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CORPORATE INFORMATIONThe Group is a renewable energy development company, focusing on development of wind and Solar PV projects from early phase greenfield to ready-to-build. The objectives of the Group as set out in the Articles of Association is the conduct of industry, trade and business associated with energy, IT and commodities, and sectors directly or indirectly related to these, in addition to investments in and acquisitions of businesses, securities, financial instruments and other assets, and participating in other businesses, directly or indirectly linked to these. The Group continuously considers potential organic growth and investment opportunities with the objective of generating further shareholder value. The Group is a public limited liability company incorporated and domiciled in Norway and with its shares listed on the Oslo Stock Exchange. The address of its registered office is Karenslyst All\u00e9 6, 0278 Oslo. These consolidated financial statements were approved by the Board of Directors on 28 February 2024. Overview of Group structure as of 31 December 2023: Shareholder Shareholder Ownership Profit/ Registered Subsidiaries Shareholder interest interest account Equity (loss) office 31.12.2022 31.12.2023 method 2023 N/A Magnora Legacy Norway Magnora ASA 100% Consolidating 0.0 0.0 Holding AS N/A Magnora Renewable Norway Magnora ASA 100% Consolidating 0.0 0.0 Holding AS N/A Magnora Offshore Norway Magnora ASA 100% Consolidating 0.0 0.0 Wind Holding AS Magnora Norway Magnora ASA 100% 100% Consolidating -5.0 0.2 Holding AS Magnora Utvikling Norway Magnora ASA N/A 100% Consolidating -1.7 -1.7 AS Magnora Offshore Norway Magnora ASA 80% 80% Consolidating 0.3 -18.9 Wind AS Magnora South Norway/ Magnora ASA 100% 100% Consolidating -3.1 3.1 Africa Projects AS South Africa Magnora Norway/ Magnora ASA 92% South Africa 100% Consolidating 9.9 -0.2 Development AS South Africa African Green South Magnora 92% 100% Consolidating 0.8 -0.4 Ventures (pty) Ltd Africa ASA Magnora UK PV Norway/ Magnora ASA 100% 100% Consolidating -4. 2 -3.4 Holding AS UK Gamcap Magnora Magnora UK Development UK PV Holding 50% 50% Equity Method -6.0 -6.0 Company AS Magnora Magnora Offshore UK Offshore 100% 100% Consolidating -0.2 -0.2 Wind Holding Ltd Wind AS Magnora Magnora Offshore UK Offshore 100% 100% Consolidating -86.9 -38.2 Wind N3 Ltd Wind AS Hafslund Magnora Norway Magnora ASA 48%* 48%* Equity Method 1.0 -34.8 Sol AS Helios Nordic Sweden Magnora ASA 40% 40% Equity Method 27.1 79.3 Energy AB Kustvind AB Sweden Magnora ASA 37.5% 46% Equity Method 14.7 -6.2 Amounts in the table above are prepared in local GAAP and presented in NOK million. *Including indirect ownership through Helios Nordic Energy Voting rights equals shareholding rights for all Group investments. Subsidiaries listed above of which the Group has a shareholder interest per 31.12.2023, are included in Magnora ASA\u2019s consolidated financial statements, as the control criteria in IFRS 10 are met. NOTE 2. SUMMARY OF MATERIAL ACCOUNTING POLICIESThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. All numbers are in NOK million unless otherwise stated. Some totals may appear inconsistent due to rounding. 2.1 BASIS OF PREPARATIONThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the European Union (EU) and valid as of 31 December 2023. The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Group\u2019s accounting policies. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. 2.1.1 CHANGE IN ACCOUNTING POLICIES The IASB has also adopted several minor changes and clarifications in several different standards. It is not expected that any of these changes will have considerable effect for the Group. The Group has not chosen to adopt early any standards, interpretations or amendments that have been issued but are not yet effective. 2.1.2 FUTURE CHANGES IN STANDARDS The Group is not aware of any future IFRS changes that could affect the consolidated financial statements. 2.2 CONSOLIDATIONSubsidiaries Subsidiaries comprise all entities over which the Group has the power to control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: \u00bb Power over the investee \u00bb Exposure, or rights, to variable returns from its involvement with the investee, and \u00bb The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting rights of an investee, the Group consider all relevant facts and circumstances in assessing whether it has power over an investee, including: \u00bb The contractual arrangement with the other vote holders of the investee \u00bb Rights arising from other contractual arrangements \u00bb The Group\u2019s voting rights and potential voting rights The Group re-assesses whether it controls an investee and if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. The Group applies the acquisition method to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued, and liabilities incurred assumed at the date of exchange. Acquisition- related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities incurred in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. The excess of the cost of the acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the income statement immediately. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group. Associates The share of associates are companies where Magnora has considerable, but not controlling influence. Normally, considerable influence is defined as having ownership between 20 % and 50 % of the voting rights. Ownership in associates are accounted for using the equity method of accounting. Disposal of Subsidiaries When a business is divested, the gain is measured as the difference between the fair value of the consideration received and the company's booked equity, minus any remaining excess value related to the business. Any sales expenses incurred will reduce the gain/increase the loss. Accumulated translation differences and related to the divested business will be recognised in the income statement as part of the gain/loss, with a corresponding contra entry in \"Other items in comprehensive income\". Contingent consideration Any contingent consideration received when the group loses control of a subsidiary is recognized at fair value. In the case of contingent consideration, fair value represents the present value of the probability-weighted expected amount of the future payments. Any changes in the fair value of the contingent consideration in future periods will be accounted for as other income in the consolidated statement of profit or loss. 2.3 FOREIGN CURRENCY TRANSLATIONFunctional and PresentationCurrency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which each entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in NOK, which is the Group\u2019s presentation currency. The functional currency for the parent company is NOK. Transactions and Balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from settlement of such transactions (realised items) and from translation at exchange rates prevailing at balance sheet date of monetary assets and liabilities denominated in foreign currencies (unrealised items) are recognised in the income statement, except when deferred in equity as qualifying cash flow hedges. Group Companies The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency, are translated into the presentation currency as follows: Assets and liabilities are translated at exchange rates prevailing at balance sheet date. Income and expenses are translated at average exchange rates. All resulting exchange differences are recognised in Other Comprehensive Income. Upon consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. 2.4 TRADE RECEIVABLES AND OTHER FINANCIAL ASSETSTrade receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non- current assets. Trade receivables and other financial assets are recognised initially at transaction price according to IFRS 15 and subsequently measured at amortised cost using the effective interest method, less provision for impairment. The Group recognises an allowance for expected credit losses (ECLs) for all financial assets not held at fair value through profit or loss (e.g., trade receivables). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The provision for impairment of trade receivables is recognised in the income statement as \u2018other operating expense\u2019. The provision for impairment of other financial assets is recognised in the income statement as \u2018financial expense\u2019. Hedge accounting has not been applied in 2023 or 2022. The Group measures financial assets at amortised cost if both of the following conditions are met: \u00bb The financial asset is held within a business model with the objective to hold financial assets to collect contractual cash flows and, \u00bb The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified, or impaired. The Group\u2019s financial assets at amortised cost include trade receivables and other short-term receivables. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Financial assets are included in current assets, except for those with maturities greater than 12 months after balance sheet date, in which case they are classified as non-current assets. Financial assets also include marketable securities classified as other current financial assets. All securities acquired are sufficiently liquid shares to allow trading on short notice in case additional funds are needed for working capital. Furthermore, all securities are shares traded on the Oslo, Stockholm, or other major international stock exchanges, and as such, subject to market risks in addition to the specific risks relevant for the company each security represents. Risks related to marketable securities are managed by daily monitoring, weekly update of the portfolio overview, and through trading shares not meeting the risk tolerance set by the Group. As further detailed in note 27 below, these items are in accordance with IFRS 9 adjusted to reflect the current market value of each security at the reporting date. Purchases and sales of marketable securities are accounted for at trade date. Marketable securities are accounted for at fair value and reflected in the Income Statement as financial gain or loss. 2.5 CASH AND CASH EQUIVALENTSIn the consolidated statement of cash flow, cash and cash equivalents includes cash in hand, bank deposits, other short-term highly liquid investments with original maturities of three months or less. 2.6 SHARE CAPITALOrdinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds. Where any Group company acquires the Group\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable cost (net of income taxes) is deducted from equity attributable to the Group\u2019s equity holders until the shares are cancelled, reissued, or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable transaction cost and income tax, is included in equity attributable to the Group\u2019s equity holders. 2.7 CURRENT AND DEFERRED INCOME TAXThe tax expense for the period comprises current and changes in deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss. Deferred income tax is determined using tax rates (and legislation) that have been enacted or substantially enacted by balance sheet date and are expected to apply when the deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. The tax base included in the calculation of deferred income tax is calculated in local currency and translated into NOK at foreign exchange rates prevailing at balance sheet date. Deferred income tax asset and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities related to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. 2.8 EMPLOYEE BENEFITSPension Obligations As of year-end 2023 the Group operates a defined contribution plan. The plan is funded through payments to the pension company, and the Group has no further payment obligations once the contribution is paid. The contributions are recognised as employee benefit expenses when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. Profit-Sharing, Retention and Bonus Plans The Group recognises a provision where contractually obliged or where there is a constructive obligation. The provision considers the incurred portion of the measurement period and shall be based on a \u2018best estimate\u2019 of the expected achievements of the key performance indicators as set out in the actual bonus program. Share-BasedPayments The Group has share-based payment programs to management and employees. Bonus shares in these programs are awarded net after tax. The Group is obliged to withhold an amount for an employee\u2019s tax obligation associated with a share-based payment and transfer that amount, normally in cash, to the tax authority on the employee\u2019s behalf. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash- settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is measured at each reporting date. 2.9 PROVISIONSA provision is recognised in the balance sheet when the Group has a legal or constructive obligation because of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Where there are several similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured as the present value of the expected expenditures required to settle the obligation using a pre-tax discount rate that accounts for time value of money and risks specific to the obligation. The increase in the provision due to the passage of time is recognised as interest expense. 2.10 REVENUE RECOGNITIONRevenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue is recognised as follows: \u00bbThe Group receives royalty in exchange for the license of intellectual property (design fees). The royalty received is recognised at the later of when: - the subsequent sale or usage occurs; and - the performance obligation to which some or all the sales-based or usage-based royalty has been allocated is satisfied The royalty is based on production and offloading of oil barrels and the revenue is recognised as the offloading occurs. \u00bb The Group provides administrative and project development services to associated companies on an hourly basis. Revenue is recognised as the work is performed. \u00bb Dividend income is recognised when the right to receive payment is established \u00bb Interest income is recognised on a time-proportion basis using the effective interest method 2.11 LEASES IFRS 16The Group recognizes the lease liability and the associated \u201cright-of-use asset\u201d for the use of the underlying asset over the lease term. All leases that transfer the right to control the use of an identifiable asset (the lessee decides the use and receives the financial (dis-) advantages) are recognized. The lease liability is measured as present value of future fixed lease payments. For lease agreements entered, the discount rate equivalent to the interest rate in the lease agreement is used, if present. Alternatively, the marginal loan rate will be used. The Group has chosen to apply the exemption rule for short-term leases up to 12 months durations and leases for which the underlying asset is of low value, as these contracts are expensed directly in the income statement. For contracts that also include other product or service deliveries, the Group has chosen to use the main rule where \u201cnon-lease components\u201d are expensed as operating expenses separately from the lease component. In determining the lease period, the regular lease period is adjusted for extension options and termination rights, which with reasonable certainty is assessed that the Group will exercise. 2.12 ACQUISITIONSThe acquisition method of accounting applies to business combinations. Compensation is measured at fair value on the transaction date which is when risk and control is transferred and will normally coincide with the implementation date. An allocation of the acquisition price is based on fair value of assets and liabilities acquired. Additional value that cannot be allocated to identifiable assets and liabilities are allocated to goodwill. If fair value of identifiable assets and liabilities is higher than consideration given, the excess is charged to income. Investments in associates are accounted for using the equity method after initially being recognised at cost. 2.13 INTANGIBLEASSETSIntangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognized at their fair value in the Group\u2019s opening balance sheet. Capitalized intangible assets are recognized at cost less any amortization and impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized but are expensed as occurred. The economic life is either definite or indefinite. Intangible assets with a definite economic life are amortized over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate. Intangible assets with an indefinite economic life are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life are not amortized. Economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively. 2.14 RESEARCH AND DEVELOPMENTExpenses relating to research activities are recognised in the statement of comprehensive income as they incur. Expenses relating to development activities are capitalised to the extent that the product or process is technically and commercially viable and the Group has sufficient resources to complete the development work. Expenses that are capitalised include the costs of materials, direct wage costs and a share of the directly attributable common expenses. Capitalised development costs are recognised at their cost minus accumulated amortisation and impairment losses. Capitalised development costs are amortised on a straight-line basis over the estimated useful life of the asset. After the divestment of Evolar, the Group does not currently capitalize development costs. 2.15 IMPAIRMENTDepreciable intangible assets as well as property, plant and equipment are considered for impairment when there are indications that future earnings cannot justify balance sheet value. Goodwill and intangible assets with indefinite useful life are not subject to depreciation but are tested annually for impairment. Impairment is recognized if the carrying amount is higher than the recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash generating units). At each reporting date, one considers the possibilities for a reversal of prior impairments (except goodwill). 2.16 DIVIDEND DISTRIBUTIONDividend distribution to the Group\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividend is approved by the Group\u2019s shareholders. 2.17 TRADE PAYABLESTrade Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 2.18 CASH FLOW STATEMENTThe cash flow statement is prepared in accordance with the direct method. NOTE 3. FINANCIAL RISK MANAGEMENT3.1.FINANCIAL RISK FACTORSThe Group is exposed to market risk, credit risk, currency risk, interest rate risk, inflation risk, liquidity risk. The Company\u2019s overall risk management programme focuses on the uncertainty of financial markets and seeks to minimise potential adverse effects on its financial performance. The Group selects its portfolio projects and companies with emphasis on diversification to mitigate the various inherent risks in each segment of the renewable energy production industry. This does not reduce the individual risks below but makes the Group less vulnerable to the effects of those risks. 3.1.1.MARKET RISK INTEREST RATE RISK The Group has limited debt at the balance sheet date and has thus limited exposure to interest rate risk but could in the future have loan facilities making the Group sensitive to fluctuations in interest rates. FOREIGN EXCHANGE RISK The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD as all operating revenues are in USD. Foreign exchange risk arises from future commercial transactions, recognised assets or liabilities, and net investments in foreign operations when such transactions, assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group is also exposed to foreign exchange risk related to GBP, SEK and ZAR when assets in the UK, Sweden, and South Africa are divested. As most of the Group\u2019s revenue is in USD, the Group has sold USD during 2023 to reduce this currency risk. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s revenue and future earn-outs for divested entities. Any annualised increase or decrease in the USD/NOK foreign exchange by 10 percent would have increased or decreased the Group\u2019s 2023 profit before tax by NOK 17.9 million (2022: NOK 1.2 million). ENERGY PRICE RISK The Group divests its projects and portfolio companies, and the price achieved is dependent on the prevailing and expected future energy prices. A significant decrease of the energy price could cause the internal rate of return for some projects to become negative and the project will therefore not be an attractive investment. 3.1.2.CREDIT RISK Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as loans and credit exposures to customers. The Group has one main banking relationship with a financial institution that is currently rated Aa3. The Group\u2019s major customers are renewable energy operators and investment companies, oil companies, and global marine contractors with a strong financial basis, but, as with suppliers and customers in general, there is a risk that unforeseen financial difficulties on the counterparty\u2019s side may arise which could have material adverse effects on the financial condition, the cash flows and/or the prospects of the Group. 3.1.3.LIQUIDITYRISK Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, and the ability to close out market positions. The Group has implemented routines to continuously update its cash flow forecast with changes to main assumptions relating to payment schedules, license milestone payments etc. and to be able to foresee the necessary actions required to rectify any potential adverse effects on its future liquidity position. The Group is subject to currency, field development and reservoir risk in situations where the license fee is tied to the field development and production such as the Dana income and Shell Penguins license fee income paid in USD. The company also relies heavily on two customers, Dana Petroleum/NEO and Shell, for most of its operating revenues over the next years. The Group derives all its cash flow from disposal of portfolio companies and projects, two legacy agreements and dividends from subsidiaries and associated companies. Negative cash flow and lack of financial performance from portfolio companies therefore affects the Group. The exposure is limited to the Group\u2019s invested amount in those companies and is closely linked to the associated companies\u2019 ability to execute its strategy and manage risks it is exposed to. Magnora is represented on all the boards of its associated companies and mitigates risks through normal governance processes. Access to capital is a risk now that the Group is investing in more capital-intensive projects. This is managed through close dialogues with financial institutions and a strict timeline for cash flow that matches future investment payments with investment gains from farm-downs and exits. Dialogue with potential investors has revealed that the Group\u2019s income from the legacy business limits or prohibits some investors from investing in Magnora, as their investment mandate is limited to renewable investments. The legacy income thus limits the Group\u2019s access to capital, which is part of the background for the current restructuring process announced in January 2024. At the balance sheet date, the Group has only the overdraft facility and no other borrowings, and both Trade receivable and payable mature within a normal 30-day cycle, except for some receivables towards the associated companies. There were no significant overdue receivables as of 31 December 2023. Magnora is in a solid liquidity position with a cash balance of NOK 347.7 million at balance sheet date. 3.1.4.COVENANT The Group has NOK 100 million and NOK 50 million overdraft facilities with two top tier Nordic banks, and no funds were drawn as of 31 December 2023. The facilities have the following financial covenants: - Loan to value must be more than 35 percent - Book Equity must be more than NOK 100 million - Minimum liquidity of NOK 25 million 3.1.5.CAPITAL MANAGEMENT For the Group\u2019s capital management, capital means total equity and cash balance. The primary objective of the Group\u2019s capital management is to maximise shareholder value. The Group manages its capital through budgeting and cost monitoring. The Group has exercised conservative capital and cash management during 2022 and 2023. A sound financial position, with limited interest-bearing debt and an asset light balance sheet reduces the capital and cash management risks. 3.1.6.CLIMATE CHANGES The Group has limited physical assets, and other than IT and office equipment, only a few wind measurement masts at some of its project sites in South Africa. The masts are insured, and the value of the masts is not material. Future climate changes may change political decisions related to renewable energy priorities, which could have a negative or positive impact on some projects. The Group\u2019s portfolio is diversified across renewable technologies and geographical areas to limit the impact of this type of risk. Financial loss due to climate change is thus considered low. At the same time, an increase in climate changes may increase the attractiveness of renewable investments and therefore improve the Group\u2019s access to capital and lower the cost of capital. NOTE 4. ACCOUNTING ESTIMATES AND JUDGEMENTSEstimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are assumed to be reasonable under current circumstances. 4.1.CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONSThe Group makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. VALUATION CONSIDERATION The Scotwind lease option signed by Magnora with The Crown Estate Scotland is an intangible asset in the statement of financial position. If climate changes cause energy prices to decrease significantly, the project may not be realised and the value of the lease option agreement would need to be written down. Based on price forecasts and other data accessible to the Group, the need for renewable energy will continue to increase over the next decades. CONTINGENT CONSIDERATION Divestment of companies may include holdback or earnout amounts. These contingent considerations are measured at fair value to reflect the amount the reporting entity would have to pay a hypothetical counterparty to transfer responsibility for paying the contingent liability. This amount is the present value of the probability-weighted expected amount of the future payment. The amount of contingent considerations recognised during the reporting period is set out in the Divestment section below. TAXES Judgment is required in determining the provision for income taxes. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the outcome of these matters is different from the amounts initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax assets relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction. Deferred tax assets are recognised in relation to the carry forward of unused tax losses only to the extent that it is probable that taxable profit will be available against which the losses can be utilised in the future. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The companies within the Magnora Group have in sum material deductible temporary differences (reference note 15) which, dependent on meeting the recognition requirements according to IAS 12, could result in recognition of deferred tax assets in the balance sheet. The deferred tax asset has been updated as of December 31, 2023, based on the expected revenues and expenses for the next five years. The recognised deferred tax asset is most sensitive to expected future royalty revenue from the production and offloading of the Dana Western Isles FPSO, and the Group\u2019s operating cost level going forward. An assumption has been made that the FPSO will produce according to the expected production profile based on field reserves and lifetime estimates, and that the cost level will continue based on current structure and activities of the Group. The deferred tax asset recognised is expected to be utilised within the next 5 years based on the Group\u2019s contract portfolio and cost base as of today. The book value of the deferred tax asset represents a minor part of the total accumulated tax losses of over NOK 3.5 billion. 4.2.JUDGEMENTSConsolidation of portfolio companies The Group has a portfolio of companies invested in and evaluates each quarter whether it has control in accordance with IFRS 10. The Group invested in Kustvind AB in March 2020 through a share issue and has 46 percent ownership at the balance sheet date. Magnora has the right to increase its ownership to 50% according to a budget and milestone plan. The option to increase ownership is currently not exercisable, as the increase in ownership must come from a capital call from the Kustvind board due to a capital need in the project. The three founders of Kustvind own an equal number of the remaining shares in the company. Magnora has three out of five board members, and the founders have the remaining two members. The other shareholders have the right to elect its third board member at any time, and it is expected that they will do so. Magnora is a minority owner with three other owners and has significant influence of the company. Hence its ownership is accounted for using the equity method as an associated company. The Group invested in Helios AB in February 2021 through a share issue and owns 40 percent of the company at the balance sheet date. The remaining ownership of Helios is divided between the three founders of the company and other early investors. Magnora has one out of five board members, and the founders and other shareholders have the remaining four members of the board. Although Magnora is a majority owner, it exerts no strategic or operational influence on this company, as Helios operates in a segment Magnora has not explored prior to this investment. This company operates fully independent of Magnora. For up to two years after the First Investment from Magnora, significant resolutions (e.g., Annual budgets, amendments in the business plan, any merger/demerger and so on) must be approved by the Board and supported by the director appointed by Magnora. Magnora has significant influence in the company and its ownership is accounted for using the equity method as an associated company. Divestments On 12 May 2023, Magnora sold all its holdings in Evolar to First Solar, Inc. for approximately USD 29 million (NOK 310 million) and additional milestone payments of up to USD 24 million (NOK 265 million). The profit and loss effects of the Evolar ownership is reflected in the Group\u2019s financial results up until 30 April 2023. The scope of the divestment transaction includes Evolar reaching certain milestones developing its perovskite solar cell technology. The gain of NOK 310 million from the sale of Evolar AB is netted against the initial investment and subsequent loans issued to fund Evolar, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with First Solar, Inc. The net gain of NOK 229.6 million was recognised as other income in the second quarter, of which NOK 4.9 million did not have a cash effect as it is subject to certain future contingent events and reflects a best estimate at the transaction date. The Contingent considerations were reassessed as of 31 December 2023 and the fair value of the gain is reflected in the profit and loss statement as other income. The first potential milestone payment for the earnout must be achieved before 12 May 2024, and the remaining milestones must be achieved before 12 May 2029. On 12 July 2023, Magnora sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 8.9 million, with additional milestone payments of up to NOK 51 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 30 June 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 10.7 million is recognised as other income, of which NOK 3 million is subject to certain future contingent events and reflects a best estimate at the transaction date. The milestone payments are expected to be achieved within the next 18 months. On 20 October 2023, Magnora closed its second transaction in South Africa, where it sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 6.2 million, with additional milestone payments of up to NOK 34 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 31 December 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 10.3 million is recognised as other income, of which NOK 1.7 million is subject to certain future contingent events and reflects a best estimate as of 31 December 2023. The milestone payments are expected to be achieved within the next 18 months. Option lease agreement The Scotwind lease option signed by Magnora with The Crown Estate Scotland is an intangible asset in the statement of financial position. The agreement gives Magnora the exclusive right to perform environmental studies in the area awarded. When the requirements in the option lease agreement, including key project consent, are met, the land lease will commence. The intangible asset will start amortizing when the lease commences and will be amortized over the duration of the land lease. NOTE 5. SEGMENT FINANCIALSThe Group has developed from being a former oil and gas engineering company with license revenues and transformed into a renewable energy development company with several projects and investments in companies in its portfolio. As the Group has grown, it has implemented an updated operating model to manage its increasing portfolio. As part of the new operating model, corporate and project related activities and expenses are followed up and reported separately. This is reflected in the tables below. Both the project and corporate segments engage in business activities where it earns revenues and incur expenses. The project segment earns revenues when portfolio companies are disposed. All licensing revenues from legacy oil and gas contracts are managed and reported as part of the corporate segment, and the renewable activities and investments are reported in the project segment. M&A-related expenses for projects and transactions that do not materialise, are reported as an expense in the corporate segment, which is shown separately to show the cost base of the Group. Operating results of the segments are regularly reviewed by the entity\u2019s chief operating decision maker, which is the Magnora board, to make decisions about resources allocated to the segment and assess its performance. Segment performance is evaluated based on EBITDA and operating profit/ loss. SEGMENT FINANCIALS 2023 NOK million Note Corporate Projects Elimination Consolidated Operations Operating revenue 44.9 0.0 -20.3 24.6 Other income 0.0 249.2 0.0 249.2 Operating expense -31.5 -0.7 0.0 -32.2 Development and M&A expense 0.0 -93.9 20.3 -73.6 EBITDA 13.4 154.6 0.0 168.0 Depreciations -0.9 -1.0 0.0 -1.9 Profit/loss from associated companies 10.5 0.0 0.0 10.5 Operating profit/(loss) 23.0 153.6 0.0 176.6 SEGMENT FINANCIALS 2022 NOK million Note Corporate Projects Elimination Consolidated Operations Operating revenue 91.1 0.0 0.0 91.1 Other operating revenue 11.6 0.3 -11.2 0.6 Operating expense -30.6 -1.2 0.0 -31.8 Development and M&A expense 0.0 -60.6 11.2 -49.4 EBITDA 72.0 -61.5 0.0 10.5 Profit/loss from associated companies 0.0 -3.9 0.0 -3.9 Operating profit/(loss) 72.0 -65.4 0.0 6.6NOTE 6. FIXED ASSETSMachinery and Assets under 2023 Total equipment construction Opening net book value 4.3 11.0 15.3 Additions 0.2 5.3 5.5 Depreciations* -0.6 0.0 -0.6 Currency translation 0.6 1.0 1.6 Sale of business -4.2 -17.3 -21.5 Total 0.3 0.0 0.3 *0.1 MNOK of depreciation is capitalized in the financial statements. As of 31 December 2023 Accumulated acquisition cost 0.5 0.0 0.5 Accumulated depreciation -0.2 0.0 -0.2 Total 0.3 0.0 0.3 Depreciation method Linear N/A Machinery and Assets under 2022 Total equipment construction Opening net book value 0.0 0.0 0.0 Acquisition of subsidiaries 2.7 5.0 7,7 Acc depr acq. of -0.9 0.0 -0,9 subsidiary Additions 2.7 6.0 8.7 Depreciations -0.2 0.0 -0.2 Total 4.3 11.0 15.3 As of 31 December 2022 Accumulated acquisition cost 5.6 11.0 16.6 Accumulated depreciation -1.3 0.0 -1.3 Total 4.3 11.0 15.3 Depreciation method Linear N/ANOTE 7.ASSOCIATEDCOMPANIESShareholder Shareholder Shareholder Shareholder Associated Registered Shareholder interest interest interest interest company office 01.01.2021 31.12.2021 31.12.2022 31.12.2023 Magnora Kustvind AB Sweden 15% 30% 37.5% 46% ASA Magnora Helios AB Sweden 0% 40% 40% 40% ASA Hafslund Magnora Magnora Norway 0% 0% 48% 48% Sol AS ASA Gamcap Magnora Mangora United Development UK PV 0% 0% 50% 50% Kingdom Company Ltd* Holding *Magnora has provided a loan of 22.5 MNOK to Gamcap Magnora Development Company Ltd as of 31 December 2023. This is a part of the net investment in the company and the Magnora part of the loss is netted against the loan. Hence the net value of the loan is 19.5 MNOK. Interest held equals the voting rights in the associated companies. The interests in the associated companies are accounted for using the equity method. Registered % interest 2023 Assets Liabilities Revenues Profit/loss office held Gamcap Magnora United Development Company 20.3 26.3 0.0 -6.0 50% Kingdom Ltd Hafslund Magnora Sol Norway 6.4 5.4 0.0 -34.8 48% Kustvind AB Sweden 14.5 0.2 - -6.2 46% Helios Nordic Energy AB Sweden 101.3 74.6 28.1 83.7 40% Total 142.5 106.5 28.1 36.7 Registered % interest 2022 Assets Liabilities Revenues Profit/loss office held Arendal Brygge AS Norway 49.5 54.3 3.8 0.5 50% Kustvind AB Sweden 7.0 0.1 - -5.6 37.5% Helios Nordic Energy AB Sweden 24.7 27.4 9.4 -3.7 40% Total 81.2 81.8 13.2 -8.8 Amounts in the tables above are presented in NOK million. Associated companies (NOK million) 2023 2022 Book value 1 January 26.4 61.4 Acquisition of associates 22.4 6.8 Disposals/ -sale of associates 0.0 0.0 Share of profit/loss 10.5 -3.9 Dividend received -24.1 -6.1 Loss accounted for as part of net investment 3.0 0.0 Currency translation difference 3.0 -2.2 Realization due to gain of control 0.0 -29.6 Net book value 31 December 41.3 26.4 Magnora invested in Kustvind AB in March 2020 and owns 46% as of 31 December 2023. The following table illustrates the summarised financial information for Magnora\u2019s investment in Kustvind AB: Kustvind (NOK million) 2023 2022 Current assets 1.0 0.5 Non-current assets 13.9 7.3 Current liabilities 0.2 0.1 Equity 14.7 7.7 Magnora\u2019s share in equity 6.8 2.9 Currency translation difference 0.6 -0.6 Goodwill 12.2 11.4 Magnora\u2019s carrying amount of investment 19.6 13.7 Profit/(loss) before tax -6.0 -5.6 Total comprehensive income for the year -6.0 -5.6 Magnora\u2019s share of profit/(loss) for the year -2.6 -2.0 Magnora invested in Helios Nordic Energy AB in February 2021 and owns 40 percent of the company as of 31 December 2023. The following table illustrates the summarised financial information for Magnora\u2019s investment in Helios: Helios Nordic Energy (NOK million) 2023 2022 Current assets 76.1 24.1 Non-current assets 19.4 0.6 Current liabilities 75.6 27.4 Non-current liabilities 0.0 0.0 Equity 19.9 -2.7 Magnora\u2019s share in equity 7.9 -1.1 Currency translation difference 0.2 -1.3 Goodwill 11.5 13.8 Magnora\u2019s carrying amount of investment 19.6 11.4 Profit/(loss) before tax 83.8 -3.5 Total comprehensive income for the year 83.8 -3.5 Magnora\u2019s share of profit/(loss) for the year 33.5 -1.4 See note 3.1 above regarding development risks of the portfolio companies. Impairment of associated companies is evaluated annually after year-end, and for financial year 2023 the Group has assessed if there are indicators for impairment. No indicators for impairment were identified as all associated companies are in an early phase of their development and progressing as planned. NOTE 8.FINANCIAL INSTRUMENTS BY CATEGORYAccounting principles for financial instruments were applied to the line items below as indicated: Financial assets NOK million 2023 2022 Category: Asset: Financial assets at amortised cost Trade receivables 7.3 91.5 Financial assets at amortised cost Other financial assets 25.4 23.7 Fair value through profit and loss Cash and cash equivalents 347.6 171.9 Total financial assets 380.3 287.1 Financial liabilities NOK million 2023 2022 Category: Liabilities: Fair value through profit and loss Overdraft facility 0.0 76.3 Financial liabilities at amortised cost Leasing debt 1.2 8.7 Financial liabilities at amortised cost Other payables 34.9 28.6 Financial liabilities at amortised cost Trade payables 6.3 6.2 Total financial liabilities 42.4 119.8 Fair Value Estimation Management has determined that the fair values of cash, short-term deposits, trade receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Overdraftfacility The Group has a total available overdraft facility of NOK 150 million. As of 31 December 2023, none of the overdraft facility has been drawn. See note 3.1.5 for covenants related to the overdraft facility. NOTE 9. CREDIT QUALITY OF TRADE RECEIVABLES AND CASHThe credit quality of trade receivables and cash that were neither past due nor impaired was assessed by reference to external credit ratings (where available) and by analysis of historical information about counterparty default rates: Trade receivables NOK million 2023 2022 No external rating 3.5 3.7 AA- 0 75.3 Total trade receivable and accrued income 3.5 79.0 Cash and cash equivalents NOK million 2023 2022 Aa3 347.6 171.9 Total cash and cash equivalents 347.6 171.9NOTE 10. TRADE AND OTHER RECEIVABLESSpecification of trade and other receivables NOK million 2023 2022 Trade receivables 3.5 3.7 Loss allowance 0.0 0.0 Accrued income* 0.0 75.3 Other receivables 3.8 12.5 Trade and other receivables 7.3 91.5 *Mainly related to milestone payments from Shell Penguins FPSO for 2022. Payment received in Q1 2023. Aging of trade receivables NOK million 2023 2022 Not Due 0.1 2.8 Due 3.4 0.9 Total trade receivables 3.5 3.7 At balance sheet date, NOK 3.4 million was past due in 2023 (2022: NOK 0.9 million). Currency denomination of trade receivables, carrying amounts NOK million 2023 2022 SEK 0.0 1.0 NOK 3.5 2.7 Total trade receivables 3.5 3.7NOTE 11. CASH AND CASH EQUIVALENTSSpecification of cash NOK million 2023 2022 Cash at bank and in hand 346.3 170.2 Restricted short-term bank deposits 1.3 1.7 Total cash and cash equivalents 347.6 171.9NOTE 12. SHARE CAPITALThe total authorised number of ordinary shares was 66.8 million (2022: 66.8 million) with a par value of NOK 0.49 (2022: NOK 0.49) per share. All issued shares were fully paid at the balance sheet date. As of 31 December 2023, Magnora owned 1,070,854 shares or 1.6 percent of total shares outstanding through the share buyback program approved by the annual general meeting. As of 31 December 2022, Magnora owned 21,866 shares or 0.03 percent of the total shares outstanding. Number of Share Share NOK million Total sharescapital premium 1 January 2023 66,822,679 32.7 0.0 32.7 31 December 2023 66,822,679 32.7 0.0 32.7 Number of Share Share NOK million Total shares capital premium 1 January 2022 57,072,679 28.0 0.0 28.0 Capital increase 9,750,000 4.7 0.0 4.7 31 December 2022 66,822,679 32.7 0.0 32.7 During 2022, Magnora closed an equity private placement of 8,950,000 new shares with a subscription price per share of NOK 22.35 and a total offer size of NOK 200 million. Hafslund was pre-allocated 100 MNOK in the share issue and the remaining 100 MNOK was seven times oversubscribed by mutual funds and reputable investors. Hafslund effectively became Magnora\u2019s largest single shareholder. Magnora also issued 800,000 shares during 2022 to exchange options exercised. 20 largest shareholder accounts 31 December 2023 Number of shares Percent ownership (source: VPS) HAFSLUND VEKST AS 4,474,272 6.70 KING KONG INVEST AS 2,670,995 4.00 GINNY INVEST AS 2,469,144 3.70 ALDEN AS 2,217,825 3.32 F1 FUNDS AS 1,747,870 2.62 PHILIP HOLDING AS 1,648,377 2.47 F2 FUNDS AS 1,630,000 2.44 CARE HOLDING AS 1,500,000 2.25 JP MORGAN CHASE BANK 1,434,742 2.15 DNB BANK ASA 1,345,000 2.02 MP PENSJON PK 1,242,732 1.86 NORDNET LIVSFORSIKRING AS 1,166,413 1.75 ALTEA AS 1,154,944 1.73 MAGNORA ASA 1,070,854 1.60 AARSKOG, PHILLIP GEORGE 1,000,000 1.50 MORGAN STANLEY & CO. 995,839 1.49 BALLISTA AS 760,372 1.14 BAKLIEN, \u00c5SMUND 756,100 1.13 CLEARSTREAM BANKING S.A. 751,448 1.13 DANSKE BANK 696,752 1.04 Total, 20 largest shareholders 30,733,679 45.99 Other shareholder accounts 36,089,087 54.01 Total number of shares 66,822,766 100.00 Foreign ownership 10,154,098 120 NOTE 13. SHARE-BASED PAYMENTSIn accordance with approval by the Annual General Meeting of 26 April 2022 and 25 April 2023, the Board of Magnora issued 375,000 options during 2023 to provide long-term incentives to the Board and employees. The options were awarded as follows: Options awarded Torstein Sanness, Executive Chairman 75,000 Erik Sneve, CEO 100,000 Haakon Alfstad, CEO Magnora Offshore Wind 50,000 Espen Erdal, VP Business Development 50,000 Emilie Brackman, VP Wind and Solar 50,000 Hanne Wiger, Business Controller 50,000 Total options awarded 375,000 All options issued in 2023 have a three-year vesting period and all options must be exercised within five years after vested. This is an equity-settled share-based payment, and in accordance with IFRS 2, the value is determined as of the grant date. At balance sheet date there are 1,750,000 options (2022: 1,475,000). The cost of the options is recorded monthly over the vesting (service) period. See note 18 for expensed amount related to share-based payments. The employee or board member receiving the options must stay in his or her position until vesting date to exercise the options. The options are expected to have limited value at the time they become vested, and therefore more likely to be exercised towards the end of the period exercisable. The Black-Scholes model is used to calculate the value of the options. The risk-free rate is set from the rate of five-year treasury bonds at the time of grant date, and this matches the full length of the options once vested. Volatility rate is derived from the daily share prices from 1 January 2019, and then annualised. Share prices from prior periods are considered irrelevant, as the Group significantly changed in Q4 2018 with the sale of its prior business to Sembcorp. Number of Exercise price Number of Exercise price (NOK/Share) 2023 options 2023 (NOK/Share) 2022 options 2022 1 January Granted 22.41 200,000 19.03 100,000 Granted 22.62 75,000 23.70 200,000 Granted 24.96 100,000 22.22 175,000 Granted Granted Granted Exercised 6.5 900,000 Outstanding 31 December 1,750,000 1,475,000 Exercisable 31 December 533,335 166,668 The weighted average remaining contractual life for the share options outstanding as of 31 December 2023 was 5.9 years (2022: 6.7 years). The weighted average fair value of options granted during the year was NOK 15.57 (2022: NOK 13.76). The range of exercise prices for options outstanding at the end of the year was NOK 7.92 to NOK 26.65 (2022: NOK 7.92 to NOK 26.65). The following table lists the inputs to the models used for the plans for the years ended 31 December 2023 and 2022, respectively: NOK million 2023 2022 Weighted average fair values at the measurement date 15.57 13.76 Risk free interest 3.09% / 3.32% / 3.32% 2.83% / 3.13% / 3.13% Volatility 62% / 59% / 59% 64% / 61% / 61% Exercise price 22.41 / 22.10 / 24.96 19.03 / 23.70 / 22.22 Model for estimation of fair value Black-Scholes modelBlack-Scholes model NOTE 14. OTHER CURRENT LIABILITIESNOK million 2023 2022 Payroll liabilities 2.1 2.7 Employer\u2019s contribution tax and other taxes 3.4 4.3 Other payables 34.9 28.6 Leasing debt 0.3 3.5 Total other current liabilities 40.7 39.1NOTE 15. TAXESDeferred income tax assets and liabilities are offset when a legally enforceable right to offset current tax assets against current tax liabilities exists. For 2023 a tax rate of 22% has been used when calculating the deferred tax assets and liabilities (2022: 22%). The Group is not affected by Pillar 2. Specification of booked deferred tax assets/ (liabilities) (NOK million) 2023 2022 Specification net deferred tax assets/(liabilities): Deferred tax asset to be reversed after more than 12 months 768.8 784.1 Deferred tax liabilities to be reversed after more than 12 months -0.4 -4.9 Net deferred tax asset/(liabilities) 768.4 769.0 Deferred tax assets not recognised in the balance sheet -753.7 -758.8 Net deferred tax assets recognised in the balance sheet 15.1 15.1 Net deferred tax (liabilities) recognised in the balance sheet* -0.4 -4.9 *Deferred tax assets and liabilities are not offset as it is related to different tax jurisdictions. Reconciliation of deferred tax assets: Book value 1 January 15.1 23.4 Income statement charge relating to deferred tax assets 0.0 -8.3 Book value 31 December 15.1 15.1 Reconciliation of deferred tax liabilities: Book value 1 January -4.9 0.0 Intangible assets from acquisition of subsidiaries 0.0 -5.1 Disposal of intangible assets 4.8 0.0 Currency translation -0.4 0.0 Tax income related to depreciation of intangible assets 0.1 0.2 Book value 31 December -0.4 -4.9 Specification of deferred tax assets/ (liabilities) booked and not booked (NOK million) 2023 2022 Deferred tax assets: Investments and receivables 0.3 0.5 Fixed assets 0.3 0.4 Intangible assets -0.4 -4.9 Losses carry forward 768.2 773.1 Deferred tax assets 768.4 769.0 Deferred income tax assets are recognised for tax losses carried forward and deductible temporary differences to the extent that the realisation of the tax benefit through future taxable profits is probable. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The recognised deferred tax asset is most sensitive to expected future taxable profits. At balance sheet date, the recognition criteria in IAS 12 were met. The deferred tax asset recognised is expected to be utilised within the next 5 years based upon on the Group\u2019s contract portfolio and cost base as of today. The book value of the deferred tax asset represents a minor part of the total accumulated tax losses. Reference is made to Note 4.1 for further information. Specification of tax income/(expense) (NOK million) 2023 2022 Recognition of deferred tax asset 0.0 -8.3 Tax income related to depreciation of intangible assets 0.1 0.2 Net tax income/(expense) 0.1 -8.1 Reconciliation between tax charge based on the nominal statutory and actual tax rate (NOK million) 2023 2022 Profit/(loss) before tax: 178.8 12.0 Tax calculated (22%) -39.3-2.6 Income not subject to tax 51.8 0.2 Expenses not deductible -0.1-0.2 Results from associated companies 2.3 -0.9 Tax losses for which no deferred income tax asset was recognised -14.6-4.6 Tax income/(expense) 0.1 -8.1 For 2023 a tax rate of 22% has been used when calculating the tax income / (expense), (2022: 22%). NOTE 16. RETIREMENT BENEFIT OBLIGATIONSPension cost charged to the income statement in 2023 was NOK 2.1 million (2022: NOK 2 .4 million). The defined contribution plan had 8 participants at 31.12.2023 (2022: 41 participants). NOTE 17. PROVISIONS NOK million Payroll Bonus Total 1 January 2023 0.6 0.0 0.6 Arising during the year 1.5 1.9 3.4 Reversed during the year 0.0 0.0 0.0 31 December 2023 2.1 1.9 4.0 NOK million Payroll Bonus Total 1 January 2022 2.3 0.0 2.3 Arising during the year 0.0 0.0 0.0 Reversed during the year -1.7 0.0 -1.7 31 December 2022 0.6 0.0 0.6 All provisions in 2023 and 2022 are current in nature. Payroll Provision for 2023 is for bonus awarded, not paid, and employment tax (AGA) for the options issued. Provision for 2022 is for employment tax. NOTE 18. EMPLOYEE BENEFIT EXPENSESpecification of employee expense: (NOK million) 2023 2022 Salaries and vacation pay 23.5 24.1 Employer\u2019s contribution tax 5.5 6.4 Pension costs 2.1 2.4 Bonus 9.0 3.0 Share based payments 8.4 6.3 Other employee benefit expense 1.3 0.4 Capitalized development costs -5.4-10.4 Total employee benefit expense 44.4 32.1 Average number of man-years 19 46 2023 Remuneration of Senior Management: NOK thousand Salaries Bonus Retirement benefits Other benefits Erik Sneve, CEO 2,890 4,189 194 18 B\u00e5rd Olsen, CFO 1,724 937 194 524* Total remuneration paid 4,614 5,126 388 542 *NOK 507,000 due to exercising options. 2022 remuneration of Senior Management:NOK thousand Salaries Bonus Retirement benefits Other benefits Erik Sneve, CEO 2,150 2,290 184 18 B\u00e5rd Olsen, CFO 1,652 147 184 18 Total remuneration paid 3,802 2,437 368 36 Retirement benefit plan was established in 2020 for the management team. No loans, pre-payments, or security were granted to current Senior Management or any member of the Board of Directors in 2023 and 2022. At the balance sheet date there were 1,750,000 options held by the Board of Directors and Senior Management (2022: 1,475,000 options). See note 13 for more information. Reference is made to the \u2018Statement regarding establishment of salary and other benefits for Senior Management\u2019 for further details of remuneration of Senior Management. Remuneration of the Board of Directors: NOK Thousand Member from Member to 2023 2022* Torstein Sanness, Executive 24 May 2017 1,210 6,919 (5,716) Chairman Hilde \u00c5dland, Board Member 24 May 2018 310 777 (472) John Hamilton, Board Member 18 Dec 2018 370 835 (472) Total remuneration paid 1,890 8,531 (6,660) *Significant increase due to the board exercising options awarded in 2019 (option related amounts in parentheses). Shares and options owned or controlled by the Board of Directors and Senior Management: As of 31 December 2023, the Board members and Senior Management owned or controlled the following shares in the Company: Options owned or Shares owned or controlled controlled Torstein Sanness, Executive Chairman 325,000 629,442 Hilde \u00c5dland, Board member 10,000 39,011 John Hamilton, Board member 40,000 33,837 Erik Sneve, CEO 450,000 1,173,871 B\u00e5rd Olsen, CFO 125,000 75,000 Total remuneration paid 950,000 Reference is made to the \u2019Magnora Remuneration Report 2023\u2019 for further details of remuneration of Senior Management.NOTE 19. FINANCIAL INCOMEFinancial income: NOK million 2023 2022 Interest income 15.3 7.2 Gains from investments in marketable securities 0.0 0.8 Total financial income 15.3 8.1 Financial expense: NOK million 2023 2022 Interest cost -12.6-9.7 Losses from investments in marketable securities -0.9-0.5 Total financial expense -13.5 -10.2NOTE 20. EARNINGS PER SHARE Basic earnings per share Basic earnings per share were calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares on issue during the year. 2023 2022 Net profit/(loss) attributable to equity holders (NOK million) 192.5 12.5 Weighted avg. no. of ordinary shares on issue (thousands) 66,823 59,510 Basic earnings per share for continued operations (NOK per 2.88 0.21 share) Diluted earnings per share 2023 2022 Net profit/(loss) attributable to equity holders (NOK million) 192.5 12.5 Weighted avg. no. of ordinary shares for diluted earnings per 67,194 59,695 share (thousands) Basic earnings per share for continued operations (NOK per 2.86 0.21 share)NOTE 21. DIVIDEND AND REPAYMENT OF CAPITALThe annual general meeting and the Board authorised capital distribution of NOK 0.187 per share to be paid quarterly (NOK 0.75 annually). There were two capital distributions totaling NOK 24.6 million in 2023. Capital distribution of NOK 0.187 per share was approved by the board to be paid in early March 2024. There was no capital distribution in 2022. NOTE 22. CASH GENERATED FROM OPERATIONSNOK million 2023 2022 Cash flow from operating activities Profit/(loss) before tax 178.8 12.0 Adjustment for: Depreciations 6, 25, 29 1.9 1.6 Gain sale of subsidiaries 31 -249.2Share of associated companies\u2019 financial results 7 -10.53.9 Share based payments 13 8.4 6.3 Change in marketable securities and forwards 0.0 -0.8 Change in working capital: Capitalization of development costs 29 -9.7-19.4 Trade and other receivables 10 78.4 -106.0 Trade and other payables 1.3 1.2 Other liabilities, provisions and charges 17 3.7 32.5 Cash generated from operations 3.0 -67.7NOTE 23. RELATED PARTY TRANSACTIONSMagnora ASA has an agreement with all subsidiaries and associated companies that allows services to be provided between the companies at agreed upon hourly rates. Magnora had both operating revenues and expenses from services provided between the companies that are related parties to Magnora. The total operating revenues from associated companies in 2023 was NOK 11.8 million (2022: NOK 0.6 million). Specification of sale to and purchases from related parties in the period: NOK million 2023 2022 Operating revenue from associated companies 11.8 0.6 Total operating revenue 11.8 0.6 NOK million 2023 2022 Operating expenses from associated companies 0.0 0.0 Operating expenses paid to other related parties 0.0 0.0 Total operating expense 0.0 0.0NOTE 24. REVENUEOperating revenue in 2023 consisted mainly of revenue from services provided to associated companies and royalty income from the Dana Western Isles FPSO. Royalty from the Dana Western Isles FPSO constitutes 51% (15%) of total operating revenue. Revenue from services provided to associated companies constitutes 49% (0%) of total operating revenue. NOK million 2023 2022 License fee (see also note 10) 12.5 87.6 Other revenue 12.1 3.5 Other operating revenue 0.0 0.6 Total operating revenue 24.6 91.7 Operating revenue from a geographic perspective: The revenue split, based on customer location was as follows: NOK million 2023 2022 Norway 12 0.6 Sweden 0.2 3.5 UK 12.5 87.6 Total operating revenue 24.6 91.7NOTE 25. LEASESThe Group has office rental agreements for its offices in Oslo as of 31 December 2023 which is included as a right-of-use asset in the financial statement. The Group expensed NOK 0.2 million in lease and rental cost for 2023 (2022: 1.4). Specification of changes in the period of the right-of-use assets and the lease liability: NOK million Liability Assets Total opening balance right-to-use-assets/lease 8.7 9.0 obligations as per 1 January 2023 Addition 2.0 2.0 Depreciations* - -2.1 Lease payments -2.2- Other/currency effects 1.2 0.8 Realization due to sale of subsidiary -8.6 -8.6 Total closing balance as of 31 December 2023 1.1 1.1 *1.1 MNOK of depreciations are capitalized in the financial statements. NOK million Liability Assets Total opening balance right-to-use-assets/lease 0.0 0.0 obligations as per 1 January 2022 Addition due to acquisition of subsidiary 11.3 11.6 Depreciations - -2.7 Lease payments -2.6 - Other/currency effects 0.0 0.1 Total closing balance as of 31 December 2022 8.7 9.0 Interest expenses on the leasing obligation amounted to NOK 0.1 million in 2023 (0.2 million in 2022). Liabilities (NOK million) 2023 2022 Short-term liability 0.9 3.5 Long-term liability 0.3 5.2 Total closing balance as of 31 December 1.2 8.7NOTE 26. OTHER OPERATING EXPENSE(NOK million) 2023 2022 Office cost (rental etc) 3.2 3.4 Consultancy (audit, tax and legal) * 53.8 38.6 Travel expenses 1.0 0.9 Other 3.4 4.5 Total other operating expense 61.4 47.4 * Specification of auditor\u2019s fee (excl. VAT): Statutory audit 1.5 0.9 Other services 0.1 0.3 Other certification services 0.0 0.1 Total auditor\u2019s fees 1.6 1.3NOTE 27. MARKETABLE SECURITIESNo marketable securities were sold or held in 2023. In accordance with authorisation from the Board of Directors, Magnora sold marketable securities during 2022 with a net gain of NOK 0.8 million. NOTE 28. OTHER CURRENT FINANCIAL ASSETS(NOK million) 2023 2022 Other current financial assets 25.4 23.7 Total value 25.4 23.7NOTE 29. INTANGIBLE ASSETS NOK million Goodwill Option lease Technology Total Book value 1 January 2023 34.1 124.1 46.8 205.0 Additions 0.0 0.0 10.8 10.8 Realization due to sale of subsidiary -28.0 0.0 -62.4 -90.4Amortization 0.0 0.0 -0.4 -0.4Currency translation 2.3 11.1 5.1 18.5 Book value 31 December 2023 8.4 135.2 0.0 143.6 Depreciation method Infinite Linear Linear NOK million Goodwill Option lease Technology Total Book value 1 January 2022 2.0 0.0 0.0 2.0 Additions 0.0 120.3 0.0 120.3 Acquisitions 31.9 0.0 47.7 79.6 Amortization 0.0 0.0 -0.9 -0.9 Currency translation 0.2 3.8 0.0 4.0 Book value 31 December 2022 34.1 124.1 46.8 205.0 Depreciation method Infinite Linear Linear Impairment testing of goodwill and intangible assets with indefinite useful lives Goodwill and intangible assets with indefinite useful lives are tested annually for impairment by comparing the carrying amount with the recoverable amount. The ratio is monitored based on what is considered as the natural cash-generating unit (CGU) associated with each acquisition. The recoverable amount is calculated based on the value the asset will add to it\u2019s CGU. The carrying amount of goodwill is allocated to the South African operations and amounts to NOK 8.4 million as of 31 December 2023. The CGU is valued based on sum value of the project portfolio. In the project portfolio, each project is valued based on a milestone matrix which includes capacity, price per MW and completion status. The key assumptions on which the management has based its project valuation are price per MW (based on discussion with players in the market), capacity per project and remaining risk per project (incl. grid connection). Fair value of the portfolio is significantly higher than the carrying value. No reasonably possible change in key assumptions on which management has based its determination of the unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount. The assumptions used for calculating value in use and the discount rates take into account the specific risk connected to the CGU. Option lease agreement The ScotWind lease option signed by Magnora with The Crown Estate Scotland is considered to be an intangible asset in the statement of financial position. The agreement gives Magnora the exclusive right to perform environmental studies on the area awarded. When the requirements in the option lease agreement, including key project consent, are met, the land lease will commence. The intangible asset will start amortizing when the lease commences and will be amortized over the duration of the land lease.There are no indications of impairment related to the option lease agreement as of 31 December 2023. NOTE 30. BUSINESS COMBINATIONSThe Group acquired the non-controlling interest in African Green Venture Ltd in 2023 and now holds 100% of the shares in the company. In 2022, the Group acquired the following: ACQUISITION OF SOUTH AFRICAN SPV Magnora and Vindr decided to split the Nordic and South African activities and discontinue the development of Vindr Group. As part of this decision Magnora acquired African Green Venture (AGV) in January 2022 together with the local AGV team and continue developing its wind and solar PV projects in the region. Goodwill in the transaction is mainly related to synergies and competence of the staff, which do not qualify for separate recognition. Goodwill will not be tax deductible. The company\u2019s operating revenue for the period 1 February to 31 December 2022 is NOK 0.0 million and the loss after tax is NOK -3.0 million. If the acquisition had happened 1 January 2022, operating revenue would have been NOK 0.0 million and the loss after tax NOK -3.2 million.See portfolio section in Board of Directors Report above for more details. Cash flow regarding acquisition 2022 Consideration paid 10.5 Cash and bank deposit in the company at acquisition date - Net cashflow regarding acquisition 10.5 Minority share 0.5 Total value of acquired company 11 Identified assets and liabilities on the balance sheet recognized from the 2022 acquisition: Current assets 0.3 Property, plant and equipment 0.2 Current liabilities 0.7 Borrowings -0.2 Total net identifiable assets 1.0 Intangible assets 2.0 Deferred tax regarding intangible assets -0.4 Goodwill 8.4 Total 11.0 ACQUISITION OF EVOLAR AB The Group acquired in April 2022 13.5% of the shares in Evolar AB, making the total Magnora ownership 63.5%. As of this transaction the ownership is fully consolidated in Group financial statements. Until 31 March 2022 Evolar AB was accounted for as an associated company in the Group accounts. The allocation of intangible assets in the transaction is based on the cost approach according to IFRS 13. Goodwill in the transaction is mainly related to the competence of the staff, which do not qualify for separate recognition. Goodwill from this transaction will not be tax deductible. The company\u2019s operating revenue for the period 1 April to 31 December 2 0 2 2 was NOK 3.1 million and the loss after tax is NOK -10.4 million. If the acquisition had happened 1 January 2022, operating revenue would have been NOK 4.3 million and the loss after tax NOK -11.8 million. Cash flow regarding acquisition 2022 Consideration paid on 100% basis 75.3 Total value of acquired company 75.3 Identified assets and liabilities on the balance sheet recognized from the acquisition: 2022 Cash and bank deposits 20.2 Right-of-use-assets 12.3 Capitalized development costs 5.5 Financial assets 2.1 Trade and other receivables 2.2 Property, plant and equipment 7.4 Trade and other payables -10.5 Borrowings / lease liabilities -8.4 Total net identifiable assets 30.7 Intangible assets 24.5 Deferred tax regarding intangible assets -5.1 Goodwill 25.0 Total 75.3 Non-controlling interests 27.5 Majority interest 47.8 Book value of Magnora\u2019s share before the transaction 43.9 Gain/loss related to realization of the associated company 3.9NOTE 31. DIVESTMENTS On 12 May 2023, Magnora sold all its holdings in Evolar to First Solar, Inc. for approximately USD 29 million (NOK 314 million) and additional milestone payments of up to USD 24 million (NOK 256 million based on 10.65 USD/NOK rate). The profit and loss effects of the Evolar ownership is reflected in the Group\u2019s financial results up until 30 April 2023. The scope of the divestment transaction includes Evolar reaching certain milestones developing its perovskite solar cell technology. The gain of NOK 314 million from the sale of Evolar AB is netted against the initial investment and subsequent loans issued to fund Evolar, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with First Solar, Inc. The net gain of NOK 229.6 million was recognised as other income in the second quarter, of which NOK 4.9 million did not have a cash effect as it is subject to certain future contingent events and reflects a best estimate at the transaction date. The Contingent considerations were reassessed as of 31 December 2023 and the fair value of the gain is reflected in the profit and loss statement as other income. The net assets of Evolar at the date of disposal were as follows: 2023 Property, plant and equipment 21.5 Technology 62.4 Right-of-use assets 8.6 Trade receivables 3.9 Bank balances and cash 1.5 Deferred tax liability -4.8 Leasing debt -6.1Current liabilities -8.7 Attributable goodwill 26.0 Disposal non-controlling interests -19.9Currency translation -3.6Net assets disposed of 80.7 Gain on disposal 229.6 Total consideration Cash and cash equivalents 314.0 Short term financing until close of transaction -8.7 Net cash received 305.4 Deferred consideration 4.9 Total consideration transferred 310.3 Net cash inflow arising on disposal: Consideration received in cash and cash equivalents 305.4 Less: cash and cash equivalents disposed of -1.5 Net cash inflow 303.9 The impact of Evolar on the group\u2019s results in the current year was a negative result of 7,5 MNOK and a negative result of 10,4 MNOK for the prior year. The gain from disposal is included in operating income for the year. On 12 July 2023, Magnora sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 8.9 million, with additional milestone payments of up to NOK 51 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 30 June 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 11.1 million is recognised as other income, of which NOK 3 million is subject to certain future contingent events and reflects a best estimate as of 31 December 2023. On 20 October 2023, Magnora closed its second transaction in South Africa, where it sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 6.2 million, with additional milestone payments of up to NOK 34 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 31 December 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 7 million is recognised as other income, of which NOK 1.7 million is subject to certain future contingent events and reflects a best estimate as of 31 December 2023. Total other income recognised from divestments for the year: Other income Evolar 229,6 AGV Projects 11,1 Steelport 7.0 Neptun 1.5 Total other income 249.2NOTE 32. EVENTS AFTER BALANCE SHEET DATEOn 17 January 2024, the Magnora board of directors decided to move the licensing contract with Dana into a separate company organised under Magnora Legacy Holding AS. Capital distribution of NOK 0.187 per share was approved by the board to be paid in early March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__7": { "value": "NOTE 1. CORPORATE INFORMATIONThe Group is a renewable energy development company, focusing on development of wind and Solar PV projects from early phase greenfield to ready-to-build. The objectives of the Group as set out in the Articles of Association is the conduct of industry, trade and business associated with energy, IT and commodities, and sectors directly or indirectly related to these, in addition to investments in and acquisitions of businesses, securities, financial instruments and other assets, and participating in other businesses, directly or indirectly linked to these. The Group continuously considers potential organic growth and investment opportunities with the objective of generating further shareholder value. The Group is a public limited liability company incorporated and domiciled in Norway and with its shares listed on the Oslo Stock Exchange. The address of its registered office is Karenslyst All\u00e9 6, 0278 Oslo. These consolidated financial statements were approved by the Board of Directors on 28 February 2024. Overview of Group structure as of 31 December 2023: Shareholder Shareholder Ownership Profit/ Registered Subsidiaries Shareholder interest interest account Equity (loss) office 31.12.2022 31.12.2023 method 2023 N/A Magnora Legacy Norway Magnora ASA 100% Consolidating 0.0 0.0 Holding AS N/A Magnora Renewable Norway Magnora ASA 100% Consolidating 0.0 0.0 Holding AS N/A Magnora Offshore Norway Magnora ASA 100% Consolidating 0.0 0.0 Wind Holding AS Magnora Norway Magnora ASA 100% 100% Consolidating -5.0 0.2 Holding AS Magnora Utvikling Norway Magnora ASA N/A 100% Consolidating -1.7 -1.7 AS Magnora Offshore Norway Magnora ASA 80% 80% Consolidating 0.3 -18.9 Wind AS Magnora South Norway/ Magnora ASA 100% 100% Consolidating -3.1 3.1 Africa Projects AS South Africa Magnora Norway/ Magnora ASA 92% South Africa 100% Consolidating 9.9 -0.2 Development AS South Africa African Green South Magnora 92% 100% Consolidating 0.8 -0.4 Ventures (pty) Ltd Africa ASA Magnora UK PV Norway/ Magnora ASA 100% 100% Consolidating -4. 2 -3.4 Holding AS UK Gamcap Magnora Magnora UK Development UK PV Holding 50% 50% Equity Method -6.0 -6.0 Company AS Magnora Magnora Offshore UK Offshore 100% 100% Consolidating -0.2 -0.2 Wind Holding Ltd Wind AS Magnora Magnora Offshore UK Offshore 100% 100% Consolidating -86.9 -38.2 Wind N3 Ltd Wind AS Hafslund Magnora Norway Magnora ASA 48%* 48%* Equity Method 1.0 -34.8 Sol AS Helios Nordic Sweden Magnora ASA 40% 40% Equity Method 27.1 79.3 Energy AB Kustvind AB Sweden Magnora ASA 37.5% 46% Equity Method 14.7 -6.2 Amounts in the table above are prepared in local GAAP and presented in NOK million. *Including indirect ownership through Helios Nordic Energy Voting rights equals shareholding rights for all Group investments. Subsidiaries listed above of which the Group has a shareholder interest per 31.12.2023, are included in Magnora ASA\u2019s consolidated financial statements, as the control criteria in IFRS 10 are met.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__6": { "value": "NOTE 1. CORPORATE INFORMATIONThe Group is a renewable energy development company, focusing on development of wind and Solar PV projects from early phase greenfield to ready-to-build. The objectives of the Group as set out in the Articles of Association is the conduct of industry, trade and business associated with energy, IT and commodities, and sectors directly or indirectly related to these, in addition to investments in and acquisitions of businesses, securities, financial instruments and other assets, and participating in other businesses, directly or indirectly linked to these. The Group continuously considers potential organic growth and investment opportunities with the objective of generating further shareholder value. The Group is a public limited liability company incorporated and domiciled in Norway and with its shares listed on the Oslo Stock Exchange. The address of its registered office is Karenslyst All\u00e9 6, 0278 Oslo. These consolidated financial statements were approved by the Board of Directors on 28 February 2024. Overview of Group structure as of 31 December 2023: Shareholder Shareholder Ownership Profit/ Registered Subsidiaries Shareholder interest interest account Equity (loss) office 31.12.2022 31.12.2023 method 2023 N/A Magnora Legacy Norway Magnora ASA 100% Consolidating 0.0 0.0 Holding AS N/A Magnora Renewable Norway Magnora ASA 100% Consolidating 0.0 0.0 Holding AS N/A Magnora Offshore Norway Magnora ASA 100% Consolidating 0.0 0.0 Wind Holding AS Magnora Norway Magnora ASA 100% 100% Consolidating -5.0 0.2 Holding AS Magnora Utvikling Norway Magnora ASA N/A 100% Consolidating -1.7 -1.7 AS Magnora Offshore Norway Magnora ASA 80% 80% Consolidating 0.3 -18.9 Wind AS Magnora South Norway/ Magnora ASA 100% 100% Consolidating -3.1 3.1 Africa Projects AS South Africa Magnora Norway/ Magnora ASA 92% South Africa 100% Consolidating 9.9 -0.2 Development AS South Africa African Green South Magnora 92% 100% Consolidating 0.8 -0.4 Ventures (pty) Ltd Africa ASA Magnora UK PV Norway/ Magnora ASA 100% 100% Consolidating -4. 2 -3.4 Holding AS UK Gamcap Magnora Magnora UK Development UK PV Holding 50% 50% Equity Method -6.0 -6.0 Company AS Magnora Magnora Offshore UK Offshore 100% 100% Consolidating -0.2 -0.2 Wind Holding Ltd Wind AS Magnora Magnora Offshore UK Offshore 100% 100% Consolidating -86.9 -38.2 Wind N3 Ltd Wind AS Hafslund Magnora Norway Magnora ASA 48%* 48%* Equity Method 1.0 -34.8 Sol AS Helios Nordic Sweden Magnora ASA 40% 40% Equity Method 27.1 79.3 Energy AB Kustvind AB Sweden Magnora ASA 37.5% 46% Equity Method 14.7 -6.2 Amounts in the table above are prepared in local GAAP and presented in NOK million. *Including indirect ownership through Helios Nordic Energy Voting rights equals shareholding rights for all Group investments. Subsidiaries listed above of which the Group has a shareholder interest per 31.12.2023, are included in Magnora ASA\u2019s consolidated financial statements, as the control criteria in IFRS 10 are met.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__111": { "value": "The Group is a renewable energy development company, focusing on development of wind and Solar PV projects from early phase greenfield to ready-to-build.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__107": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__110": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__108": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__106": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__109": { "value": "Karenslyst All\u00e9 6, 0278 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__8": { "value": "NOTE 2. SUMMARY OF MATERIAL ACCOUNTING POLICIESThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. All numbers are in NOK million unless otherwise stated. Some totals may appear inconsistent due to rounding. 2.1 BASIS OF PREPARATIONThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the European Union (EU) and valid as of 31 December 2023. The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Group\u2019s accounting policies. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. 2.1.1 CHANGE IN ACCOUNTING POLICIES The IASB has also adopted several minor changes and clarifications in several different standards. It is not expected that any of these changes will have considerable effect for the Group. The Group has not chosen to adopt early any standards, interpretations or amendments that have been issued but are not yet effective. 2.1.2 FUTURE CHANGES IN STANDARDS The Group is not aware of any future IFRS changes that could affect the consolidated financial statements. 2.2 CONSOLIDATIONSubsidiaries Subsidiaries comprise all entities over which the Group has the power to control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: \u00bb Power over the investee \u00bb Exposure, or rights, to variable returns from its involvement with the investee, and \u00bb The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting rights of an investee, the Group consider all relevant facts and circumstances in assessing whether it has power over an investee, including: \u00bb The contractual arrangement with the other vote holders of the investee \u00bb Rights arising from other contractual arrangements \u00bb The Group\u2019s voting rights and potential voting rights The Group re-assesses whether it controls an investee and if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. The Group applies the acquisition method to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued, and liabilities incurred assumed at the date of exchange. Acquisition- related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities incurred in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. The excess of the cost of the acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the income statement immediately. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group. Associates The share of associates are companies where Magnora has considerable, but not controlling influence. Normally, considerable influence is defined as having ownership between 20 % and 50 % of the voting rights. Ownership in associates are accounted for using the equity method of accounting. Disposal of Subsidiaries When a business is divested, the gain is measured as the difference between the fair value of the consideration received and the company's booked equity, minus any remaining excess value related to the business. Any sales expenses incurred will reduce the gain/increase the loss. Accumulated translation differences and related to the divested business will be recognised in the income statement as part of the gain/loss, with a corresponding contra entry in \"Other items in comprehensive income\". Contingent consideration Any contingent consideration received when the group loses control of a subsidiary is recognized at fair value. In the case of contingent consideration, fair value represents the present value of the probability-weighted expected amount of the future payments. Any changes in the fair value of the contingent consideration in future periods will be accounted for as other income in the consolidated statement of profit or loss. 2.3 FOREIGN CURRENCY TRANSLATIONFunctional and PresentationCurrency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which each entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in NOK, which is the Group\u2019s presentation currency. The functional currency for the parent company is NOK. Transactions and Balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from settlement of such transactions (realised items) and from translation at exchange rates prevailing at balance sheet date of monetary assets and liabilities denominated in foreign currencies (unrealised items) are recognised in the income statement, except when deferred in equity as qualifying cash flow hedges. Group Companies The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency, are translated into the presentation currency as follows: Assets and liabilities are translated at exchange rates prevailing at balance sheet date. Income and expenses are translated at average exchange rates. All resulting exchange differences are recognised in Other Comprehensive Income. Upon consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. 2.4 TRADE RECEIVABLES AND OTHER FINANCIAL ASSETSTrade receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non- current assets. Trade receivables and other financial assets are recognised initially at transaction price according to IFRS 15 and subsequently measured at amortised cost using the effective interest method, less provision for impairment. The Group recognises an allowance for expected credit losses (ECLs) for all financial assets not held at fair value through profit or loss (e.g., trade receivables). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The provision for impairment of trade receivables is recognised in the income statement as \u2018other operating expense\u2019. The provision for impairment of other financial assets is recognised in the income statement as \u2018financial expense\u2019. Hedge accounting has not been applied in 2023 or 2022. The Group measures financial assets at amortised cost if both of the following conditions are met: \u00bb The financial asset is held within a business model with the objective to hold financial assets to collect contractual cash flows and, \u00bb The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified, or impaired. The Group\u2019s financial assets at amortised cost include trade receivables and other short-term receivables. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Financial assets are included in current assets, except for those with maturities greater than 12 months after balance sheet date, in which case they are classified as non-current assets. Financial assets also include marketable securities classified as other current financial assets. All securities acquired are sufficiently liquid shares to allow trading on short notice in case additional funds are needed for working capital. Furthermore, all securities are shares traded on the Oslo, Stockholm, or other major international stock exchanges, and as such, subject to market risks in addition to the specific risks relevant for the company each security represents. Risks related to marketable securities are managed by daily monitoring, weekly update of the portfolio overview, and through trading shares not meeting the risk tolerance set by the Group. As further detailed in note 27 below, these items are in accordance with IFRS 9 adjusted to reflect the current market value of each security at the reporting date. Purchases and sales of marketable securities are accounted for at trade date. Marketable securities are accounted for at fair value and reflected in the Income Statement as financial gain or loss. 2.5 CASH AND CASH EQUIVALENTSIn the consolidated statement of cash flow, cash and cash equivalents includes cash in hand, bank deposits, other short-term highly liquid investments with original maturities of three months or less. 2.6 SHARE CAPITALOrdinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds. Where any Group company acquires the Group\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable cost (net of income taxes) is deducted from equity attributable to the Group\u2019s equity holders until the shares are cancelled, reissued, or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable transaction cost and income tax, is included in equity attributable to the Group\u2019s equity holders. 2.7 CURRENT AND DEFERRED INCOME TAXThe tax expense for the period comprises current and changes in deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss. Deferred income tax is determined using tax rates (and legislation) that have been enacted or substantially enacted by balance sheet date and are expected to apply when the deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. The tax base included in the calculation of deferred income tax is calculated in local currency and translated into NOK at foreign exchange rates prevailing at balance sheet date. Deferred income tax asset and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities related to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. 2.8 EMPLOYEE BENEFITSPension Obligations As of year-end 2023 the Group operates a defined contribution plan. The plan is funded through payments to the pension company, and the Group has no further payment obligations once the contribution is paid. The contributions are recognised as employee benefit expenses when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. Profit-Sharing, Retention and Bonus Plans The Group recognises a provision where contractually obliged or where there is a constructive obligation. The provision considers the incurred portion of the measurement period and shall be based on a \u2018best estimate\u2019 of the expected achievements of the key performance indicators as set out in the actual bonus program. Share-BasedPayments The Group has share-based payment programs to management and employees. Bonus shares in these programs are awarded net after tax. The Group is obliged to withhold an amount for an employee\u2019s tax obligation associated with a share-based payment and transfer that amount, normally in cash, to the tax authority on the employee\u2019s behalf. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash- settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is measured at each reporting date. 2.9 PROVISIONSA provision is recognised in the balance sheet when the Group has a legal or constructive obligation because of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Where there are several similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured as the present value of the expected expenditures required to settle the obligation using a pre-tax discount rate that accounts for time value of money and risks specific to the obligation. The increase in the provision due to the passage of time is recognised as interest expense. 2.10 REVENUE RECOGNITIONRevenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue is recognised as follows: \u00bbThe Group receives royalty in exchange for the license of intellectual property (design fees). The royalty received is recognised at the later of when: - the subsequent sale or usage occurs; and - the performance obligation to which some or all the sales-based or usage-based royalty has been allocated is satisfied The royalty is based on production and offloading of oil barrels and the revenue is recognised as the offloading occurs. \u00bb The Group provides administrative and project development services to associated companies on an hourly basis. Revenue is recognised as the work is performed. \u00bb Dividend income is recognised when the right to receive payment is established \u00bb Interest income is recognised on a time-proportion basis using the effective interest method 2.11 LEASES IFRS 16The Group recognizes the lease liability and the associated \u201cright-of-use asset\u201d for the use of the underlying asset over the lease term. All leases that transfer the right to control the use of an identifiable asset (the lessee decides the use and receives the financial (dis-) advantages) are recognized. The lease liability is measured as present value of future fixed lease payments. For lease agreements entered, the discount rate equivalent to the interest rate in the lease agreement is used, if present. Alternatively, the marginal loan rate will be used. The Group has chosen to apply the exemption rule for short-term leases up to 12 months durations and leases for which the underlying asset is of low value, as these contracts are expensed directly in the income statement. For contracts that also include other product or service deliveries, the Group has chosen to use the main rule where \u201cnon-lease components\u201d are expensed as operating expenses separately from the lease component. In determining the lease period, the regular lease period is adjusted for extension options and termination rights, which with reasonable certainty is assessed that the Group will exercise. 2.12 ACQUISITIONSThe acquisition method of accounting applies to business combinations. Compensation is measured at fair value on the transaction date which is when risk and control is transferred and will normally coincide with the implementation date. An allocation of the acquisition price is based on fair value of assets and liabilities acquired. Additional value that cannot be allocated to identifiable assets and liabilities are allocated to goodwill. If fair value of identifiable assets and liabilities is higher than consideration given, the excess is charged to income. Investments in associates are accounted for using the equity method after initially being recognised at cost. 2.13 INTANGIBLEASSETSIntangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognized at their fair value in the Group\u2019s opening balance sheet. Capitalized intangible assets are recognized at cost less any amortization and impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized but are expensed as occurred. The economic life is either definite or indefinite. Intangible assets with a definite economic life are amortized over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate. Intangible assets with an indefinite economic life are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life are not amortized. Economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively. 2.14 RESEARCH AND DEVELOPMENTExpenses relating to research activities are recognised in the statement of comprehensive income as they incur. Expenses relating to development activities are capitalised to the extent that the product or process is technically and commercially viable and the Group has sufficient resources to complete the development work. Expenses that are capitalised include the costs of materials, direct wage costs and a share of the directly attributable common expenses. Capitalised development costs are recognised at their cost minus accumulated amortisation and impairment losses. Capitalised development costs are amortised on a straight-line basis over the estimated useful life of the asset. After the divestment of Evolar, the Group does not currently capitalize development costs. 2.15 IMPAIRMENTDepreciable intangible assets as well as property, plant and equipment are considered for impairment when there are indications that future earnings cannot justify balance sheet value. Goodwill and intangible assets with indefinite useful life are not subject to depreciation but are tested annually for impairment. Impairment is recognized if the carrying amount is higher than the recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash generating units). At each reporting date, one considers the possibilities for a reversal of prior impairments (except goodwill). 2.16 DIVIDEND DISTRIBUTIONDividend distribution to the Group\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividend is approved by the Group\u2019s shareholders. 2.17 TRADE PAYABLESTrade Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. 2.18 CASH FLOW STATEMENTThe cash flow statement is prepared in accordance with the direct method.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__12": { "value": "2.1 BASIS OF PREPARATIONThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the European Union (EU) and valid as of 31 December 2023. The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Group\u2019s accounting policies. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. 2.1.1 CHANGE IN ACCOUNTING POLICIES The IASB has also adopted several minor changes and clarifications in several different standards. It is not expected that any of these changes will have considerable effect for the Group. The Group has not chosen to adopt early any standards, interpretations or amendments that have been issued but are not yet effective. 2.1.2 FUTURE CHANGES IN STANDARDS The Group is not aware of any future IFRS changes that could affect the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__9": { "value": "2.1 BASIS OF PREPARATIONThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the European Union (EU) and valid as of 31 December 2023. The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Group\u2019s accounting policies. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. 2.1.1 CHANGE IN ACCOUNTING POLICIES The IASB has also adopted several minor changes and clarifications in several different standards. It is not expected that any of these changes will have considerable effect for the Group. The Group has not chosen to adopt early any standards, interpretations or amendments that have been issued but are not yet effective. 2.1.2 FUTURE CHANGES IN STANDARDS The Group is not aware of any future IFRS changes that could affect the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__11": { "value": "2.1.1 CHANGE IN ACCOUNTING POLICIES The IASB has also adopted several minor changes and clarifications in several different standards. It is not expected that any of these changes will have considerable effect for the Group. The Group has not chosen to adopt early any standards, interpretations or amendments that have been issued but are not yet effective. 2.1.2 FUTURE CHANGES IN STANDARDS The Group is not aware of any future IFRS changes that could affect the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__10": { "value": "2.1.1 CHANGE IN ACCOUNTING POLICIES The IASB has also adopted several minor changes and clarifications in several different standards. It is not expected that any of these changes will have considerable effect for the Group. The Group has not chosen to adopt early any standards, interpretations or amendments that have been issued but are not yet effective. 2.1.2 FUTURE CHANGES IN STANDARDS The Group is not aware of any future IFRS changes that could affect the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__17-1": { "value": "2.2 CONSOLIDATIONSubsidiaries Subsidiaries comprise all entities over which the Group has the power to control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: \u00bb Power over the investee \u00bb Exposure, or rights, to variable returns from its involvement with the investee, and \u00bb The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting rights of an investee, the Group consider all relevant facts and circumstances in assessing whether it has power over an investee, including: \u00bb The contractual arrangement with the other vote holders of the investee \u00bb Rights arising from other contractual arrangements \u00bb The Group\u2019s voting rights and potential voting rights The Group re-assesses whether it controls an investee and if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. The Group applies the acquisition method to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued, and liabilities incurred assumed at the date of exchange. Acquisition- related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities incurred in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. The excess of the cost of the acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the income statement immediately. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group. Associates The share of associates are companies where Magnora has considerable, but not controlling influence. Normally, considerable influence is defined as having ownership between 20 % and 50 % of the voting rights. Ownership in associates are accounted for using the equity method of accounting.4.2.JUDGEMENTSConsolidation of portfolio companies The Group has a portfolio of companies invested in and evaluates each quarter whether it has control in accordance with IFRS 10. The Group invested in Kustvind AB in March 2020 through a share issue and has 46 percent ownership at the balance sheet date. Magnora has the right to increase its ownership to 50% according to a budget and milestone plan. The option to increase ownership is currently not exercisable, as the increase in ownership must come from a capital call from the Kustvind board due to a capital need in the project. The three founders of Kustvind own an equal number of the remaining shares in the company. Magnora has three out of five board members, and the founders have the remaining two members. The other shareholders have the right to elect its third board member at any time, and it is expected that they will do so. Magnora is a minority owner with three other owners and has significant influence of the company. Hence its ownership is accounted for using the equity method as an associated company. The Group invested in Helios AB in February 2021 through a share issue and owns 40 percent of the company at the balance sheet date. The remaining ownership of Helios is divided between the three founders of the company and other early investors. Magnora has one out of five board members, and the founders and other shareholders have the remaining four members of the board. Although Magnora is a majority owner, it exerts no strategic or operational influence on this company, as Helios operates in a segment Magnora has not explored prior to this investment. This company operates fully independent of Magnora. For up to two years after the First Investment from Magnora, significant resolutions (e.g., Annual budgets, amendments in the business plan, any merger/demerger and so on) must be approved by the Board and supported by the director appointed by Magnora. Magnora has significant influence in the company and its ownership is accounted for using the equity method as an associated company. Divestments On 12 May 2023, Magnora sold all its holdings in Evolar to First Solar, Inc. for approximately USD 29 million (NOK 310 million) and additional milestone payments of up to USD 24 million (NOK 265 million). The profit and loss effects of the Evolar ownership is reflected in the Group\u2019s financial results up until 30 April 2023. The scope of the divestment transaction includes Evolar reaching certain milestones developing its perovskite solar cell technology. The gain of NOK 310 million from the sale of Evolar AB is netted against the initial investment and subsequent loans issued to fund Evolar, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with First Solar, Inc. The net gain of NOK 229.6 million was recognised as other income in the second quarter, of which NOK 4.9 million did not have a cash effect as it is subject to certain future contingent events and reflects a best estimate at the transaction date. The Contingent considerations were reassessed as of 31 December 2023 and the fair value of the gain is reflected in the profit and loss statement as other income. The first potential milestone payment for the earnout must be achieved before 12 May 2024, and the remaining milestones must be achieved before 12 May 2029. On 12 July 2023, Magnora sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 8.9 million, with additional milestone payments of up to NOK 51 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 30 June 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 10.7 million is recognised as other income, of which NOK 3 million is subject to certain future contingent events and reflects a best estimate at the transaction date. The milestone payments are expected to be achieved within the next 18 months. On 20 October 2023, Magnora closed its second transaction in South Africa, where it sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 6.2 million, with additional milestone payments of up to NOK 34 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 31 December 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 10.3 million is recognised as other income, of which NOK 1.7 million is subject to certain future contingent events and reflects a best estimate as of 31 December 2023. The milestone payments are expected to be achieved within the next 18 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__16": { "value": "2.2 CONSOLIDATIONSubsidiaries Subsidiaries comprise all entities over which the Group has the power to control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: \u00bb Power over the investee \u00bb Exposure, or rights, to variable returns from its involvement with the investee, and \u00bb The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting rights of an investee, the Group consider all relevant facts and circumstances in assessing whether it has power over an investee, including: \u00bb The contractual arrangement with the other vote holders of the investee \u00bb Rights arising from other contractual arrangements \u00bb The Group\u2019s voting rights and potential voting rights The Group re-assesses whether it controls an investee and if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. The Group applies the acquisition method to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued, and liabilities incurred assumed at the date of exchange. Acquisition- related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities incurred in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. The excess of the cost of the acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the income statement immediately. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__15": { "value": "2.2 CONSOLIDATIONSubsidiaries Subsidiaries comprise all entities over which the Group has the power to control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: \u00bb Power over the investee \u00bb Exposure, or rights, to variable returns from its involvement with the investee, and \u00bb The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting rights of an investee, the Group consider all relevant facts and circumstances in assessing whether it has power over an investee, including: \u00bb The contractual arrangement with the other vote holders of the investee \u00bb Rights arising from other contractual arrangements \u00bb The Group\u2019s voting rights and potential voting rights The Group re-assesses whether it controls an investee and if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. The Group applies the acquisition method to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued, and liabilities incurred assumed at the date of exchange. Acquisition- related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities incurred in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. The excess of the cost of the acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the income statement immediately. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group. Associates The share of associates are companies where Magnora has considerable, but not controlling influence. Normally, considerable influence is defined as having ownership between 20 % and 50 % of the voting rights. Ownership in associates are accounted for using the equity method of accounting. Disposal of Subsidiaries When a business is divested, the gain is measured as the difference between the fair value of the consideration received and the company's booked equity, minus any remaining excess value related to the business. Any sales expenses incurred will reduce the gain/increase the loss. Accumulated translation differences and related to the divested business will be recognised in the income statement as part of the gain/loss, with a corresponding contra entry in \"Other items in comprehensive income\". Contingent consideration Any contingent consideration received when the group loses control of a subsidiary is recognized at fair value. In the case of contingent consideration, fair value represents the present value of the probability-weighted expected amount of the future payments. Any changes in the fair value of the contingent consideration in future periods will be accounted for as other income in the consolidated statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__14-1": { "value": "2.2 CONSOLIDATIONSubsidiaries Subsidiaries comprise all entities over which the Group has the power to control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: \u00bb Power over the investee \u00bb Exposure, or rights, to variable returns from its involvement with the investee, and \u00bb The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting rights of an investee, the Group consider all relevant facts and circumstances in assessing whether it has power over an investee, including: \u00bb The contractual arrangement with the other vote holders of the investee \u00bb Rights arising from other contractual arrangements \u00bb The Group\u2019s voting rights and potential voting rights The Group re-assesses whether it controls an investee and if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. The Group applies the acquisition method to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued, and liabilities incurred assumed at the date of exchange. Acquisition- related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities incurred in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. The excess of the cost of the acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the income statement immediately. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group. Associates The share of associates are companies where Magnora has considerable, but not controlling influence. Normally, considerable influence is defined as having ownership between 20 % and 50 % of the voting rights. Ownership in associates are accounted for using the equity method of accounting. Disposal of Subsidiaries When a business is divested, the gain is measured as the difference between the fair value of the consideration received and the company's booked equity, minus any remaining excess value related to the business. Any sales expenses incurred will reduce the gain/increase the loss. Accumulated translation differences and related to the divested business will be recognised in the income statement as part of the gain/loss, with a corresponding contra entry in \"Other items in comprehensive income\". Contingent consideration Any contingent consideration received when the group loses control of a subsidiary is recognized at fair value. In the case of contingent consideration, fair value represents the present value of the probability-weighted expected amount of the future payments. Any changes in the fair value of the contingent consideration in future periods will be accounted for as other income in the consolidated statement of profit or loss.2.12 ACQUISITIONSThe acquisition method of accounting applies to business combinations. Compensation is measured at fair value on the transaction date which is when risk and control is transferred and will normally coincide with the implementation date. An allocation of the acquisition price is based on fair value of assets and liabilities acquired. Additional value that cannot be allocated to identifiable assets and liabilities are allocated to goodwill. If fair value of identifiable assets and liabilities is higher than consideration given, the excess is charged to income. Investments in associates are accounted for using the equity method after initially being recognised at cost.2.15 IMPAIRMENTDepreciable intangible assets as well as property, plant and equipment are considered for impairment when there are indications that future earnings cannot justify balance sheet value. Goodwill and intangible assets with indefinite useful life are not subject to depreciation but are tested annually for impairment. Impairment is recognized if the carrying amount is higher than the recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash generating units). At each reporting date, one considers the possibilities for a reversal of prior impairments (except goodwill).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__13": { "value": "2.2 CONSOLIDATIONSubsidiaries Subsidiaries comprise all entities over which the Group has the power to control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: \u00bb Power over the investee \u00bb Exposure, or rights, to variable returns from its involvement with the investee, and \u00bb The ability to use its power over the investee to affect its returns When the Group has less than a majority of the voting rights of an investee, the Group consider all relevant facts and circumstances in assessing whether it has power over an investee, including: \u00bb The contractual arrangement with the other vote holders of the investee \u00bb Rights arising from other contractual arrangements \u00bb The Group\u2019s voting rights and potential voting rights The Group re-assesses whether it controls an investee and if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control over the subsidiary. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. The Group applies the acquisition method to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets transferred, equity instruments issued, and liabilities incurred assumed at the date of exchange. Acquisition- related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities incurred in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. The excess of the cost of the acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the income statement immediately. Intercompany transactions, balances, and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group. Associates The share of associates are companies where Magnora has considerable, but not controlling influence. Normally, considerable influence is defined as having ownership between 20 % and 50 % of the voting rights. Ownership in associates are accounted for using the equity method of accounting. Disposal of Subsidiaries When a business is divested, the gain is measured as the difference between the fair value of the consideration received and the company's booked equity, minus any remaining excess value related to the business. Any sales expenses incurred will reduce the gain/increase the loss. Accumulated translation differences and related to the divested business will be recognised in the income statement as part of the gain/loss, with a corresponding contra entry in \"Other items in comprehensive income\". Contingent consideration Any contingent consideration received when the group loses control of a subsidiary is recognized at fair value. In the case of contingent consideration, fair value represents the present value of the probability-weighted expected amount of the future payments. Any changes in the fair value of the contingent consideration in future periods will be accounted for as other income in the consolidated statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__18-1": { "value": "Associates The share of associates are companies where Magnora has considerable, but not controlling influence. Normally, considerable influence is defined as having ownership between 20 % and 50 % of the voting rights. Ownership in associates are accounted for using the equity method of accounting.The Group invested in Kustvind AB in March 2020 through a share issue and has 46 percent ownership at the balance sheet date. Magnora has the right to increase its ownership to 50% according to a budget and milestone plan. The option to increase ownership is currently not exercisable, as the increase in ownership must come from a capital call from the Kustvind board due to a capital need in the project. The three founders of Kustvind own an equal number of the remaining shares in the company. Magnora has three out of five board members, and the founders have the remaining two members. The other shareholders have the right to elect its third board member at any time, and it is expected that they will do so. Magnora is a minority owner with three other owners and has significant influence of the company. Hence its ownership is accounted for using the equity method as an associated company. The Group invested in Helios AB in February 2021 through a share issue and owns 40 percent of the company at the balance sheet date. The remaining ownership of Helios is divided between the three founders of the company and other early investors. Magnora has one out of five board members, and the founders and other shareholders have the remaining four members of the board. Although Magnora is a majority owner, it exerts no strategic or operational influence on this company, as Helios operates in a segment Magnora has not explored prior to this investment. This company operates fully independent of Magnora. For up to two years after the First Investment from Magnora, significant resolutions (e.g., Annual budgets, amendments in the business plan, any merger/demerger and so on) must be approved by the Board and supported by the director appointed by Magnora. Magnora has significant influence in the company and its ownership is accounted for using the equity method as an associated company. Divestments On 12 May 2023, Magnora sold all its holdings in Evolar to First Solar, Inc. for approximately USD 29 million (NOK 310 million) and additional milestone payments of up to USD 24 million (NOK 265 million). The profit and loss effects of the Evolar ownership is reflected in the Group\u2019s financial results up until 30 April 2023. The scope of the divestment transaction includes Evolar reaching certain milestones developing its perovskite solar cell technology. The gain of NOK 310 million from the sale of Evolar AB is netted against the initial investment and subsequent loans issued to fund Evolar, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with First Solar, Inc. The net gain of NOK 229.6 million was recognised as other income in the second quarter, of which NOK 4.9 million did not have a cash effect as it is subject to certain future contingent events and reflects a best estimate at the transaction date. The Contingent considerations were reassessed as of 31 December 2023 and the fair value of the gain is reflected in the profit and loss statement as other income. The first potential milestone payment for the earnout must be achieved before 12 May 2024, and the remaining milestones must be achieved before 12 May 2029. On 12 July 2023, Magnora sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 8.9 million, with additional milestone payments of up to NOK 51 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 30 June 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 10.7 million is recognised as other income, of which NOK 3 million is subject to certain future contingent events and reflects a best estimate at the transaction date. The milestone payments are expected to be achieved within the next 18 months. On 20 October 2023, Magnora closed its second transaction in South Africa, where it sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 6.2 million, with additional milestone payments of up to NOK 34 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 31 December 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 10.3 million is recognised as other income, of which NOK 1.7 million is subject to certain future contingent events and reflects a best estimate as of 31 December 2023. The milestone payments are expected to be achieved within the next 18 months. Option lease agreement The Scotwind lease option signed by Magnora with The Crown Estate Scotland is an intangible asset in the statement of financial position. The agreement gives Magnora the exclusive right to perform environmental studies in the area awarded. When the requirements in the option lease agreement, including key project consent, are met, the land lease will commence. The intangible asset will start amortizing when the lease commences and will be amortized over the duration of the land lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__19": { "value": "2.3 FOREIGN CURRENCY TRANSLATIONFunctional and PresentationCurrency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which each entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in NOK, which is the Group\u2019s presentation currency. The functional currency for the parent company is NOK. Transactions and Balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from settlement of such transactions (realised items) and from translation at exchange rates prevailing at balance sheet date of monetary assets and liabilities denominated in foreign currencies (unrealised items) are recognised in the income statement, except when deferred in equity as qualifying cash flow hedges. Group Companies The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency, are translated into the presentation currency as follows: Assets and liabilities are translated at exchange rates prevailing at balance sheet date. Income and expenses are translated at average exchange rates. All resulting exchange differences are recognised in Other Comprehensive Income. Upon consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__20": { "value": "Functional and PresentationCurrency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which each entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in NOK, which is the Group\u2019s presentation currency. The functional currency for the parent company is NOK.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__22": { "value": "2.4 TRADE RECEIVABLES AND OTHER FINANCIAL ASSETSTrade receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non- current assets. Trade receivables and other financial assets are recognised initially at transaction price according to IFRS 15 and subsequently measured at amortised cost using the effective interest method, less provision for impairment. The Group recognises an allowance for expected credit losses (ECLs) for all financial assets not held at fair value through profit or loss (e.g., trade receivables). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The provision for impairment of trade receivables is recognised in the income statement as \u2018other operating expense\u2019. The provision for impairment of other financial assets is recognised in the income statement as \u2018financial expense\u2019. Hedge accounting has not been applied in 2023 or 2022. The Group measures financial assets at amortised cost if both of the following conditions are met: \u00bb The financial asset is held within a business model with the objective to hold financial assets to collect contractual cash flows and, \u00bb The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified, or impaired. The Group\u2019s financial assets at amortised cost include trade receivables and other short-term receivables. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Financial assets are included in current assets, except for those with maturities greater than 12 months after balance sheet date, in which case they are classified as non-current assets. Financial assets also include marketable securities classified as other current financial assets. All securities acquired are sufficiently liquid shares to allow trading on short notice in case additional funds are needed for working capital. Furthermore, all securities are shares traded on the Oslo, Stockholm, or other major international stock exchanges, and as such, subject to market risks in addition to the specific risks relevant for the company each security represents. Risks related to marketable securities are managed by daily monitoring, weekly update of the portfolio overview, and through trading shares not meeting the risk tolerance set by the Group. As further detailed in note 27 below, these items are in accordance with IFRS 9 adjusted to reflect the current market value of each security at the reporting date. Purchases and sales of marketable securities are accounted for at trade date. Marketable securities are accounted for at fair value and reflected in the Income Statement as financial gain or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__21": { "value": "2.4 TRADE RECEIVABLES AND OTHER FINANCIAL ASSETSTrade receivables are amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non- current assets. Trade receivables and other financial assets are recognised initially at transaction price according to IFRS 15 and subsequently measured at amortised cost using the effective interest method, less provision for impairment. The Group recognises an allowance for expected credit losses (ECLs) for all financial assets not held at fair value through profit or loss (e.g., trade receivables). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The provision for impairment of trade receivables is recognised in the income statement as \u2018other operating expense\u2019. The provision for impairment of other financial assets is recognised in the income statement as \u2018financial expense\u2019. Hedge accounting has not been applied in 2023 or 2022. The Group measures financial assets at amortised cost if both of the following conditions are met: \u00bb The financial asset is held within a business model with the objective to hold financial assets to collect contractual cash flows and, \u00bb The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified, or impaired. The Group\u2019s financial assets at amortised cost include trade receivables and other short-term receivables. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Financial assets are included in current assets, except for those with maturities greater than 12 months after balance sheet date, in which case they are classified as non-current assets. Financial assets also include marketable securities classified as other current financial assets. All securities acquired are sufficiently liquid shares to allow trading on short notice in case additional funds are needed for working capital. Furthermore, all securities are shares traded on the Oslo, Stockholm, or other major international stock exchanges, and as such, subject to market risks in addition to the specific risks relevant for the company each security represents. Risks related to marketable securities are managed by daily monitoring, weekly update of the portfolio overview, and through trading shares not meeting the risk tolerance set by the Group. As further detailed in note 27 below, these items are in accordance with IFRS 9 adjusted to reflect the current market value of each security at the reporting date. Purchases and sales of marketable securities are accounted for at trade date. Marketable securities are accounted for at fair value and reflected in the Income Statement as financial gain or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__23": { "value": "2.5 CASH AND CASH EQUIVALENTSIn the consolidated statement of cash flow, cash and cash equivalents includes cash in hand, bank deposits, other short-term highly liquid investments with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__25": { "value": "2.6 SHARE CAPITALOrdinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds. Where any Group company acquires the Group\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable cost (net of income taxes) is deducted from equity attributable to the Group\u2019s equity holders until the shares are cancelled, reissued, or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable transaction cost and income tax, is included in equity attributable to the Group\u2019s equity holders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__24": { "value": "2.6 SHARE CAPITALOrdinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds. Where any Group company acquires the Group\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable cost (net of income taxes) is deducted from equity attributable to the Group\u2019s equity holders until the shares are cancelled, reissued, or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable transaction cost and income tax, is included in equity attributable to the Group\u2019s equity holders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__27": { "value": "2.7 CURRENT AND DEFERRED INCOME TAXThe tax expense for the period comprises current and changes in deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss. Deferred income tax is determined using tax rates (and legislation) that have been enacted or substantially enacted by balance sheet date and are expected to apply when the deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. The tax base included in the calculation of deferred income tax is calculated in local currency and translated into NOK at foreign exchange rates prevailing at balance sheet date. Deferred income tax asset and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities related to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__26": { "value": "2.7 CURRENT AND DEFERRED INCOME TAXThe tax expense for the period comprises current and changes in deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss. Deferred income tax is determined using tax rates (and legislation) that have been enacted or substantially enacted by balance sheet date and are expected to apply when the deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. The tax base included in the calculation of deferred income tax is calculated in local currency and translated into NOK at foreign exchange rates prevailing at balance sheet date. Deferred income tax asset and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities related to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__28": { "value": "2.8 EMPLOYEE BENEFITSPension Obligations As of year-end 2023 the Group operates a defined contribution plan. The plan is funded through payments to the pension company, and the Group has no further payment obligations once the contribution is paid. The contributions are recognised as employee benefit expenses when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. Profit-Sharing, Retention and Bonus Plans The Group recognises a provision where contractually obliged or where there is a constructive obligation. The provision considers the incurred portion of the measurement period and shall be based on a \u2018best estimate\u2019 of the expected achievements of the key performance indicators as set out in the actual bonus program. Share-BasedPayments The Group has share-based payment programs to management and employees. Bonus shares in these programs are awarded net after tax. The Group is obliged to withhold an amount for an employee\u2019s tax obligation associated with a share-based payment and transfer that amount, normally in cash, to the tax authority on the employee\u2019s behalf. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash- settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is measured at each reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__29": { "value": "The Group has share-based payment programs to management and employees. Bonus shares in these programs are awarded net after tax. The Group is obliged to withhold an amount for an employee\u2019s tax obligation associated with a share-based payment and transfer that amount, normally in cash, to the tax authority on the employee\u2019s behalf. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash- settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is measured at each reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__30": { "value": "2.9 PROVISIONSA provision is recognised in the balance sheet when the Group has a legal or constructive obligation because of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Where there are several similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured as the present value of the expected expenditures required to settle the obligation using a pre-tax discount rate that accounts for time value of money and risks specific to the obligation. The increase in the provision due to the passage of time is recognised as interest expense.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__31": { "value": "2.10 REVENUE RECOGNITIONRevenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue is recognised as follows: \u00bbThe Group receives royalty in exchange for the license of intellectual property (design fees). The royalty received is recognised at the later of when: - the subsequent sale or usage occurs; and - the performance obligation to which some or all the sales-based or usage-based royalty has been allocated is satisfied The royalty is based on production and offloading of oil barrels and the revenue is recognised as the offloading occurs. \u00bb The Group provides administrative and project development services to associated companies on an hourly basis. Revenue is recognised as the work is performed. \u00bb Dividend income is recognised when the right to receive payment is established \u00bb Interest income is recognised on a time-proportion basis using the effective interest method", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__32": { "value": "2.11 LEASES IFRS 16The Group recognizes the lease liability and the associated \u201cright-of-use asset\u201d for the use of the underlying asset over the lease term. All leases that transfer the right to control the use of an identifiable asset (the lessee decides the use and receives the financial (dis-) advantages) are recognized. The lease liability is measured as present value of future fixed lease payments. For lease agreements entered, the discount rate equivalent to the interest rate in the lease agreement is used, if present. Alternatively, the marginal loan rate will be used. The Group has chosen to apply the exemption rule for short-term leases up to 12 months durations and leases for which the underlying asset is of low value, as these contracts are expensed directly in the income statement. For contracts that also include other product or service deliveries, the Group has chosen to use the main rule where \u201cnon-lease components\u201d are expensed as operating expenses separately from the lease component. In determining the lease period, the regular lease period is adjusted for extension options and termination rights, which with reasonable certainty is assessed that the Group will exercise.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__33": { "value": "2.12 ACQUISITIONSThe acquisition method of accounting applies to business combinations. Compensation is measured at fair value on the transaction date which is when risk and control is transferred and will normally coincide with the implementation date. An allocation of the acquisition price is based on fair value of assets and liabilities acquired. Additional value that cannot be allocated to identifiable assets and liabilities are allocated to goodwill. If fair value of identifiable assets and liabilities is higher than consideration given, the excess is charged to income. Investments in associates are accounted for using the equity method after initially being recognised at cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__35": { "value": "2.13 INTANGIBLEASSETSIntangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognized at their fair value in the Group\u2019s opening balance sheet. Capitalized intangible assets are recognized at cost less any amortization and impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized but are expensed as occurred. The economic life is either definite or indefinite. Intangible assets with a definite economic life are amortized over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate. Intangible assets with an indefinite economic life are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life are not amortized. Economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__36": { "value": "2.14 RESEARCH AND DEVELOPMENTExpenses relating to research activities are recognised in the statement of comprehensive income as they incur. Expenses relating to development activities are capitalised to the extent that the product or process is technically and commercially viable and the Group has sufficient resources to complete the development work. Expenses that are capitalised include the costs of materials, direct wage costs and a share of the directly attributable common expenses. Capitalised development costs are recognised at their cost minus accumulated amortisation and impairment losses. Capitalised development costs are amortised on a straight-line basis over the estimated useful life of the asset. After the divestment of Evolar, the Group does not currently capitalize development costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__38": { "value": "2.15 IMPAIRMENTDepreciable intangible assets as well as property, plant and equipment are considered for impairment when there are indications that future earnings cannot justify balance sheet value. Goodwill and intangible assets with indefinite useful life are not subject to depreciation but are tested annually for impairment. Impairment is recognized if the carrying amount is higher than the recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash generating units). At each reporting date, one considers the possibilities for a reversal of prior impairments (except goodwill).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__37": { "value": "2.15 IMPAIRMENTDepreciable intangible assets as well as property, plant and equipment are considered for impairment when there are indications that future earnings cannot justify balance sheet value. Goodwill and intangible assets with indefinite useful life are not subject to depreciation but are tested annually for impairment. Impairment is recognized if the carrying amount is higher than the recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows (cash generating units). At each reporting date, one considers the possibilities for a reversal of prior impairments (except goodwill).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__40": { "value": "2.16 DIVIDEND DISTRIBUTIONDividend distribution to the Group\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements in the period in which the dividend is approved by the Group\u2019s shareholders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__41": { "value": "2.17 TRADE PAYABLESTrade Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__42": { "value": "2.18 CASH FLOW STATEMENTThe cash flow statement is prepared in accordance with the direct method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__43": { "value": "NOTE 3. FINANCIAL RISK MANAGEMENT3.1.FINANCIAL RISK FACTORSThe Group is exposed to market risk, credit risk, currency risk, interest rate risk, inflation risk, liquidity risk. The Company\u2019s overall risk management programme focuses on the uncertainty of financial markets and seeks to minimise potential adverse effects on its financial performance. The Group selects its portfolio projects and companies with emphasis on diversification to mitigate the various inherent risks in each segment of the renewable energy production industry. This does not reduce the individual risks below but makes the Group less vulnerable to the effects of those risks. 3.1.1.MARKET RISK INTEREST RATE RISK The Group has limited debt at the balance sheet date and has thus limited exposure to interest rate risk but could in the future have loan facilities making the Group sensitive to fluctuations in interest rates. FOREIGN EXCHANGE RISK The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD as all operating revenues are in USD. Foreign exchange risk arises from future commercial transactions, recognised assets or liabilities, and net investments in foreign operations when such transactions, assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group is also exposed to foreign exchange risk related to GBP, SEK and ZAR when assets in the UK, Sweden, and South Africa are divested. As most of the Group\u2019s revenue is in USD, the Group has sold USD during 2023 to reduce this currency risk. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s revenue and future earn-outs for divested entities. Any annualised increase or decrease in the USD/NOK foreign exchange by 10 percent would have increased or decreased the Group\u2019s 2023 profit before tax by NOK 17.9 million (2022: NOK 1.2 million). ENERGY PRICE RISK The Group divests its projects and portfolio companies, and the price achieved is dependent on the prevailing and expected future energy prices. A significant decrease of the energy price could cause the internal rate of return for some projects to become negative and the project will therefore not be an attractive investment. 3.1.2.CREDIT RISK Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as loans and credit exposures to customers. The Group has one main banking relationship with a financial institution that is currently rated Aa3. The Group\u2019s major customers are renewable energy operators and investment companies, oil companies, and global marine contractors with a strong financial basis, but, as with suppliers and customers in general, there is a risk that unforeseen financial difficulties on the counterparty\u2019s side may arise which could have material adverse effects on the financial condition, the cash flows and/or the prospects of the Group. 3.1.3.LIQUIDITYRISK Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, and the ability to close out market positions. The Group has implemented routines to continuously update its cash flow forecast with changes to main assumptions relating to payment schedules, license milestone payments etc. and to be able to foresee the necessary actions required to rectify any potential adverse effects on its future liquidity position. The Group is subject to currency, field development and reservoir risk in situations where the license fee is tied to the field development and production such as the Dana income and Shell Penguins license fee income paid in USD. The company also relies heavily on two customers, Dana Petroleum/NEO and Shell, for most of its operating revenues over the next years. The Group derives all its cash flow from disposal of portfolio companies and projects, two legacy agreements and dividends from subsidiaries and associated companies. Negative cash flow and lack of financial performance from portfolio companies therefore affects the Group. The exposure is limited to the Group\u2019s invested amount in those companies and is closely linked to the associated companies\u2019 ability to execute its strategy and manage risks it is exposed to. Magnora is represented on all the boards of its associated companies and mitigates risks through normal governance processes. Access to capital is a risk now that the Group is investing in more capital-intensive projects. This is managed through close dialogues with financial institutions and a strict timeline for cash flow that matches future investment payments with investment gains from farm-downs and exits. Dialogue with potential investors has revealed that the Group\u2019s income from the legacy business limits or prohibits some investors from investing in Magnora, as their investment mandate is limited to renewable investments. The legacy income thus limits the Group\u2019s access to capital, which is part of the background for the current restructuring process announced in January 2024. At the balance sheet date, the Group has only the overdraft facility and no other borrowings, and both Trade receivable and payable mature within a normal 30-day cycle, except for some receivables towards the associated companies. There were no significant overdue receivables as of 31 December 2023. Magnora is in a solid liquidity position with a cash balance of NOK 347.7 million at balance sheet date. 3.1.4.COVENANT The Group has NOK 100 million and NOK 50 million overdraft facilities with two top tier Nordic banks, and no funds were drawn as of 31 December 2023. The facilities have the following financial covenants: - Loan to value must be more than 35 percent - Book Equity must be more than NOK 100 million - Minimum liquidity of NOK 25 million 3.1.5.CAPITAL MANAGEMENT For the Group\u2019s capital management, capital means total equity and cash balance. The primary objective of the Group\u2019s capital management is to maximise shareholder value. The Group manages its capital through budgeting and cost monitoring. The Group has exercised conservative capital and cash management during 2022 and 2023. A sound financial position, with limited interest-bearing debt and an asset light balance sheet reduces the capital and cash management risks. 3.1.6.CLIMATE CHANGES The Group has limited physical assets, and other than IT and office equipment, only a few wind measurement masts at some of its project sites in South Africa. The masts are insured, and the value of the masts is not material. Future climate changes may change political decisions related to renewable energy priorities, which could have a negative or positive impact on some projects. The Group\u2019s portfolio is diversified across renewable technologies and geographical areas to limit the impact of this type of risk. Financial loss due to climate change is thus considered low. At the same time, an increase in climate changes may increase the attractiveness of renewable investments and therefore improve the Group\u2019s access to capital and lower the cost of capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__44": { "value": "3.1.1.MARKET RISK INTEREST RATE RISK The Group has limited debt at the balance sheet date and has thus limited exposure to interest rate risk but could in the future have loan facilities making the Group sensitive to fluctuations in interest rates. FOREIGN EXCHANGE RISK The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD as all operating revenues are in USD. Foreign exchange risk arises from future commercial transactions, recognised assets or liabilities, and net investments in foreign operations when such transactions, assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group is also exposed to foreign exchange risk related to GBP, SEK and ZAR when assets in the UK, Sweden, and South Africa are divested. As most of the Group\u2019s revenue is in USD, the Group has sold USD during 2023 to reduce this currency risk. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s revenue and future earn-outs for divested entities. Any annualised increase or decrease in the USD/NOK foreign exchange by 10 percent would have increased or decreased the Group\u2019s 2023 profit before tax by NOK 17.9 million (2022: NOK 1.2 million). ENERGY PRICE RISK The Group divests its projects and portfolio companies, and the price achieved is dependent on the prevailing and expected future energy prices. A significant decrease of the energy price could cause the internal rate of return for some projects to become negative and the project will therefore not be an attractive investment.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__45": { "value": "3.1.2.CREDIT RISK Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as loans and credit exposures to customers. The Group has one main banking relationship with a financial institution that is currently rated Aa3. The Group\u2019s major customers are renewable energy operators and investment companies, oil companies, and global marine contractors with a strong financial basis, but, as with suppliers and customers in general, there is a risk that unforeseen financial difficulties on the counterparty\u2019s side may arise which could have material adverse effects on the financial condition, the cash flows and/or the prospects of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__46": { "value": "3.1.3.LIQUIDITYRISK Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, and the ability to close out market positions. The Group has implemented routines to continuously update its cash flow forecast with changes to main assumptions relating to payment schedules, license milestone payments etc. and to be able to foresee the necessary actions required to rectify any potential adverse effects on its future liquidity position. The Group is subject to currency, field development and reservoir risk in situations where the license fee is tied to the field development and production such as the Dana income and Shell Penguins license fee income paid in USD. The company also relies heavily on two customers, Dana Petroleum/NEO and Shell, for most of its operating revenues over the next years. The Group derives all its cash flow from disposal of portfolio companies and projects, two legacy agreements and dividends from subsidiaries and associated companies. Negative cash flow and lack of financial performance from portfolio companies therefore affects the Group. The exposure is limited to the Group\u2019s invested amount in those companies and is closely linked to the associated companies\u2019 ability to execute its strategy and manage risks it is exposed to. Magnora is represented on all the boards of its associated companies and mitigates risks through normal governance processes. Access to capital is a risk now that the Group is investing in more capital-intensive projects. This is managed through close dialogues with financial institutions and a strict timeline for cash flow that matches future investment payments with investment gains from farm-downs and exits. Dialogue with potential investors has revealed that the Group\u2019s income from the legacy business limits or prohibits some investors from investing in Magnora, as their investment mandate is limited to renewable investments. The legacy income thus limits the Group\u2019s access to capital, which is part of the background for the current restructuring process announced in January 2024. At the balance sheet date, the Group has only the overdraft facility and no other borrowings, and both Trade receivable and payable mature within a normal 30-day cycle, except for some receivables towards the associated companies. There were no significant overdue receivables as of 31 December 2023. Magnora is in a solid liquidity position with a cash balance of NOK 347.7 million at balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__47": { "value": "3.1.5.CAPITAL MANAGEMENT For the Group\u2019s capital management, capital means total equity and cash balance. The primary objective of the Group\u2019s capital management is to maximise shareholder value. The Group manages its capital through budgeting and cost monitoring. The Group has exercised conservative capital and cash management during 2022 and 2023. A sound financial position, with limited interest-bearing debt and an asset light balance sheet reduces the capital and cash management risks. 3.1.6.CLIMATE CHANGES The Group has limited physical assets, and other than IT and office equipment, only a few wind measurement masts at some of its project sites in South Africa. The masts are insured, and the value of the masts is not material. Future climate changes may change political decisions related to renewable energy priorities, which could have a negative or positive impact on some projects. The Group\u2019s portfolio is diversified across renewable technologies and geographical areas to limit the impact of this type of risk. Financial loss due to climate change is thus considered low. At the same time, an increase in climate changes may increase the attractiveness of renewable investments and therefore improve the Group\u2019s access to capital and lower the cost of capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__48": { "value": "NOTE 4. ACCOUNTING ESTIMATES AND JUDGEMENTSEstimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are assumed to be reasonable under current circumstances. 4.1.CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONSThe Group makes estimates and assumptions concerning the future. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. VALUATION CONSIDERATION The Scotwind lease option signed by Magnora with The Crown Estate Scotland is an intangible asset in the statement of financial position. If climate changes cause energy prices to decrease significantly, the project may not be realised and the value of the lease option agreement would need to be written down. Based on price forecasts and other data accessible to the Group, the need for renewable energy will continue to increase over the next decades. CONTINGENT CONSIDERATION Divestment of companies may include holdback or earnout amounts. These contingent considerations are measured at fair value to reflect the amount the reporting entity would have to pay a hypothetical counterparty to transfer responsibility for paying the contingent liability. This amount is the present value of the probability-weighted expected amount of the future payment. The amount of contingent considerations recognised during the reporting period is set out in the Divestment section below. TAXES Judgment is required in determining the provision for income taxes. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the outcome of these matters is different from the amounts initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax assets relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction. Deferred tax assets are recognised in relation to the carry forward of unused tax losses only to the extent that it is probable that taxable profit will be available against which the losses can be utilised in the future. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The companies within the Magnora Group have in sum material deductible temporary differences (reference note 15) which, dependent on meeting the recognition requirements according to IAS 12, could result in recognition of deferred tax assets in the balance sheet. The deferred tax asset has been updated as of December 31, 2023, based on the expected revenues and expenses for the next five years. The recognised deferred tax asset is most sensitive to expected future royalty revenue from the production and offloading of the Dana Western Isles FPSO, and the Group\u2019s operating cost level going forward. An assumption has been made that the FPSO will produce according to the expected production profile based on field reserves and lifetime estimates, and that the cost level will continue based on current structure and activities of the Group. The deferred tax asset recognised is expected to be utilised within the next 5 years based on the Group\u2019s contract portfolio and cost base as of today. The book value of the deferred tax asset represents a minor part of the total accumulated tax losses of over NOK 3.5 billion. 4.2.JUDGEMENTSConsolidation of portfolio companies The Group has a portfolio of companies invested in and evaluates each quarter whether it has control in accordance with IFRS 10. The Group invested in Kustvind AB in March 2020 through a share issue and has 46 percent ownership at the balance sheet date. Magnora has the right to increase its ownership to 50% according to a budget and milestone plan. The option to increase ownership is currently not exercisable, as the increase in ownership must come from a capital call from the Kustvind board due to a capital need in the project. The three founders of Kustvind own an equal number of the remaining shares in the company. Magnora has three out of five board members, and the founders have the remaining two members. The other shareholders have the right to elect its third board member at any time, and it is expected that they will do so. Magnora is a minority owner with three other owners and has significant influence of the company. Hence its ownership is accounted for using the equity method as an associated company. The Group invested in Helios AB in February 2021 through a share issue and owns 40 percent of the company at the balance sheet date. The remaining ownership of Helios is divided between the three founders of the company and other early investors. Magnora has one out of five board members, and the founders and other shareholders have the remaining four members of the board. Although Magnora is a majority owner, it exerts no strategic or operational influence on this company, as Helios operates in a segment Magnora has not explored prior to this investment. This company operates fully independent of Magnora. For up to two years after the First Investment from Magnora, significant resolutions (e.g., Annual budgets, amendments in the business plan, any merger/demerger and so on) must be approved by the Board and supported by the director appointed by Magnora. Magnora has significant influence in the company and its ownership is accounted for using the equity method as an associated company. Divestments On 12 May 2023, Magnora sold all its holdings in Evolar to First Solar, Inc. for approximately USD 29 million (NOK 310 million) and additional milestone payments of up to USD 24 million (NOK 265 million). The profit and loss effects of the Evolar ownership is reflected in the Group\u2019s financial results up until 30 April 2023. The scope of the divestment transaction includes Evolar reaching certain milestones developing its perovskite solar cell technology. The gain of NOK 310 million from the sale of Evolar AB is netted against the initial investment and subsequent loans issued to fund Evolar, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with First Solar, Inc. The net gain of NOK 229.6 million was recognised as other income in the second quarter, of which NOK 4.9 million did not have a cash effect as it is subject to certain future contingent events and reflects a best estimate at the transaction date. The Contingent considerations were reassessed as of 31 December 2023 and the fair value of the gain is reflected in the profit and loss statement as other income. The first potential milestone payment for the earnout must be achieved before 12 May 2024, and the remaining milestones must be achieved before 12 May 2029. On 12 July 2023, Magnora sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 8.9 million, with additional milestone payments of up to NOK 51 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 30 June 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 10.7 million is recognised as other income, of which NOK 3 million is subject to certain future contingent events and reflects a best estimate at the transaction date. The milestone payments are expected to be achieved within the next 18 months. On 20 October 2023, Magnora closed its second transaction in South Africa, where it sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 6.2 million, with additional milestone payments of up to NOK 34 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 31 December 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 10.3 million is recognised as other income, of which NOK 1.7 million is subject to certain future contingent events and reflects a best estimate as of 31 December 2023. The milestone payments are expected to be achieved within the next 18 months. Option lease agreement The Scotwind lease option signed by Magnora with The Crown Estate Scotland is an intangible asset in the statement of financial position. The agreement gives Magnora the exclusive right to perform environmental studies in the area awarded. When the requirements in the option lease agreement, including key project consent, are met, the land lease will commence. The intangible asset will start amortizing when the lease commences and will be amortized over the duration of the land lease.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__49-1": { "value": "TAXES Judgment is required in determining the provision for income taxes. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the outcome of these matters is different from the amounts initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax assets relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction. Deferred tax assets are recognised in relation to the carry forward of unused tax losses only to the extent that it is probable that taxable profit will be available against which the losses can be utilised in the future. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The companies within the Magnora Group have in sum material deductible temporary differences (reference note 15) which, dependent on meeting the recognition requirements according to IAS 12, could result in recognition of deferred tax assets in the balance sheet. The deferred tax asset has been updated as of December 31, 2023, based on the expected revenues and expenses for the next five years. The recognised deferred tax asset is most sensitive to expected future royalty revenue from the production and offloading of the Dana Western Isles FPSO, and the Group\u2019s operating cost level going forward. An assumption has been made that the FPSO will produce according to the expected production profile based on field reserves and lifetime estimates, and that the cost level will continue based on current structure and activities of the Group. The deferred tax asset recognised is expected to be utilised within the next 5 years based on the Group\u2019s contract portfolio and cost base as of today. The book value of the deferred tax asset represents a minor part of the total accumulated tax losses of over NOK 3.5 billion.NOTE 15. TAXESDeferred income tax assets and liabilities are offset when a legally enforceable right to offset current tax assets against current tax liabilities exists. For 2023 a tax rate of 22% has been used when calculating the deferred tax assets and liabilities (2022: 22%). The Group is not affected by Pillar 2. Specification of booked deferred tax assets/ (liabilities) (NOK million) 2023 2022 Specification net deferred tax assets/(liabilities): Deferred tax asset to be reversed after more than 12 months 768.8 784.1 Deferred tax liabilities to be reversed after more than 12 months -0.4 -4.9 Net deferred tax asset/(liabilities) 768.4 769.0 Deferred tax assets not recognised in the balance sheet -753.7 -758.8 Net deferred tax assets recognised in the balance sheet 15.1 15.1 Net deferred tax (liabilities) recognised in the balance sheet* -0.4 -4.9 *Deferred tax assets and liabilities are not offset as it is related to different tax jurisdictions. Reconciliation of deferred tax assets: Book value 1 January 15.1 23.4 Income statement charge relating to deferred tax assets 0.0 -8.3 Book value 31 December 15.1 15.1 Reconciliation of deferred tax liabilities: Book value 1 January -4.9 0.0 Intangible assets from acquisition of subsidiaries 0.0 -5.1 Disposal of intangible assets 4.8 0.0 Currency translation -0.4 0.0 Tax income related to depreciation of intangible assets 0.1 0.2 Book value 31 December -0.4 -4.9 Specification of deferred tax assets/ (liabilities) booked and not booked (NOK million) 2023 2022 Deferred tax assets: Investments and receivables 0.3 0.5 Fixed assets 0.3 0.4 Intangible assets -0.4 -4.9 Losses carry forward 768.2 773.1 Deferred tax assets 768.4 769.0 Deferred income tax assets are recognised for tax losses carried forward and deductible temporary differences to the extent that the realisation of the tax benefit through future taxable profits is probable. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The recognised deferred tax asset is most sensitive to expected future taxable profits. At balance sheet date, the recognition criteria in IAS 12 were met. The deferred tax asset recognised is expected to be utilised within the next 5 years based upon on the Group\u2019s contract portfolio and cost base as of today. The book value of the deferred tax asset represents a minor part of the total accumulated tax losses. Reference is made to Note 4.1 for further information. Specification of tax income/(expense) (NOK million) 2023 2022 Recognition of deferred tax asset 0.0 -8.3 Tax income related to depreciation of intangible assets 0.1 0.2 Net tax income/(expense) 0.1 -8.1 Reconciliation between tax charge based on the nominal statutory and actual tax rate (NOK million) 2023 2022 Profit/(loss) before tax: 178.8 12.0 Tax calculated (22%) -39.3-2.6 Income not subject to tax 51.8 0.2 Expenses not deductible -0.1-0.2 Results from associated companies 2.3 -0.9 Tax losses for which no deferred income tax asset was recognised -14.6-4.6 Tax income/(expense) 0.1 -8.1 For 2023 a tax rate of 22% has been used when calculating the tax income / (expense), (2022: 22%).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__52": { "value": "NOTE 5. SEGMENT FINANCIALSThe Group has developed from being a former oil and gas engineering company with license revenues and transformed into a renewable energy development company with several projects and investments in companies in its portfolio. As the Group has grown, it has implemented an updated operating model to manage its increasing portfolio. As part of the new operating model, corporate and project related activities and expenses are followed up and reported separately. This is reflected in the tables below. Both the project and corporate segments engage in business activities where it earns revenues and incur expenses. The project segment earns revenues when portfolio companies are disposed. All licensing revenues from legacy oil and gas contracts are managed and reported as part of the corporate segment, and the renewable activities and investments are reported in the project segment. M&A-related expenses for projects and transactions that do not materialise, are reported as an expense in the corporate segment, which is shown separately to show the cost base of the Group. Operating results of the segments are regularly reviewed by the entity\u2019s chief operating decision maker, which is the Magnora board, to make decisions about resources allocated to the segment and assess its performance. Segment performance is evaluated based on EBITDA and operating profit/ loss. SEGMENT FINANCIALS 2023 NOK million Note Corporate Projects Elimination Consolidated Operations Operating revenue 44.9 0.0 -20.3 24.6 Other income 0.0 249.2 0.0 249.2 Operating expense -31.5 -0.7 0.0 -32.2 Development and M&A expense 0.0 -93.9 20.3 -73.6 EBITDA 13.4 154.6 0.0 168.0 Depreciations -0.9 -1.0 0.0 -1.9 Profit/loss from associated companies 10.5 0.0 0.0 10.5 Operating profit/(loss) 23.0 153.6 0.0 176.6 SEGMENT FINANCIALS 2022 NOK million Note Corporate Projects Elimination Consolidated Operations Operating revenue 91.1 0.0 0.0 91.1 Other operating revenue 11.6 0.3 -11.2 0.6 Operating expense -30.6 -1.2 0.0 -31.8 Development and M&A expense 0.0 -60.6 11.2 -49.4 EBITDA 72.0 -61.5 0.0 10.5 Profit/loss from associated companies 0.0 -3.9 0.0 -3.9 Operating profit/(loss) 72.0 -65.4 0.0 6.6", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__53": { "value": "NOTE 6. FIXED ASSETSMachinery and Assets under 2023 Total equipment construction Opening net book value 4.3 11.0 15.3 Additions 0.2 5.3 5.5 Depreciations* -0.6 0.0 -0.6 Currency translation 0.6 1.0 1.6 Sale of business -4.2 -17.3 -21.5 Total 0.3 0.0 0.3 *0.1 MNOK of depreciation is capitalized in the financial statements. As of 31 December 2023 Accumulated acquisition cost 0.5 0.0 0.5 Accumulated depreciation -0.2 0.0 -0.2 Total 0.3 0.0 0.3 Depreciation method Linear N/A Machinery and Assets under 2022 Total equipment construction Opening net book value 0.0 0.0 0.0 Acquisition of subsidiaries 2.7 5.0 7,7 Acc depr acq. of -0.9 0.0 -0,9 subsidiary Additions 2.7 6.0 8.7 Depreciations -0.2 0.0 -0.2 Total 4.3 11.0 15.3 As of 31 December 2022 Accumulated acquisition cost 5.6 11.0 16.6 Accumulated depreciation -1.3 0.0 -1.3 Total 4.3 11.0 15.3 Depreciation method Linear N/A", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__55": { "value": "NOTE 7.ASSOCIATEDCOMPANIESShareholder Shareholder Shareholder Shareholder Associated Registered Shareholder interest interest interest interest company office 01.01.2021 31.12.2021 31.12.2022 31.12.2023 Magnora Kustvind AB Sweden 15% 30% 37.5% 46% ASA Magnora Helios AB Sweden 0% 40% 40% 40% ASA Hafslund Magnora Magnora Norway 0% 0% 48% 48% Sol AS ASA Gamcap Magnora Mangora United Development UK PV 0% 0% 50% 50% Kingdom Company Ltd* Holding *Magnora has provided a loan of 22.5 MNOK to Gamcap Magnora Development Company Ltd as of 31 December 2023. This is a part of the net investment in the company and the Magnora part of the loss is netted against the loan. Hence the net value of the loan is 19.5 MNOK. Interest held equals the voting rights in the associated companies. The interests in the associated companies are accounted for using the equity method. Registered % interest 2023 Assets Liabilities Revenues Profit/loss office held Gamcap Magnora United Development Company 20.3 26.3 0.0 -6.0 50% Kingdom Ltd Hafslund Magnora Sol Norway 6.4 5.4 0.0 -34.8 48% Kustvind AB Sweden 14.5 0.2 - -6.2 46% Helios Nordic Energy AB Sweden 101.3 74.6 28.1 83.7 40% Total 142.5 106.5 28.1 36.7 Registered % interest 2022 Assets Liabilities Revenues Profit/loss office held Arendal Brygge AS Norway 49.5 54.3 3.8 0.5 50% Kustvind AB Sweden 7.0 0.1 - -5.6 37.5% Helios Nordic Energy AB Sweden 24.7 27.4 9.4 -3.7 40% Total 81.2 81.8 13.2 -8.8 Amounts in the tables above are presented in NOK million. Associated companies (NOK million) 2023 2022 Book value 1 January 26.4 61.4 Acquisition of associates 22.4 6.8 Disposals/ -sale of associates 0.0 0.0 Share of profit/loss 10.5 -3.9 Dividend received -24.1 -6.1 Loss accounted for as part of net investment 3.0 0.0 Currency translation difference 3.0 -2.2 Realization due to gain of control 0.0 -29.6 Net book value 31 December 41.3 26.4 Magnora invested in Kustvind AB in March 2020 and owns 46% as of 31 December 2023. The following table illustrates the summarised financial information for Magnora\u2019s investment in Kustvind AB: Kustvind (NOK million) 2023 2022 Current assets 1.0 0.5 Non-current assets 13.9 7.3 Current liabilities 0.2 0.1 Equity 14.7 7.7 Magnora\u2019s share in equity 6.8 2.9 Currency translation difference 0.6 -0.6 Goodwill 12.2 11.4 Magnora\u2019s carrying amount of investment 19.6 13.7 Profit/(loss) before tax -6.0 -5.6 Total comprehensive income for the year -6.0 -5.6 Magnora\u2019s share of profit/(loss) for the year -2.6 -2.0 Magnora invested in Helios Nordic Energy AB in February 2021 and owns 40 percent of the company as of 31 December 2023. The following table illustrates the summarised financial information for Magnora\u2019s investment in Helios: Helios Nordic Energy (NOK million) 2023 2022 Current assets 76.1 24.1 Non-current assets 19.4 0.6 Current liabilities 75.6 27.4 Non-current liabilities 0.0 0.0 Equity 19.9 -2.7 Magnora\u2019s share in equity 7.9 -1.1 Currency translation difference 0.2 -1.3 Goodwill 11.5 13.8 Magnora\u2019s carrying amount of investment 19.6 11.4 Profit/(loss) before tax 83.8 -3.5 Total comprehensive income for the year 83.8 -3.5 Magnora\u2019s share of profit/(loss) for the year 33.5 -1.4 See note 3.1 above regarding development risks of the portfolio companies. Impairment of associated companies is evaluated annually after year-end, and for financial year 2023 the Group has assessed if there are indicators for impairment. No indicators for impairment were identified as all associated companies are in an early phase of their development and progressing as planned.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__54-1": { "value": "NOTE 7.ASSOCIATEDCOMPANIESShareholder Shareholder Shareholder Shareholder Associated Registered Shareholder interest interest interest interest company office 01.01.2021 31.12.2021 31.12.2022 31.12.2023 Magnora Kustvind AB Sweden 15% 30% 37.5% 46% ASA Magnora Helios AB Sweden 0% 40% 40% 40% ASA Hafslund Magnora Magnora Norway 0% 0% 48% 48% Sol AS ASA Gamcap Magnora Mangora United Development UK PV 0% 0% 50% 50% Kingdom Company Ltd* Holding *Magnora has provided a loan of 22.5 MNOK to Gamcap Magnora Development Company Ltd as of 31 December 2023. This is a part of the net investment in the company and the Magnora part of the loss is netted against the loan. Hence the net value of the loan is 19.5 MNOK. Interest held equals the voting rights in the associated companies. The interests in the associated companies are accounted for using the equity method. Registered % interest 2023 Assets Liabilities Revenues Profit/loss office held Gamcap Magnora United Development Company 20.3 26.3 0.0 -6.0 50% Kingdom Ltd Hafslund Magnora Sol Norway 6.4 5.4 0.0 -34.8 48% Kustvind AB Sweden 14.5 0.2 - -6.2 46% Helios Nordic Energy AB Sweden 101.3 74.6 28.1 83.7 40% Total 142.5 106.5 28.1 36.7 Registered % interest 2022 Assets Liabilities Revenues Profit/loss office held Arendal Brygge AS Norway 49.5 54.3 3.8 0.5 50% Kustvind AB Sweden 7.0 0.1 - -5.6 37.5% Helios Nordic Energy AB Sweden 24.7 27.4 9.4 -3.7 40% Total 81.2 81.8 13.2 -8.8 Amounts in the tables above are presented in NOK million. Associated companies (NOK million) 2023 2022 Book value 1 January 26.4 61.4 Acquisition of associates 22.4 6.8 Disposals/ -sale of associates 0.0 0.0 Share of profit/loss 10.5 -3.9 Dividend received -24.1 -6.1 Loss accounted for as part of net investment 3.0 0.0 Currency translation difference 3.0 -2.2 Realization due to gain of control 0.0 -29.6 Net book value 31 December 41.3 26.4 Magnora invested in Kustvind AB in March 2020 and owns 46% as of 31 December 2023. The following table illustrates the summarised financial information for Magnora\u2019s investment in Kustvind AB: Kustvind (NOK million) 2023 2022 Current assets 1.0 0.5 Non-current assets 13.9 7.3 Current liabilities 0.2 0.1 Equity 14.7 7.7 Magnora\u2019s share in equity 6.8 2.9 Currency translation difference 0.6 -0.6 Goodwill 12.2 11.4 Magnora\u2019s carrying amount of investment 19.6 13.7 Profit/(loss) before tax -6.0 -5.6 Total comprehensive income for the year -6.0 -5.6 Magnora\u2019s share of profit/(loss) for the year -2.6 -2.0 Magnora invested in Helios Nordic Energy AB in February 2021 and owns 40 percent of the company as of 31 December 2023. The following table illustrates the summarised financial information for Magnora\u2019s investment in Helios: Helios Nordic Energy (NOK million) 2023 2022 Current assets 76.1 24.1 Non-current assets 19.4 0.6 Current liabilities 75.6 27.4 Non-current liabilities 0.0 0.0 Equity 19.9 -2.7 Magnora\u2019s share in equity 7.9 -1.1 Currency translation difference 0.2 -1.3 Goodwill 11.5 13.8 Magnora\u2019s carrying amount of investment 19.6 11.4 Profit/(loss) before tax 83.8 -3.5 Total comprehensive income for the year 83.8 -3.5 Magnora\u2019s share of profit/(loss) for the year 33.5 -1.4 See note 3.1 above regarding development risks of the portfolio companies. Impairment of associated companies is evaluated annually after year-end, and for financial year 2023 the Group has assessed if there are indicators for impairment. No indicators for impairment were identified as all associated companies are in an early phase of their development and progressing as planned.NOTE 29. INTANGIBLE ASSETS NOK million Goodwill Option lease Technology Total Book value 1 January 2023 34.1 124.1 46.8 205.0 Additions 0.0 0.0 10.8 10.8 Realization due to sale of subsidiary -28.0 0.0 -62.4 -90.4Amortization 0.0 0.0 -0.4 -0.4Currency translation 2.3 11.1 5.1 18.5 Book value 31 December 2023 8.4 135.2 0.0 143.6 Depreciation method Infinite Linear Linear NOK million Goodwill Option lease Technology Total Book value 1 January 2022 2.0 0.0 0.0 2.0 Additions 0.0 120.3 0.0 120.3 Acquisitions 31.9 0.0 47.7 79.6 Amortization 0.0 0.0 -0.9 -0.9 Currency translation 0.2 3.8 0.0 4.0 Book value 31 December 2022 34.1 124.1 46.8 205.0 Depreciation method Infinite Linear Linear Impairment testing of goodwill and intangible assets with indefinite useful lives Goodwill and intangible assets with indefinite useful lives are tested annually for impairment by comparing the carrying amount with the recoverable amount. The ratio is monitored based on what is considered as the natural cash-generating unit (CGU) associated with each acquisition. The recoverable amount is calculated based on the value the asset will add to it\u2019s CGU. The carrying amount of goodwill is allocated to the South African operations and amounts to NOK 8.4 million as of 31 December 2023. The CGU is valued based on sum value of the project portfolio. In the project portfolio, each project is valued based on a milestone matrix which includes capacity, price per MW and completion status. The key assumptions on which the management has based its project valuation are price per MW (based on discussion with players in the market), capacity per project and remaining risk per project (incl. grid connection). Fair value of the portfolio is significantly higher than the carrying value. No reasonably possible change in key assumptions on which management has based its determination of the unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount. The assumptions used for calculating value in use and the discount rates take into account the specific risk connected to the CGU. Option lease agreement The ScotWind lease option signed by Magnora with The Crown Estate Scotland is considered to be an intangible asset in the statement of financial position. The agreement gives Magnora the exclusive right to perform environmental studies on the area awarded. When the requirements in the option lease agreement, including key project consent, are met, the land lease will commence. The intangible asset will start amortizing when the lease commences and will be amortized over the duration of the land lease.There are no indications of impairment related to the option lease agreement as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__58": { "value": "NOTE 8.FINANCIAL INSTRUMENTS BY CATEGORYAccounting principles for financial instruments were applied to the line items below as indicated: Financial assets NOK million 2023 2022 Category: Asset: Financial assets at amortised cost Trade receivables 7.3 91.5 Financial assets at amortised cost Other financial assets 25.4 23.7 Fair value through profit and loss Cash and cash equivalents 347.6 171.9 Total financial assets 380.3 287.1 Financial liabilities NOK million 2023 2022 Category: Liabilities: Fair value through profit and loss Overdraft facility 0.0 76.3 Financial liabilities at amortised cost Leasing debt 1.2 8.7 Financial liabilities at amortised cost Other payables 34.9 28.6 Financial liabilities at amortised cost Trade payables 6.3 6.2 Total financial liabilities 42.4 119.8 Fair Value Estimation Management has determined that the fair values of cash, short-term deposits, trade receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Overdraftfacility The Group has a total available overdraft facility of NOK 150 million. As of 31 December 2023, none of the overdraft facility has been drawn. See note 3.1.5 for covenants related to the overdraft facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__57-1": { "value": "NOTE 8.FINANCIAL INSTRUMENTS BY CATEGORYAccounting principles for financial instruments were applied to the line items below as indicated: Financial assets NOK million 2023 2022 Category: Asset: Financial assets at amortised cost Trade receivables 7.3 91.5 Financial assets at amortised cost Other financial assets 25.4 23.7 Fair value through profit and loss Cash and cash equivalents 347.6 171.9 Total financial assets 380.3 287.1 Financial liabilities NOK million 2023 2022 Category: Liabilities: Fair value through profit and loss Overdraft facility 0.0 76.3 Financial liabilities at amortised cost Leasing debt 1.2 8.7 Financial liabilities at amortised cost Other payables 34.9 28.6 Financial liabilities at amortised cost Trade payables 6.3 6.2 Total financial liabilities 42.4 119.8 Fair Value Estimation Management has determined that the fair values of cash, short-term deposits, trade receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Overdraftfacility The Group has a total available overdraft facility of NOK 150 million. As of 31 December 2023, none of the overdraft facility has been drawn. See note 3.1.5 for covenants related to the overdraft facility.NOTE 27. MARKETABLE SECURITIESNo marketable securities were sold or held in 2023. In accordance with authorisation from the Board of Directors, Magnora sold marketable securities during 2022 with a net gain of NOK 0.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__56-1": { "value": "NOTE 8.FINANCIAL INSTRUMENTS BY CATEGORYAccounting principles for financial instruments were applied to the line items below as indicated: Financial assets NOK million 2023 2022 Category: Asset: Financial assets at amortised cost Trade receivables 7.3 91.5 Financial assets at amortised cost Other financial assets 25.4 23.7 Fair value through profit and loss Cash and cash equivalents 347.6 171.9 Total financial assets 380.3 287.1 Financial liabilities NOK million 2023 2022 Category: Liabilities: Fair value through profit and loss Overdraft facility 0.0 76.3 Financial liabilities at amortised cost Leasing debt 1.2 8.7 Financial liabilities at amortised cost Other payables 34.9 28.6 Financial liabilities at amortised cost Trade payables 6.3 6.2 Total financial liabilities 42.4 119.8 Fair Value Estimation Management has determined that the fair values of cash, short-term deposits, trade receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Overdraftfacility The Group has a total available overdraft facility of NOK 150 million. As of 31 December 2023, none of the overdraft facility has been drawn. See note 3.1.5 for covenants related to the overdraft facility.NOTE 27. MARKETABLE SECURITIESNo marketable securities were sold or held in 2023. In accordance with authorisation from the Board of Directors, Magnora sold marketable securities during 2022 with a net gain of NOK 0.8 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__59-1": { "value": "NOTE 9. CREDIT QUALITY OF TRADE RECEIVABLES AND CASHThe credit quality of trade receivables and cash that were neither past due nor impaired was assessed by reference to external credit ratings (where available) and by analysis of historical information about counterparty default rates: Trade receivables NOK million 2023 2022 No external rating 3.5 3.7 AA- 0 75.3 Total trade receivable and accrued income 3.5 79.0 Cash and cash equivalents NOK million 2023 2022 Aa3 347.6 171.9 Total cash and cash equivalents 347.6 171.9NOTE 10. TRADE AND OTHER RECEIVABLESSpecification of trade and other receivables NOK million 2023 2022 Trade receivables 3.5 3.7 Loss allowance 0.0 0.0 Accrued income* 0.0 75.3 Other receivables 3.8 12.5 Trade and other receivables 7.3 91.5 *Mainly related to milestone payments from Shell Penguins FPSO for 2022. Payment received in Q1 2023. Aging of trade receivables NOK million 2023 2022 Not Due 0.1 2.8 Due 3.4 0.9 Total trade receivables 3.5 3.7 At balance sheet date, NOK 3.4 million was past due in 2023 (2022: NOK 0.9 million). Currency denomination of trade receivables, carrying amounts NOK million 2023 2022 SEK 0.0 1.0 NOK 3.5 2.7 Total trade receivables 3.5 3.7", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__61": { "value": "NOTE 11. CASH AND CASH EQUIVALENTSSpecification of cash NOK million 2023 2022 Cash at bank and in hand 346.3 170.2 Restricted short-term bank deposits 1.3 1.7 Total cash and cash equivalents 347.6 171.9", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__63": { "value": "NOTE 12. SHARE CAPITALThe total authorised number of ordinary shares was 66.8 million (2022: 66.8 million) with a par value of NOK 0.49 (2022: NOK 0.49) per share. All issued shares were fully paid at the balance sheet date. As of 31 December 2023, Magnora owned 1,070,854 shares or 1.6 percent of total shares outstanding through the share buyback program approved by the annual general meeting. As of 31 December 2022, Magnora owned 21,866 shares or 0.03 percent of the total shares outstanding. Number of Share Share NOK million Total sharescapital premium 1 January 2023 66,822,679 32.7 0.0 32.7 31 December 2023 66,822,679 32.7 0.0 32.7 Number of Share Share NOK million Total shares capital premium 1 January 2022 57,072,679 28.0 0.0 28.0 Capital increase 9,750,000 4.7 0.0 4.7 31 December 2022 66,822,679 32.7 0.0 32.7 During 2022, Magnora closed an equity private placement of 8,950,000 new shares with a subscription price per share of NOK 22.35 and a total offer size of NOK 200 million. Hafslund was pre-allocated 100 MNOK in the share issue and the remaining 100 MNOK was seven times oversubscribed by mutual funds and reputable investors. Hafslund effectively became Magnora\u2019s largest single shareholder. Magnora also issued 800,000 shares during 2022 to exchange options exercised. 20 largest shareholder accounts 31 December 2023 Number of shares Percent ownership (source: VPS) HAFSLUND VEKST AS 4,474,272 6.70 KING KONG INVEST AS 2,670,995 4.00 GINNY INVEST AS 2,469,144 3.70 ALDEN AS 2,217,825 3.32 F1 FUNDS AS 1,747,870 2.62 PHILIP HOLDING AS 1,648,377 2.47 F2 FUNDS AS 1,630,000 2.44 CARE HOLDING AS 1,500,000 2.25 JP MORGAN CHASE BANK 1,434,742 2.15 DNB BANK ASA 1,345,000 2.02 MP PENSJON PK 1,242,732 1.86 NORDNET LIVSFORSIKRING AS 1,166,413 1.75 ALTEA AS 1,154,944 1.73 MAGNORA ASA 1,070,854 1.60 AARSKOG, PHILLIP GEORGE 1,000,000 1.50 MORGAN STANLEY & CO. 995,839 1.49 BALLISTA AS 760,372 1.14 BAKLIEN, \u00c5SMUND 756,100 1.13 CLEARSTREAM BANKING S.A. 751,448 1.13 DANSKE BANK 696,752 1.04 Total, 20 largest shareholders 30,733,679 45.99 Other shareholder accounts 36,089,087 54.01 Total number of shares 66,822,766 100.00 Foreign ownership 10,154,098 120 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__62": { "value": "NOTE 12. SHARE CAPITALThe total authorised number of ordinary shares was 66.8 million (2022: 66.8 million) with a par value of NOK 0.49 (2022: NOK 0.49) per share. All issued shares were fully paid at the balance sheet date. As of 31 December 2023, Magnora owned 1,070,854 shares or 1.6 percent of total shares outstanding through the share buyback program approved by the annual general meeting. As of 31 December 2022, Magnora owned 21,866 shares or 0.03 percent of the total shares outstanding. Number of Share Share NOK million Total sharescapital premium 1 January 2023 66,822,679 32.7 0.0 32.7 31 December 2023 66,822,679 32.7 0.0 32.7 Number of Share Share NOK million Total shares capital premium 1 January 2022 57,072,679 28.0 0.0 28.0 Capital increase 9,750,000 4.7 0.0 4.7 31 December 2022 66,822,679 32.7 0.0 32.7 During 2022, Magnora closed an equity private placement of 8,950,000 new shares with a subscription price per share of NOK 22.35 and a total offer size of NOK 200 million. Hafslund was pre-allocated 100 MNOK in the share issue and the remaining 100 MNOK was seven times oversubscribed by mutual funds and reputable investors. Hafslund effectively became Magnora\u2019s largest single shareholder. Magnora also issued 800,000 shares during 2022 to exchange options exercised. 20 largest shareholder accounts 31 December 2023 Number of shares Percent ownership (source: VPS) HAFSLUND VEKST AS 4,474,272 6.70 KING KONG INVEST AS 2,670,995 4.00 GINNY INVEST AS 2,469,144 3.70 ALDEN AS 2,217,825 3.32 F1 FUNDS AS 1,747,870 2.62 PHILIP HOLDING AS 1,648,377 2.47 F2 FUNDS AS 1,630,000 2.44 CARE HOLDING AS 1,500,000 2.25 JP MORGAN CHASE BANK 1,434,742 2.15 DNB BANK ASA 1,345,000 2.02 MP PENSJON PK 1,242,732 1.86 NORDNET LIVSFORSIKRING AS 1,166,413 1.75 ALTEA AS 1,154,944 1.73 MAGNORA ASA 1,070,854 1.60 AARSKOG, PHILLIP GEORGE 1,000,000 1.50 MORGAN STANLEY & CO. 995,839 1.49 BALLISTA AS 760,372 1.14 BAKLIEN, \u00c5SMUND 756,100 1.13 CLEARSTREAM BANKING S.A. 751,448 1.13 DANSKE BANK 696,752 1.04 Total, 20 largest shareholders 30,733,679 45.99 Other shareholder accounts 36,089,087 54.01 Total number of shares 66,822,766 100.00 Foreign ownership 10,154,098 120 ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__64": { "value": "NOTE 13. SHARE-BASED PAYMENTSIn accordance with approval by the Annual General Meeting of 26 April 2022 and 25 April 2023, the Board of Magnora issued 375,000 options during 2023 to provide long-term incentives to the Board and employees. The options were awarded as follows: Options awarded Torstein Sanness, Executive Chairman 75,000 Erik Sneve, CEO 100,000 Haakon Alfstad, CEO Magnora Offshore Wind 50,000 Espen Erdal, VP Business Development 50,000 Emilie Brackman, VP Wind and Solar 50,000 Hanne Wiger, Business Controller 50,000 Total options awarded 375,000 All options issued in 2023 have a three-year vesting period and all options must be exercised within five years after vested. This is an equity-settled share-based payment, and in accordance with IFRS 2, the value is determined as of the grant date. At balance sheet date there are 1,750,000 options (2022: 1,475,000). The cost of the options is recorded monthly over the vesting (service) period. See note 18 for expensed amount related to share-based payments. The employee or board member receiving the options must stay in his or her position until vesting date to exercise the options. The options are expected to have limited value at the time they become vested, and therefore more likely to be exercised towards the end of the period exercisable. The Black-Scholes model is used to calculate the value of the options. The risk-free rate is set from the rate of five-year treasury bonds at the time of grant date, and this matches the full length of the options once vested. Volatility rate is derived from the daily share prices from 1 January 2019, and then annualised. Share prices from prior periods are considered irrelevant, as the Group significantly changed in Q4 2018 with the sale of its prior business to Sembcorp. Number of Exercise price Number of Exercise price (NOK/Share) 2023 options 2023 (NOK/Share) 2022 options 2022 1 January Granted 22.41 200,000 19.03 100,000 Granted 22.62 75,000 23.70 200,000 Granted 24.96 100,000 22.22 175,000 Granted Granted Granted Exercised 6.5 900,000 Outstanding 31 December 1,750,000 1,475,000 Exercisable 31 December 533,335 166,668 The weighted average remaining contractual life for the share options outstanding as of 31 December 2023 was 5.9 years (2022: 6.7 years). The weighted average fair value of options granted during the year was NOK 15.57 (2022: NOK 13.76). The range of exercise prices for options outstanding at the end of the year was NOK 7.92 to NOK 26.65 (2022: NOK 7.92 to NOK 26.65). The following table lists the inputs to the models used for the plans for the years ended 31 December 2023 and 2022, respectively: NOK million 2023 2022 Weighted average fair values at the measurement date 15.57 13.76 Risk free interest 3.09% / 3.32% / 3.32% 2.83% / 3.13% / 3.13% Volatility 62% / 59% / 59% 64% / 61% / 61% Exercise price 22.41 / 22.10 / 24.96 19.03 / 23.70 / 22.22 Model for estimation of fair value Black-Scholes modelBlack-Scholes model ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__66": { "value": "NOTE 14. OTHER CURRENT LIABILITIESNOK million 2023 2022 Payroll liabilities 2.1 2.7 Employer\u2019s contribution tax and other taxes 3.4 4.3 Other payables 34.9 28.6 Leasing debt 0.3 3.5 Total other current liabilities 40.7 39.1", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__65": { "value": "NOTE 14. OTHER CURRENT LIABILITIESNOK million 2023 2022 Payroll liabilities 2.1 2.7 Employer\u2019s contribution tax and other taxes 3.4 4.3 Other payables 34.9 28.6 Leasing debt 0.3 3.5 Total other current liabilities 40.7 39.1", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__67": { "value": "NOTE 15. TAXESDeferred income tax assets and liabilities are offset when a legally enforceable right to offset current tax assets against current tax liabilities exists. For 2023 a tax rate of 22% has been used when calculating the deferred tax assets and liabilities (2022: 22%). The Group is not affected by Pillar 2. Specification of booked deferred tax assets/ (liabilities) (NOK million) 2023 2022 Specification net deferred tax assets/(liabilities): Deferred tax asset to be reversed after more than 12 months 768.8 784.1 Deferred tax liabilities to be reversed after more than 12 months -0.4 -4.9 Net deferred tax asset/(liabilities) 768.4 769.0 Deferred tax assets not recognised in the balance sheet -753.7 -758.8 Net deferred tax assets recognised in the balance sheet 15.1 15.1 Net deferred tax (liabilities) recognised in the balance sheet* -0.4 -4.9 *Deferred tax assets and liabilities are not offset as it is related to different tax jurisdictions. Reconciliation of deferred tax assets: Book value 1 January 15.1 23.4 Income statement charge relating to deferred tax assets 0.0 -8.3 Book value 31 December 15.1 15.1 Reconciliation of deferred tax liabilities: Book value 1 January -4.9 0.0 Intangible assets from acquisition of subsidiaries 0.0 -5.1 Disposal of intangible assets 4.8 0.0 Currency translation -0.4 0.0 Tax income related to depreciation of intangible assets 0.1 0.2 Book value 31 December -0.4 -4.9 Specification of deferred tax assets/ (liabilities) booked and not booked (NOK million) 2023 2022 Deferred tax assets: Investments and receivables 0.3 0.5 Fixed assets 0.3 0.4 Intangible assets -0.4 -4.9 Losses carry forward 768.2 773.1 Deferred tax assets 768.4 769.0 Deferred income tax assets are recognised for tax losses carried forward and deductible temporary differences to the extent that the realisation of the tax benefit through future taxable profits is probable. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The recognised deferred tax asset is most sensitive to expected future taxable profits. At balance sheet date, the recognition criteria in IAS 12 were met. The deferred tax asset recognised is expected to be utilised within the next 5 years based upon on the Group\u2019s contract portfolio and cost base as of today. The book value of the deferred tax asset represents a minor part of the total accumulated tax losses. Reference is made to Note 4.1 for further information. Specification of tax income/(expense) (NOK million) 2023 2022 Recognition of deferred tax asset 0.0 -8.3 Tax income related to depreciation of intangible assets 0.1 0.2 Net tax income/(expense) 0.1 -8.1 Reconciliation between tax charge based on the nominal statutory and actual tax rate (NOK million) 2023 2022 Profit/(loss) before tax: 178.8 12.0 Tax calculated (22%) -39.3-2.6 Income not subject to tax 51.8 0.2 Expenses not deductible -0.1-0.2 Results from associated companies 2.3 -0.9 Tax losses for which no deferred income tax asset was recognised -14.6-4.6 Tax income/(expense) 0.1 -8.1 For 2023 a tax rate of 22% has been used when calculating the tax income / (expense), (2022: 22%).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__70": { "value": "NOTE 16. RETIREMENT BENEFIT OBLIGATIONSPension cost charged to the income statement in 2023 was NOK 2.1 million (2022: NOK 2 .4 million). The defined contribution plan had 8 participants at 31.12.2023 (2022: 41 participants).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__69-1": { "value": "NOTE 16. RETIREMENT BENEFIT OBLIGATIONSPension cost charged to the income statement in 2023 was NOK 2.1 million (2022: NOK 2 .4 million). The defined contribution plan had 8 participants at 31.12.2023 (2022: 41 participants).NOTE 18. EMPLOYEE BENEFIT EXPENSESpecification of employee expense: (NOK million) 2023 2022 Salaries and vacation pay 23.5 24.1 Employer\u2019s contribution tax 5.5 6.4 Pension costs 2.1 2.4 Bonus 9.0 3.0 Share based payments 8.4 6.3 Other employee benefit expense 1.3 0.4 Capitalized development costs -5.4-10.4 Total employee benefit expense 44.4 32.1 Average number of man-years 19 46 2023 Remuneration of Senior Management: NOK thousand Salaries Bonus Retirement benefits Other benefits Erik Sneve, CEO 2,890 4,189 194 18 B\u00e5rd Olsen, CFO 1,724 937 194 524* Total remuneration paid 4,614 5,126 388 542 *NOK 507,000 due to exercising options. 2022 remuneration of Senior Management:NOK thousand Salaries Bonus Retirement benefits Other benefits Erik Sneve, CEO 2,150 2,290 184 18 B\u00e5rd Olsen, CFO 1,652 147 184 18 Total remuneration paid 3,802 2,437 368 36 Retirement benefit plan was established in 2020 for the management team. No loans, pre-payments, or security were granted to current Senior Management or any member of the Board of Directors in 2023 and 2022. At the balance sheet date there were 1,750,000 options held by the Board of Directors and Senior Management (2022: 1,475,000 options). See note 13 for more information. Reference is made to the \u2018Statement regarding establishment of salary and other benefits for Senior Management\u2019 for further details of remuneration of Senior Management. Remuneration of the Board of Directors: NOK Thousand Member from Member to 2023 2022* Torstein Sanness, Executive 24 May 2017 1,210 6,919 (5,716) Chairman Hilde \u00c5dland, Board Member 24 May 2018 310 777 (472) John Hamilton, Board Member 18 Dec 2018 370 835 (472) Total remuneration paid 1,890 8,531 (6,660) *Significant increase due to the board exercising options awarded in 2019 (option related amounts in parentheses). Shares and options owned or controlled by the Board of Directors and Senior Management: As of 31 December 2023, the Board members and Senior Management owned or controlled the following shares in the Company: Options owned or Shares owned or controlled controlled Torstein Sanness, Executive Chairman 325,000 629,442 Hilde \u00c5dland, Board member 10,000 39,011 John Hamilton, Board member 40,000 33,837 Erik Sneve, CEO 450,000 1,173,871 B\u00e5rd Olsen, CFO 125,000 75,000 Total remuneration paid 950,000 Reference is made to the \u2019Magnora Remuneration Report 2023\u2019 for further details of remuneration of Senior Management.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__71": { "value": "NOTE 17. PROVISIONS NOK million Payroll Bonus Total 1 January 2023 0.6 0.0 0.6 Arising during the year 1.5 1.9 3.4 Reversed during the year 0.0 0.0 0.0 31 December 2023 2.1 1.9 4.0 NOK million Payroll Bonus Total 1 January 2022 2.3 0.0 2.3 Arising during the year 0.0 0.0 0.0 Reversed during the year -1.7 0.0 -1.7 31 December 2022 0.6 0.0 0.6 All provisions in 2023 and 2022 are current in nature. Payroll Provision for 2023 is for bonus awarded, not paid, and employment tax (AGA) for the options issued. Provision for 2022 is for employment tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__78": { "value": "NOTE 19. FINANCIAL INCOMEFinancial income: NOK million 2023 2022 Interest income 15.3 7.2 Gains from investments in marketable securities 0.0 0.8 Total financial income 15.3 8.1 Financial expense: NOK million 2023 2022 Interest cost -12.6-9.7 Losses from investments in marketable securities -0.9-0.5 Total financial expense -13.5 -10.2", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__77": { "value": "NOTE 19. FINANCIAL INCOMEFinancial income: NOK million 2023 2022 Interest income 15.3 7.2 Gains from investments in marketable securities 0.0 0.8 Total financial income 15.3 8.1 Financial expense: NOK million 2023 2022 Interest cost -12.6-9.7 Losses from investments in marketable securities -0.9-0.5 Total financial expense -13.5 -10.2", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__76": { "value": "NOTE 19. FINANCIAL INCOMEFinancial income: NOK million 2023 2022 Interest income 15.3 7.2 Gains from investments in marketable securities 0.0 0.8 Total financial income 15.3 8.1 Financial expense: NOK million 2023 2022 Interest cost -12.6-9.7 Losses from investments in marketable securities -0.9-0.5 Total financial expense -13.5 -10.2", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__75": { "value": "NOTE 19. FINANCIAL INCOMEFinancial income: NOK million 2023 2022 Interest income 15.3 7.2 Gains from investments in marketable securities 0.0 0.8 Total financial income 15.3 8.1 Financial expense: NOK million 2023 2022 Interest cost -12.6-9.7 Losses from investments in marketable securities -0.9-0.5 Total financial expense -13.5 -10.2", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__74": { "value": "NOTE 19. FINANCIAL INCOMEFinancial income: NOK million 2023 2022 Interest income 15.3 7.2 Gains from investments in marketable securities 0.0 0.8 Total financial income 15.3 8.1 Financial expense: NOK million 2023 2022 Interest cost -12.6-9.7 Losses from investments in marketable securities -0.9-0.5 Total financial expense -13.5 -10.2", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__73": { "value": "NOTE 19. FINANCIAL INCOMEFinancial income: NOK million 2023 2022 Interest income 15.3 7.2 Gains from investments in marketable securities 0.0 0.8 Total financial income 15.3 8.1 Financial expense: NOK million 2023 2022 Interest cost -12.6-9.7 Losses from investments in marketable securities -0.9-0.5 Total financial expense -13.5 -10.2", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__79": { "value": "NOTE 20. EARNINGS PER SHARE Basic earnings per share Basic earnings per share were calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares on issue during the year. 2023 2022 Net profit/(loss) attributable to equity holders (NOK million) 192.5 12.5 Weighted avg. no. of ordinary shares on issue (thousands) 66,823 59,510 Basic earnings per share for continued operations (NOK per 2.88 0.21 share) Diluted earnings per share 2023 2022 Net profit/(loss) attributable to equity holders (NOK million) 192.5 12.5 Weighted avg. no. of ordinary shares for diluted earnings per 67,194 59,695 share (thousands) Basic earnings per share for continued operations (NOK per 2.86 0.21 share)", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__80": { "value": "NOTE 21. DIVIDEND AND REPAYMENT OF CAPITALThe annual general meeting and the Board authorised capital distribution of NOK 0.187 per share to be paid quarterly (NOK 0.75 annually). There were two capital distributions totaling NOK 24.6 million in 2023. Capital distribution of NOK 0", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__81": { "value": "NOTE 22. CASH GENERATED FROM OPERATIONSNOK million 2023 2022 Cash flow from operating activities Profit/(loss) before tax 178.8 12.0 Adjustment for: Depreciations 6, 25, 29 1.9 1.6 Gain sale of subsidiaries 31 -249.2Share of associated companies\u2019 financial results 7 -10.53.9 Share based payments 13 8.4 6.3 Change in marketable securities and forwards 0.0 -0.8 Change in working capital: Capitalization of development costs 29 -9.7-19.4 Trade and other receivables 10 78.4 -106.0 Trade and other payables 1.3 1.2 Other liabilities, provisions and charges 17 3.7 32.5 Cash generated from operations 3.0 -67.7", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__82": { "value": "NOTE 23. RELATED PARTY TRANSACTIONSMagnora ASA has an agreement with all subsidiaries and associated companies that allows services to be provided between the companies at agreed upon hourly rates. Magnora had both operating revenues and expenses from services provided between the companies that are related parties to Magnora. The total operating revenues from associated companies in 2023 was NOK 11.8 million (2022: NOK 0.6 million). Specification of sale to and purchases from related parties in the period: NOK million 2023 2022 Operating revenue from associated companies 11.8 0.6 Total operating revenue 11.8 0.6 NOK million 2023 2022 Operating expenses from associated companies 0.0 0.0 Operating expenses paid to other related parties 0.0 0.0 Total operating expense 0.0 0.0", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__113": { "value": "Magnora ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__112": { "value": "Magnora ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__105": { "value": "Magnora ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__84": { "value": "NOTE 24. REVENUEOperating revenue in 2023 consisted mainly of revenue from services provided to associated companies and royalty income from the Dana Western Isles FPSO. Royalty from the Dana Western Isles FPSO constitutes 51% (15%) of total operating revenue. Revenue from services provided to associated companies constitutes 49% (0%) of total operating revenue. NOK million 2023 2022 License fee (see also note 10) 12.5 87.6 Other revenue 12.1 3.5 Other operating revenue 0.0 0.6 Total operating revenue 24.6 91.7 Operating revenue from a geographic perspective: The revenue split, based on customer location was as follows: NOK million 2023 2022 Norway 12 0.6 Sweden 0.2 3.5 UK 12.5 87.6 Total operating revenue 24.6 91.7", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__83": { "value": "NOTE 24. REVENUEOperating revenue in 2023 consisted mainly of revenue from services provided to associated companies and royalty income from the Dana Western Isles FPSO. Royalty from the Dana Western Isles FPSO constitutes 51% (15%) of total operating revenue. Revenue from services provided to associated companies constitutes 49% (0%) of total operating revenue. NOK million 2023 2022 License fee (see also note 10) 12.5 87.6 Other revenue 12.1 3.5 Other operating revenue 0.0 0.6 Total operating revenue 24.6 91.7 Operating revenue from a geographic perspective: The revenue split, based on customer location was as follows: NOK million 2023 2022 Norway 12 0.6 Sweden 0.2 3.5 UK 12.5 87.6 Total operating revenue 24.6 91.7", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__85": { "value": "NOTE 25. LEASESThe Group has office rental agreements for its offices in Oslo as of 31 December 2023 which is included as a right-of-use asset in the financial statement. The Group expensed NOK 0.2 million in lease and rental cost for 2023 (2022: 1.4). Specification of changes in the period of the right-of-use assets and the lease liability: NOK million Liability Assets Total opening balance right-to-use-assets/lease 8.7 9.0 obligations as per 1 January 2023 Addition 2.0 2.0 Depreciations* - -2.1 Lease payments -2.2- Other/currency effects 1.2 0.8 Realization due to sale of subsidiary -8.6 -8.6 Total closing balance as of 31 December 2023 1.1 1.1 *1.1 MNOK of depreciations are capitalized in the financial statements. NOK million Liability Assets Total opening balance right-to-use-assets/lease 0.0 0.0 obligations as per 1 January 2022 Addition due to acquisition of subsidiary 11.3 11.6 Depreciations - -2.7 Lease payments -2.6 - Other/currency effects 0.0 0.1 Total closing balance as of 31 December 2022 8.7 9.0 Interest expenses on the leasing obligation amounted to NOK 0.1 million in 2023 (0.2 million in 2022). Liabilities (NOK million) 2023 2022 Short-term liability 0.9 3.5 Long-term liability 0.3 5.2 Total closing balance as of 31 December 1.2 8.7", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__90": { "value": "NOTE 26. OTHER OPERATING EXPENSE(NOK million) 2023 2022 Office cost (rental etc) 3.2 3.4 Consultancy (audit, tax and legal) * 53.8 38.6 Travel expenses 1.0 0.9 Other 3.4 4.5 Total other operating expense 61.4 47.4 * Specification of auditor\u2019s fee (excl. VAT): Statutory audit 1.5 0.9 Other services 0.1 0.3 Other certification services 0.0 0.1 Total auditor\u2019s fees 1.6 1.3", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__89": { "value": "NOTE 26. OTHER OPERATING EXPENSE(NOK million) 2023 2022 Office cost (rental etc) 3.2 3.4 Consultancy (audit, tax and legal) * 53.8 38.6 Travel expenses 1.0 0.9 Other 3.4 4.5 Total other operating expense 61.4 47.4 * Specification of auditor\u2019s fee (excl. VAT): Statutory audit 1.5 0.9 Other services 0.1 0.3 Other certification services 0.0 0.1 Total auditor\u2019s fees 1.6 1.3", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__88": { "value": "NOTE 26. OTHER OPERATING EXPENSE(NOK million) 2023 2022 Office cost (rental etc) 3.2 3.4 Consultancy (audit, tax and legal) * 53.8 38.6 Travel expenses 1.0 0.9 Other 3.4 4.5 Total other operating expense 61.4 47.4 * Specification of auditor\u2019s fee (excl. VAT): Statutory audit 1.5 0.9 Other services 0.1 0.3 Other certification services 0.0 0.1 Total auditor\u2019s fees 1.6 1.3", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__87": { "value": "NOTE 26. OTHER OPERATING EXPENSE(NOK million) 2023 2022 Office cost (rental etc) 3.2 3.4 Consultancy (audit, tax and legal) * 53.8 38.6 Travel expenses 1.0 0.9 Other 3.4 4.5 Total other operating expense 61.4 47.4 * Specification of auditor\u2019s fee (excl. VAT): Statutory audit 1.5 0.9 Other services 0.1 0.3 Other certification services 0.0 0.1 Total auditor\u2019s fees 1.6 1.3", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__86": { "value": "NOTE 26. OTHER OPERATING EXPENSE(NOK million) 2023 2022 Office cost (rental etc) 3.2 3.4 Consultancy (audit, tax and legal) * 53.8 38.6 Travel expenses 1.0 0.9 Other 3.4 4.5 Total other operating expense 61.4 47.4 * Specification of auditor\u2019s fee (excl. VAT): Statutory audit 1.5 0.9 Other services 0.1 0.3 Other certification services 0.0 0.1 Total auditor\u2019s fees 1.6 1.3", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__94": { "value": "NOTE 28. OTHER CURRENT FINANCIAL ASSETS(NOK million) 2023 2022 Other current financial assets 25.4 23.7 Total value 25.4 23.7", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__93": { "value": "NOTE 28. OTHER CURRENT FINANCIAL ASSETS(NOK million) 2023 2022 Other current financial assets 25.4 23.7 Total value 25.4 23.7", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__99": { "value": "NOTE 29. INTANGIBLE ASSETS NOK million Goodwill Option lease Technology Total Book value 1 January 2023 34.1 124.1 46.8 205.0 Additions 0.0 0.0 10.8 10.8 Realization due to sale of subsidiary -28.0 0.0 -62.4 -90.4Amortization 0.0 0.0 -0.4 -0.4Currency translation 2.3 11.1 5.1 18.5 Book value 31 December 2023 8.4 135.2 0.0 143.6 Depreciation method Infinite Linear Linear NOK million Goodwill Option lease Technology Total Book value 1 January 2022 2.0 0.0 0.0 2.0 Additions 0.0 120.3 0.0 120.3 Acquisitions 31.9 0.0 47.7 79.6 Amortization 0.0 0.0 -0.9 -0.9 Currency translation 0.2 3.8 0.0 4.0 Book value 31 December 2022 34.1 124.1 46.8 205.0 Depreciation method Infinite Linear Linear Impairment testing of goodwill and intangible assets with indefinite useful lives Goodwill and intangible assets with indefinite useful lives are tested annually for impairment by comparing the carrying amount with the recoverable amount. The ratio is monitored based on what is considered as the natural cash-generating unit (CGU) associated with each acquisition. The recoverable amount is calculated based on the value the asset will add to it\u2019s CGU. The carrying amount of goodwill is allocated to the South African operations and amounts to NOK 8.4 million as of 31 December 2023. The CGU is valued based on sum value of the project portfolio. In the project portfolio, each project is valued based on a milestone matrix which includes capacity, price per MW and completion status. The key assumptions on which the management has based its project valuation are price per MW (based on discussion with players in the market), capacity per project and remaining risk per project (incl. grid connection). Fair value of the portfolio is significantly higher than the carrying value. No reasonably possible change in key assumptions on which management has based its determination of the unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount. The assumptions used for calculating value in use and the discount rates take into account the specific risk connected to the CGU. Option lease agreement The ScotWind lease option signed by Magnora with The Crown Estate Scotland is considered to be an intangible asset in the statement of financial position. The agreement gives Magnora the exclusive right to perform environmental studies on the area awarded. When the requirements in the option lease agreement, including key project consent, are met, the land lease will commence. The intangible asset will start amortizing when the lease commences and will be amortized over the duration of the land lease.There are no indications of impairment related to the option lease agreement as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__98": { "value": "NOTE 29. INTANGIBLE ASSETS NOK million Goodwill Option lease Technology Total Book value 1 January 2023 34.1 124.1 46.8 205.0 Additions 0.0 0.0 10.8 10.8 Realization due to sale of subsidiary -28.0 0.0 -62.4 -90.4Amortization 0.0 0.0 -0.4 -0.4Currency translation 2.3 11.1 5.1 18.5 Book value 31 December 2023 8.4 135.2 0.0 143.6 Depreciation method Infinite Linear Linear NOK million Goodwill Option lease Technology Total Book value 1 January 2022 2.0 0.0 0.0 2.0 Additions 0.0 120.3 0.0 120.3 Acquisitions 31.9 0.0 47.7 79.6 Amortization 0.0 0.0 -0.9 -0.9 Currency translation 0.2 3.8 0.0 4.0 Book value 31 December 2022 34.1 124.1 46.8 205.0 Depreciation method Infinite Linear Linear Impairment testing of goodwill and intangible assets with indefinite useful lives Goodwill and intangible assets with indefinite useful lives are tested annually for impairment by comparing the carrying amount with the recoverable amount. The ratio is monitored based on what is considered as the natural cash-generating unit (CGU) associated with each acquisition. The recoverable amount is calculated based on the value the asset will add to it\u2019s CGU. The carrying amount of goodwill is allocated to the South African operations and amounts to NOK 8.4 million as of 31 December 2023. The CGU is valued based on sum value of the project portfolio. In the project portfolio, each project is valued based on a milestone matrix which includes capacity, price per MW and completion status. The key assumptions on which the management has based its project valuation are price per MW (based on discussion with players in the market), capacity per project and remaining risk per project (incl. grid connection). Fair value of the portfolio is significantly higher than the carrying value. No reasonably possible change in key assumptions on which management has based its determination of the unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount. The assumptions used for calculating value in use and the discount rates take into account the specific risk connected to the CGU. Option lease agreement The ScotWind lease option signed by Magnora with The Crown Estate Scotland is considered to be an intangible asset in the statement of financial position. The agreement gives Magnora the exclusive right to perform environmental studies on the area awarded. When the requirements in the option lease agreement, including key project consent, are met, the land lease will commence. The intangible asset will start amortizing when the lease commences and will be amortized over the duration of the land lease.There are no indications of impairment related to the option lease agreement as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__97": { "value": "NOTE 29. INTANGIBLE ASSETS NOK million Goodwill Option lease Technology Total Book value 1 January 2023 34.1 124.1 46.8 205.0 Additions 0.0 0.0 10.8 10.8 Realization due to sale of subsidiary -28.0 0.0 -62.4 -90.4Amortization 0.0 0.0 -0.4 -0.4Currency translation 2.3 11.1 5.1 18.5 Book value 31 December 2023 8.4 135.2 0.0 143.6 Depreciation method Infinite Linear Linear NOK million Goodwill Option lease Technology Total Book value 1 January 2022 2.0 0.0 0.0 2.0 Additions 0.0 120.3 0.0 120.3 Acquisitions 31.9 0.0 47.7 79.6 Amortization 0.0 0.0 -0.9 -0.9 Currency translation 0.2 3.8 0.0 4.0 Book value 31 December 2022 34.1 124.1 46.8 205.0 Depreciation method Infinite Linear Linear Impairment testing of goodwill and intangible assets with indefinite useful lives Goodwill and intangible assets with indefinite useful lives are tested annually for impairment by comparing the carrying amount with the recoverable amount. The ratio is monitored based on what is considered as the natural cash-generating unit (CGU) associated with each acquisition. The recoverable amount is calculated based on the value the asset will add to it\u2019s CGU. The carrying amount of goodwill is allocated to the South African operations and amounts to NOK 8.4 million as of 31 December 2023. The CGU is valued based on sum value of the project portfolio. In the project portfolio, each project is valued based on a milestone matrix which includes capacity, price per MW and completion status. The key assumptions on which the management has based its project valuation are price per MW (based on discussion with players in the market), capacity per project and remaining risk per project (incl. grid connection). Fair value of the portfolio is significantly higher than the carrying value. No reasonably possible change in key assumptions on which management has based its determination of the unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount. The assumptions used for calculating value in use and the discount rates take into account the specific risk connected to the CGU. Option lease agreement The ScotWind lease option signed by Magnora with The Crown Estate Scotland is considered to be an intangible asset in the statement of financial position. The agreement gives Magnora the exclusive right to perform environmental studies on the area awarded. When the requirements in the option lease agreement, including key project consent, are met, the land lease will commence. The intangible asset will start amortizing when the lease commences and will be amortized over the duration of the land lease.There are no indications of impairment related to the option lease agreement as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__95": { "value": "NOTE 29. INTANGIBLE ASSETS NOK million Goodwill Option lease Technology Total Book value 1 January 2023 34.1 124.1 46.8 205.0 Additions 0.0 0.0 10.8 10.8 Realization due to sale of subsidiary -28.0 0.0 -62.4 -90.4Amortization 0.0 0.0 -0.4 -0.4Currency translation 2.3 11.1 5.1 18.5 Book value 31 December 2023 8.4 135.2 0.0 143.6 Depreciation method Infinite Linear Linear NOK million Goodwill Option lease Technology Total Book value 1 January 2022 2.0 0.0 0.0 2.0 Additions 0.0 120.3 0.0 120.3 Acquisitions 31.9 0.0 47.7 79.6 Amortization 0.0 0.0 -0.9 -0.9 Currency translation 0.2 3.8 0.0 4.0 Book value 31 December 2022 34.1 124.1 46.8 205.0 Depreciation method Infinite Linear Linear Impairment testing of goodwill and intangible assets with indefinite useful lives Goodwill and intangible assets with indefinite useful lives are tested annually for impairment by comparing the carrying amount with the recoverable amount. The ratio is monitored based on what is considered as the natural cash-generating unit (CGU) associated with each acquisition. The recoverable amount is calculated based on the value the asset will add to it\u2019s CGU. The carrying amount of goodwill is allocated to the South African operations and amounts to NOK 8.4 million as of 31 December 2023. The CGU is valued based on sum value of the project portfolio. In the project portfolio, each project is valued based on a milestone matrix which includes capacity, price per MW and completion status. The key assumptions on which the management has based its project valuation are price per MW (based on discussion with players in the market), capacity per project and remaining risk per project (incl. grid connection). Fair value of the portfolio is significantly higher than the carrying value. No reasonably possible change in key assumptions on which management has based its determination of the unit\u2019s recoverable amount would cause the unit\u2019s carrying amount to exceed its recoverable amount. The assumptions used for calculating value in use and the discount rates take into account the specific risk connected to the CGU. Option lease agreement The ScotWind lease option signed by Magnora with The Crown Estate Scotland is considered to be an intangible asset in the statement of financial position. The agreement gives Magnora the exclusive right to perform environmental studies on the area awarded. When the requirements in the option lease agreement, including key project consent, are met, the land lease will commence. The intangible asset will start amortizing when the lease commences and will be amortized over the duration of the land lease.There are no indications of impairment related to the option lease agreement as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__100-1": { "value": "NOTE 30. BUSINESS COMBINATIONSThe Group acquired the non-controlling interest in African Green Venture Ltd in 2023 and now holds 100% of the shares in the company. In 2022, the Group acquired the following: ACQUISITION OF SOUTH AFRICAN SPV Magnora and Vindr decided to split the Nordic and South African activities and discontinue the development of Vindr Group. As part of this decision Magnora acquired African Green Venture (AGV) in January 2022 together with the local AGV team and continue developing its wind and solar PV projects in the region. Goodwill in the transaction is mainly related to synergies and competence of the staff, which do not qualify for separate recognition. Goodwill will not be tax deductible. The company\u2019s operating revenue for the period 1 February to 31 December 2022 is NOK 0.0 million and the loss after tax is NOK -3.0 million. If the acquisition had happened 1 January 2022, operating revenue would have been NOK 0.0 million and the loss after tax NOK -3.2 million.See portfolio section in Board of Directors Report above for more details. Cash flow regarding acquisition 2022 Consideration paid 10.5 Cash and bank deposit in the company at acquisition date - Net cashflow regarding acquisition 10.5 Minority share 0.5 Total value of acquired company 11 Identified assets and liabilities on the balance sheet recognized from the 2022 acquisition: Current assets 0.3 Property, plant and equipment 0.2 Current liabilities 0.7 Borrowings -0.2 Total net identifiable assets 1.0 Intangible assets 2.0 Deferred tax regarding intangible assets -0.4 Goodwill 8.4 Total 11.0 ACQUISITION OF EVOLAR AB The Group acquired in April 2022 13.5% of the shares in Evolar AB, making the total Magnora ownership 63.5%. As of this transaction the ownership is fully consolidated in Group financial statements. Until 31 March 2022 Evolar AB was accounted for as an associated company in the Group accounts. The allocation of intangible assets in the transaction is based on the cost approach according to IFRS 13. Goodwill in the transaction is mainly related to the competence of the staff, which do not qualify for separate recognition. Goodwill from this transaction will not be tax deductible. The company\u2019s operating revenue for the period 1 April to 31 December 2 0 2 2 was NOK 3.1 million and the loss after tax is NOK -10.4 million. If the acquisition had happened 1 January 2022, operating revenue would have been NOK 4.3 million and the loss after tax NOK -11.8 million. Cash flow regarding acquisition 2022 Consideration paid on 100% basis 75.3 Total value of acquired company 75.3 Identified assets and liabilities on the balance sheet recognized from the acquisition: 2022 Cash and bank deposits 20.2 Right-of-use-assets 12.3 Capitalized development costs 5.5 Financial assets 2.1 Trade and other receivables 2.2 Property, plant and equipment 7.4 Trade and other payables -10.5 Borrowings / lease liabilities -8.4 Total net identifiable assets 30.7 Intangible assets 24.5 Deferred tax regarding intangible assets -5.1 Goodwill 25.0 Total 75.3 Non-controlling interests 27.5 Majority interest 47.8 Book value of Magnora\u2019s share before the transaction 43.9 Gain/loss related to realization of the associated company 3.9NOTE 31. DIVESTMENTS On 12 May 2023, Magnora sold all its holdings in Evolar to First Solar, Inc. for approximately USD 29 million (NOK 314 million) and additional milestone payments of up to USD 24 million (NOK 256 million based on 10.65 USD/NOK rate). The profit and loss effects of the Evolar ownership is reflected in the Group\u2019s financial results up until 30 April 2023. The scope of the divestment transaction includes Evolar reaching certain milestones developing its perovskite solar cell technology. The gain of NOK 314 million from the sale of Evolar AB is netted against the initial investment and subsequent loans issued to fund Evolar, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with First Solar, Inc. The net gain of NOK 229.6 million was recognised as other income in the second quarter, of which NOK 4.9 million did not have a cash effect as it is subject to certain future contingent events and reflects a best estimate at the transaction date. The Contingent considerations were reassessed as of 31 December 2023 and the fair value of the gain is reflected in the profit and loss statement as other income. The net assets of Evolar at the date of disposal were as follows: 2023 Property, plant and equipment 21.5 Technology 62.4 Right-of-use assets 8.6 Trade receivables 3.9 Bank balances and cash 1.5 Deferred tax liability -4.8 Leasing debt -6.1Current liabilities -8.7 Attributable goodwill 26.0 Disposal non-controlling interests -19.9Currency translation -3.6Net assets disposed of 80.7 Gain on disposal 229.6 Total consideration Cash and cash equivalents 314.0 Short term financing until close of transaction -8.7 Net cash received 305.4 Deferred consideration 4.9 Total consideration transferred 310.3 Net cash inflow arising on disposal: Consideration received in cash and cash equivalents 305.4 Less: cash and cash equivalents disposed of -1.5 Net cash inflow 303.9 The impact of Evolar on the group\u2019s results in the current year was a negative result of 7,5 MNOK and a negative result of 10,4 MNOK for the prior year. The gain from disposal is included in operating income for the year. On 12 July 2023, Magnora sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 8.9 million, with additional milestone payments of up to NOK 51 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 30 June 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 11.1 million is recognised as other income, of which NOK 3 million is subject to certain future contingent events and reflects a best estimate as of 31 December 2023. On 20 October 2023, Magnora closed its second transaction in South Africa, where it sold all its shares in one of its South African SPVs to Globeleq Africa Limited for approximately NOK 6.2 million, with additional milestone payments of up to NOK 34 million as the project progresses towards ready-to-build (RTB) status. The profit and loss effects of the SPV ownership is reflected in the Group\u2019s financial results up until 31 December 2023. The scope of the divestment transaction includes Globeleq reaching certain milestones developing the project of the SPV. The gain from the sale of the SPV is netted against the initial investment and subsequent loans issued to fund the SPV, as well as any intercompany balances and other closing related costs that were covered by Magnora as part of the sales agreement with Globeleq. The net gain of NOK 7 million is recognised as other income, of which NOK 1.7 million is subject to certain future contingent events and reflects a best estimate as of 31 December 2023. Total other income recognised from divestments for the year: Other income Evolar 229,6 AGV Projects 11,1 Steelport 7.0 Neptun 1.5 Total other income 249.2", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__101": { "value": "Cash flow regarding acquisition 2022 Consideration paid on 100% basis 75.3 Total value of acquired company 75.3 Identified assets and liabilities on the balance sheet recognized from the acquisition: 2022 Cash and bank deposits 20.2 Right-of-use-assets 12.3 Capitalized development costs 5.5 Financial assets 2.1 Trade and other receivables 2.2 Property, plant and equipment 7.4 Trade and other payables -10.5 Borrowings / lease liabilities -8.4 Total net identifiable assets 30.7 Intangible assets 24.5 Deferred tax regarding intangible assets -5.1 Goodwill 25.0 Total 75.3 Non-controlling interests 27.5 Majority interest 47.8 Book value of Magnora\u2019s share before the transaction 43.9 Gain/loss related to realization of the associated company 3.9", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notes__6__103": { "value": "NOTE 32. EVENTS AFTER BALANCE SHEET DATEOn 17 January 2024, the Magnora board of directors decided to move the licensing contract with Dana into a separate company organised under Magnora Legacy Holding AS. Capital distribution of NOK 0.187 per share was approved by the board to be paid in early March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }