenses 726 200Total financial expenses 3 673 8 868", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__57": { "value": "NOTE 2.7 FINANCIAL INCOME AND EXPENSESNOK \u2019000 2024 2023Interest income 4 379 3 473Net foreign exchange gain 26 122 -Other financial income 484 750Total financial income 30 985 4 223Other interest expenses 72 200Interest expense lease liabilities 1 036 899Net foreign exchange loss - 7 569Impairment of financial assets 1 839 -Other financial expenses 726 200Total financial expenses 3 673 8 868", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__59": { "value": "NOTE 2.8 INCOME TAXIncome tax expense for the yearNOK \u2019000 2024 2023Income tax payable 0 -Changes in deferred tax - -Total income tax expense 0 -Basis for income tax expenseNOK \u2019000 2024 2023Loss before taxes -200 138 -62 937Non-deductible expenses 17 486 4 728Transaction cost related to issue of shares - -5 040Currency translation and other differences - -4 162Changes in temporary differences -199 700 -52 605Basis for tax payable -382 352 -120 015Reconciliation of tax expense to Norwegian nominal statutory tax rateNOK \u2019000 2024 2023Loss before taxes -200 138 -62 937Tax income benefit (expense) at the Company's domestic tax rate (22%) -44 030 -13 846Tax effect of:Non-deductible expenses 3 847 1 040Transaction cost related to issue of shares - -1 109Effect of Norwegian vs Foreign tax rates -549 -1 825Change in not recognised deferred tax assets 40 732 15 740Tax expense 0 - Effective tax rate 0% 0%Overview temporary differences \u2013 basis for deferred tax assetNOK \u2019000 2024 2023 ChangeIntangible assets 24 487 28 951 -4 465Property Plant and Equipment -1 399 -546 -853Right of use assets 17 283 23 031 -5 748Other receivables -2 243 -1 145 -1 098Financial investments 4 622 3 388 1 234Production contracts -10 939 94 087 -105 025Lease liability -17 956 -23 469 5 514Provisions -88 153 -33 680 -54 473Inventories -5 979 -5 371 -609Amortized Start-Up Costs - United States -8 724 -595 -8 129Tax loss carry forwards -387 752 -361 705 -26 047Total -476 754 -277 054 -199 700At the end of 2024, the Company has capitalized start-up costs amounting to USD 768,392 (equivalent to NOK 8.7 million as of 31.12.2024) for its operations in the United States. These costs are treated as deferred tax assets as it is expected that that they will be deductible for tax purposes.Under US tax regulations, these start-up costs are not deductible in the year incurred but are amortized over a 15-year period once the Company has commenced active trade or business with the intent to generate a profit. Until such time, these costs remain deferred and are carried forward for future tax deduction.Tax effects of temporary differencesNOK \u2019000 2024 2023 ChangeIntangible assets 5 387 6 369 -982Property Plant and Equipment -308 -120 -188Right of use assets 3 802 5 067 -1 265Other receivables -494 -252 -242Financial investments 1 017 745 271Production contracts -2 406 20 699 -23 106Lease liability -3 950 -5 163 1 213Provisions -19 394 -7 410 -11 984Inventories -1 315 -1 182 -134Amortized Start-Up Costs - United States -1 919 -131 -1 788Tax loss carry forwards -85 306 -79 575 -5 730Total -104 886 -60 952 -43 934NOK \u2019000 2024 2023 ChangeTemporary differences not recognised as deferred tax assets/liabilities -5 387 -6 369 982Deferred tax assets 110 273 67 321 42 952Deferred tax not recognised in the Statement of financial position 110 273 67 321 42 952Deferred tax in the Statement of financial position - - - The majority of the deferred tax asset is related to loss carry forward. As of 31 December 2024, it is considered not likely that the tax loss carry forward will be utilised in the near future, therefore the deferred tax assets is not capitalised.Tax losses carry forward by countryNOK \u2019000 2024 2023Norway -299 625 -320 370Denmark -61 920 -40 045China -26 209 -1 290Balance as of 31.12 -387 752 -361 705At the end of 2024, HydrogenPro had tax loss carry forwards of NOK 388 million (2023: NOK 362 million), of which NOK 362 million (2023: NOK 360 million) has no expiration date. The remaining tax loss carried forward, which have an expiration date, will expire after 2029.The Group operates in jurisdictions that have enacted new global minimum top-up tax legislation. Following an assessment of potential exposure, the Group does not expect a material impact from this legislation. HydrogenPro has applied the temporary mandatory relief from deferred tax accounting for the impact of the top-up tax, meaning the Group does not recognize or disclose deferred tax assets or liabilities related to the global minimum tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__61": { "value": "NOTE 3.1 INTANGIBLE ASSETSNOK \u2019000 Technology Development Cost Goodwill 2024 TotalAccumulated cost 01.01.2024 41 366 11 741 21 935 75 043Exchange differences 4 574 - 2 099 6 673Accumulated cost 31.12.2024 45 940 11 741 24 034 81 716Accumulated amortization 01.01.2024 12 414 4 697 - 17 111Amortization for the year 4 527 2 348 - 6 875Exchange differences 1 436 - - 1 436 Carrying amount at 31.12.2024 27 564 4 697 24 034 56 295Expected useful life 10 years 5 yearsAmortization method Linear LinearNOK \u2019000 Technology Development Cost Goodwill 2023 TotalAccumulated cost 01.01.2023 41 366 11 741 21 935 75 043Additions - - - -Accumulated cost 31.12.2023 41 366 11 741 21 935 74 043Accumulated amortization 01.01.2023 8 279 2 348 - 10 627Amortization for the year 4 135 2 348 - 6 483Exchange differences - - - - Carrying amount at 31.12.2023 28 952 7 045 21 935 57 932Expected useful life 10 years 5 yearsAmortization method Linear LinearGoodwillFor the purposes of impairment testing, goodwill has been allocated to the following cash-generating units (\u201cCGUs\u201d):NOK \u2019000 2024 2023HydrogenPro Tianjin CO Ltd 24 034 21 935Total 24 034 21 935The CGUs to which goodwill has been allocated are tested for impairment at least annually, or more frequently if there are indicators of potential impairment. Impairment testing is performed using the value-in-use approach, determined by discounting expected future cash flows of the CGUs.Impairment losses are recognized for assets in CGUs where the recoverable amount (the higher of fair value less costs to sell and value-in-use) is lower than the carrying amount of the CGU.The discounted cash flow analysis is based on management\u2019s forecasts for the period 2025 to 2029, incorporating revenue from signed contracts, identified prospects, and other expected future income sources.Management has identified the following key assumptions as the most sensitive in the value-in-use calculation; EBITDA margin, Discount rate, Revenue growth.Estimated future cash flows are discounted to their present value using a discount rate derived using the Capital Asset Pricing Model (CAPM). The asset beta is based on industry data, while the risk-free rate is based on a Chinese 10-year government bond.The discount rate is applied without adjustment for lease liabilities. An effective tax rate of 25% is applied in the discounted cash flow calculation.In estimating revenue growth and EBITDA margins, management has utilized forecasts based on existing contracts, expected future income from a qualified pipeline, and current production capacity.Several sensitivity analyses have been performed on the key assumptions used in the value-in-use calculation. These analyses include changing various assumptions to reflect alternative market conditions. The sensitivity analysis focuses on the impact of changes in the EBITDA margin, discount rate, and revenue growth.The recoverable amounts resulting from all sensitivity analysis scenarios exceed the carrying amounts for the CGUs.The Weighted Average Cost of Capital (WACC) used in the impairment testing of goodwill is as follows:CGU 2024 2023HydrogenPro (Tianjin) Co Ltd 20.6 % 19.4%HydrogenPro Tianjin Co. Ltd. is assumed to achieve a steady state in 2029, with a long-term growth rate of 2.0%.HydrogenPro has performed its annual impairment test as of December 2024. The recoverable amounts of the CGU exceed the book values in the goodwill impairment testing, and, as a result, no impairment losses have been recognized for the year 2024.TechnologyThe Technology cost corresponds to the acquisition of the subsidiary HydrogenPro Aps (formerly Advance Surface Plating ApS). The useful lifetime of the asset is expected to be 10 years. The acquisition date was 22nd December 2020, and depreciation commenced from January 2021. The Group has assessed the carrying value of the development costs as of 31st December 2024 and has concluded that the carrying value remains intact. This conclusion is based on the following factors: \u25a0 Technical feasibility: The Group has assessed the technical feasibility of developing the product for sale and has determined its intention and ability to complete and sell the product. \u25a0 The Group has invested in a new production line which is expected to expand the existing production capacity significantly. This is the second production line since the acquisition in 2020. \u25a0 The Group has sufficient resources available to continue the development of the technology. This includes both technical expertise and allocated research funds for large-scale testing. \u25a0 The Group has performed calculations based on expected earnings for HydrogenPro Aps to support the carrying value.Research costs were expensed as incurred, as only development costs that meet the criteria in IAS 38 are capitalized. The total research costs expensed in 2024 amount to NOK 15.4 million (2023: NOK 21.8 million).Capitalized Development CostAs of 31st December 2024, the Group has capitalized NOK 11.7 million related to the development of structured ITB (Invitation to Bid) documentation. This documentation serves as a strategic tool in HydrogenPro\u2019s supply chain strategy, supporting the procurement of electrolyzer components. The ITB documentation facilitates competitive supplier bidding on key sub-supply packages.The ITB documentation process was initiated in the second half of 2020 and completed by the end of 2021, establishing a framework for future projects. The related costs were capitalized in accordance with IAS 38 as they met the recognition criteria for intangible assets, including the demonstration of probable future economic benefits and the ability to reliably measure the expenditure. The asset has an expected useful life of five years, with amortization commencing from January 2022, leading to full amortization by the end of December 2026.The Group has assessed the carrying value of the capitalized costs and determined that no impairment is required as of 31st December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__60": { "value": "NOTE 3.1 INTANGIBLE ASSETSNOK \u2019000 Technology Development Cost Goodwill 2024 TotalAccumulated cost 01.01.2024 41 366 11 741 21 935 75 043Exchange differences 4 574 - 2 099 6 673Accumulated cost 31.12.2024 45 940 11 741 24 034 81 716Accumulated amortization 01.01.2024 12 414 4 697 - 17 111Amortization for the year 4 527 2 348 - 6 875Exchange differences 1 436 - - 1 436 Carrying amount at 31.12.2024 27 564 4 697 24 034 56 295Expected useful life 10 years 5 yearsAmortization method Linear LinearNOK \u2019000 Technology Development Cost Goodwill 2023 TotalAccumulated cost 01.01.2023 41 366 11 741 21 935 75 043Additions - - - -Accumulated cost 31.12.2023 41 366 11 741 21 935 74 043Accumulated amortization 01.01.2023 8 279 2 348 - 10 627Amortization for the year 4 135 2 348 - 6 483Exchange differences - - - - Carrying amount at 31.12.2023 28 952 7 045 21 935 57 932Expected useful life 10 years 5 yearsAmortization method Linear LinearGoodwillFor the purposes of impairment testing, goodwill has been allocated to the following cash-generating units (\u201cCGUs\u201d):NOK \u2019000 2024 2023HydrogenPro Tianjin CO Ltd 24 034 21 935Total 24 034 21 935The CGUs to which goodwill has been allocated are tested for impairment at least annually, or more frequently if there are indicators of potential impairment. Impairment testing is performed using the value-in-use approach, determined by discounting expected future cash flows of the CGUs.Impairment losses are recognized for assets in CGUs where the recoverable amount (the higher of fair value less costs to sell and value-in-use) is lower than the carrying amount of the CGU.The discounted cash flow analysis is based on management\u2019s forecasts for the period 2025 to 2029, incorporating revenue from signed contracts, identified prospects, and other expected future income sources.Management has identified the following key assumptions as the most sensitive in the value-in-use calculation; EBITDA margin, Discount rate, Revenue growth.Estimated future cash flows are discounted to their present value using a discount rate derived using the Capital Asset Pricing Model (CAPM). The asset beta is based on industry data, while the risk-free rate is based on a Chinese 10-year government bond.The discount rate is applied without adjustment for lease liabilities. An effective tax rate of 25% is applied in the discounted cash flow calculation.In estimating revenue growth and EBITDA margins, management has utilized forecasts based on existing contracts, expected future income from a qualified pipeline, and current production capacity.Several sensitivity analyses have been performed on the key assumptions used in the value-in-use calculation. These analyses include changing various assumptions to reflect alternative market conditions. The sensitivity analysis focuses on the impact of changes in the EBITDA margin, discount rate, and revenue growth.The recoverable amounts resulting from all sensitivity analysis scenarios exceed the carrying amounts for the CGUs.The Weighted Average Cost of Capital (WACC) used in the impairment testing of goodwill is as follows:CGU 2024 2023HydrogenPro (Tianjin) Co Ltd 20.6 % 19.4%HydrogenPro Tianjin Co. Ltd. is assumed to achieve a steady state in 2029, with a long-term growth rate of 2.0%.HydrogenPro has performed its annual impairment test as of December 2024. The recoverable amounts of the CGU exceed the book values in the goodwill impairment testing, and, as a result, no impairment losses have been recognized for the year 2024.TechnologyThe Technology cost corresponds to the acquisition of the subsidiary HydrogenPro Aps (formerly Advance Surface Plating ApS). The useful lifetime of the asset is expected to be 10 years. The acquisition date was 22nd December 2020, and depreciation commenced from January 2021. The Group has assessed the carrying value of the development costs as of 31st December 2024 and has concluded that the carrying value remains intact. This conclusion is based on the following factors: \u25a0 Technical feasibility: The Group has assessed the technical feasibility of developing the product for sale and has determined its intention and ability to complete and sell the product. \u25a0 The Group has invested in a new production line which is expected to expand the existing production capacity significantly. This is the second production line since the acquisition in 2020. \u25a0 The Group has sufficient resources available to continue the development of the technology. This includes both technical expertise and allocated research funds for large-scale testing. \u25a0 The Group has performed calculations based on expected earnings for HydrogenPro Aps to support the carrying value.Research costs were expensed as incurred, as only development costs that meet the criteria in IAS 38 are capitalized. The total research costs expensed in 2024 amount to NOK 15.4 million (2023: NOK 21.8 million).Capitalized Development CostAs of 31st December 2024, the Group has capitalized NOK 11.7 million related to the development of structured ITB (Invitation to Bid) documentation. This documentation serves as a strategic tool in HydrogenPro\u2019s supply chain strategy, supporting the procurement of electrolyzer components. The ITB documentation facilitates competitive supplier bidding on key sub-supply packages.The ITB documentation process was initiated in the second half of 2020 and completed by the end of 2021, establishing a framework for future projects. The related costs were capitalized in accordance with IAS 38 as they met the recognition criteria for intangible assets, including the demonstration of probable future economic benefits and the ability to reliably measure the expenditure. The asset has an expected useful life of five years, with amortization commencing from January 2022, leading to full amortization by the end of December 2026.The Group has assessed the carrying value of the capitalized costs and determined that no impairment is required as of 31st December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__62": { "value": "NOTE 3.2 PROPERTY, PLANT AND EQUIPMENTNOK \u2019000 Plant and Moveables Machinery and 2024 Total machineryplant in progressAccumulated cost 01.01.2024 75 714 5 625 543 81 882Additions 800 466 29 338 30 604From Machinery and plant in progress 590 - -590 -Disposals -6 302 -81 - -6383Exchange differences 5 170 390 100 5660Accumulated cost 31.12.2024 75 972 6 399 29 391 111 762Accumulated depreciation 01.01.2024 12 267 1 457 - 13 724 Depreciation for the year 8 018 1 201 - 9 220 Disposals -835 - - -835Exchange differences 720 122 - 842Carrying amount at 31.12.2024 55 802 3 619 29 391 88 811Expected useful life 5-10 years 5-10 yearsDepreciation method Linear LinearNOK \u2019000 Plant and Moveables Machinery and 2023 Total machineryplant in progressAccumulated cost 01.01.2023 55 503 4 686 597 60 786Additions 18 644 699 543 19 886From Machinery and plant in progress 636 - -636 -Disposals -193 - - -193Exchange differences 1124 240 39 1403Accumulated cost 31.12.2023 75 714 5 625 543 81 882Accumulated depreciation 01.01.2023 4 618 630 - 5 248Depreciation for the year 7 682 838 - 8 520Exchange differences -33 -10 - -43Carrying amount at 31.12.2023 68 157Expected useful life 5-10 years 5-10 yearsDepreciation method Linear LinearTechnology Centre at Her\u00f8yaThe Technology Centre at Her\u00f8ya comprises two containers located near the headquarters of HydrogenPro in Porsgrunn. The containers are categorized as Plant and Machinery and subject to a 5-year straight-line depreciation. Investments in 2024 amounting to NOK 8.4 million in plant and machinery in progress.Advanced Surface Plating LineIn 2024, investments in a new Advanced Surface Plating Line amounted to NOK 20.9 million in plant and machinery in progress. These costs were incurred as part of the expansion of the manufacturing capacity in Aarhus. The Company has contractual commitments totaling approximately NOK 60 million in connection with the expansion project. As of the end of 2024, NOK 20.9 million of these commitments have been delivered, with the remaining balance expected to be delivered during the first quarter of 2025.HydrogenPro Tianjin Co. Ltd.In 2024, additions to HydrogenPro Tianjin Co. Ltd. amounted to NOK 0.6 million in plant and machinery. These costs were incurred in the production plant facility in Tianjin.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__63": { "value": "NOTE 3.3 RIGHT OF USE ASSETSThe Group as a LesseeAt the inception of a contract, the Group assesses whether the contract is, or contains, a lease.A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group applies the definition of a lease as outlined in IFRS 16.As a result of these assessments, the Group has identified leases for the rental contract for office space as leases in accordance with IFRS 16.The leases do not impose any restrictions on the Group\u2019s dividend policy or financing activities. Additionally, the Group does not have significant residual value guarantees associated with its leases that would require disclosure.The total lease expenses recognized in profit and loss for the period amounted to NOK 8.9 million (2023: NOK 7.6 million). For further details, please refer to Note 2.6.NOK \u2019000 Buildings Vehicles 2024 TotalAccumulated cost 01.01.2024 31 039 334 31 373Additions 7 610 - 7 610Disposals -12 887 -334 -13 221Exchange differences 1 427 - 1 427Accumulated cost 31.12.2024 27 189 - 27 189Accumulated depreciation 01.01.2024 10 584 334 10 918Depreciation for the year 6 525 - 6 525Disposals -7 615 -334 -7 949Exchange differences 412 - 412Carrying amount at 31.12.2024 17 283 - 17 283Expected useful life 2-5 years Depreciation method Linear NOK \u2019000 Buildings Vehicles 2023 TotalAccumulated cost 01.01.2023 21 071 334 21 405Additions 12 345 - 12 345Remeasurements -2 554 - -2 554Exchange differences 177 - 177Accumulated cost 31.12.2023 31 039 334 31 373Accumulated depreciation 01.01.2023 3 472 308 3 780Depreciation for the year 7 251 26 7 277Exchange differences -139 - -139Carrying amount at 31.12.2023 20 455 - 20 455Expected useful life 2-6 years Depreciation method Linear Lease liabilitiesNOK \u2019000 2024 2023Balance as of 01.01. 20 361 16 456Additions 2 088 9 968Lease payments -6 550 -6 832Accretions of interest 1 036 899Exchange differences 1 021 -130Carrying amount at 31.12. 17 956 20 361Undiscounted Lease Liabilities and Maturity of Cash OutflowsLess than 1 year 5 651 8 9331-3 years 10 193 10 1504-5 years 2 112 1 278Total lease liabilities as of 31.12. 17 956 20 361Variable Lease PaymentsIn addition to the lease liabilities above, the Group is committed to paying variable lease payments for certain leases. These variable lease payments are recognized as expenses as incurred.Short-term Leases and Leases of Low-Value AssetsThe Group has elected to apply the practical expedient provided by IFRS 16, treating short-term leases and leases of low-value assets outside the scope of IFRS 16. These leases are not included in the lease liabilities recognized on the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__65": { "value": "NOTE 3.4 OTHER NON-CURRENT RECEIVABLESNOK \u2019000 2024 2023Receivables from associated companies 2 725 4 257Other receivables 775 547Financial investment 34 060 30 517Carrying amount at 31.12 37 560 35 321Financial InvestmentsNOK \u2019000 2024 2023Opening balance 1. January 30 517 29 572Translation effect 3 543 945 Balance at 31 December 34 060 30 517In October 2021, the Company entered into a Convertible Promissory Note Purchase Agreement with DG Fuels, LLC (\u201cDG Fuels\u201d) and purchased a convertible promissory note with a principal balance of $3.0 million / NOK 34.1 million (the \u201cDG Fuels Note\u201d).The maturity date of each DG Fuels Note is the earlier of; (i) thirty (30) days after a demand for payment is made by the holder of such Note at any time on or after January 1, 2025, (ii) January 1, 2027, (iii) five (5) days following a Financial Close, or (iv) upon an event of Default, as determined at the discretion of the holder of the Note.The DG Fuels Note carries an annual interest rate of 10% and, under certain conditions, may be converted into a variable number of equity instruments at a future date.The derivative financial instrument related to the DG Fuels Note is recorded as a non-current asset in the consolidated balance sheet. The Group has performed a fair value assessment and consider the initial investment of USD 3 million as the best estimate of fair value as of 31 December 2024Level 3 Fair Value Measurement:The Company has classified the measurement of this financial instrument as Level 3 in the fair value hierarchy, defined as: \u25a0 Value measurements of assets or liabilities that are not based on observable market data.At the end of 2024, the Company has determined that the cost remains the best estimate of the fair value for the DG Fuels Note.For the reconciliation of financial instruments, see Note 6.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__64": { "value": "NOTE 3.4 OTHER NON-CURRENT RECEIVABLESNOK \u2019000 2024 2023Receivables from associated companies 2 725 4 257Other receivables 775 547Financial investment 34 060 30 517Carrying amount at 31.12 37 560 35 321Financial InvestmentsNOK \u2019000 2024 2023Opening balance 1. January 30 517 29 572Translation effect 3 543 945 Balance at 31 December 34 060 30 517In October 2021, the Company entered into a Convertible Promissory Note Purchase Agreement with DG Fuels, LLC (\u201cDG Fuels\u201d) and purchased a convertible promissory note with a principal balance of $3.0 million / NOK 34.1 million (the \u201cDG Fuels Note\u201d).The maturity date of each DG Fuels Note is the earlier of; (i) thirty (30) days after a demand for payment is made by the holder of such Note at any time on or after January 1, 2025, (ii) January 1, 2027, (iii) five (5) days following a Financial Close, or (iv) upon an event of Default, as determined at the discretion of the holder of the Note.The DG Fuels Note carries an annual interest rate of 10% and, under certain conditions, may be converted into a variable number of equity instruments at a future date.The derivative financial instrument related to the DG Fuels Note is recorded as a non-current asset in the consolidated balance sheet. The Group has performed a fair value assessment and consider the initial investment of USD 3 million as the best estimate of fair value as of 31 December 2024Level 3 Fair Value Measurement:The Company has classified the measurement of this financial instrument as Level 3 in the fair value hierarchy, defined as: \u25a0 Value measurements of assets or liabilities that are not based on observable market data.At the end of 2024, the Company has determined that the cost remains the best estimate of the fair value for the DG Fuels Note.For the reconciliation of financial instruments, see Note 6.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__66": { "value": "Level 3 Fair Value Measurement:The Company has classified the measurement of this financial instrument as Level 3 in the fair value hierarchy, defined as: \u25a0 Value measurements of assets or liabilities that are not based on observable market data.At the end of 2024, the Company has determined that the cost remains the best estimate of the fair value for the DG Fuels Note.For the reconciliation of financial instruments, see Note 6.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__67": { "value": "NOTE 4.1 OVERVIEW OF GROUPCompany Country of Main Ownership Voting Ownership Voting incorporationoperationsinterest 2024power 2024interest 2023power 2023HydrogenPro ApS Denmark Technology industries 100% 100% 100% 100%HydrogenPro Tianjin CO Ltd China Technology industries 75% 75% 75% 75%HydrogenPro Shanghai CO Ltd China Technology industries 100% 100% 100% 100%Kvina Energy AS Norway Technology industries 50% 50% 50% 50%HydrogenPro Inc USA Technology industries 100% 100% 100% 100%HydrogenPro France France Technology industries 100% 100% 100% 100%HydrogenPro GmbH Germany Technology industries 100% 100%", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__68": { "value": "NOTE 4.2 BUSINESS COMBINATIONThe company had no significant business combinations during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__69": { "value": "NOTE 5.1 INVENTORYAs of 31 December 2024, inventories comprise purchased raw materials, work in progress (semi-finished goods) and finished good. The raw materials include parts that are integrated into the final finished goods. Work in progress represents partially completed products awaiting further processing. Finished goods are completed products that are ready for sale but for which control remains with the Group until the product is sold or transferred.NOK \u2019000 2024 2023Finished goods 6 346 - Work in progress 15 605 - Raw material 5 558 14 554Balance as of 31.12 27 509 14 554Measurement and Costing MethodInventories are measured at the lower of cost and net realizable value, in compliance with IAS 2 \u2013 Inventories. The cost of inventory includes all purchase, conversion, and other costs incurred to bring the inventory to its present location and condition. Net realizable value represents the estimated selling price in the ordinary course of business, less completion and sale costs.Raw materials inventory is measured using the weighted average cost method, where the cost is determined by averaging the costs of all units available during the reporting period. Any write-downs to net realizable value are recognized as an expense.ObsolescenceObsolescence of inventories is assessed regularly, and provisions are made for any inventories that have declined in value or are no longer expected to be sold. As of 31 December 2024, no write-down has been recognized for obsolete goods. Inventory write-down in 2023 was NOK 5.7 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__70": { "value": "Measurement and Costing MethodInventories are measured at the lower of cost and net realizable value, in compliance with IAS 2 \u2013 Inventories. The cost of inventory includes all purchase, conversion, and other costs incurred to bring the inventory to its present location and condition. Net realizable value represents the estimated selling price in the ordinary course of business, less completion and sale costs.Raw materials inventory is measured using the weighted average cost method, where the cost is determined by averaging the costs of all units available during the reporting period. Any write-downs to net realizable value are recognized as an expense.ObsolescenceObsolescence of inventories is assessed regularly, and provisions are made for any inventories that have declined in value or are no longer expected to be sold. As of 31 December 2024, no write-down has been recognized for obsolete goods. Inventory write-down in 2023 was NOK 5.7 million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__71": { "value": "NOTE 5.2 TRADE AND OTHER RECEIVABLESTrade receivablesNOK \u2019000 2024 2023Total trade receivables (Gross) 115 292 180 329Allowance for expected credit losses - 1 145Balance as of 31.12 115 292 179 184Other short terms receivablesNOK \u2019000 2024 2023Pre-paid costs 4 342 5 211Pre-paid raw material 1 581 1 568Pre-paid tangible assets - 45VAT net receivables 17 857 23 444Other current receivables 8 625 11 397Balance as of 31.12 32 405 41 665", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__72": { "value": "NOTE 5.3 CONTRACT ASSETS AND LIABILITIESContract BalancesHydrogenPro\u2019s equipment contracts with customers typically include milestone-based payments with variable structures. Payments are invoiced when specific criteria are met, such as contract acceptance, major supplier purchases, delivery/shipment, and installation/commissioning.The payment structure of the contracts typically results in advance payments and progress billings exceeding the satisfaction of performance obligations in progress, resulting in a net contract liability. On the other hand, if the group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.Contract AssetsA contract asset represents the Group\u2019s right to consideration for goods or services transferred to a customer before payment is received or due. When performance obligations are met before invoicing, the earned but conditional consideration is recognized as a contract asset.At each balance sheet date, the cumulative costs incurred and recognized profit/losses on contracts are compared to advances and progress billings: \u25a0 If cumulative costs plus recognized profits exceed advances and billings, the balance is recorded as \u201ccontract assets\u201d (due from customers on construction contracts). \u25a0 When the contract asset becomes an unconditional right to payment, it is reclassified as trade receivables, typically upon invoicing.Contract assetsNOK \u2019000 2024 2023Balances as of 01.01 65 836 19828Transfers from contract assets recognised at the beginning of the period to receivables -51 442 -19828Impairment of contract assets -1 380 - Increases due to measure of progress in the period 2 258 65 836Balances as of 31.12 15 272 65 836Contract LiabilitiesA contract liability is the Group\u2019s obligation to transfer goods or services to a customer for which the group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d.Contract liabilitiesNOK \u2019000 2024 2023Balances as of 01.01 49 641 65 691Revenue from amounts included in contract liabilities at the beginning of the period -49 641 -65 691Billing and advances received not recognised as revenue in the period 916 49 641Balances as of 31.12 916 49 641", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__73": { "value": "NOTE 5.4 OTHER CURRENT LIABILITIESNOK \u2019000 2024 2023Warranties 14 308 10 177Project related liabillities 78 890 21 972Other liabilities 43 754 36 188Balance as of 31.12 136 952 68 338Provision for warrantyThe Group\u2019s warranty to customers is limited to the provision of replacement parts and services and generally expires two years from the date of delivery or contract completion. The warranty period generally does not exceed 24 months. However, some contracts may include extended warranty periods of up to 3 years. The Group\u2019s warranty obligation arises both from contractual commitments and from liabilities under applicable laws.Estimated warranty obligations are recognized in the period in which related revenue is recognized. The Group estimates and records a provision for warranty-related costs, primarily based on industry benchmarks, projected failure rates, and expected material and labor costs. While historical data is limited, the Group has used external industry data, including data from comparable peers, to estimate warranty costs. These estimates take into account the expected timing of warranty claims, with approximately 60% of claims expected within 12 months and 40% anticipated beyond 12 months. Non-current warranty provision of NOK 9.5 million (2023: NOK 6.8 million) is included in non-current liabilities.Accounting for warranties requires the Group to make assumptions and apply judgment in estimating the product failure rates and the expected material and labor costs. The Group adjusts the warranty accruals as new warranty claim data becomes available, including changes in failure rates or repair costs. If actual warranty claims differ from these assumptions and judgements, such as higher failure rates or unforeseen repair costs, the Group may be exposed to material gains or losses.The Group will continue to assess the adequacy of the warranty provision as more data becomes available and may adjust the provision accordingly.NOK \u2019000 2024 2023Opening balance 1 1 16 962 - Additions 5 509 16 962 Usage (settlements) - - Reversals - - Foreign exchange effect 1 376 - Closing balance as of 31 12 23 846 16 962Non-current liabilities 9 538 6785Other current liabilities 14 308 10 177", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__75": { "value": "NOTE 6.1 OVERVIEW OF FINANCIAL INSTRUMENTS AND RISK MANAGEMENTOverviewThrough its activities, the Group is exposed to various types of financial risks, including market risk, credit risk, and liquidity risk. This note provides information on the Group\u2019s exposure to these risks, as well as its objectives, policies, and procedures for risk management. It also outlines the Group\u2019s approach to capital management. Additional quantitative information is included in these consolidated financial statements.The Group\u2019s overarching risk management objective is to ensure sufficient liquidity at all times, enabling it to meet its obligations as they fall due. The Group does not have any external bank borrowings and, consequently, is not subject to any financial covenants related to such borrowings.Risk management is overseen by the Group\u2019s operational executives, including the CEO and CFO, in collaboration with the Board of Directors. Their responsibilities include identifying, assessing, mitigating, and reporting financial risks in close coordination with the various operating units. Risk management policies and procedures are reviewed regularly to account for changes in market conditions and the Group\u2019s business activities.Capital ManagementThe Group\u2019s primary objective is to maximize shareholder value while ensuring its ability to sustain operations. To achieve this, the Group aims to maintain a capital structure that optimally balances financial flexibility with market conditions. The Group continuously assesses its financial position and future outlook in the short to medium term, making necessary adjustments to its capital structure as required. This approach ensures the Group remains well-positioned to support its strategic objectives and operational needs.Financial instruments by category2024NOK \u2019000 Financial assets Financial Financial Investment Total carrying measured at liabilities measured measured at fair value amount amortized costat amortized costthrogh profit and loss31.12.2024Other non-current receivables 3 499 3 499Financial investment 34 060 34 060Trade receivable 115 292 115 292Cash and cash deposits 191 216 191 216Total financial assets 310 008 34 060 344 067Non-current lease liabilities 12 305 12 305Trade and other payables 59 361 59 361Current lease liabilities 5 651 5 651Total financial liabilities 77 317 77 317Maturity Analysis of financial liabilities - 2024 NOK \u2019000 Due within Due between Due later Total 1 year1 and 3 yearsthan 3 yearNon-current lease liabilities - 10 193 2 112 12 305Trade and other payables 59 361 - - 59 361Current lease liabilities 5 651 - - 5 651Total \ue834nancial liabilities 65 012 10 193 2 112 77 3172023NOK \u2019000 Financial assets Financial Financial Investment Total carrying measured at liabilities measured measured at fair value amount amortized costat amortized costthrogh profit and loss31.12.2023Other non-current receivables 4 804 4 804Financial investment 30 517 30 517Trade receivable 179 184 179 184Cash and cash deposits 160 531 160 531Total financial assets 344 518 30 517 375 035Non-current lease liabilities 11 428 11 428Trade and other payables 39 170 39 170Current lease liabilities 8 933 8 933Total financial liabilities 59 531 59 531Maturity Analysis of financial liabilities - 2023 NOK \u2019000 Due within Due between Due later Total 1 year1 and 3 yearsthan 3 yearNon-current lease liabilities - 10 150 1 278 11 428Trade and other payables 39 170 - - 39 170Current lease liabilities 8 933 - - 8 933Total \ue834nancial liabilities 48 103 10 150 1 278 59 531Financial investment details are presented in note 3.4Financial Risk ManagementThe Group takes a proactive approach to identifying risks and implementing risk-mitigation measures where practical and appropriate.Below is a description of the Group\u2019s key financial risks:Credit RiskCredit risk is the risk that a counterparty to a financial instrument may fail to meet its obligations, resulting in a financial loss for the Group.The Group is exposed to credit risk in the course of its ordinary business activities, primarily in relation to trade receivables and cash and cash equivalents. However, as the Group\u2019s customer base primarily consists of large industrial companies, the credit risk associated with trade receivables is considered limited.The following table provides information about the exposure to credit risk for trade receivables from customers as of 31st of December:2024 2023NOK \u2019000 Gross carrying Amount Provision bad debt Gross carrying Amount Provision bad debtCurrent (not past due) 60 - 46 481 -1-30 days past due 921 - 118 526 -31-60 days past due 3 468 - 1 985 -60-260 days past due 8 132 - 12 157 -More than one year past due 102 711 - 1 180 1 145Total 115 292 - 180 329 1 145About 95% of the trade receivables past due are related to one customer. HydrogenPro does not consider the receivable as uncertain despite the age, as it is due from a counterparty with a strong financial position, and it is expected that, subject to contractual discussions in connection with project completion, the entire amount will be paid. Liquidity RiskLiquidity risk refers to the risk that the Group may encounter difficulties in meeting its financial obligations as they fall due, requiring cash or other financial assets for settlement.The Group manages its liquidity prudently, implementing policies and controls to ensure that sufficient cash and cash equivalents are available to meet both short- and long-term financial commitments. Liquidity forecasts are regularly reviewed against the contractual maturities of financial liabilities, including lease obligations. Further details on financial liabilities are provided in Note 5.4, with all liabilities due within one year.Market RiskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. The Group\u2019s primary market risks include foreign exchange risk and raw material price risk.Foreign Exchange RiskThe Group\u2019s functional currency is NOK. However, as the Group operates globally, it is exposed to currency fluctuations, primarily related to USD, EUR, and CNY. This risk is further amplified by the long-term nature of customer contracts. While the Company closely monitors its currency exposure, it has not yet entered into financial instruments to hedge against foreign exchange risk.The Group\u2019s exposure to foreign currency risk arises from:Revenue transactions in USD and EUR.Expenses denominated in CNY, EUR, USD, NOK, and DKK, impacting the Group\u2019s cost structure and margins.Monetary assets and liabilities denominated in foreign currencies, leading to potential exchange rate gains or losses.A sensitivity analysis has been conducted to assess the potential impact of exchange rate fluctuations on the Group\u2019s financial statements. The analysis considers a reasonable change in the exchange rates of the key foreign currencies against NOK, with all other variables held constant. The estimated impact on profit or loss for the year is as follows:A 10% appreciation of NOK against EUR would result in a decrease in revenue and net profit of approximately NOK 20 million. A 10% depreciation of NOK against EUR would result in an increase in revenue and net profit of approximately NOK 20 million.Similar movements in USD, CNY, and DKK would impact both revenues and expenses, leading to fluctuations in the Group\u2019s operating results.As the Group does not apply hedging instruments to mitigate foreign currency risk, it actively monitors exchange rate developments and considers adjustments to its pricing strategy and cost management approach to manage the impact of foreign currency fluctuations. Additionally, the Group evaluates the potential benefits of implementing risk management strategies in the future.Given the significance of foreign currency risk to the Group\u2019s financial performance, management continuously assesses the risk and evaluates potential measures, including natural hedging strategies or financial instruments, to mitigate adverse exchange rate fluctuations in the future.Raw Material RiskFluctuations in commodity prices, particularly for steel and nickel, may have a financial impact on the Group. Although the Group has not yet implemented financial hedging strategies, it seeks to partially mitigate price risk through agreements with suppliers or agents.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__74": { "value": "NOTE 6.1 OVERVIEW OF FINANCIAL INSTRUMENTS AND RISK MANAGEMENTOverviewThrough its activities, the Group is exposed to various types of financial risks, including market risk, credit risk, and liquidity risk. This note provides information on the Group\u2019s exposure to these risks, as well as its objectives, policies, and procedures for risk management. It also outlines the Group\u2019s approach to capital management. Additional quantitative information is included in these consolidated financial statements.The Group\u2019s overarching risk management objective is to ensure sufficient liquidity at all times, enabling it to meet its obligations as they fall due. The Group does not have any external bank borrowings and, consequently, is not subject to any financial covenants related to such borrowings.Risk management is overseen by the Group\u2019s operational executives, including the CEO and CFO, in collaboration with the Board of Directors. Their responsibilities include identifying, assessing, mitigating, and reporting financial risks in close coordination with the various operating units. Risk management policies and procedures are reviewed regularly to account for changes in market conditions and the Group\u2019s business activities.Capital ManagementThe Group\u2019s primary objective is to maximize shareholder value while ensuring its ability to sustain operations. To achieve this, the Group aims to maintain a capital structure that optimally balances financial flexibility with market conditions. The Group continuously assesses its financial position and future outlook in the short to medium term, making necessary adjustments to its capital structure as required. This approach ensures the Group remains well-positioned to support its strategic objectives and operational needs.Financial instruments by category2024NOK \u2019000 Financial assets Financial Financial Investment Total carrying measured at liabilities measured measured at fair value amount amortized costat amortized costthrogh profit and loss31.12.2024Other non-current receivables 3 499 3 499Financial investment 34 060 34 060Trade receivable 115 292 115 292Cash and cash deposits 191 216 191 216Total financial assets 310 008 34 060 344 067Non-current lease liabilities 12 305 12 305Trade and other payables 59 361 59 361Current lease liabilities 5 651 5 651Total financial liabilities 77 317 77 317Maturity Analysis of financial liabilities - 2024 NOK \u2019000 Due within Due between Due later Total 1 year1 and 3 yearsthan 3 yearNon-current lease liabilities - 10 193 2 112 12 305Trade and other payables 59 361 - - 59 361Current lease liabilities 5 651 - - 5 651Total \ue834nancial liabilities 65 012 10 193 2 112 77 3172023NOK \u2019000 Financial assets Financial Financial Investment Total carrying measured at liabilities measured measured at fair value amount amortized costat amortized costthrogh profit and loss31.12.2023Other non-current receivables 4 804 4 804Financial investment 30 517 30 517Trade receivable 179 184 179 184Cash and cash deposits 160 531 160 531Total financial assets 344 518 30 517 375 035Non-current lease liabilities 11 428 11 428Trade and other payables 39 170 39 170Current lease liabilities 8 933 8 933Total financial liabilities 59 531 59 531Maturity Analysis of financial liabilities - 2023 NOK \u2019000 Due within Due between Due later Total 1 year1 and 3 yearsthan 3 yearNon-current lease liabilities - 10 150 1 278 11 428Trade and other payables 39 170 - - 39 170Current lease liabilities 8 933 - - 8 933Total \ue834nancial liabilities 48 103 10 150 1 278 59 531Financial investment details are presented in note 3.4Financial Risk ManagementThe Group takes a proactive approach to identifying risks and implementing risk-mitigation measures where practical and appropriate.Below is a description of the Group\u2019s key financial risks:Credit RiskCredit risk is the risk that a counterparty to a financial instrument may fail to meet its obligations, resulting in a financial loss for the Group.The Group is exposed to credit risk in the course of its ordinary business activities, primarily in relation to trade receivables and cash and cash equivalents. However, as the Group\u2019s customer base primarily consists of large industrial companies, the credit risk associated with trade receivables is considered limited.The following table provides information about the exposure to credit risk for trade receivables from customers as of 31st of December:2024 2023NOK \u2019000 Gross carrying Amount Provision bad debt Gross carrying Amount Provision bad debtCurrent (not past due) 60 - 46 481 -1-30 days past due 921 - 118 526 -31-60 days past due 3 468 - 1 985 -60-260 days past due 8 132 - 12 157 -More than one year past due 102 711 - 1 180 1 145Total 115 292 - 180 329 1 145About 95% of the trade receivables past due are related to one customer. HydrogenPro does not consider the receivable as uncertain despite the age, as it is due from a counterparty with a strong financial position, and it is expected that, subject to contractual discussions in connection with project completion, the entire amount will be paid. Liquidity RiskLiquidity risk refers to the risk that the Group may encounter difficulties in meeting its financial obligations as they fall due, requiring cash or other financial assets for settlement.The Group manages its liquidity prudently, implementing policies and controls to ensure that sufficient cash and cash equivalents are available to meet both short- and long-term financial commitments. Liquidity forecasts are regularly reviewed against the contractual maturities of financial liabilities, including lease obligations. Further details on financial liabilities are provided in Note 5.4, with all liabilities due within one year.Market RiskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. The Group\u2019s primary market risks include foreign exchange risk and raw material price risk.Foreign Exchange RiskThe Group\u2019s functional currency is NOK. However, as the Group operates globally, it is exposed to currency fluctuations, primarily related to USD, EUR, and CNY. This risk is further amplified by the long-term nature of customer contracts. While the Company closely monitors its currency exposure, it has not yet entered into financial instruments to hedge against foreign exchange risk.The Group\u2019s exposure to foreign currency risk arises from:Revenue transactions in USD and EUR.Expenses denominated in CNY, EUR, USD, NOK, and DKK, impacting the Group\u2019s cost structure and margins.Monetary assets and liabilities denominated in foreign currencies, leading to potential exchange rate gains or losses.A sensitivity analysis has been conducted to assess the potential impact of exchange rate fluctuations on the Group\u2019s financial statements. The analysis considers a reasonable change in the exchange rates of the key foreign currencies against NOK, with all other variables held constant. The estimated impact on profit or loss for the year is as follows:A 10% appreciation of NOK against EUR would result in a decrease in revenue and net profit of approximately NOK 20 million. A 10% depreciation of NOK against EUR would result in an increase in revenue and net profit of approximately NOK 20 million.Similar movements in USD, CNY, and DKK would impact both revenues and expenses, leading to fluctuations in the Group\u2019s operating results.As the Group does not apply hedging instruments to mitigate foreign currency risk, it actively monitors exchange rate developments and considers adjustments to its pricing strategy and cost management approach to manage the impact of foreign currency fluctuations. Additionally, the Group evaluates the potential benefits of implementing risk management strategies in the future.Given the significance of foreign currency risk to the Group\u2019s financial performance, management continuously assesses the risk and evaluates potential measures, including natural hedging strategies or financial instruments, to mitigate adverse exchange rate fluctuations in the future.Raw Material RiskFluctuations in commodity prices, particularly for steel and nickel, may have a financial impact on the Group. Although the Group has not yet implemented financial hedging strategies, it seeks to partially mitigate price risk through agreements with suppliers or agents.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__76": { "value": "capital management. Additional quantitative information is included in these consolidated financial statements.The Group\u2019s overarching risk management objective is to ensure sufficient liquidity at all times, enabling it to meet its obligations as they fall due. The Group does not have any external bank borrowings and, consequently, is not subject to any financial covenants related to such borrowings.Risk management is overseen by the Group\u2019s operational executives, including the CEO and CFO, in collaboration with the Board of Directors. Their responsibilities include identifying, assessing, mitigating, and reporting financial risks in close coordination with the various operating units. Risk management policies and procedures are reviewed regularly to account for changes in market conditions and the Group\u2019s business activities.Capital ManagementThe Group\u2019s primary objective is to maximize shareholder value while ensuring its ability to sustain operations. To achieve this, the Group aims to maintain a capital structure that optimally balances financial flexibility with market conditions. The Group continuously assesses its financial position and future outlook in the short to medium term, making necessary adjustments to its capital structure as required. This approach ensures the Group remains well-positioned to support its strategic objectives and operational needs.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__77": { "value": "Credit RiskCredit risk is the risk that a counterparty to a financial instrument may fail to meet its obligations, resulting in a financial loss for the Group.The Group is exposed to credit risk in the course of its ordinary business activities, primarily in relation to trade receivables and cash and cash equivalents. However, as the Group\u2019s customer base primarily consists of large industrial companies, the credit risk associated with trade receivables is considered limited.The following table provides information about the exposure to credit risk for trade receivables from customers as of 31st of December:2024 2023NOK \u2019000 Gross carrying Amount Provision bad debt Gross carrying Amount Provision bad debtCurrent (not past due) 60 - 46 481 -1-30 days past due 921 - 118 526 -31-60 days past due 3 468 - 1 985 -60-260 days past due 8 132 - 12 157 -More than one year past due 102 711 - 1 180 1 145Total 115 292 - 180 329 1 145About 95% of the trade receivables past due are related to one customer. HydrogenPro does not consider the receivable as uncertain despite the age, as it is due from a counterparty with a strong financial position, and it is expected that, subject to contractual discussions in connection with project completion, the entire amount will be paid.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__78": { "value": "Liquidity RiskLiquidity risk refers to the risk that the Group may encounter difficulties in meeting its financial obligations as they fall due, requiring cash or other financial assets for settlement.The Group manages its liquidity prudently, implementing policies and controls to ensure that sufficient cash and cash equivalents are available to meet both short- and long-term financial commitments. Liquidity forecasts are regularly reviewed against the contractual maturities of financial liabilities, including lease obligations. Further details on financial liabilities are provided in Note 5.4, with all liabilities due within one year.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__79": { "value": "Market RiskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. The Group\u2019s primary market risks include foreign exchange risk and raw material price risk.Foreign Exchange RiskThe Group\u2019s functional currency is NOK. However, as the Group operates globally, it is exposed to currency fluctuations, primarily related to USD, EUR, and CNY. This risk is further amplified by the long-term nature of customer contracts. While the Company closely monitors its currency exposure, it has not yet entered into financial instruments to hedge against foreign exchange risk.The Group\u2019s exposure to foreign currency risk arises from:Revenue transactions in USD and EUR.Expenses denominated in CNY, EUR, USD, NOK, and DKK, impacting the Group\u2019s cost structure and margins.Monetary assets and liabilities denominated in foreign currencies, leading to potential exchange rate gains or losses.A sensitivity analysis has been conducted to assess the potential impact of exchange rate fluctuations on the Group\u2019s financial statements. The analysis considers a reasonable change in the exchange rates of the key foreign currencies against NOK, with all other variables held constant. The estimated impact on profit or loss for the year is as follows:A 10% appreciation of NOK against EUR would result in a decrease in revenue and net profit of approximately NOK 20 million. A 10% depreciation of NOK against EUR would result in an increase in revenue and net profit of approximately NOK 20 million.Similar movements in USD, CNY, and DKK would impact both revenues and expenses, leading to fluctuations in the Group\u2019s operating results.As the Group does not apply hedging instruments to mitigate foreign currency risk, it actively monitors exchange rate developments and considers adjustments to its pricing strategy and cost management approach to manage the impact of foreign currency fluctuations. Additionally, the Group evaluates the potential benefits of implementing risk management strategies in the future.Given the significance of foreign currency risk to the Group\u2019s financial performance, management continuously assesses the risk and evaluates potential measures, including natural hedging strategies or financial instruments, to mitigate adverse exchange rate fluctuations in the future.Raw Material RiskFluctuations in commodity prices, particularly for steel and nickel, may have a financial impact on the Group. Although the Group has not yet implemented financial hedging strategies, it seeks to partially mitigate price risk through agreements with suppliers or agents.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__81": { "value": "NOTE 6.2 CASH AND BANK DEPOSITSNOK \u2019000 2024 2023CashShort-term bank deposits 191 216 160 531Total cash and bank deposits 191 216 160 531For the purpose of the statement of cash flows, cash and cash deposits comprise the following at 31 December:The Group has no credit facilities.Restricted bank deposit 4 281 3 816", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__80": { "value": "NOTE 6.2 CASH AND BANK DEPOSITSNOK \u2019000 2024 2023CashShort-term bank deposits 191 216 160 531Total cash and bank deposits 191 216 160 531For the purpose of the statement of cash flows, cash and cash deposits comprise the following at 31 December:The Group has no credit facilities.Restricted bank deposit 4 281 3 816", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__82": { "value": "NOTE 6.3 SHARE CAPITAL AND SHAREHOLDERSThe 20 main shareholders at 31.12.24 are:Shareholder Number of shares Ownership interestClearstream Banking S A 12 588 249 17.95%Richard Espeseth 11 257 458 16.05%UniCredit Bank Austria AG 9 644 036 13.75%TM Holding AS 9 635 182 13.74%Mitsubishi heavy Industries Ltd 5 381 165 7.67%Vivian Espeseth 3 090 238 4.41%Avanza Bank AB 1 999 601 2.85%Enern Invest AS 1 408 433 2.01%Nordnet Bank AB 1 377 507 1.96%Tor Danielsen 1 303 872 1.86%Nordea Bank Abp 748 358 1.07%BNP Paribas 702 314 1.00%Arild Hansen 525 000 0.75%Morgan Stanley & Co Int Plc 518 454 0.74%Caceis Bank 472 937 0.67%KBC Bank NV 472 097 0.67%Saxo Bank A/S 465 948 0.66%Skandinaviska Enskilda Banken AB 453 822 0.65%Jan Fredrik Garvik 415 000 0.59%LJM As 385 000 0.55% 62 844 671 89.62%Total other shareholders 7 277 009 10.38%Total number of shares 70 121 680 100.00%As of December 31, 2024, the Group\u2019s share capital was NOK 1.402 million (2023: NOK 1.266 million), consisting of 70 121 680 (2023: 63 300 046) shares, each with a nominal value of NOK 0.02 (2023: 0.02).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__84": { "value": "NOTE 6.4 EARNINGS PER SHAREEarnings per share (EPS) is calculated by dividing the profit or loss for the year attributable to equity holders of the parent company by the weighted average number of ordinary shares outstanding during the reporting period.Diluted earnings per share considers the same calculation as basic EPS but includes the effect of all potential shares with a dilutive impact that were outstanding during the period. Potential shares typically arise from instruments or agreements that confer the right to issue additional shares in the future, such as share options. Share options are excluded from the diluted EPS calculation if their inclusion would have an anti-dilutive effect.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__83": { "value": "NOTE 6.4 EARNINGS PER SHAREEarnings per share (EPS) is calculated by dividing the profit or loss for the year attributable to equity holders of the parent company by the weighted average number of ordinary shares outstanding during the reporting period.Diluted earnings per share considers the same calculation as basic EPS but includes the effect of all potential shares with a dilutive impact that were outstanding during the period. Potential shares typically arise from instruments or agreements that confer the right to issue additional shares in the future, such as share options. Share options are excluded from the diluted EPS calculation if their inclusion would have an anti-dilutive effect.NOK \u2019000 2024 2023Basic earnings per shareProfit/(loss) for the the year attributable to ordinary shares -196 061 -64 513Issued shares as of 1 January 63 300 046 58 028 171Share issued 6 821 634 5 271 875Issued ordinary shares at 31 December 70 121 680 63 300 046Effect of weighting -1 843 179 -3 364 904Weighted average number of shares outstanding for the purpose of basic earnings per share 68 278 501 59 935 142Basic earnings per share for income attributable to the equity holder of the parent company -2.87 -1.09Diluted earnings per shareWeighted average number of shares outstanding for the purpose of diluted earnings per share 68 278 501 59 935 142Diluted earnings per share for income attributable to the equity holder of the parent company -2.87 -1.09", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__7__86": { "value": "NOTE 8.1 CHANGE IN PRESENTATION OF CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEHydrogenPro modified the presentation of the Consolidated Statement of Comprehensive Income. In prior years, the statement presented Cost of Goods Sold, which included personnel and other operating expenses in addition to the cost of direct materials. From the financial year 2024, statement has been modified to present Direct Material Costs only. Personnel and other operating expenses directly related to project deliveries are no longer reported together with direct materials as cost of goods sold but are instead reported separately together with personnel and other operating expenses not directly related to project delivery. This change provides a clearer view of the direct material margin.Prior period figures have been reclassified to ensure consistency and comparability. The following illustrates the adjustments which have been made to 2023 figures:NOK \u2019000 2023 Adjustment 2023 AdjustedDescription in 2023 Integrated Report New description Cost of Goods Sold Direct Material 447 442 -116 582 330 860 Personnel expenses Personnel expenses 85 205 34 558 119 763 Other operating expenses Other operating expenses 71 596 82 024 153 621604 244 - 604 244This reclassification does not impact operating loss, net loss, or other key financial results in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }