Note 1. General information
Magnora ASA\u201cthe Company\u201d is incorporated and domiciled in NorwayThe address of its registered office is Karenslyst All\u00e9 6, 0278 OsloThe Company is listed on the Oslo Stock Exchange main list, ticker: MGN.
Magnora ASA (the \u2018Company) and its subsidiaries and investments in associated companies (the \u2018Group\u2019 or \u2018Magnora\u2019) is a renewable energy development Group, focusing on development of wind and Solar PV projects from early-phase greenfield to ready-to-build.
The Group focuses on medium-to-large industry-scale solar, wind and battery projects, evaluates numerous opportunities before selecting or creating projects, then develops the projects over a few years, and eventually exits when projects are ready-to-build or near that stage. The Group portfolio is primarily built organically, with a pragmatic approach to growth with the objective of generating further shareholder value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__15": { "value": "Note 1. General information
Magnora ASA\u201cthe Company\u201d is incorporated and domiciled in NorwayThe address of its registered office is Karenslyst All\u00e9 6, 0278 OsloThe Company is listed on the Oslo Stock Exchange main list, ticker: MGN.
Magnora ASA (the \u2018Company) and its subsidiaries and investments in associated companies (the \u2018Group\u2019 or \u2018Magnora\u2019) is a renewable energy development Group, focusing on development of wind and Solar PV projects from early-phase greenfield to ready-to-build.
The Group focuses on medium-to-large industry-scale solar, wind and battery projects, evaluates numerous opportunities before selecting or creating projects, then develops the projects over a few years, and eventually exits when projects are ready-to-build or near that stage. The Group portfolio is primarily built organically, with a pragmatic approach to growth with the objective of generating further shareholder value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__5": { "value": "Magnora ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__12": { "value": "Magnora ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__13": { "value": "Magnora ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__6": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__7": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__8": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__10": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__9": { "value": "Karenslyst All\u00e9 6, 0278 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__11": { "value": "a renewable energy development Group, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__16": { "value": "Note 2. General accounting policies and principles
Basis of preparation
The 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 2024.
The Group\u2019s consolidated financial statements have been prepared on a going concern basis.
These consolidated financial statements for the full year 2024 have been approved for issuance by the Board of Directors on 26 February 2025 and are subject to approval by the Annual General meeting on 29 April 2025.
The consolidated financial statements are presented in Norwegian Krone (NOK). Amounts are rounded to the nearest million, unless otherwise stated. As a result of rounding adjustments, amounts and percentages may not add up to the sum total of those columns.
The 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. After the demerger of the Legacy FPSO business in 2024 management considers the business as one operating segment, which is development of renewable projects. The Group\u2019s operating profit comes from revenue and gains from developing renewable projects.
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.
Future changes in standards
The Group is not aware of any future IFRS changes that could affect the consolidated financial statements.
Basis for measurement
The consolidated financial statements have been prepared on a historical cost basis. Historical cost is generally based on fair value of the consideration transferred when acquiring assets and services.
Basis and principles for consolidation
The consolidated financial statements comprise the financial statements of the parent company Magnora ASA and its subsidiaries, see Note 26 List of subsidiaries and equity accounted companies.
Subsidiaries
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:
Power over the investee
Exposure, or rights, to variable returns from its involvement with the investee, and
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:
The contractual arrangement with the other vote holders of the investee
Rights arising from other contractual arrangements
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.
Foreign currency translation
Functional and presentation currency
The functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which the company operates. The functional currency of the parent company Magnora ASA and the presentation currency of the Group is Norwegian Krone (NOK).
Transactions and Balances
Foreign currency transactions are translated into the functional currency at the prevailing exchange rate on the transaction date. Foreign exchange gains and losses from the settlement of transactions and the revaluation of monetary assets and liabilities at the reporting date are recognised in profit or loss.
Group companies
When preparing consolidated financial statements, the functional currencies of foreign subsidiaries and associates are translated into NOK using the current exchange rate method. Under this method, balance sheet items are translated at the exchange rate prevailing at reporting date, whilst the statement of profit or loss is translated at the average exchange. The resulting currency translation adjustments are recognised in other comprehensive income are reclassified to the statement of profit or loss upon the disposal or loss of control over foreign investments.
Principles of cash flow statement
The cash flow statement has been prepared using the indirect method.
Operating activities:
The main types of cash flows are those related to the ongoing development of projects.
Investing activities:
The acquisition or divestment of shares encompasses the cash and cash equivalents of the investee, recognised or divested at the transaction date. These cash flows are presented net, along with the cash consideration paid or received. Additionally, cash received from loan repayments as part of share sale agreements, following the divestment of entities, is included with the cash received from the divestment of shares under business divestments in Investing Activities.
Financing activities:
Both the principal and interest portions of lease liabilities are included in financing activities as Lease payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__17": { "value": "Basis of preparation
The 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 2024.
The Group\u2019s consolidated financial statements have been prepared on a going concern basis.
These consolidated financial statements for the full year 2024 have been approved for issuance by the Board of Directors on 26 February 2025 and are subject to approval by the Annual General meeting on 29 April 2025.
The consolidated financial statements are presented in Norwegian Krone (NOK). Amounts are rounded to the nearest million, unless otherwise stated. As a result of rounding adjustments, amounts and percentages may not add up to the sum total of those columns.
The 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. After the demerger of the Legacy FPSO business in 2024 management considers the business as one operating segment, which is development of renewable projects. The Group\u2019s operating profit comes from revenue and gains from developing renewable projects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__18": { "value": "Basis of preparation
The 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 2024.
The Group\u2019s consolidated financial statements have been prepared on a going concern basis.
These consolidated financial statements for the full year 2024 have been approved for issuance by the Board of Directors on 26 February 2025 and are subject to approval by the Annual General meeting on 29 April 2025.
The consolidated financial statements are presented in Norwegian Krone (NOK). Amounts are rounded to the nearest million, unless otherwise stated. As a result of rounding adjustments, amounts and percentages may not add up to the sum total of those columns.
The 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. After the demerger of the Legacy FPSO business in 2024 management considers the business as one operating segment, which is development of renewable projects. The Group\u2019s operating profit comes from revenue and gains from developing renewable projects.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__19": { "value": "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__20": { "value": "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__21": { "value": "Basis and principles for consolidation", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__22": { "value": "subsidiaries, see Note 26 List of subsidiaries and equity accounted companies.Subsidiaries
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:
Power over the investee
Exposure, or rights, to variable returns from its involvement with the investee, and
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:
The contractual arrangement with the other vote holders of the investee
Rights arising from other contractual arrangements
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__23": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__24": { "value": "Foreign currency translation
Functional and presentation currency
The functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which the company operates. The functional currency of the parent company Magnora ASA and the presentation currency of the Group is Norwegian Krone (NOK).
Transactions and Balances
Foreign currency transactions are translated into the functional currency at the prevailing exchange rate on the transaction date. Foreign exchange gains and losses from the settlement of transactions and the revaluation of monetary assets and liabilities at the reporting date are recognised in profit or loss.
Group companies
When preparing consolidated financial statements, the functional currencies of foreign subsidiaries and associates are translated into NOK using the current exchange rate method. Under this method, balance sheet items are translated at the exchange rate prevailing at reporting date, whilst the statement of profit or loss is translated at the average exchange. The resulting currency translation adjustments are recognised in other comprehensive income are reclassified to the statement of profit or loss upon the disposal or loss of control over foreign investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__25": { "value": "Foreign currency translation
Functional and presentation currency
The functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which the company operates. The functional currency of the parent company Magnora ASA and the presentation currency of the Group is Norwegian Krone (NOK).
Transactions and Balances
Foreign currency transactions are translated into the functional currency at the prevailing exchange rate on the transaction date. Foreign exchange gains and losses from the settlement of transactions and the revaluation of monetary assets and liabilities at the reporting date are recognised in profit or loss.
Group companies
When preparing consolidated financial statements, the functional currencies of foreign subsidiaries and associates are translated into NOK using the current exchange rate method. Under this method, balance sheet items are translated at the exchange rate prevailing at reporting date, whilst the statement of profit or loss is translated at the average exchange. The resulting currency translation adjustments are recognised in other comprehensive income are reclassified to the statement of profit or loss upon the disposal or loss of control over foreign investments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__26": { "value": "Principles of cash flow statement
The cash flow statement has been prepared using the indirect method.
Operating activities:
The main types of cash flows are those related to the ongoing development of projects.
Investing activities:
The acquisition or divestment of shares encompasses the cash and cash equivalents of the investee, recognised or divested at the transaction date. These cash flows are presented net, along with the cash consideration paid or received. Additionally, cash received from loan repayments as part of share sale agreements, following the divestment of entities, is included with the cash received from the divestment of shares under business divestments in Investing Activities.
Financing activities:
Both the principal and interest portions of lease liabilities are included in financing activities as Lease payment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__27": { "value": "Principles of cash flow statement
The cash flow statement has been prepared using the indirect method.
Operating activities:
The main types of cash flows are those related to the ongoing development of projects.
Investing activities:
The acquisition or divestment of shares encompasses the cash and cash equivalents of the investee, recognised or divested at the transaction date. These cash flows are presented net, along with the cash consideration paid or received. Additionally, cash received from loan repayments as part of share sale agreements, following the divestment of entities, is included with the cash received from the divestment of shares under business divestments in Investing Activities.
Financing activities:
Both the principal and interest portions of lease liabilities are included in financing activities as Lease payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__28-1": { "value": "Note 3. Key accounting estimates and judgements
In preparing the Group\u2019s consolidated financial statements, management has made assumptions and estimates about future events and applied judgements that affect the reported values of assets, liabilities, revenues, expenses and related disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require material adjustment to the carrying amount of assets or liabilities affected in future periods. The assumptions and estimates are based on historical experience, current trends and other relevant factors available when the consolidated financial statements are prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes beyond the control of the Group. Such changes are reflected in the financial statements when the changes in assumptions occur.
Key sources of estimation uncertainty and areas of significant judgement
Intangible asset valuation \u2013 Scotwind lease option
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 amortising when the lease commences and will be amortised over the duration of the land lease.
The value of the Scotwind lease option, acquired from The Crown Estate Scotland, is subject to impairment considerations due to external factors such as fluctuations in energy prices. A significant drop in energy prices could impair the project\u2019s viability, potentially requiring a write-down. The Group\u2019s valuation is based on market data and forecasts indicating growing demand for renewable energy.
Further, management exercises judgement in assessing indicators of impairment for the Scotwind lease option, considering the long-term energy forecasts and expected competing projects.
Contingent consideration \u2013 Future milestone payments
Contingent considerations, such as holdbacks or earnouts from divestments are measured at fair value, representing the present value of expected milestone payments. The Group estimates this value by considering factors such as project progress, milestone achievements, currency fluctuations, milestone and other micro and macro-economic conditions.
Determining the fair value of contingent consideration requires judgment regarding the probability of achieving specific project milestones. The Group adopts a conservative approach in estimating future payments, revisiting and adjusting these valuations as necessary. When the Group divests interests in subsidiaries or associates, it measures the fair value of the consideration
received to calculate any net gain or loss. Given the nature of Magnora\u2019s investments, a significant portion of the consideration often depends on future events, which require significant judgment to assess, especially for contingent payments like earnouts or milestone-based payments. The Group applies a conservative approach, evaluating each transaction\u2019s likelihood of future payments and recording this as contingent consideration within net gain/loss. See note 4 for further details.
Deferred tax asset recognition
Deferred tax assets are recognised for unused tax losses only to the extent it is probable a taxable profit will be available to be offset by the tax credit carry-forward from previous losses. Significant management judgement is required to determine the amount of deferred tax assets to be recognised, based upon the likely timing and level of future taxable profits. The recognised deferred tax asset is most sensitive to expected future taxable profits.
The book value of the deferred tax asset represents a minor part of the total accumulated tax losses of over NOK 3 billion.
Consolidation 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 holds a 48.1 percent ownership at the balance sheet date. Magnora holds the right to increase its ownership to 50 percent subject to a budget and milestone plan. The option to increase ownership is not currently exercisable, as any ownership increase must be initiated by the Kustvind board through a capital call, driven by the project\u2019s capital needs. The remaining shares are equally owned by Kustvind\u2019s three founders. Magnora has three out of five board members, and the founders have the remaining two members. The other shareholders have the right to elect a third board member at any time, and it is expected that they will do so. Magnora is a minority owner alongside three other owners and has significant influence of the company. As a result, its ownership is accounted for using the equity method, classifying Kustvind as an associated company.
The Group established Hafslund Magnora Sol AS together with Hafslund Vekst AS and Helios Nordic Energy AB in October 2022 and holds 40 percent ownership at the balance sheet date. Magnora has two out of six board members, and the other two owners have the remaining four members. Hafslund owns 40 percent and Helios owns 20 percent, thus Magnora has no operational influence on the company beyond its participation in board decisions. Hence its ownership is accounted for using the equity method, classifying Hafslund Magnora Sol as an associated company.
In Q2 2024 Magnora completed the carve-out of its FPSO business into Hermana Holding ASA, which commenced trading on Oslo Stock Exchange 18 June 2024. The Group holds 30 percent ownership at the balance sheet date and there are approximately 5,800 other shareholders. Hermana is listed on the Oslo Stock Exchange and is independent from Magnora with its own Board. The Group continuously assesses the control criteria in IFRS 10 and has concluded that its ownership in Hermana does not meet the control criteria as defined by IFRS 10, and therefore accounts for the ownership using the equity method, classifying Hermana Holding ASA an associated company.
The Group follows a conservative approach in valuing its portfolio, which is also applied when estimating the fair value of future payments, such as earnouts and other milestone payments from divestments. For each transaction, the Group assesses the probability of these payments and recognises the fair value of future considerations as part of the net gain/(loss). At the end of each reporting period, the Group reassesses the fair value of outstanding milestone payments, with any changes reflected as Other Income in the statement of profit or loss.
As of the balance sheet date, the total gross value of potential earn-out and milestone payments from divestments is up to NOK 620 million (2023: NOK 325.8 million). As of 31 December 2024, NOK 43.3 million (NOK 9.4 million) represents an estimated portion of future earn-out income that has not yet been received. Future and thus estimated proceeds are contingent on the achievement of relevant milestones subject to project-related risks, timing of achieving the milestones, as well as currency fluctuations and other factors. Some divested companies and projects may be subject to both technical and commercial milestones, such as the buyer of the project being awarded grid, auctions/CfD rates, etc. Future earnout payments are therefore subject to interest rates affecting the discounted cash flow, final investment decision from buyer or end-customer, achievement of technical milestones, and achieving acceptable sales prices. Further details are set out in the risk section. The timeframe for potential considerations are 1-4.5 years due to time limitations set in the divestment agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__29": { "value": "Note 4. Divestments
Accounting principle
For transactions that result in the loss of control of a subsidiary or associate, the accounting standards (IFRS 10 and IAS 28) require measuring the fair value of the consideration received when determining the net gain/loss to be recognised. Based on the nature of Magnora\u2019s investments, a substantial portion of the consideration may depend on future payments tied to future events, necessitating significant judgement in the assessment. Any sales expenses incurred will reduce the gain/increase the loss. Accumulated translation differences related to the divested business will be recognized in the income statement as part of the gain/loss, with a corresponding contra entry in \u201cOther items in Comprehensive Income\u201d.
Significant estimates and assumptions
The Group follows a conservative approach in valuing its portfolio, which is also applied when estimating the fair value of future payments, such as earnouts and other milestone payments from divestments. For each transaction, the Group assesses the probability of these payments and recognises the fair value of future considerations as part of the net gain/(loss). At the end of each reporting period, the Group reassesses the fair value of outstanding milestone payments, with any changes reflected as Other Income in the statement of profit or loss.
As of the balance sheet date, the total gross value of potential earn-out and milestone payments from divestments is up to NOK 620 million (2023: NOK 325.8 million). As of 31 December 2024, NOK 43.3 million (NOK 9.4 million) represents an estimated portion of future earn-out income that has not yet been received. Future and thus estimated proceeds are contingent on the achievement of relevant milestones subject to project-related risks, timing of achieving the milestones, as well as currency fluctuations and other factors. Some divested companies and projects may be subject to both technical and commercial milestones, such as the buyer of the project being awarded grid, auctions/CfD rates, etc. Future earnout payments are therefore subject to interest rates affecting the discounted cash flow, final investment decision from buyer or end-customer, achievement of technical milestones, and achieving acceptable sales prices. Further details are set out in the risk section. The timeframe for potential considerations are 1-4.5 years due to time limitations set in the divestment agreements.
Divestments in 2024
Sale of Helios Nordic AB
On 29 May 2024, the shareholders of Helios Nordic AB, in which Magnora holds a 40% interest, announced the sale of all their shares to Vinci Concessions. The transaction resulted in an upfront payment of NOK 331.6 million in cash. Additionally, the agreement includes a potential earn-out of up to NOK 360 million, contingent on the realisation of the portfolio. This estimate reflects market developments and the projected timeline for achieving ready-to-build (RtB) status. The transaction received Foreign Direct Investment approval, and financial close was reached in the third quarter of 2024.
After deducting the carrying value of the investment, Magnora recognised a net gain on the sale of NOK 254.9 million. In addition, contingent income recognised for the year amounted to NOK 32.7 million, recognised as other income in the statement of profit and loss.
Sale of South African projects
On 17 September 2024, financial close was reached for a solar project in South Africa. The transaction resulted in net proceeds of NOK 2.3 million in cash, with a net gain, after deducting the carrying value of the investment of NOK 0.2 million recognised upon closing. The sale of this project also includes potential additional milestones considerations as the project progresses towards ready-to-build (RTB) status. In line with our prudent approach to financial reporting, no contingent income has been recognized as of 31 December 2024, as the project is still in its early stages and subject to milestone achievements.
As of 31 December 2024, earn-out income related to previously divested projects amounts to NOK 68 million received in cash and NOK 2.7 million as contingent income for future receipt. The Group recognised a total of NOK 358.6 million in other income from divestments and earn-outs during 2024.
Divestments in 2023
Sale of Evolar AB
On 12 May 2023, Magnora sold all its holdings in Evolar to 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 as of 31 December 2023. The first potential milestone payment for the earnout was achieved in May 2024, and the remaining milestones must be achieved before 12 May 2029.
Sale of South African projects
On 12 July 2023, Magnora sold all its shares in one of its South African SPVs to Globeleq Africa Limited. The net gain of NOK 11.1 million was recognised as other income, of which NOK 2.9 million subject to certain future contingent events and reflected a best estimate as of 31 December 2023.
On 20 October 2023, Magnora sold all its shares in one of its South African SPVs to Globeleq Africa Limited. The net gain of NOK 7 million was recognised as other income, of which NOK 1.6 million subject to certain future contingent events and reflected a best estimate as of 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__31": { "value": "Divestments in 2024
Sale of Helios Nordic AB
On 29 May 2024, the shareholders of Helios Nordic AB, in which Magnora holds a 40% interest, announced the sale of all their shares to Vinci Concessions. The transaction resulted in an upfront payment of NOK 331.6 million in cash. Additionally, the agreement includes a potential earn-out of up to NOK 360 million, contingent on the realisation of the portfolio. This estimate reflects market developments and the projected timeline for achieving ready-to-build (RtB) status. The transaction received Foreign Direct Investment approval, and financial close was reached in the third quarter of 2024.
After deducting the carrying value of the investment, Magnora recognised a net gain on the sale of NOK 254.9 million. In addition, contingent income recognised for the year amounted to NOK 32.7 million, recognised as other income in the statement of profit and loss.
Sale of South African projects
On 17 September 2024, financial close was reached for a solar project in South Africa. The transaction resulted in net proceeds of NOK 2.3 million in cash, with a net gain, after deducting the carrying value of the investment of NOK 0.2 million recognised upon closing. The sale of this project also includes potential additional milestones considerations as the project progresses towards ready-to-build (RTB) status. In line with our prudent approach to financial reporting, no contingent income has been recognized as of 31 December 2024, as the project is still in its early stages and subject to milestone achievements.
As of 31 December 2024, earn-out income related to previously divested projects amounts to NOK 68 million received in cash and NOK 2.7 million as contingent income for future receipt. The Group recognised a total of NOK 358.6 million in other income from divestments and earn-outs during 2024.
Divestments in 2023
Sale of Evolar AB
On 12 May 2023, Magnora sold all its holdings in Evolar to 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 as of 31 December 2023. The first potential milestone payment for the earnout was achieved in May 2024, and the remaining milestones must be achieved before 12 May 2029.
Sale of South African projects
On 12 July 2023, Magnora sold all its shares in one of its South African SPVs to Globeleq Africa Limited. The net gain of NOK 11.1 million was recognised as other income, of which NOK 2.9 million subject to certain future contingent events and reflected a best estimate as of 31 December 2023.
On 20 October 2023, Magnora sold all its shares in one of its South African SPVs to Globeleq Africa Limited. The net gain of NOK 7 million was recognised as other income, of which NOK 1.6 million subject to certain future contingent events and reflected a best estimate as of 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__32": { "value": "Note 5. Restructuring of business
In January 2024 Magnora decided to establish a separate legal entity for the Legacy FPSO business. The restructuring was executed as a demerger and corresponding triangular merger. The new holding company for the legacy business is Hermana Holding ASA, which owns all the shares in Western Isles Holding AS. The new group has received NOK 25 million in working capital from Magnora ASA, along with a receivable of USD 8.6 million (NOK 97.9 million) from Magnora ASA, which will be paid upon receipt of the outstanding payments for the Penguin milestones. At reporting date, Magnora ASA has payable outstanding to the Hermana Group of USD 8.6 million.
Following the restructuring, 70% of the shares in Hermana ASA, were demerged from Magnora ASA to its existing shareholders of Magnora ASA on 17 June 2024. This completed the carve-out of the FPSO business into Hermana Holding ASA, which commenced trading on Oslo Stock Exchange 18 June 2024. After the demerger, Magnora holds 30% of the shares in Hermana Holding ASA, and this ownership at year end is accounted for using the equity method, with the investment recognised as an associate company. Please see further disclosure in Note 15 Investments in Associated Companies.
The demerger was accounted for in accordance with IFRIC 17 Distribution of Non-cash Assets to Owners. The liability to distribute non-cash assets was recognised as a dividend to the Group\u2019s owners. Upon settlement of the dividend payable, the Group recorded the difference between the carrying amount of the assets distributed and the carrying amount of the dividend payable in profit or loss.
The total distribution amounted to NOK 398.9 million, less the carrying value of the investment distributed of NOK 87.3 million, resulting in a gain of NOK 311.6 million. The distribution of 70% of Hermana Holding ASA to Magnora ASA shareholders, was recognised as a dividend in the statement of equity. The distribution consisted of shares and had no cash effect, except for NOK 23.4 million in cash belonging to the subsidiaries that were distributed.
After the demerger, the revenues and expenses related to the licensing agreement associated with the Western Isles FPSO are no longer included in the financial statements of Magnora ASA. As the licensing business represents a separate major line of business for the Magnora Group, this divestment is presented as discontinued operations.
The results from discontinued operations for FY 2024 are shown as follows:
NOK million | Total operations | Discontinued operations | Continuing operations |
Operating revenue | 7.6 | 5.3 | 2.3 |
Other income | 358.6 | - | 358.6 |
Total revenue and other income | 366.2 | 5.3 | 360.9 |
Depreciation and amortisation | -1.1 | - | -1.1 |
Employee benefit expense | -51.2 | - | -51.2 |
Other operating expenses | -77.4 | -6.9 | -70.5 |
Total operating expenses | -129.6 | -6.9 | -122.7 |
Profit/(loss) from associated companies | 43.3 | - | 43.3 |
Operating profit/(loss) | 279.9 | -1.6 | 281.5 |
Financial income | 13.1 | - | 13.1 |
Financial expense | -13.5 | - | -13.5 |
Foreign exchange gain/(loss) | -7.2 | 4.7 | -11.9 |
Net financial items | -7.6 | 4.7 | -12.3 |
Profit/(loss) before tax | 272.3 | 3.1 | 269.2 |
Tax income/(expense) | -4.4 | 1.1 | -5.5 |
Net profit/(loss) | 267.9 | 4.2 | 263.7 |
The results from discontinued operations for the FY 2023 are shown as follows:
NOK million | Total operations | Discontinued operations | Continuing operations |
Operating revenue | 24.6 | 12.5 | 12.1 |
Other income | 249.2 | - | 249.2 |
Total revenue and other income | 273.8 | 12.5 | 261.3 |
Depreciation and amortisation | -1.9 | - | -1.9 |
Employee benefit expense | -44.4 | - | -44.4 |
Other operating expenses | -61.5 | -7.2 | -54.3 |
Total operating expenses | -107.8 | -7.2 | -100.6 |
Profit/(loss) from associated companies | 10.5 | - | 10.5 |
Operating profit/(loss) | 176.5 | 5.3 | 171.2 |
Financial income | 15.3 | - | 15.3 |
Financial expense | -13.5 | - | -13.5 |
Foreign exchange gain/(loss) | 0.4 | -0.1 | 0.5 |
Net financial items | 2.2 | -0.1 | 2.3 |
Profit/(loss) before tax | 178.7 | 5.2 | 173.5 |
Tax income/(expense) | 0.1 | - | 0.1 |
Net profit/(loss) | 178.8 | 5.2 | 173.6 |
NOK million | 2024 | 2023 |
Cash flows related to discontinued operations | ||
Net cash flow from from operating activities | -2.6 | 80.2 |
Net cash flow from investing activities | - | - |
Net cash flow from financing activities | 25.0 | -80.2 |
Earnings per share for profit/(loss) attributable to equity holders of the company: | 2024 | 2023 |
- Basic (NOK per share) | 0.06 | 0.08 |
- Diluted (NOK per share) | 0.06 | 0.08 |
Weighted average number of shares outstanding (thousands) | 66,287,252 | 66,822,679 |
Weighted diluted average number of shares outstanding (thousands) | 66,870,300 | 67,194,151 |
Note 5. Restructuring of business
In January 2024 Magnora decided to establish a separate legal entity for the Legacy FPSO business. The restructuring was executed as a demerger and corresponding triangular merger. The new holding company for the legacy business is Hermana Holding ASA, which owns all the shares in Western Isles Holding AS. The new group has received NOK 25 million in working capital from Magnora ASA, along with a receivable of USD 8.6 million (NOK 97.9 million) from Magnora ASA, which will be paid upon receipt of the outstanding payments for the Penguin milestones. At reporting date, Magnora ASA has payable outstanding to the Hermana Group of USD 8.6 million.
Following the restructuring, 70% of the shares in Hermana ASA, were demerged from Magnora ASA to its existing shareholders of Magnora ASA on 17 June 2024. This completed the carve-out of the FPSO business into Hermana Holding ASA, which commenced trading on Oslo Stock Exchange 18 June 2024. After the demerger, Magnora holds 30% of the shares in Hermana Holding ASA, and this ownership at year end is accounted for using the equity method, with the investment recognised as an associate company. Please see further disclosure in Note 15 Investments in Associated Companies.
The demerger was accounted for in accordance with IFRIC 17 Distribution of Non-cash Assets to Owners. The liability to distribute non-cash assets was recognised as a dividend to the Group\u2019s owners. Upon settlement of the dividend payable, the Group recorded the difference between the carrying amount of the assets distributed and the carrying amount of the dividend payable in profit or loss.
The total distribution amounted to NOK 398.9 million, less the carrying value of the investment distributed of NOK 87.3 million, resulting in a gain of NOK 311.6 million. The distribution of 70% of Hermana Holding ASA to Magnora ASA shareholders, was recognised as a dividend in the statement of equity. The distribution consisted of shares and had no cash effect, except for NOK 23.4 million in cash belonging to the subsidiaries that were distributed.
After the demerger, the revenues and expenses related to the licensing agreement associated with the Western Isles FPSO are no longer included in the financial statements of Magnora ASA. As the licensing business represents a separate major line of business for the Magnora Group, this divestment is presented as discontinued operations.
The results from discontinued operations for FY 2024 are shown as follows:
NOK million | Total operations | Discontinued operations | Continuing operations |
Operating revenue | 7.6 | 5.3 | 2.3 |
Other income | 358.6 | - | 358.6 |
Total revenue and other income | 366.2 | 5.3 | 360.9 |
Depreciation and amortisation | -1.1 | - | -1.1 |
Employee benefit expense | -51.2 | - | -51.2 |
Other operating expenses | -77.4 | -6.9 | -70.5 |
Total operating expenses | -129.6 | -6.9 | -122.7 |
Profit/(loss) from associated companies | 43.3 | - | 43.3 |
Operating profit/(loss) | 279.9 | -1.6 | 281.5 |
Financial income | 13.1 | - | 13.1 |
Financial expense | -13.5 | - | -13.5 |
Foreign exchange gain/(loss) | -7.2 | 4.7 | -11.9 |
Net financial items | -7.6 | 4.7 | -12.3 |
Profit/(loss) before tax | 272.3 | 3.1 | 269.2 |
Tax income/(expense) | -4.4 | 1.1 | -5.5 |
Net profit/(loss) | 267.9 | 4.2 | 263.7 |
The results from discontinued operations for the FY 2023 are shown as follows:
NOK million | Total operations | Discontinued operations | Continuing operations |
Operating revenue | 24.6 | 12.5 | 12.1 |
Other income | 249.2 | - | 249.2 |
Total revenue and other income | 273.8 | 12.5 | 261.3 |
Depreciation and amortisation | -1.9 | - | -1.9 |
Employee benefit expense | -44.4 | - | -44.4 |
Other operating expenses | -61.5 | -7.2 | -54.3 |
Total operating expenses | -107.8 | -7.2 | -100.6 |
Profit/(loss) from associated companies | 10.5 | - | 10.5 |
Operating profit/(loss) | 176.5 | 5.3 | 171.2 |
Financial income | 15.3 | - | 15.3 |
Financial expense | -13.5 | - | -13.5 |
Foreign exchange gain/(loss) | 0.4 | -0.1 | 0.5 |
Net financial items | 2.2 | -0.1 | 2.3 |
Profit/(loss) before tax | 178.7 | 5.2 | 173.5 |
Tax income/(expense) | 0.1 | - | 0.1 |
Net profit/(loss) | 178.8 | 5.2 | 173.6 |
NOK million | 2024 | 2023 |
Cash flows related to discontinued operations | ||
Net cash flow from from operating activities | -2.6 | 80.2 |
Net cash flow from investing activities | - | - |
Net cash flow from financing activities | 25.0 | -80.2 |
Earnings per share for profit/(loss) attributable to equity holders of the company: | 2024 | 2023 |
- Basic (NOK per share) | 0.06 | 0.08 |
- Diluted (NOK per share) | 0.06 | 0.08 |
Weighted average number of shares outstanding (thousands) | 66,287,252 | 66,822,679 |
Weighted diluted average number of shares outstanding (thousands) | 66,870,300 | 67,194,151 |
Note 6. Key risk factors
Through its business activities, the Group is exposed to various risks. The Group\u2019s overall risk management is designed to leverage the Group\u2019s financial strength, development strategies and expertise to minimise potential adverse impacts on its financial performance. This strategy focuses on identifying threats and opportunities, as well to manage the Group\u2019s overall exposure to financial and operational risks. Key risks are summarised below, with detailed descriptions of market and financial risks.
Market risks
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 decline in the energy prices project attractiveness and internal rates of return.
Climate risk
While the Group has minimal physical assets at risk, climate change and policy shifts could impact project viability. However, increased climate action may enhance renewable energy investment appeal and access to capital. 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 this type of risk. Further, the Group\u2019s business of developing renewable-energy project is in itself climate-friendly and therefore considered to have lower climate risk, in general, than e.g. fossil energy businesses. Financial loss due to climate change is thus considered low. At the same time, an increase in climate change may increase the attractiveness of renewable investments and therefore improve the Group\u2019s access to capital and lower the cost of capital.
Financial risks
Interest rate risk
With minimal debt at the balance sheet date, the Group has limited exposure to interest rate fluctuations, though future financing may increase sensitivity to interest rate changes.
Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from fluctuations in exchange rates between its functional currency (NOK) and other currencies. The risk arises primarily from the Group\u2019s investments, revenues, and operating expenses denominated in foreign currencies.
The group has investments in subsidiaries and operations located in Sweden, United Kingdom and South Africa. Changes in exchange rates for SEK, GBP and ZAR relative to NOK may impact the group\u2019s financial results.
A significant portion of the Group\u2019s revenue and other income is denominated in USD and SEK, therefore any material movements in the USD/NOK and SEK/NOK exchange rates may affect the value of the reported revenue and profitability.
The group manages its foreign exchange risk through holding deposits in local currency, as well as regular monitoring of currency exposures and, where deemed necessary, may consider hedging strategies to mitigate the impact of significant fluctuations. However, as of the reporting date, the Group has not entered into any specific hedging arrangements.
Sensitivity analysis
The table below illustrates the potential impact on profit before tax, cash and cash equivalents and debt.
NOK million | 2024 | 2023 |
Changes in USD | (10%) | (10%) |
Profit before tax | 8.4 | 17.9 |
Changes in SEK | (10%) | (10%) |
Profit before tax | 33.4 | - |
Changes in GBP | (10%) | (10%) |
Effect on cash and cash equivalents | 1.3 | 0.5 |
Effect on outstanding debt | 4.5 | 3.4 |
Changes in ZAR | (10%) | (10%) |
Effect on cash and cash equivalents | 0.8 | 0.3 |
Liquidity risk
The Group manages liquidity risk by maintaining adequate cash reserves to meet its obligations and support future investments. Cash flow forecasts are regularly updated to reflect changes in key assumptions, such as payment schedules and license milestones, allowing the Group to proactively identify and address potential liquidity challenges.
The Group\u2019s cash flow is primarily derived from the disposal of portfolio companies, projects, as well as dividends from subsidiaries and associates. Negative cash flow from portfolio companies may impact liquidity, however, the exposure is limited to the Group\u2019s invested capital and dependent on the performance of its associated companies. To mitigate this risk, Magnora actively engages in governance and oversight of its portfolio investments.
As the Group transitions into more capital-intensive projects, access to capital is a key risk. This is managed through close engagement with financial institutions and aligning cash flow timelines with investment needs.
As of the balance sheet date, the Group has financial liabilities amounting to NOK 159.4 million and retains a robust liquidity position, with a cash balance of NOK 254.1 million.
The following table below shows the maturity for nominal cash flows for the contractual obligations as per 31 December 2024:
NOK million | Carrying amount | Less than a year |
Trade payables | 4.7 | 4.7 |
Lease liability | 1.2 | 1.2 |
Other current payables | 153.5 | 153.5 |
Total financial liabilities | 159.4 | 159.4 |
As at 31 December 2023:
NOK million | Carrying amount | Less than a year |
Trade payables | 6.3 | 6.3 |
Lease liability | 1.2 | 1.2 |
Other current payables | 39.5 | 39.5 |
Total financial liabilities | 47.0 | 47.0 |
Credit risk
Credit risk arises from cash and cash equivalents, 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 Aa-.
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.
These risks are monitored continuously, and risk management strategies are in place to support the Group\u2019s objectives and ensure financial stability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__35": { "value": "Market risks
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 decline in the energy prices project attractiveness and internal rates of return.
Climate risk
While the Group has minimal physical assets at risk, climate change and policy shifts could impact project viability. However, increased climate action may enhance renewable energy investment appeal and access to capital. 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 this type of risk. Further, the Group\u2019s business of developing renewable-energy project is in itself climate-friendly and therefore considered to have lower climate risk, in general, than e.g. fossil energy businesses. Financial loss due to climate change is thus considered low. At the same time, an increase in climate change 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:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__37": { "value": "Liquidity risk
The Group manages liquidity risk by maintaining adequate cash reserves to meet its obligations and support future investments. Cash flow forecasts are regularly updated to reflect changes in key assumptions, such as payment schedules and license milestones, allowing the Group to proactively identify and address potential liquidity challenges.
The Group\u2019s cash flow is primarily derived from the disposal of portfolio companies, projects, as well as dividends from subsidiaries and associates. Negative cash flow from portfolio companies may impact liquidity, however, the exposure is limited to the Group\u2019s invested capital and dependent on the performance of its associated companies. To mitigate this risk, Magnora actively engages in governance and oversight of its portfolio investments.
As the Group transitions into more capital-intensive projects, access to capital is a key risk. This is managed through close engagement with financial institutions and aligning cash flow timelines with investment needs.
As of the balance sheet date, the Group has financial liabilities amounting to NOK 159.4 million and retains a robust liquidity position, with a cash balance of NOK 254.1 million.
The following table below shows the maturity for nominal cash flows for the contractual obligations as per 31 December 2024:
NOK million | Carrying amount | Less than a year |
Trade payables | 4.7 | 4.7 |
Lease liability | 1.2 | 1.2 |
Other current payables | 153.5 | 153.5 |
Total financial liabilities | 159.4 | 159.4 |
As at 31 December 2023:
NOK million | Carrying amount | Less than a year |
Trade payables | 6.3 | 6.3 |
Lease liability | 1.2 | 1.2 |
Other current payables | 39.5 | 39.5 |
Total financial liabilities | 47.0 | 47.0 |
Credit risk
Credit risk arises from cash and cash equivalents, 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 Aa-.
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.
These risks are monitored continuously, and risk management strategies are in place to support the Group\u2019s objectives and ensure financial stability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__38": { "value": "Note 7. Financial Instruments
Accounting principle
Financial assets
The Group\u2019s trade receivables and other financial assets are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method.
The Group\u2019s cash and cash equivalents are measured at nominal value, which approximates the fair value due to their short-term nature. They consist of multicurrency accounts linked to actively traded foreign currencies.
For trade receivables, the Group applies the simplified approach as permitted in IFRS 9 to calculate the impairment losses as a separate line item in the statement of profit or loss.
Financial liabilities
The Group\u2019s financial liabilities are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. Interest incurred on these financial liabilities is recognised as finance expenses in the statement of profit and loss.
Overdraft facility
The Group has a total available overdraft facility of NOK 150 million. As of 31 December 2024, none of the overdraft facility has been drawn. See Note 22 Other current liabilities for covenants related to the overdraft facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__39": { "value": "Note 7. Financial Instruments
Accounting principle
Financial assets
The Group\u2019s trade receivables and other financial assets are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method.
The Group\u2019s cash and cash equivalents are measured at nominal value, which approximates the fair value due to their short-term nature. They consist of multicurrency accounts linked to actively traded foreign currencies.
For trade receivables, the Group applies the simplified approach as permitted in IFRS 9 to calculate the impairment losses as a separate line item in the statement of profit or loss.
Financial liabilities
The Group\u2019s financial liabilities are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. Interest incurred on these financial liabilities is recognised as finance expenses in the statement of profit and loss.
Overdraft facility
The Group has a total available overdraft facility of NOK 150 million. As of 31 December 2024, none of the overdraft facility has been drawn. See Note 22 Other current liabilities for covenants related to the overdraft facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__40": { "value": "Note 7. Financial Instruments
Accounting principle
Financial assets
The Group\u2019s trade receivables and other financial assets are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method.
The Group\u2019s cash and cash equivalents are measured at nominal value, which approximates the fair value due to their short-term nature. They consist of multicurrency accounts linked to actively traded foreign currencies.
For trade receivables, the Group applies the simplified approach as permitted in IFRS 9 to calculate the impairment losses as a separate line item in the statement of profit or loss.
Financial liabilities
The Group\u2019s financial liabilities are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. Interest incurred on these financial liabilities is recognised as finance expenses in the statement of profit and loss.
Overdraft facility
The Group has a total available overdraft facility of NOK 150 million. As of 31 December 2024, none of the overdraft facility has been drawn. See Note 22 Other current liabilities for covenants related to the overdraft facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__45": { "value": "Note 7. Financial Instruments
Accounting principle
Financial assets
The Group\u2019s trade receivables and other financial assets are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method.
The Group\u2019s cash and cash equivalents are measured at nominal value, which approximates the fair value due to their short-term nature. They consist of multicurrency accounts linked to actively traded foreign currencies.
For trade receivables, the Group applies the simplified approach as permitted in IFRS 9 to calculate the impairment losses as a separate line item in the statement of profit or loss.
Financial liabilities
The Group\u2019s financial liabilities are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. Interest incurred on these financial liabilities is recognised as finance expenses in the statement of profit and loss.
Overdraft facility
The Group has a total available overdraft facility of NOK 150 million. As of 31 December 2024, none of the overdraft facility has been drawn. See Note 22 Other current liabilities for covenants related to the overdraft facility.
Below is a table that shows the Group\u2019s financial instruments with their carrying amounts recognised as of 31 December 2024:
NOK | 2024 | 2023 | |
Category: | Asset: | ||
Financial asset at amortised cost | Accounts receivable | 7.0 | 7.3 |
Financial asset at amortised cost | Other current financial assets | 1.9 | 25.4 |
Financial asset -fair value through profit and loss | Other current financial assets | 3.8 | - |
Financial asset -fair value through profit and loss | Other-non-current assets | 39.5 | - |
Financial asset at amortised cost | Cash and cash equivalents | 254.1 | 347.6 |
Total financial assets | 306.3 | 380.3 |
NOK | 2024 | 2023 | |
Category: | Liability: | ||
Financial liabilities at amortised cost | Trade payables | 4.7 | 6.3 |
Financial liabilities at amortised cost | Provisions | 13.2 | 4.0 |
Financial liabilities at amortised cost | Lease liability | 1.2 | 1.2 |
Financial liabilities at amortised cost | Other current liabilities | 153.5 | 39.5 |
Total financial liabilities | 172.6 | 51.0 |
Fair value measurement
Contingent income linked to project milestones: the Group recognises short-term contingent income linked to project milestones at fair value through profit and loss The fair value of such income is measured using a risk-weighted approach, reflecting management\u2019s best estimates regarding milestone achievement and the associated cash flows. The valuation incorporates key factors such as project progress, contractual terms, historical performance, and external market conditions that may impact milestone outcomes. Due to the reliance on significant unobservable inputs and management assumptions, these valuations are classified within Level 3 of the fair value hierarchy. The fair value of contingent income is reassessed at each reporting date, with any changes reflected in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__43": { "value": "Accounting principle
Financial assets
The Group\u2019s trade receivables and other financial assets are measured at amortised cost. The interest income from these financial assets is included in finance income using the effective interest method.
The Group\u2019s cash and cash equivalents are measured at nominal value, which approximates the fair value due to their short-term nature. They consist of multicurrency accounts linked to actively traded foreign currencies.
For trade receivables, the Group applies the simplified approach as permitted in IFRS 9 to calculate the impairment losses as a separate line item in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__44": { "value": "Financial liabilities
The Group\u2019s financial liabilities are initially measured at fair value and subsequently measured at amortised cost using the effective interest method. Interest incurred on these financial liabilities is recognised as finance expenses in the statement of profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__41": { "value": "Fair value measurement
Contingent income linked to project milestones: the Group recognises short-term contingent income linked to project milestones at fair value through profit and loss The fair value of such income is measured using a risk-weighted approach, reflecting management\u2019s best estimates regarding milestone achievement and the associated cash flows. The valuation incorporates key factors such as project progress, contractual terms, historical performance, and external market conditions that may impact milestone outcomes. Due to the reliance on significant unobservable inputs and management assumptions, these valuations are classified within Level 3 of the fair value hierarchy. The fair value of contingent income is reassessed at each reporting date, with any changes reflected in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__42": { "value": "Fair value measurement
Contingent income linked to project milestones: the Group recognises short-term contingent income linked to project milestones at fair value through profit and loss The fair value of such income is measured using a risk-weighted approach, reflecting management\u2019s best estimates regarding milestone achievement and the associated cash flows. The valuation incorporates key factors such as project progress, contractual terms, historical performance, and external market conditions that may impact milestone outcomes. Due to the reliance on significant unobservable inputs and management assumptions, these valuations are classified within Level 3 of the fair value hierarchy. The fair value of contingent income is reassessed at each reporting date, with any changes reflected in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__46": { "value": "Fair value measurement
Contingent income linked to project milestones: the Group recognises short-term contingent income linked to project milestones at fair value through profit and loss The fair value of such income is measured using a risk-weighted approach, reflecting management\u2019s best estimates regarding milestone achievement and the associated cash flows. The valuation incorporates key factors such as project progress, contractual terms, historical performance, and external market conditions that may impact milestone outcomes. Due to the reliance on significant unobservable inputs and management assumptions, these valuations are classified within Level 3 of the fair value hierarchy. The fair value of contingent income is reassessed at each reporting date, with any changes reflected in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__47-1": { "value": "Note 8. Operating revenue
Accounting principle
Revenue 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:
The Group provides administrative and project development services to associated companies on an hourly basis. Revenue is recognised as the work is performed.
Operating revenue in 2024 consisted mainly of revenue from services provided to associated companies. Revenue from services provided to associated companies accounted for 100% (2023: 100%) of total operating revenue.
Following the demerger, the FPSO-related legacy business is now classified as a discontinued operation. Additional details on the demerger can be found in Note 5: Restructure of business.
Total revenue is presented in the table below:
NOK million | 2024 | 2023 |
Operating revnue | ||
Management services revenue | 2.3 | 12.1 |
Total operating revenue | 2.3 | 12.1 |
Total revenue by country:
NOK million | 2024 | 2023 |
Norway | 2.3 | 12.0 |
Sweden | - | 0.2 |
Total operating revenue | 2.3 | 12.1 |
Note 11. Other operating expenses
NOK million | 2024 | 2023 |
Continued operations | ||
Office costs | 2.5 | 3.2 |
Auditor fees | 3.1 | 1.6 |
Legal and tax fees | 6.5 | 5.9 |
Consultancy | 53.1 | 39.2 |
Travel expenses | 1.6 | 1.0 |
Other expenses | 3.7 | 3.4 |
Total other operating expenses - continued operations | 70.6 | 54.3 |
Discontinued operations | ||
Consultancy - discontinued operations | 6.9 | 7.1 |
Total other operating expenses - total operations | 77.4 | 61.4 |
Expenses related to statutory and other auditor services is presented below:
NOK million | 2024 | 2023 |
Statutory audit | 2.5 | 1.5 |
Other certification services | 0.5 | 0.1 |
Other assurance services | 0.1 | - |
Total auditor fees | 3.1 | 1.6 |
Note 8. Operating revenue
Accounting principle
Revenue 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:
The Group provides administrative and project development services to associated companies on an hourly basis. Revenue is recognised as the work is performed.
Operating revenue in 2024 consisted mainly of revenue from services provided to associated companies. Revenue from services provided to associated companies accounted for 100% (2023: 100%) of total operating revenue.
Following the demerger, the FPSO-related legacy business is now classified as a discontinued operation. Additional details on the demerger can be found in Note 5: Restructure of business.
Total revenue is presented in the table below:
NOK million | 2024 | 2023 |
Operating revnue | ||
Management services revenue | 2.3 | 12.1 |
Total operating revenue | 2.3 | 12.1 |
Total revenue by country:
NOK million | 2024 | 2023 |
Norway | 2.3 | 12.0 |
Sweden | - | 0.2 |
Total operating revenue | 2.3 | 12.1 |
Note 9. Other income
The Group recognised significant income from divestments and earnout income earned during the year from the sale of Helios, Evolar, AGV Projects and South African SPVs. Total gains on divestments amounted to NOK 358.6 million (2023: NOK 249.2 million). For further details please refer to Note 4 Divestments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__49": { "value": "Note 8. Operating revenue
Accounting principle
Revenue 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:
The Group provides administrative and project development services to associated companies on an hourly basis. Revenue is recognised as the work is performed.
Operating revenue in 2024 consisted mainly of revenue from services provided to associated companies. Revenue from services provided to associated companies accounted for 100% (2023: 100%) of total operating revenue.
Following the demerger, the FPSO-related legacy business is now classified as a discontinued operation. Additional details on the demerger can be found in Note 5: Restructure of business.
Total revenue is presented in the table below:
NOK million | 2024 | 2023 |
Operating revnue | ||
Management services revenue | 2.3 | 12.1 |
Total operating revenue | 2.3 | 12.1 |
Total revenue by country:
NOK million | 2024 | 2023 |
Norway | 2.3 | 12.0 |
Sweden | - | 0.2 |
Total operating revenue | 2.3 | 12.1 |
Note 8. Operating revenue
Accounting principle
Revenue 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:
The Group provides administrative and project development services to associated companies on an hourly basis. Revenue is recognised as the work is performed.
Operating revenue in 2024 consisted mainly of revenue from services provided to associated companies. Revenue from services provided to associated companies accounted for 100% (2023: 100%) of total operating revenue.
Following the demerger, the FPSO-related legacy business is now classified as a discontinued operation. Additional details on the demerger can be found in Note 5: Restructure of business.
Total revenue is presented in the table below:
NOK million | 2024 | 2023 |
Operating revnue | ||
Management services revenue | 2.3 | 12.1 |
Total operating revenue | 2.3 | 12.1 |
Total revenue by country:
NOK million | 2024 | 2023 |
Norway | 2.3 | 12.0 |
Sweden | - | 0.2 |
Total operating revenue | 2.3 | 12.1 |
Note 9. Other income
The Group recognised significant income from divestments and earnout income earned during the year from the sale of Helios, Evolar, AGV Projects and South African SPVs. Total gains on divestments amounted to NOK 358.6 million (2023: NOK 249.2 million). For further details please refer to Note 4 Divestments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__51-1": { "value": "Note 8. Operating revenue
Accounting principle
Revenue 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:
The Group provides administrative and project development services to associated companies on an hourly basis. Revenue is recognised as the work is performed.
Operating revenue in 2024 consisted mainly of revenue from services provided to associated companies. Revenue from services provided to associated companies accounted for 100% (2023: 100%) of total operating revenue.
Following the demerger, the FPSO-related legacy business is now classified as a discontinued operation. Additional details on the demerger can be found in Note 5: Restructure of business.
Total revenue is presented in the table below:
NOK million | 2024 | 2023 |
Operating revnue | ||
Management services revenue | 2.3 | 12.1 |
Total operating revenue | 2.3 | 12.1 |
Total revenue by country:
NOK million | 2024 | 2023 |
Norway | 2.3 | 12.0 |
Sweden | - | 0.2 |
Total operating revenue | 2.3 | 12.1 |
Note 9. Other income
The Group recognised significant income from divestments and earnout income earned during the year from the sale of Helios, Evolar, AGV Projects and South African SPVs. Total gains on divestments amounted to NOK 358.6 million (2023: NOK 249.2 million). For further details please refer to Note 4 Divestments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__55": { "value": "Note 10. Employee benefits and share-based payments
Accounting principle
The Group operates a share-based payment programme for management and employees, classified as equity-settled in accordance with IFRS 2. Equity-settled share-based payments are measured at fair value at the grant date, using the Black-Scholes valuation model, and expensed over the vesting period, adjusted for expected vesting based on non-market-based conditions. Bonus shares are awarded net after tax, with the Group withholding a portion of shares to cover the employee\u2019s statutory tax obligation and remitting the tax amount in cash to the tax authority. This net settlement feature does not affect the classification as equity-settled, provided the withheld amount does not exceed the employee\u2019s maximum statutory tax obligation.
Additionally, the Group recognises a cash-settled share-based payment liability for social security contributions arising from these programs. This liability is measured at fair value and remeasured at each reporting date until settlement.
The Group has an equity incentive plan for executive management and key employees through the issuance of share options. The valuation of these options is determined using the Black-Scholes model, with the risk-free rate based on the five-year treasury bond rate at grant date. The options\u2019 full term is aligned with their vesting period.
Employee benefits
The table below details the Group\u2019s employee expenses for the year, including salaries, social security tax, pensions costs, share-based payments and other benefits:
NOK million | 2024 | 2023 |
Salaries and vacation pay | 22.3 | 22.2 |
Employer's contribution tax | 4.5 | 5.5 |
Pension costs | 1.6 | 2.1 |
Bonus | 14.3 | 9.0 |
Share based payments | 5.4 | 8.4 |
Other employee benefit expense | 1.8 | 1.3 |
Board remuneration\u00b9 | 1.3 | 1.4 |
Gross personnel expenses | 51.2 | 49.9 |
Capitalised development costs | - | -5.4 |
Total employee benefit expense | 51.2 | 44.4 |
\u00b9The operating expenses breakdown has been restated to show the board\u2019s remuneration as a distinct line item.
Pension scheme
The Group operates a defined contribution plan in compliance with legal requirements. Contributions are recognised as expenses in the period they are earned by employees, with no further obligations beyond the contributed amounts.
Pension costs recognised during the course of 2024 was NOK 1.6 million (2023: NOK 2.1 million). As of 31 December 2024, the defined contribution plan had 11 participants (2023: 8 participants).
Remuneration of Senior Management
The remuneration of the Executive Group Management consists of a fixed salary, including personal benefits such as telephone allowance and health insurance, a variable performance bonus, pension benefits, and a long-term share-based incentive programme.
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 programme.
There are no loans, pre-payments, or securities granted to the current Senior Management in 2024 or 2023.
2024 Remuneration of Senior Management
NOK thousand | Erik Sneve CEO | B\u00e5rd Olsen CFO | Stein Bj\u00f8rnstad COO | Total |
Salary | 3,694 | 1,812 | 1,792 | 7,298 |
Bonus | 3,170 | 897 | 580 | 4,647 |
Retirement benefits | 207 | 207 | 203 | 617 |
Other benefits | 20 | 20 | 18 | 58 |
Total reportable benefits | 7,091 | 2,936 | 2,593 | 12,620 |
2023 Remuneration of Senior Management
NOK thousand | Erik Sneve CEO | B\u00e5rd Olsen CFO | Total |
Salary | 2,890 | 1,724 | 4,614 |
Bonus | 4,189 | 937 | 5,126 |
Retirement benefits | 194 | 194 | 388 |
Other benefits | 18 | 18 | 36 |
Total reportable benefits | 7,291 | 2,873 | 10,164 |
Below is a table showing the total shares owned or controlled by Senior Management:
FY 2024 | Shares | Options |
Erik Sneve, CEO | 1,183,871 | 525,000 |
B\u00e5rd Olsen, CFO | 75,000 | 125,000 |
Stein Bj\u00f8rnstad, COO | 15,000 | 50,000 |
Total | 1,273,871 | 700,000 |
FY 2023 | Shares | Options |
Erik Sneve, CEO | 1,173,871 | 450,000 |
B\u00e5rd Olsen, CFO | 75,000 | 125,000 |
Total | 1,248,871 | 575,000 |
Reference is made to the \u2019Magnora Remuneration Report 2024\u2019 for further details of remuneration of Senior Management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__58": { "value": "Note 10. Employee benefits and share-based payments
Accounting principle
The Group operates a share-based payment programme for management and employees, classified as equity-settled in accordance with IFRS 2. Equity-settled share-based payments are measured at fair value at the grant date, using the Black-Scholes valuation model, and expensed over the vesting period, adjusted for expected vesting based on non-market-based conditions. Bonus shares are awarded net after tax, with the Group withholding a portion of shares to cover the employee\u2019s statutory tax obligation and remitting the tax amount in cash to the tax authority. This net settlement feature does not affect the classification as equity-settled, provided the withheld amount does not exceed the employee\u2019s maximum statutory tax obligation.
Additionally, the Group recognises a cash-settled share-based payment liability for social security contributions arising from these programs. This liability is measured at fair value and remeasured at each reporting date until settlement.
The Group has an equity incentive plan for executive management and key employees through the issuance of share options. The valuation of these options is determined using the Black-Scholes model, with the risk-free rate based on the five-year treasury bond rate at grant date. The options\u2019 full term is aligned with their vesting period.
Employee benefits
The table below details the Group\u2019s employee expenses for the year, including salaries, social security tax, pensions costs, share-based payments and other benefits:
NOK million | 2024 | 2023 |
Salaries and vacation pay | 22.3 | 22.2 |
Employer's contribution tax | 4.5 | 5.5 |
Pension costs | 1.6 | 2.1 |
Bonus | 14.3 | 9.0 |
Share based payments | 5.4 | 8.4 |
Other employee benefit expense | 1.8 | 1.3 |
Board remuneration\u00b9 | 1.3 | 1.4 |
Gross personnel expenses | 51.2 | 49.9 |
Capitalised development costs | - | -5.4 |
Total employee benefit expense | 51.2 | 44.4 |
\u00b9The operating expenses breakdown has been restated to show the board\u2019s remuneration as a distinct line item.
Pension scheme
The Group operates a defined contribution plan in compliance with legal requirements. Contributions are recognised as expenses in the period they are earned by employees, with no further obligations beyond the contributed amounts.
Pension costs recognised during the course of 2024 was NOK 1.6 million (2023: NOK 2.1 million). As of 31 December 2024, the defined contribution plan had 11 participants (2023: 8 participants).
Remuneration of Senior Management
The remuneration of the Executive Group Management consists of a fixed salary, including personal benefits such as telephone allowance and health insurance, a variable performance bonus, pension benefits, and a long-term share-based incentive programme.
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 programme.
There are no loans, pre-payments, or securities granted to the current Senior Management in 2024 or 2023.
2024 Remuneration of Senior Management
NOK thousand | Erik Sneve CEO | B\u00e5rd Olsen CFO | Stein Bj\u00f8rnstad COO | Total |
Salary | 3,694 | 1,812 | 1,792 | 7,298 |
Bonus | 3,170 | 897 | 580 | 4,647 |
Retirement benefits | 207 | 207 | 203 | 617 |
Other benefits | 20 | 20 | 18 | 58 |
Total reportable benefits | 7,091 | 2,936 | 2,593 | 12,620 |
2023 Remuneration of Senior Management
NOK thousand | Erik Sneve CEO | B\u00e5rd Olsen CFO | Total |
Salary | 2,890 | 1,724 | 4,614 |
Bonus | 4,189 | 937 | 5,126 |
Retirement benefits | 194 | 194 | 388 |
Other benefits | 18 | 18 | 36 |
Total reportable benefits | 7,291 | 2,873 | 10,164 |
Below is a table showing the total shares owned or controlled by Senior Management:
FY 2024 | Shares | Options |
Erik Sneve, CEO | 1,183,871 | 525,000 |
B\u00e5rd Olsen, CFO | 75,000 | 125,000 |
Stein Bj\u00f8rnstad, COO | 15,000 | 50,000 |
Total | 1,273,871 | 700,000 |
FY 2023 | Shares | Options |
Erik Sneve, CEO | 1,173,871 | 450,000 |
B\u00e5rd Olsen, CFO | 75,000 | 125,000 |
Total | 1,248,871 | 575,000 |
Reference is made to the \u2019Magnora Remuneration Report 2024\u2019 for further details of remuneration of Senior Management.
Share-based payments
In accordance with the terms adopted by the General Meeting in 2019, the Board of Directors established a share-based payment program for senior management and key employees. The key conditions are as follows:
The equity incentive plan may cover up to 10% of the issued share capital in the company. Allocations are proposed by the Board of Directors and approved at the General Meeting. The exercise price is based on the fair value at the grant date. The options vests over three years and must be exercised within five years of vesting. The share-based payments are equity-settled and expensed over the vesting period. The employee granted options must remain in their position until the vesting date to exercise them.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__56": { "value": "Employee benefits
The table below details the Group\u2019s employee expenses for the year, including salaries, social security tax, pensions costs, share-based payments and other benefits:
Remuneration of Senior Management
The remuneration of the Executive Group Management consists of a fixed salary, including personal benefits such as telephone allowance and health insurance, a variable performance bonus, pension benefits, and a long-term share-based incentive programme.
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 programme.
There are no loans, pre-payments, or securities granted to the current Senior Management in 2024 or 2023.
2024 Remuneration of Senior Management
NOK thousand | Erik Sneve CEO | B\u00e5rd Olsen CFO | Stein Bj\u00f8rnstad COO | Total |
Salary | 3,694 | 1,812 | 1,792 | 7,298 |
Bonus | 3,170 | 897 | 580 | 4,647 |
Retirement benefits | 207 | 207 | 203 | 617 |
Other benefits | 20 | 20 | 18 | 58 |
Total reportable benefits | 7,091 | 2,936 | 2,593 | 12,620 |
2023 Remuneration of Senior Management
NOK thousand | Erik Sneve CEO | B\u00e5rd Olsen CFO | Total |
Salary | 2,890 | 1,724 | 4,614 |
Bonus | 4,189 | 937 | 5,126 |
Retirement benefits | 194 | 194 | 388 |
Other benefits | 18 | 18 | 36 |
Total reportable benefits | 7,291 | 2,873 | 10,164 |
Below is a table showing the total shares owned or controlled by Senior Management:
FY 2024 | Shares | Options |
Erik Sneve, CEO | 1,183,871 | 525,000 |
B\u00e5rd Olsen, CFO | 75,000 | 125,000 |
Stein Bj\u00f8rnstad, COO | 15,000 | 50,000 |
Total | 1,273,871 | 700,000 |
FY 2023 | Shares | Options |
Erik Sneve, CEO | 1,173,871 | 450,000 |
B\u00e5rd Olsen, CFO | 75,000 | 125,000 |
Total | 1,248,871 | 575,000 |
Reference is made to the \u2019Magnora Remuneration Report 2024\u2019 for further details of remuneration of Senior Management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__57": { "value": "Share-based payments
In accordance with the terms adopted by the General Meeting in 2019, the Board of Directors established a share-based payment program for senior management and key employees. The key conditions are as follows:
The equity incentive plan may cover up to 10% of the issued share capital in the company. Allocations are proposed by the Board of Directors and approved at the General Meeting. The exercise price is based on the fair value at the grant date. The options vests over three years and must be exercised within five years of vesting. The share-based payments are equity-settled and expensed over the vesting period. The employee granted options must remain in their position until the vesting date to exercise them.
As authorised by the Annual General Meeting of 25 April 2023 and 23 April 2024, the Board of Magnora issued 108,000 options during 2024 to provide long-term incentives to the chairman of the Board and CEO.
Share options for the year and movement | 2024 | 2023 |
Outstanding at the beginning of the year | 1,550,000 | 1,475,000 |
Granted during the year | 108,000 | 375,000 |
Forefeited during the year | 50,000 | 225,000 |
Exercised during the year | 55,000 | 75,000 |
Outstanding at the end of the year | 1,553,000 | 1,550,000 |
Exercisable at the end of the year | 745,000 | 366,668 |
The following table shows the inputs to the models used for the plans for the years ended 31 December 2024 and 2023, respectively:
2024
NOK million | No. of options | Grant date | Expiry date | Weighted average remaining contractual life | Weighted average strike price | Vested options 31.12.2024 | Share price (grant date) |
Options Trench#1 | 33,000 | 23/04/2024 | 23/4/2032 | 5.1 | 18.84 | - | 23.47 |
Options Trench#2 | 75,000 | 11/07/2024 | 11/07/2032 | 5.1 | 18.84 | - | 23.80 |
2023
NOK million | No. of options | Grant date | Expiry date | Weighted average remaining contractual life | Weighted average strike price | Vested options 31.12.2023 | Share price (grant date) |
Options Trench#1 | 200,000 | 21/3/2023 | 21/3/2031 | 5.6 | 15.57 | - | 14.37 |
Options Trench#2 | 75,000 | 25/4/2023 | 25/4/2031 | 5.6 | 15.57 | - | 15.31 |
Options Trench#3 | 100,000 | 16/6/2023 | 16/6/2031 | 5.6 | 15.57 | - | 21.47 |
Note 11. Other operating expenses
NOK million | 2024 | 2023 |
Continued operations | ||
Office costs | 2.5 | 3.2 |
Auditor fees | 3.1 | 1.6 |
Legal and tax fees | 6.5 | 5.9 |
Consultancy | 53.1 | 39.2 |
Travel expenses | 1.6 | 1.0 |
Other expenses | 3.7 | 3.4 |
Total other operating expenses - continued operations | 70.6 | 54.3 |
Discontinued operations | ||
Consultancy - discontinued operations | 6.9 | 7.1 |
Total other operating expenses - total operations | 77.4 | 61.4 |
Expenses related to statutory and other auditor services is presented below:
NOK million | 2024 | 2023 |
Statutory audit | 2.5 | 1.5 |
Other certification services | 0.5 | 0.1 |
Other assurance services | 0.1 | - |
Total auditor fees | 3.1 | 1.6 |
Note 11. Other operating expenses
NOK million | 2024 | 2023 |
Continued operations | ||
Office costs | 2.5 | 3.2 |
Auditor fees | 3.1 | 1.6 |
Legal and tax fees | 6.5 | 5.9 |
Consultancy | 53.1 | 39.2 |
Travel expenses | 1.6 | 1.0 |
Other expenses | 3.7 | 3.4 |
Total other operating expenses - continued operations | 70.6 | 54.3 |
Discontinued operations | ||
Consultancy - discontinued operations | 6.9 | 7.1 |
Total other operating expenses - total operations | 77.4 | 61.4 |
Expenses related to statutory and other auditor services is presented below:
NOK million | 2024 | 2023 |
Statutory audit | 2.5 | 1.5 |
Other certification services | 0.5 | 0.1 |
Other assurance services | 0.1 | - |
Total auditor fees | 3.1 | 1.6 |
Note 11. Other operating expenses
NOK million | 2024 | 2023 |
Continued operations | ||
Office costs | 2.5 | 3.2 |
Auditor fees | 3.1 | 1.6 |
Legal and tax fees | 6.5 | 5.9 |
Consultancy | 53.1 | 39.2 |
Travel expenses | 1.6 | 1.0 |
Other expenses | 3.7 | 3.4 |
Total other operating expenses - continued operations | 70.6 | 54.3 |
Discontinued operations | ||
Consultancy - discontinued operations | 6.9 | 7.1 |
Total other operating expenses - total operations | 77.4 | 61.4 |
Expenses related to statutory and other auditor services is presented below:
NOK million | 2024 | 2023 |
Statutory audit | 2.5 | 1.5 |
Other certification services | 0.5 | 0.1 |
Other assurance services | 0.1 | - |
Total auditor fees | 3.1 | 1.6 |
Note 11. Other operating expenses
NOK million | 2024 | 2023 |
Continued operations | ||
Office costs | 2.5 | 3.2 |
Auditor fees | 3.1 | 1.6 |
Legal and tax fees | 6.5 | 5.9 |
Consultancy | 53.1 | 39.2 |
Travel expenses | 1.6 | 1.0 |
Other expenses | 3.7 | 3.4 |
Total other operating expenses - continued operations | 70.6 | 54.3 |
Discontinued operations | ||
Consultancy - discontinued operations | 6.9 | 7.1 |
Total other operating expenses - total operations | 77.4 | 61.4 |
Expenses related to statutory and other auditor services is presented below:
NOK million | 2024 | 2023 |
Statutory audit | 2.5 | 1.5 |
Other certification services | 0.5 | 0.1 |
Other assurance services | 0.1 | - |
Total auditor fees | 3.1 | 1.6 |
Note 11. Other operating expenses
NOK million | 2024 | 2023 |
Continued operations | ||
Office costs | 2.5 | 3.2 |
Auditor fees | 3.1 | 1.6 |
Legal and tax fees | 6.5 | 5.9 |
Consultancy | 53.1 | 39.2 |
Travel expenses | 1.6 | 1.0 |
Other expenses | 3.7 | 3.4 |
Total other operating expenses - continued operations | 70.6 | 54.3 |
Discontinued operations | ||
Consultancy - discontinued operations | 6.9 | 7.1 |
Total other operating expenses - total operations | 77.4 | 61.4 |
Expenses related to statutory and other auditor services is presented below:
NOK million | 2024 | 2023 |
Statutory audit | 2.5 | 1.5 |
Other certification services | 0.5 | 0.1 |
Other assurance services | 0.1 | - |
Total auditor fees | 3.1 | 1.6 |
Note 12. Net financial items
Accounting principle
Net financial items are recognised in accordance with IFRS 9 \u2013 Financial Instruments. Financial income and expenses are recorded on an accrual basis and measured at amortised cost or fair value, depending on the nature of the financial instrument. Foreign exchange gains and losses on monetary items are recognised in profit or loss as they arise.
Financial income consists of interest earned on bank deposits and foreign exchange gains on internal debt and receivables. Financial expenses mainly comprise interest on foreign accounts and payables in foreign currency.
The table below shows the breakdown of the financial income and financial expense for the year ended 31 December and the comparative figures for 2023.
Financial income:
NOK million | 2024 | 2023 |
Interest income | 13.1 | 15.3 |
Total financial income | 13.1 | 15.3 |
Financial expense:
NOK million | 2024 | 2023 |
Interest expense | -13.5 | -12.6 |
Net foreign exchange losses | -11.9 | - |
Losses from investments in marketable securities | - | -0.9 |
Total financial expense | -25.4 | -13.5 |
Net financial items | -12.3 | 1.8 |
Note 12. Net financial items
Accounting principle
Net financial items are recognised in accordance with IFRS 9 \u2013 Financial Instruments. Financial income and expenses are recorded on an accrual basis and measured at amortised cost or fair value, depending on the nature of the financial instrument. Foreign exchange gains and losses on monetary items are recognised in profit or loss as they arise.
Financial income consists of interest earned on bank deposits and foreign exchange gains on internal debt and receivables. Financial expenses mainly comprise interest on foreign accounts and payables in foreign currency.
The table below shows the breakdown of the financial income and financial expense for the year ended 31 December and the comparative figures for 2023.
Financial income:
NOK million | 2024 | 2023 |
Interest income | 13.1 | 15.3 |
Total financial income | 13.1 | 15.3 |
Financial expense:
NOK million | 2024 | 2023 |
Interest expense | -13.5 | -12.6 |
Net foreign exchange losses | -11.9 | - |
Losses from investments in marketable securities | - | -0.9 |
Total financial expense | -25.4 | -13.5 |
Net financial items | -12.3 | 1.8 |
Note 12. Net financial items
Accounting principle
Net financial items are recognised in accordance with IFRS 9 \u2013 Financial Instruments. Financial income and expenses are recorded on an accrual basis and measured at amortised cost or fair value, depending on the nature of the financial instrument. Foreign exchange gains and losses on monetary items are recognised in profit or loss as they arise.
Financial income consists of interest earned on bank deposits and foreign exchange gains on internal debt and receivables. Financial expenses mainly comprise interest on foreign accounts and payables in foreign currency.
The table below shows the breakdown of the financial income and financial expense for the year ended 31 December and the comparative figures for 2023.
Financial income:
NOK million | 2024 | 2023 |
Interest income | 13.1 | 15.3 |
Total financial income | 13.1 | 15.3 |
Financial expense:
NOK million | 2024 | 2023 |
Interest expense | -13.5 | -12.6 |
Net foreign exchange losses | -11.9 | - |
Losses from investments in marketable securities | - | -0.9 |
Total financial expense | -25.4 | -13.5 |
Net financial items | -12.3 | 1.8 |
Note 12. Net financial items
Accounting principle
Net financial items are recognised in accordance with IFRS 9 \u2013 Financial Instruments. Financial income and expenses are recorded on an accrual basis and measured at amortised cost or fair value, depending on the nature of the financial instrument. Foreign exchange gains and losses on monetary items are recognised in profit or loss as they arise.
Financial income consists of interest earned on bank deposits and foreign exchange gains on internal debt and receivables. Financial expenses mainly comprise interest on foreign accounts and payables in foreign currency.
financial expense for the year ended 31 December and the comparative figures for 2023.Financial income:
NOK million | 2024 | 2023 |
Interest income | 13.1 | 15.3 |
Total financial income | 13.1 | 15.3 |
Financial expense:
NOK million | 2024 | 2023 |
Interest expense | -13.5 | -12.6 |
Net foreign exchange losses | -11.9 | - |
Losses from investments in marketable securities | - | -0.9 |
Total financial expense | -25.4 | -13.5 |
Net financial items | -12.3 | 1.8 |
Note 12. Net financial items
Accounting principle
Net financial items are recognised in accordance with IFRS 9 \u2013 Financial Instruments. Financial income and expenses are recorded on an accrual basis and measured at amortised cost or fair value, depending on the nature of the financial instrument. Foreign exchange gains and losses on monetary items are recognised in profit or loss as they arise.
Financial income consists of interest earned on bank deposits and foreign exchange gains on internal debt and receivables. Financial expenses mainly comprise interest on foreign accounts and payables in foreign currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__69": { "value": "financial expense for the year ended 31 December and the comparative figures for 2023.Financial income:
NOK million | 2024 | 2023 |
Interest income | 13.1 | 15.3 |
Total financial income | 13.1 | 15.3 |
Financial expense:
NOK million | 2024 | 2023 |
Interest expense | -13.5 | -12.6 |
Net foreign exchange losses | -11.9 | - |
Losses from investments in marketable securities | - | -0.9 |
Total financial expense | -25.4 | -13.5 |
Net financial items | -12.3 | 1.8 |
Note 13. Income Taxes
Accounting principle
The income tax expense for the period comprises both 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 substantially enacted at the balance sheet date in the countries where the Group and its subsidiaries operate and generate taxable income.
Deferred income tax is recognised, 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.
Deferred income tax is not recognised 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 assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred 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.
For 2024 a tax rate of 22% has been used when calculating the deferred tax assets and liabilities (2023: 22%).
The Group is not within the scope of Pillar 2.
Specification of booked deferred tax assets/(liabilities):
NOK million | 2024 | 2023 |
Specification net deferred tax assets /(liabilities): | ||
Deferred tax asset to be reversed after more than 12 months | 685.5 | 768.8 |
Deferred tax liability to be reversed after more than 12 months | -0.4 | -0.4 |
Net deferred tax assets/(liabilities) | 685.1 | 768.4 |
Deferred tax assets not recognised in the balance sheet | -682.8 | -753.7 |
Net deferred tax asset recognised in the balance sheet | 2.7 | 15.1 |
Net deferred tax liabilities recognised in the balance sheet | -0.4 | -0.4 |
Reconciliation of deferred tax assets:
NOK million | 2024 | 2023 |
Book value 1 January | 15.1 | 15.1 |
Transferred in demerger | -6.9 | - |
Income statement charge relating to deferred tax assets | -5.5 | - |
Book value 31 December | 2.7 | 15.1 |
Reconciliation of deferred tax liabilities:
NOK million | 2024 | 2023 |
Book value 1 January | -0.4 | -4.9 |
Disposal of intangible assets | - | 4.8 |
Currency translation | - | -0.4 |
Tax income related to depretiation of intangible assets | - | 0.1 |
Book value 31 December | -0.4 | -0.4 |
Specification of deferred tax assets/(liabilities) booked and not booked:
NOK million | 2024 | 2023 |
Deferred tax assets: | ||
Investments and receivables | 0.3 | 0.3 |
Current liabilities | 0.8 | - |
Fixed assets | 0.2 | 0.3 |
Intangible assets | -0.4 | -0.4 |
Losses carried forward | 684.2 | 768.2 |
Total deferred tax assets | 685.1 | 768.4 |
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 3 for further information.
Specification of tax income/(expense):
NOK million | 2024 | 2023 |
Derecognition of deferred tax asset | -5.5 | - |
Tax income related to depreciation of intangible assets | - | 0.1 |
Net tax income/(expense) | -5.5 | 0.1 |
Reconciliation of nominal tax rate and effective tax rate:
NOK million | 2024 | 2023 |
Profit/(loss) before tax: | 269.2 | 173.5 |
Tax calculated (22%) | -59.2 | -38.2 |
Effect on taxes of: | ||
Income not subject to tax | 78.9 | 51.8 |
Expenses not deductible | -0.9 | -0.1 |
Result from associated companies | 9.5 | 2.3 |
Tax losses for which no deferred income tax was recognised | -33.8 | -14.6 |
Tax income/(expense) | -5.5 | 1.2 |
Note 13. Income Taxes
Accounting principle
The income tax expense for the period comprises both 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 substantially enacted at the balance sheet date in the countries where the Group and its subsidiaries operate and generate taxable income.
Deferred income tax is recognised, 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.
Deferred income tax is not recognised 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 assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred 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.
For 2024 a tax rate of 22% has been used when calculating the deferred tax assets and liabilities (2023: 22%).
The Group is not within the scope of Pillar 2.
Specification of booked deferred tax assets/(liabilities):
NOK million | 2024 | 2023 |
Specification net deferred tax assets /(liabilities): | ||
Deferred tax asset to be reversed after more than 12 months | 685.5 | 768.8 |
Deferred tax liability to be reversed after more than 12 months | -0.4 | -0.4 |
Net deferred tax assets/(liabilities) | 685.1 | 768.4 |
Deferred tax assets not recognised in the balance sheet | -682.8 | -753.7 |
Net deferred tax asset recognised in the balance sheet | 2.7 | 15.1 |
Net deferred tax liabilities recognised in the balance sheet | -0.4 | -0.4 |
Reconciliation of deferred tax assets:
NOK million | 2024 | 2023 |
Book value 1 January | 15.1 | 15.1 |
Transferred in demerger | -6.9 | - |
Income statement charge relating to deferred tax assets | -5.5 | - |
Book value 31 December | 2.7 | 15.1 |
Reconciliation of deferred tax liabilities:
NOK million | 2024 | 2023 |
Book value 1 January | -0.4 | -4.9 |
Disposal of intangible assets | - | 4.8 |
Currency translation | - | -0.4 |
Tax income related to depretiation of intangible assets | - | 0.1 |
Book value 31 December | -0.4 | -0.4 |
Specification of deferred tax assets/(liabilities) booked and not booked:
NOK million | 2024 | 2023 |
Deferred tax assets: | ||
Investments and receivables | 0.3 | 0.3 |
Current liabilities | 0.8 | - |
Fixed assets | 0.2 | 0.3 |
Intangible assets | -0.4 | -0.4 |
Losses carried forward | 684.2 | 768.2 |
Total deferred tax assets | 685.1 | 768.4 |
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 3 for further information.
Specification of tax income/(expense):
NOK million | 2024 | 2023 |
Derecognition of deferred tax asset | -5.5 | - |
Tax income related to depreciation of intangible assets | - | 0.1 |
Net tax income/(expense) | -5.5 | 0.1 |
Reconciliation of nominal tax rate and effective tax rate:
NOK million | 2024 | 2023 |
Profit/(loss) before tax: | 269.2 | 173.5 |
Tax calculated (22%) | -59.2 | -38.2 |
Effect on taxes of: | ||
Income not subject to tax | 78.9 | 51.8 |
Expenses not deductible | -0.9 | -0.1 |
Result from associated companies | 9.5 | 2.3 |
Tax losses for which no deferred income tax was recognised | -33.8 | -14.6 |
Tax income/(expense) | -5.5 | 1.2 |
Note 13. Income Taxes
Accounting principle
The income tax expense for the period comprises both 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 substantially enacted at the balance sheet date in the countries where the Group and its subsidiaries operate and generate taxable income.
Deferred income tax is recognised, 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.
Deferred income tax is not recognised 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 assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred 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.
For 2024 a tax rate of 22% has been used when calculating the deferred tax assets and liabilities (2023: 22%).
The Group is not within the scope of Pillar 2.
Specification of booked deferred tax assets/(liabilities):
NOK million | 2024 | 2023 |
Specification net deferred tax assets /(liabilities): | ||
Deferred tax asset to be reversed after more than 12 months | 685.5 | 768.8 |
Deferred tax liability to be reversed after more than 12 months | -0.4 | -0.4 |
Net deferred tax assets/(liabilities) | 685.1 | 768.4 |
Deferred tax assets not recognised in the balance sheet | -682.8 | -753.7 |
Net deferred tax asset recognised in the balance sheet | 2.7 | 15.1 |
Net deferred tax liabilities recognised in the balance sheet | -0.4 | -0.4 |
Reconciliation of deferred tax assets:
NOK million | 2024 | 2023 |
Book value 1 January | 15.1 | 15.1 |
Transferred in demerger | -6.9 | - |
Income statement charge relating to deferred tax assets | -5.5 | - |
Book value 31 December | 2.7 | 15.1 |
Reconciliation of deferred tax liabilities:
NOK million | 2024 | 2023 |
Book value 1 January | -0.4 | -4.9 |
Disposal of intangible assets | - | 4.8 |
Currency translation | - | -0.4 |
Tax income related to depretiation of intangible assets | - | 0.1 |
Book value 31 December | -0.4 | -0.4 |
Specification of deferred tax assets/(liabilities) booked and not booked:
NOK million | 2024 | 2023 |
Deferred tax assets: | ||
Investments and receivables | 0.3 | 0.3 |
Current liabilities | 0.8 | - |
Fixed assets | 0.2 | 0.3 |
Intangible assets | -0.4 | -0.4 |
Losses carried forward | 684.2 | 768.2 |
Total deferred tax assets | 685.1 | 768.4 |
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 3 for further information.
Specification of tax income/(expense):
NOK million | 2024 | 2023 |
Derecognition of deferred tax asset | -5.5 | - |
Tax income related to depreciation of intangible assets | - | 0.1 |
Net tax income/(expense) | -5.5 | 0.1 |
Reconciliation of nominal tax rate and effective tax rate:
NOK million | 2024 | 2023 |
Profit/(loss) before tax: | 269.2 | 173.5 |
Tax calculated (22%) | -59.2 | -38.2 |
Effect on taxes of: | ||
Income not subject to tax | 78.9 | 51.8 |
Expenses not deductible | -0.9 | -0.1 |
Result from associated companies | 9.5 | 2.3 |
Tax losses for which no deferred income tax was recognised | -33.8 | -14.6 |
Tax income/(expense) | -5.5 | 1.2 |
Note 13. Income Taxes
Accounting principle
The income tax expense for the period comprises both 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 substantially enacted at the balance sheet date in the countries where the Group and its subsidiaries operate and generate taxable income.
Deferred income tax is recognised, 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.
Deferred income tax is not recognised 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 assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred 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.
For 2024 a tax rate of 22% has been used when calculating the deferred tax assets and liabilities (2023: 22%).
The Group is not within the scope of Pillar 2.
Specification of booked deferred tax assets/(liabilities):
NOK million | 2024 | 2023 |
Specification net deferred tax assets /(liabilities): | ||
Deferred tax asset to be reversed after more than 12 months | 685.5 | 768.8 |
Deferred tax liability to be reversed after more than 12 months | -0.4 | -0.4 |
Net deferred tax assets/(liabilities) | 685.1 | 768.4 |
Deferred tax assets not recognised in the balance sheet | -682.8 | -753.7 |
Net deferred tax asset recognised in the balance sheet | 2.7 | 15.1 |
Net deferred tax liabilities recognised in the balance sheet | -0.4 | -0.4 |
Reconciliation of deferred tax assets:
NOK million | 2024 | 2023 |
Book value 1 January | 15.1 | 15.1 |
Transferred in demerger | -6.9 | - |
Income statement charge relating to deferred tax assets | -5.5 | - |
Book value 31 December | 2.7 | 15.1 |
Reconciliation of deferred tax liabilities:
NOK million | 2024 | 2023 |
Book value 1 January | -0.4 | -4.9 |
Disposal of intangible assets | - | 4.8 |
Currency translation | - | -0.4 |
Tax income related to depretiation of intangible assets | - | 0.1 |
Book value 31 December | -0.4 | -0.4 |
Specification of deferred tax assets/(liabilities) booked and not booked:
NOK million | 2024 | 2023 |
Deferred tax assets: | ||
Investments and receivables | 0.3 | 0.3 |
Current liabilities | 0.8 | - |
Fixed assets | 0.2 | 0.3 |
Intangible assets | -0.4 | -0.4 |
Losses carried forward | 684.2 | 768.2 |
Total deferred tax assets | 685.1 | 768.4 |
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 3 for further information.
Specification of tax income/(expense):
NOK million | 2024 | 2023 |
Derecognition of deferred tax asset | -5.5 | - |
Tax income related to depreciation of intangible assets | - | 0.1 |
Net tax income/(expense) | -5.5 | 0.1 |
Reconciliation of nominal tax rate and effective tax rate:
NOK million | 2024 | 2023 |
Profit/(loss) before tax: | 269.2 | 173.5 |
Tax calculated (22%) | -59.2 | -38.2 |
Effect on taxes of: | ||
Income not subject to tax | 78.9 | 51.8 |
Expenses not deductible | -0.9 | -0.1 |
Result from associated companies | 9.5 | 2.3 |
Tax losses for which no deferred income tax was recognised | -33.8 | -14.6 |
Tax income/(expense) | -5.5 | 1.2 |
Note 14. Intangible assets and goodwill
Accounting principle
The 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.
Intangible assets are recognised at cost and are tested for impairment indications annually. Except the Scotwind lease option the Group holds in Scotland, the Group does not currently hold intangible assets with a finite useful life, and no amortisation has been recorded for the period. The Scotwind lease option, which grants Magnora the exclusive right to perform environmental studies in the designated area, will be amortised once the lease period begins.
As of 31 December 2024, the Group\u2019s intangible assets consist of the Scotwind lease option (NOK 146.5 million) and land rights related to projects within the South African portfolio (NOK 2 million). Goodwill (NOK 8.4 million) recognised by the Group relates to the acquisition of its South African operations.
NOK million | Goodwill | Option lease | Total |
Balance as of 1 January 2024 | 8.4 | 135.2 | 143.6 |
Currency translation effects | - | 13.3 | 13.3 |
Balance as of 31 December 2024 | 8.4 | 148.5 | 156.9 |
NOK million | Goodwill | Option lease | Technology | Total |
Balance as of 1 January 2023 | 34.1 | 124.1 | 46.8 | 205 |
Additions | - | - | 10.8 | 10.8 |
Disposals - sale of subsidiary | -28 | - | -62.4 | -90.4 |
Amortisation | - | - | -0.4 | -0.4 |
Currency translation effects | 2.3 | 11.1 | 5.1 | 18.5 |
Balance as of 31 December 2023 | 8.4 | 135.2 | - | 143.6 |
Impairment testing
Intangible assets with indefinite useful lives are tested annually for impairment.
An impairment loss is recognised when the recoverable amount of the underlying asset is below its carrying amount. The recoverable amount is the higher of the fair value less cost of disposal and value in use.
Scotwind 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 amortising when the lease commences and will be amortised over the duration of the land lease. There are no indications of impairment related to the option lease agreement as of 31 December 2024.
Goodwill and land lease option
Goodwill related to the South African operations relates, where the goodwill was attributed, to the expected synergies, market position and development opportunities within the region. The goodwill was recognised as part of the acquisition in 2022 associated with the project pipeline, local expertise and relationships crucial to the development of renewable energy projects in South Africa. The Group\u2019s impairment testing model for goodwill follows a value-in-use approach based on a discounted cash flow model, which reflects the long-term prospects of the South African renewable energy market.
In addition to the goodwill, the Group also holds land lease options related to a South African project, which are classified as intangible assets. The impairment test for these assets is similarly based on a value-in-use calculation, considering the projected future cash flows from the land lease, the timing of the expected concession grants, and the broader macroeconomic conditions influencing the renewable energy sector in South Africa.
The key assumptions for the impairment test include:
Projected future cash flows based on local energy prices, anticipated demand for renewable energy, and market growth in the region.
Timing of the expected development permits and concession grants for the land lease projects.
Given the favourable market conditions and growth potential within the South African renewable energy sector, and based on current project progress and expected milestones, the Group believes that no reasonable change in the key assumptions would cause the carrying value to exceed the recoverable amount of the goodwill or the land lease options.
As a result, no impairment loss has been recognised, as the recoverable amounts of both the goodwill and the land lease options exceed their carrying amounts.
Note 14. Intangible assets and goodwill
Accounting principle
The 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.
Intangible assets are recognised at cost and are tested for impairment indications annually. Except the Scotwind lease option the Group holds in Scotland, the Group does not currently hold intangible assets with a finite useful life, and no amortisation has been recorded for the period. The Scotwind lease option, which grants Magnora the exclusive right to perform environmental studies in the designated area, will be amortised once the lease period begins.
As of 31 December 2024, the Group\u2019s intangible assets consist of the Scotwind lease option (NOK 146.5 million) and land rights related to projects within the South African portfolio (NOK 2 million). Goodwill (NOK 8.4 million) recognised by the Group relates to the acquisition of its South African operations.
NOK million | Goodwill | Option lease | Total |
Balance as of 1 January 2024 | 8.4 | 135.2 | 143.6 |
Currency translation effects | - | 13.3 | 13.3 |
Balance as of 31 December 2024 | 8.4 | 148.5 | 156.9 |
NOK million | Goodwill | Option lease | Technology | Total |
Balance as of 1 January 2023 | 34.1 | 124.1 | 46.8 | 205 |
Additions | - | - | 10.8 | 10.8 |
Disposals - sale of subsidiary | -28 | - | -62.4 | -90.4 |
Amortisation | - | - | -0.4 | -0.4 |
Currency translation effects | 2.3 | 11.1 | 5.1 | 18.5 |
Balance as of 31 December 2023 | 8.4 | 135.2 | - | 143.6 |
Impairment testing
Intangible assets with indefinite useful lives are tested annually for impairment.
An impairment loss is recognised when the recoverable amount of the underlying asset is below its carrying amount. The recoverable amount is the higher of the fair value less cost of disposal and value in use.
Scotwind 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 amortising when the lease commences and will be amortised over the duration of the land lease. There are no indications of impairment related to the option lease agreement as of 31 December 2024.
Goodwill and land lease option
Goodwill related to the South African operations relates, where the goodwill was attributed, to the expected synergies, market position and development opportunities within the region. The goodwill was recognised as part of the acquisition in 2022 associated with the project pipeline, local expertise and relationships crucial to the development of renewable energy projects in South Africa. The Group\u2019s impairment testing model for goodwill follows a value-in-use approach based on a discounted cash flow model, which reflects the long-term prospects of the South African renewable energy market.
In addition to the goodwill, the Group also holds land lease options related to a South African project, which are classified as intangible assets. The impairment test for these assets is similarly based on a value-in-use calculation, considering the projected future cash flows from the land lease, the timing of the expected concession grants, and the broader macroeconomic conditions influencing the renewable energy sector in South Africa.
The key assumptions for the impairment test include:
Projected future cash flows based on local energy prices, anticipated demand for renewable energy, and market growth in the region.
Timing of the expected development permits and concession grants for the land lease projects.
Given the favourable market conditions and growth potential within the South African renewable energy sector, and based on current project progress and expected milestones, the Group believes that no reasonable change in the key assumptions would cause the carrying value to exceed the recoverable amount of the goodwill or the land lease options.
As a result, no impairment loss has been recognised, as the recoverable amounts of both the goodwill and the land lease options exceed their carrying amounts.
Note 14. Intangible assets and goodwill
Accounting principle
The 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.
Intangible assets are recognised at cost and are tested for impairment indications annually. Except the Scotwind lease option the Group holds in Scotland, the Group does not currently hold intangible assets with a finite useful life, and no amortisation has been recorded for the period. The Scotwind lease option, which grants Magnora the exclusive right to perform environmental studies in the designated area, will be amortised once the lease period begins.
As of 31 December 2024, the Group\u2019s intangible assets consist of the Scotwind lease option (NOK 146.5 million) and land rights related to projects within the South African portfolio (NOK 2 million). Goodwill (NOK 8.4 million) recognised by the Group relates to the acquisition of its South African operations.
NOK million | Goodwill | Option lease | Total |
Balance as of 1 January 2024 | 8.4 | 135.2 | 143.6 |
Currency translation effects | - | 13.3 | 13.3 |
Balance as of 31 December 2024 | 8.4 | 148.5 | 156.9 |
NOK million | Goodwill | Option lease | Technology | Total |
Balance as of 1 January 2023 | 34.1 | 124.1 | 46.8 | 205 |
Additions | - | - | 10.8 | 10.8 |
Disposals - sale of subsidiary | -28 | - | -62.4 | -90.4 |
Amortisation | - | - | -0.4 | -0.4 |
Currency translation effects | 2.3 | 11.1 | 5.1 | 18.5 |
Balance as of 31 December 2023 | 8.4 | 135.2 | - | 143.6 |
Impairment testing
Intangible assets with indefinite useful lives are tested annually for impairment.
An impairment loss is recognised when the recoverable amount of the underlying asset is below its carrying amount. The recoverable amount is the higher of the fair value less cost of disposal and value in use.
Scotwind 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 amortising when the lease commences and will be amortised over the duration of the land lease. There are no indications of impairment related to the option lease agreement as of 31 December 2024.
Goodwill and land lease option
Goodwill related to the South African operations relates, where the goodwill was attributed, to the expected synergies, market position and development opportunities within the region. The goodwill was recognised as part of the acquisition in 2022 associated with the project pipeline, local expertise and relationships crucial to the development of renewable energy projects in South Africa. The Group\u2019s impairment testing model for goodwill follows a value-in-use approach based on a discounted cash flow model, which reflects the long-term prospects of the South African renewable energy market.
In addition to the goodwill, the Group also holds land lease options related to a South African project, which are classified as intangible assets. The impairment test for these assets is similarly based on a value-in-use calculation, considering the projected future cash flows from the land lease, the timing of the expected concession grants, and the broader macroeconomic conditions influencing the renewable energy sector in South Africa.
The key assumptions for the impairment test include:
Projected future cash flows based on local energy prices, anticipated demand for renewable energy, and market growth in the region.
Timing of the expected development permits and concession grants for the land lease projects.
Given the favourable market conditions and growth potential within the South African renewable energy sector, and based on current project progress and expected milestones, the Group believes that no reasonable change in the key assumptions would cause the carrying value to exceed the recoverable amount of the goodwill or the land lease options.
As a result, no impairment loss has been recognised, as the recoverable amounts of both the goodwill and the land lease options exceed their carrying amounts.
Note 14. Intangible assets and goodwill
Accounting principle
The 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.
Intangible assets are recognised at cost and are tested for impairment indications annually. Except the Scotwind lease option the Group holds in Scotland, the Group does not currently hold intangible assets with a finite useful life, and no amortisation has been recorded for the period. The Scotwind lease option, which grants Magnora the exclusive right to perform environmental studies in the designated area, will be amortised once the lease period begins.
As of 31 December 2024, the Group\u2019s intangible assets consist of the Scotwind lease option (NOK 146.5 million) and land rights related to projects within the South African portfolio (NOK 2 million). Goodwill (NOK 8.4 million) recognised by the Group relates to the acquisition of its South African operations.
NOK million | Goodwill | Option lease | Total |
Balance as of 1 January 2024 | 8.4 | 135.2 | 143.6 |
Currency translation effects | - | 13.3 | 13.3 |
Balance as of 31 December 2024 | 8.4 | 148.5 | 156.9 |
NOK million | Goodwill | Option lease | Technology | Total |
Balance as of 1 January 2023 | 34.1 | 124.1 | 46.8 | 205 |
Additions | - | - | 10.8 | 10.8 |
Disposals - sale of subsidiary | -28 | - | -62.4 | -90.4 |
Amortisation | - | - | -0.4 | -0.4 |
Currency translation effects | 2.3 | 11.1 | 5.1 | 18.5 |
Balance as of 31 December 2023 | 8.4 | 135.2 | - | 143.6 |
Impairment testing
Intangible assets with indefinite useful lives are tested annually for impairment.
An impairment loss is recognised when the recoverable amount of the underlying asset is below its carrying amount. The recoverable amount is the higher of the fair value less cost of disposal and value in use.
Scotwind 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 amortising when the lease commences and will be amortised over the duration of the land lease. There are no indications of impairment related to the option lease agreement as of 31 December 2024.
Goodwill and land lease option
Goodwill related to the South African operations relates, where the goodwill was attributed, to the expected synergies, market position and development opportunities within the region. The goodwill was recognised as part of the acquisition in 2022 associated with the project pipeline, local expertise and relationships crucial to the development of renewable energy projects in South Africa. The Group\u2019s impairment testing model for goodwill follows a value-in-use approach based on a discounted cash flow model, which reflects the long-term prospects of the South African renewable energy market.
In addition to the goodwill, the Group also holds land lease options related to a South African project, which are classified as intangible assets. The impairment test for these assets is similarly based on a value-in-use calculation, considering the projected future cash flows from the land lease, the timing of the expected concession grants, and the broader macroeconomic conditions influencing the renewable energy sector in South Africa.
The key assumptions for the impairment test include:
Projected future cash flows based on local energy prices, anticipated demand for renewable energy, and market growth in the region.
Timing of the expected development permits and concession grants for the land lease projects.
Given the favourable market conditions and growth potential within the South African renewable energy sector, and based on current project progress and expected milestones, the Group believes that no reasonable change in the key assumptions would cause the carrying value to exceed the recoverable amount of the goodwill or the land lease options.
As a result, no impairment loss has been recognised, as the recoverable amounts of both the goodwill and the land lease options exceed their carrying amounts.
Note 14. Intangible assets and goodwill
Accounting principle
The 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.
Intangible assets are recognised at cost and are tested for impairment indications annually. Except the Scotwind lease option the Group holds in Scotland, the Group does not currently hold intangible assets with a finite useful life, and no amortisation has been recorded for the period. The Scotwind lease option, which grants Magnora the exclusive right to perform environmental studies in the designated area, will be amortised once the lease period begins.
As of 31 December 2024, the Group\u2019s intangible assets consist of the Scotwind lease option (NOK 146.5 million) and land rights related to projects within the South African portfolio (NOK 2 million). Goodwill (NOK 8.4 million) recognised by the Group relates to the acquisition of its South African operations.
NOK million | Goodwill | Option lease | Total |
Balance as of 1 January 2024 | 8.4 | 135.2 | 143.6 |
Currency translation effects | - | 13.3 | 13.3 |
Balance as of 31 December 2024 | 8.4 | 148.5 | 156.9 |
NOK million | Goodwill | Option lease | Technology | Total |
Balance as of 1 January 2023 | 34.1 | 124.1 | 46.8 | 205 |
Additions | - | - | 10.8 | 10.8 |
Disposals - sale of subsidiary | -28 | - | -62.4 | -90.4 |
Amortisation | - | - | -0.4 | -0.4 |
Currency translation effects | 2.3 | 11.1 | 5.1 | 18.5 |
Balance as of 31 December 2023 | 8.4 | 135.2 | - | 143.6 |
Impairment testing
Intangible assets with indefinite useful lives are tested annually for impairment.
An impairment loss is recognised when the recoverable amount of the underlying asset is below its carrying amount. The recoverable amount is the higher of the fair value less cost of disposal and value in use.
Scotwind 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 amortising when the lease commences and will be amortised over the duration of the land lease. There are no indications of impairment related to the option lease agreement as of 31 December 2024.
Goodwill and land lease option
Goodwill related to the South African operations relates, where the goodwill was attributed, to the expected synergies, market position and development opportunities within the region. The goodwill was recognised as part of the acquisition in 2022 associated with the project pipeline, local expertise and relationships crucial to the development of renewable energy projects in South Africa. The Group\u2019s impairment testing model for goodwill follows a value-in-use approach based on a discounted cash flow model, which reflects the long-term prospects of the South African renewable energy market.
In addition to the goodwill, the Group also holds land lease options related to a South African project, which are classified as intangible assets. The impairment test for these assets is similarly based on a value-in-use calculation, considering the projected future cash flows from the land lease, the timing of the expected concession grants, and the broader macroeconomic conditions influencing the renewable energy sector in South Africa.
The key assumptions for the impairment test include:
Projected future cash flows based on local energy prices, anticipated demand for renewable energy, and market growth in the region.
Timing of the expected development permits and concession grants for the land lease projects.
Given the favourable market conditions and growth potential within the South African renewable energy sector, and based on current project progress and expected milestones, the Group believes that no reasonable change in the key assumptions would cause the carrying value to exceed the recoverable amount of the goodwill or the land lease options.
As a result, no impairment loss has been recognised, as the recoverable amounts of both the goodwill and the land lease options exceed their carrying amounts.
Note 14. Intangible assets and goodwill
Accounting principle
The 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.
Intangible assets are recognised at cost and are tested for impairment indications annually. Except the Scotwind lease option the Group holds in Scotland, the Group does not currently hold intangible assets with a finite useful life, and no amortisation has been recorded for the period. The Scotwind lease option, which grants Magnora the exclusive right to perform environmental studies in the designated area, will be amortised once the lease period begins.
As of 31 December 2024, the Group\u2019s intangible assets consist of the Scotwind lease option (NOK 146.5 million) and land rights related to projects within the South African portfolio (NOK 2 million). Goodwill (NOK 8.4 million) recognised by the Group relates to the acquisition of its South African operations.
NOK million | Goodwill | Option lease | Total |
Balance as of 1 January 2024 | 8.4 | 135.2 | 143.6 |
Currency translation effects | - | 13.3 | 13.3 |
Balance as of 31 December 2024 | 8.4 | 148.5 | 156.9 |
NOK million | Goodwill | Option lease | Technology | Total |
Balance as of 1 January 2023 | 34.1 | 124.1 | 46.8 | 205 |
Additions | - | - | 10.8 | 10.8 |
Disposals - sale of subsidiary | -28 | - | -62.4 | -90.4 |
Amortisation | - | - | -0.4 | -0.4 |
Currency translation effects | 2.3 | 11.1 | 5.1 | 18.5 |
Balance as of 31 December 2023 | 8.4 | 135.2 | - | 143.6 |
Impairment testing
Intangible assets with indefinite useful lives are tested annually for impairment.
An impairment loss is recognised when the recoverable amount of the underlying asset is below its carrying amount. The recoverable amount is the higher of the fair value less cost of disposal and value in use.
Scotwind 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 amortising when the lease commences and will be amortised over the duration of the land lease. There are no indications of impairment related to the option lease agreement as of 31 December 2024.
Goodwill and land lease option
Goodwill related to the South African operations relates, where the goodwill was attributed, to the expected synergies, market position and development opportunities within the region. The goodwill was recognised as part of the acquisition in 2022 associated with the project pipeline, local expertise and relationships crucial to the development of renewable energy projects in South Africa. The Group\u2019s impairment testing model for goodwill follows a value-in-use approach based on a discounted cash flow model, which reflects the long-term prospects of the South African renewable energy market.
In addition to the goodwill, the Group also holds land lease options related to a South African project, which are classified as intangible assets. The impairment test for these assets is similarly based on a value-in-use calculation, considering the projected future cash flows from the land lease, the timing of the expected concession grants, and the broader macroeconomic conditions influencing the renewable energy sector in South Africa.
The key assumptions for the impairment test include:
Projected future cash flows based on local energy prices, anticipated demand for renewable energy, and market growth in the region.
Timing of the expected development permits and concession grants for the land lease projects.
Given the favourable market conditions and growth potential within the South African renewable energy sector, and based on current project progress and expected milestones, the Group believes that no reasonable change in the key assumptions would cause the carrying value to exceed the recoverable amount of the goodwill or the land lease options.
As a result, no impairment loss has been recognised, as the recoverable amounts of both the goodwill and the land lease options exceed their carrying amounts.
Note 14. Intangible assets and goodwill
Accounting principle
The 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.
Intangible assets are recognised at cost and are tested for impairment indications annually. Except the Scotwind lease option the Group holds in Scotland, the Group does not currently hold intangible assets with a finite useful life, and no amortisation has been recorded for the period. The Scotwind lease option, which grants Magnora the exclusive right to perform environmental studies in the designated area, will be amortised once the lease period begins.
As of 31 December 2024, the Group\u2019s intangible assets consist of the Scotwind lease option (NOK 146.5 million) and land rights related to projects within the South African portfolio (NOK 2 million). Goodwill (NOK 8.4 million) recognised by the Group relates to the acquisition of its South African operations.
NOK million | Goodwill | Option lease | Total |
Balance as of 1 January 2024 | 8.4 | 135.2 | 143.6 |
Currency translation effects | - | 13.3 | 13.3 |
Balance as of 31 December 2024 | 8.4 | 148.5 | 156.9 |
NOK million | Goodwill | Option lease | Technology | Total |
Balance as of 1 January 2023 | 34.1 | 124.1 | 46.8 | 205 |
Additions | - | - | 10.8 | 10.8 |
Disposals - sale of subsidiary | -28 | - | -62.4 | -90.4 |
Amortisation | - | - | -0.4 | -0.4 |
Currency translation effects | 2.3 | 11.1 | 5.1 | 18.5 |
Balance as of 31 December 2023 | 8.4 | 135.2 | - | 143.6 |
Impairment testing
Intangible assets with indefinite useful lives are tested annually for impairment.
An impairment loss is recognised when the recoverable amount of the underlying asset is below its carrying amount. The recoverable amount is the higher of the fair value less cost of disposal and value in use.
Scotwind 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 amortising when the lease commences and will be amortised over the duration of the land lease. There are no indications of impairment related to the option lease agreement as of 31 December 2024.
Goodwill and land lease option
Goodwill related to the South African operations relates, where the goodwill was attributed, to the expected synergies, market position and development opportunities within the region. The goodwill was recognised as part of the acquisition in 2022 associated with the project pipeline, local expertise and relationships crucial to the development of renewable energy projects in South Africa. The Group\u2019s impairment testing model for goodwill follows a value-in-use approach based on a discounted cash flow model, which reflects the long-term prospects of the South African renewable energy market.
In addition to the goodwill, the Group also holds land lease options related to a South African project, which are classified as intangible assets. The impairment test for these assets is similarly based on a value-in-use calculation, considering the projected future cash flows from the land lease, the timing of the expected concession grants, and the broader macroeconomic conditions influencing the renewable energy sector in South Africa.
The key assumptions for the impairment test include:
Projected future cash flows based on local energy prices, anticipated demand for renewable energy, and market growth in the region.
Timing of the expected development permits and concession grants for the land lease projects.
Given the favourable market conditions and growth potential within the South African renewable energy sector, and based on current project progress and expected milestones, the Group believes that no reasonable change in the key assumptions would cause the carrying value to exceed the recoverable amount of the goodwill or the land lease options.
As a result, no impairment loss has been recognised, as the recoverable amounts of both the goodwill and the land lease options exceed their carrying amounts.
Impairment testing
Intangible assets with indefinite useful lives are tested annually for impairment.
An impairment loss is recognised when the recoverable amount of the underlying asset is below its carrying amount. The recoverable amount is the higher of the fair value less cost of disposal and value in use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__85": { "value": "Note 15. Investments in associated companies
Accounting principle
Investments in associates are normally those entities in which Magnora holds a significant, but not controlling influence. This applies for all investments where Magnora holds between 20% and 50% of the voting rights.
Investments in associates are accounted for using the equity method, in accordance with IAS 28.
The table shows the summarized investments classified as associated companies as of 31 December 2024:
Name of entity | Place of business | FY 2024 Shareholder interest | FY 2023 Shareholder interest |
Kustvind AB | Sweden | 48% | 46% |
Hafslund Magnora Sol AS | Norway | 40% | 48% |
Hermana Holding ASA | Norway | 30% | 0% |
Helios Nordic AB | Sweden | 0% | 40% |
Gamcap Magnora Development Company Limited | United Kingdom | 50% | 50% |
Kustvind AB
The Group invested in Kustvind AB (Kustvind) in March 2020. Kustvind is a shallow-water offshore wind project located in an area with attractive wind conditions off the southern coast of Sweden. Magnora is a minority owner with three other owners of the project but at reporting date significant influence.
Hafslund Magnora Sol AS
The Group invested in Hafslund Magnora Sol AS, together with Hafslund Vekst AS and Helios Nordic Energy AB in October 2022, to develop large-scale solar PV farms in Norway. Magnora and Hafslund own 40 percent each, and Vinci Concessions holds the remaining 20 percent through Helios Nordic Energy AB.
Hermana Holdings ASA
The Group invested in Hermana Holdings ASA (Hermana) in June 2024. Hermana is the legacy business of Magnora spun out in an IPO as a separate legal entity in 2024. Hermana is entitled to a performance-based license fee, 50 cent per barrel, from the Western Isles FPSO, planned to be redeployed at the Buchan Horst field with estimated production start in 2027/2028. The investment made in Hermana as an associate is a non-cash transaction as part of the demerger, please see Note 5 Restructuring of business for further details.
Helios Nordic Energy AB
On 29 May 2024, the shareholders of Helios Nordic AB, in which Magnora holds a 40% interest, announced the sale of all their shares to Vinci Concessions. The transaction resulted in an upfront payment of NOK 331.6 million in cash. Additionally, the agreement includes a potential earn-out of up to NOK 360 million, contingent on the realisation of the portfolio. This estimate reflects market developments and the projected timeline for achieving ready-to-build (RtB) status. The transaction received Foreign Direct Investment approval, and financial close was reached in the third quarter of 2024.. See Note 4 Divestments and Note 9 Other income for further information related to the divestment.
The table below shows the summarised book values of the investment in associates:
2024
NOK million | Kustvind AB | Hafslund Magnora Sol AS | Helios Nordic Energy AB | Hermana Holding ASA | Mor Glas Wind Farm Limited | Gamcap Magnora Development Company Limited | Total |
Book value at 1 January | 19.6 | 0.4 | 19.6 | - | 1.5 | 0.1 | 41.3 |
Acquisition of associates | - | - | - | 35.3 | - | - | 35.3 |
Additions of investment capital | 2.3 | 6.2 | - | - | - | - | 8.5 |
Disposal of associates | - | - | -67.5 | - | - | - | -67.5 |
Share of profit/loss for the year | -1.3 | 0.6 | 50.5 | -0.8 | -1.6 | -4.1 | 43.3 |
Dividends received | - | - | -2.6 | - | - | - | -2.6 |
Loss accounted for as part of net inmvestment | - | -2.9 | - | - | - | 4.1 | 1.2 |
Currency translation effects | 0.4 | - | - | - | 0.1 | -0.1 | 0.4 |
Book value at 31 December | 21.1 | 4.3 | - | 34.5 | - | - | 59.9 |
2023
NOK million | Kustvind AB | Helios Nordic Energy AB | Hafslund Magnora Sol AS | Mor Glas Wind Farm Limited | Gamcap Magnora Development Company Limited | Total |
Book value at 1 January | 13.7 | 11.4 | -0.7 | 1.9 | - | 26.5 |
Additions of investment capital | 7.4 | - | 15.0 | - | - | 22.4 |
Share of profit/loss for the year | -2.6 | 30.6 | -13.9 | -0.5 | -3.1 | 10.5 |
Dividends received | - | -24.1 | - | - | - | -24.1 |
Loss accounted for as part of net inmvestment | - | - | - | - | 3.0 | 3.0 |
Currency translation effects | 1.1 | 1.7 | - | - | 0.1 | 3.0 |
Book value at 31 December | 19.6 | 19.6 | 0.4 | 1.5 | 0.1 | 41.3 |
The table below shows the summarised financial information for the Group\u2019s significant investments in associated companies. The figures represent 100% of the companies\u2019 operations in accordance with IFRS 12.
FY2024
NOK million | Kustvind AB | Hafslund Magnora Sol AS | Hermana Holding ASA |
Non-current assets | 2.0 | 8.2 | 7.8 |
Current assets | 0.3 | 7.6 | 114.6 |
Current liabilities | - | 4.9 | 0.9 |
Net profit/loss for the period | -1.7 | -5.6 | 1.7 |
Total equity | 19.4 | 10.9 | 121.5 |
FY2023
NOK million | Kustvind AB | Helios Nordic Energy AB |
Non-current assets | 13.9 | 19.4 |
Current assets | 1.0 | 76.1 |
Current liabilities | 0.2 | 75.6 |
Net profit/loss for the period | -6.0 | 83.8 |
Total equity | 14.7 | 19.9 |
Impairment of associated companies
The Group conducts an annual assessment of its investments in associates for potential impairment after the financial year-end. For the financial year 2024, no indicators of impairment were identified, as all associated companies remain in the early stages of development and are progressing in line with expectations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__86": { "value": "Note 15. Investments in associated companies
Accounting principle
Investments in associates are normally those entities in which Magnora holds a significant, but not controlling influence. This applies for all investments where Magnora holds between 20% and 50% of the voting rights.
Investments in associates are accounted for using the equity method, in accordance with IAS 28.
The table shows the summarized investments classified as associated companies as of 31 December 2024:
Name of entity | Place of business | FY 2024 Shareholder interest | FY 2023 Shareholder interest |
Kustvind AB | Sweden | 48% | 46% |
Hafslund Magnora Sol AS | Norway | 40% | 48% |
Hermana Holding ASA | Norway | 30% | 0% |
Helios Nordic AB | Sweden | 0% | 40% |
Gamcap Magnora Development Company Limited | United Kingdom | 50% | 50% |
Kustvind AB
The Group invested in Kustvind AB (Kustvind) in March 2020. Kustvind is a shallow-water offshore wind project located in an area with attractive wind conditions off the southern coast of Sweden. Magnora is a minority owner with three other owners of the project but at reporting date significant influence.
Hafslund Magnora Sol AS
The Group invested in Hafslund Magnora Sol AS, together with Hafslund Vekst AS and Helios Nordic Energy AB in October 2022, to develop large-scale solar PV farms in Norway. Magnora and Hafslund own 40 percent each, and Vinci Concessions holds the remaining 20 percent through Helios Nordic Energy AB.
Hermana Holdings ASA
The Group invested in Hermana Holdings ASA (Hermana) in June 2024. Hermana is the legacy business of Magnora spun out in an IPO as a separate legal entity in 2024. Hermana is entitled to a performance-based license fee, 50 cent per barrel, from the Western Isles FPSO, planned to be redeployed at the Buchan Horst field with estimated production start in 2027/2028. The investment made in Hermana as an associate is a non-cash transaction as part of the demerger, please see Note 5 Restructuring of business for further details.
Helios Nordic Energy AB
On 29 May 2024, the shareholders of Helios Nordic AB, in which Magnora holds a 40% interest, announced the sale of all their shares to Vinci Concessions. The transaction resulted in an upfront payment of NOK 331.6 million in cash. Additionally, the agreement includes a potential earn-out of up to NOK 360 million, contingent on the realisation of the portfolio. This estimate reflects market developments and the projected timeline for achieving ready-to-build (RtB) status. The transaction received Foreign Direct Investment approval, and financial close was reached in the third quarter of 2024.. See Note 4 Divestments and Note 9 Other income for further information related to the divestment.
The table below shows the summarised book values of the investment in associates:
2024
NOK million | Kustvind AB | Hafslund Magnora Sol AS | Helios Nordic Energy AB | Hermana Holding ASA | Mor Glas Wind Farm Limited | Gamcap Magnora Development Company Limited | Total |
Book value at 1 January | 19.6 | 0.4 | 19.6 | - | 1.5 | 0.1 | 41.3 |
Acquisition of associates | - | - | - | 35.3 | - | - | 35.3 |
Additions of investment capital | 2.3 | 6.2 | - | - | - | - | 8.5 |
Disposal of associates | - | - | -67.5 | - | - | - | -67.5 |
Share of profit/loss for the year | -1.3 | 0.6 | 50.5 | -0.8 | -1.6 | -4.1 | 43.3 |
Dividends received | - | - | -2.6 | - | - | - | -2.6 |
Loss accounted for as part of net inmvestment | - | -2.9 | - | - | - | 4.1 | 1.2 |
Currency translation effects | 0.4 | - | - | - | 0.1 | -0.1 | 0.4 |
Book value at 31 December | 21.1 | 4.3 | - | 34.5 | - | - | 59.9 |
2023
NOK million | Kustvind AB | Helios Nordic Energy AB | Hafslund Magnora Sol AS | Mor Glas Wind Farm Limited | Gamcap Magnora Development Company Limited | Total |
Book value at 1 January | 13.7 | 11.4 | -0.7 | 1.9 | - | 26.5 |
Additions of investment capital | 7.4 | - | 15.0 | - | - | 22.4 |
Share of profit/loss for the year | -2.6 | 30.6 | -13.9 | -0.5 | -3.1 | 10.5 |
Dividends received | - | -24.1 | - | - | - | -24.1 |
Loss accounted for as part of net inmvestment | - | - | - | - | 3.0 | 3.0 |
Currency translation effects | 1.1 | 1.7 | - | - | 0.1 | 3.0 |
Book value at 31 December | 19.6 | 19.6 | 0.4 | 1.5 | 0.1 | 41.3 |
The table below shows the summarised financial information for the Group\u2019s significant investments in associated companies. The figures represent 100% of the companies\u2019 operations in accordance with IFRS 12.
FY2024
NOK million | Kustvind AB | Hafslund Magnora Sol AS | Hermana Holding ASA |
Non-current assets | 2.0 | 8.2 | 7.8 |
Current assets | 0.3 | 7.6 | 114.6 |
Current liabilities | - | 4.9 | 0.9 |
Net profit/loss for the period | -1.7 | -5.6 | 1.7 |
Total equity | 19.4 | 10.9 | 121.5 |
FY2023
NOK million | Kustvind AB | Helios Nordic Energy AB |
Non-current assets | 13.9 | 19.4 |
Current assets | 1.0 | 76.1 |
Current liabilities | 0.2 | 75.6 |
Net profit/loss for the period | -6.0 | 83.8 |
Total equity | 14.7 | 19.9 |
Impairment of associated companies
The Group conducts an annual assessment of its investments in associates for potential impairment after the financial year-end. For the financial year 2024, no indicators of impairment were identified, as all associated companies remain in the early stages of development and are progressing in line with expectations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__87": { "value": "Note 16. Other non-current assets
Accounting principle
Other non-current assets are recognised in accordance with IFRS 9 \u2013 Financial Instruments and are classified based on their nature and expected realisation period. Earnout contingent income is measured at fair value through profit or loss (FVTPL), as it represents a financial asset with variable future cash flows dependent on milestone achievements. The fair value is reassessed at each reporting date, with changes recognised in the statement of profit or loss
As of the financial year 2024, other non-current assets primarily comprise the long-term earnout from previous divestments. See note 4 for further details. This income relates to expected future payments subject to achievements of relevant milestones with related project risks, timing of achieving the milestones as well as currency fluctuations. The recognition of these assets reflects management\u2019s assessment of the likelihood and timing of receipt based on the underlying contractual agreements and available financial projections.
The table below shows the total other non-current assets as of 31 December 2024:
NOK million | 2024 | 2023 |
Earn-out income asset | 39.5 | 3.4 |
Total other non-current assets | 39.5 | 3.4 |
Note 17. Trade and other receivables
Accounting principle
Trade and other receivables are recognised in accordance with IFRS 9 \u2013 Financial Instruments and are measured at amortised cost, as they represent financial assets with fixed or determinable payments that are not quoted in an active market. The Group assesses expected credit losses (ECL) at each reporting date, applying the simplified approach for trade receivables, recognising lifetime ECL where applicable.
As of 31 December 2024, the Group had trade and other receivables of NOK 3 million as receivable from associated companies Hafslund Magnora Sol AS and Hermana Holding ASA. These are related to the services provided by Magnora to the associated companies for the provision of management, technical and administrative support across the group and are due as at the end of the year. In addition, the Group has NOK 4 million from VAT receivable.
The table below shows the total trade and other receivables as of 31 December 2024:
NOK million | 2024 | 2023 |
Trade receivables | 3.0 | 3.5 |
VAT receivable | 4.0 | 3.8 |
Total trade and other receivables | 7.0 | 7.3 |
Note 17. Trade and other receivables
Accounting principle
Trade and other receivables are recognised in accordance with IFRS 9 \u2013 Financial Instruments and are measured at amortised cost, as they represent financial assets with fixed or determinable payments that are not quoted in an active market. The Group assesses expected credit losses (ECL) at each reporting date, applying the simplified approach for trade receivables, recognising lifetime ECL where applicable.
As of 31 December 2024, the Group had trade and other receivables of NOK 3 million as receivable from associated companies Hafslund Magnora Sol AS and Hermana Holding ASA. These are related to the services provided by Magnora to the associated companies for the provision of management, technical and administrative support across the group and are due as at the end of the year. In addition, the Group has NOK 4 million from VAT receivable.
The table below shows the total trade and other receivables as of 31 December 2024:
NOK million | 2024 | 2023 |
Trade receivables | 3.0 | 3.5 |
VAT receivable | 4.0 | 3.8 |
Total trade and other receivables | 7.0 | 7.3 |
Note 18. Other current financial assets
As of 31 December 2024, trade receivables totaling NOK 2.5 million were past due (2023: NOK 3.4 million), while NOK 0.5 million remained current (2023: NOK 0.1 million). All trade receivables are denominated in NOK, consistent with the prior year.
The table below shows the total other current financial assets as of 31 December 2024:
NOK million | 2024 | 2023 |
Earnout income (Note 4) | 3.8 | 1.9 |
Project in-kind contribution | 16.1 | 16.7 |
Prepaid expenses | 2.0 | 6.8 |
Total other current financial assets | 21.9 | 25.4 |
Note 18. Other current financial assets
As of 31 December 2024, trade receivables totaling NOK 2.5 million were past due (2023: NOK 3.4 million), while NOK 0.5 million remained current (2023: NOK 0.1 million). All trade receivables are denominated in NOK, consistent with the prior year.
The table below shows the total other current financial assets as of 31 December 2024:
NOK million | 2024 | 2023 |
Earnout income (Note 4) | 3.8 | 1.9 |
Project in-kind contribution | 16.1 | 16.7 |
Prepaid expenses | 2.0 | 6.8 |
Total other current financial assets | 21.9 | 25.4 |
Note 19. Cash and cash equivalents
Accounting principle
Cash and cash equivalents include cash in hand, bank deposits and other short-term highly liquid investments with original maturities of three months or less.
The table below shows the total cash and cash equivalents as of 31 December 2024:
NOK million | 2024 | 2023 |
Cash at bank and in hand | 253.1 | 346.3 |
Restricted short-term bank deposits | 1.0 | 1.3 |
Total cash and cash equivalents | 254.1 | 347.6 |
Note 19. Cash and cash equivalents
Accounting principle
Cash and cash equivalents include cash in hand, bank deposits and other short-term highly liquid investments with original maturities of three months or less.
The table below shows the total cash and cash equivalents as of 31 December 2024:
NOK million | 2024 | 2023 |
Cash at bank and in hand | 253.1 | 346.3 |
Restricted short-term bank deposits | 1.0 | 1.3 |
Total cash and cash equivalents | 254.1 | 347.6 |
Note 19. Cash and cash equivalents
Accounting principle
Cash and cash equivalents include cash in hand, bank deposits and other short-term highly liquid investments with original maturities of three months or less.
The table below shows the total cash and cash equivalents as of 31 December 2024:
NOK million | 2024 | 2023 |
Cash at bank and in hand | 253.1 | 346.3 |
Restricted short-term bank deposits | 1.0 | 1.3 |
Total cash and cash equivalents | 254.1 | 347.6 |
Note 20. Share capital and shareholder information
As of 31 December 2024, the total authorised number of ordinary shares was 65,781,825 (2023: 66,822,679) with a par value of NOK 0.40 (2023: NOK 0.49) per share. All issued shares were fully paid.
Share buy-back programme
As of the reporting date, Magnora held 1,773,088 treasury shares (2023: 1,070,854), representing 2.7% of the total outstanding shares (2023: 1.6 percent). The shares were acquired through the share buy-back programme approved by the Annual General Meeting held on 23 April 2024, which authorised the repurchase of up to 2,619,898 shares at up to a maximum of NOK 100 per share.
The table below shows the number of shares held and share capital as of 31 December 2024:
Number of shares | Share capital | Total | |
1 January 2024 | 66,822,679 | 32.7 | 32.7 |
Cancellation of own shares | -1,070,854 | -0.5 | -0.5 |
Increase in par value of outstanding shares | - | 0.7 | 0.7 |
Demerger legacy business (Note 5) | - | -6.7 | -6.7 |
Shares issued | 30,000 | - | - |
31 December 2024 | 65,781,825 | 26.2 | 26.2 |
Number of shares | Share capital | Total | |
1 January 2023 | 66,822,679 | 32.7 | 32.7 |
31 December 2023 | 66,822,679 | 32.7 | 32.7 |
The table below shows the 20 largest shareholders of Magnora as of 31 December 2024:
Shareholder | Number of shares | Percent ownership |
KING KONG INVEST AS | 2,807,195 | 4.3% |
GINNY INVEST AS | 2,469,144 | 3.8% |
ALDEN AS | 1,963,200 | 3.0% |
F1 FUNDS AS | 1,821,870 | 2.8% |
MAGNORA ASA | 1,773,088 | 2.7% |
F2 FUNDS AS | 1,748,249 | 2.7% |
DNB BANK AS | 1,718,789 | 2.6% |
PHILIP HOLDING AS | 1,648,377 | 2.5% |
CARE HOLDING AS | 1,500,000 | 2.3% |
FENDER EIENDOM AS | 1,470,560 | 2.2% |
JP MORGAN CHASE BANK | 1,434,737 | 2.2% |
MP PENSJON PK | 1,242,732 | 1.9% |
TIGERSTADEN AS | 1,198,450 | 1.8% |
ALTEA AS | 1,154,944 | 1.8% |
CLEARSTREAM BANKING S.A. | 1,092,451 | 1.7% |
AARSKOG, PHILIP GEORGE | 1,000,000 | 1.5% |
NORDNET LIVSFORSIKRING AS | 978,896 | 1.5% |
VALLEL\u00d8KKEN AS | 832,962 | 1.3% |
TRAPESA AS | 820,025 | 1.2% |
VPF FIRST OPPORTUNITIES | 810,800 | 1.2% |
Total 20 largest shareholders | 29,486,469 | 44.8% |
Other shareholder accounts | 36,295,356 | 55.2% |
Total number of shares | 65,781,825 | 100.0% |
Foreign ownership | 6,700,548 | 10.2% |
Note 20. Share capital and shareholder information
As of 31 December 2024, the total authorised number of ordinary shares was 65,781,825 (2023: 66,822,679) with a par value of NOK 0.40 (2023: NOK 0.49) per share. All issued shares were fully paid.
Share buy-back programme
As of the reporting date, Magnora held 1,773,088 treasury shares (2023: 1,070,854), representing 2.7% of the total outstanding shares (2023: 1.6 percent). The shares were acquired through the share buy-back programme approved by the Annual General Meeting held on 23 April 2024, which authorised the repurchase of up to 2,619,898 shares at up to a maximum of NOK 100 per share.
The table below shows the number of shares held and share capital as of 31 December 2024:
Number of shares | Share capital | Total | |
1 January 2024 | 66,822,679 | 32.7 | 32.7 |
Cancellation of own shares | -1,070,854 | -0.5 | -0.5 |
Increase in par value of outstanding shares | - | 0.7 | 0.7 |
Demerger legacy business (Note 5) | - | -6.7 | -6.7 |
Shares issued | 30,000 | - | - |
31 December 2024 | 65,781,825 | 26.2 | 26.2 |
Number of shares | Share capital | Total | |
1 January 2023 | 66,822,679 | 32.7 | 32.7 |
31 December 2023 | 66,822,679 | 32.7 | 32.7 |
The table below shows the 20 largest shareholders of Magnora as of 31 December 2024:
Shareholder | Number of shares | Percent ownership |
KING KONG INVEST AS | 2,807,195 | 4.3% |
GINNY INVEST AS | 2,469,144 | 3.8% |
ALDEN AS | 1,963,200 | 3.0% |
F1 FUNDS AS | 1,821,870 | 2.8% |
MAGNORA ASA | 1,773,088 | 2.7% |
F2 FUNDS AS | 1,748,249 | 2.7% |
DNB BANK AS | 1,718,789 | 2.6% |
PHILIP HOLDING AS | 1,648,377 | 2.5% |
CARE HOLDING AS | 1,500,000 | 2.3% |
FENDER EIENDOM AS | 1,470,560 | 2.2% |
JP MORGAN CHASE BANK | 1,434,737 | 2.2% |
MP PENSJON PK | 1,242,732 | 1.9% |
TIGERSTADEN AS | 1,198,450 | 1.8% |
ALTEA AS | 1,154,944 | 1.8% |
CLEARSTREAM BANKING S.A. | 1,092,451 | 1.7% |
AARSKOG, PHILIP GEORGE | 1,000,000 | 1.5% |
NORDNET LIVSFORSIKRING AS | 978,896 | 1.5% |
VALLEL\u00d8KKEN AS | 832,962 | 1.3% |
TRAPESA AS | 820,025 | 1.2% |
VPF FIRST OPPORTUNITIES | 810,800 | 1.2% |
Total 20 largest shareholders | 29,486,469 | 44.8% |
Other shareholder accounts | 36,295,356 | 55.2% |
Total number of shares | 65,781,825 | 100.0% |
Foreign ownership | 6,700,548 | 10.2% |
Note 20. Share capital and shareholder information
As of 31 December 2024, the total authorised number of ordinary shares was 65,781,825 (2023: 66,822,679) with a par value of NOK 0.40 (2023: NOK 0.49) per share. All issued shares were fully paid.
Share buy-back programme
As of the reporting date, Magnora held 1,773,088 treasury shares (2023: 1,070,854), representing 2.7% of the total outstanding shares (2023: 1.6 percent). The shares were acquired through the share buy-back programme approved by the Annual General Meeting held on 23 April 2024, which authorised the repurchase of up to 2,619,898 shares at up to a maximum of NOK 100 per share.
The table below shows the number of shares held and share capital as of 31 December 2024:
Number of shares | Share capital | Total | |
1 January 2024 | 66,822,679 | 32.7 | 32.7 |
Cancellation of own shares | -1,070,854 | -0.5 | -0.5 |
Increase in par value of outstanding shares | - | 0.7 | 0.7 |
Demerger legacy business (Note 5) | - | -6.7 | -6.7 |
Shares issued | 30,000 | - | - |
31 December 2024 | 65,781,825 | 26.2 | 26.2 |
Number of shares | Share capital | Total | |
1 January 2023 | 66,822,679 | 32.7 | 32.7 |
31 December 2023 | 66,822,679 | 32.7 | 32.7 |
The table below shows the 20 largest shareholders of Magnora as of 31 December 2024:
Shareholder | Number of shares | Percent ownership |
KING KONG INVEST AS | 2,807,195 | 4.3% |
GINNY INVEST AS | 2,469,144 | 3.8% |
ALDEN AS | 1,963,200 | 3.0% |
F1 FUNDS AS | 1,821,870 | 2.8% |
MAGNORA ASA | 1,773,088 | 2.7% |
F2 FUNDS AS | 1,748,249 | 2.7% |
DNB BANK AS | 1,718,789 | 2.6% |
PHILIP HOLDING AS | 1,648,377 | 2.5% |
CARE HOLDING AS | 1,500,000 | 2.3% |
FENDER EIENDOM AS | 1,470,560 | 2.2% |
JP MORGAN CHASE BANK | 1,434,737 | 2.2% |
MP PENSJON PK | 1,242,732 | 1.9% |
TIGERSTADEN AS | 1,198,450 | 1.8% |
ALTEA AS | 1,154,944 | 1.8% |
CLEARSTREAM BANKING S.A. | 1,092,451 | 1.7% |
AARSKOG, PHILIP GEORGE | 1,000,000 | 1.5% |
NORDNET LIVSFORSIKRING AS | 978,896 | 1.5% |
VALLEL\u00d8KKEN AS | 832,962 | 1.3% |
TRAPESA AS | 820,025 | 1.2% |
VPF FIRST OPPORTUNITIES | 810,800 | 1.2% |
Total 20 largest shareholders | 29,486,469 | 44.8% |
Other shareholder accounts | 36,295,356 | 55.2% |
Total number of shares | 65,781,825 | 100.0% |
Foreign ownership | 6,700,548 | 10.2% |
Note 20. Share capital and shareholder information
As of 31 December 2024, the total authorised number of ordinary shares was 65,781,825 (2023: 66,822,679) with a par value of NOK 0.40 (2023: NOK 0.49) per share. All issued shares were fully paid.
Share buy-back programme
As of the reporting date, Magnora held 1,773,088 treasury shares (2023: 1,070,854), representing 2.7% of the total outstanding shares (2023: 1.6 percent). The shares were acquired through the share buy-back programme approved by the Annual General Meeting held on 23 April 2024, which authorised the repurchase of up to 2,619,898 shares at up to a maximum of NOK 100 per share.
The table below shows the number of shares held and share capital as of 31 December 2024:
Number of shares | Share capital | Total | |
1 January 2024 | 66,822,679 | 32.7 | 32.7 |
Cancellation of own shares | -1,070,854 | -0.5 | -0.5 |
Increase in par value of outstanding shares | - | 0.7 | 0.7 |
Demerger legacy business (Note 5) | - | -6.7 | -6.7 |
Shares issued | 30,000 | - | - |
31 December 2024 | 65,781,825 | 26.2 | 26.2 |
Number of shares | Share capital | Total | |
1 January 2023 | 66,822,679 | 32.7 | 32.7 |
31 December 2023 | 66,822,679 | 32.7 | 32.7 |
The table below shows the 20 largest shareholders of Magnora as of 31 December 2024:
Shareholder | Number of shares | Percent ownership |
KING KONG INVEST AS | 2,807,195 | 4.3% |
GINNY INVEST AS | 2,469,144 | 3.8% |
ALDEN AS | 1,963,200 | 3.0% |
F1 FUNDS AS | 1,821,870 | 2.8% |
MAGNORA ASA | 1,773,088 | 2.7% |
F2 FUNDS AS | 1,748,249 | 2.7% |
DNB BANK AS | 1,718,789 | 2.6% |
PHILIP HOLDING AS | 1,648,377 | 2.5% |
CARE HOLDING AS | 1,500,000 | 2.3% |
FENDER EIENDOM AS | 1,470,560 | 2.2% |
JP MORGAN CHASE BANK | 1,434,737 | 2.2% |
MP PENSJON PK | 1,242,732 | 1.9% |
TIGERSTADEN AS | 1,198,450 | 1.8% |
ALTEA AS | 1,154,944 | 1.8% |
CLEARSTREAM BANKING S.A. | 1,092,451 | 1.7% |
AARSKOG, PHILIP GEORGE | 1,000,000 | 1.5% |
NORDNET LIVSFORSIKRING AS | 978,896 | 1.5% |
VALLEL\u00d8KKEN AS | 832,962 | 1.3% |
TRAPESA AS | 820,025 | 1.2% |
VPF FIRST OPPORTUNITIES | 810,800 | 1.2% |
Total 20 largest shareholders | 29,486,469 | 44.8% |
Other shareholder accounts | 36,295,356 | 55.2% |
Total number of shares | 65,781,825 | 100.0% |
Foreign ownership | 6,700,548 | 10.2% |
Note 21. Provisions
Accounting policy
Provisions are recognised when the Group has a legal or constructive obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation, with the amount being reliably estimated. Provisions are measured at the best estimate of the expenditure required, discounted to present value where the effect is material. The provision is reviewed at each reporting date and adjusted to reflect current estimates. If the obligation no longer meets the criteria for recognition, the provision is reversed.
All provisions in 2024 and 2023 are current in nature.
NOK million | Payroll | Bonus | Total |
January 1, 2024 | 2.1 | 1.9 | 4.0 |
Arising during the year | 1.6 | 15.5 | 17.1 |
Reversed during the year | - | -7.9 | -7.9 |
December 31, 2024 | 3.7 | 9.5 | 13.2 |
NOK million | Payroll | Bonus | Total |
January 1, 2023 | 0.6 | - | 0.6 |
Arising during the year | 1.5 | 1.9 | 3.4 |
Reversed during the year | - | - | - |
December 31, 2023 | 2.1 | 1.9 | 4.0 |
Note 21. Provisions
Accounting policy
Provisions are recognised when the Group has a legal or constructive obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation, with the amount being reliably estimated. Provisions are measured at the best estimate of the expenditure required, discounted to present value where the effect is material. The provision is reviewed at each reporting date and adjusted to reflect current estimates. If the obligation no longer meets the criteria for recognition, the provision is reversed.
All provisions in 2024 and 2023 are current in nature.
NOK million | Payroll | Bonus | Total |
January 1, 2024 | 2.1 | 1.9 | 4.0 |
Arising during the year | 1.6 | 15.5 | 17.1 |
Reversed during the year | - | -7.9 | -7.9 |
December 31, 2024 | 3.7 | 9.5 | 13.2 |
NOK million | Payroll | Bonus | Total |
January 1, 2023 | 0.6 | - | 0.6 |
Arising during the year | 1.5 | 1.9 | 3.4 |
Reversed during the year | - | - | - |
December 31, 2023 | 2.1 | 1.9 | 4.0 |
Note 22. Other current liabilities
As of 31 December 2024, the Group\u2019s other current liabilities consist primarily of NOK 97.8 million payable arising from the Hermana demerger.
The table below shows the Group\u2019s other current liabilities, reflecting the Group\u2019s short-term obligations as of 31 December 2024:
NOK million | 2024 | 2023 |
Payroll liabilities | 2.3 | 2.1 |
Employer's contribution tax and other taxes | 2.7 | 3.4 |
Other payables | 148.5 | 34.9 |
Total other current liabilities | 153.5 | 40.4 |
The Group has a total available overdraft facility of NOK 150 million, comprised of NOK 100 million and NOK 50 million with two top-tier Nordic banks. As of 31 December 2024, the facilities are undrawn. The facilities have the following financial covenants:
Loan to value to be more than 35 percent
Minimum book equity of NOK 100 million
Minimum liquidity of NOK 25 million
The Group has not been in breach of its covenants as per 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__102": { "value": "Note 22. Other current liabilities
As of 31 December 2024, the Group\u2019s other current liabilities consist primarily of NOK 97.8 million payable arising from the Hermana demerger.
The table below shows the Group\u2019s other current liabilities, reflecting the Group\u2019s short-term obligations as of 31 December 2024:
NOK million | 2024 | 2023 |
Payroll liabilities | 2.3 | 2.1 |
Employer's contribution tax and other taxes | 2.7 | 3.4 |
Other payables | 148.5 | 34.9 |
Total other current liabilities | 153.5 | 40.4 |
The Group has a total available overdraft facility of NOK 150 million, comprised of NOK 100 million and NOK 50 million with two top-tier Nordic banks. As of 31 December 2024, the facilities are undrawn. The facilities have the following financial covenants:
Loan to value to be more than 35 percent
Minimum book equity of NOK 100 million
Minimum liquidity of NOK 25 million
The Group has not been in breach of its covenants as per 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__103": { "value": "Note 23. Earnings per share
Basic earnings per share
Basic earnings per share are 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.
2024 | 2023 | |
Net profit/(loss) attributable to equity holders (NOK million)\u00a0 | 593.6 | 192.5 |
Weighted avg. no. of ordinary shares on issue (thousands)\u00a0 | 65,940 | 66,823 |
Basic earnings per share for total operations (NOK per share)\u00a0 | 9.0 | 2.9 |
Basic earnings per share for continued operations (NOK per share)\u00a0 | 4.2 | 2.8 |
Diluted earnings per share
2024 | 2023 | |
Net profit/(loss) attributable to equity holders (NOK million)\u00a0 | 593.6 | 192.5 |
Weighted avg. no. of ordinary shares on issue (thousands)\u00a0 | 66,722 | 67,194 |
Diluted earnings per share for total operations (NOK per share)\u00a0 | 8.90 | 2.86 |
Diluted earnings per share for continued operations (NOK per share)\u00a0 | 4.16 | 2.79 |
Note 23. Earnings per share
Basic earnings per share
Basic earnings per share are 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.
2024 | 2023 | |
Net profit/(loss) attributable to equity holders (NOK million)\u00a0 | 593.6 | 192.5 |
Weighted avg. no. of ordinary shares on issue (thousands)\u00a0 | 65,940 | 66,823 |
Basic earnings per share for total operations (NOK per share)\u00a0 | 9.0 | 2.9 |
Basic earnings per share for continued operations (NOK per share)\u00a0 | 4.2 | 2.8 |
Diluted earnings per share
2024 | 2023 | |
Net profit/(loss) attributable to equity holders (NOK million)\u00a0 | 593.6 | 192.5 |
Weighted avg. no. of ordinary shares on issue (thousands)\u00a0 | 66,722 | 67,194 |
Diluted earnings per share for total operations (NOK per share)\u00a0 | 8.90 | 2.86 |
Diluted earnings per share for continued operations (NOK per share)\u00a0 | 4.16 | 2.79 |
Note 24. Dividends and repayment of capital
Dividend 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.
The Group\u2019s shareholders and the Board of Director\u2019s at the Annual General Meeting held on 23 April 2024 authorised a capital distribution of NOK 0.187 per share to be paid quarterly (NOK 0.75 annually). In addition, an extraordinary capital distribution of NOK 4 per share was approved and distributed. The total capital distribution in 2024 was NOK 4.56 per share, corresponding to NOK 299.8 million. In 2023, two capital distributions were made, totaling NOK 24.6 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__106": { "value": "Note 24. Dividends and repayment of capital
Dividend 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.
The Group\u2019s shareholders and the Board of Director\u2019s at the Annual General Meeting held on 23 April 2024 authorised a capital distribution of NOK 0.187 per share to be paid quarterly (NOK 0.75 annually). In addition, an extraordinary capital distribution of NOK 4 per share was approved and distributed. The total capital distribution in 2024 was NOK 4.56 per share, corresponding to NOK 299.8 million. In 2023, two capital distributions were made, totaling NOK 24.6 million.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__107": { "value": "Note 25. Related party transactions
Magnora ASA has established agreements with its subsidiaries and associated companies to provide intercompany services at predetermined hourly rates. These agreements ensure a transparent and consistent approach to the provision of management, technical and administrative support across the Group.
Balances and transactions between the Company and its subsidiaries have been eliminated on consolidation.
The table below shows the total operating revenue the Group generated through services provided to its associated companies during 2024:
NOK million | 2024 | 2023 |
Operating revenue from associated companies | 2.3 | 11.8 |
Total operating revenue | 2.3 | 11.8 |
The Group\u2019s related parties include the Company, its subsidiaries and associated companies.
The table below shows the remuneration to the Board of Directors:
NOK thousand | Function | Member from | Member to | 2024 | 2023 |
Torstein Sanness | Chairman of the Board | May 2017 | - | 1,188 | 1,210 |
Hilde \u00c5dland | Board member | May 2018 | - | 290 | 310 |
John Hamilton | Board member | Dec 2018 | - | 340 | 370 |
Total remuneration paid | 1,818 | 1,890 |
The table below shows the number and options owned or controlled by the Board of Directors:
FY2024 | Function | Shares | Options |
Torstein Sanness | Chairman of the Board | 669,442 | 328,000 |
John Hamilton | Board member | 33,837 | 40,000 |
Hilde \u00c5dland | Board member | 39,011 | 10,000 |
Total | 742,290 | 378,000 |
FY2023 | Function | Shares | Options |
Torstein Sanness | Chairman of the Board | 629,442 | 325,000 |
John Hamilton | Board member | 33,837 | 40,000 |
Hilde \u00c5dland | Board member | 39,011 | 10,000 |
Total | 702,290 | 375,000 |
The remuneration of the Board of Director\u2019s is approved by the General Meeting. Please refer to the Remuneration Report 2024 for a detailed overview of the remuneration received and remuneration that was granted/awarded but has not yet materialised as at reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__108": { "value": "Note 26. List of subsidiaries and equity accounted companies
The following overview of the group shows all companies held as subsidiaries (consolidated) or associated companies (accounted for using the equity accounting method) as per 31 December 2024:
Name of entity | Place of business | Ownership accounting method | Shareholding interest % |
Magnora Renewable Holding AS | Norway | Consolidated | 100% |
Magnora Offshore Wind Holding AS | Norway | Consolidated | 100% |
Magnora Holding AS | Norway | Consolidated | 100% |
Magnora Utvikling AS | Norway | Consolidated | 100% |
Magnora Offshore Wind AS | Norway | Consolidated | 80% |
Magnora South Africa Projects AS | Norway | Consolidated | 100% |
Magnora South Development AS | Norway | Consolidated | 100% |
Magnora UK PV Holding AS | Norway | Consolidated | 100% |
Project Luminara 1 AS | Norway | Consolidated | 100% |
Project Luminara 2 AS | Norway | Consolidated | 100% |
Magnora Offshore Wind Holding Ltd | United Kingdom | Consolidated | 80% |
Magnora Offshore Wind N3 Ltd | United Kingdom | Consolidated | 80% |
Emernor GmbH | Germany | Consolidated | 100% |
Magnora Italy S.r.l. | Italy | Consolidated | 100% |
African Green Ventures (Pty) Ltd | South Africa | Consolidated | 100% |
Hafslund Magnora Sol AS | Norway | Equity method | 40% |
Hermana Holding ASA | Norway | Equity method | 30% |
Kustvind AB | Sweden | Equity method | 48% |
Gamcap Magnora Development Company Ltd | United Kingdom | Equity method | 50% |
For all entities listed, the shareholding interest is consistent with the voting rights held by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s9__6__109": { "value": "Note 27. Subsequent events
On 7 October 2024, Magnora South Africa signed two deals for the sale of new projects. The project sites have been developed from origination by African Green Ventures (AGV), the South African development arm of Magnora. Both projects received Exchange Control approval on 16 January 2025, which was the last closing condition for the sale.
Magnora Italy S.r.l has partnered with a co-developer and acquired three BESS projects totaling 250 MW in southern Italy.
Capital distribution of NOK 0.187 per share was approved by the Board to be paid on in early March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGY5K17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }