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"-6862.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f1__s4__7__23": { "value": "6721884.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f1__s6__6__8": { "value": "Nordic Financials ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__9": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__12": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__13": { "value": "Nordic Financials ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__10": { "value": "Thunes Vei 2, NO-0274 Oslo, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__11": { "value": "Oslo", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__7": { "value": "Note 1: Basis for preparation The consolidated financial statements for the financial year 2024 have been prepared in accordance IFRS\u00ae Accounting Standards as adopted by the EU and the additional requirements of the Norwegian Accounting Act. All amounts are presented in Euro if not otherwise stated. 1.1. Going concern The consolidated financial statements have been prepared based on the going concern assumption. This is based on the group\u2019s plans, budgets and level of activity going forward. 1.2. Segment reporting For management purposes, the group is organised into one segment, the investment business. Since the company only has one segment it does not publish separate segment reporting. 1.3. Approved IFRSs and IFRICs with effect for the group New standards and amendments to standards and interpretations effective for annual periods beginning on or after 1 January 2024 have not had a significant effect on the consolidated statements of the Group. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements, however no change is implemented in current year. 1.4. Use of estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make estimates, judgments and assumptions that both affect the application of accounting principles and the reported amounts of assets, liabilities, revenues and costs. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Key areas for judgments, assumptions and estimates at the balance sheet date, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed in the respective notes. 1.5. Significant accounting principles The accounting principles have been consistently applied in all periods for all the group companies. Where required, the subsidiaries\u2019 financial statements have been adjusted to ensure consistent accounting principles within the Group. 1.5.1. Foreign currency 1.5.1.1. Functional currency and presentation currency The group\u2019s presentation currency is the Euro (EUR) and the parent company\u2019s presentation currency is the Norwegian Krone (NOK). The functional currencies of the group entities are NOK and EUR. 1.5.1.2. Consolidation The accounts of any unit in the group which uses a functional currency deviating from the group\u2019s functional currency are translated to NOK as follows: \uf0b7 Assets and liabilities are translated at the foreign exchange rate at the balance sheet date, \uf0b7 The income statement is translated at average of month end exchange rates for the period, and \uf0b7 All exchange differences are booked to other comprehensive income Translation differences arising from the translation of a net investment in foreign operations are specified as translation differences in the statement of equity. On disposal of a foreign operation, the accumulated translation differences relating to the subsidiary are recognised in the statement of profit and loss. At year end, the statement of financial position was converted from functional currency to presentation currency EUR using 11,80 and 11,24 for 31 December 2024 and 2023 respectively. The statement of profit and loss and other comprehensive income was converted from functional currency to presentation currency EUR using 11,62 and 11,42 for 2024 and 2023 respectively. The group consolidates all subsidiaries at the Nordic Financials ASA level. 1.5.1.3. Transactions and balances in foreign currency Transactions in foreign currency are translated at the rate applicable on the transaction date. Monetary items in a foreign currency are translated into the functional currency using the exchange rate applicable at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Change in exchange rates are recognised in the statement of comprehensive income as they occur during the accounting period. These changes are likely to be reversed in the profit and loss going forward. 1.5.2 Fixed assets The Group\u2019s property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. After the disposal of the solar business, the Group has no fixed assets. 1.5.3 Leasing The group leases office space and land related to solar power plants. Office leases are typically made for fixed periods. Land lease agreements will normally have a duration equal to the Feed-in-tariff period of the associated plant. Lease liabilities include the net present value of lease payments over the leasing period. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Right-of-use assets are generally depreciated over the lease term on a straight-line basis. After the disposal of the solar business the Group has no land lease agreements or lease of equipment in Italy. 1.5.4. Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is made. Revenue is measured at the fair value of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes or duty. After the disposal of solar business and the management operations, the Group currently has no revenue generating activities. The policies explained below applies to discontinued operations. From solar power plant operations, the group had two main sources of revenue: 1.5.4.1 Feed-in Tariff (FiT) The Feed-in Tariff is a fixed nominal fee that is paid to the operator of a solar power plant for each kWh of produced electricity over the 20-year contract period. Payment of FiT is managed by Gestore dei Servizi Energetici (\u201cGSE\u201d), which is a governmental agency with the purpose of promoting and supporting renewable energy sources in Italy. The fixed Feed-in Tariff received from GSE typically represents approximately 80-90% of the solar power plant revenues. Payment is done monthly based on estimated monthly production. Estimated production is equal to actual production previous calendar year. Once a year there is a payment settling the difference between estimated and actual production. From an accounting perspective Nordic Financials recognises full Feed-in Tariff when the electricity is produced. There is no revenue from feed-in tariff in the continuing operations, and this principle represents the discontinued operation. 1.5.4.2 Sales of electricity The actual wholesale price of electricity is paid to the operator of a solar power plant for each kWh of produced electricity the system feeds into the grid. Revenue from the sale of electricity is recognised once delivery has taken place and the risk and rewards of ownership have been transferred. There is no revenue from sales of electricity in the continuing operation, however the above represents the discontinued operation. 1.5.5 Changes in the composition of the Group The discontinued operations presented in the statement of comprehensive income and statement of cash flows in the comparative period include all operations that have been discontinued by the end of the most recent reporting period. This means that the statements of comprehensive income and cash flows for the comparative period show, as discontinued operations, both those reported as discontinued in the previous period together with those classified as discontinued in the current period. This ensures that the amounts disclosed in the statements of comprehensive income and cash flows for continuing operations are comparable and provide a more useful basis for predicting future results. In contrast, the information in the statement of financial position for the prior year is not restated. 1.6 Climate Risk The Company\u2019s main operation in the reporting period has been investments in assets that produce renewable energy. However, at the end of the reporting period and going forward the main activity will be financial investment. Going forward Nordic Financials will exert influence more indirectly and through its investment activities", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__14": { "value": "1.1. Going concern The consolidated financial statements have been prepared based on the going concern assumption. This is based on the group\u2019s plans, budgets and level of activity going forward.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__15": { "value": "1.2. Segment reporting For management purposes, the group is organised into one segment, the investment business. Since the company only has one segment it does not publish separate segment reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__16": { "value": "1.3. Approved IFRSs and IFRICs with effect for the group New standards and amendments to standards and interpretations effective for annual periods beginning on or after 1 January 2024 have not had a significant effect on the consolidated statements of the Group. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements, however no change is implemented in current year.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__17": { "value": "1.4. Use of estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make estimates, judgments and assumptions that both affect the application of accounting principles and the reported amounts of assets, liabilities, revenues and costs. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Key areas for judgments, assumptions and estimates at the balance sheet date, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed in the respective notes.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__18": { "value": "1.5. Significant accounting principles The accounting principles have been consistently applied in all periods for all the group companies. Where required, the subsidiaries\u2019 financial statements have been adjusted to ensure consistent accounting principles within the Group. 1.5.1. Foreign currency 1.5.1.1. Functional currency and presentation currency The group\u2019s presentation currency is the Euro (EUR) and the parent company\u2019s presentation currency is the Norwegian Krone (NOK). The functional currencies of the group entities are NOK and EUR. 1.5.1.2. Consolidation The accounts of any unit in the group which uses a functional currency deviating from the group\u2019s functional currency are translated to NOK as follows: \uf0b7 Assets and liabilities are translated at the foreign exchange rate at the balance sheet date, \uf0b7 The income statement is translated at average of month end exchange rates for the period, and \uf0b7 All exchange differences are booked to other comprehensive income Translation differences arising from the translation of a net investment in foreign operations are specified as translation differences in the statement of equity. On disposal of a foreign operation, the accumulated translation differences relating to the subsidiary are recognised in the statement of profit and loss. At year end, the statement of financial position was converted from functional currency to presentation currency EUR using 11,80 and 11,24 for 31 December 2024 and 2023 respectively. The statement of profit and loss and other comprehensive income was converted from functional currency to presentation currency EUR using 11,62 and 11,42 for 2024 and 2023 respectively. The group consolidates all subsidiaries at the Nordic Financials ASA level. 1.5.1.3. Transactions and balances in foreign currency Transactions in foreign currency are translated at the rate applicable on the transaction date. Monetary items in a foreign currency are translated into the functional currency using the exchange rate applicable at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Change in exchange rates are recognised in the statement of comprehensive income as they occur during the accounting period. These changes are likely to be reversed in the profit and loss going forward. 1.5.2 Fixed assets The Group\u2019s property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. After the disposal of the solar business, the Group has no fixed assets. 1.5.3 Leasing The group leases office space and land related to solar power plants. Office leases are typically made for fixed periods. Land lease agreements will normally have a duration equal to the Feed-in-tariff period of the associated plant. Lease liabilities include the net present value of lease payments over the leasing period. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Right-of-use assets are generally depreciated over the lease term on a straight-line basis. After the disposal of the solar business the Group has no land lease agreements or lease of equipment in Italy. 1.5.4. Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is made. Revenue is measured at the fair value of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes or duty. After the disposal of solar business and the management operations, the Group currently has no revenue generating activities. The policies explained below applies to discontinued operations. From solar power plant operations, the group had two main sources of revenue: 1.5.4.1 Feed-in Tariff (FiT) The Feed-in Tariff is a fixed nominal fee that is paid to the operator of a solar power plant for each kWh of produced electricity over the 20-year contract period. Payment of FiT is managed by Gestore dei Servizi Energetici (\u201cGSE\u201d), which is a governmental agency with the purpose of promoting and supporting renewable energy sources in Italy. The fixed Feed-in Tariff received from GSE typically represents approximately 80-90% of the solar power plant revenues. Payment is done monthly based on estimated monthly production. Estimated production is equal to actual production previous calendar year. Once a year there is a payment settling the difference between estimated and actual production. From an accounting perspective Nordic Financials recognises full Feed-in Tariff when the electricity is produced. There is no revenue from feed-in tariff in the continuing operations, and this principle represents the discontinued operation. 1.5.4.2 Sales of electricity The actual wholesale price of electricity is paid to the operator of a solar power plant for each kWh of produced electricity the system feeds into the grid. Revenue from the sale of electricity is recognised once delivery has taken place and the risk and rewards of ownership have been transferred. There is no revenue from sales of electricity in the continuing operation, however the above represents the discontinued operation. 1.5.5 Changes in the composition of the Group The discontinued operations presented in the statement of comprehensive income and statement of cash flows in the comparative period include all operations that have been discontinued by the end of the most recent reporting period. This means that the statements of comprehensive income and cash flows for the comparative period show, as discontinued operations, both those reported as discontinued in the previous period together with those classified as discontinued in the current period. This ensures that the amounts disclosed in the statements of comprehensive income and cash flows for continuing operations are comparable and provide a more useful basis for predicting future results. In contrast, the information in the statement of financial position for the prior year is not restated. 1.6 Climate Risk The Company\u2019s main operation in the reporting period has been investments in assets that produce renewable energy. However, at the end of the reporting period and going forward the main activity will be financial investment. Going forward Nordic Financials will exert influence more indirectly and through its investment activities", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__20": { "value": "1.5.1. Foreign currency 1.5.1.1. Functional currency and presentation currency The group\u2019s presentation currency is the Euro (EUR) and the parent company\u2019s presentation currency is the Norwegian Krone (NOK). The functional currencies of the group entities are NOK and EUR. 1.5.1.2. Consolidation The accounts of any unit in the group which uses a functional currency deviating from the group\u2019s functional currency are translated to NOK as follows: \uf0b7 Assets and liabilities are translated at the foreign exchange rate at the balance sheet date, \uf0b7 The income statement is translated at average of month end exchange rates for the period, and \uf0b7 All exchange differences are booked to other comprehensive income Translation differences arising from the translation of a net investment in foreign operations are specified as translation differences in the statement of equity. On disposal of a foreign operation, the accumulated translation differences relating to the subsidiary are recognised in the statement of profit and loss. At year end, the statement of financial position was converted from functional currency to presentation currency EUR using 11,80 and 11,24 for 31 December 2024 and 2023 respectively. The statement of profit and loss and other comprehensive income was converted from functional currency to presentation currency EUR using 11,62 and 11,42 for 2024 and 2023 respectively. The group consolidates all subsidiaries at the Nordic Financials ASA level. 1.5.1.3. Transactions and balances in foreign currency Transactions in foreign currency are translated at the rate applicable on the transaction date. Monetary items in a foreign currency are translated into the functional currency using the exchange rate applicable at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Change in exchange rates are recognised in the statement of comprehensive income as they occur during the accounting period. These changes are likely to be reversed in the profit and loss going forward.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__19": { "value": "1.5.1. Foreign currency 1.5.1.1. Functional currency and presentation currency The group\u2019s presentation currency is the Euro (EUR) and the parent company\u2019s presentation currency is the Norwegian Krone (NOK). The functional currencies of the group entities are NOK and EUR. 1.5.1.2. Consolidation The accounts of any unit in the group which uses a functional currency deviating from the group\u2019s functional currency are translated to NOK as follows: \uf0b7 Assets and liabilities are translated at the foreign exchange rate at the balance sheet date, \uf0b7 The income statement is translated at average of month end exchange rates for the period, and \uf0b7 All exchange differences are booked to other comprehensive income Translation differences arising from the translation of a net investment in foreign operations are specified as translation differences in the statement of equity. On disposal of a foreign operation, the accumulated translation differences relating to the subsidiary are recognised in the statement of profit and loss. At year end, the statement of financial position was converted from functional currency to presentation currency EUR using 11,80 and 11,24 for 31 December 2024 and 2023 respectively. The statement of profit and loss and other comprehensive income was converted from functional currency to presentation currency EUR using 11,62 and 11,42 for 2024 and 2023 respectively. The group consolidates all subsidiaries at the Nordic Financials ASA level. 1.5.1.3. Transactions and balances in foreign currency Transactions in foreign currency are translated at the rate applicable on the transaction date. Monetary items in a foreign currency are translated into the functional currency using the exchange rate applicable at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. Change in exchange rates are recognised in the statement of comprehensive income as they occur during the accounting period. These changes are likely to be reversed in the profit and loss going forward.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__21": { "value": "1.5.1.2. Consolidation The accounts of any unit in the group which uses a functional currency deviating from the group\u2019s functional currency are translated to NOK as follows: \uf0b7 Assets and liabilities are translated at the foreign exchange rate at the balance sheet date, \uf0b7 The income statement is translated at average of month end exchange rates for the period, and \uf0b7 All exchange differences are booked to other comprehensive income Translation differences arising from the translation of a net investment in foreign operations are specified as translation differences in the statement of equity. On disposal of a foreign operation, the accumulated translation differences relating to the subsidiary are recognised in the statement of profit and loss. At year end, the statement of financial position was converted from functional currency to presentation currency EUR using 11,80 and 11,24 for 31 December 2024 and 2023 respectively. The statement of profit and loss and other comprehensive income was converted from functional currency to presentation currency EUR using 11,62 and 11,42 for 2024 and 2023 respectively. The group consolidates all subsidiaries at the Nordic Financials ASA level.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__22": { "value": "1.5.2 Fixed assets The Group\u2019s property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. After the disposal of the solar business, the Group has no fixed assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__23": { "value": "1.5.3 Leasing The group leases office space and land related to solar power plants. Office leases are typically made for fixed periods. Land lease agreements will normally have a duration equal to the Feed-in-tariff period of the associated plant. Lease liabilities include the net present value of lease payments over the leasing period. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Right-of-use assets are generally depreciated over the lease term on a straight-line basis. After the disposal of the solar business the Group has no land lease agreements or lease of equipment in Italy. 1.5.4. Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is made. Revenue is measured at the fair value of the consideration received or receivable, considering contractually defined terms of payment and excluding taxes or duty. After the disposal of solar business and the management operations, the Group currently has no revenue generating activities. The policies explained below applies to discontinued operations. From solar power plant operations, the group had two main sources of revenue: 1.5.4.1 Feed-in Tariff (FiT) The Feed-in Tariff is a fixed nominal fee that is paid to the operator of a solar power plant for each kWh of produced electricity over the 20-year contract period. Payment of FiT is managed by Gestore dei Servizi Energetici (\u201cGSE\u201d), which is a governmental agency with the purpose of promoting and supporting renewable energy sources in Italy. The fixed Feed-in Tariff received from GSE typically represents approximately 80-90% of the solar power plant revenues. Payment is done monthly based on estimated monthly production. Estimated production is equal to actual production previous calendar year. Once a year there is a payment settling the difference between estimated and actual production. From an accounting perspective Nordic Financials recognises full Feed-in Tariff when the electricity is produced. There is no revenue from feed-in tariff in the continuing operations, and this principle represents the discontinued operation. 1.5.4.2 Sales of electricity The actual wholesale price of electricity is paid to the operator of a solar power plant for each kWh of produced electricity the system feeds into the grid. Revenue from the sale of electricity is recognised once delivery has taken place and the risk and rewards of ownership have been transferred. There is no revenue from sales of electricity in the continuing operation, however the above represents the discontinued operation. 1.5.5 Changes in the composition of the Group The discontinued operations presented in the statement of comprehensive income and statement of cash flows in the comparative period include all operations that have been discontinued by the end of the most recent reporting period. This means that the statements of comprehensive income and cash flows for the comparative period show, as discontinued operations, both those reported as discontinued in the previous period together with those classified as discontinued in the current period. This ensures that the amounts disclosed in the statements of comprehensive income and cash flows for continuing operations are comparable and provide a more useful basis for predicting future results. In contrast, the information in the statement of financial position for the prior year is not restated. 1.6 Climate Risk The Company\u2019s main operation in the reporting period has been investments in assets that produce renewable energy. However, at the end of the reporting period and going forward the main activity will be financial investment. Going forward Nordic Financials will exert influence more indirectly and through its investment activities", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__25-1": { "value": "Note 2: Significant events during the period Discontinued operations At the general meeting in May 2024, a strategic decision was made to distribute the existing solar assets as dividend. This move was taken to optimize capital allocation and enhance shareholder value while preparing the company for a new phase of growth as an investment company. The strategic changes to the group and reorganization of the operations were a response to falling profitability because of increase in both financial and regulatory cost. In September 2024 the company disposed of its entire solar park business, followed by disposal of its management business in December 2024. The discontinued operations have been reported as a single amount in the statement of comprehensive income separately from continuing operations as \u201cLoss from discontinued operations\u201d. Loss from discontinued operations comprise the total of profit/loss for the period until loss of control of discontinued operations and the recognized loss on the disposal of the discontinued operations (fair value of discontinued operations less book value of net assets). The consolidated statement of comprehensive income for 2023 has been restated to reflect the discontinued operations as a single amount separate from the continuing operations. See below for details of the discontinued operations. 2.1 Dividend payment and disposal of the solar park business On 29 August 2024 the board of Nordic Financials ASA decided to distribute the solar park portfolio as dividend to its shareholders. Nordic Financials ASA distributed a total of 23 791 983 shares in Aega AS to the shareholders, with a dividend of NOK 2.50 per share. Total dividend payment of NOK 59 479 958 was paid out on 27 September 2024, which is considered to be the point of loss of control. The distribution is regarded as repayment of paid in capital by the shareholders of Nordic Financials ASA. The debt in Nordic Financials ASA, has in consultation with the lenders, been moved to Aega AS. Nordic Financials ASA is debt-free after the dividend payment. Consequently, Nordic Financials ASA will not own any solar parks after the dividend payment. The financial performance and cash flow information related to the disposal of the discontinued solar park business in 2024 and for the year ended 2023 is disclosed below and in note 12 and 15: 2.1.1 Financial information discontinued solar park business (EUR) Note2024 2023Feed-In Tariff revenue 2 039 831 2 416 439Sales of electricity 775 856 967 505Revenues 2 815 687 3 383 944Cost of operations -360 644 -592 825Other operating expenses -20 121 -24 515EBITDA 2 434 922 2 766 604Depreciation and amortization -1 215 529 -1 727 303Operating profit 1 219 393 1 039 302Net finance -359 217 -770 866Profit before income tax 860 176 268 436Income tax -132 305 -215 841Profit for the period 727 871 52 594Earnings per share0,03 0,00Avg. no of shares 23 791 983 47 583 9662.1.2 Cash Flow discontinued solar park business 2024(EUR)Net cash flow from operating activities 1 581 304Net cash flow from investing activities -139 305Net cash flow from financing activities -1 665 677Net cash outflow/inflow -223 678Cash at beginning of period 1 692 546Cash at time of disposal 1 468 8682.2. Disposal of management business On 2 December 2024 Nordic Financials ASA sold all shares in Aega Management AS to Aega AS and thereby disposed of its management business, which had the operational responsibility and management agreements with the solar parks. The financial performance and cash flow information related to the disposal of the management business in 2024 and for the year ended 2023 is disclosed below: 2.2.1 Financial information discontinued management business (EUR) Note2024 2023Other revenue 108 385 0Revenues 108 385 0Cost of operations -57 202 -58 760Personnel expenses -192 023 -170 033Other operating expenses -102 833 -168 488EBITDA -243 673 -397 281Depreciation and amortization -12 356 -12 936Operating profit -256 029 -410 217Net finance 91 24 114Profit for the period -255 938 -386 103Earnings per share-0,01 -0,01Avg. no of shares 23 791 983 47 583 9662.2.2 Cash Flow discontinued management business 2024(EUR)Net cash flow from operating activities -12 801Net cash flow from investing activities 0Net cash flow from financing activities 0Net cash outflow/inflow -12 801Cash at beginning of period 23 337Cash at time of disposal 10 5362.3 Financial information discontinued operations total: (EUR)2024 2023Feed-In Tariff revenue 2 039 831 2 416 439Sales of electricity 775 856 967 505Other revenue 108 385 0Revenues 2 924 072 3 383 944Cost of operations -417 846 -651 585Personnel expenses -192 023 -170 033Other operating expenses -122 954 -193 003EBITDA 2 191 249 2 369 323Depreciation and amortization -1 227 885 -1 740 238Operating profit 963 364 629 085Net finance -359 126 -746 752Profit before income tax 604 238 -117 667Income tax -132 305 -215 841Profit for the period 471 933 -333 509Earnings per share discontinued operations0,02 -0,01Avg. no of shares 23 791 983 47 583 9662.3.1 Cash Flow discontinued operations total: 2024(EUR)Net cash flow from operating activities 1 568 503Net cash flow from investing activities -139 305Net cash flow from financing activities -1 665 677Net cash outflow/inflow-236 479Cash at beginning of period 1 715 882Cash at time of disposal 1 479 4032.4. Loss from discontinued operations The business that was distributed had a fair value of EUR 5,055,971 at the time of distribution, which forms the basis for calculating the loss of EUR 687,958 for the Group: (EUR)Fair Value at the time of distribution 5 055 971Distributed amount of net assets sold 5 743 929Loss from sale of shares 687 958Loss before tax from discontinued operations comprise of: (EUR)Profit before income tax from discontinued operations 604 238Loss from disposal of discontinued operations -687 958Loss from discontinued operation -83 720Loss from discontinued operations in the consolidated statement of comprehensive income comprise of: (EUR)Profit for the period from discontinued operations 471 933Loss from disposal of discontinued operations -687 958Loss from discontinued operation -216 025Note 11: Interests in other entities Subsidiaries are fully consolidated from the date of acquisition, being the date on which the group obtains control, and continue to be consolidated until the date when such control ceases. The acquisition method is applied when accounting for business combinations. A change in the ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. All intra-group balances, transactions, unrealised gains and losses resulting from intragroup transactions and dividends are eliminated in full. After the disposal of the solar business and the management operations, the Group only consists of the Nordic Financials ASA and the subsidiary Nordic Financials AS. Ownership The Group\u2019s subsidiaries on 31 December 2024 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. Place of OwnershipVoting powerName of entityPrincipal activities Ownerbusiness31.12.202431.12.2024Nordic Financials AS Norway 100 % 100 % Holding company Nordic Financials ASA", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__24": { "value": "Note 2: Significant events during the period Discontinued operations At the general meeting in May 2024, a strategic decision was made to distribute the existing solar assets as dividend. This move was taken to optimize capital allocation and enhance shareholder value while preparing the company for a new phase of growth as an investment company. The strategic changes to the group and reorganization of the operations were a response to falling profitability because of increase in both financial and regulatory cost. In September 2024 the company disposed of its entire solar park business, followed by disposal of its management business in December 2024. The discontinued operations have been reported as a single amount in the statement of comprehensive income separately from continuing operations as \u201cLoss from discontinued operations\u201d. Loss from discontinued operations comprise the total of profit/loss for the period until loss of control of discontinued operations and the recognized loss on the disposal of the discontinued operations (fair value of discontinued operations less book value of net assets). The consolidated statement of comprehensive income for 2023 has been restated to reflect the discontinued operations as a single amount separate from the continuing operations. See below for details of the discontinued operations. 2.1 Dividend payment and disposal of the solar park business On 29 August 2024 the board of Nordic Financials ASA decided to distribute the solar park portfolio as dividend to its shareholders. Nordic Financials ASA distributed a total of 23 791 983 shares in Aega AS to the shareholders, with a dividend of NOK 2.50 per share. Total dividend payment of NOK 59 479 958 was paid out on 27 September 2024, which is considered to be the point of loss of control. The distribution is regarded as repayment of paid in capital by the shareholders of Nordic Financials ASA. The debt in Nordic Financials ASA, has in consultation with the lenders, been moved to Aega AS. Nordic Financials ASA is debt-free after the dividend payment. Consequently, Nordic Financials ASA will not own any solar parks after the dividend payment. The financial performance and cash flow information related to the disposal of the discontinued solar park business in 2024 and for the year ended 2023 is disclosed below and in note 12 and 15: 2.1.1 Financial information discontinued solar park business (EUR) Note2024 2023Feed-In Tariff revenue 2 039 831 2 416 439Sales of electricity 775 856 967 505Revenues 2 815 687 3 383 944Cost of operations -360 644 -592 825Other operating expenses -20 121 -24 515EBITDA 2 434 922 2 766 604Depreciation and amortization -1 215 529 -1 727 303Operating profit 1 219 393 1 039 302Net finance -359 217 -770 866Profit before income tax 860 176 268 436Income tax -132 305 -215 841Profit for the period 727 871 52 594Earnings per share0,03 0,00Avg. no of shares 23 791 983 47 583 9662.1.2 Cash Flow discontinued solar park business 2024(EUR)Net cash flow from operating activities 1 581 304Net cash flow from investing activities -139 305Net cash flow from financing activities -1 665 677Net cash outflow/inflow -223 678Cash at beginning of period 1 692 546Cash at time of disposal 1 468 8682.2. Disposal of management business On 2 December 2024 Nordic Financials ASA sold all shares in Aega Management AS to Aega AS and thereby disposed of its management business, which had the operational responsibility and management agreements with the solar parks. The financial performance and cash flow information related to the disposal of the management business in 2024 and for the year ended 2023 is disclosed below: 2.2.1 Financial information discontinued management business (EUR) Note2024 2023Other revenue 108 385 0Revenues 108 385 0Cost of operations -57 202 -58 760Personnel expenses -192 023 -170 033Other operating expenses -102 833 -168 488EBITDA -243 673 -397 281Depreciation and amortization -12 356 -12 936Operating profit -256 029 -410 217Net finance 91 24 114Profit for the period -255 938 -386 103Earnings per share-0,01 -0,01Avg. no of shares 23 791 983 47 583 9662.2.2 Cash Flow discontinued management business 2024(EUR)Net cash flow from operating activities -12 801Net cash flow from investing activities 0Net cash flow from financing activities 0Net cash outflow/inflow -12 801Cash at beginning of period 23 337Cash at time of disposal 10 5362.3 Financial information discontinued operations total: (EUR)2024 2023Feed-In Tariff revenue 2 039 831 2 416 439Sales of electricity 775 856 967 505Other revenue 108 385 0Revenues 2 924 072 3 383 944Cost of operations -417 846 -651 585Personnel expenses -192 023 -170 033Other operating expenses -122 954 -193 003EBITDA 2 191 249 2 369 323Depreciation and amortization -1 227 885 -1 740 238Operating profit 963 364 629 085Net finance -359 126 -746 752Profit before income tax 604 238 -117 667Income tax -132 305 -215 841Profit for the period 471 933 -333 509Earnings per share discontinued operations0,02 -0,01Avg. no of shares 23 791 983 47 583 9662.3.1 Cash Flow discontinued operations total: 2024(EUR)Net cash flow from operating activities 1 568 503Net cash flow from investing activities -139 305Net cash flow from financing activities -1 665 677Net cash outflow/inflow-236 479Cash at beginning of period 1 715 882Cash at time of disposal 1 479 4032.4. Loss from discontinued operations The business that was distributed had a fair value of EUR 5,055,971 at the time of distribution, which forms the basis for calculating the loss of EUR 687,958 for the Group: (EUR)Fair Value at the time of distribution 5 055 971Distributed amount of net assets sold 5 743 929Loss from sale of shares 687 958Loss before tax from discontinued operations comprise of: (EUR)Profit before income tax from discontinued operations 604 238Loss from disposal of discontinued operations -687 958Loss from discontinued operation -83 720Loss from discontinued operations in the consolidated statement of comprehensive income comprise of: (EUR)Profit for the period from discontinued operations 471 933Loss from disposal of discontinued operations -687 958Loss from discontinued operation -216 025", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__26": { "value": "2.1 Dividend payment and disposal of the solar park business On 29 August 2024 the board of Nordic Financials ASA decided to distribute the solar park portfolio as dividend to its shareholders. Nordic Financials ASA distributed a total of 23 791 983 shares in Aega AS to the shareholders, with a dividend of NOK 2.50 per share. Total dividend payment of NOK 59 479 958 was paid out on 27 September 2024, which is considered to be the point of loss of control. The distribution is regarded as repayment of paid in capital by the shareholders of Nordic Financials ASA. The debt in Nordic Financials ASA, has in consultation with the lenders, been moved to Aega AS. Nordic Financials ASA is debt-free after the dividend payment. Consequently, Nordic Financials ASA will not own any solar parks after the dividend payment. The financial performance and cash flow information related to the disposal of the discontinued solar park business in 2024 and for the year ended 2023 is disclosed below and in note 12 and 15:", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__27-1": { "value": "Note 3: Personnel expenses and remuneration (EUR)2024 2023*Salaries and vacation pay 363 518 182 872 Social security tax 66 246 40 732 Pension expense 6 610 6 677 Other personnel expenses 345 37 Remuneration to the Board of Directors 60 904 57 980 Total payroll and related expenses: 497 623 288 299 *Restated \u2013 se explanation in note 1.5.5In the continuing operations, the group had one full-time equivalent in 2024 compared to one in 2023. Including discontinuing operations, the group had two full-time equivalents in 2023. The Company has a defined contribution pension scheme that complies with the Norwegian occupational pension legislation (called \u201cOTP\u201d). The pension contributions were 2 % for the Company in 2024. The retirement age for all employees, including the management, is 70 years. The Group is obliged to have an occupational pension scheme pursuant to the Act on Occupational Pensions. The Group's pension plans meet the requirements of this Act.Note 5: Remuneration to management and Board of Directors Remuneration to management: All numbers in EUR Other expensedSalarybenefits and bonusName Position Periode served to/from 2024 2023 2024 2023Nils Petter Skaset CEO From February 2020 182 527 182 273 6 610 6 677To further ensure that costs were reduced, the board decided to terminate the employment contract of CEO Nils P. Skaset. According to the terms of the employment agreement, Skaset will remain employed with the company until the end of February 2025 and is entitled to severance pay for 12 months, until end of February 2026. Provisions of EUR 206,454 have been made for severance pay. Remuneration to the Board of Directors: All numbers in EUR Other expensedBoard remunerationbenefits and bonusName Position Periode served to/from 2024 2023 2024 2023Halldor Christen Tjoflaat* Chairman From 28 December 2017 25 807 24 444 76 351 63 282 Jan Peter Harto Member From June 2020 15 484 14 666 Kristine Malm Larneng Member From 28 December 2017 15 484 14 666 *In addition to his role as Chairman of Nordic Financials ASA, Mr. Tjoflaat was hired from his controlled company Hardanger Consulting AS to fill the role as sole director of all subsidiaries and with special responsibility for the Italian subsidiaries until the solar parks were paid out as dividend in kind at the end of Q3 2024. This structure was implemented to reduce management resources spent on following up the Italian SPVs. Shares held by the board of directors and management as of 31.12.2024: Person Role Ownership with control 2024Through Rybo Nor AS, controls 100 shares (0,00042 percent)Halldor Christen Tjoflaat ChairJan Peter Harto Board memberThrough Jan P Harto AS, controls 522 shares (0,00219 percent)Statement on the remuneration for senior executives: The Statement on senior executives\u2019 remuneration has been prepared in accordance with the Norwegian Public Limited Companies Act, the Norwegian Accounting Act and the Norwegian Code of Practice and is adopted by the board of directors. For the purposes of this statement, company employees referred to as senior executives are: Nils Petter Skaset (CEO). The following guidelines are applied for 2024. General principles for the remuneration of senior executives The remuneration of the CEO is determined by the board of directors, whereas remuneration of other senior executives is determined administratively on the basis of a framework specified by the board of directors. The remuneration level shall reflect the complexity and responsibilities of each role and shall take into account the company\u2019s international operations. Being headquartered in Norway, the board of directors will primarily look to other Norwegian companies operating in an international environment for comparison. Remuneration of the senior executives shall be at a competitive level in the relevant labor market(s). It should be a tool for the board of directors to attract and retain the required leadership and motivational for the individual executive. The total remuneration package shall therefore consist of fixed remuneration (basic salary and benefits in kind) and variable, performance-based remuneration (short- and long-term incentives). The remuneration system should be flexible and understandable. Market comparisons will be conducted on a regular basis to ensure that remuneration levels are competitive. Fixed salary The main element of the remuneration package shall be the annual base salary. This is normally evaluated once a year according to individual performance, market competitiveness and local labor market trends. Benefits in kind The senior executives receive benefits in kind that are common for comparable positions. These include telecommunication. Pension scheme A pension contribution \u201cinnskuddspensjon\u201d is provided by the Company. Severance package scheme The CEO has right to up to 12 months\u2019 severance payment given certain circumstances if CEO is removed from the position.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__28": { "value": "Note 4: Remuneration to auditors Amounts are stated excluding VAT. (EUR)2024 2023Statutory audit 74 105 102 162Other Assurance services 2 469 4 139Total renumerations to auditors 76 574 106 301", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__30": { "value": "Note 5: Remuneration to management and Board of Directors Remuneration to management: All numbers in EUR Other expensedSalarybenefits and bonusName Position Periode served to/from 2024 2023 2024 2023Nils Petter Skaset CEO From February 2020 182 527 182 273 6 610 6 677To further ensure that costs were reduced, the board decided to terminate the employment contract of CEO Nils P. Skaset. According to the terms of the employment agreement, Skaset will remain employed with the company until the end of February 2025 and is entitled to severance pay for 12 months, until end of February 2026. Provisions of EUR 206,454 have been made for severance pay. Remuneration to the Board of Directors: All numbers in EUR Other expensedBoard remunerationbenefits and bonusName Position Periode served to/from 2024 2023 2024 2023Halldor Christen Tjoflaat* Chairman From 28 December 2017 25 807 24 444 76 351 63 282 Jan Peter Harto Member From June 2020 15 484 14 666 Kristine Malm Larneng Member From 28 December 2017 15 484 14 666 *In addition to his role as Chairman of Nordic Financials ASA, Mr. Tjoflaat was hired from his controlled company Hardanger Consulting AS to fill the role as sole director of all subsidiaries and with special responsibility for the Italian subsidiaries until the solar parks were paid out as dividend in kind at the end of Q3 2024. This structure was implemented to reduce management resources spent on following up the Italian SPVs. Shares held by the board of directors and management as of 31.12.2024: Person Role Ownership with control 2024Through Rybo Nor AS, controls 100 shares (0,00042 percent)Halldor Christen Tjoflaat ChairJan Peter Harto Board memberThrough Jan P Harto AS, controls 522 shares (0,00219 percent)Statement on the remuneration for senior executives: The Statement on senior executives\u2019 remuneration has been prepared in accordance with the Norwegian Public Limited Companies Act, the Norwegian Accounting Act and the Norwegian Code of Practice and is adopted by the board of directors. For the purposes of this statement, company employees referred to as senior executives are: Nils Petter Skaset (CEO). The following guidelines are applied for 2024. General principles for the remuneration of senior executives The remuneration of the CEO is determined by the board of directors, whereas remuneration of other senior executives is determined administratively on the basis of a framework specified by the board of directors. The remuneration level shall reflect the complexity and responsibilities of each role and shall take into account the company\u2019s international operations. Being headquartered in Norway, the board of directors will primarily look to other Norwegian companies operating in an international environment for comparison. Remuneration of the senior executives shall be at a competitive level in the relevant labor market(s). It should be a tool for the board of directors to attract and retain the required leadership and motivational for the individual executive. The total remuneration package shall therefore consist of fixed remuneration (basic salary and benefits in kind) and variable, performance-based remuneration (short- and long-term incentives). The remuneration system should be flexible and understandable. Market comparisons will be conducted on a regular basis to ensure that remuneration levels are competitive. Fixed salary The main element of the remuneration package shall be the annual base salary. This is normally evaluated once a year according to individual performance, market competitiveness and local labor market trends. Benefits in kind The senior executives receive benefits in kind that are common for comparable positions. These include telecommunication. Pension scheme A pension contribution \u201cinnskuddspensjon\u201d is provided by the Company. Severance package scheme The CEO has right to up to 12 months\u2019 severance payment given certain circumstances if CEO is removed from the position.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__31": { "value": "Note 6: Related party transactions Related party transactions are transfers of resources, services or obligations between the reporting entity and a related party, regardless of whether a price is charged. Nordic Financials ASA rents offices spaces from Kontorfellesskapet i Thunesvei 2 AS a company controlled by the chairman Mr. Tjoflaat. The agreement is a back-to-back sublease agreement with a potential 2% margin to cover cost of the renting company. Mr. Tjoflaat is hired from his controlled company Hardanger Consulting AS to fill the role as sole director of all subsidiaries and with special responsibility for the Italian subsidiaries and to lead the process of reorganisation in second half of 2024. The total remuneration for 2024 was EUR 76,351.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__37": { "value": "Note 7: Financial income and expense Financial income consists of interest income on financial investments. Interest income is recognized by applying the effective interest rate method. Financial expenses consist of interest expense on financial instruments and changes in the fair market values of financial assets at fair value through profit and loss. Currency gains and losses are reported net. (EUR) 2024 2023*Interest income 1 440 28 679Total finance income 1 440 28 679Interest expense -128 186 -254 626Fair value adjustment of shares -420 713 -726 536Total finance costs -548 899 -981 162Net foreign exchange gain/losses 476 73 989*Restated \u2013 se explanation in note 1.5.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__36": { "value": "Note 7: Financial income and expense Financial income consists of interest income on financial investments. Interest income is recognized by applying the effective interest rate method. Financial expenses consist of interest expense on financial instruments and changes in the fair market values of financial assets at fair value through profit and loss. Currency gains and losses are reported net. (EUR) 2024 2023*Interest income 1 440 28 679Total finance income 1 440 28 679Interest expense -128 186 -254 626Fair value adjustment of shares -420 713 -726 536Total finance costs -548 899 -981 162Net foreign exchange gain/losses 476 73 989*Restated \u2013 se explanation in note 1.5.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__35": { "value": "Note 7: Financial income and expense Financial income consists of interest income on financial investments. Interest income is recognized by applying the effective interest rate method. Financial expenses consist of interest expense on financial instruments and changes in the fair market values of financial assets at fair value through profit and loss. Currency gains and losses are reported net. (EUR) 2024 2023*Interest income 1 440 28 679Total finance income 1 440 28 679Interest expense -128 186 -254 626Fair value adjustment of shares -420 713 -726 536Total finance costs -548 899 -981 162Net foreign exchange gain/losses 476 73 989*Restated \u2013 se explanation in note 1.5.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__34": { "value": "Note 7: Financial income and expense Financial income consists of interest income on financial investments. Interest income is recognized by applying the effective interest rate method. Financial expenses consist of interest expense on financial instruments and changes in the fair market values of financial assets at fair value through profit and loss. Currency gains and losses are reported net. (EUR) 2024 2023*Interest income 1 440 28 679Total finance income 1 440 28 679Interest expense -128 186 -254 626Fair value adjustment of shares -420 713 -726 536Total finance costs -548 899 -981 162Net foreign exchange gain/losses 476 73 989*Restated \u2013 se explanation in note 1.5.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__33": { "value": "Note 7: Financial income and expense Financial income consists of interest income on financial investments. Interest income is recognized by applying the effective interest rate method. Financial expenses consist of interest expense on financial instruments and changes in the fair market values of financial assets at fair value through profit and loss. Currency gains and losses are reported net. (EUR) 2024 2023*Interest income 1 440 28 679Total finance income 1 440 28 679Interest expense -128 186 -254 626Fair value adjustment of shares -420 713 -726 536Total finance costs -548 899 -981 162Net foreign exchange gain/losses 476 73 989*Restated \u2013 se explanation in note 1.5.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__32": { "value": "Note 7: Financial income and expense Financial income consists of interest income on financial investments. Interest income is recognized by applying the effective interest rate method. Financial expenses consist of interest expense on financial instruments and changes in the fair market values of financial assets at fair value through profit and loss. Currency gains and losses are reported net. (EUR) 2024 2023*Interest income 1 440 28 679Total finance income 1 440 28 679Interest expense -128 186 -254 626Fair value adjustment of shares -420 713 -726 536Total finance costs -548 899 -981 162Net foreign exchange gain/losses 476 73 989*Restated \u2013 se explanation in note 1.5.5.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__40": { "value": "Note 8: Tax Income tax expense consists of current tax and changes to deferred tax. Current tax comprises the expected tax payable on the taxable income for the year. Current tax is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax liability/tax asset is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences related to investments in subsidiaries where the group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future is not recognized. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the deferred tax asset. The company recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax liability and deferred tax asset are measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax liability and deferred tax asset are recognised at their nominal value and classified as non-current asset and liability in the balance sheet. Deferred tax asset and deferred tax liabilities in the Norwegian entities are offset only if certain criteria are met. In the Italian entities deferred tax asset, deferred tax liabilities and VAT are continuously offset, according to Italian tax legislation. Tax payable and deferred tax are recognised directly in equity to the extent that they relate to equity transactions. Amounts recognised in statement of profit and loss: 2024 2023*Non deductible expensesReconciliation between the expected tax expense and the actual tax expenseProfit before tax -1 455 647 -1 530 633Calculated tax (22%) 320 242 336 739Tax effect on loss sale of shares - not deductable 89 903 0Deferred tax asset not recognised -410 145 -336 739Difference in tax rate between countries 0 0Actual tax expense 0 0Effective tax rate0 %0 %Income tax expense2024 2023*Income tax payable 0 0Income tax set of by deferred tax 0 0Income tax expense 0 0Tax payable2024 2023*Income tax payable 0 64 866Tax payable 0 64 866Tax assets recognized2024 2023*Deferred tax asset 0 0Total tax assets 0 0Tax asset not recognised in the balance sheet 2 418 386 2 201 676*Restated \u2013 se explanation in note 1.5.5. Income tax payable is related to the discontinued operations. Deferred tax assets are due to tax loss carry forward. The Norwegian operations have tax loss carry forward that are not recognized in the balance sheet, which, under the current regulations in Norway, can be carried forward indefinitely. It is uncertain if the group will be able to utilise the tax loss since investment gains in Norway stemming from equity instruments are not taxable. Tax payable 2023 is related to Italian subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__39": { "value": "Note 8: Tax Income tax expense consists of current tax and changes to deferred tax. Current tax comprises the expected tax payable on the taxable income for the year. Current tax is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax liability/tax asset is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences related to investments in subsidiaries where the group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future is not recognized. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the deferred tax asset. The company recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax liability and deferred tax asset are measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax liability and deferred tax asset are recognised at their nominal value and classified as non-current asset and liability in the balance sheet. Deferred tax asset and deferred tax liabilities in the Norwegian entities are offset only if certain criteria are met. In the Italian entities deferred tax asset, deferred tax liabilities and VAT are continuously offset, according to Italian tax legislation. Tax payable and deferred tax are recognised directly in equity to the extent that they relate to equity transactions. Amounts recognised in statement of profit and loss: 2024 2023*Non deductible expensesReconciliation between the expected tax expense and the actual tax expenseProfit before tax -1 455 647 -1 530 633Calculated tax (22%) 320 242 336 739Tax effect on loss sale of shares - not deductable 89 903 0Deferred tax asset not recognised -410 145 -336 739Difference in tax rate between countries 0 0Actual tax expense 0 0Effective tax rate0 %0 %Income tax expense2024 2023*Income tax payable 0 0Income tax set of by deferred tax 0 0Income tax expense 0 0Tax payable2024 2023*Income tax payable 0 64 866Tax payable 0 64 866Tax assets recognized2024 2023*Deferred tax asset 0 0Total tax assets 0 0Tax asset not recognised in the balance sheet 2 418 386 2 201 676*Restated \u2013 se explanation in note 1.5.5. Income tax payable is related to the discontinued operations. Deferred tax assets are due to tax loss carry forward. The Norwegian operations have tax loss carry forward that are not recognized in the balance sheet, which, under the current regulations in Norway, can be carried forward indefinitely. It is uncertain if the group will be able to utilise the tax loss since investment gains in Norway stemming from equity instruments are not taxable. Tax payable 2023 is related to Italian subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__38": { "value": "Note 8: Tax Income tax expense consists of current tax and changes to deferred tax. Current tax comprises the expected tax payable on the taxable income for the year. Current tax is measured using tax rates enacted or substantively enacted at the reporting date. Deferred tax liability/tax asset is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences related to investments in subsidiaries where the group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future is not recognized. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the deferred tax asset. The company recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax liability and deferred tax asset are measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax liability and deferred tax asset are recognised at their nominal value and classified as non-current asset and liability in the balance sheet. Deferred tax asset and deferred tax liabilities in the Norwegian entities are offset only if certain criteria are met. In the Italian entities deferred tax asset, deferred tax liabilities and VAT are continuously offset, according to Italian tax legislation. Tax payable and deferred tax are recognised directly in equity to the extent that they relate to equity transactions. Amounts recognised in statement of profit and loss: 2024 2023*Non deductible expensesReconciliation between the expected tax expense and the actual tax expenseProfit before tax -1 455 647 -1 530 633Calculated tax (22%) 320 242 336 739Tax effect on loss sale of shares - not deductable 89 903 0Deferred tax asset not recognised -410 145 -336 739Difference in tax rate between countries 0 0Actual tax expense 0 0Effective tax rate0 %0 %Income tax expense2024 2023*Income tax payable 0 0Income tax set of by deferred tax 0 0Income tax expense 0 0Tax payable2024 2023*Income tax payable 0 64 866Tax payable 0 64 866Tax assets recognized2024 2023*Deferred tax asset 0 0Total tax assets 0 0Tax asset not recognised in the balance sheet 2 418 386 2 201 676*Restated \u2013 se explanation in note 1.5.5. Income tax payable is related to the discontinued operations. Deferred tax assets are due to tax loss carry forward. The Norwegian operations have tax loss carry forward that are not recognized in the balance sheet, which, under the current regulations in Norway, can be carried forward indefinitely. It is uncertain if the group will be able to utilise the tax loss since investment gains in Norway stemming from equity instruments are not taxable. Tax payable 2023 is related to Italian subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__41": { "value": "Note 9: Earning per share Basic and diluted earnings per share is calculated by dividing the majority shareholders\u2019 share of the profit/loss for the period by the weighted average number of ordinary shares outstanding over the course of the period.2024 2023Avreage number of ordinary shares 23 791 983 47 583 966Profit of the year EUR continuing operations -1 455 647 -1 530 633Profit of the year EUR -1 671 672 -1 864 142Earnings per share continuing operations -0,06 -0,03Earnings per share discontinuing operations -0,01 -0,01Total earnings per share -0,07 -0,04", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__42": { "value": "Note 10: Share capital and shareholder information Ordinary shares are classified as equity. Financial instruments are classified as equity in accordance with the underlying economic realities. Amounts distributed to holders of financial instruments that are categorized as equity, will be recorded directly in equity. Transaction costs directly related to an equity transaction are recognised directly in equity after deducting tax expenses. Dividend distributions to the shareholders of the Company are classified as liability from the date on which the dividend is adopted by the general meeting. General At the ordinary general meeting held on 31 May 2024 it was decided to reduce the share capital by reducing the par value of each share from NOK 1 to NOK 0.5. The share capital reduction amount was transferred to other equity. At the extra ordinary general meeting held on 23 December 2024 it was decided to reduce the share capital by reducing the par value of each share from NOK 0.5 to NOK 0.01. As of 31 December 2024, Nordic Financials ASA had a share capital of NOK 11 895 992 comprising 23 791 983 shares with a par value of NOK 0.5. Nordic Financials ASA has only one share class. All shares have equal voting rights and rights to dividends from the Company. All shares are fully paid. Convertible loan At the extraordinary general meeting on 23 December 2024, it was decided to issue a convertible loan of NOK 2 million. The lenders can convert their respective share of the convertible loan's principal into shares at a subscription price of NOK 0.01. The loan is intended to secure short-term liquidity to cover costs in the period leading up to completion of the rights issue. The convertible loan has an interest rate of 18%. Selaco AS, the company's largest shareholder, contributes NOK 1,000,000 to the convertible loan. In addition, the following primary insiders and related parties support the financing and contribute to the convertible loan: Rybo Nor AS, close to the chairman of the board, Halldor Christen Tjoflaat, participates with NOK 400,000 in the convertible loan. Mamalao AS, close to the chairman of the board, Halldor Christen Tjoflaat, participates with NOK 200,000 in the convertible loan. Jan Peter Harto, board member, participates with NOK 100,000 in the convertible loan. As of the end of 31 December 2024, NOK 1 million had been received by the company. The subsequent NOK 1 million was received 3 January 2025. The entire convertible loan has thus been made available to Nordic Financials ASA. The convertible loan received as of the end of 31 December 2024 has been classified as short-term debt due to the nature of the convertible loan and is measured at fair value through profit or loss. Warrants The Company has no outstanding warrants as of 31 December 2024. Own shares Aega ASA holds no own shares as of 31 December 2024. 20 Largest Shareholders 31.12.2024 Shareholders Share PercentageSELACO AS 2 062 562 8,67 %NORDNET LIVSFORSIKRING AS 953 030 4,01 %BJ\u00d8RN ERIK TVETER 629 122 2,64 %MORO AS 540 926 2,27 %DICHESBUEN AS 480 000 2,02 %SOHAIL SARWAR MIRZA 413 685 1,74 %KNUT BJARNE TANNVIK RYDLAND 397 212 1,67 %STEFFEN SKAUGERUD 293 058 1,23 %OLAV VESAAS 278 714 1,17 %ABN AMRO Global Custody Services N 278 500 1,17 %ROALD ARNOLD NYG\u00c5RD 251 240 1,06 %ODDMUND HODNEKVAM 247 500 1,04 %ESPEN ULEBERG 200 000 0,84 %C - BY - C AS 197 736 0,83 %Christoffer Jellum 188 542 0,79 %Nordnet Bank AB 180 825 0,76 %J.P. Morgan SE 173 044 0,73 %SUBASH THA SHRESTHA 157 990 0,66 %ROLF RUTH 130 000 0,55 %SIGMUND VATLE 127 981 0,54 %Total 20 largest shareholders 8 181 667 34,39 %Nordic Financials ASA outstanding shares 23 791 983 100,00 %", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__44": { "value": "Note 11: Interests in other entities Subsidiaries are fully consolidated from the date of acquisition, being the date on which the group obtains control, and continue to be consolidated until the date when such control ceases. The acquisition method is applied when accounting for business combinations. A change in the ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. All intra-group balances, transactions, unrealised gains and losses resulting from intragroup transactions and dividends are eliminated in full. After the disposal of the solar business and the management operations, the Group only consists of the Nordic Financials ASA and the subsidiary Nordic Financials AS. Ownership The Group\u2019s subsidiaries on 31 December 2024 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business. Place of OwnershipVoting powerName of entityPrincipal activities Ownerbusiness31.12.202431.12.2024Nordic Financials AS Norway 100 % 100 % Holding company Nordic Financials ASA", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__45": { "value": "Note 12: Property, plant and equipment All property, plant and equipment (mainly including solar power plants) are valued at their cost, less accumulated depreciation and impairment. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income. The cost of tangible non-current assets is the purchase price, including taxes/duties and costs directly linked to preparing the asset for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income as incurred, while other costs expected to provide future financial benefits are capitalised. After the disposal of the solar business, the Group has no property, plant or equipment. PPE Cost 31. December 2023 13 809 059Additions 139 305PPE Cost 31. December 2024 13 948 364Accumulated depreciation 3 957 369Discontinued operations -9 990 995Book value 31.12.2024 0Current year depreciation 783 494PPE Cost 31. December 2022 13 747 674Additions 61 385PPE Cost 31. December 2023 13 809 059Accumulated depreciation 3 173 875Book value 31.12.2023 10 635 184Current year depreciation 1 147 716Useful life9-13 yearsDepreciation is calculated using the straight-line method over the useful lives. The depreciation period and method are assessed each year. Nordic Financials has assessed the useful life to equal to the Feed-In Tariff period with a residual value if there is an option to extend the operation. Useful life can in certain cases be extended beyond the Feed-In Tariff period if Nordic Financials has extended land surface rights. Feed-In Tariff period is normally 20 years. For the solar power plants previously owned, the remaining Feed-In Tariff period is 9-13 years from the date Nordic Financials acquired the plant. Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__46": { "value": "Note 13: Financial instruments Classification Financial instruments are classified into the following categories: \uf0b7 Fair value with changes in value through profit or loss \uf0b7 Financial (assets and) liabilities measured at amortised costs The classification depends on the purpose for which the investments were acquired. Management determines the classification of its investments at initial recognition. On 31 December 2024 and 2023, the group has financial instruments in the following categories: \uf0b7 Receivables \uf0b7 Financial assets and liabilities measured at amortised costs \uf0b7 Derivatives Reclassification The Group may choose to reclassify its financial instruments if this meets the reclassification criteria. Reclassifications are made at fair value as of the reclassification date. Recognition and derecognition The Group initially recognize loans and receivables and debt securities on the date when they are originated. All other financial assets and liabilities are initially recognized on the trade date when the entity become a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership and does not retain control over the transferred asset. The group holds derivative financial instruments to hedge its interest rate risk exposure. Derivatives are initially measured at fair value; any directly attributable transaction costs are recognized in profit and loss as incurred. Measurement Interest income and interest expense for all financial instruments are measured at amortised cost, interest income or expense is recorded using the effective interest rate (EIR), which is the rate which exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in finance income in the statement of comprehensive income. The Group has the following financial instruments: Financial Assets 2024Financial asset at (EUR)TotalAsset at FVPLamortized costShare investments92 6690 92 669Other current assets0317 326 317 326Cash055 611 55 61192 669 372 937 465 6062023Financial asset at (EUR)TotalAsset at FVPLamortized costShare investments532 3390 532 339Receivables01 591 002 1 591 002Other current assets; Derivatives165 0000 165 000Cash 01 986 126 1 986 126697 339 3 577 128 4 274 467Financial Liabilities 2024Convertible Liabilities at (EUR)Totalloan at FVPLamortised costTrade payables060 183 60 183Convertible loan84 7820 84 78284 78260 183 144 9652023Derivatives Liabilities at (EUR)Totalat FVPLamortised costLong term loans04 410 563 4 410 563Convertible loan02 658 245 2 658 245Leasing LT04 571 698 4 571 698Leasing ST0484 089 484 089Trade payables 0503 663 503 663Short term financing0800 169 800 169013 428 426 13 428 426Other Current Assets The receivable to Aega AS is MNOK 3,7 and the parties agree that the purchase price shall be settled as soon as the borrower has the liquidity to settle the claim, and within November 1, 2025. There is no reason to indicate any impairment on this loan. Reconciliation of cash flows from financing activities: 2024 (EUR) Lease liabilities Other loans TotalCarrying amount 31.12.2023 5 055 787 7 868 977 12 924 764Cash flowsProceeds from new loans - - -Repayment of principal other loans - -939 781 -939 781Repayment of principal portion of lease liability -479 024 - -479 024Interest paid -188 564 -504 611 -693 175Other changesLoss from discontinued operation 1 044 455 - 1 044 455Interest expenses 188 564 - 188 564Additions lease - - -Loan netted against receivables Aega AS - -2 539 844 -2 539 844Disposal of discontinued operations -5 621 218 -3 884 740 -9 505 957Effect of currency translation - - -Carrying amount 31.12.2024 0 0 0Non-current - - -Current - - -2023 (EUR) Lease liabilities Other loans TotalCarrying amount 31.12.2022 5 523 139 8 852 880 14 376 019Cash flowsAdditions - 320 303 320 303Repayment of principal other loans - -912 438 -912 438Repayment of principal portion of lease liability -467 351 - -467 351Interest paid -273 261 -391 768 -665 029Other changesInterest expenses 273 261 - 273 261Carrying amount 31.12.2023 5 055 787 7 868 977 12 924 764Non-current 484 089 800 169 1 284 258Current 4 571 698 7 068 807 11 640 505Trade and other receivables Trade receivables are amounts due from customers in the ordinary course of business. Other receivables are mainly related to tax, vat and prepayments. The Group considers that there is evidence of impairment if any of the following indicators are present \uf0b7 Significant financial difficulties of the debtor \uf0b7 Probability that the debtor will enter bankruptcy or financial reorganization, and \uf0b7 Default or delinquency in payments (more than 30 days overdue) If collection of the amounts is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. For other receivables there were no indications of impairment at 31 December 2024 or 2023, no provision is booked related to non-current assetsOverview of receivables (EUR) 2024 2023Trade receivables 0 1 191 002Other receivables 0 1 124 906Receivables financial instruments 0 2 315 907Liquidity risk Liquidity risk is the risk of the Company not being able to meet its obligations. The company seeks to have a high portion of its capital employed in the business, therefore taking liquidity risk. Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows. Credit risk The Company is exposed to credit risk through cash and cash equivalents, and receivables. The Company\u2019s banks are mainly large Norwegian and Italian financial institutions. The risk of loss on cash and receivables is considered low. Cash Cash includes only cash at bank. (EUR) 2024 2023Cash Norway 55 611 291 480Cash Italy 0 1 694 647Total cash 55 611 1 986 127Interest rate risk The Company is debt fee and interest rate risk is therefore considered low. It will at most be a risk that could materialize indirectly as a change in interest rate that may affect the Company. Trade payable and other payables Trade and other payables represent liabilities for goods and services provided to the group prior to the end of the financial year which are unpaid. Trade and other payables are classified as current liabilities unless payment is not due within 12 months after the reporting date. The carrying amount of trade receivables and trade payables is approximately equal to fair value, as they are agreed at \u201cnormal\u201d conditions and normally have a short period to maturity. The Group has three main trade payables, the outstanding salaries, outstanding fees to board and fees to the asset manager. (EUR) 2024 2023Trade and other payables 365 492 906 663Trade and other payables 365 492 906 663Market risk Currency risk All operating revenue, all bank financing and most operating expenses are denominated in EUR. The Company is located in Norway and any investments done in markets or assets denominated in other currencies will expose the Company to currency risk. The group was exposed to changes in EUR/NOK exchange rates for cost incurred in Norway and for bank deposits throughout most of 2024. After the disposal of the solar business and the management operations in Italy, the Group has no operating revenue or operating expenses with foreign exchange exposure.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__49": { "value": "Financial assets and liabilities measured at amortised costs \uf0b7 Derivatives Reclassification The Group may choose to reclassify its financial instruments if this meets the reclassification criteria. Reclassifications are made at fair value as of the reclassification date. Recognition and derecognition The Group initially recognize loans and receivables and debt securities on the date when they are originated. All other financial assets and liabilities are initially recognized on the trade date when the entity become a party to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership and does not retain control over the transferred asset. The group holds derivative financial instruments to hedge its interest rate risk exposure. Derivatives are initially measured at fair value; any directly attributable transaction costs are recognized in profit and loss as incurred. Measurement Interest income and interest expense for all financial instruments are measured at amortised cost, interest income or expense is recorded using the effective interest rate (EIR), which is the rate which exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Interest income is included in finance income in the statement of comprehensive income. The Group has the following financial instruments: Financial Assets 2024Financial asset at (EUR)TotalAsset at FVPLamortized costShare investments92 6690 92 669Other current assets0317 326 317 326Cash055 611 55 61192 669 372 937 465 6062023Financial asset at (EUR)TotalAsset at FVPLamortized costShare investments532 3390 532 339Receivables01 591 002 1 591 002Other current assets; Derivatives165 0000 165 000Cash 01 986 126 1 986 126697 339 3 577 128 4 274 467", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__47": { "value": "The Group may choose to reclassify its financial instruments if this meets the reclassification criteria. Reclassifications are made at fair value as of the reclassification date.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__48": { "value": "The group holds derivative financial instruments to hedge its interest rate risk exposure. Derivatives are initially measured at fair value; any directly attributable transaction costs are recognized in profit and loss as incurred.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__50": { "value": "Financial Liabilities 2024Convertible Liabilities at (EUR)Totalloan at FVPLamortised costTrade payables060 183 60 183Convertible loan84 7820 84 78284 78260 183 144 9652023Derivatives Liabilities at (EUR)Totalat FVPLamortised costLong term loans04 410 563 4 410 563Convertible loan02 658 245 2 658 245Leasing LT04 571 698 4 571 698Leasing ST0484 089 484 089Trade payables 0503 663 503 663Short term financing0800 169 800 169013 428 426 13 428 426Other Current Assets The receivable to Aega AS is MNOK 3,7 and the parties agree that the purchase price shall be settled as soon as the borrower has the liquidity to settle the claim, and within November 1, 2025. There is no reason to indicate any impairment on this loan. Reconciliation of cash flows from financing activities: 2024 (EUR) Lease liabilities Other loans TotalCarrying amount 31.12.2023 5 055 787 7 868 977 12 924 764Cash flowsProceeds from new loans - - -Repayment of principal other loans - -939 781 -939 781Repayment of principal portion of lease liability -479 024 - -479 024Interest paid -188 564 -504 611 -693 175Other changesLoss from discontinued operation 1 044 455 - 1 044 455Interest expenses 188 564 - 188 564Additions lease - - -Loan netted against receivables Aega AS - -2 539 844 -2 539 844Disposal of discontinued operations -5 621 218 -3 884 740 -9 505 957Effect of currency translation - - -Carrying amount 31.12.2024 0 0 0Non-current - - -Current - - -2023 (EUR) Lease liabilities Other loans TotalCarrying amount 31.12.2022 5 523 139 8 852 880 14 376 019Cash flowsAdditions - 320 303 320 303Repayment of principal other loans - -912 438 -912 438Repayment of principal portion of lease liability -467 351 - -467 351Interest paid -273 261 -391 768 -665 029Other changesInterest expenses 273 261 - 273 261Carrying amount 31.12.2023 5 055 787 7 868 977 12 924 764Non-current 484 089 800 169 1 284 258Current 4 571 698 7 068 807 11 640 505Trade and other receivables Trade receivables are amounts due from customers in the ordinary course of business. Other receivables are mainly related to tax, vat and prepayments. The Group considers that there is evidence of impairment if any of the following indicators are present \uf0b7 Significant financial difficulties of the debtor \uf0b7 Probability that the debtor will enter bankruptcy or financial reorganization, and \uf0b7 Default or delinquency in payments (more than 30 days overdue) If collection of the amounts is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. For other receivables there were no indications of impairment at 31 December 2024 or 2023, no provision is booked related to non-current assetsOverview of receivables (EUR) 2024 2023Trade receivables 0 1 191 002Other receivables 0 1 124 906Receivables financial instruments 0 2 315 907Liquidity risk Liquidity risk is the risk of the Company not being able to meet its obligations. The company seeks to have a high portion of its capital employed in the business, therefore taking liquidity risk. Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__51": { "value": "Trade and other receivables Trade receivables are amounts due from customers in the ordinary course of business. Other receivables are mainly related to tax, vat and prepayments. The Group considers that there is evidence of impairment if any of the following indicators are present \uf0b7 Significant financial difficulties of the debtor \uf0b7 Probability that the debtor will enter bankruptcy or financial reorganization, and \uf0b7 Default or delinquency in payments (more than 30 days overdue) If collection of the amounts is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. For other receivables there were no indications of impairment at 31 December 2024 or 2023, no provision is booked related to non-current assetsOverview of receivables (EUR) 2024 2023Trade receivables 0 1 191 002Other receivables 0 1 124 906Receivables financial instruments 0 2 315 907", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__52": { "value": "Liquidity risk Liquidity risk is the risk of the Company not being able to meet its obligations. The company seeks to have a high portion of its capital employed in the business, therefore taking liquidity risk. Management monitors rolling forecasts of the Group\u2019s liquidity reserve (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__53": { "value": "Credit risk The Company is exposed to credit risk through cash and cash equivalents, and receivables. The Company\u2019s banks are mainly large Norwegian and Italian financial institutions. The risk of loss on cash and receivables is considered low. Cash Cash includes only cash at bank. (EUR) 2024 2023Cash Norway 55 611 291 480Cash Italy 0 1 694 647Total cash 55 611 1 986 127Interest rate risk The Company is debt fee and interest rate risk is therefore considered low. It will at most be a risk that could materialize indirectly as a change in interest rate that may affect the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__54": { "value": "Cash includes only cash at bank. (EUR) 2024 2023Cash Norway 55 611 291 480Cash Italy 0 1 694 647Total cash 55 611 1 986 127", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__55": { "value": "Trade payable and other payables Trade and other payables represent liabilities for goods and services provided to the group prior to the end of the financial year which are unpaid. Trade and other payables are classified as current liabilities unless payment is not due within 12 months after the reporting date. The carrying amount of trade receivables and trade payables is approximately equal to fair value, as they are agreed at \u201cnormal\u201d conditions and normally have a short period to maturity. The Group has three main trade payables, the outstanding salaries, outstanding fees to board and fees to the asset manager. (EUR) 2024 2023Trade and other payables 365 492 906 663Trade and other payables 365 492 906 663Market risk Currency risk All operating revenue, all bank financing and most operating expenses are denominated in EUR. The Company is located in Norway and any investments done in markets or assets denominated in other currencies will expose the Company to currency risk. The group was exposed to changes in EUR/NOK exchange rates for cost incurred in Norway and for bank deposits throughout most of 2024. After the disposal of the solar business and the management operations in Italy, the Group has no operating revenue or operating expenses with foreign exchange exposure.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__57": { "value": "Market risk Currency risk All operating revenue, all bank financing and most operating expenses are denominated in EUR. The Company is located in Norway and any investments done in markets or assets denominated in other currencies will expose the Company to currency risk. The group was exposed to changes in EUR/NOK exchange rates for cost incurred in Norway and for bank deposits throughout most of 2024. After the disposal of the solar business and the management operations in Italy, the Group has no operating revenue or operating expenses with foreign exchange exposure.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__56": { "value": "Market risk Currency risk All operating revenue, all bank financing and most operating expenses are denominated in EUR. The Company is located in Norway and any investments done in markets or assets denominated in other currencies will expose the Company to currency risk. The group was exposed to changes in EUR/NOK exchange rates for cost incurred in Norway and for bank deposits throughout most of 2024. After the disposal of the solar business and the management operations in Italy, the Group has no operating revenue or operating expenses with foreign exchange exposure.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__58": { "value": "Note 14: Leasing Right-of-use assets are measured at an amount equal to the lease liability. After the disposal of the solar business the Group has no land lease agreements or lease of equipment in Italy. The lease agreement for the headquarter in Oslo has a duration of less than 12 month as of year-end and are therefore not included in the leasing calculation. In the absence of an identifiable discount rate, implicit in the lease agreement, the discount rate used is the estimated Groups incremental borrowing rate of 4-6% for the end of year 2023. 2024 Right-to Use Assets Plant and land leaseAs of 1 January 2024 6 065 609 Addition of right-to use assets - Acquisition cost 31 December 2023 6 065 609 Depreciation 444 392 Discontinued contracts 5 621 218 Net right-to use asset as of 31 December 2024 - Reconcilliation Statement of: Plant and land leaseAt start of 2024 5 055 787 Discontinued contracts -5 621 218 Cash payments for the principal portion of the lease liability Cash flows -290 461 Cash payments for the interest portion of the lease liability Cash flows -188 564 Interest expense on lease liabilities P&L 188 564 Loss on discontinued contracts P&L 855 891 Total lease liability at 31 December 2024 - Current lease liabilities Financial position - Non-curremt lease liabilities Financial position - 2023 Right-to Use Assets Plant and land leaseAs of 1 January 2023 6 065 609 Addition of right-to use assets - Acquisition cost 31 December 2023 6 065 609 Depreciation 1 302 713 Discontinued contracts - Net right-to use asset as of 31 December 2023 4 762 897 Undiscounted Lease Liabilities and Maturity of Cash Outflows Plant and land leaseLess than 1 year 740 612 Over 1 year 5 509 490 Total undiscounted lease liabilities at 31 December 2023 6 250 102 Reconcilliation Statement of: Plant and land leaseAt start of 2023 5 523 138 New lease liabilities recognized in the year - Cash payments for the principal portion of the lease liability Cash flows -467 351 Cash payments for the interest portion of the lease liability Cash flows -273 261 Interest expense on lease liabilities P&L 273 261 Discontinued contracts P&L - Total lease liability at 31 December 2023 5 055 787 Current lease liabilities Financial position 484 089 Non-curremt lease liabilities Financial position 4 571 698 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__59": { "value": "Note 15: Financial investments Nordic Financials AS bought a minority stake in Norsk Renewables AS (formerly Norsk Solar AS) in November 2020. The company was listed on Euronext Growth in April 2021. Nordic Financials AS holds 3,989,170 shares in Norsk Renewables AS as of 31.12.2024. The asset is measured at fair value through profit and loss. As of 31.12.2024 booked value of the shares is 92,669 EUR. The fair value adjustment amounts to 420,713 EUR. No stocks have been bought or sold in 2024, meaning the decrease is solely attributable to changes in the fair value of the shares. The loss is recognized in the profit and loss statement under finance cost. After the end of the reporting period, Norsk Renewables AS has been delisted.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__60": { "value": "Note 16: Subsequent events Change of Ticker at Euronext Expand Oslo Bors The extra ordinary general meeting resolved to change the Company\u2019s name and hence the trading ticker was changed to NOFIN. Change in management As of January 31, 2025, Svend Egil Larsen was appointed Chief Investment Director in Nordic Financials ASA. Mr. Larsen is expected to take seat as soon as the rights issue is conducted. Halldor Chr. Tjoflaat was appointed new CEO with effect from June 1, 2025. Rights issue In April 2025, the Company conducted a rights issue. The successfully conducted rights issue increased the capital with NOK 10,000,000. In addition, the convertible loan secured in December 2024 was converted in April 2025, this increased the capital with an additional NOK 2,360,000. The new capital after the rights issue and loan conversion is NOK 12,597,920.83. The total number of shares is 1,259,791,983 resulting in basic and diluted earnings per share of NOK 0.00. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGCJS95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }