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Registered number: 15236595
AURORA GROUP P.L.C
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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AURORA GROUP P.L.C
COMPANY INFORMATION
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G Austigard (appointed 5 December 2024)
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M S Dickinson (resigned 9 July 2025)
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N L Hartley (resigned 9 July 2025)
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J Mcintyre (resigned 9 July 2025)
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V Sivaramakrishnan (resigned 9 July 2025)
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M Boam (resigned 17 December 2024)
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AURORA GROUP P.L.C
CONTENTS
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Statement of Profit or Loss and Other Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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Detailed Profit and Loss Account and Summaries
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AURORA GROUP P.L.C
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the period ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' Report and the financial statements, in accordance with applicable law.
Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.
Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;
∙assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
The Company's principal activity is to provide support services to the fellow subsidiaries of the group.
The profit for the period, after taxation, amounted to NOK40,705,851.
No dividends were issued during the year.
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AURORA GROUP P.L.C
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors who served during the period were:
G Austigard (appointed 5 December 2024)
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M S Dickinson (resigned 9 July 2025)
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N L Hartley (resigned 9 July 2025)
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J Mcintyre (resigned 9 July 2025)
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V Sivaramakrishnan (resigned 9 July 2025)
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M Boam (resigned 17 December 2024)
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This report was approved by the board and signed on its behalf.
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AURORA GROUP P.L.C
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Amounts written off and p/l on disposals
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Total comprehensive income
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The notes on pages 7 to 12 form part of these financial statements.
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AURORA GROUP P.L.C
REGISTERED NUMBER: 15236595
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
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Other non-current investments
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Trade and other receivables
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Trade and other liabilities
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Trade and other liabilities
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Issued capital and reserves
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Capital redemption reserve
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AURORA GROUP P.L.C
REGISTERED NUMBER: 15236595
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
For the period ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to the companies subject to the small companies regime.
The financial statements on pages 3 to 12 were approved and authorised for issue by the board of directors on 31 October 2025 and were signed on its behalf by:
The notes on pages 7 to 12 form part of these financial statements.
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AURORA GROUP P.L.C
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Comprehensive income for the period
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Total comprehensive income for the period
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Total contributions by and distributions to owners
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The notes on pages 7 to 12 form part of these financial statements.
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AURORA GROUP P.L.C
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
1.Accounting policies
The tax currently payable is based on taxable profit for the period. Taxable profit differs from ‘profit before tax’ as reported in the Statement of Profit or Loss and Other Comprehensive Income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Income tax expense represents the sum of the tax currently payable.
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Aurora Group P.L.C (the 'Company') is a limited company incorporated in the United Kingdom. The Company's registered office is at 30a Brook Street, London, United Kingdom, W1K 5DJ . The Company's principal activity is to provide support services to the fellow subsidiaries of the group.
The financial statements have been prepared in accordance with International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs). They were authorised for issue by the Company's board of directors on 31 October 2025.
Details of the Company's accounting policies, including changes during the period, are included in note 1.
In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 5.
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AURORA GROUP P.L.C
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
3.Basis of preparation (continued)
The financial statements have been prepared on the historical cost basis.
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3.2 Changes in accounting policies
i) New standards, interpretations and amendments effective from 27 October 2023
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No such standards have been identified during the period which would have a material effect on the financial statements of the Company.
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Functional and presentation currency
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These financial statements are presented in NOK, which is the Company's functional currency. All amounts have been rounded to the nearest NOK, unless otherwise indicated.
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Accounting estimates and judgments
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5.1 Judgment
In the application of the Company's accounting policies, the directors are requried to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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AURORA GROUP P.L.C
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Finance income and expense
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Recognised in profit or loss
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Interest receivable from group companies
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Loans from group undertakings
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Net finance income/(expense) recognised in profit or loss
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AURORA GROUP P.L.C
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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7.1 Income tax recognised in profit or loss
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Current tax on profits for the period
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The reasons for the difference between the actual tax charge for the period and the standard rate of corporation tax in the United Kingdom applied to profits for the period are as follows:
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Income tax expense (including income tax on associate, joint venture and discontinued operations)
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Profit before income taxes
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Tax using the Company's domestic tax rate of 25% (2023:25%)
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Utilisation of tax losses
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Other timing differences leading to an increase/(decrease) in taxation
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Other non-current investments
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Investments in subsidiary companies
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AURORA GROUP P.L.C
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Trade and other receivables
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Total financial assets other than cash and cash equivalents classified as loans and receivables
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Total trade and other receivables
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Total non-current portion
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Payables to related parties
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Total financial liabilities, excluding loans and borrowings, classified as financial liabilities measured at amortised cost
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Other payables - tax and social security payments
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Total trade and other payables
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Less: current portion - payables to related parties
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Less: current portion - other payables
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Total non-current position
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AURORA GROUP P.L.C
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Total loans and borrowings
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Ordinary shares of NOK0.001000 each
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Events after the reporting date
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The Company announced in January 2025 that it called an additional principal amount of approximately USD 5 million under the equity claw back option on USD 225 million senior secured notes issued in June 2024. The redemption of the equity claw back option was completed on 3 February 2025. In addition, Aurora announced that it redeemed a principal amount of USD 30.5 million of the notes under the mandatory cash sweep, which took place 19 February 2025. On 24 January 2024, the parent company Moreld ASA successfully placed a USD 130 million senior secured bond with a 5-year tenor. The bonds will pay a semi-annual coupon of 9.875 per cent per annum. The settlement date was 11 February 2025, and the bonds are listed on the Oslo Stock Exchange. The net proceeds from the bond issue were used to refinance the remainder of the USD 225 million senior secured notes due 2029 in full. The full repayment took place on 21 February 2025. Following the repayment, Aurora Group Plc has ceased trading and the directors intend to wind up the company post this date.
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