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NOTE 1 General information
The financial statements of North Energy were approved by the Board of
Directors and the Co-CEOs on March 11, 2025.
North Energy ASA is a public limited Group incorporated and domiciled in
Norway, with its main office located in Oslo. The Group\u2019s shares were listed
on former Oslo Axess (now Euronext Expand), an exchange regulated by the
Euronext Oslo Stock Exchange, on February 5, 2010. The Group's ticker is
NORTH.
The Group consist of North Energy ASA and the two fully owned
subsidiaries, North Industries 1 AS and North Industries 2 AS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-227": { "value": "The financial statements of North Energy were approved by the Board of Directors and the Co-CEOs on March 11, 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "North Energy ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-187": { "value": "North Energy ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "public limited Group", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-188": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Oslo", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-189": { "value": "
NOTE 2 Summary of significant accounting policies
The principal accounting policies applied in the preparation of these
financial statements are laid out below. Unless otherwise stated, these
policies have consistently been applied to all periods presented.
2.1 Basis for preparation
The group consolidated and the parent company financial statements have
been prepared in accordance with IFRS\u00ae Accounting Standards as adopted
by the EU (IFRS) and certain requirements in the Norwegian Accounting Act.
The group financial statements for North Energy ASA include the
subsidiaries as described in note 1. The accounting policies are applied
consistently when consolidating ownership interests in subsidiaries and are
based on the same reporting periods as those used for the parent company.
When preparing the consolidated financial statements, intragroup
transactions and balances, along with gains and losses on transactions
between group units, are eliminated.
2.2 Investment in associates
Associates are all entities over which the Group has significant influence but
not control or joint control. This is generally the case where the Group holds
between 20% and 50% of the voting rights. Investments in associates are
accounted for using the equity method of accounting, after initially being
recognised at cost. The ownership in Reach Subsea ASA is at the end of
the year 18%. However, it is still regarded as an associated company since
North Energy ASA has two representatives on the board of the company,
Under the equity method of accounting, the investments are initially
recognised at cost and adjusted thereafter to recognise the Group\u2019s share
of the post-acquisition profits or losses of the investee in profit or loss, and
the Group\u2019s share of movements in other comprehensive income of the
investee in other comprehensive income. Dividends received or receivable
from associates are recognised as a reduction in the carrying amount of the
investment.
The carrying amount of equity-accounted investments is tested for
impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the investment\u2019s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher of
the investment\u2019s fair value less costs of disposal and value in use.
2.3 Foreign currency
Functional currency and presentation currency
The presentation currency in the Group\u2019s consolidated financial statements
is Norwegian Kroner (\u201cNOK\u201d). The parent company of the Group, North
Energy ASA, has NOK as its functional currency.
Transactions in foreign currency
Foreign currency transactions are translated into NOK using the exchange
rates on the transaction date. Monetary balances in foreign currencies are
translated into NOK at the exchange rates on the date of the balance sheet.
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 are recognised in the income statement.
2.4 Leases (as lessee)
IFRS 16 defines a lease as a contract that conveys the right to control the
use of an identified asset for a period of time in exchange for consideration.
For each contract that meets this definition, IFRS 16 requires lessees to
recognize a right-of-use asset and a lease liability in the balance sheet with
certain exemptions for short term and low value leases. Lease payments are
to be reflected as interest expense and a reduction of lease liabilities, while
the right-of-use assets are to be depreciated over the shorter of the lease
term and the assets\u2019 useful life. Lease liabilities are measured at the present
value of remaining lease payments, discounted using the Group\u2019s calculated
borrowing rate.
2.5 Financial assets
The Group\u2019s financial assets are listed and non-listed equity instruments,
receivables and cash and cash equivalents. The classification of financial
assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing
them.
Financial assets at amortized cost
The Group measures financial assets at amortized cost if both of the
following conditions are met:
\u2022 The financial asset is held within a business model with the objective to
hold financial assets in order to collect contractual cash flows and,
\u2022 The contractual terms of the financial asset give rise on specified dates
to cash flows that are solely payments of principal and interest on the
principal amount outstanding
Financial assets at amortized cost are subsequently measured using the
effective interest (EIR) method and are subject to impairment. Gains and
losses are recognized in profit or loss when the asset is derecognized,
modified or impaired. The Groups financial assets at amortized cost
includes trade receivables and other short-term deposits.
Receivables are initially recognised at fair value less impairment losses.
Financial assets at fair value through profit and loss
Financial assets at fair value through profit or loss include financial assets
held for trading, financial assets designated upon initial recognition at fair
value through profit or loss, or financial assets mandatorily required to be
measured at fair value. Financial assets are classified as held for trading
if they are acquired for the purpose of selling or repurchasing in the near
term. Derivatives, including separated embedded derivatives, are also
classified as held for trading unless they are designated as effective hedging
instruments. Financial assets at fair value through profit or loss are carried
in the statement of financial position at fair value with net changes in fair
value recognized in the statement of profit or loss.
The Board and management of the Group is following up all current financial
investments at fair value according to the business model of the Group.
2.6 Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits with banks and
other short-term highly liquid investments with original maturities of three
months or less.
2.7 Borrowings
All loans and borrowings are initially recognised at cost, being the fair value
of the consideration received net of transaction/issue costs associated
with the borrowing. After initial recognition, interests-bearing loans and
borrowings are subsequently measured at amortised cost using the effective
interest method. Any difference between the consideration received net of
transaction/issue costs associated with the borrowing and the redemption
value, is recognised in the income statement over the term of the loan.
2.8 Taxes
Income taxes for the period comprises tax payable and changes in deferred
tax.
Tax is recognised in the income statement, except to the extent that it
relates to items recognised in other comprehensive income or directly
in equity. In this case the tax is also recognised in other comprehensive
income or directly in equity.
Deferred tax assets and liabilities are calculated based on existing
temporary differences between the carrying amounts of assets and
liabilities in the financial statements and their tax bases, together with
tax losses carried forward at the balance sheet date. Deferred tax assets
and liabilities are calculated based on the tax rates and tax legislation
that are expected to exist when the assets are realised or the liabilities are
settled, based on the tax rates and tax legislation that have been enacted
or substantially enacted on the balance sheet date. Deferred tax assets are
recognised only to the extent that it is probable that future taxable profits
will be available against which the assets can be utilised. The carrying
amount of deferred tax assets is reviewed at each balance sheet date and
reduced to the extent that is no longer probable that the deferred tax asset
can be utilised. Deferred tax assets and liabilities are not discounted.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax liabilities
and when the deferred taxes assets and liabilities relate to income taxes
levied by the same taxation authority on the same taxable entity.
2.9 Defined contribution pension plans
The Group\u2019s payments under defined contribution pension plans are
recognised in the income statement as employee benefits expense for the
year to which the contribution applies.
2.10 Provisions
A provision is recognised when the Group has a present legal or constructive
obligation resulting from past events, it is probable (i.e. more likely than
not) that an outflow of resources will be required to settle the obligation,
and the amount has been reliably estimated. Provisions are reviewed at
each balance sheet date and adjusted to reflect the current best estimate.
Provisions are measured at the present value of the expenditures expected
to be required to settle the obligation. The increase in the provision owing to
passage of time is recognised as a financial cost.
The Group recognises a provision and an expense for severance payments
when there exists a legal obligation to make severance payments.
The Group recognises a provision and an expense for bonuses to
employees, when the Group is contractually obliged or where there is a past
practice that has created a constructive obligation.
2.11 Trade creditors
Trade creditors are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
2.12 Revenue recognition
Revenues from sales of services are recorded over time when the service
are performed.
2.13 Contingent liabilities
Contingent liabilities are not recognised in the financial statements unless
an outflow of resources embodying economic benefit has become probable.
Significant contingent liabilities are disclosed, except for contingent liabilities
where the probability of the liability occurring is remote.
2.14 Earnings per share
The calculation of basic earnings per share is based on the profit
attributable to owners of the Group using the weighted average number of
ordinary shares outstanding during the year after deduction of the average
number of treasury shares held over the period.
The calculation of diluted earnings per share is consistent with the
calculation of the basic earnings per share, but gives at the same time
effect to all dilutive potential ordinary shares that were outstanding during
the period, by adjusting the profit/loss and the weighted average number of
shares outstanding for the effects of all dilutive potential shares, i.e.:
\u2022 The profit/loss for the period is adjusted for changes in profit/loss that
would result from the conversion of the dilutive potential ordinary shares.
\u2022 The weighted average number of ordinary shares is increased by the
weighted average number of additional ordinary shares that would
have been outstanding assuming the conversion of all dilutive potential
ordinary shares.
2.15 Segment reporting
The Group reports only one business segment which includes the
investment activities. Based on this, no segment note is presented, and this
is in accordance with management\u2019s reporting.
2.16 Treasury shares
Own equity instruments which are reacquired (treasury shares) are
recognised at cost and deducted from equity. No gain or loss is recognised
in the income statement on the purchase, sale, issue or cancellation of
the Group\u2019s own equity instruments. Any difference between the carrying
amount and the consideration is recognised in equity.
2.17 Cash flow statement
The cash flow statement is prepared by using the indirect method.
2.18 Changes in accounting policies and disclosures
(a) New and amended standards and interpretations adopted by the
Group
New standards, amendments and interpretations to existing standards
effective from 1 January 2024 did not have any significant impact on the
financial statements.
(b) New and amended standards and interpretations issued but not
adopted by the Group
Certain new standards or amendments to standards and interpretations
are effective for annual periods beginning on or after 1 January 2025 and
have not been applied in preparing these consolidated financial statements.
None of these new standards and amendments to standards and
interpretations are expected to have any significant impact on the Group\u2019s
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-263": { "value": "2.1 Basis for preparation The group consolidated and the parent company financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and certain requirements in the Norwegian Accounting Act. ", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-191": { "value": "2.1 Basis for preparation The group consolidated and the parent company financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and certain requirements in the Norwegian Accounting Act. The group financial statements for North Energy ASA include the subsidiaries as described in note 1. The accounting policies are applied consistently when consolidating ownership interests in subsidiaries and are based on the same reporting periods as those used for the parent company. When preparing the consolidated financial statements, intragroup transactions and balances, along with gains and losses on transactions between group units, are eliminated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-228": { "value": "The group consolidated and the parent company financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and certain requirements in the Norwegian Accounting Act. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-272": { "value": "2.2 Investment in associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. The ownership in Reach Subsea ASA is at the end of the year 18%. However, it is still regarded as an associated company since North Energy ASA has two representatives on the board of the company, Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment. The carrying amount of equity-accounted investments is tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the investment\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the investment\u2019s fair value less costs of disposal and value in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-271": { "value": "2.2 Investment in associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. The ownership in Reach Subsea ASA is at the end of the year 18%. However, it is still regarded as an associated company since North Energy ASA has two representatives on the board of the company, Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment. The carrying amount of equity-accounted investments is tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the investment\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the investment\u2019s fair value less costs of disposal and value in use. 2.5 Financial assets The Group\u2019s financial assets are listed and non-listed equity instruments, receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Receivables are initially recognised at fair value less impairment losses. Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The Board and management of the Group is following up all current financial investments at fair value according to the business model of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-192": { "value": "2.2 Investment in associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. The ownership in Reach Subsea ASA is at the end of the year 18%. However, it is still regarded as an associated company since North Energy ASA has two representatives on the board of the company, Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group\u2019s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment. The carrying amount of equity-accounted investments is tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the investment\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the investment\u2019s fair value less costs of disposal and value in use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-193": { "value": "2.3 Foreign currency Functional currency and presentation currency The presentation currency in the Group\u2019s consolidated financial statements is Norwegian Kroner (\u201cNOK\u201d). The parent company of the Group, North Energy ASA, has NOK as its functional currency. Transactions in foreign currency Foreign currency transactions are translated into NOK using the exchange rates on the transaction date. Monetary balances in foreign currencies are translated into NOK at the exchange rates on the date of the balance sheet. 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 are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-229": { "value": "Functional currency and presentation currency The presentation currency in the Group\u2019s consolidated financial statements is Norwegian Kroner (\u201cNOK\u201d). The parent company of the Group, North Energy ASA, has NOK as its functional currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-194": { "value": "2.4 Leases (as lessee) IFRS 16 defines a lease as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For each contract that meets this definition, IFRS 16 requires lessees to recognize a right-of-use asset and a lease liability in the balance sheet with certain exemptions for short term and low value leases. Lease payments are to be reflected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depreciated over the shorter of the lease term and the assets\u2019 useful life. Lease liabilities are measured at the present value of remaining lease payments, discounted using the Group\u2019s calculated borrowing rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-273": { "value": "2.5 Financial assets The Group\u2019s financial assets are listed and non-listed equity instruments, receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Receivables are initially recognised at fair value less impairment losses. Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The Board and management of the Group is following up all current financial investments at fair value according to the business model of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-264": { "value": "2.5 Financial assets The Group\u2019s financial assets are listed and non-listed equity instruments, receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Receivables are initially recognised at fair value less impairment losses. Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The Board and management of the Group is following up all current financial investments at fair value according to the business model of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-195": { "value": "2.5 Financial assets The Group\u2019s financial assets are listed and non-listed equity instruments, receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Receivables are initially recognised at fair value less impairment losses. Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. The Board and management of the Group is following up all current financial investments at fair value according to the business model of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-230": { "value": "Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-253": { "value": "Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-270": { "value": "Financial assets at fair value through profit and loss Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-196": { "value": "2.6 Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits with banks and other short-term highly liquid investments with original maturities of three months or less. 2.17 Cash flow statement The cash flow statement is prepared by using the indirect method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-231": { "value": "2.7 Borrowings All loans and borrowings are initially recognised at cost, being the fair value of the consideration received net of transaction/issue costs associated with the borrowing. After initial recognition, interests-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Any difference between the consideration received net of transaction/issue costs associated with the borrowing and the redemption value, is recognised in the income statement over the term of the loan. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-197": { "value": "2.7 Borrowings All loans and borrowings are initially recognised at cost, being the fair value of the consideration received net of transaction/issue costs associated with the borrowing. After initial recognition, interests-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Any difference between the consideration received net of transaction/issue costs associated with the borrowing and the redemption value, is recognised in the income statement over the term of the loan. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-232": { "value": "2.8 Taxes Income taxes for the period comprises tax payable and changes in deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity. Deferred tax assets and liabilities are calculated based on existing temporary differences between the carrying amounts of assets and liabilities in the financial statements and their tax bases, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to exist when the assets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted on the balance sheet date. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that is no longer probable that the deferred tax asset can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-198": { "value": "2.8 Taxes Income taxes for the period comprises tax payable and changes in deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity. Deferred tax assets and liabilities are calculated based on existing temporary differences between the carrying amounts of assets and liabilities in the financial statements and their tax bases, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to exist when the assets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted on the balance sheet date. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that is no longer probable that the deferred tax asset can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-199": { "value": "2.9 Defined contribution pension plans The Group\u2019s payments under defined contribution pension plans are recognised in the income statement as employee benefits expense for the year to which the contribution applies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-233": { "value": "2.10 Provisions A provision is recognised when the Group has a present legal or constructive obligation resulting from past events, it is probable (i.e. more likely than not) that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. The increase in the provision owing to passage of time is recognised as a financial cost. The Group recognises a provision and an expense for severance payments when there exists a legal obligation to make severance payments. The Group recognises a provision and an expense for bonuses to employees, when the Group is contractually obliged or where there is a past practice that has created a constructive obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-200": { "value": "2.10 Provisions A provision is recognised when the Group has a present legal or constructive obligation resulting from past events, it is probable (i.e. more likely than not) that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. The increase in the provision owing to passage of time is recognised as a financial cost. The Group recognises a provision and an expense for severance payments when there exists a legal obligation to make severance payments. The Group recognises a provision and an expense for bonuses to employees, when the Group is contractually obliged or where there is a past practice that has created a constructive obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-201": { "value": "2.11 Trade creditors Trade creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-202": { "value": "2.12 Revenue recognition Revenues from sales of services are recorded over time when the service are performed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-203": { "value": "2.13 Contingent liabilities Contingent liabilities are not recognised in the financial statements unless an outflow of resources embodying economic benefit has become probable. Significant contingent liabilities are disclosed, except for contingent liabilities where the probability of the liability occurring is remote. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-204": { "value": "2.14 Earnings per share The calculation of basic earnings per share is based on the profit attributable to owners of the Group using the weighted average number of ordinary shares outstanding during the year after deduction of the average number of treasury shares held over the period. The calculation of diluted earnings per share is consistent with the calculation of the basic earnings per share, but gives at the same time effect to all dilutive potential ordinary shares that were outstanding during the period, by adjusting the profit/loss and the weighted average number of shares outstanding for the effects of all dilutive potential shares, i.e.: \u2022 The profit/loss for the period is adjusted for changes in profit/loss that would result from the conversion of the dilutive potential ordinary shares. \u2022 The weighted average number of ordinary shares is increased by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-205": { "value": "2.15 Segment reporting The Group reports only one business segment which includes the investment activities. Based on this, no segment note is presented, and this is in accordance with management\u2019s reporting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-206": { "value": "2.16 Treasury shares Own equity instruments which are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration is recognised in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-207": { "value": "2.18 Changes in accounting policies and disclosures (a) New and amended standards and interpretations adopted by the Group New standards, amendments and interpretations to existing standards effective from 1 January 2024 did not have any significant impact on the financial statements. (b) New and amended standards and interpretations issued but not adopted by the Group Certain new standards or amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2025 and have not been applied in preparing these consolidated financial statements. None of these new standards and amendments to standards and interpretations are expected to have any significant impact on the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-208": { "value": "
NOTE 3 Financial risk management
3.1 Financial risks
The Group is exposed to a variety of risks, including market risk, credit risk,
interest rate risk, liquidity risk and currency risk.
This note presents information about the Group's exposure to each of the
aforementioned risks, and the Group's objectives, policies and processes
for managing such risks. The note also presents the Group's objectives,
policies and processes for managing capital.
(a) Market risk
North Energy is exposed to market risk involving the risk of changing
conditions in the specific marketplace in which the Group makes
investments. Sources of market risk include changes in market sentiment
as well as recessions, political turmoil, changes in interest rates, natural
disasters, and terrorist attacks. Energy prices in 2024 were more stable
compared to the significant volatility seen in 2022 and 2023. However, there
were still fluctuations throughout the year due to the ongoing war in Ukraine.
Global investment in energy infrastructure increased significantly from 2023
to 2024, with a notable shift towards clean energy technologies.
(b) Credit risk
The Group is mainly exposed to credit risk related to bank deposits.
The exposure to credit risk is monitored on an ongoing basis. As all
counterparties have a high credit rating, there are no expectations that any
of the counterparties will not be able to fulfil their liabilities. The maximum
exposure to credit risk is represented by the carrying amount of each
financial asset in the balance sheet.
(c) Interest rate risk
The group\u2019s exposure to interest rate risk is related to usage of the
Prime Finance credit facility provided by DNB, with floating interest rate
conditions. The group is therefore exposed to interest rate risk as part of its
normal business activities and the aim is to keep this risk at an acceptable
level. The credit facility entitles the Group to borrow up to NOK 49 million
secured by a pledge in the Group\u2019s financial investments.
(d) Liquidity risk
The Group's liquidity risk is the risk that it will not be able to pay its financial
liabilities as they fall due. The Group\u2019s approach to managing liquidity
risk is to ensure that it will always have sufficient liquidity to meet its
financial liabilities as they fall due, under normal as well as extraordinary
circumstances, without incurring unacceptable losses or risking damage
to the Group\u2019s reputation. Sufficient liquidity will be held in regular bank
accounts at all times to cover expected payments relating to operational
activities and investment activities.
The Group\u2019s financial liabilities are short-term and fall due within 12
months.
(e) Currency risk
The Group\u2019s functional currency is the NOK, and the Group is exposed
to foreign exchange rate risk related to the value of NOK relative to other
currencies. The Group is exposed to currency risk related to its activities
mainly because some parts of the Group\u2019s investments are or have been in
USD, EUR, CAD, and GBP. The Group has not entered into any agreements
to reduce its exposure to foreign currencies.
3.2 Capital management
The Group\u2019s aim for management of capital structure is to secure the
business in order to yield profit to shareholders and contributions to other
stakeholders. In addition, a capital structure at its optimum will reduce the costs of capital. To maintain or change the capital structure in the future, the Group can pay dividends to its shareholders, issue new shares or sell assets to reduce debt. The Group may buy its own shares. The point of time for this is dependent on changes in market prices. The Group monitors its capital structure using an equity ratio, which is total equity divided by total assets. As of December 31, 2024, the equity ratio was 98% which is at the same level as last year. The Group will handle any increased future capital requirements by selling assets, raising new capital, taking up loans, establishing strategic alliances or any combination of these, and by adjusting the Group's activity level if necessary.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-234": { "value": "(a) Market risk North Energy is exposed to market risk involving the risk of changing conditions in the specific marketplace in which the Group makes investments. Sources of market risk include changes in market sentiment as well as recessions, political turmoil, changes in interest rates, natural disasters, and terrorist attacks. Energy prices in 2024 were more stable compared to the significant volatility seen in 2022 and 2023. However, there were still fluctuations throughout the year due to the ongoing war in Ukraine. Global investment in energy infrastructure increased significantly from 2023 to 2024, with a notable shift towards clean energy technologies. (c) Interest rate risk The group\u2019s exposure to interest rate risk is related to usage of the Prime Finance credit facility provided by DNB, with floating interest rate conditions. The group is therefore exposed to interest rate risk as part of its normal business activities and the aim is to keep this risk at an acceptable level. The credit facility entitles the Group to borrow up to NOK 49 million secured by a pledge in the Group\u2019s financial investments. (e) Currency risk The Group\u2019s functional currency is the NOK, and the Group is exposed to foreign exchange rate risk related to the value of NOK relative to other currencies. The Group is exposed to currency risk related to its activities mainly because some parts of the Group\u2019s investments are or have been in USD, EUR, CAD, and GBP. The Group has not entered into any agreements to reduce its exposure to foreign currencies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-235": { "value": "(b) Credit risk The Group is mainly exposed to credit risk related to bank deposits. The exposure to credit risk is monitored on an ongoing basis. As all counterparties have a high credit rating, there are no expectations that any of the counterparties will not be able to fulfil their liabilities. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-236": { "value": "(d) Liquidity risk The Group's liquidity risk is the risk that it will not be able to pay its financial liabilities as they fall due. The Group\u2019s approach to managing liquidity risk is to ensure that it will always have sufficient liquidity to meet its financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Sufficient liquidity will be held in regular bank accounts at all times to cover expected payments relating to operational activities and investment activities. The Group\u2019s financial liabilities are short-term and fall due within 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-237": { "value": "3.2 Capital management The Group\u2019s aim for management of capital structure is to secure the business in order to yield profit to shareholders and contributions to other
stakeholders. In addition, a capital structure at its optimum will reduce the
costs of capital. To maintain or change the capital structure in the future,
the Group can pay dividends to its shareholders, issue new shares or sell
assets to reduce debt. The Group may buy its own shares. The point of time
for this is dependent on changes in market prices.
The Group monitors its capital structure using an equity ratio, which is total
equity divided by total assets. As of December 31, 2024, the equity ratio
was 98% which is at the same level as last year.
The Group will handle any increased future capital requirements by selling
assets, raising new capital, taking up loans, establishing strategic alliances
or any combination of these, and by adjusting the Group's activity level if
necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-209": { "value": "
NOTE 4 Critical accounting estimates and judgements
4.1 Critical accounting estimates and assumptions
The preparation of the financial statements in accordance with IFRS
requires management to make judgements and use estimates and
assumptions that affect the reported amounts of assets and liabilities,
income, and expenses.
The estimates and associated assumptions are based on historical
experience and various other factors that are considered to be reasonable
under the circumstances. The estimates and underlying assumptions are
reviewed on an ongoing basis.
At year end, the Group's most important accounting estimates are related
to fair value of Financial investments at fair value through profit or loss
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-210": { "value": "
NOTE 5 Payroll and related expenses, remuneration of directors and
management
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Salaries
11 058
10 142
11 058
10 142
Fees to the board and election
1 190
1 144
1 190
1 144
committee
Payroll tax
2 249
2 045
2 249
2 045
Pension costs
718
656
718
656
Other benefits
68
92
68
92
Total
15 282
14 078
15 282
14 078
Average number of employees
3.0
3.0
3.0
3.0
Pensions
The company has a defined contribution pension plan. The pension
arrangements fulfil the requirements of the Norwegian Act on mandatory
occupational pensions.
Remuneration to directors and management in 2024:
The board of directors shall prepare a declaration in accordance with the
Norwegian Public Limited Liability Companies Act (Allmennaksjeloven)
\u00a76-16a.The information in accordance with the Norwegian Accounting Act \u00a77-
31b are available in a separate report that is published on www.northenergy.
no
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
4 567
248
23
Didrik Leikvang (CEO)
4 567
223
23
Rune Damm (CFO)
1 924
246
23
Board of directors
Anders Onarheim (chair)
550
Elin Karfjell (director)
275
Jogeir Romestrand (director)
275
Total
1100
11 058
717
68
* Other includes provision for allowances to cover telephone and internet, group life insurance and
travel insurance.
** Figures for remuneration to management are exclusive payroll tax.
Remuneration to directors and management in 2023:
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
4 178
219
31
Didrik Leikvang (CEO)
4 178
219
31
Rune Damm (CFO)
1 786
219
31
Board of directors
Anders Onarheim (chair)
550
Elin Karfjell (director)
275
Jogeir Romestrand (director)
275
Total
1100
10 142
656
92
* Other includes provision for allowances to cover telephone and internet, group life insurance and
travel insurance.
** Figures for remuneration to management are exclusive payroll tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-238": { "value": "NOTE 5 Payroll and related expenses, remuneration of directors and management
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Salaries
11 058
10 142
11 058
10 142
Fees to the board and election
1 190
1 144
1 190
1 144
committee
Payroll tax
2 249
2 045
2 249
2 045
Pension costs
718
656
718
656
Other benefits
68
92
68
92
Total
15 282
14 078
15 282
14 078
Average number of employees
3.0
3.0
3.0
3.0
Pensions The company has a defined contribution pension plan. The pension arrangements fulfil the requirements of the Norwegian Act on mandatory occupational pensions. Remuneration to directors and management in 2024: The board of directors shall prepare a declaration in accordance with the Norwegian Public Limited Liability Companies Act (Allmennaksjeloven) \u00a76-16a.The information in accordance with the Norwegian Accounting Act \u00a77- 31b are available in a separate report that is published on www.northenergy. no
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
4 567
248
23
Didrik Leikvang (CEO)
4 567
223
23
Rune Damm (CFO)
1 924
246
23
Board of directors
Anders Onarheim (chair)
550
Elin Karfjell (director)
275
Jogeir Romestrand (director)
275
Total
1100
11 058
717
68
* Other includes provision for allowances to cover telephone and internet, group life insurance and travel insurance. ** Figures for remuneration to management are exclusive payroll tax. Remuneration to directors and management in 2023:
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
4 178
219
31
Didrik Leikvang (CEO)
4 178
219
31
Rune Damm (CFO)
1 786
219
31
Board of directors
Anders Onarheim (chair)
550
Elin Karfjell (director)
275
Jogeir Romestrand (director)
275
Total
1100
10 142
656
92
* Other includes provision for allowances to cover telephone and internet, group life insurance and travel insurance. ** Figures for remuneration to management are exclusive payroll tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-254": { "value": "NOTE 5 Payroll and related expenses, remuneration of directors and management
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Salaries
11 058
10 142
11 058
10 142
Fees to the board and election
1 190
1 144
1 190
1 144
committee
Payroll tax
2 249
2 045
2 249
2 045
Pension costs
718
656
718
656
Other benefits
68
92
68
92
Total
15 282
14 078
15 282
14 078
Average number of employees
3.0
3.0
3.0
3.0
Pensions The company has a defined contribution pension plan. The pension arrangements fulfil the requirements of the Norwegian Act on mandatory occupational pensions. Remuneration to directors and management in 2024: The board of directors shall prepare a declaration in accordance with the Norwegian Public Limited Liability Companies Act (Allmennaksjeloven) \u00a76-16a.The information in accordance with the Norwegian Accounting Act \u00a77- 31b are available in a separate report that is published on www.northenergy. no
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
4 567
248
23
Didrik Leikvang (CEO)
4 567
223
23
Rune Damm (CFO)
1 924
246
23
Board of directors
Anders Onarheim (chair)
550
Elin Karfjell (director)
275
Jogeir Romestrand (director)
275
Total
1100
11 058
717
68
* Other includes provision for allowances to cover telephone and internet, group life insurance and travel insurance. ** Figures for remuneration to management are exclusive payroll tax. Remuneration to directors and management in 2023:
Directors'
Amounts in NOK 1 000
fees
Salaries
Pension
Other *
Management **
Rachid Bendriss (CEO)
4 178
219
31
Didrik Leikvang (CEO)
4 178
219
31
Rune Damm (CFO)
1 786
219
31
Board of directors
Anders Onarheim (chair)
550
Elin Karfjell (director)
275
Jogeir Romestrand (director)
275
Total
1100
10 142
656
92
* Other includes provision for allowances to cover telephone and internet, group life insurance and travel insurance. ** Figures for remuneration to management are exclusive payroll tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-211": { "value": "
NOTE 6 Other operating expenses and remuneration to auditor
Other operating expenses consist of:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Travelling expenses
597
139
597
139
Consultant and other fees
1 659
676
1 781
870
Other administrative expenses
6 038
2 303
6 085
2 310
Total
8 294
3 117
8 463
3 319
Remuneration to auditor is allocated as specified below:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Audit
644
511
699
558
Attestations and other assistance
38
121
38
164
Total, incl. VAT
682
632
737
722
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-239": { "value": "Other operating expenses consist of:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Travelling expenses
597
139
597
139
Consultant and other fees
1 659
676
1 781
870
Other administrative expenses
6 038
2 303
6 085
2 310
Total
8 294
3 117
8 463
3 319
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-255": { "value": "Other operating expenses consist of:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Travelling expenses
597
139
597
139
Consultant and other fees
1 659
676
1 781
870
Other administrative expenses
6 038
2 303
6 085
2 310
Total
8 294
3 117
8 463
3 319
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-265": { "value": "Other operating expenses consist of:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Travelling expenses
597
139
597
139
Consultant and other fees
1 659
676
1 781
870
Other administrative expenses
6 038
2 303
6 085
2 310
Total
8 294
3 117
8 463
3 319
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-240": { "value": "Remuneration to auditor is allocated as specified below:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Audit
644
511
699
558
Attestations and other assistance
38
121
38
164
Total, incl. VAT
682
632
737
722
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-212": { "value": "
NOTE 7 Trade and other receivables
Trade and other receivables consist of:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Trade receivables
-
-
-
-
Prepaid expenses
282
130
282
130
Premium fund pensions (prepaid
-
-
-
-
premium)
Other receivables
-
3 353
-
3 353
Total
282
3 483
282
3 483
In May 2020 North Energy received a notice from the Norwegian Tax
Administration informing that they started a control of North Energy ASA's
accounts for the years 2016 up to and including 2019. In December
2021, the company received the report from the control together with a
notification of changes of VAT from the control period. In February 2022,
the company submitted their response to the notification expressing the
company\u2019s view regarding the treatment of VAT during the control period
which deviated from the view of the tax administration. In April 2022, the
tax administration issued their final decision after the control resulting
in a claim of NOK 12.9 million which consisted of NOK 10.1 million of
reclassifying deducted VAT to non-deductible VAT over the four-years
period, interests of NOK 0.8 million and additional tax of NOK 2.0 million
which is 20 % of the reclassified VAT. The VAT and the interests were settled
with NOK 10.9 million in May 2022.
The company did not agree with the conclusion from the tax administration
and submitted a complaint to the Tax administration. The complaint has
been processed and a final decision has been reached. Unfortunately,
the appeal board rejected the complaint. Due to the long period from the
complaint was sent in to the final decision, the appeal board has reduced
the additional tax to NOK 1.0 million, which is 10% of the reclassified VAT.
To cover for the claim, a provision of total NOK 7.5 million was made
during 2021. The excess cash paid of NOK 3.4 million compared to our
original provision,was accounted for as short-term receivable. In 2024, the
Company has expensed the short -term receivable and has also expensed
the related interest and additional taxes based on the final claim. In the
account NOK 3.6 million has been reported as other expenses, and NOK 0.9
million has been reported as interest expenses.
The balance on Trade and other receivables at the end of December 2024 is
related to prepayments of other operating expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-213": { "value": "
NOTE 8 Cash and cash equivalents
Cash and cash equivalents:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Bank deposits
101 919
5 720
102 045
5 952
Total cash and cash equivalents
101 919
5 720
102 045
5 952
Of this:
Restricted cash for witheld taxes
from employees salaries
496
468
496
468
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-241": { "value": "NOTE 8 Cash and cash equivalents Cash and cash equivalents:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Bank deposits
101 919
5 720
102 045
5 952
Total cash and cash equivalents
101 919
5 720
102 045
5 952
Of this:
Restricted cash for witheld taxes
from employees salaries
496
468
496
468
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-214": { "value": "
NOTE 9 Share capital and shareholder information
2024
2023
Number of issued shares at 1 January
119 047 065
119 047 065
New shares issued during the year:
Issued in exchange for cash
0
0
Number of issued shares at 31 December *
119 047 065
119 047 065
Nominal value NOK per share at 31 December
1.00
1.00
Share capital NOK at 31 December
119 047 065
119 047 065
* Inclusive 1,795,472 treasury shares.
North Energy ASA has one share class with equal rights for all shares.
Main shareholders as of 31 December 2024:
Number of
Shareholder
shares
% share
AB INVESTMENT AS
24 964 246
21.0%
CELISA CAPITAL AS
12 542 546
10.5%
ISFJORDEN AS
10 884 242
9.1%
INTERTRADE SHIPPING AS
4 100 000
3.4%
TRIOMAR AS
3 100 000
2.6%
CORUNA AS
3 000 000
2.5%
CLEARSTREAM BANKING S.A.
2 625 667
2.2%
ARNT HAGEN HOLDING AS
2 487 456
2.1%
SALTEN KRAFTSAMBAND AS
2 419 215
2.0%
BAKKANE ARVID
2 207 800
1.9%
TVEIT\u00c5 EINAR KRISTIAN
2 075 700
1.7%
ROME AS
1 887 204
1.6%
NORTH ENERGY ASA
1 795 472
1.5%
TAJ HOLDING AS
1 792 030
1.5%
EIKANGER INVEST AS
1 600 000
1.3%
ORIGO KAPITAL AS
1 343 569
1.1%
GR\u00d8NLAND STEINAR
1 207 871
1.0%
AVANZA BANK AB MEGLERKONTO
1 051 447
0.9%
MIDDELBOE AS
1 029 070
0.9%
PEDERSEN ROLF IVAR
1 013 698
0.9%
Total 20 largest shareholders
83 127 233
69.8%
Other shareholders
35 919 832
30.2%
Total
119 047 065
100.0%
Number of shares owned by management and directors at 31 December 2024:
Management
Didrik Leikvang (Co-CEO), through Isfjorden AS and privately
11 169 242
9.4%
owned
Rachid Bendriss (Co-CEO), through Celisa Capital AS
Board of Directors
12 542 546
10.5%
Anders Onarheim (chairman), through AB Investment AS,
Spitsbergen AS and Liju Invest AS
25 462 996
21.4%
Jogeir Romestrand (director), through Rome AS
1 887 204
1.6%
Elin Karfjell (director), through Elika AS
407 700
0.3%
Total
51 469 688
43.2%
Number of shares owned by management and directors at 31 December 2023:
Management
Didrik Leikvang (Co-CEO), through Isfjorden AS and privately
10 074 668
8.5%
owned
Rachid Bendriss (Co-CEO), through Celisa Capital AS
Board of Directors
12 028 103
10.1%
Anders Onarheim (chairman), through AB Investment AS,
Spitsbergen AS and Liju Invest AS
24 368 424
20.5%
Jogeir Romestrand (director), through Rome AS
1 440 000
1.2%
Elin Karfjell (director), through Elika AS
407 700
0.3%
Total
48 318 895
40.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-242": { "value": "NOTE 9 Share capital and shareholder information
2024
2023
Number of issued shares at 1 January
119 047 065
119 047 065
New shares issued during the year:
Issued in exchange for cash
0
0
Number of issued shares at 31 December *
119 047 065
119 047 065
Nominal value NOK per share at 31 December
1.00
1.00
Share capital NOK at 31 December
119 047 065
119 047 065
* Inclusive 1,795,472 treasury shares. North Energy ASA has one share class with equal rights for all shares. Main shareholders as of 31 December 2024:
Number of
Shareholder
shares
% share
AB INVESTMENT AS
24 964 246
21.0%
CELISA CAPITAL AS
12 542 546
10.5%
ISFJORDEN AS
10 884 242
9.1%
INTERTRADE SHIPPING AS
4 100 000
3.4%
TRIOMAR AS
3 100 000
2.6%
CORUNA AS
3 000 000
2.5%
CLEARSTREAM BANKING S.A.
2 625 667
2.2%
ARNT HAGEN HOLDING AS
2 487 456
2.1%
SALTEN KRAFTSAMBAND AS
2 419 215
2.0%
BAKKANE ARVID
2 207 800
1.9%
TVEIT\u00c5 EINAR KRISTIAN
2 075 700
1.7%
ROME AS
1 887 204
1.6%
NORTH ENERGY ASA
1 795 472
1.5%
TAJ HOLDING AS
1 792 030
1.5%
EIKANGER INVEST AS
1 600 000
1.3%
ORIGO KAPITAL AS
1 343 569
1.1%
GR\u00d8NLAND STEINAR
1 207 871
1.0%
AVANZA BANK AB MEGLERKONTO
1 051 447
0.9%
MIDDELBOE AS
1 029 070
0.9%
PEDERSEN ROLF IVAR
1 013 698
0.9%
Total 20 largest shareholders
83 127 233
69.8%
Other shareholders
35 919 832
30.2%
Total
119 047 065
100.0%
Number of shares owned by management and directors at 31 December 2024:
Management
Didrik Leikvang (Co-CEO), through Isfjorden AS and privately
11 169 242
9.4%
owned
Rachid Bendriss (Co-CEO), through Celisa Capital AS
Board of Directors
12 542 546
10.5%
Anders Onarheim (chairman), through AB Investment AS,
Spitsbergen AS and Liju Invest AS
25 462 996
21.4%
Jogeir Romestrand (director), through Rome AS
1 887 204
1.6%
Elin Karfjell (director), through Elika AS
407 700
0.3%
Total
51 469 688
43.2%
Number of shares owned by management and directors at 31 December 2023:
Management
Didrik Leikvang (Co-CEO), through Isfjorden AS and privately
10 074 668
8.5%
owned
Rachid Bendriss (Co-CEO), through Celisa Capital AS
Board of Directors
12 028 103
10.1%
Anders Onarheim (chairman), through AB Investment AS,
Spitsbergen AS and Liju Invest AS
24 368 424
20.5%
Jogeir Romestrand (director), through Rome AS
1 440 000
1.2%
Elin Karfjell (director), through Elika AS
407 700
0.3%
Total
48 318 895
40.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-256": { "value": "NOTE 9 Share capital and shareholder information
2024
2023
Number of issued shares at 1 January
119 047 065
119 047 065
New shares issued during the year:
Issued in exchange for cash
0
0
Number of issued shares at 31 December *
119 047 065
119 047 065
Nominal value NOK per share at 31 December
1.00
1.00
Share capital NOK at 31 December
119 047 065
119 047 065
* Inclusive 1,795,472 treasury shares. North Energy ASA has one share class with equal rights for all shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-215": { "value": "
NOTE 10 Leases
Right-of-use assets:
The Company leases office facilities. The Company's right-of-use assets are
categorised and presented in the table below:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Right-of-use assets
Acquisition cost at 1 January
12 055
11 840
12 055
11 840
Addition of right-of-use assets
0
0
0
0
Disposals of right-of-use assets
0
0
0
0
Changes in estimates
192
215
192
215
Acquisition cost 31 December
12 247
12 055
12 247
12 055
Accumulated depreciation and impair-
ment 1 January
(7 246)
(5 829)
(7 246)
(5 829)
Depreciation
(1 539)
(1 417)
(1 539)
(1 417)
Impairment
0
0
0
0
Accumulated depreciation and impair-
ment 31 December
(8 785)
(7 246)
(8 785)
(7 246)
Carrying amount of right-of-use assets 31
3 462
4 809
3 462
4 809
December
Lower of remaining lease term 2.25 years
or economic life
Depreciation method
Linear
Leasing liabilities:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Lease liabilities at 1 January
4 950
6 127
4 950
6 127
Additions new lease contracts
0
0
0
0
Disposals lease contracts
0
0
0
0
Changes in estimates
197
215
197
215
Accretion of interest expense
201
241
201
241
Payments of lease liabilities
(1 612)
(1 634)
(1 612)
(1 634)
Total leasing liabilities 31 December
3 736
4 950
3 736
4 950
Break down of lease debt:
Short-term
1 684
1 458
1 684
1 458
Long-term
2 052
3 492
2 052
3 492
Total lease debt
3 736
4 950
3 736
4 950
Maturity of future undiscounted lease payments under non-cancellable
lease agreements:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Within 1 year
1 720
1 566
1 720
1 566
1 to 5 years
2 150
3 915
2 150
3 915
After 5 years
-
-
-
-
Total
3 871
5 481
3 871
5 481
The leases do not impose any restrictions on the Company\u2019s dividend policy
or financing opportunities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-243": { "value": "NOTE 10 Leases Right-of-use assets: The Company leases office facilities. The Company's right-of-use assets are categorised and presented in the table below:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Right-of-use assets
Acquisition cost at 1 January
12 055
11 840
12 055
11 840
Addition of right-of-use assets
0
0
0
0
Disposals of right-of-use assets
0
0
0
0
Changes in estimates
192
215
192
215
Acquisition cost 31 December
12 247
12 055
12 247
12 055
Accumulated depreciation and impair-
ment 1 January
(7 246)
(5 829)
(7 246)
(5 829)
Depreciation
(1 539)
(1 417)
(1 539)
(1 417)
Impairment
0
0
0
0
Accumulated depreciation and impair-
ment 31 December
(8 785)
(7 246)
(8 785)
(7 246)
Carrying amount of right-of-use assets 31
3 462
4 809
3 462
4 809
December
Lower of remaining lease term 2.25 years
or economic life
Depreciation method
Linear
Leasing liabilities:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Lease liabilities at 1 January
4 950
6 127
4 950
6 127
Additions new lease contracts
0
0
0
0
Disposals lease contracts
0
0
0
0
Changes in estimates
197
215
197
215
Accretion of interest expense
201
241
201
241
Payments of lease liabilities
(1 612)
(1 634)
(1 612)
(1 634)
Total leasing liabilities 31 December
3 736
4 950
3 736
4 950
Break down of lease debt:
Short-term
1 684
1 458
1 684
1 458
Long-term
2 052
3 492
2 052
3 492
Total lease debt
3 736
4 950
3 736
4 950
Maturity of future undiscounted lease payments under non-cancellable lease agreements:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Within 1 year
1 720
1 566
1 720
1 566
1 to 5 years
2 150
3 915
2 150
3 915
After 5 years
-
-
-
-
Total
3 871
5 481
3 871
5 481
The leases do not impose any restrictions on the Company\u2019s dividend policy or financing opportunities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-257": { "value": "NOTE 10 Leases Right-of-use assets: The Company leases office facilities. The Company's right-of-use assets are categorised and presented in the table below:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Right-of-use assets
Acquisition cost at 1 January
12 055
11 840
12 055
11 840
Addition of right-of-use assets
0
0
0
0
Disposals of right-of-use assets
0
0
0
0
Changes in estimates
192
215
192
215
Acquisition cost 31 December
12 247
12 055
12 247
12 055
Accumulated depreciation and impair-
ment 1 January
(7 246)
(5 829)
(7 246)
(5 829)
Depreciation
(1 539)
(1 417)
(1 539)
(1 417)
Impairment
0
0
0
0
Accumulated depreciation and impair-
ment 31 December
(8 785)
(7 246)
(8 785)
(7 246)
Carrying amount of right-of-use assets 31
3 462
4 809
3 462
4 809
December
Lower of remaining lease term 2.25 years
or economic life
Depreciation method
Linear
Leasing liabilities:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Lease liabilities at 1 January
4 950
6 127
4 950
6 127
Additions new lease contracts
0
0
0
0
Disposals lease contracts
0
0
0
0
Changes in estimates
197
215
197
215
Accretion of interest expense
201
241
201
241
Payments of lease liabilities
(1 612)
(1 634)
(1 612)
(1 634)
Total leasing liabilities 31 December
3 736
4 950
3 736
4 950
Break down of lease debt:
Short-term
1 684
1 458
1 684
1 458
Long-term
2 052
3 492
2 052
3 492
Total lease debt
3 736
4 950
3 736
4 950
Maturity of future undiscounted lease payments under non-cancellable lease agreements:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Within 1 year
1 720
1 566
1 720
1 566
1 to 5 years
2 150
3 915
2 150
3 915
After 5 years
-
-
-
-
Total
3 871
5 481
3 871
5 481
The leases do not impose any restrictions on the Company\u2019s dividend policy or financing opportunities. NOTE 15 Property, plant and equipment
Amounts in NOK 1 000
Equipment, office machines, etc
PARENT
GROUP
COMPANY
2024
2023
2024
2023
Cost:
At 1st of January
577
560
577
560
Additions
0
17
0
17
At 31st of December
577
577
577
577
Depreciation and impairment:
At 1st of January
(421)
(371)
(421)
(371)
Depreciation this year
(38)
(50)
(38)
(50)
At 31st of December
(460)
(421)
(460)
(421)
Carrying amount at 31 of December
117
155
117
155
Economic life
3-10 years
Depreciation method
linear
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-216": { "value": "
NOTE 11 Other current and non-current liabilities
Other Current liabilities
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Public duties payable
910
839
910
839
Holiday pay
902
851
902
851
VAT payable
55
1
55
1
Other accruals for incurred costs
1 275
896
1 275
896
Total
3 142
2 587
3 142
2 587
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-258": { "value": "NOTE 11 Other current and non-current liabilities Other Current liabilities
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Public duties payable
910
839
910
839
Holiday pay
902
851
902
851
VAT payable
55
1
55
1
Other accruals for incurred costs
1 275
896
1 275
896
Total
3 142
2 587
3 142
2 587
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-266": { "value": "NOTE 11 Other current and non-current liabilities Other Current liabilities
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Public duties payable
910
839
910
839
Holiday pay
902
851
902
851
VAT payable
55
1
55
1
Other accruals for incurred costs
1 275
896
1 275
896
Total
3 142
2 587
3 142
2 587
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-244": { "value": "Other Current liabilities
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Public duties payable
910
839
910
839
Holiday pay
902
851
902
851
VAT payable
55
1
55
1
Other accruals for incurred costs
1 275
896
1 275
896
Total
3 142
2 587
3 142
2 587
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-217": { "value": "
NOTE 12 Earnings per share
PARENT COMPANY
GROUP
2024
2023
2024
2023
Profit/(loss) for the year attributable
to owners of North Energy ASA (NOK
1 000)
33 309
(16 141)
58 105
24 624
Weighted average number of shares
outstanding including treasury
shares
119 047 065 119 047 065 119 047 065 119 047 065
Weighted average number of
treasury shares outstanding
(1 795 472)
(1 795 472)
(1 795 472)
(1 795 472)
Weighted average number of shares
outstanding excluding treasury shares 117 251 593 117 251 593 117 251 593 117 251 593
Earnings per share (NOK per share)
- Basic
0.28
(0.14)
0.50
0.21
- Diluted
0.28
(0.14)
0.50
0.21
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-218": { "value": "
NOTE 13 Related parties
The Company's transactions with related parties:
Overview of subsidiaries
In December 2022 North Energy established two new subsidiaries, North
Industries 1 AS and North Industries 2 AS, with the purpose of owning North
Energy's investments in Reach Subsea ASA and Wind Catching Systems AS
respectively. The investments were transferred from the parent company
to the subsidiaries through sale-purchase agreements. In connection with
the transfer, North Energy signed loan agreements with the subsidiaries.
In January 2023 the loan agreements were converted to equity in the
subsidiaries.
In February 2023 a new loan agreement totalling NOK 20 million was
established between North Energy and North Industries 1 AS in connection
with the purchase of new shares in Reach Subsea ASA. The loan was partly
repaid in June 2023 when North Industries 1 AS received dividend from
Reach Subsea. At the end of 2023 the loan balance was NOK 11 million.
The loan including interests was repaid in full in June 2024.
In August 2023 a new loan agreement totalling NOK 0.2 million was
established between North Energy and North Industries 2 AS to be used for
operational expenses.
The interest rate payable for both loans are based on market rates (monthly
NOWA) plus a margin of 3%.
Loan to subsidiaries
PARENT
COMPANY
Amounts in NOK 1 000
2024
2023
North Industries 1 AS
Loan balance
0
11 000
North Industries 1 AS
Accrued interest
0
847
North Industries 2 AS
Loan balance
200
200
North Industries 2 AS
Accrued interest
21
5
Total
221
12 052
Interest income from subsidiaries
PARENT
COMPANY
Amounts in NOK 1 000
2024
2023
North Industries 1 AS
Interest income
407
1 142
North Industries 2 AS
Interest income
16
114
Total
423
1 256
Financial figures for the subsidiary North Industries 1 AS:
PARENT
COMPANY
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
0
0
Operating result
(103)
(98)
Pre-tax profit
17 789
(1 239)
Cash and cash equivalents
46
93
Total assets
197 676
197 724
Total liabilities
10
17 848
Equity
197 666
179 876
North Industries 1 AS is fully consolidated in the North Energy group
accounts while in the parent company the subsidiary is accounted for using
the cost method.
Book value of North Energy's investment in the subsidiary is NOK 187.1
million. The main asset in the subsidiary is the investment in Reach Subsea
ASA which has an estimated market value of NOK 400.6 million based on
the share price at the end of the year. The market value of Reach Subsea at
year end 2024 was higher than the book value in the subsidiary, hence there
was no need for any impairment.
Financial figures for the subsidiary North Industries 2 AS:
PARENT
COMPANY
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
0
0
Operating result
(66)
(103)
Pre-tax profit
(82)
(217)
Cash and cash equivalents
80
138
Total assets
68 476
68 534
Total liabilities
230
207
Equity
68 246
68 328
North Industries 2 AS is fully consolidated in the North Energy group
accounts while in the parent company the subsidiary is accounted for using
the cost method.
Book value of North Energy's investment in the subsidiary is 69.0 million.
The main asset in the subsidiary is the investment in Wind Catching System.
Based on the share price used in the recent private placement, and the
recent development in WCS no impairment indicators are identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-245": { "value": "NOTE 13 Related parties The Company's transactions with related parties: Overview of subsidiaries In December 2022 North Energy established two new subsidiaries, North Industries 1 AS and North Industries 2 AS, with the purpose of owning North Energy's investments in Reach Subsea ASA and Wind Catching Systems AS respectively. The investments were transferred from the parent company to the subsidiaries through sale-purchase agreements. In connection with the transfer, North Energy signed loan agreements with the subsidiaries. In January 2023 the loan agreements were converted to equity in the subsidiaries. In February 2023 a new loan agreement totalling NOK 20 million was established between North Energy and North Industries 1 AS in connection with the purchase of new shares in Reach Subsea ASA. The loan was partly repaid in June 2023 when North Industries 1 AS received dividend from Reach Subsea. At the end of 2023 the loan balance was NOK 11 million. The loan including interests was repaid in full in June 2024. In August 2023 a new loan agreement totalling NOK 0.2 million was established between North Energy and North Industries 2 AS to be used for operational expenses. The interest rate payable for both loans are based on market rates (monthly NOWA) plus a margin of 3%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-259": { "value": "NOTE 13 Related parties The Company's transactions with related parties: Overview of subsidiaries In December 2022 North Energy established two new subsidiaries, North Industries 1 AS and North Industries 2 AS, with the purpose of owning North Energy's investments in Reach Subsea ASA and Wind Catching Systems AS respectively. The investments were transferred from the parent company to the subsidiaries through sale-purchase agreements. In connection with the transfer, North Energy signed loan agreements with the subsidiaries. In January 2023 the loan agreements were converted to equity in the subsidiaries. In February 2023 a new loan agreement totalling NOK 20 million was established between North Energy and North Industries 1 AS in connection with the purchase of new shares in Reach Subsea ASA. The loan was partly repaid in June 2023 when North Industries 1 AS received dividend from Reach Subsea. At the end of 2023 the loan balance was NOK 11 million. The loan including interests was repaid in full in June 2024. In August 2023 a new loan agreement totalling NOK 0.2 million was established between North Energy and North Industries 2 AS to be used for operational expenses. The interest rate payable for both loans are based on market rates (monthly NOWA) plus a margin of 3%. Loan to subsidiaries
PARENT
COMPANY
Amounts in NOK 1 000
2024
2023
North Industries 1 AS
Loan balance
0
11 000
North Industries 1 AS
Accrued interest
0
847
North Industries 2 AS
Loan balance
200
200
North Industries 2 AS
Accrued interest
21
5
Total
221
12 052
Interest income from subsidiaries
PARENT
COMPANY
Amounts in NOK 1 000
2024
2023
North Industries 1 AS
Interest income
407
1 142
North Industries 2 AS
Interest income
16
114
Total
423
1 256
Financial figures for the subsidiary North Industries 1 AS:
PARENT
COMPANY
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
0
0
Operating result
(103)
(98)
Pre-tax profit
17 789
(1 239)
Cash and cash equivalents
46
93
Total assets
197 676
197 724
Total liabilities
10
17 848
Equity
197 666
179 876
North Industries 1 AS is fully consolidated in the North Energy group accounts while in the parent company the subsidiary is accounted for using the cost method. Book value of North Energy's investment in the subsidiary is NOK 187.1 million. The main asset in the subsidiary is the investment in Reach Subsea ASA which has an estimated market value of NOK 400.6 million based on the share price at the end of the year. The market value of Reach Subsea at year end 2024 was higher than the book value in the subsidiary, hence there was no need for any impairment. Financial figures for the subsidiary North Industries 2 AS:
PARENT
COMPANY
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
0
0
Operating result
(66)
(103)
Pre-tax profit
(82)
(217)
Cash and cash equivalents
80
138
Total assets
68 476
68 534
Total liabilities
230
207
Equity
68 246
68 328
North Industries 2 AS is fully consolidated in the North Energy group accounts while in the parent company the subsidiary is accounted for using the cost method. Book value of North Energy's investment in the subsidiary is 69.0 million. The main asset in the subsidiary is the investment in Wind Catching System. Based on the share price used in the recent private placement, and the recent development in WCS no impairment indicators are identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-246": { "value": "Loan to subsidiaries
PARENT
COMPANY
Amounts in NOK 1 000
2024
2023
North Industries 1 AS
Loan balance
0
11 000
North Industries 1 AS
Accrued interest
0
847
North Industries 2 AS
Loan balance
200
200
North Industries 2 AS
Accrued interest
21
5
Total
221
12 052
Interest income from subsidiaries
PARENT
COMPANY
Amounts in NOK 1 000
2024
2023
North Industries 1 AS
Interest income
407
1 142
North Industries 2 AS
Interest income
16
114
Total
423
1 256
Financial figures for the subsidiary North Industries 1 AS:
PARENT
COMPANY
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
0
0
Operating result
(103)
(98)
Pre-tax profit
17 789
(1 239)
Cash and cash equivalents
46
93
Total assets
197 676
197 724
Total liabilities
10
17 848
Equity
197 666
179 876
North Industries 1 AS is fully consolidated in the North Energy group accounts while in the parent company the subsidiary is accounted for using the cost method. Book value of North Energy's investment in the subsidiary is NOK 187.1 million. The main asset in the subsidiary is the investment in Reach Subsea ASA which has an estimated market value of NOK 400.6 million based on the share price at the end of the year. The market value of Reach Subsea at year end 2024 was higher than the book value in the subsidiary, hence there was no need for any impairment. Financial figures for the subsidiary North Industries 2 AS:
PARENT
COMPANY
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
0
0
Operating result
(66)
(103)
Pre-tax profit
(82)
(217)
Cash and cash equivalents
80
138
Total assets
68 476
68 534
Total liabilities
230
207
Equity
68 246
68 328
North Industries 2 AS is fully consolidated in the North Energy group accounts while in the parent company the subsidiary is accounted for using the cost method. Book value of North Energy's investment in the subsidiary is 69.0 million. The main asset in the subsidiary is the investment in Wind Catching System. Based on the share price used in the recent private placement, and the recent development in WCS no impairment indicators are identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-219": { "value": "
NOTE 14 Tax
Specification of income tax:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Tax payable
0
0
0
0
Change deferred tax
0
0
0
0
Total income tax
0
0
0
0
Specification of temporary differences, tax losses carried forward and deferred tax
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Property, plant and equipment and
Right-of-use assets
3 421
4 746
3 421
4 746
Leasing liabilities
(3 736)
(4 950)
(3 736)
(4 950)
Financial investments
4 790
26 964
4 790
26 964
Provisions
0
0
0
0
Tax losses carried forward, onshore
(64 165)
(96 392)
(65 977)
(98 160)
Total basis for deferred tax
(59 689)
(69 632)
(61 501)
(71 400)
Deferred tax asset/liability before
valuation allowance
13 132
15 319
13 530
15 708
Uncapitalised deferred tax asset
(13 132)
(15 319)
(13 530)
(15 708)
(valuation allowance)
Deferred tax asset/(liability)
0
0
0
0
The change in deferred tax is mainly due to a reduction in the unrealised
gain on financial investments outside the exemption method and an
increase in the tax losses carried forward due to the current year tax loss.
Reconciliation of effective tax rate:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Profit/(loss) before income tax
33 309
(16 141)
58 105
24 624
Expected income tax 22%
7 328
(3 551)
12 783
5 417
Adjusted for tax effects (22%) of the following items:
Permanent differences
(5 141)
(1 184)
(10 605)
(10 412)
Adjustments previous years*
0
4 020
0
4 020
Change in valuation allowance for de-
ferred tax assets
(2 187)
715
(2 178)
975
Total income tax
0
0
0
0
* Relates to changes from annual report 2022 and tax papers 2022 related to the assessment of the
exemption method used by the Norwegian Tax Administration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-247": { "value": "NOTE 14 Tax Specification of income tax:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Tax payable
0
0
0
0
Change deferred tax
0
0
0
0
Total income tax
0
0
0
0
Specification of temporary differences, tax losses carried forward and deferred tax
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Property, plant and equipment and
Right-of-use assets
3 421
4 746
3 421
4 746
Leasing liabilities
(3 736)
(4 950)
(3 736)
(4 950)
Financial investments
4 790
26 964
4 790
26 964
Provisions
0
0
0
0
Tax losses carried forward, onshore
(64 165)
(96 392)
(65 977)
(98 160)
Total basis for deferred tax
(59 689)
(69 632)
(61 501)
(71 400)
Deferred tax asset/liability before
valuation allowance
13 132
15 319
13 530
15 708
Uncapitalised deferred tax asset
(13 132)
(15 319)
(13 530)
(15 708)
(valuation allowance)
Deferred tax asset/(liability)
0
0
0
0
The change in deferred tax is mainly due to a reduction in the unrealised gain on financial investments outside the exemption method and an increase in the tax losses carried forward due to the current year tax loss. Reconciliation of effective tax rate:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Profit/(loss) before income tax
33 309
(16 141)
58 105
24 624
Expected income tax 22%
7 328
(3 551)
12 783
5 417
Adjusted for tax effects (22%) of the following items:
Permanent differences
(5 141)
(1 184)
(10 605)
(10 412)
Adjustments previous years*
0
4 020
0
4 020
Change in valuation allowance for de-
ferred tax assets
(2 187)
715
(2 178)
975
Total income tax
0
0
0
0
* Relates to changes from annual report 2022 and tax papers 2022 related to the assessment of the exemption method used by the Norwegian Tax Administration.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-220": { "value": "
NOTE 15 Property, plant and equipment
Amounts in NOK 1 000
Equipment, office machines, etc
PARENT
GROUP
COMPANY
2024
2023
2024
2023
Cost:
At 1st of January
577
560
577
560
Additions
0
17
0
17
At 31st of December
577
577
577
577
Depreciation and impairment:
At 1st of January
(421)
(371)
(421)
(371)
Depreciation this year
(38)
(50)
(38)
(50)
At 31st of December
(460)
(421)
(460)
(421)
Carrying amount at 31 of December
117
155
117
155
Economic life
3-10 years
Depreciation method
linear
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-221": { "value": "
NOTE 16 Finance income and costs
Finance income:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Interest income bank deposits
1 342
102
1 342
103
Interest income on bonds
5 205
1 413
5 205
1 413
Foreign exchange gain
940
832
940
832
Dividend from subsidiaries
6 000
0
0
0
Interest income from subsidiaries
423
1 256
0
0
Total finance income
13 910
3 602
7 487
2 347
Finance costs:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Interest expenses
1 938
1 168
1 938
1 168
Foreign exchange loss
1 083
529
1 083
529
Other finance costs
0
0
0
0
Total finance costs
3 021
1 697
3 021
1 697
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-260": { "value": "NOTE 16 Finance income and costs Finance income:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Interest income bank deposits
1 342
102
1 342
103
Interest income on bonds
5 205
1 413
5 205
1 413
Foreign exchange gain
940
832
940
832
Dividend from subsidiaries
6 000
0
0
0
Interest income from subsidiaries
423
1 256
0
0
Total finance income
13 910
3 602
7 487
2 347
Finance costs:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Interest expenses
1 938
1 168
1 938
1 168
Foreign exchange loss
1 083
529
1 083
529
Other finance costs
0
0
0
0
Total finance costs
3 021
1 697
3 021
1 697
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-267": { "value": "Finance income:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Interest income bank deposits
1 342
102
1 342
103
Interest income on bonds
5 205
1 413
5 205
1 413
Foreign exchange gain
940
832
940
832
Dividend from subsidiaries
6 000
0
0
0
Interest income from subsidiaries
423
1 256
0
0
Total finance income
13 910
3 602
7 487
2 347
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-248": { "value": "Finance income:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Interest income bank deposits
1 342
102
1 342
103
Interest income on bonds
5 205
1 413
5 205
1 413
Foreign exchange gain
940
832
940
832
Dividend from subsidiaries
6 000
0
0
0
Interest income from subsidiaries
423
1 256
0
0
Total finance income
13 910
3 602
7 487
2 347
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-268": { "value": "Finance costs:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Interest expenses
1 938
1 168
1 938
1 168
Foreign exchange loss
1 083
529
1 083
529
Other finance costs
0
0
0
0
Total finance costs
3 021
1 697
3 021
1 697
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-249": { "value": "Finance costs:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Interest expenses
1 938
1 168
1 938
1 168
Foreign exchange loss
1 083
529
1 083
529
Other finance costs
0
0
0
0
Total finance costs
3 021
1 697
3 021
1 697
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-222": { "value": "
NOTE 17 Financial instruments
(a) Categories of financial instruments
at 31 December 2024:
PARENT COMPANY
GROUP
Financial assets Financial assets Financial assets Financial assets
measured at at fair value through measured at at fair value through
Amounts in NOK 1 000 amortised cost profit or loss amortised cost profit or loss
Assets:
Financial investments at fair value through profit or loss
30 336
30 336
Loan to subsidiaries
221
Cash and cash equivalents
101 919
102 045
Total
102 141
30 336
102 045
30 336
PARENT COMPANY
GROUP
Financial assets Financial assets Financial assets Financial assets
measured at at fair value through measured at at fair value through
Amounts in NOK 1 000 amortised cost profit or loss amortised cost profit or loss
Liabilities:
Current borrowings, credit facility*
-
-
Trade creditors
330
349
Total
330
0
349
0
at 31 December 2023:
PARENT COMPANY
GROUP
Financial assets Financial assets Financial assets Financial assets
measured at at fair value through measured at at fair value through
Amounts in NOK 1 000 amortised cost profit or loss amortised cost profit or loss
Assets:
Financial investments at fair value through profit or loss
102 962
102 962
Loan to subsidiaries
12 052
Cash and cash equivalents
5 720
5 952
Total
17 772
102 962
5 952
102 962
PARENT COMPANY
GROUP
Financial assets Financial assets Financial assets Financial assets
measured at at fair value through measured at at fair value through
Amounts in NOK 1 000 amortised cost profit or loss amortised cost profit or loss
Liabilities:
Current borrowings, credit facility*
13 575
13 575
Trade creditors
101
103
Total
13 676
0
13 678
0
* The Company has a multicurrency credit facility with DNB for a total amount of NOK 49 million. The Company uses listed financial investments as collateral for the credit facility. The facility was not
utilised at the end of 2024.
(b) Fair value of financial instruments
The carrying amount of cash and cash equivalents and other current
receivables is approximately equal to fair value, since these instruments
have a short term to maturity. Similarly, the carrying amount of trade
creditors and other current liabilities is approximately equal to fair value,
since the effect of discounting is not significant, due to short term to
maturity.
Fair value of the stock exchange-listed shares is the stock market price
at the balance sheet date (level 1 in the fair value hierarchy). Fair value of
bonds is based on quoted market prices at the balance sheet date (level 2
in the fair value hierarchy). Fair value of other non-listed investments are
valued using the best information available in the circumstances including
the entities' own data. (level 3 in the fair value hierarchy).
Specification of financial instruments based on level in the fair value
hierarchy
PARENT COMPANY
Fair Value 31.12.2024
Level 1
Level 2
Level 3
Total
Shares
21 040
21 040
Bonds
9 296
9 296
Total fair value
21 040
9 296
0
30 336
There has been no transfer between level 1 and level 2 during 2024.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
0
Closing balance
0
GROUP
Fair Value 31.12.2024
Level 1
Level 2
Level 3
Total
Shares
21 040
21 040
Bonds
9 296
9 296
Total fair value
21 040
9 296
0
30 336
There has been no transfer between level 1 and level 2 during 2024.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
0
Closing balance
0
Cash and cash equivalents
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Bank deposits
101 919
5 720
102 045
5 952
Credit rating
No external credit rating
0
0
0
0
A
0
0
0
0
AA-
101 919
5 720
102 045
5 952
Total
101 919
5 720
102 045
5 952
Reconciliation of cash flows from financing activities
The table shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activites.
Non-cash flows
2024
31/12/2023
Cash flows
Interests
Other*
31/12/2024
Paid dividends
(11 725)
Current borrowings
13 575
(13 575)
0
Paid interests bank facility
(754)
Leasing liabilities
4 950
(1 612)
201
197
3 736
Total
18 525
(27 666)
201
197
3 736
2023
31/12/2022
Cash flows
Interests
Other*
31/12/2023
Paid dividends
(11 725)
Current borrowings
7 723
5 852
13 575
Paid interests bank facility
(844)
Leasing liabilities
6 127
(1 634)
241
215
4 950
Total
13 850
(8 351)
241
215
18 525
* Other includes additions and disposals of lease contracts and changes in estimates of lease liabilities
The Company has a multicurrency credit facility with DNB for a total amount of NOK 49 million. The Company uses listed financial investments as collateral
for the credit facility. interests are calculated based on a non fixed term reference rate per currency plus a margin of 250 bps . At the end of the year 2024 the
Company has not utilized the facility.
(d) Financial risk factors
See note 3 for financial risk factors and risk management and capital management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-269": { "value": "(b) Fair value of financial instruments The carrying amount of cash and cash equivalents and other current receivables is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade creditors and other current liabilities is approximately equal to fair value, since the effect of discounting is not significant, due to short term to maturity. Fair value of the stock exchange-listed shares is the stock market price at the balance sheet date (level 1 in the fair value hierarchy). Fair value of bonds is based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy). Fair value of other non-listed investments are valued using the best information available in the circumstances including the entities' own data. (level 3 in the fair value hierarchy). Specification of financial instruments based on level in the fair value hierarchy PARENT COMPANY
Fair Value 31.12.2024
Level 1
Level 2
Level 3
Total
Shares
21 040
21 040
Bonds
9 296
9 296
Total fair value
21 040
9 296
0
30 336
There has been no transfer between level 1 and level 2 during 2024.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
0
Closing balance
0
GROUP
Fair Value 31.12.2024
Level 1
Level 2
Level 3
Total
Shares
21 040
21 040
Bonds
9 296
9 296
Total fair value
21 040
9 296
0
30 336
There has been no transfer between level 1 and level 2 during 2024.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
0
Closing balance
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-261": { "value": "(b) Fair value of financial instruments The carrying amount of cash and cash equivalents and other current receivables is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade creditors and other current liabilities is approximately equal to fair value, since the effect of discounting is not significant, due to short term to maturity. Fair value of the stock exchange-listed shares is the stock market price at the balance sheet date (level 1 in the fair value hierarchy). Fair value of bonds is based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy). Fair value of other non-listed investments are valued using the best information available in the circumstances including the entities' own data. (level 3 in the fair value hierarchy). Specification of financial instruments based on level in the fair value hierarchy PARENT COMPANY
Fair Value 31.12.2024
Level 1
Level 2
Level 3
Total
Shares
21 040
21 040
Bonds
9 296
9 296
Total fair value
21 040
9 296
0
30 336
There has been no transfer between level 1 and level 2 during 2024.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
0
Closing balance
0
GROUP
Fair Value 31.12.2024
Level 1
Level 2
Level 3
Total
Shares
21 040
21 040
Bonds
9 296
9 296
Total fair value
21 040
9 296
0
30 336
There has been no transfer between level 1 and level 2 during 2024.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
0
Closing balance
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-250": { "value": "(b) Fair value of financial instruments The carrying amount of cash and cash equivalents and other current receivables is approximately equal to fair value, since these instruments have a short term to maturity. Similarly, the carrying amount of trade creditors and other current liabilities is approximately equal to fair value, since the effect of discounting is not significant, due to short term to maturity. Fair value of the stock exchange-listed shares is the stock market price at the balance sheet date (level 1 in the fair value hierarchy). Fair value of bonds is based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy). Fair value of other non-listed investments are valued using the best information available in the circumstances including the entities' own data. (level 3 in the fair value hierarchy). Specification of financial instruments based on level in the fair value hierarchy PARENT COMPANY
Fair Value 31.12.2024
Level 1
Level 2
Level 3
Total
Shares
21 040
21 040
Bonds
9 296
9 296
Total fair value
21 040
9 296
0
30 336
There has been no transfer between level 1 and level 2 during 2024.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
0
Closing balance
0
GROUP
Fair Value 31.12.2024
Level 1
Level 2
Level 3
Total
Shares
21 040
21 040
Bonds
9 296
9 296
Total fair value
21 040
9 296
0
30 336
There has been no transfer between level 1 and level 2 during 2024.
Reconciliation of level 3 in the fair value hierarchy
Level 3
Opening balance
0
Movement during the period
0
Closing balance
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-223": { "value": "
NOTE 18 Investment in subsidiaries and associates
Reconciliation and specification of carrying amount of investments in subsidiaries and associates:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Opening balance carrying amount of investments in associates
260 768
4 461
224 982
171 610
Gain on dilution of ownership, Reach Subsea ASA*
0
0
(2 101)
2 040
Acquisition cost shares acquired, Reach ASA
0
0
0
20 000
Acquisition cost shares acquired, Wind Catching Systems AS
0
0
0
0
Share of net result in investment, Reach Subsea ASA
0
0
38 482
44 395
Share of net result in investment, Wind Catching Systems AS
0
0
(4 992)
(4 213)
Share of net result in investment, Tyveholmen AS
423
299
423
299
Dividend received, Reach Subsea ASA
0
0
(18 300)
(9 150)
Investment in subsidiaries
0
256 008
0
0
Total carrying amount of investments in subsidiaries and associates at balance date
261 191
260 768
238 494
224 982
Consist of:
Reach Subsea ASA
0
0
214 379
196 298
Tyveholmen AS
5 064
4 640
5 064
4 640
Wind Catching Systems AS
0
0
19 052
24 044
North Industries 1 AS
187 098
187 098
North Industries 2 AS
69 029
69 029
Total carrying amount of investments in associates at balance date
5 064
4 640
238 494
224 982
Total carrying amount of investments in subsidiaries at balance date
256 128
256 128
0
0
Specification of net result from investments in associates recognised in the income statement:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Share of net result in investment, Reach Subsea ASA
0
0
38 482
44 395
Share of net result in investment, Wind Catching Systems AS
0
0
(4 992)
(4 213)
Share of net result in investment, Tyveholmen AS
423
299
423
299
Gain on dilution of ownership, Reach Subsea ASA*
0
0
(2 101)
2 040
Net result from investments in associates
423
299
31 811
42 521
* The gain or loss on dilution of ownership is an accounting effect triggered by private placements and issuing of consideration shares resulting in increased equity in the associated companies. North
Energy has in some private placements participated with a lower share than the original ownership and not participated in other private placements, hence North Energy's ownership percentage has been
reduced while the value of the investment has increased or decreased. Gain or loss on the deemed disposals arises because the amount per share subscribed by the third party was greater or lower than
North Energy's carrying value per share prior to the event.
The dilution of ownership in Reach Subsea took place on 15 November 2023 and 4 December 2024.
Ownership interests in subsidiaries and associates at 31 December:
PARENT COMPANY
GROUP
2024
2023
2024
2023
Reach Subsea ASA
0.00 %
0.00 %
17.98 %
18.70 %
Tyveholmen AS
50.00 %
50.00 %
50.00 %
50.00 %
Wind Catching Systems AS
0.00 %
0.00 %
22.03 %
22.03 %
North Industries 1 AS
100.00 %
100.00 %
North Industries 2 AS
100.00 %
100.00 %
Financial figures for the associated company Reach Subsea ASA:
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
2 717 024
1 966 584
Operating result
363 756
331 786
Pre-tax profit
230 009
289 534
Liquidity
278 022
436 423
Net working capital
136 102
(105 259)
Net interest bearing debt
(133 000)
(369 000)
Equity
1 091 913
928 005
The share price of Reach Subsea at year and was NOK 7.88 per share, equivalent to a market value of NOK 2,227 million. North Energy's relative share of this was NOK 400.6 million, based on the ownership of 18.0% . The investment in Reach is accounted for as an associated company, using the equity method. North Energy regards Reach as an associated company based on the representation in the Board of Directors in Reach Subsea ASA and based on the 18,0% ownership. Thus, North Energy consolidates its share of the net result from Reach, adjusted for any impairment or reversal of impairment due to share price fluctuations. The market value of Reach Subsea at year end 2024 was higher than the book value, hence there was no need for any impairment. Reach has outstanding warrants for a total of 44.707.373 shares to the shareholder Wilhelmsen New Energy AS for a period of three years from 14 March 2022. On 5 March 2025, Wilhelmsen New Energy AS exercised all of its warrants. North Energy's ownership of Reach was on a fully diluted basis 15.53% per 31 December 2024. Financial figures for the associated company Wind Catching Systems AS (WCS)
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
2
0
Operating profit
(25 650)
(21 736)
Profit after tax
(22 661)
(18 955)
Liquidity
53 807
65 708
Total assets
83 030
96 739
Equity
78 312
90 054
WCS is accounted for as an associated company, using the equity method. The figures for WCS includes adjustments necessary to transform the figure from NGAAP to IFRS. Book value of North Energy's investment is 19.1 million. Based on the share price used in the recent private placement, and the recent development in WCS no impairment indicators are identified. WCS has, in the shareholder agreement from November 2020, issued warrants (subsciption rights) for a total of 45.000 shares to the shareholders Armada AS, Nasjonalparken AS and Homan AS for a period of 5 years from 30 March 2021. The price for each share under the warrants is NOK 110. North Energy's ownership of WCS was on a fully diluted basis 18.19% per 31 December 2024 .
Financial figures for the associated company Tyveholmen AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
5 866
6 245
Operating profit
740
729
Profit after tax
847
598
Liquidity
2 674
3 198
Total assets
9 918
8 557
Equity
8 913
8 311
Tyveholmen is accounted for as an associated company, using the equity
method. Book value of North Energy's 50% share of the company is NOK
5.1 million.Tyveholmen has investments in bonds accounted at historic
cost price. Based on unrealized gains on the bonds, not recognized in the
financial statement, no impairment indicators are identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-251": { "value": "NOTE 18 Investment in subsidiaries and associates Reconciliation and specification of carrying amount of investments in subsidiaries and associates:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Opening balance carrying amount of investments in associates
260 768
4 461
224 982
171 610
Gain on dilution of ownership, Reach Subsea ASA*
0
0
(2 101)
2 040
Acquisition cost shares acquired, Reach ASA
0
0
0
20 000
Acquisition cost shares acquired, Wind Catching Systems AS
0
0
0
0
Share of net result in investment, Reach Subsea ASA
0
0
38 482
44 395
Share of net result in investment, Wind Catching Systems AS
0
0
(4 992)
(4 213)
Share of net result in investment, Tyveholmen AS
423
299
423
299
Dividend received, Reach Subsea ASA
0
0
(18 300)
(9 150)
Investment in subsidiaries
0
256 008
0
0
Total carrying amount of investments in subsidiaries and associates at balance date
261 191
260 768
238 494
224 982
Consist of:
Reach Subsea ASA
0
0
214 379
196 298
Tyveholmen AS
5 064
4 640
5 064
4 640
Wind Catching Systems AS
0
0
19 052
24 044
North Industries 1 AS
187 098
187 098
North Industries 2 AS
69 029
69 029
Total carrying amount of investments in associates at balance date
5 064
4 640
238 494
224 982
Total carrying amount of investments in subsidiaries at balance date
256 128
256 128
0
0
Specification of net result from investments in associates recognised in the income statement:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Share of net result in investment, Reach Subsea ASA
0
0
38 482
44 395
Share of net result in investment, Wind Catching Systems AS
0
0
(4 992)
(4 213)
Share of net result in investment, Tyveholmen AS
423
299
423
299
Gain on dilution of ownership, Reach Subsea ASA*
0
0
(2 101)
2 040
Net result from investments in associates
423
299
31 811
42 521
* The gain or loss on dilution of ownership is an accounting effect triggered by private placements and issuing of consideration shares resulting in increased equity in the associated companies. North Energy has in some private placements participated with a lower share than the original ownership and not participated in other private placements, hence North Energy's ownership percentage has been reduced while the value of the investment has increased or decreased. Gain or loss on the deemed disposals arises because the amount per share subscribed by the third party was greater or lower than North Energy's carrying value per share prior to the event. The dilution of ownership in Reach Subsea took place on 15 November 2023 and 4 December 2024. Ownership interests in subsidiaries and associates at 31 December:
PARENT COMPANY
GROUP
2024
2023
2024
2023
Reach Subsea ASA
0.00 %
0.00 %
17.98 %
18.70 %
Tyveholmen AS
50.00 %
50.00 %
50.00 %
50.00 %
Wind Catching Systems AS
0.00 %
0.00 %
22.03 %
22.03 %
North Industries 1 AS
100.00 %
100.00 %
North Industries 2 AS
100.00 %
100.00 %
Financial figures for the associated company Reach Subsea ASA:
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
2 717 024
1 966 584
Operating result
363 756
331 786
Pre-tax profit
230 009
289 534
Liquidity
278 022
436 423
Net working capital
136 102
(105 259)
Net interest bearing debt
(133 000)
(369 000)
Equity
1 091 913
928 005
The share price of Reach Subsea at year and was NOK 7.88 per share, equivalent to a market value of NOK 2,227 million. North Energy's relative share of this was NOK 400.6 million, based on the ownership of 18.0% . The investment in Reach is accounted for as an associated company, using the equity method. North Energy regards Reach as an associated company based on the representation in the Board of Directors in Reach Subsea ASA and based on the 18,0% ownership. Thus, North Energy consolidates its share of the net result from Reach, adjusted for any impairment or reversal of impairment due to share price fluctuations. The market value of Reach Subsea at year end 2024 was higher than the book value, hence there was no need for any impairment. Reach has outstanding warrants for a total of 44.707.373 shares to the shareholder Wilhelmsen New Energy AS for a period of three years from 14 March 2022. On 5 March 2025, Wilhelmsen New Energy AS exercised all of its warrants. North Energy's ownership of Reach was on a fully diluted basis 15.53% per 31 December 2024. Financial figures for the associated company Wind Catching Systems AS (WCS)
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
2
0
Operating profit
(25 650)
(21 736)
Profit after tax
(22 661)
(18 955)
Liquidity
53 807
65 708
Total assets
83 030
96 739
Equity
78 312
90 054
WCS is accounted for as an associated company, using the equity method. The figures for WCS includes adjustments necessary to transform the figure from NGAAP to IFRS. Book value of North Energy's investment is 19.1 million. Based on the share price used in the recent private placement, and the recent development in WCS no impairment indicators are identified. WCS has, in the shareholder agreement from November 2020, issued warrants (subsciption rights) for a total of 45.000 shares to the shareholders Armada AS, Nasjonalparken AS and Homan AS for a period of 5 years from 30 March 2021. The price for each share under the warrants is NOK 110. North Energy's ownership of WCS was on a fully diluted basis 18.19% per 31 December 2024 Financial figures for the associated company Tyveholmen AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
5 866
6 245
Operating profit
740
729
Profit after tax
847
598
Liquidity
2 674
3 198
Total assets
9 918
8 557
Equity
8 913
8 311
Tyveholmen is accounted for as an associated company, using the equity method. Book value of North Energy's 50% share of the company is NOK 5.1 million.Tyveholmen has investments in bonds accounted at historic cost price. Based on unrealized gains on the bonds, not recognized in the financial statement, no impairment indicators are identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-262": { "value": "NOTE 18 Investment in subsidiaries and associates Reconciliation and specification of carrying amount of investments in subsidiaries and associates:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Opening balance carrying amount of investments in associates
260 768
4 461
224 982
171 610
Gain on dilution of ownership, Reach Subsea ASA*
0
0
(2 101)
2 040
Acquisition cost shares acquired, Reach ASA
0
0
0
20 000
Acquisition cost shares acquired, Wind Catching Systems AS
0
0
0
0
Share of net result in investment, Reach Subsea ASA
0
0
38 482
44 395
Share of net result in investment, Wind Catching Systems AS
0
0
(4 992)
(4 213)
Share of net result in investment, Tyveholmen AS
423
299
423
299
Dividend received, Reach Subsea ASA
0
0
(18 300)
(9 150)
Investment in subsidiaries
0
256 008
0
0
Total carrying amount of investments in subsidiaries and associates at balance date
261 191
260 768
238 494
224 982
Consist of:
Reach Subsea ASA
0
0
214 379
196 298
Tyveholmen AS
5 064
4 640
5 064
4 640
Wind Catching Systems AS
0
0
19 052
24 044
North Industries 1 AS
187 098
187 098
North Industries 2 AS
69 029
69 029
Total carrying amount of investments in associates at balance date
5 064
4 640
238 494
224 982
Total carrying amount of investments in subsidiaries at balance date
256 128
256 128
0
0
Specification of net result from investments in associates recognised in the income statement:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Share of net result in investment, Reach Subsea ASA
0
0
38 482
44 395
Share of net result in investment, Wind Catching Systems AS
0
0
(4 992)
(4 213)
Share of net result in investment, Tyveholmen AS
423
299
423
299
Gain on dilution of ownership, Reach Subsea ASA*
0
0
(2 101)
2 040
Net result from investments in associates
423
299
31 811
42 521
* The gain or loss on dilution of ownership is an accounting effect triggered by private placements and issuing of consideration shares resulting in increased equity in the associated companies. North Energy has in some private placements participated with a lower share than the original ownership and not participated in other private placements, hence North Energy's ownership percentage has been reduced while the value of the investment has increased or decreased. Gain or loss on the deemed disposals arises because the amount per share subscribed by the third party was greater or lower than North Energy's carrying value per share prior to the event. The dilution of ownership in Reach Subsea took place on 15 November 2023 and 4 December 2024. Ownership interests in subsidiaries and associates at 31 December:
PARENT COMPANY
GROUP
2024
2023
2024
2023
Reach Subsea ASA
0.00 %
0.00 %
17.98 %
18.70 %
Tyveholmen AS
50.00 %
50.00 %
50.00 %
50.00 %
Wind Catching Systems AS
0.00 %
0.00 %
22.03 %
22.03 %
North Industries 1 AS
100.00 %
100.00 %
North Industries 2 AS
100.00 %
100.00 %
Financial figures for the associated company Reach Subsea ASA:
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
2 717 024
1 966 584
Operating result
363 756
331 786
Pre-tax profit
230 009
289 534
Liquidity
278 022
436 423
Net working capital
136 102
(105 259)
Net interest bearing debt
(133 000)
(369 000)
Equity
1 091 913
928 005
The share price of Reach Subsea at year and was NOK 7.88 per share, equivalent to a market value of NOK 2,227 million. North Energy's relative share of this was NOK 400.6 million, based on the ownership of 18.0% . The investment in Reach is accounted for as an associated company, using the equity method. North Energy regards Reach as an associated company based on the representation in the Board of Directors in Reach Subsea ASA and based on the 18,0% ownership. Thus, North Energy consolidates its share of the net result from Reach, adjusted for any impairment or reversal of impairment due to share price fluctuations. The market value of Reach Subsea at year end 2024 was higher than the book value, hence there was no need for any impairment. Reach has outstanding warrants for a total of 44.707.373 shares to the shareholder Wilhelmsen New Energy AS for a period of three years from 14 March 2022. On 5 March 2025, Wilhelmsen New Energy AS exercised all of its warrants. North Energy's ownership of Reach was on a fully diluted basis 15.53% per 31 December 2024. Financial figures for the associated company Wind Catching Systems AS (WCS)
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
2
0
Operating profit
(25 650)
(21 736)
Profit after tax
(22 661)
(18 955)
Liquidity
53 807
65 708
Total assets
83 030
96 739
Equity
78 312
90 054
WCS is accounted for as an associated company, using the equity method. The figures for WCS includes adjustments necessary to transform the figure from NGAAP to IFRS. Book value of North Energy's investment is 19.1 million. Based on the share price used in the recent private placement, and the recent development in WCS no impairment indicators are identified. WCS has, in the shareholder agreement from November 2020, issued warrants (subsciption rights) for a total of 45.000 shares to the shareholders Armada AS, Nasjonalparken AS and Homan AS for a period of 5 years from 30 March 2021. The price for each share under the warrants is NOK 110. North Energy's ownership of WCS was on a fully diluted basis 18.19% per 31 December 2024 Financial figures for the associated company Tyveholmen AS:
Amounts in NOK 1 000 (100% basis, unaudited)
2024
2023
Revenues
5 866
6 245
Operating profit
740
729
Profit after tax
847
598
Liquidity
2 674
3 198
Total assets
9 918
8 557
Equity
8 913
8 311
Tyveholmen is accounted for as an associated company, using the equity method. Book value of North Energy's 50% share of the company is NOK 5.1 million.Tyveholmen has investments in bonds accounted at historic cost price. Based on unrealized gains on the bonds, not recognized in the financial statement, no impairment indicators are identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-224": { "value": "
NOTE 19 Contingent liabilities
As of 31 December 2024 the company is not involved in any other legal or
financial disputes. Please see note 8 for information on other receivables
regarding the former VAT claim from the tax authority which was concluded in
2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-252": { "value": "NOTE 19 Contingent liabilities As of 31 December 2024 the company is not involved in any other legal or financial disputes. Please see note 8 for information on other receivables regarding the former VAT claim from the tax authority which was concluded in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-225": { "value": "
NOTE 20 Financial investments at fair value through profit or loss
Financial investments include:
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Stock exchange-listed shares
21 040
78 205
21 040
78 205
Bonds
9 296
24 757
9 296
24 757
Total carrying amount financial
investments, current
30 336
102 962
30 336
102 962
The main financial investments at 31 December 2024 consist of shares in Thor
Medical ASA as well as bonds in Interoil Exploration. The main investments at
31 December 2023 consisted of shares in Touchstone Exploration and Thor
Medical ASA as well as bonds in Heimstaden AB, Interoil Exploration and
various other minor investments.
PARENT COMPANY
GROUP
Amounts in NOK 1 000
2024
2023
2024
2023
Change in fair value recognised in income
statement under operating items
47 060
245
47 060
245
Interest income bonds recognised
as finance income
5 205
1 413
5 205
1 413
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-226": { "value": "
NOTE 21 Events after the balance sheet date
There are no subsequent events with significant accounting impacts that have
occurred between the end of the reporting period and the date of this report
that are not already reflected or disclosed in these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "Tjuvholmen all\u00e9 19, 0252 OSLO", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFWCG26", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }