Årsredovisning 2023

41
Classification of assets and liabilities
Non-current assets, long-term liabilities and non-current provisions consist of amounts that are expected to be recovered or 
paid more than twelve months after the balance sheet date. Current assets, current liabilities and current provisions consist 
solely of amounts that are expected to be recovered or paid within twelve months after the balance sheet date.
Non-current assets held for sale or distribution and discontinued operations 
The Group classifies non-current assets and disposal groups as held for sale or distribution if their carrying amounts will be 
recovered principally through a sale transaction or distribution rather than through continuing use. Non-current assets and 
disposal groups classified as held for sale or distribution are measured at the lower of their carrying amount and fair value less 
costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding 
finance costs and income tax expense.
The criteria for held for sale or distribution classification is regarded as met only when the sale or distribution is highly probable, 
and the asset or disposal group is available for immediate sale or distribution in its present condition. Actions required to 
complete the sale or distribution should indicate that it is unlikely that significant changes to the sale or distribution will be made 
or that the decision to sell or distribute will be withdrawn. Management must be committed to the plan to sell or distribute the 
asset and the sale or distribution expected to be completed within one year from the date of the classification.
Property, plant and equipment are not depleted, depreciated or amortised anymore once classified as held for sale or 
distribution. Assets and liabilities classified as held for sale or distribution are presented separately as current items in the 
statement of financial position. Discontinued operations are excluded from the results of continuing operations and are 
presented as a single amount as profit or loss after tax from discontinued operations in the income statement.
Property, plant and equipment  
Property, plant and equipment are recognised at cost less accumulated depreciation and any impairment. The cost includes 
expenditure which is directly attributable to the acquisition of the asset. The cost for wind farms also include, in contrast to the 
cost for other investments, normal expenses for calibration and commissioning. Interest expenses during the construction and 
assembly period are included in the cost. 
In conjunction with the granting of permits for the construction of wind turbines, the Group commits to restore land to its 
original condition after the end of the turbines’ useful life. The estimated future expense for this restoration is provided for in the 
consolidated financial statements and is calculated using an estimated pre-tax discount rate that reflect the current market 
assessment of the time value of money.
Subsequent expenditure increases the asset’s carrying amount or is recognised as a separate component only when it is likely 
that the future economic benefits associated with the asset will accrue to the Group, and the cost of the asset can be reliably 
estimated. All other forms of repair and maintenance are recognised as expenses in the income statement in the period in 
which they arise.
Land is assumed to have an indefinite useful life and is therefore not depreciated. The value of wind farms is depreciated on 
a straight-line basis down to a maximum of the asset’s estimated residual value and over the asset’s expected useful life. The 
depreciation of wind farms is initiated when the commercial handover from the constructor has taken place. 
For the calculation of depreciation according to plan, the following useful lives are applied:
– Buildings 20 years
– Wind turbines and foundations 10–30 years 
– Other equipment 3–5 years
Impairment of assets 
At each balance sheet date the Group assesses whether there is an indication that an asset may be impaired. Where an 
indicator of impairment exists or when impairment testing for an asset is required, the Group makes a formal assessment of 
the recoverable amount. Where the carrying value of a cash generating unit (CGU) exceeds its recoverable amount the CGU 
is considered impaired and is written down to its recoverable amount. The recoverable amount is the higher of fair value less 
costs to sell and value in use. Value in use is calculated by discounting estimated future cash flows to their present value using 
a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. 
When the recoverable amount is less than the carrying value an impairment loss is recognised with the expensed charge to the 
income statement. 
If indications exist that previously recognised impairment losses no longer exist or are decreased, the recoverable amount 
is estimated. When a previously recognised impairment loss is reversed the carrying amount of the asset is increased to the 
estimated recoverable amount but the increased carrying amount may not exceed the carrying amount after depreciation that 
would have been determined had no impairment loss been recognised for the asset in prior years.
Financial assets and liabilities
Assets and liabilities are recognised initially at fair value plus transaction costs and subsequently measured at amortised cost 
unless stated otherwise. Financial assets are derecognised when the rights to receive cash flows from the investments have 
expired, or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Financial 
assets and liabilities are categorised according to whether they are measured at amortised cost, at fair value through other 
comprehensive income, or at fair value through profit or loss. Orrön Energy recognises the following financial assets and 
liabilities:
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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Financial assets at amortised cost
Financial assets that are held for collection of contractual cash flows where those cash flows represent solely payments of 
principal and interest are measured at amortised cost. The Group’s loans and receivables consist of fixed or determined cash 
flows related solely to principal and interest amounts or contractual energy sales. The Group’s intent is to hold these receivables 
until cash flows are collected. Loans are recognised initially at fair value, net of any transaction costs incurred and subsequently 
measured at amortised cost.
Financial assets at fair value through profit or loss (FVTPL)
Financial assets measured at FVTPL are assets which do not qualify as financial assets at amortised cost or at fair value through 
other comprehensive income.
Financial liabilities at amortised cost
Financial liabilities are measured at amortised cost, unless they are required to be measured at FVTPL, or the Group has opted 
to measure them at FVTPL. Borrowings and accounts payable are recognised initially at fair value, net of any transaction costs 
incurred, and subsequently at amortised cost using the effective interest method.
Financial liabilities at FVTPL
Financial liabilities measured at FVTPL are liabilities which include embedded derivatives and cannot be classified as amortised 
cost.
Impairment of financial assets
The measurement of impairment of financial assets is based on the expected credit losses model. For the trade and other 
receivables, the Group applies the simplified approach which requires the use of the lifetime expected loss provision for all trade 
receivables. In estimating the lifetime expected loss provision, the Group considered historical industry default rates as well as 
credit ratings of major customers. Additional disclosure related to the Group’s financial assets is included in Note 9.
Derivatives used for hedging
Derivative financial instruments may be used by the Group to manage economic exposure to market risks relating to foreign 
currency exchange rates and interest rates. Derivative financial instruments are initially recognised at fair value on the date a 
derivative contract is entered into and are subsequently remeasured at their fair value. Where specific financial instruments are 
executed, The Group assesses, both at the time of purchase and on an ongoing basis, whether the financial instrument used in 
the particular transaction is effective in offsetting changes in fair values or cash flows of the transaction.
The effective portion of changes in the fair value of derivatives that qualify as cash flow hedges are recognised in other 
comprehensive income. The gain or loss relating to the ineffective portion, if any, is recognised immediately in the income 
statement. Amounts accumulated in other comprehensive income are transferred to the income statement in the period when 
the hedged item will affect the income statement. When a hedging instrument no longer meets the requirements for hedge 
accounting, expires or is sold, any accumulated gain or loss recognised in other comprehensive income remains in shareholders’ 
equity until the forecast transaction no longer is expected to occur, at which point it is transferred to the income statement.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at 
amortised costs using the effective interest method, with interest expense recognised on an effective yield basis. The effective 
interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over 
the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the 
expected life of the financial liability, or a shorter period where appropriate and is continuously reassessed.
Cash and cash equivalents
Cash and cash equivalents include cash at bank, cash in hand and interest bearing securities with original maturities of three 
months or less.
Equity
Share capital consists of the registered share capital for the Parent Company. Share issue costs associated with the issuance of 
new equity are treated as a direct reduction of proceeds. Excess contribution in relation to the issuance of shares is accounted 
for in the item additional paid-in-capital. 
When any group company purchases the Parent Company’s equity share capital (treasury shares), the consideration paid, 
including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Parent 
Company’s equity holders until these shares are cancelled or sold. Where these shares are subsequently sold, any consideration 
received, net of any directly attributable incremental transaction costs and related income tax effects, is included in equity 
attributable to the Company’s equity holders.
The change in fair value of hedging instruments which qualify for hedge accounting is accounted for in the hedge reserve. Upon 
settlement of the hedge instrument, the hedged item will be transferred to the income statement. The currency translation 
reserve contains unrealised translation differences due to the conversion of the functional currencies into the presentation 
currency. Retained earnings contain the accumulated results attributable to the shareholders of the Parent Company.
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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Provisions
A provision is reported when the Company has a legal or constructive obligation as a consequence of an event and is more 
likely than not that an outflow of resources is required to settle the obligation and a reliable estimate can be made of the 
amount. 
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation and the 
discount rate used in the calculation is the risk-free rate with the addition of a credit risk element. The increase in the provision 
due to passage of time is recognised as finance costs.
On land where the Group is required to contribute to site restoration costs, a provision is recorded to recognise the future 
commitment. An asset is created, as part of the wind farm, to represent the discounted value of the anticipated site restoration 
liability and depleted over the life of the asset. The corresponding accounting entry to the creation of the asset recognises the 
discounted value of the future liability. The discount applied to the anticipated site restoration liability is subsequently released 
over the life of the asset and is charged to financial expenses. Changes in site restoration costs and provisions are treated 
prospectively and consistent with the treatment applied upon initial recognition.
Revenue recognition
Income is recognised in the income statement when control has been passed to the purchaser. Orrön Energy’s net sales include 
the sale of generated electricity, earned and sold electricity certificates and guarantees of origin, as well as gains and losses 
from electricity and currency derivatives attributable to the hedged production. Income arising from the sale of generated 
electricity is recognised at a point in time in the period in which delivery took place, at the spot price, forward price or other 
contracted price. Income relating to electricity certificates is recognised over time at the applicable spot price, forward price or 
other contracted price for the period in which the electricity certificate is earned, which is the period in which the electricity was 
produced. Income from electricity, electricity certificates and guarantees of origin is recognised in net sales from the date of 
commissioning. 
Electricity certificates are recognised under inventories in the balance sheet when they are registered in the Swedish Energy 
Agency’s account, and as accrued income for any periods during which they have been earned but not yet registered.
Borrowing costs
Borrowing costs attributable to the acquisition, construction or production of qualifying assets are added to the cost of those 
assets. Qualifying assets are assets that take a substantial period of time to complete for their intended use or sale. Investment 
income earned on the temporary investment of specific borrowings pending to be used for the qualifying asset, is deducted 
from the borrowing costs eligible for capitalisation. This applies on the interest on borrowings to finance wind farms under 
development which is capitalised within the wind farm until production commences. All other borrowing costs are recognised 
in the income statement in the period in which they occur. Interest on borrowings to finance the acquisition of producing wind 
farms is charged to the income statement as incurred.
General and administration expenses
Expenses which are classified as general and administration expenses include all costs which are not directly attributable to 
operations. These costs mainly consist of personnel costs, office costs, costs for travel and external services.
Employee benefits
Short-term employee benefits
Short-term employee benefits such as salaries, social premiums and holiday pay, are expensed when incurred.
Pension obligations
Pensions are the most common long-term employee benefits. The pension schemes are funded through payments to insurance 
companies. The Group’s pension obligations consist of defined contribution plans. A defined contribution plan is a pension plan 
under which the Group pays fixed contributions. The Group has no further payment obligations once the contributions have 
been paid. The contributions are recognised as an expense when they are due. 
Share-based payments
Equity-settled share-based payments are recognised in the income statement as expenses during the vesting period and 
as equity in the Balance Sheet. The option is measured at fair value at the date of grant using an option pricing model and is 
charged to the income statement over the vesting period without revaluation of the value of the option.
Income taxes
The components of tax are current and deferred. 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 which case it is matched. 
Current tax is tax that is to be paid or received for the year in question and also includes adjustments of current tax attributable 
to previous periods. 
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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Deferred tax is a non-cash charge provided, using the liability method, on temporary differences arising between the tax bases 
of assets and liabilities and their carrying values. Temporary differences can occur, for example, where investment expenditure is 
capitalised for accounting purposes but the tax deduction is accelerated, or where site restoration costs are provided for in the 
financial statements but not deductible for tax purposes until they are actually incurred. However, the deferred income tax is not 
accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at 
the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is provided on temporary 
differences arising on 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. 
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance 
sheet date and are expected to apply when the related 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. Deferred tax assets are offset against deferred tax liabilities in the 
balance sheet where they relate to the same jurisdiction.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to Group management. Since the 
Company changed to become a pure renewable energy business at 1 July 2022, the activity has been treated as one segment, 
this may change in the future when the business expands geographically and operationally.  
Critical accounting estimates and judgements
The management of Orrön Energy has to make estimates and judgements when preparing the financial statements of the 
Group. Uncertainties in the estimates and judgements could have an impact on the carrying amount of assets and liabilities and 
the Group’s result. The most important estimates and judgements in relation thereto are:
Reclassification to held for sale
The criteria for held for sale or distribution classification is regarded as met only when the sale or distribution is highly probable, 
and the asset or disposal group is available for immediate sale or distribution in its present condition. Actions required to 
complete the sale or distribution should indicate that it is unlikely that significant changes to the sale or distribution will be made 
or that the decision to sell or distribute will be withdrawn. Management must be committed to the plan to sell or distribute the 
asset and the sale or distribution expected to be completed within one year from the date of the classification. Management 
assessed this to be the date of the signing of the transaction agreement with Aker BP being 21 December 2021.
Note 2 – Share in result of associates and joint ventures
MEUR 2023 2022
Metsälamminkangas Wind Oy (50%) -3.2 7.8
Leikanger Kraft AS (50%) 0.3 3.0
Other 0.2 0.1
-2.7 10.9
Note 3 – Finance income
MEUR 2023 2022
Foreign currency exchange gain, net – –
Interest income 5.9 2.6
Other 0.4 6.4
6.3 9.0
Note 4 – Finance costs
MEUR 2023 2022
Foreign currency exchange loss, net 2.6 1.6
Interest expense 4.8 0.7
Other 1.0 6.9
8.4 9.2
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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Note 5 – Income tax
MEUR 2023 2022
Current tax -0.2 -0.1
Deferred tax 11.7 26.7
11.5 26.6
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the tax rate of Sweden as 
follows:
MEUR 2023 2022
Profit/loss before tax -19.1 0.8
Tax calculated at the corporate tax rate in Sweden 20.6% (20.6%) 3.9  -0.2 
Tax effect of expenses non-deductible for tax purposes -4.1  -3.9 
Increased/decreased unrecorded tax losses 0.0  4.1 
Tax effect on excess values 0.4  -1.4 
Deferred tax asset on unrecorded tax losses 11.3  28.0 
Tax per income statement 11.5  26.6 
There is no tax charge/credit relating to components of other comprehensive income.
Corporation tax asset - current and deferred
MEUR
Current Deferred
2023 2022 2023 2022
Sweden – – 39.3 27.5
– – 39.3 27.5
Corporation tax liability - current and deferred
MEUR
Current Deferred
2023 2022 2023 2022
Sweden 0.2 – 15.9 16.9
Switzerland – 0.5 – –
0.2 0.5 15.9 16.9
Specification of deferred tax assets and tax liabilities 
MEUR 2023 2022
Deferred tax assets
Temporary differences on tax loss carry forwards 39.3 27.5
39.3 27.5
Deferred tax liabilities
Excess values on property, plant and equipment 15.9 16.9
15.9 16.9
Unrecognised tax losses
The Group has Swedish tax loss carry forwards of approximately MEUR 205.4 (MEUR 191.0). A deferred tax asset of MEUR 39.3 has 
been recognised in 2022 and 2023 relating to these tax losses and remaining unrecognised tax losses at year end amount to 
MEUR 3.0 (MEUR 11.8). The tax losses can be carried forward indefinitely.
International tax reform OECD Pillar 2 model rules 
The Group falls within the scope of the OECD Pillar 2 model rules which are implemented in Sweden through the Law on Top-up 
Tax (
Sw. Lag  (2023:875) om tilläggsskatt) and is expected to stay within scope until the end of 2024 only. The new law entered 
into force 1 January 2024 and applies to fiscal years beginning after 31 December 2023. Since the regulations were not in effect at 
the balance sheet date, the Group has not reported any current top-up tax.
Under Pillar 2, the Group is liable to pay top-up tax for jurisdiction where the Group has low-taxed operations. Operations are 
deemed as low-taxed if the Group’s effective tax rate in a jurisdiction, calculated in accordance with the certain rules of Pillar 2, 
falls below the minimum tax rate of 15 percent. Pillar 2 also includes temporary safe harbour rules which, if fulfilled for a particular 
jurisdiction, implies that the top-up tax tax for the jurisdiction is deemed to be zero.
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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The Group is in the process of assessing its exposure to the Pillar 2 legislation. This preliminary assessment indicates that group 
companies meet the safe harbour rules, where no top-up tax liability is expected for any jurisdiction. Accordingly, the Group does 
not expect that the enactment of Pillar 2 will have any material impact on the Group's effective tax rate.
Note 6 – Discontinued operations – E&P business
On 21 December 2021, the Company announced that it had entered into an agreement with Aker BP whereby Aker BP would 
absorb the E&P business through a cross-border merger in accordance with Norwegian and Swedish law. Before completion 
of the cross-border merger, the shares in the subsidiary holding the E&P business were distributed to the shareholders of the 
Company on 29 June 2022. The results of the E&P business were included in the financial statements until 29 June 2022 and are 
shown as discontinued operations.
The financial performance and net assets of the discontinued operations until 29 June 2022 were as follows:
MEUR 2022
Revenue and other income
Revenue  3,507.7 
Other income  6.8 
 3,514.5 
Cost of sales
Production costs -144.1
Exploration costs -23.5
Gross profit  3,346.9 
General, administration and depreciation expenses -7. 8
Operating profit  3,339.1 
Net financial items
Finance income  144.2 
Finance costs -365.2
-221.0
Profit/loss before tax 3,118.1
Income tax -2,606.0
 512.1 
Gain on distribution E&P business  12,311.2 
Net result from discontinued operations  12,823.3 
Cash flow from discontinued operations until 29 June 2022 was as follows:
MEUR 2022
Cash flow from discontinued operations
Cash flows from operating activities  1,453.9 
Cash flows from investing activities -284.9
Cash flows from financing activities -571.4
Total  597.1 
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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The gain on distribution of the E&P business is detailed in the following table:
Gain on distribution E&P business 
MEUR 2022
Cash element       2,137.3
Share element
Shares outstanding: 285,924,614
Shares ratio for Aker shares: 0.95098
No. of Aker shares: 271,908,589
Share price Aker end of day 28 June: NOK 352.70
FX rate NOK/EUR end of day 28 June: 9.7879       9,432.9 
FX historical impact of USD to EUR translation         -150.7 
Fair value distribution     11,419.5 
Fair valuation distribution     11,419.5 
Negative book value E&P business           947.8 
Cost incurred during 2022           -56.1 
Gain on distribution E&P business end December 2022     12,311.2 
Note 7 – Property, plant and equipment
MEUR
Land and 
buildings
Plant and 
machinery
Construction 
in progress Other Total 
Cost
1 January 2022 – – 29.5 0.1 29.6
Additions – 28.9 34.1 – 63.0
Business combination 0.2 199.5 – – 199.7
Reclassifications – – – 17.2 17.2
Disposal – – – -3.6 -3.6
Currency translation difference – 0.5 – – 0.5
31 December 2022 0.2 228.9 63.6 13.7 306.4
Additions – 7.8 6.4 – 14.2
Reclassifications 17.3 126.3 -70.0 -9.2 64.4
Disposal – -0.2 – – -0.2
Currency translation difference – 0.8 – 0.9 1.7
31 December 2023 17.5 363.6 – 5.4 386.5
Depreciation
1 January 2022 – – – – –
Depreciation charge – -1.0 – -1.1 -2.1
Reclassifications – – – -7. 8 -7. 8
Business combination – -64.3 – 3.6 -60.7
31 December 2022 – -65.3 – -5.3 -70.6
Depreciation charge 0.0 -11.8 – -0.5 -12.3
Reclassifications -1.7 -7. 5 – 1.7 -7. 5
Currency translation difference 0.0 -0.5 – -0.4 -0.9
31 December 2023 -1.7 -85.1 – -4.5 -91.3
Net book value
31 December 2023 15.8 278.5 – 0.9 295.2
31 December 2022 0.2 163.6 63.6 8.4 235.8
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements
Estimated useful life 
Buildings are depreciated using an estimated useful life of 20 years and taking into account the residual value. 
Plant and machinery represent the Group’s wind farms and consists of wind turbines, foundations and other equipment. The 
estimated useful lives of wind farms are reviewed on a park by park basis. Wind turbines and foundations are depreciated over 
10 to 30 years and other equipment is depreciated over three to five years.
For other assets, the depreciation charge for the year is based on cost and an estimated useful life of three to five years for office 
equipment and other assets. 
Impairment
Orrön Energy carries out impairment tests of individual cash-generating units when impairment triggers are identified. No 
impairment triggers were identified during the year. 
Capitalised borrowing costs
During 2023, no capitalised interest costs were recognised. In 2022, an amount of MEUR 0.5 was recognised as capitalised 
borrowing costs relating to the Karskruv development project in Sweden and was calculated based on the weighted average 
interest rate for the year and amounted to approximately 2.5 percent.
Development expenditure commitments
The Group had capital expenditure contracted for, at the end of the year 2023, of MEUR 1.5 (MEUR 70.5), which has not been 
recognised as liabilities. 
Leases 
The Group’s lease agreements mainly relate to land leases for its wind farms and rented offices and the value of the leases is 
not material. The lease term for a land lease is deemed to coincide with the useful life of the wind turbine constructed on the 
land and has not been recognised as a lease liability due to their low value. Variable lease payments are paid at a percentage 
of the income from electricity production. 
Note 8 – Investments in associates and joint ventures
Number of 
shares Share %
2023
Book amount
MEUR
2022
Book amount
MEUR
Metsälamminkangas Wind Oy 1,250 50.0 12.0 27.3
Leikanger Kraft AS 451,000 50.0 16.5 18.5
Eagle Wind JV AB 5,000 20.0 5.5 5.7
Kräklingbo Vind AB 175 35.0 0.0 0.0
Torsburgen Vind AB 700 35.0 0.0 0.0
Gärdslösa Drift AB 340 33.0 0.0 0.0
Istad Wind Power Management AB 240 20.0 0.0 0.0
Orust Drift AB 320 33.0 0.0 0.0
Ryd-Rönnerum Drift AB 200 20.0 0.0 0.0
Eslöv Vind AB 365 36.5 0.0 0.0
34.0 51.5
The Group's interest held in Metsälamminkangas Wind Oy relates to a wind farm in Finland and the interest held in Leikanger Kraft 
AS relates to a hydropower plant in Norway. The remaining interests relate to investments made by Orrön Energy Sweden AB.

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FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements
The table below summarises the financial information for the joint ventures, which represent the large majority of total 
investments in associates and joint ventures. The investments are accounted for using the equity method and the amounts 
represent 100 percent of those companies. 
Income statement
MEUR
Metsälamminkangas Wind OY Leikanger Kraft AS
2023 2022 2023 2022
Revenue 15.1 30.7 8.3 35.1
Operating costs -5.9 -3.2 -1.8 -4.8
Depreciation -7. 3 -5.5 -1.3 -1.5
Operating profit 1.9 22.0 5.2 28.8
Net financial items -8.4 -2.6 -2.7 -1.7
Profit/Loss before tax -6.5 19.4 2.5 27.1
Income tax – -3.9 -1.8 -21.2
Net result -6.5 15.5 0.7 5.9
Balance sheet
MEUR
Non current assets
  Property, plant and equipment 170.1 177.4 75.7 81.7
Current assets   
  Other current financial assets 1.5 9.1 0.5 1.4
  Cash and cash equivalents 3.1 21.2 3.8 13.5
Total assets 174.7 207.7 80.0 96.6
Equity 6.0 52.0 22.8 24.6
Non current liabilities   
  Interest bearing loans and borrowings 145.9 145.9 48.5 49.9
  Deferred tax liability 19.4 3.9 4.4 –
Current liabilities 3.4 5.9 4.3 22.1
Total liabilities 168.7 155.7 57.2 72.0
Total equity and liabilities 174.7 207.7 80.0 96.6
Note 9 – Financial instruments and financial risk management 
Capital management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to meet 
its committed work programme requirements in order to create shareholder value. The Group may put in place new credit 
facilities, repay debt, or other activities as appropriate. Group management continuously monitors and manages the Group’s 
net cash/net debt position in order to assess the requirement for changes to the capital structure to meet objectives and to 
maintain flexibility and monitors capital. Net cash/net debt is calculated as interest bearing loans and borrowings less cash and 
cash equivalents. Orrön Energy is not subject to any externally imposed capital requirements.
Net cash / Net debt
MEUR 2023 2022
Interest bearing loans and borrowings – Non-Current 114.7 28.8
Interest bearing loans and borrowings – Current 0.8 27.5
Less: Cash and cash equivalents -21.8 -26.9
93.7 29.4
Interest rate risk
Interest rate risk is the risk to the earnings due to uncertain future interest rates. Orrön Energy is exposed to interest rate risk 
through the corporate credit facility, see also Liquidity risk below. No interest rate expenses have been capitalised during 2023.
Orrön Energy will assess the benefits of interest rate hedging on borrowings on a continuous basis. There are no interest rate 
hedging contracts outstanding at year end 2023.

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Currency risk
Orrön Energy is a Swedish company which is operating internationally and therefore attracts foreign exchange exposure, both on 
transactions as well as on the translation from functional currency for entities to the Group’s presentational currency of the Euro. 
The main functional currencies of Orrön Energy’s subsidiaries are Swedish krona, Swiss francs and British pound, as well as Euro, 
making the Company sensitive to fluctuations of these currencies against the Euro.
Foreign exchange exposure
The following table summarises the effect that a change in these currencies against the Euro would have on operating profit 
through the conversion of the income statements of the Group’s subsidiaries from functional currency to the presentation 
currency Euro for the year ended 31 December 2023.
Sensitivity analysis foreign exchange exposure
Operating result, MEUR -17.0 -17.0
Shift in currency exchange rates Average rate 2023 10% EUR weakening 10% EUR strengthening
SEK/EUR 0.0 0.0
NOK/EUR 0.3 -0.3
Total effect on operating result, MEUR 0.3 -0.3
The foreign currency risk to the Group’s income and equity from conversion exposure is not hedged.
Price risk
Energy prices are affected by the normal economic drivers of supply and demand as well as the financial investors and market 
uncertainty. Factors that influence these include operational decisions, natural disasters, economic conditions, political instability 
or conflicts or actions by major energy exporting countries. Price fluctuations can affect Orrön Energy’s financial position.
The table below summarises the effect that a change in electricity prices would have had on the net result and equity on 
31 December 2023.
Sensitivity analysis electricity price
Net result, MEUR -7.6 -7.6
Shift in energy prices 25% weakening 25% strengthening
Total effect on net result, MEUR -7. 4 7.4
Orrön Energy’s strategy is to be fully merchant exposed to energy prices but adopt a flexible approach towards price 
hedging, based on an assessment of the benefits of the hedge contract in specific circumstances. Based on analysis of the 
circumstances, Orrön Energy will assess the benefits of forward hedging for the purpose of establishing cash flow. 
For the year ended 31 December 2023, the Group had no outstanding price hedges. At year end 2022 the Group had some 
historical outstanding hedges which were settled during 2023.
Outstanding derivative contracts 2023 2022
Electricity futures – SE2 – 0.3
Electricity futures – SE3 – 0.1
– 0.4
Credit risk
On 31 December 2023, trade receivables amounted to MEUR 1.7 (MEUR 0.3). There is no recent history of default and there are no 
expected losses. Other long-term and short-term receivables are considered recoverable and no provision for bad debt was 
accounted for at year end 2023. Cash and cash equivalents are maintained with banks having strong long-term credit ratings.
Liquidity risk
Liquidity risk is defined as the risk that the Group could not be able to settle or meet its obligations on time or at a reasonable 
price. Liquidity and funding risks and related processes and policies are closely overseen by Group management.
On 3 July 2023, the Group entered into a new three-year revolving credit facility of MEUR 150, at a floating interest rate margin 
1.8 percent above the reference interest rate for the borrowed currency. The facility included an additional MEUR 150 accordion 
option and replaced the previous MEUR 100 revolving credit facility. The Company exercised a portion of the accordion option in 
January 2024, and increased its revolving credit facility to MEUR 190, at identical commercial terms as the original facility. 
The revolving credit facility agreement provides that an “event of default” occurs where the Group does not comply with certain 
material covenants or where certain events occur as specified in the agreement, as are customary in financing agreements 
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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51
of this size and nature. These financial covenants are calculated on a proportionate basis as described in section Key financial 
data on page 78 of this report. They consist of minimum liquidity (cash and cash equivalents plus available funds under credit 
facilities) and Debt Service Cover Ratio (ratio of proportionate EBITDA adjusted for certain non-cash expenses to debt service).
The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the 
balance sheet date to the contractual maturity date.
MEUR 31 December 2023 31 December 2022
Repayment within 6 months:
Trade and other payables 12.7 13.0
Repayment after 6 months:
Other current financial liabilities  0.8 27.5
Repayment within 1–2 years:
Interest bearing loans and borrowings – 28.8
Repayment within 2–5 years:
Interest bearing loans and borrowings 114.7 –
  128.2 69.3
Classification of financial instruments
The tables below present the classification of the financial instruments in the balance sheet in 2023 and 2022. Financial 
assets and liabilities are categorised according to whether they are measured at amortised cost, at fair value through other 
comprehensive income, or at fair value through profit or loss.
The Group holds the following financial instruments:
Level 2023 2022
Financial assets
Financial assets at amortised cost
  Non-current financial assets 95.5 96.8
  Trade receivables 1 1.7 0.3
  Other current financial assets 5.7 2.5
  Cash and cash equivalents 21.8 26.9
124.7 126.5
Financial liabilities
Financial liabilities at amortised cost
  Non-current Interest bearing loans and borrowings
 2 114.7 28.8
  Trade and other payables 12.7 13.0
  Other current financial liabilities 0.8 27.5
128.2 69.3
Financial liabilities at fair value through profit or loss
  Derivative financial instruments 2 – 0.3
– 0.3
  1  The fair value of trade receivables is a fair approximation of the book value.
  2 The fair value of non-current interest bearing loans and borrowings is not materially different from the book value.
Non-current financial assets include loans to joint ventures of MEUR 94.9 (MEUR 95.6) and other of MEUR 0.6 (MEUR 1.2).
For financial assets and liabilities measured at fair value in the balance sheet, the following fair value measurement hierarchy is 
used:
– Level 1: based on quoted prices in active markets;
– Level 2: based on inputs other than quoted prices as within level 1, that are either directly or indirectly observable;
– Level 3: based on inputs which are not based on observable market data.
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Note 10 – Revenue
Revenues are derived from sales to electricity trading companies, and near 100 percent of the Group’s total revenue was 
contracted with two customers.
Note 11 – Other current financial assets
MEUR 2023 2022
Project development portfolio 4.5 –
Other 1.2 2.5
5.7 2.5
Note 12 – Supplementary information to the Statement of Cash Flows
The Consolidated Statement of Cash Flows is prepared in accordance with the indirect method.
MEUR 2023 2022
Adjustments for items not included in the Cash Flows:
Gain on distribution of E&P business – -12,516.9
Exploration costs – 23.5
Depletion, depreciation and amortization 11.9 3.5
Current tax 0.2 2,255.1
Deferred tax -11.6 295.3
Long-term incentive plans 2.3 10.8
Foreign currency exchange gain/loss 1.3 312.1
Interest income -5.9 -2.6
Interest expense 5.5 25.8
Amortisation of deferred financing fees – 4.5
Ineffective hedging contracts – -52.2
Result from associated companies and joint ventures 2.7 –
Other 1.7 4.6
8.1 -9,636.5
Note 13 – Equity
Note 13.1 – Share capital and share premium
Share capital
Additional paid 
in capital
Number of 
shares
Par value 
MSEK
Par value 
MEUR MEUR
1 January 2022 285,924,614 3.5 0.4 261.5
Sold treasury shares – – – 54.3
31 December 2022 285,924,614 3.5 0.4 315.8
Total movements – – – –
31 December 2023 285,924,614 3.5 0.4 315.8
Share capital
The Company’s issued share capital amounted to SEK 3,478,713 represented by 285,924,614 shares with a quota value of SEK 0.01 
each (rounded off). All shares are ordinary shares with equal right to dividends. During the second quarter of 2022 the Company 
sold all its treasury shares amounting to a total of 1,356,436 shares.
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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Note 13.2 – Other reserves
Hedge reserve
Currency translation 
reserve Total
1 January 2022 -9.8 -416.0 -425.8
Other comprehensive income 9.8 410.5 420.3
31 December 2022 – -5.5 -5.5
Other comprehensive income – 4.6 4.6
31 December 2023 – -0.9 -0.9
Note 13.3 – Retained earnings
MEUR 2023 2022
1 January 40.7  -1,089.2 
Net result for the year -8.0  12,850.7 
Distributions –  -11,724.4 
Share based payments 2.7  3.6 
31 December 35.4  40.7 
Note 13.4 – Earnings per share
2023 2022
Net result from continuing operations, MEUR -7.6  27.4 
Net result from discontinued operations, MEUR –  12,823.3 
Net result attributable to shareholders of the Parent Company, MEUR -7.6  12,850.7 
Weighted average number of shares of the year 285,924,614  285,458,805 
Earnings per share from continuing operations, EUR -0.03  0.10 
Earnings per share from discontinued, EUR –  44.92 
Earnings per share, EUR –  45.02 
Weighted average number of shares of the year – diluted 288,526,711  286,567,833 
Earnings per share from continuing operations - diluted, EUR -0.03  0.10 
Earnings per share from discontinued operations - diluted, EUR –  44.75 
Earnings per share - diluted, EUR -0.03  44.85 
Note 14 – Interest bearing liabilities
MEUR 2023 2022
Non current
Bank loans 114.7 28.8
114.7 28.8
Current
Bank loans 0.8 27.5
0.8 27.5
Orrön Energy is not subject to any externally imposed capital requirements. The revolving credit facility agreement provides that 
an “event of default” occurs where the Group does not comply with certain material covenants or where certain events occur as 
specified in the agreement, as are customary in financing agreements of this size and nature. See section Liquidity risk in Note 9.
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements
Note 15 – Provisions
MEUR
Site restoration 
provision Other 1 Total 
1 January 2022 – – –
Business combination 0.8 – 0.8
Additions 0.1 2.7 2.8
31 December 2022 0.9 2.7 3.6
Additions 2.1 – 2.1
Changes in estimates – -0.2 -0.2
Payments – -2.5 -2.5
31 December 2023 3.0 – 3.0
Non-current 3.0 – 3.0
Current – – –
Total 3.0 – 3.0
1  Other included an amount of MEUR 2.5 at year end 2022 for a redundancy accrual relating to discontinued operations which was classified as current.
Site restoration provision
When the Group has an obligation to contribute to environmental restoration on land where it has its operations, a provision is 
recorded to recognise the future commitment. 
Provisions are measured at the present value of the amount expected to be required to settle the obligation. In calculating the 
present value of the site restoration provision, a discount rate of 4.5 percent (4.5 percent) was used, based on long-term risk-free 
interest rate projections. The additions in 2023 mainly relate to the liability associated with the Company’s operational assets in 
Sweden. See section Provisions in Note 1 Accounting policies for more information.
Note 16 – Trade and other payables
MEUR 2023 2022
Accounts payable  3.0 1.3 
Other current liabilities  4.4 6.6 
Accrued payables and deferred income  5.3 5.1 
 12.7 13.0 
Note 17 – Business combinations
Siral
In 2022, Orrön Energy acquired 100 percent of the issued share capital of Siral Förvaltning AB and gained control of the company 
from 1 December 2022. This acquisition added estimated annual power generation of 44 GWh and 15 MW installed capacity, 
out of which 90 percent is situated in price areas SE3 and SE4. The consideration amounted to MEUR 8.6. The valuation at fair 
value resulted in a surplus value of MEUR 4.6, which has been allocated to plant, property and equipment and no goodwill was 
recognised. The amounts have been translated from SEK to EUR at closing rate 30 November 2022.
Slitevind
In 2022, Orrön Energy acquired 96.5 percent of the issued share capital of Slitevind AB (publ), subsequently renamed Orrön 
Energy Sweden AB and gained control of the company from 31 August 2022. The remaining shares have been acquired in 2023.
Details of the purchase consideration, and the net assets acquired are as follows:
Purchase consideration
MEUR % of shares
Share price 
SEK
Number of
shares
Value
MEUR
Step 1 – Ownership 31 August 2022 91.0% 125 6,476,654 75.8
Step 2 – Ownership 13 September 2022 5.5% 125 388,694 4.6
Step 3 – Buy-out procedure 3.5% 125 249,102 2.9
100.0% 7,114,450 83.3

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FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements
The assets and liabilities recognised as a result of the acquisition were as follows:
Assets and liabilities 
MEUR Fair value 1
Non-current assets
Property, plant and equipment 144.1
Investment in associates and joint ventures 10.6
Other financial assets 0.7
155.4
Current assets
Other current assets 1.8
Trade receivables 0.4
Deferred tax asset 1.6
Other current financial assets 0.6
Cash and cash equivalents 1.4
5.8
Non-current liabilities
Interest bearing loans and borrowings -43.0
Deferred tax liability -15.9
Provisions -0.7
-59.6
Current liabilities
Trade and other payables -1.2
Other current financial liabilities -12.4
-13.6
Net identifiable assets acquired 88.0
Less non-controlling interest -4.7
Net assets acquired 83.3
1   Translated from SEK to EUR at closing rate 31 August 2022.
Acquired receivables
The fair value of acquired trade receivables was MEUR 0.4, which corresponded to the book value.
Revenue and profit contribution
The acquired business will contribute significantly to the Group's results and represented the majority of the Group's revenue 
at year end 2023. This acquisition added a portfolio of wind assets in Sweden and Finland, with an estimated annual power 
generation of 435 GWh and an installed capacity of 155 MW.
Purchase consideration – cash outflow
Outflow of cash for acquisition, net of cash acquired 
MEUR
Cash consideration 83.3
Less cash balances acquired -1.4
Net outflow of cash – Investing activities 81.9

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FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements
Note 18 – Changes in liabilities with cash flow movements
The changes in liabilities and relating cash flow movements are disclosed as part of financing activities in the cash flow 
statement are as follows:
Non-Cash changes
1 January 
2023 Cash flows
Amortisation
of deferred
financing fees
Change on 
consolidation
Foreign 
exchange 
movement
31 December 
2023
Financial liabilities 56.3 57.7 – – 0.7 114.7
Non-Cash changes
1 January 
2022 Cash flows
Amortisation
of deferred
financing fees
Change on 
consolidation
Foreign 
exchange 
movement
31 December 
2022
Financial liabilities 3,011.0 -527.4 4.5 -2,431.8 – 56.3
Note 19 – Contingent liabilities and assets
In November 2021, the Swedish Prosecution Authority brought criminal charges against former representatives of the Company in 
relation to past operations in Sudan from 1999 to 2003. The charges also included claims against the Company for a corporate 
fine of MSEK 3.0 and forfeiture of economic benefits of MSEK 2,381.3, which according to the Swedish Prosecution Authority 
represents the value of the gain of MSEK 720.1 that the Company made on the sale of an asset in 2003. The Company refutes that 
there are any grounds for allegations of wrongdoing by any of its former representatives and sees no circumstance in which a 
corporate fine or forfeiture could become payable. The claim for forfeiture of economic benefits was increased from MSEK 1,391.8 
by the Swedish Prosecution Authority in August 2023. This latest increase to the claimed forfeiture amount means that the 
Prosecutor has presented three completely different amounts, based on three different methodologies, over the past five years, 
raising serious questions about the substance and credibility of the Prosecutor’s claim. It is obvious that the methodology used 
by the Prosecutor to arrive at the claimed forfeiture amount is fundamentally flawed, leading to an unreasonable forfeiture 
claim which has no basis in law and is highly speculative. Any potential corporate fine or forfeiture of economic benefits would 
only be imposed after an adverse final conclusion of the case against former representatives of the Company. The trial at the 
Stockholm District Court started in September 2023 and is expected to last until February 2026. The Company considers this to be 
a contingent liability and therefore no provision has been recognised.
As part of the IPC spin-off that was completed on 24 April 2017, the Company has indemnified IPC for certain legal proceedings 
related to the period before the spin-off concerning Indonesian land and building tax assessed for the fiscal years 2012 and 2013. 
The legal proceedings have been concluded for the fiscal year 2012 and did not lead to any liability for IPC, nor the Company. In 
early 2024, the Company acquired from IPC the entity subject to the claim for 2013 and the indemnity to IPC was extinguished. 
The Company has not recognised any provision in relation hereto as it does not believe it is probable that the proceedings will 
lead to any liability for the Company.
A portion of the Company’s past operations was held through a Canadian holding structure when acquired back in 2006. The tax 
filings in Canada since 2006 in relation to both corporate income tax and withholding tax are under review by the Canadian Tax 
Office. All tax has been paid in relation to these tax filings and no provision has been recognised.
Note 20 – Related party transactions
Orrön Energy recognises the following related parties: associated companies, jointly controlled entities, key management 
personnel and members of their close family or other parties that are partly, directly or indirectly controlled by key management 
personnel or of its family or of any individual that controls, or has joint control or significant influence over the entity.

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FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements
Note 21 – Average number of employees
Average number of employees per country
2023 2022
Total 
employees
of which
men
Total 
employees
of which
men
Parent Company in Sweden 6 5 3 1
Subsidiaries
Sweden 12 7 4 4
Switzerland 8 5 32 18
United Kingdom 4 3 – –
Germany 1 1 – –
France 1 1 – –
Norway – – 221 165
Netherlands – – 2 2
26 17 259 189
Total 32 22 262 190
Board members and Group management
2023 2022
Total at 
year end
of which
men
Total at 
year end
of which
men
Parent Company in Sweden
Board members 1 5 3 4 3
Subsidiaries
Group management 3 2 3 2
Total 8 5 7 5
1  Daniel Fitzgerald, CEO was Board member from 1 July 2022 until 4 May 2023 and is reported as Group management in 2022 and 2023.
Note 22 – Remuneration
Salaries, other remuneration and social security costs 
TEUR
2023 2022
Salaries
and other
remuneration 1
Social 
security 
costs
Salaries
and other
remuneration
Social 
security 
costs
Parent Company in Sweden
Board members 551 60 1,743 297
Employees 1,027 370 632 299
Subsidiaries
Group management 3,347 406 3,158 272
Other employees 3,084 815 46,969 9,616
Total 8,009 1,651 52,502 10,484
Of which pension costs 511 5,642
1  Other remuneration includes long term variable remuneration of TEUR 2,345, which is reported on an accrual basis. The amounts reflect the cost 
recognised in 2023, valued at grant, for the share option plans approved by the 2022 EGM and the 2023 AGM and does not equal the fair value of the 
options at the balance sheet date.

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2023 salaries and other 
remuneration for
Board members and 
Group management
TEUR
Fixed Board
remuneration/
base salary
 1
Other 
benefits 2 
Short-term
variable
remuneration 3
Long-term
variable
remuneration 4
Remuneration
for committee
work
Remuneration
outside of
directorship Pension
Total
2023
Parent Company in 
Sweden
Board members
Grace Reksten Skaugen 120 – – 84 10 – – 214
C. Ashley Heppenstall 60 – – 42 15 – – 117
Jakob Thomasen 60 – – 42 5 – – 107
Peggy Bruzelius 30 – – – 3 – – 33
William Lundin 30 – – – 3 – – 33
Aksel Azrac
 5 30 – – 14 3 – – 47
Total 330 – – 182 39 – – 551
Subsidiaries
Group management
Daniel Fitzgerald, CEO 422 7 195 805 – – 40 1,469
Other
 6 633 83 293 795 – – 74 1,878
Total 1,055 90 4886 1,600 – – 114 3,347
1  Fixed board remuneration is reported on a cash basis. 
2  Other benefits may include, but are not limited to, school fees and health insurance for Group management. 
3  Short-term variable remuneration to Group management is reported on an accrual basis and includes the bonus relative to the performance in 2023.
4  Long term variable share based remuneration to the Board and Group management is reported on an accrual basis. The amounts reflect the cost 
recognised in 2023, valued at grant, for the share option plans approved by the 2022 EGM and the 2023 AGM and does not equal the fair value of the 
options at the balance sheet date. 
5  Aksel Azrac was Board member until 4 May 2023 and did not stand for re-election at the 2023 AGM.
6  Comprises two people: CFO Espen Hennie and General Counsel Henrika Frykman. 
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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2022 salaries and other 
remuneration for
Board members and 
Group management
TEUR
Fixed Board
remuneration/
base salary
Other 
benefits
 1 
Short-term
variable
remuneration 
Long-term 
variable 
remuneration 2
Remuneration
for committee
work
Remuneration
outside of
directorship Pension
Total
2022
Parent Company in 
Sweden
Board members
Grace Reksten Skaugen 101 – 88 37 30 – – 256
C. Ashley Heppenstall 73 – 88 19 18 – – 198
Jakob Thomasen 73 – 88 19 23 – – 203
Peggy Bruzelius
 3 44 – 88 – 15 – – 147
Aksel Azrac 28 – – 19 5 – – 52
Ian H. Lundin 3 93 – 185 – 3 25 – 306
Adam I. Lundin 3 44 – 88 – – – – 132
Alex Schneiter 3 29 – – – – – – 29
Lukas H. Lundin 3 44 – 88 – – – – 132
Cecilia Vieweg 3 44 – 88 – 14 – – 146
Torstein Sanness 3 44 – 88 – 10 – – 142
Total 617 4 – 889 5 94 118 25 – 1,743
Subsidiaries
Group management
Daniel Fitzgerald, CEO
 6 199 – 166 269 – – 28 662
Nick Walker, CEO 7 417 46 – – – – 86 549
Other 8 1,438 118 236 269 – – 231 2,292
Total 2,054 164 402 9 538 – – 345 3,503
1  Other benefits may include, but are not limited to, school fees and health insurance for Group management. 
2  Long-term variable share based remuneration to the Board and Group management is reported on an accrual basis. The amounts reflect the cost 
recognised in 2022, valued at grant, for the share option plan approved by the 2022 EGM and does not equal the fair value of the options at the balance 
sheet date. The previously applicable Performance Based Incentive plan lapsed on completion of the Transaction with Aker BP on 30 June 2022.
3  Board assignment ended 30 June 2022. Peggy Bruzelius was subsequently re-elected as member of the Board at the 2023 AGM.
4  Fixed board remuneration is reported on a cash basis.
5  Short-term variable remuneration to the Board is reported on a cash basis and related to work done in 2022.
6  CEO from 1 July 2022. The remuneration reported for Daniel Fitzgerald as CEO does not include remuneration in respect of his position as COO between 1 
January and 30 June 2022.
7  CEO until 30 June 2022.
8  Comprises seven people: the current CFO Espen Hennie from 1 July 2022, the General Counsel Henrika Frykman for the full year 2022, and the former CFO 
Teitur Poulsen, the former COO Daniel Fitzgerald, the former Vice President Sustainability Zomo Fisher, the former Vice President Investor Relations and 
Communications Edward Westropp and the former Vice President Commodities Trading and Marketing David Michelis until 30 June 2022.
9  Short-term variable remuneration to Group management is reported on an accrual basis and includes the bonus relative to the performance in 2022.
Board members
There are no severance pay agreements in place for any of the Company's Board members.
Group management
The pension contribution for Group management is between 7 percent and 18 percent of the qualifying income for pension 
purposes depending on the age. The Company provides for 60 percent of the pension contribution and the employee for the 
remaining 40 percent. Qualifying income is defined as annual base salary and short-term variable remuneration and is capped 
at approximately TCHF 882 (TCHF 846). The typical contractual retirement age for men is 65 years and for women 64 years.
A mutual termination period of between six months and twelve months applies between the Company and Group management, 
depending on the duration of the employment with the Company. In addition, severance terms are incorporated into the 
employment contracts for executives that give rise to compensation, up to two years’ base salary, in the event of termination 
of employment due to a change of control of the Company. The Board of Directors is further authorised, in individual cases, to 
approve severance arrangements, in addition to the notice periods and the severance arrangements in respect of a change of 
control of the Company, where employment is terminated by the Company without cause, or otherwise in circumstances at the 
discretion of the Board. Such severance arrangements may provide for the payment of up to one year’s base salary; no other 
benefits shall be included. Severance payments in aggregate (i.e. for notice periods and severance arrangements) shall be 
limited to a maximum of two years’ base salary.
See page 27–28 of the Corporate Governance report for further information on the Group’s principles of remuneration and the 
Policy on Remuneration for Group management for 2023.
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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Note 23 – Long term incentive plans
Share Option Plan
Employee LTIP
A long-term share-related incentive plan in the form of a share option plan for members of Group management and other 
employees of the Company was approved by the 2022 EGM (“Employee LTIP 2022”), with the aim of aligning the interests of 
the members of Group management and other employees with the interests of the shareholders, as well as to provide market 
appropriate reward for a new business focused on growth, reflecting continuity, commitment and share price appreciation. 
The Board believes that the Employee LTIP 2022 provides the Company with a crucial component to a competitive total 
compensation package to attract and retain employees who are critical to the Company’s future. In order to secure the 
Company’s obligations under the Employee LTIP 2022, the Company has issued 8,560,000 warrants. 
The Employee LTIP 2022 was introduced as part of a new holistic remuneration approach within the updated Policy on 
Remuneration for Group management, where base salaries and annual bonus opportunities were set below the market 
average and in return, the long-term incentives were designed to strongly emphasise Group management’s delivery of material 
shareholder returns, which is appropriate for a newly formed entrepreneurial organisation focused on growth. The Employee 
LTIP 2022 is designed to promote business decisions that support long-term value creation and share price appreciation, 
rather than delivering scale and size without clear shareholder return. As the Company operates in a business environment 
where renewable energy projects take a long time to mature and ultimately crystallise value, the Employee LTIP 2022 has been 
designed to incentivise decision making in support of this long-term value creation, which is being reflected in the length of 
the exercise and vesting periods. The Employee LTIP 2022 is further fully aligned with the interest of shareholders as any pay-
out will require a share price increase, which is considered to be an appropriate performance criterion given the Company’s 
current phase of development. The share price is the best measure to determine shareholder value creation, and the Employee 
LTIP 2022 will only deliver value to the extent that Group management are able to increase the Company’s valuation. It is also 
challenging to find a suitable peer group at this phase of the Company’s development, or other performance conditions, which 
would adequately assess the Company’s performance against market. A performance condition focused on growth targets 
may not lead to share price appreciation and could in essence reward outcomes, which are not aligned with value appreciation 
for shareholders, in particular under current market conditions. The Board therefore believes that the Employee LTIP 2022 is 
the best way to ensure a clear alignment between performance outcomes for both shareholders and Group management. It 
is also considered that the Employee LTIP 2022 is best financed through delivery of shares allowing the Company to allocate 
all available capital towards growth. To minimise dilution and impact on shareholders, the net equity settlement method has 
been chosen to ensure that only the value created over and above the market price of the share at award is delivered, leading 
to a significantly lower dilution than the headline amount of options issued. As an example, assuming a scenario with an 
average share price growth of 10 percent per annum over seven years, the dilution to shareholders would reduce by 50 percent 
compared to the headline dilution shown.
A similar plan was approved by the 2023 AGM (“Employee LTIP 2023"). In order to secure the Company’s obligations under the 
Employee LTIP 2023, the 2023 AGM resolved to approve that the Company enters into an equity swap arrangement with a third 
party, whereby the third party in its own name shall be entitled to acquire and transfer shares (including to the participants) 
in accordance with the terms and conditions of Employee LTIP 2023. The equity swap arrangement was concluded during the 
second quarter 2023.
Board LTIP
The 2022 EGM resolved to approve a one-off long-term share-related incentive plan for members of the Board (“Board LTIP 
2022”) in the form of a share option plan. 
The Company has secured its obligations under the Board LTIP 2022 by entering into an equity swap arrangement with a third 
party, whereby the third party in its own name shall be entitled to acquire and transfer shares (including to the participants) in 
accordance with the plan.
Share Option Plans - Number of options 2023 Plan 2022 Plan Total
Employee LTIP
Outstanding at the beginning of the period – 7,985,000 7,985,000
Awarded during the period 5,994,500                              – 5,994,500
Forfeited during the period – -64,000 -64,000
Outstanding at the end of the period 5,994,500                              7,921,000 13,915,500
Board LTIP
Outstanding at the beginning of the period – 1,005,000 1,005,000
Forfeited during the period – -134,000 -134,000
Outstanding at the end of the period – 871,000 871,000
Total outstanding at the end of the period 5,994,500                              8,792,000 14,786,500
The share option plan 2023 vest on 31 July 2026, from when participants are entitled to exercise all or part of the options until 
31 July 2030 when the share options expire. The share option plan 2022 vest on 31 July 2025, from when participants are entitled to 
exercise all or part of the options until 31 July 2029 when the share options expire.
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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Costs associated with the Share Option Plans 
MEUR 2023 2022
2022 Plan 1.9 1.3
2023 Plan 0.4 –
2.3 1.3
The cost has been calculated based on the fair value at grant and recognised in the income statement prorata over the vesting 
period. The total effect on equity for the share option plans at 31 December 2023 amounted to MEUR 3.6 (MEUR 0.9). The effect on 
equity is calculated based on the fair value at date of grant.
Fair value of options granted  - Employee LTIP 
The assessed fair value at grant date of options granted under the Employee LTIP 2023 granted during the year ended 
31 December 2023 was SEK 4.78 per option. The equivalent value for the Employee LTIP 2022 was SEK 8.45 when granted in 2022. 
The fair value at grant date has been independently determined using the Black-Scholes model. The model inputs for options 
granted during the year ended 31 December 2023 (31 December 2022) included: 
• Entitlement: Each option entitles the holder to acquire one new common share in Orrön Energy AB 
• Exercise price: SEK 11.78 (SEK 8.88), 100% of volume weighted average price as quoted on Nasdaq Stockholm during the period 
22 – 26 May 2023 (18 – 22 July 2022)
• Grant date: 1 June 2023 (8 August 2022) 
• Vesting date: 31 May 2026 (31 July 2025)
• Expiry date: 31 May 2030 (31 July 2029)
• Share price at grant date: SEK 11.66 (SEK 15.00) 
• Expected price volatility of the company’s shares: 35% (35%) 
• Risk-free interest rate: 2.5% (2.0%) 
• The options vest over 3 years
Fair value of options granted  - Board LTIP 
The assessed fair value at grant date of options granted under the Board LTIP 2022 during the year ended 31 December 2022 was 
SEK 7.60 per option. 
The fair value at grant date has been independently determined using the Black-Scholes model. The model inputs for options 
granted in 2022 under the Board LTIP included.
• Entitlement: Each option entitles the holder to acquire one new common share in Orrön Energy AB. 
• Exercise price: SEK 10.66, 120% of the volume weighted average price as quoted on Nasdaq Stockholm during the period 18–22 
July 2022
• Gant date: 8 August 2022
• Vesting date: 31 July 2025 
• Expiry date: 31 July 2029 
• Share price at grant date: SEK 15.00
• Expected price volatility of the company’s shares: 35%
• Risk-free interest rate: 2.0%
• The options vest over 3 years
Unit Bonus Plan
Since 2008, Orrön Energy has implemented a yearly LTIP scheme consisting of a Unit Bonus Plan which provided for an annual 
grant of units that will lead to a cash payment at vesting. The LTIP had a three year duration whereby the initial grant of units 
vested equally in three tranches: one third after one year; one third after two years; and the final third after three years. The cash 
payment was conditional upon the holder of the units remaining an employee of the Group at the time of payment. The share 
price for determining the cash payment at the end of each vesting period was equal to the average of the Orrön Energy closing 
share price for the five trading days prior to and following the actual vesting date adjusted for any dividend payments between 
grant date and vesting date. All grants were exercised in full on 30 June 2022 when the E&P business was transferred to Aker BP 
at an exercise price of SEK 359.28.
The following table shows the number of units issued under the LTIPs each year. There were no units outstanding on 31 December 
2023.
Plan
Unit Bonus Plan 2020 2021 2022 2023 Total
Outstanding at the beginning of the period 174,530                    219,969             – – 394,499
Exercised in full following change of control event -169,555                   -216,624 – – -386,179
Forfeited during the period -4,975                        -3,345 – – -8,320
Outstanding at the end of the period – – – – –
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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The costs associated with the Performance Based Incentive Plan are detailed in the following table.
Unit Bonus Plan  
MEUR 2023 2022
2019 – 0.7
2020 – 2.0
2021 – 4.5
– 7.2
LTIP awards were recognised in the financial statements pro rata over their vesting period. 
Performance Based Incentive Plan
The Company has operated a performance share plan as a long-term incentive plan since 2014, designed to be simple and 
transparent whilst rewarding long-term, sustainable value creation. The awards under this yearly plan lapsed in connection with 
the combination of the Company’s legacy exploration and production business with Aker BP on 30 June 2022 and no awards are 
therefore outstanding at year end 2023. Detailed information on this yearly plan can be found in the Remuneration Report 2021 
and in the Annual report 2021.
The following table shows the number of units issued under the LTIPs, and the year in which the awards vested. There were no 
awards outstanding on 31 December 2023.
Plan
Performance Based Incentive Plan 20
20 2021 2022 2023 Total
Outstanding at the beginning of the period 1 414,164 254,789 – – 668,953
Lapsed during the period -385,686 -251,718 – – -637,404
Forfeited during the period -28,478 -3,071 – – -31,549
Outstanding at the end of the period – – – – –
The costs associated with the Unit Bonus Plan are detailed in the following table.
Performance Based Incentive Plan  
MEUR 2023 2022
2019 – 0.2
2020 – 0.2
2021 – 1.3
– 1.7
LTIP awards are recognised in the financial statements pro rata over their vesting period.
Note 24 – Remuneration to the Group’s Auditors
TEUR 2023 2022
Ernst & Young
Audit engagements 285.4 330.2
Audit assignments in addition to the audit engagement – 58.8
Other services – –
285.4 389.0
Remuneration to other auditors 30.0 28.5
Total 315.4 417.5
Note 25 – Subsequent events
In January 2024, the Company exercised a portion of the accordion option and increased its revolving credit facility from 
MEUR 150 to MEUR 190, at identical commercial terms as the original facility, adding further capacity to fund future growth. 
In April 2024, the Company entered into an agreement to sell its 50 percent interest in the Leikanger hydropower plant for 
an enterprise value of MNOK 613, approximately MEUR 53, to the existing partner Sognekraft Produksjon AS. The transaction is 
expected to complete in the second quarter of 2024.
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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FINANCIAL STATEMENTS AND NOTES
Annual Accounts of the Parent Company 
Parent Company
The business of the Parent Company is to invest in and manage operations within the renewable energy sector as of 1 July 2022. 
This is a change to the Company’s previous business mainly conducted within the oil and gas sector.
The Parent Company reported a net result of MSEK 160.3 (MSEK -590.4) for the year, which was mainly impacted by financial 
income, general and administration expenses and the recognition of a deferred tax asset. 
General and administration expenses amounted to MSEK 192.5 (MSEK 200.0), out of which MSEK 81.0 (MSEK 63.2) related to legal 
fees and other costs incurred for the defence of the Company and its former representatives in the Sudan legal case. 
Finance income amounted to MSEK 186.3 (MSEK 10.9) and related to dividends and group contributions received from a 
subsidiary. 
A deferred tax income of MSEK 130.0 was recognised during the year and related to tax losses carried forward, which are 
expected to be used against future taxable profits in Sweden.
Accounting Policies
The financial statements of the Parent Company are prepared in accordance with accounting policies generally accepted in 
Sweden, applying RFR 2 issued by the Swedish Financial Reporting Board and the Annual Accounts Act (1995: 1554). RFR 2 requires 
the Parent Company to use similar accounting policies as for the Group, i.e. IFRS to the extent allowed by RFR 2. The Parent 
Company’s accounting policies do not in any material respect deviate from the Group policies, see Note 1 of the consolidated 
financial statements.

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MSEK Note 2023 2022
Revenue 41.9 13.4
General and administration expenses -192.5 -200.0
Operating profit/loss -150.6 -186.6
Finance income 1 186.3 10.9
Finance costs 2 -5.4 -720. 5
Net financial items 180.9 -709. 8
Profit/loss before income tax 30.3 -896.4
Income tax 3 130.0 306.0
Net result 160.3 -590.4
FINANCIAL STATEMENTS AND NOTES
Parent Company Income Statement

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MSEK 2023 2022
Net result 160.3 -590.4
Other comprehensive income – –
Total comprehensive income 160.3 -590.4
Attributable to:
Shareholders of the Parent Company 160.3 -590.4
FINANCIAL STATEMENTS AND NOTES
Parent Company Comprehensive Income Statement

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MSEK Note 2023 2022
ASSETS
Non-current assets
Shares in subsidiaries 8 3,780.8 3,780.8
Other tangible fixed assets 0.1 0.3
Deferred tax assets 436.0 306.0
4,216.9 4,087.1
Current assets
Receivables 4 5.9 17.8
Cash and cash equivalents 111.5 24.6
117.4 42.4
TOTAL ASSETS 4,334.3 4,129.5
SHAREHOLDERS´ EQUITY AND LIABILITIES
Restricted equity
Share capital 3.5 3.5
Statutory reserve 861.3 861.3
864.8 864.8
Unrestricted equity
Other reserves 7,182.7 7,182.7
Retained earnings -3,964.6 -3,379.1
Net result 160.3 -590.4
3,378.4 3,213.2
TOTAL EQUITY 4,243.2 4,078.0
Non-current liabilities
Provisions – 1.3
Interest bearing loans and borrowings 39.5 –
39.5 1.3
Current liabilities
Other liabilities 5 51.6 50.2
51.6 50.2
TOTAL LIABILITIES 91.1 51.5
TOTAL EQUITY AND LIABILITIES 4,334.3 4,129.5
FINANCIAL STATEMENTS AND NOTES
Parent Company Balance Sheet

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67
MSEK 2023 2022
Cash flow from operating activities
Net result 160.3 -590.4
Adjustment for items not included in the cash flow -254.1 -312.6
Changes in working capital:
Changes in current assets 11.5 3,097.4
Changes in current liabilities 13.3 -107.7
Total cash flow from operating activities -69.0 2,086.7
Cash flow from investing activities
Investments in subsidiaries – -0.5
Dividends received 127.9 –
Total cash flow from investing activities 127.9 -0.5
Cash flow from financing activities
Drawdown of loan 28.0 –
Dividends paid – -2,672.1
Sold treasury shares – 583.8
Total cash flow from financing activities 28.0 -2,088.3
Change in cash and cash equivalents 86.9 -2.1
Cash and cash equivalents at the beginning of the year 24.6 44.3
Currency exchange difference in cash and cash equivalents – -17.6
Cash and cash equivalents at the end of the year 111.5 24.6
FINANCIAL STATEMENTS AND NOTES
Parent Company Cash Flow Statement

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MSEK
Restricted equity Unrestricted equity
Share
capital
Statutory
reserve
Other
reserves
Retained
earnings Dividends
Total 
equity
1 January 2022 3.5 861.3 6,599.0 60,628.9 -4,467.2 63,625.5
Transfer of prior year dividends – – – -4,467.2 4,467.2 –
Total comprehensive income – – – -590.4 – -590.4
Transactions with owners
Distributions – – – – -59,542.8 -59,542.8
Share based payments – – – 2.0 – 2.0
Sold treasury shares – – 583.7 – – 583.7
Total transactions with owners – – 583.7 2.0 -59,542.8 -58,957.1
31 December 2022 3.5 861.3 7,182.7 55,573.3 -59,542.8 4,078.0
Transfer of prior year dividends – – – -59,542.8 59,542.8 –
Total comprehensive income – – – 160.3 – 160.3
Transactions with owners
Share based payments – – – 4.9 – –
Total transactions with owners – – – 4.9 – 4.9
31 December 2023 3.5 861.3 7,182.7 -3,804.3 – 4,243.2
FINANCIAL STATEMENTS AND NOTES
Parent Company Statement of Changes in Equity

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FINANCIAL STATEMENTS AND NOTES
Parent Company Notes to the Financial Statements
Note 1 – Finance Income
MSEK 2023 2022
Dividend 186.2 –
Interest income 0.1 1.2
Foreign exchange gain – 9.7
186.3 10.9
Note 2 – Finance costs
MSEK 2023 2022
Foreign exchange loss 2.6 –
Interest expense 2.0 –
Other 0.7 19.6
Loss on sale of assets – 700.9
5.4 720.5
Note 3 – Income tax
MSEK 2023 2022
Net result before tax 30.3 -896.4
Tax calculated at the corporate tax rate in Sweden 20.6% (20.6%) -6.2 184.7
Tax effect of received dividend 38.3 –
Tax effect of expenses non-deductible for tax purposes -0.2 -4.1
Increase unrecorded tax losses -31.9 -180.6
– –
A deferred tax income of MSEK 130.0 has been recognised during the year which increases the total deferred tax asset to 
MSEK 436.0 at year end. The deferred tax asset relates to tax losses carried forward, which are expected to be used against future 
taxable profits. 
Note 4 – Receivables
MSEK 2023 2022
Due from Group companies 2.6 13.9
VAT receivable 0.1 0.4
Prepaid expenses and accrued income 2.5 2.7
Other 0.7 0.8
6.0 17.8
Note 5 – Other liabilities 
MSEK 2023 2022
Due to Group companies 32.9 34.0
Accounts payables 10.8 –
Accrued payables and deferred income 6.9 13.8
Other 1.0 2.4
51.6 50.2

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Note 6 – Remuneration to the Auditor 
MSEK 2023 2022
Ernst & Young
Audit engagements 1.8 1.6
Audit assignments in addition to the audit engagement – 0.2
1.8 1.8
There has been no remuneration to any auditor other than Ernst & Young.
Note 7 – Proposed disposition of unappropriated earnings
The 2024 Annual General Meeting has an unrestricted equity at its disposal of MSEK 3,378.4, including the net profit for the year of 
MSEK 160.3.
The Board of Directors proposes that the unrestricted equity of the Parent Company of MSEK 3,378.4, including the net profit for 
the year of MSEK 160.3 be brought forward, and that no dividend shall be paid for the financial year.
Note 8 – Shares in subsidiaries
Registration 
number Registered office
Total 
number of 
shares issued
Percentage 
controlled
Nominal 
value per 
share
Book
amount 
31 Dec 2023
Directly owned
Orrön Energy Holding AB 559349-1730 Stockholm, Sweden 250 100 SEK 100.00 3,780.8
Indirectly owned
Orrön Energy Finance AB 559349-1748 Stockholm, Sweden 250 100 SEK 100.00
Karskruv Vind AB 559211-6106 Stockholm, Sweden 500 100 EUR 9.88
  Karskruv Nät AB 559036-7289 Stockholm, Sweden 1,000 100 SEK 100.00
Orrön Energy SA 660.0.330.999-0 Collonge-Bellerive,
Switzerland 1,000 100 CHF 100.00
Orrön Energy Sweden AB 556453-2819 Gotland, Sweden 7,114,450 100  SEK 10.00
  Isgrannatorp Drift AB 556787-6833 Gotland, Sweden 1,020 67 SEK 100.00
  Saba Wind OY 1868533-5 Ekenäs, Finland 8,000 100 SEK 278.00
  ITOO AB 559019-4451 Gotland, Sweden 200,000 100 SEK 100.00
    Göinge Vind AB 556986-0777 Gotland, Sweden 50,000 100 SEK 1.00
  Näsvind AB 556855-2565 Gotland, Sweden 450,000 52 SEK 1.00
  Ownpower Gotland AB 556676-4931 Gotland, Sweden 450,470 81 SEK 18.00
  KlasBod Vindkraft AB 556748-7284 Gotland, Sweden 10,973 68 SEK 600.00
  Skålsparken AB  556882-7488 Gotland, Sweden 100,000 64 SEK 1.00
  Österudd och Näs Annex AB 556798-4587 Gotland, Sweden 9,900 53 SEK 2,000.00
  Vindbolaget i När AB 556947-3373 Gotland, Sweden 100,000 54 SEK 1.00
  Stugyl AB 556756-4652 Gotland, Sweden 23,500 58 SEK 10.00
  Näsudden Väst Adm. AB 556655-4803 Gotland, Sweden 305,328 74 SEK 1.00
  Storugns Vind AB 556868-2370 Gotland, Sweden 305,328 74 SEK 1.00
Orrön Energy Greenfield AB 559398-0518 Stockholm, Sweden 1,353 70 SEK 100.00
  Orrön Energy Development Ltd. 14737332 Northampton, 
United Kingdom 1,002 70 GBP 1.00
    Alverdiscott 10 Renewables Holdco Ltd. 14604716 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Langage 10 Renewables Holdco Ltd. 14604675 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Wymondley 10 Renewables Ltd. 14605051 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Alverdiscott 10 Renewbles Ltd. 14605063 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Langage 10 Renewables Ltd. 14605013 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Wymondley 10 Renewables Holdco Ltd. 14604699 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Kegworth 10 Renewables Ltd. 14914243 Northampton, 
United Kingdom 1,000 70 GBP 1.00
FINANCIAL STATEMENTS AND NOTES | Parent Company Notes to the Financial Statements

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FINANCIAL STATEMENTS AND NOTES | Parent Company Notes to the Financial Statements
Registration 
number Registered office
Total 
number of 
shares issued
Percentage 
controlled
Nominal 
value per 
share
Book
amount 
31 Dec 2023
    Coddington 10 Renewables Ltd. 14914945 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Cowley 2 Renewables Ltd. 14914340 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Cowley 7 Renewables Ltd. 14914334 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Dragon Green 2 Renewables Ltd. 14914407 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Dragon Green 7 Renewables Ltd. 14913700 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Basingstoke East 2 Renewables Ltd. 14914367 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Basingstoke East 7 Renewables Ltd. 14914353 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Appleford 7 Renewables Ltd. 14914378 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Bramley 2 Renewables Ltd. 14915202 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Bramley 7 Renewables Ltd. 14915277 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Amersham 10 Renewables Ltd. 15122671 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Biggleswade 10 Renewables Ltd. 15128288 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Braintree 10 Renewables Ltd. 15125518 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Bushbury 10 Renewables Ltd. 15125508 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Canterbury North 10 Renewables Ltd. 15125499 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Coryton 10 Renewables Ltd. 15125478 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Leighton Buzzard 10 Renewables Ltd. 15128338 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Little Harrowden 10 Renewables Ltd. 15128323 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Ninfield 10 Renewables Ltd. 15125441 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Rye House 10 Renewables Ltd. 15125422 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Sellindge West 10 Renewables Ltd. 15125694 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    Stoke Bardolph 10 Renewables Ltd. 15128170 Northampton, 
United Kingdom 1,000 70 GBP 1.00
    West Haddon 10 Renewables Ltd. 15123046 Northampton, 
United Kingdom 1,000 70 GBP 1.00
  Orrön Energy Entwicklung GmbH HRB 131605 Heidelberg, Germany 1,000 70 EUR 25.00
  Orrön Energy Développement France SAS 951 006 154 Paris, France 755,021 70 EUR 1.00
Orrön Energy Finland Holding AB 559398-0542 Stockholm, Sweden 1,000 90 SEK 25.00
  Orrön Energy Finland OY 3299865-3 Mariehamn, Finland 2,500 90 EUR 0.00
LRL Bolag Ltd. 656565-4 Vancouver, Canada 55,855,414 100 CAD 1.00

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FINANCIAL STATEMENTS AND NOTES
Board Assurance
As at 11 April 2024, the Board of Directors and the CEO of Orrön Energy AB have adopted this annual and sustainability report for 
the financial year ended 31 December 2023.
Board Assurance
The Board of Directors and the CEO certify that the annual report for the Parent Company has been prepared in accordance 
with generally accepted accounting principles in Sweden and that the consolidated accounts have been prepared in accord-
ance with IFRS as adopted by the EU and give a true and fair view of the financial position and profit of the Company and the 
Group and provides a fair review of the performance of the Group’s and Parent Company’s business, and describes the principal 
risks and uncertainties that the Company and the companies in the Group face.
The annual and sustainability report was signed by all on 11 April 2024
Orrön Energy AB (publ) Reg. Nr. 556610-8055
Grace Reksten Skaugen
Chair
Peggy Bruzelius
Board Member
C. Ashley Heppenstall
Board Member
William Lundin
Board Member
Jakob Thomasen
Board Member
Daniel Fitzgerald
CEO
Our audit report was issued on 16 April 2024
Anders Kriström
Authorised Public Accountant
Lead Partner

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FINANCIAL STATEMENTS AND NOTES
Auditor’s Report 
To the general meeting of the shareholders of Orrön Energy AB (publ), corporate identity number 556610-8055 
Report on the annual accounts and consolidated 
accounts
Opinions
We have audited the annual accounts and consolidated
 
accounts of Orrön Energy AB (publ) except for the corporate 
governance statement on pages 20–32 and the statutory 
sustainability report on pages 11-16 for the year 2023. The annual 
accounts and consolidated accounts of the company are 
included on pages 6–72 in this document.
In our opinion, the annual accounts have been prepared 
in accordance with the Annual Accounts Act and present 
fairly, in all material respects, the financial position of the 
parent company as of 31 December 2023 and its financial 
performance and cash flow for the year then ended in 
accordance with the Annual Accounts Act. The consolidated 
accounts have been prepared in accordance with the Annual 
Accounts Act and present fairly, in all material respects, the 
financial position of the group as of 31 December 2023 and their 
financial performance and cash flow for the year then ended 
in accordance with International Financial Reporting Standards 
(IFRS Accounting Standards), as adopted by the EU, and the 
Annual Accounts Act. Our opinions do not cover the corporate 
governance statement on pages 20–32 and the statutory 
sustainability report on pages 11–16. The statutory administration 
report is consistent with the other parts of the annual accounts 
and consolidated accounts.
We therefore recommend that the general meeting of 
shareholders adopts the income statement and balance sheet 
for the parent company and the group.
Our opinions in this report on the annual accounts and
 
consolidated accounts are consistent with the content of 
the additional report that has been submitted to the parent 
company's audit committee in accordance with the Audit 
Regulation (537/2014) Article 11.
Ongoing legal case regarding alleged violation against international law in Sudan 
Description How our audit addressed this key audit matter
In June 2010, the Swedish Prosecution Authority began a 
preliminary investigation into alleged complicity in violations 
of international humanitarian law in Sudan during 1997–2003. 
On 11 November 2021, the Swedish Prosecution Authority 
brought criminal charges against the former Chairman of 
the Board and a former Director in relation to past operations 
in Sudan from 1999–2003 and 2000–2003, respectively. The 
charges also included claims against the Company for a 
corporate fine of 3 MSEK and forfeiture of economic benefits 
of 2 381 MSEK which according to the Swedish Prosecution 
Authority represents the value of the gain of SEK 720 MSEK 
that the Company made on the sale of the business in 
2003. Any potential corporate fine or forfeiture could only be 
imposed after a conviction in a trial. The trial started on 5th 
September 2023 and is expected to end in February 2026. The 
company disclose this matter as a contingent liability.
We believe that the presentation and disclosures in 
the financial statements regarding the legal case as a 
contingent liability constitute a key audit matter in the audit. 
This is in respect to the complexity of the prosecution, extent 
of the claim and the fact that there is no case law from 
similarly settled court cases in Sweden. 
For information see the directors report pages 18, 25 and 
note 19. 
We have taken this key audit matter into account in the audit 
through audit procedures consisting, inter alia, of:
- We have conducted meetings with the company's General
Counsel and reviewed the internal documented positions
regarding the legal case.
- We have received and reviewed external legal letters from
the firms representing the company and its former senior
executives.
- We have reviewed the disclosures made in the annual
report regarding the ongoing legal case.
Basis for Opinions
We conducted our audit in accordance with International 
Standards on Auditing (ISA) and generally accepted auditing 
standards in Sweden. Our responsibilities under those 
standards are further described in the Auditor’s Responsibilities 
section. We are independent of the parent company 
and the group in accordance with professional ethics for 
accountants in Sweden and have otherwise fulfilled our ethical 
responsibilities in accordance with these requirements. This 
includes that, based on the best of our knowledge and belief, 
no prohibited services referred to in the Audit Regulation 
(537/2014) Article 5.1 have been provided to the audited 
company or, where applicable, its parent company or its 
controlled companies within the EU.
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinions.
Key Audit Matters
Key audit matters of the audit are those matters that, in our 
professional judgment, were of most significance in our audit 
of the annual accounts and consolidated accounts of the 
current period. These matters were addressed in the context 
of our audit of, and in forming our opinion thereon, the annual 
accounts and consolidated accounts as a whole, but we do 
not provide a separate opinion on these matters. For each 
matter below, our description of how our audit addressed the 
matter is provided in that context. 
We have fulfilled the responsibilities described in the Auditor’s
 
responsibilities for the audit of the financial statements 
section of our report, including in relation to these matters. 
Accordingly, our audit included the performance of procedures 
designed to respond to our assessment of the risks of material 
misstatement of the financial statements. The results of our 
audit procedures, including the procedures performed to 
address the matters below, provide the basis for our audit 
opinion on the accompanying financial statements.

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FINANCIAL STATEMENTS AND NOTES | Auditor's Report
Valuation of deferred tax asset 
Description How our audit addressed this key audit matter
As of December 31, 2023, the deferred tax asset amounts to 
SEK 436 million and is based on available accumulated tax 
losses carried forward in the parent company Orrön Energy 
AB (publ) existing as per 2022 multiplied with a tax rate of 
20.6%.
A deferred tax asset can only be included in the balance 
sheet if there is enough expected future taxable income 
to offset the tax effects. The group prepares a forecast 
annually to assess future taxable income and what 
proportion of the deficits can be capitalised in the balance 
sheet. Consideration is given to both external factors such 
as assessed electricity prices, expected capacity from the 
electricity-producing facilities as well as internal factors such 
as deficits in companies with group contribution restrictions 
and expected costs for running the business.
The valuation is based on assumptions, which makes it a 
complex area of our audit. As a result of the uncertainties 
that the assumptions include and the significant effects 
that changes in the assumptions could have in the financial 
statements, we consider this area to be a key audit matter in 
our audit.
For information see note 5 (group) and note 3 (parent 
company).
We have taken this key audit matter into account in the audit 
through audit procedures consisting, inter alia, of:
- We have reviewed and evaluated the group's valuation
process.
- We have reviewed and analyzed the parameters and
assumptions included in the valuation model and
evaluated the probability of future assumptions against
historical outcomes.
- In the review, we examined whether there were any
implemented or upcoming changes in the tax regulations
in Sweden that could affect the possibility of utilizing the tax
losses or their size and that these were, where applicable,
considered in accordance with accounting practice.
We have reviewed the information provided in the annual 
report and consolidated accounts. 
Other Information than the annual accounts and
 
consolidated accounts 
This document also contains other information than the 
annual accounts and consolidated accounts and is found 
on pages 1–5, 11–16, and 20–32. The Board of Directors and the 
Managing Director are responsible for this other information. 
Our opinion on the annual accounts and consolidated 
accounts does not cover this other information and we do not 
express any form of assurance conclusion regarding this other 
information. 
In connection with our audit of the annual accounts and 
consolidated accounts, our responsibility is to read the 
information identified above and consider whether the 
information is materially inconsistent with the annual accounts 
and consolidated accounts. In this procedure we also take 
into account our knowledge otherwise obtained in the audit 
and assess whether the information otherwise appears to be 
materially misstated.
If we, based on the work performed concerning this 
information, conclude that there is a material misstatement of 
this other information, we are required to report that fact. We 
have nothing to report in this regard.
Responsibilities of the Board of Directors and the Managing 
Director
The Board of Directors and the Managing Director are 
responsible for the preparation of the annual accounts and 
consolidated accounts and that they give a fair presentation 
in accordance with the Annual Accounts Act and, concerning 
the consolidated accounts, in accordance with IFRS 
Accounting Standards as adopted by the EU. The Board of 
Directors and the Managing Director are also responsible 
for such internal control as they determine is necessary to 
enable the preparation of annual accounts and consolidated 
accounts that are free from material misstatement, whether 
due to fraud or error.
In preparing the annual accounts and consolidated accounts, 
The Board of Directors and the Managing Director are 
responsible for the assessment of the company’s and the 
group’s ability to continue as a going concern. They disclose, 
as applicable, matters related to going concern and using the 
going concern basis of accounting. The going concern basis 
of accounting is however not applied if the Board of Directors 
and the Managing Director intends to liquidate the company, 
to cease operations, or has no realistic alternative but to do so.
The Audit Committee shall, without prejudice to the Board of 
Director’s responsibilities and tasks in general, among other 
things oversee the company’s financial reporting process.
Auditor’s responsibility
Our objectives are to obtain reasonable assurance about 
whether the annual accounts and consolidated accounts as 
a whole are free from material misstatement, whether due to 
fraud or error, and to issue an auditor’s report that includes our 
opinions. Reasonable assurance is a high level of assurance, 
but is not a guarantee that an audit conducted in accordance 
with ISAs and generally accepted auditing standards in 
Sweden will always detect a material misstatement when it 
exists. Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, they 
could reasonably be expected to influence the economic 
decisions of users taken on the basis of these annual accounts 
and consolidated accounts.
As part of an audit in accordance with ISAs, we exercise 
professional judgment and maintain professional skepticism 
throughout the audit. We also:
• Identify and assess the risks of material misstatement of
the annual accounts and consolidated accounts, whether
due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinions.
The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of the company’s internal control
relevant to our audit in order to design audit procedures
that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the
company’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by the Board of Directors and the
Managing Director.

===== SIDA 77 =====

75
FINANCIAL STATEMENTS AND NOTES | Auditor's Report
• Conclude on the appropriateness of the Board of Directors’ 
and the Managing Director’s use of the going concern 
basis of accounting in preparing the annual accounts and 
consolidated accounts. We also draw a conclusion, based 
on the audit evidence obtained, as to whether any material 
uncertainty exists related to events or conditions that may 
cast significant doubt on the company’s and the group’s 
ability to continue as a going concern. If we conclude that a 
material uncertainty exists, we are required to draw attention 
in our auditor’s report to the related disclosures in the annual 
accounts and consolidated accounts or, if such disclosures 
are inadequate, to modify our opinion about the annual 
accounts and consolidated accounts. Our conclusions are 
based on the audit evidence obtained up to the date of our 
auditor’s report. However, future events or conditions may 
cause a company and a group to cease to continue as a 
going concern.
• Evaluate the overall presentation, structure and content 
of the annual accounts and consolidated accounts, 
including the disclosures, and whether the annual accounts 
and consolidated accounts represent the underlying 
transactions and events in a manner that achieves fair 
presentation.
• Obtain sufficient and appropriate audit evidence regarding 
the financial information of the entities or business activities 
within the group to express an opinion on the consolidated 
accounts. We are responsible for the direction, supervision 
and performance of the group audit. We remain solely 
responsible for our opinions.
We must inform the Board of Directors of, among other 
matters, the planned scope and timing of the audit. We must 
also inform of significant audit findings during our audit, 
including any significant deficiencies in internal control that we 
identified.
We must also provide the Board of Directors with a statement 
that we have complied with relevant ethical requirements 
regarding independence, and to communicate with them 
all relationships and other matters that may reasonably be 
thought to bear on our independence, and where applicable, 
actions taken to eliminate threats or related safeguards 
applied.
From the matters communicated with the Board of Directors, 
we determine those matters that were of most significance in 
the audit of the annual accounts and consolidated accounts, 
including the most important assessed risks for material 
misstatement, and are therefore the key audit matters. We 
describe these matters in the auditor’s report unless law or 
regulation precludes disclosure about the matter. 
 
Report on other legal and regulatory requirements   
Report on the audit of the administration and the proposed 
appropriations of the company’s profit or loss
Opinions
In addition to our audit of the annual accounts and 
consolidated accounts, we have also audited the 
administration of the Board of Directors and the Managing 
Director of Orrön Energy AB (publ) for the year 2023 and the 
proposed appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that 
the profit be appropriated in accordance with the proposal 
in the statutory administration report and that the members 
of the Board of Directors and the Managing Director be 
discharged from liability for the financial year.
Basis for opinions
We conducted the audit in accordance with generally 
accepted auditing standards in Sweden. Our responsibilities 
under those standards are further described in the Auditor’s 
Responsibilities section. We are independent of the parent 
company and the group in accordance with professional 
ethics for accountants in Sweden and have otherwise 
fulfilled our ethical responsibilities in accordance with these 
requirements.
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors and the Managing 
Director
The Board of Directors is responsible for the proposal for 
appropriations of the company’s profit or loss. At the proposal 
of a dividend, this includes an assessment of whether the 
dividend is justifiable considering the requirements which the 
company's and the group’s type of operations, size and risks 
place on the size of the parent company's and the group’s 
equity, consolidation requirements, liquidity and position in 
general.
The Board of Directors is responsible for the company’s 
organization and the administration of the company’s affairs. 
This includes among other things continuous assessment 
of the company’s and the group’s financial situation and 
ensuring that the company's organization is designed so that 
the accounting, management of assets and the company’s 
financial affairs otherwise are controlled in a reassuring 
manner. The Managing Director shall manage the ongoing 
administration according to the Board of Directors’ guidelines 
and instructions and among other matters take measures 
that are necessary to fulfill the company’s accounting in 
accordance with law and handle the management of assets 
in a reassuring manner.
Auditor’s responsibility
Our objective concerning the audit of the administration, 
and thereby our opinion about discharge from liability, is to 
obtain audit evidence to assess with a reasonable degree of 
assurance whether any member of the Board of Directors or 
the Managing Director in any material respect:
• has undertaken any action or been guilty of any omission 
which can give rise to liability to the company, or
• in any other way has acted in contravention of the 
Companies Act, the Annual Accounts Act or the Articles of 
Association.
Our objective concerning the audit of the proposed 
appropriations of the company’s profit or loss, and thereby 
our opinion about this, is to assess with reasonable degree 
of assurance whether the proposal is in accordance with the 
Companies Act.
Reasonable assurance is a high level of assurance, but is not 
a guarantee that an audit conducted in accordance with 
generally accepted auditing standards in Sweden will always 
detect actions or omissions that can give rise to liability to 
the company, or that the proposed appropriations of the 
company’s profit or loss are not in accordance with the 
Companies Act.
As part of an audit in accordance with generally accepted 
auditing standards in Sweden, we exercise professional 
judgment and maintain professional skepticism throughout 
the audit. The examination of the administration and the 
proposed appropriations of the company’s profit or loss 
is based primarily on the audit of the accounts. Additional 
audit procedures performed are based on our professional 
judgment with starting point in risk and materiality. This means 
that we focus the examination on such actions, areas and 
relationships that are material for the operations and where 
deviations and violations would have particular importance 
for the company’s situation. We examine and test decisions 
undertaken, support for decisions, actions taken and other 
circumstances that are relevant to our opinion concerning 
discharge from liability. As a basis for our opinion on the Board 
of Directors’ proposed appropriations of the company’s profit 
or loss we examined whether the proposal is in accordance 
with the Companies Act.

===== SIDA 78 =====

76
FINANCIAL STATEMENTS AND NOTES | Auditor's Report
The auditor’s examination of the ESEF report
Opinion
In addition to our audit of the annual accounts and 
consolidated accounts, we have also examined that the Board 
of Directors and the Managing Director have prepared the 
annual accounts and consolidated accounts in a format that 
enables uniform electronic reporting (the Esef report) pursuant 
to Chapter 16, Section 4(a) of the Swedish Securities Market Act 
(2007:528) for Orrön Energy AB (publ) for the financial year 2023. 
Our examination and our opinion relate only to the statutory 
requirements.
In our opinion, the Esef report has been prepared in a format 
that, in all material respects, enables uniform electronic 
reporting.
Basis for opinion
We have performed the examination in accordance with 
FAR’s recommendation RevR 18 Examination of the ESEF report. 
Our responsibility under this recommendation is described 
in more detail in the Auditors’ responsibility section. We are 
independent of Orrön Energy AB (publ) in accordance with 
professional ethics for accountants in Sweden and have 
otherwise fulfilled our ethical responsibilities in accordance 
with these requirements. 
We believe that the evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinion.
Responsibilities of the Board of Directors and the Managing 
Director
The Board of Directors and the Managing Director are 
responsible for the preparation of the Esef report in 
accordance with Chapter 16, Section 4(a) of the Swedish 
Securities Market Act (2007:528), and for such internal control 
that the Board of Directors and the Managing Director 
determine is necessary to prepare the Esef report without 
material misstatements, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to obtain reasonable assurance whether 
the Esef report is in all material respects prepared in a format 
that meets the requirements of Chapter 16, Section 4(a) of 
the Swedish Securities Market Act (2007:528), based on the 
procedures performed.
RevR 18 requires us to plan and execute procedures to achieve 
reasonable assurance that the Esef report is prepared in a 
format that meets these requirements. 
Reasonable assurance is a high level of assurance, but it is 
not a guarantee that an engagement carried out according 
to RevR 18 and generally accepted auditing standards in 
Sweden will always detect a material misstatement when it 
exists. Misstatements can arise from fraud or error and are 
considered material if, individually or in aggregate, they could 
reasonably be expected to influence the economic decisions 
of users taken on the basis of the Esef report. 
The audit firm applies ISQM 1 Quality Management for Firms 
that Perform Audits or Reviews of Financial Statements, or 
other Assurance or Related Services Engagements which 
requires the firm to design, implement and operate a system 
of quality management, including policies and procedures 
regarding compliance with professional ethical requirements, 
professional standards and applicable legal and regulatory 
requirements.
The examination involves obtaining evidence, through 
various procedures, that the Esef report has been prepared 
in a format that enables uniform electronic reporting of the 
annual and consolidated accounts. The procedures selected 
depend on the auditor’s judgment, including the assessment 
of the risks of material misstatement in the report, whether 
due to fraud or error. In carrying out this risk assessment, and 
in order to design audit procedures that are appropriate in 
the circumstances, the auditor considers those elements 
of internal control that are relevant to the preparation of 
the Esef report by the Board of Directors and the Managing 
Director, but not for the purpose of expressing an opinion on 
the effectiveness of those internal controls. The examination 
also includes an evaluation of the appropriateness and 
reasonableness of assumptions made by the Board of 
Directors and the Managing Director. 
The procedures mainly include a validation that the Esef 
report has been prepared in a valid XHTML format and a 
reconciliation of the Esef report with the audited annual 
accounts and consolidated accounts.
Furthermore, the procedures also include an assessment of 
whether the consolidated statement of financial performance, 
financial position, changes in equity, cash flow and disclosures 
in the Esef report have been marked with iXBRL in accordance 
with what follows from the Esef regulation.
The auditor’s examination of the corporate 
governance statement
The Board of Directors is responsible for that the corporate 
governance statement on pages 20–32 has been prepared in 
accordance with the Annual Accounts Act.
Our examination of the corporate governance statement is 
conducted in accordance with FAR´s standard RevR 16 The 
auditor´s examination of the corporate governance statement. 
This means that our examination of the corporate governance 
statement is different and substantially less in scope than an 
audit conducted in accordance with International Standards 
on Auditing and generally accepted auditing standards in 
Sweden. We believe that the examination has provided us with 
sufficient basis for our opinions.
A corporate governance statement has been prepared. 
Disclosures in accordance with chapter 6 section 6 the 
second paragraph points 2–6 of the Annual Accounts Act and 
chapter 7 section 31 the second paragraph the same law are 
consistent with the other parts of the annual accounts and 
consolidated accounts and are in accordance with the Annual 
Accounts Act
The auditor´s opinion regarding the statutory 
sustainability report
The Board of Directors is responsible for the statutory 
sustainability report on pages 11-16, and that it is prepared in 
accordance with the Annual Accounts Act. 
Our examination has been conducted in accordance with 
FAR’s auditing standard RevR 12 The auditor´s opinion regarding 
the statutory sustainability report. This means that our 
examination of the statutory sustainability report is different 
and substantially less in scope than an audit conducted in 
accordance with International Standards on Auditing and 
generally accepted auditing standards in Sweden. We believe 
that the examination has provided us with sufficient basis for 
our opinion.
A statutory sustainability report has been prepared.
Ernst & Young AB, Box 7850, 103 99 Stockholm, was appointed 
auditor of Orrön Energy AB (publ) by the general meeting 
of the shareholders on the 31 March 2023 and has been the 
company’s auditor since 2020.
Stockholm, 16 April 2024
Ernst & Young AB
Anders Kriström
Authorized Public Accountant

===== SIDA 79 =====

77
ADDITIONAL INFORMATION
Key Financial Data
The alternative performance measures presented and disclosed in this report are used internally by management in 
conjunction with IFRS measures to measure performance and make decisions regarding the future direction of the business. 
The Group believes that these alternative performance measures, when provided in combination with reported IFRS measures, 
provide helpful supplementary information for investors. 
In addition to the consolidated financial reporting in line with IFRS, the Group provides a proportionate financial reporting which 
forms part of the alternative performance measures that the Group presents. Proportionate financials contain the entities, 
in which the Group holds a 100 percent interest as well as Orrön Energy’s proportionate share of those entities in which the 
Group holds an ownership of not more than 50 percent. In the consolidated financial reporting, the results from these partly 
owned assets are not fully consolidated but instead reported on one line, as share of result in joint ventures in line with IFRS. 
Proportionate financials also represent Orrön Energy’s proportionate share of those entities which are fully consolidated but in 
which the Group holds an ownership of less than 100 percent but more than 50 percent. Proportionate reporting is aligned with 
the Group’s internal management reporting, analysis and decision making.
Reconciliations of relevant alternative performance measures are provided on page 78. Definitions of the performance 
measures are provided on page 79.
Financial data
MEUR 2023 2022
Consolidated financials 
Revenue 28.0 13.8 
EBITDA -5.1 4.5 
Operating profit (EBIT) -17.0 1.0 
Net result -7.6 27.4
Net cash (-) / Net debt (+) 93.7 29.7
Proportionate financials
Power generation (GWh) 765 335
Average price achieved per MWh (EUR) 47 120
Revenue 36.2 40.0 
EBITDA 5.3 20.7 
Operating profit (EBIT) -11.0 14.7 
Net cash (-) / Net debt (+) 92.4 12.4
Data per share
EUR
Earnings per share -0.03 0.10
Earnings per share – diluted -0.03 0.10
EBITDA per share -0.02 0.02
EBITDA per share – diluted -0.02 0.02
Number of shares issued at period end 285,924,614 285,924,614
Number of shares in circulation at period end 285,924,614 285,924,614
Weighted average number of shares for the period 285,924,614 285,458,805
Weighted average number of shares for the period – diluted 288,526,711 286,567,833
Share price
Share price at period end in SEK 7.96 22.46
Share price at period end in EUR
 1 0.72 2.02
Key ratios
Return on equity (%) -2 8
Return on capital employed (%) -4 0
Equity ratio (%) 71 80
1  Share price at period end in EUR is calculated based on quoted share price in SEK and applicable SEK/EUR exchange rate at period end.

===== SIDA 80 =====

78
ADDITIONAL INFORMATION
Alternative Performance Measures
EBITDA – Consolidated financials
MEUR 2023 2022
Operating profit/loss (EBIT) -17.0 1.0
Add: depreciation 11.9 3.5
-5.1 4.5
Net debt/Net cash – Consolidated financials 
MEUR 2023 2022
Interest bearing loans and borrowings – Non-Current 114.7 28.8
Interest bearing loans and borrowings – Current 0.8 27.8
Less: Cash and cash equivalents -21.8 -26.9
93.7 29.7
EBITDA – Proportionate financials 
MEUR 2023 2022
Operating profit/loss (EBIT) -11.0 14.7
Add: depreciation 16.3 6.0
5.3 20.7
Net debt/Net cash – Consolidated financials 
MEUR 2023 2022
Net cash / Net debt – Consolidated financials 93.7 29.7
Less: Cash and cash equivalents of Associates and joint ventures -3.5 -17.3
Add: Interest bearing loans and borrowings of Associates and joint ventures 2.2 –
92.4 12.4
Bridge from proportionate to consolidated financials
2023
MEUR
Proportionate 
financials
Residual owner-
ship for fully 
consolidated 
entities 1 
Elimination
of equity 
consolidated 
entities 2
Consolidated 
financials
Revenue 36.2 3.6 -11.8 28.0
Other income 0.8 0.0 -0.4 0.4
Operating expenses -13.5 -3.1 4.0 -12.6
General and administration expenses -18.2 – – -18.2
Share in result of associates and joint ventures – – -2.7 -2.7
EBITDA 5.3 0.5 -10.9 -5.1
Depreciation -16.3 -0.1 4.5 -11.9
Operating profit (EBIT) -11.0 0.4 -6.4 -17.0
Net financial items -7.9 0.2 5.6 -2.1
Tax 10.9 -0.2 0.8 11.5
Net result -8.0 0.4 0.0 -7.6
Attributable to:
Shareholders of the Parent Company -8.0 – – -8.0
Non-controlling interest – 0.4 – 0.4
1  Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have 100 percent 
economic interest.
2  Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy’s share of net income/loss.

===== SIDA 81 =====

79
ADDITIONAL INFORMATION
Definitions and Abbreviations
Definitions
Earnings per share: Net result attributable to shareholders of the Parent Company divided by the weighted average number of 
shares for the period.
Earnings per share – diluted: Net result attributable to shareholders of the Parent Company divided by the weighted average 
number of shares for the period after considering any dilution effect.
EBIT (Earnings Before Interest and Tax): Operating profit 
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation): Operating profit before depreciation
Equity ratio: Total equity divided by the balance sheet total.
Net debt/Net cash – Consolidated: Interest bearing loans and borrowings less cash and cash equivalents.
Net debt/Net cash – Proportionate: Net cash / Net debt – Consolidated less cash and cash equivalents of associates and joint 
ventures plus Interest bearing loans and borrowings of associates and joint ventures.
Return on equity: Net result divided by average total equity.
Return on capital employed: Income before tax plus interest expenses plus/less currency exchange differences on financial 
loans divided by the average capital employed (the average balance sheet total less non-interest bearing liabilities).
Weighted average number of shares for the period: The number of shares at the beginning of the period with changes in the 
number of shares weighted for the proportion of the period they are in issue.
Weighted average number of shares for the period – diluted: The number of shares at the beginning of the period with changes 
in the number of shares weighted for the proportion of the period they are in issue after considering any dilution effect.
Abbreviations
CHF Swiss franc  
EUR Euro
GBP British pound sterling 
NOK Norwegian Krone
SEK Swedish Krona
USD US dollar
TSEK Thousand SEK
TUSD Thousand USD
MEUR Million EUR
MSEK Million SEK
MUSD Million USD
Industry related terms and measurements
GWh Gigawatt hours
MWh Megawatt hours

===== SIDA 82 =====

80
Contacts
Robert Eriksson
Director Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
robert.eriksson@orron.com
Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
jenny.sandstrom@orron.com
Financial Calendar
• Interim report for the first quarter of 2024 14 May 2024
• Annual General Meeting 2024 15 May 2024
• Interim report for the second quarter of 2024 8 August 2024
• Interim report for the third quarter of 2024 6 November 2024
• Year end report 2024 12 February 2025
Annual General Meeting
The Annual General Meeting (AGM) is held within six months from the close of the financial year. All shareholders who are 
registered in the shareholders’ register and who have duly notified their intention to attend the AGM may do so and vote in 
accordance with their level of shareholding. Shareholders may also attend the AGM through a proxy and a shareholder shall in 
such a case issue a written and dated proxy. A proxy form is available on www.orron.com.
Orrön Energy’s AGM is to be held on 15 May 2024 at 13.00 CEST at IVA konferenscenter, Grev Turegatan 16 in Stockholm. 
Shareholders may choose to exercise their voting rights at the AGM by attending in person, through a proxy or by postal voting. 
Vote at the AGM
Those who wish to exercise their voting rights at the AGM must:
• be entered as a shareholder in the share register kept by Euroclear Sweden AB on 6 May 2024 or, if the shares are registered in
the name of a nominee, request that the nominee registers the shares in their own name for voting purposes in such time that
the registration is completed by 8 May 2024.
• give notice of attendance at the AGM to the Company in accordance with the instructions set out in the section “Notice of
attendance for participating in person or through a proxy” or submit a postal vote in accordance with the instructions set out
in the section “Voting by post” no later than 8 May 2024.
Notice of attendance for participating in person or through a proxy
Those who wish to participate in the AGM in person or through a proxy shall give notice of attendance to the Company no later 
than 8 May 2024 either:
• electronically on the Company's website, www.orron.com (only applicable to individuals).
• by email to info@computershare.se.
• by post to Computershare AB, Box 5267, SE-102 46 Stockholm (Att. “Orrön Energy’s AGM”).
• by telephone to +46 (0)8 518 01 554 on weekdays between 09.00 a.m. and 16.00 p.m. (CEST).
The notice of attendance shall state name, date of birth or corporate identification number, address, telephone number and, 
where relevant, the number of accompanying advisors (not more than two).
Those who do not wish to attend the AGM in person or exercise their voting rights by postal voting may exercise their voting 
rights at the AGM through a proxy in possession of a written, signed and dated proxy form. A proxy form issued by a legal entity 
must be accompanied by a copy of a certificate of registration or a corresponding document of authority for the legal entity. 
To facilitate the registration at the AGM, proxy forms, certificates of registration and other documents of authority should be 
submitted to the Company at Computershare AB, Box 5267, SE-102 46 Stockholm (Att. “Orrön Energy’s AGM”) no later than 8 May 
2024. Please note that notice of attendance must be given even if a shareholder wishes to exercise its rights at the meeting 
through a proxy. A submitted proxy form does not count as a notice of attendance. Template proxy forms in Swedish and English 
are available on the Company’s website, www.orron.com.
Voting by post
The Board of Directors has resolved that shareholders may exercise their voting rights by postal voting and shareholders who 
wish to do so, shall use the voting form and follow the instructions available on the Company’s website, www.orron.com. The 
postal vote must be received by the Company no later than 8 May 2024. The postal voting form shall be sent either:
• electronically in accordance with the instructions available on www.orron.com.
• by email to info@computershare.se.
• by post to Computershare AB, Box 5267, SE-102 46 Stockholm (Att. “Orrön Energy AGM”).
Those who wish to withdraw a submitted postal vote and instead exercise their voting rights by participating in the AGM in 
person or through a proxy must give notice thereof at the registration of the AGM prior to the opening of the AGM.
ADDITIONAL INFORMATION
Shareholders’ information

===== SIDA 83 =====

81
Printed by Exakta Print Malmö and Landsten 
Reklam, Sweden 2024. 
Exakta Print is FSC® and ISO 14001 certified 
and is committed to all round excellence 
in its environmental performance. The 
paper used for this report contains material 
sourced from responsibly managed forests, 
certified in accordance with the FSC® and 
is manufactured by Exakta Print to ISO 14001 
international standards.
Stay up to date with Orrön Energy’s
news and events by visiting our website
www.orron.com
Follow us on 
social media
This information is information that Orrön Energy AB is required to make public pursuant to the Swedish Securities Markets Act. 
The information was submitted for publication at 09.00 CEST on 17 April 2024.
Forward-Looking Statements
Statements in this report relating to any future status or circumstances, including statements regarding future performance, 
growth and other trend projections are forward-looking statements. These statements may generally, but not always, be 
identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. 
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on 
circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those 
expressed or implied by these forward-looking statements due to several factors, many of which are outside the Company’s 
control. Any forward-looking statements in this report speak only as of the date on which the statements are made and 
the Company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new 
information, future events or otherwise.

===== SIDA 84 =====

Corporate Head Office
Orrön Energy AB (publ)
Hovslagargatan 5
SE-111 48  Stockholm, Sweden
T +46-8-440 54 50
W orron.com