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"value": "Note 1 - Principal accounting policies and key accounting estimates Bonheur ASA is domiciled in Norway. The address of the Company\u2019s registered office is Fred Olsens gate 2, Oslo.The consolidated financial statements of Bonheur ASA as at and for the year ended 31 December 2022 comprise Bonheur ASA and its subsidiaries (together referred to as the \u201cGroup of companies\u201d and individually as \u201cGroup entities\u201d) and the Group of companies\u2019 interests in associates.
The Group of companies is primarily involved in Renewable Energy, Wind Service and Cruise.
The annual accounts together with the appurtenant financial statements were addressed by the Board of Directors on 12 April 2023. In a meeting 14 April 2023, the Shareholders\u2019 Committee recommended to the Annual General Meeting that the proposal to the annual accounts for 2022 together with the appurtenant financial statements as addressed and resolved upon by the Board in the said meeting on 12 April 2023, is approved. Eventual approval of the annual accounts together with the appurtenant financial statements lies with the Annual General Meeting scheduled for 25 May 2023.
Basis of accounting
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and its interpretations, as adopted by the European Union and the disclosure requirements following from the Norwegian Accounting Act, that are mandatory to apply at 31.12.2022.
Basis of preparation
These consolidated financial statements are presented in Norwegian Kroner (NOK), the functional currency of Bonheur ASA. All financial information presented in NOK has been rounded to the nearest thousand.
The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Reassessment of accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
Judgements and estimates made by management in the application of IFRSs that have significant effect on the financial statements and estimates that have a significant risk of material adjustment in the next year are discussed in the specific notes.
The accounting policies have been applied consistently to all periods presented in these consolidated financial statements by all Group entities. The Group of companies\u2019 accounting policies are described in the individual notes to the Consolidated Financial Statements.
Basis of consolidation
Subsidiaries
The consolidated financial statements include Bonheur ASA and its subsidiaries (the Group of companies). See note 27 for details of the subsidiaries.
Associates (investments accounted for using the equity method)
Associates are those entities in which the Group of companies has significant influence, but not control, over the financial and operating policies. See note 12 for details of the associates.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any realised and unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with
associates are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Realised foreign currency differences from intra-group transactions which are recognised in profit or loss are not eliminated, because the Group of companies has a real exposure to a foreign currency. Unrealised foreign currency differences from intra-group transactions which are recognised in profit or loss are eliminated, but only to the extent that the currency difference is due to permanent financing.
Non-controlling interests
Non-controlling interests within the consolidated subsidiaries are identified as a separate item within the Group of companies\u2019 equities. Non-controlling interests consist of interests at the date of the original transaction and the non-controlling interests\u2019 share of changes in equity since that date. Losses applicable to the non-controlling interests in excess of the non-controlling interests in the subsidiary\u2019s equity are allocated to the majority interests of the Group of companies as there is no obligation for the non-controlling interests to make an additional investment to cover the losses. Acquisitions and sales of non-controlling interests are accounted for entirely as an equity transaction as long as the subsidiary is still under the control of the Bonheur Group of companies.
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group of companies\u2019 entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined.
Foreign operations
The assets and liabilities of subsidiaries with other functional currency than NOK, are translated into NOK at the exchange rate at the statement of financial position date. Revenues and expenses are translated using average monthly foreign exchange rates, which approximates exchange rates on the dates of the transactions. Foreign exchange differences arising on translation are recognised directly as a separate component of equity. When a foreign operation is disposed of, in part or in full, the relevant amount of the component in equity is transferred to profit or loss.
Provisions
A provision is recognised if, as a result of a past event, the Group of companies has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
Principal accounting policies
The Group of companies\u2019 accounting policies are described in the individual notes to the Consolidated Financial Statements. Considering all the accounting policies applied, Management regards the notes listed below as the most significant notes for the recognition and measurement of reported amounts.
Accounting estimates and judgments
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that Management considers reasonable and appropriate under the circumstances. The resulting accounting estimates may differ from the eventual outcome, but the Group of companies\u2019 regards this as the best estimate at the balance sheet date. The notes in this report provide further information on the specific topics including key accounting estimates and judgments.
Effects from new accounting standardsThe amended standards and interpretations had no significant impact on the Group of companies consolidated financial statements in 2022. Forthcoming requirements
The amended standards and interpretations are not expected to have a significant impact on the Group of companies consolidated financial statements.
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the following:
\u2022Derivative financial instruments are measured at fair value
\u2022Financial assets measured at fair value through profit or loss or through other comprehensive income
\u2022Employee benefits are measured at fair value
The methods used to measure fair values are discussed further in note 2.
Note 2 \u2013 Determination of fair values A number of the Group of companies\u2019 accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.(i) Property, plant and equipment (PPE)
The fair value of PPE is estimated when impairment tests are performed. The market value of items of vessels is based on broker valuations, for other items it is based on quoted market prices for similar items. Fair value may also be based on value in use for the purpose of impairment testing. Value in use is the present value of the future net cash flows from continuing use and ultimate disposal of the asset.
(ii) Intangible assets
The fair value of other intangible assets, including goodwill, is based on the discounted net cash flows expected to be derived from the use and potential sale of the assets. However, the value of Mynewsdesk AS and Mention Solutions SAS (inclusive intangible assets), subsidiaries of NHST, is based on fair value less cost of disposal where estimated sales values for similar business are obtained from an independent party.\u00a0
(iii) Investments in equity and debt securities
The fair value of financial assets at fair value through profit or loss and through other comprehensive income is determined by reference to their quoted bid price at the reporting date.
If such a quoted bid price does not exist at the statement of financial position date, the following items are considered when estimating the fair value:
\u25aathe latest known trading price
\u25aaaverage price from transactions
\u25aatransactions with high volume
(iv) Trade and other receivables
The fair value of trade and other receivables is estimated as the present value of expected future cash flows.
(v) Derivatives
The fair value of forward exchange contracts is based on available market information. The fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).
The fair value of interest rate swaps is the estimated amount that the Group of companies would receive or pay to terminate the swap at the statement of financial position date, taking into account current interest rates and the counterparty\u2019s credit rating.(vi) Non-derivative financial liabilitiesFair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. For lease liabilities the market rate of interest is determined by reference to similar lease agreements.
Note 3 \u2013 Financial risk management The Group of companies is exposed to certain financial risks related to its activities. The financial risks are continuously monitored and from time-to-time financial derivatives are used to economically hedge such exposures. The monitoring within the various business segments is carried out by the respective companies, in accordance with their policies and procedures, through internal reporting and online based information of movements and market values of relevant financial instruments. Reports on the companies\u2019 financial risk exposure are regularly submitted to the respective entities\u2019 Board of directors. For more information \u2013 see notes 18 and 22.
Financial market risk
Currency risk
The Group of companies\u2019 financial statements are presented in NOK. The Group of companies\u2019 revenues consist primarily of EUR, GBP and NOK. The revenues within the Wind Service segment in 2022 were in EUR. The GBP revenues in 2022 are within the Renewable Energy and cruise segments. Consequently, out of the group\u2019s gross revenues of NOK 11 435 million in 2022, approximately 49% were in GBP, approximately 36% were in EUR and approximately 2% were in SEK. The remaining 13% were in NOK. The Group of companies\u2019 expenses are primarily in EUR, GBP, USD and NOK. As such, the Group of companies\u2019 earnings are exposed to fluctuations in the currency market. However, in the longer-term parts of the currency exposure are neutralized due to the majority of the Group of companies\u2019 debts being denominated in the same currencies as the main revenues.
The Group of companies is exposed to interest rate fluctuations, as loans are frequently based on floating interest rates. By the turn of the year, parts of the outstanding loans in Renewable energy had been hedged against interest fluctuations through interest rate swap agreement, the external loans in Cruise had a fixed interest rate and part of the det in UWL has a fixed interest rate. At year-end 36% (2021: 35%) of total loans were swapped into fixed rate obligations by use of interest rate swap agreements.
Fuel / bunker price
The Group of companies is exposed to fluctuations in bunker prices, which are fluctuating with the oil price. This exposure is primarily within the Cruise segment. In 2022 approximately 8% (2021: 3%) of total operating expenses within the Group of companies were bunker expenses within the Cruise segment, while approximately 1.5% (2021: 1.5%) were bunkers expenses within Wind Service. By the end of the year, there were no short-term derivative contracts outstanding relating to securing part of the bunker costs for the year 2023.
Electricity price
Electricity sales for the windfarms are on floating contracts and are subject to change in electricity prices apart from Paul\u2019s Hill and Rothes. 75% of the electricity sales for Paul\u2019s Hill wind farm was fixed for the winter of 2022 (4Q 2022 and 1Q 2023) at GBP 363.93 per MWh and 75% of production Rothes wind farm for winter of 2022 at GBP 351.45 per MWh. The electricity sales for the other ten windfarms are on variable contracts. In 2022 3% (2021: 12%) of the generation was based on fixed prices which expires at the end of 1Q 2023.
Credit risk
The Group of companies continuously evaluates the credit risk associated with customers and, when considered necessary, seeks to obtain certain guarantees. The credit risk within the Group of companies is in general considered to be moderate without significant changes from the previous year. Customers within Renewable Energy, which in 2022 provided 38% (2021: 32%) of total revenues, are large electricity distributors. Customers within Wind Service are large and well reputed entities from the Wind Service industry, although the turbine manufacturers are going through a period with negative profitability. Customers within the Wind Service segment provided in 2022 36% (2021: 47%) of total revenues. Credit risk within cruise 17% of total revenues in 2022 (2021: 7%)) is also regarded to be moderate, due to cruise tickets being paid in advance. Within the segment Other 9% (2021: 14%) of total revenues), credit risk is regarded moderate due to prepayment of subscriptions being a major part of the revenues.
Liquidity risk
Gross interest-bearing debt of the Group of companies at year end was NOK 10 177 million (2021: NOK 10 424 million). Cash and cash equivalents amounted to NOK 5 458 million (2021: NOK 4 039 million). Net interest-bearing debt of the Group of companies was NOK 4 719 million (2021: 6 385 million). Equity to assets ratio for the parent company was 73% (2021: 66%).
The Group of companies\u2019 interest-bearing debt consists of several loans. Some of the main business segments have arranged separate loans to cover their investments. In 2022 investments were financed by cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2022 amounted to NOK 183 million (2021: 170 million).
The Group of companies\u2019 short-term cash investments are mainly limited to cash deposits in the Group of companies\u2019 relationship banks and bonds. Derivative financial instruments are normally entered into with the Group of companies\u2019 main relationship banks.
A Minimum of NOK 500 million of other restricted cash reflects deposits required according to covenants in Bonheur ASAs bond loans.
Taking into account estimated revenues, proposed dividend payments and planned capital investments, the Group of companies views the liquidity risk to be moderate.\u00a0
The Group of companies\u2019 overriding financial objectives target to secure long-term visibility and flexibility through business cycles in order to sustain future development of the separate business and the group as a whole and maintain market and stakeholder confidence.
The FOCO on behalf of Bonheur ASA performs capital management for the Company\u2019s operations and oversees activity on an overall level for the Group of companies. Capital management is carried out within the various business segments, based on their respective policies and procedures.
The majority of the Group of companies\u2019 free available cash and cash equivalents have traditionally been held as bank deposits, however, investments in short- and long-term securities are also made. As a governing principle the wholly owned subsidiaries distribute free available excess cash to the Company.
To position the Group of companies for the upcoming implementation of the EU taxonomy directive and to formalize Bonheur\u2019s commitment to sustainable financing, Bonheur during 2020 established a green finance framework with an eligibility assessment from DNV. Since then, two green bond loans of NOK 700 million each, have been issued to be used for eligible green investments as defined in the framework, in addition to two external green loans in Wind Services of EUR 50 million and in Blue Tern of EUR 35 million. In 2022, the green financing frameworks were updated to also take into account EU Taxonomy rating.
\u00a0The Group of companies is in compliance with all external loan covenants as per 31 December 2022 and 12 April 2023.
Note 4 \u2013 Operating segments Accounting policies
A segment is a distinguishable component of the Group of companies that is engaged in providing related products or services (business segment), which is subject to risks and returns that are different from those of other segments. Segment information is presented in respect of the Group of companies' business segments. The business segments are determined based on the Group of companies' management and internal reporting structure. Inter-segment pricing is determined on an arm\u2019s length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment other than capital expenditure according to IFRS 16, and intangible assets other than goodwill.
The Group of companies has four reportable segments, as described below, which are the Group of companies' strategic business areas. The strategic business areas offer different products and services and are managed separately because they require different technology and marketing strategies. For each of the strategic business areas, the Group of companies' chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. Information regarding the results of each reportable segments is included below. Performance is measured based on segment operating profit and profit after tax, as included in the internal management reports that are reviewed by the Group of companies' CODM. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on an arm's length basis.
The Group of companies comprise the following business segments:
1)Renewable Energy
The companies included in the segment are Fred. Olsen Renewables and Fred. Olsen Seawind. The companies are engaged in development, construction and operation of wind farms in Scotland, Norway, Sweden, Ireland, Italy and USA.
2)Wind Service
The companies included in the segment are mainly Fred. Olsen Windcarrier, Global Wind Service and United Wind Logistics. The companies are engaged in logistics and services within the offshore wind industry.
3)Cruise
Cruise Lines operates three cruise ships and provides a diverse range of cruises.
4)Other Investments
The segment includes entities Fred. Olsen 1848 AS, Fred. Olsen Investments AS, Fred. Olsen Insurance Services AS, Fred. Olsen Travel AS, and the Company\u2019s ownership of 55.0% in NHST Media Group AS. In addition, the segment has various investments in real estate, bonds and shares.
Fully consolidated companies
Operating income - external
Operating income - internal
Profit / (loss-) for the year
Fully consolidated companies
Operating income - external
Operating income - internal
Profit / (loss-) for the year
Depreciation / Impairment
Share of profit in associates
*) For information on associates please refer to note 12.
Fully consolidated companies
The distribution of the operating revenue reported above is based on the geographical location of the customers. The Group of companies' operating income is primarily originating in Europe from ownership and operation of windfarms, Wind Service activities, cruise activities and from NHST Media Group. The capital expenditures are based on the location of the company that is actually doing the investment.
Of the total revenue in 2022 within the Group of companies, UK, Germany, Netherlands, Asia and Norway contributed 24%, 23%, 13%, 13% and 11% respectively (2021: 18%, 23%, 12%, 11% and 14% respectively). Revenues from four major customers within the Renewable Energy segment, constituted 37% (2021: 31%) of the total revenue in the Group of companies. In the Wind Service segment three major customer constituted 20% (2021: 16%) of the total revenue in the Group of companies.
Accounting policies
Revenue from the Renewable Energy segment
Revenue from sale of electric power is recognized in the period the power is generated and supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer for each MWh produced. Payment is due the month after.
In 2022 revenues from the Renewable Energy segment have increased significantly. Power generation increased with 22% from 2021 due to better wind conditions and full year production from the H\u00f6galiden wind farm. The main reason for increase in revenues is the power price development as visualized in the below graph:
The graph includes power prices from the NO2 price area in Norway, which is where Lista windfarm is located. In NO2 prices are normally more correlated with UK and European prices than price area SE2, in the northern part of Sweden where the H\u00f6galiden and F\u00e4bodliden windfarms are located. The lower correlation is due to lack of grid capacity within Sweden.
The UK power market in 2022 was similar to that of Europe, affected by high commodity prices in particular natural gas prices and variable renewable generation with low renewable generation during the summer. Wind generation increased back towards normal levels after the summer coupled with falling gas prices, lead to significantly lower power prices during October/November. In 2022, the Nordics saw record low hydrological resources in Southern price areas during the first three quarters driving imported volumes from Europe and higher prices. Towards the end of the year, this was reversed by mild temperatures and high levels of precipitation.
The Green Certificates are classified as other operating revenues. The Green Certificates are to be considered as a government assistance. The grants are issued when the electricity is generated and are therefore considered as a subsidy linked to production. The Green Certificates are recognized under the income approach and accrued in the Profit or Loss on a monthly basis based on the monthly generation of the windfarms.
Revenue from the Wind Service segment
Revenue from Transport & Installation
Operating revenue from charter rate contracts is split into two elements, income from rentals, which is accounted for in accordance with IFRS 16, and services, which is accounted for under IFRS 15.
Revenue on long term contracts is recognized during the operational phase of the contract (from the delivery of the vessel at the designated port and to the end of demobilization). During the mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the contract during the mobilization phase is capitalized and amortized over the contract term if they meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized as a contract liability until services are delivered.
Variable consideration that specifically relates to a distinct good or service is allocated specifically to this good or service. Variable consideration that does not relate specifically to a distinct good or service is included within the transaction price and recognized in line with progress. Time elapsed, i.e., voyage days, is used to measure progress.
Revenue from Wind services
Revenue derived from hourly service contracts is recognized in the period that the services are rendered at rates established in the relevant contracts. Global Wind Services has installation and services to wind farm projects around the world. The payment terms are usually 60 days ormore. Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure is used for measuring progress during the operational phase of the contract. Revenue from the Cruise segment
Cruise fares are recognized evenly over number of nights of the cruise together with revenue from drink packages. Flight revenue is recognized evenly over the duration of the cruise contract (from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and is considered as one performance obligation. Prepayments from sale of cruises are classified as contract liabilities until the cruise commences.
Prebooked shore excursions are recognized as revenue when the tour is completed.
Revenue from the Other investments segment Revenue from subscriptions is recognised over the subscription period, normally on a straight-line basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the advertising is published.\u00a0
The revenues of the Bonheur group of companies are summarised in the below tables:
Total revenue from goods and services
Green Certificate revenue
Service revenue arises mainly from the business segments Wind Service, Cruise and the subsidiary NHST Media Group AS.
Lease revenue arises mainly from the business segment Wind Service and consists of Bare Boat Charter hire to the vessel owners.
The following table provides information about receivables, contract assets and contract liabilities from contract with customers:
Receivables, which are included in \"trade and other receivables\"
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses on contract assets have been recognized during 2022.
Contract liabilities are mainly related to subscriptions in NHST, prepayment of tickets and tours in the Cruise segment and deferred revenue and mobilization fees from external customers in the Wind Service segment.
At 31.12.21 the value of contract liabilities amounted to NOK 1.304 million of which NOK 976 million has been recognized as income in 2022. The change in contract assets and liabilities relates to natural progression of the project portfolio, as well as the current project mix.
Order backlog
Order backlog per year (NOK million)
Contracts with duration of more than 12 months are included as order backlog.
Capitalized project costs
The following table shows costs directly attributable to the projects:
Cost to fulfil contracts is related to capitalized project costs in note 14 and are mainly related to projects from Transport & Installation and wind services in the Wind Service segment.
Note 6 - Operating expenses
Administrative expenses 1)
Other operating expenses 2)
1) Inclusive administration costs and fee to Fred. Olsen & Co of NOK 92.2 million (2021: NOK 114.8 million) See note 26. 2) Other operating expenses are mainly related to operation of the cruise vessels (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH). In 2022 cruise vessels operation amounts to NOK 2012.3 million (2021: NOK 895.9 million) which are mainly onboard expenses, vessel operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 1878 million (2021: NOK 2420.2 million). Research and development expenditures of NOK 68 million are recognised in profit or loss in 2022 (2021: NOK 32 million).
Professional fees to the auditors
A breakdown of professional fees to the auditors, which is included in \"Administrative expenses\", is given below.
The fees encompass group auditor, KPMG, including affiliates of KPMG, and non-KPMG auditors of the Group.
Professional fees to the auditors
Other attestation and audit related services
Note 7 \u2013 Personnel expenses Bonheur ASA has no employees. The position as managing director is held by Anette S. Olsen as part of the day-to-day operation of the Company provided by FOCO. See note 26.
At year end 2022 subsidiaries of Bonheur had 5 709 employees (4 475 employees). Main reason for the increase from 2021 is the mobilization of a third cruise vessel in FOCL and growth in service technicians in GWS.
Personnel expenses for the Group of companies were:
Loan to employees in the Group of companies
Subsidiaries within the Group of companies have established bonus systems. In 2022, the total bonuses paid within the Group of companies amounted to NOK 39.2 million (2021: NOK 18.1 million).
Remuneration to the Board of Directors and the Shareholders Committee
In 2022, the members of the Board received the following directors\u2019 fees:
Fred. Olsen, Chairman of the Board
*) Includes compensation for the audit committee fee.
Anette S. Olsen received in 2022 a remuneration of NOK 230 000 as chairman of the Board in NHST Media Group AS (2021: NOK 230 000).
Remuneration to the Shareholders\u2019 Committee:
Ole Kristian Aab\u00f8-Evensen
Note 8 \u2013 Finance income and expensesAccounting policies
Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 right to receive payment is established, which in the case of quoted securities is the ex-dividend date. Dividends from non-listed securities are recognised in profit or loss at the date the Group of companies receives the dividends.
\u00a0
Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
Interest income on receivables
Interest income on bank deposits
Dividend income on financial assets
Net gain on disposal of financial assets recognised directly in profit or loss (see note 12)
Net change in fair value of financial assets at fair value through profit or loss
Interest expense on financial liabilities measured at amortised cost
Net loss on disposal of financial assets recognised directly in profit or loss
Net change in fair value of financial assets at fair value through profit or loss
Impairment of financial assets
Net finance expense recognised in profit or loss
Note 9 \u2013 Income taxesAccounting principles
Income tax
Income tax expense comprises current and deferred tax. The Group of companies is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the provisions for income tax.
Current tax
Current tax is the expected tax payable on the taxable income for the year, using enacted tax rates at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax
Deferred tax is recognized from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured using the tax rates that are based on the laws that have been enacted by the reporting date.
Deferred tax assets and liabilities are recognized with the net amount if:
i.there is a legally enforceable right to offset current tax liabilities and assets,
ii.they relate to income taxes levied by the same tax authority on the same taxable entity,
iii.on different tax entities if the intent to settle current tax liabilities and assets on a net basis or tax assets and liabilities will be realized simultaneously.
Profit/loss (-) before tax
Taxes paid (-) / received
1) Current tax expense (-) / income
Total current tax expenses
2) Deferred taxes expense (-) / income
Total deferred tax expenses
Total income tax expenses 1) + 2)
The income tax expense differs from the amounts computed when applying the Norwegian statutory tax rate to income before income taxes as a result of the following:
Bonheur ASA \u2013 Annual Report 2022
Income/(-)loss before tax
Norwegian statutory tax rate
Income tax using the Company\u00b4s domestic tax rate
Increase (-reduction) in income taxes from:
Effect of tax rates other than statutory tax rate in Norway
Effects on change in tax rates
Effects on tax incentives / tonnage tax
Impairment on tangible and intangible assets
Change in recognised deductible temporary differences
Change in unrecognized deferred tax assets
Non-deductible and non taxable expenses/income
Income/expenses recognised directly in equity
(a) Currency effects primarily relate to translating tax positions in functional currency to NOK.
Payable tax as presented in the Statement of Financial Position
Current tax payable Norway
Current tax payable other countries
Deferred tax:
The tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilities were as follows as of 31 December 2022, and 31 December 2021:
Property, plant and equipment
Net tax assets / (-) liabilities
Deferred tax assets have not been recognized in respect of the following items:
Deductible temporary differences
As at 31 December 2022, approximately NOK 2.3 billion of tax losses carried forward for subsidiaries in Norway. These losses are not recorded as a deferred tax asset due to uncertainty of the level of the future suitable taxable profits in taxable jurisdictions. The tax losses carried forward have no expiry date. Tax disputes:
In December 2022 a subsidiary, Fred. Olsen Ocean Ltd was notified by the tax authorities of a possible change in taxable income for 2017. The amount involved is a taxable loss of NOK 313 million. This is not expected to result in any payable tax, since the group of companies have significantly amount in loss carry forward. The company has contradicted the correctness of the tax office' s opinion.
Note 10 \u2013 Property, plant and equipment Accounting policies
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, other costs directly attributable to bringing the asset to a working condition for its intended use and costs related to decommissioning of windfarms, including restoration of the site on which they are located. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
\u00a0
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required by classification societies, are capitalised and depreciated over the anticipated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred.
Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm.
\u00a0
Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS 23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time to be made ready for its intended use, generally items that are subject to major development or construction projects.
\u00a0
When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately.
\u00a0
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised in profit or loss.
(ii) Residual values / decommissioning provision
Residual values are assessed at the beginning of each accounting year and constitute the basis of the depreciation for the year. Residual values for ships are estimated based on recoverable material reduced by other demobilisation costs related to the unit. Recoverable material for ships are calculated as market steel price multiplied by the recoverable lightweight of the unit. Any changes in residual values are accounted for prospectively as a change in accounting estimate.
Decommissioning provisions within the Renewable segment are made for the costs of removing the windfarms from the time at which a commitment arises. The decommissioning provision is calculated on the basis of current technology and regulations. When a removal commitment is expensed as a liability a corresponding amount is capitalised as an operating asset which is depreciated over the useful life of the windfarms. Any changes in the estimates concerning the decommissioning provision are adjusted against book value and is recognised in the Income Statement over the remaining useful life. The decommissioning provision has been calculated using the cost levels, and where applicable this has been adjusted for inflation. The increase in the liability as a consequence of adjustment for inflation is classified as a financial expense. The
estimated useful lives, residual values and decommissioning costs are reviewed on yearly basis. Any change is accounted for prospectively as a change in accounting estimate.\u00a0
(iii) Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group of companies and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
\u00a0
(iv) Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Financially leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group of companies will obtain ownership by the end of the lease term. Land is not depreciated.
\u00a0
The estimated useful lives for the current and comparative periods are as follows:
Wind installation vessels
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
(v) Impairment
The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Amounts in NOK 1000)Balance at 1 January 2021
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Right to use assets (leasing IFRS 16)
Reclassified to assets held for sale
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation and impairment losses
Balance at 1 January 2021
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Depreciation charge for the year
Reclassified to assets held for sale
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation schedule is linear for all categories.
In 4Q 2022 Cruise announced that the cruise vessel Braemar is available for sale. Due to that decision the asset value for the vessel of NOK 35.9 million is reported on the account \u201cAssets held for sale\u201d in the balance sheet. In Disposals of vessels (cost and depreciation) in the table above Braemar represents NOK 1 621 million and the old crane from Bold Tern represents an assets value of NOK 359 million.
Impairment
The Group of companies continuously evaluates its assets on an individual basis at each reporting date to determine whether there is objective evidence of impairment within the various business segments. Based on the challenging situation the cruise business has experienced during 2022 and in previous years, impairment indicators were identified for the Cruise vessels. Impairment testing was performed in 4Q 2023, resulting in recognition of an impairment relating to the two older cruise vessels. The impairment tests were performed by use of a cash flow model based on strategic long-term plans for the cruise fleet including forecasted figures for the period 2023-2042 for the three cruise vessels expected to be in continued use, including the different economic lifetime for the individual vessels. The calculation of the value in use, and the resulting impairment charge, is based on a probability weighted assessment of three different scenarios, base case, high case and low case. The key assumptions applied in the impairment tests were occupancy, net ticket income, onboard income, fuel prices, carbon taxes and other vessel operations expenses and onboard expenses. In addition, sales & marketing and head office expenses are included.
The calculation of value in use is based on a weighted average cost of capital (WACC) of 11,9% after tax. All scenarios are based on the same assumptions including fuel except for occupancy and yield per pax day.
The impairment testing resulted in an impairment of GBP 39 million (NOK 457 million) which was allocated to the two older cruise vessels. Braemar, which is held for sale, is recognized at fair value less cost of disposal.
Braemar was made available for sale in the fourth quarter of 2022.
In 2023 FOCL has seen good booking-numbers and the war in Ukraine has not had material negative effect on bookings or operation, other than change in some itinerates. Fuel prices have improved compared to 2022.
Within the Group of companies, an impairment NOK 457 million (NOK 0 million) was recognized on property, plant and equipment in 2022:
Note 11 \u2013 Intangible assets Accounting policies
(i) Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures.
In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss.
Subsequent measurement
Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates.
(ii) Research and development
Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred.
\u00a0
Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment.
\u00a0
Capitalised development expenditures are measured at cost less accumulated impairment losses.
(iii) Technology, customer relationships and publishing rights
Technology and customer relationships are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Technology relates to computer software, patented or unpatented technology or databases.
\u00a0
Customer relationships represent the value of the existing customers and are recognised as a separate component.
The estimated useful lives for the current and comparative periods are as follows:Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
\u00a0
Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis.
\u00a0
(iv) Impairment
The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required to\u00a0determine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that both companies are set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.
\u00a0
The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
\u00a0
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Customer relationship, technology, patents, other
Balance at 1 January 2021
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation and impairment losses
Balance at 1 January 2021
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2022
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Media Group AS.
2) Acquisition of development costs, NOK 57 million (NOK 52 million), are mainly expenditures arising from own development of potential onshore wind farms projects. For offshore wind farms development costs is booked in associates and not included in the balance sheet of Bonheur. NOK 58 million (NOK 41 million) relates to various IT development project within NHST and NOK 17 million (NOK 0) relates to various patents within renewable energy acquired by Fred. Olsen 1848 AS.Impairment
Within the group of companies all intangible assets have been impairment tested as per 31 December 2022, and impairment of NOK \u2013 5 million (2021 NOK 0 million) was recognized in 2022:
Development costs:
FOR has intangible assets with a book value of NOK 412 million, which are development costs related to onshore wind farms. The projects are evaluated regularly. Some development projects may not come through to fruition, in which case, previously capitalized costs will be impaired. In 2022 NOK 14 million was impaired. For FOS, the offshore wind farms intangible assets are included in cost from associates.
Wind Service:
Impairment of NOK -18 million was recorded, and the amount relates to a reversal of previous impairment related to the exclusive rights of use of the vessel Jill in offshore wind projects in the US.
Other Investments:
NHST Media Group AS
The carrying amount of goodwill and intangible assets with indefinite useful lives allocated to NHST is NOK 319 million and NOK 162 million, respectively. Goodwill is not depreciated according to IFRS and Publishing rights has indefinite useful lives and is not depreciated. The recoverable amount for the cash generating units (CGU) Norwegian publications and Global publications is based on a value in use approach (discounted cashflows). The value in use approach is based on NHST\u2019s strategic plans for the different segments and budget and forecast figures for the period 2023-2027. The weighted average cost of capital (WACC) used in the calculation of discounted cash flows for Norwegian and Global publications are 10,6% and 10,7% respectively. The terminal value in the cash flow model is based on 2% growth for Norwegian and Global publications. The cash flow model has been tested for changes in forecasted revenues and discount rate. The sensitivity analysis provides sufficient headroom and comfort for the value in use compared to book values in the Bonheur Group of companies. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that the marketing service business is currently in an investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.
Note 12 \u2013 Investments in associates and joint venturesAccounting policies
Associates are those entities, typically joint ventures with equal ownership between the joint venture parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate.
Bonheur Group's ownership per 31 December 2021
Bonheur Group's percentage of votes per 31 December 2021
Bonheur Group's ownership per 31 December 2022
Bonheur Group's percentage of votes per 31 December 2022
Share of equity per 31.12.2021
Adjustment opening balance
Profit from the company accounts
Net profit included in Bonheur Group of companies
Share issue / Capital increase
Currency translation differences
Share of equity per 31.12.2022
The presentation shows the accounts for the most significant associates as of 31 December 2022.
1) The Codling Project is financed by a shareholder\u2019s loan to Codling Holding Ltd (Codling) from the joint venture partners. Originally the entire shareholder\u2019s loan was treated as part of the investment in Codling. In December 2020, a new loan agreement was signed between Codling Holdings Ltd and the joint venture partners. Based on the new loan agreement a reassessment of the accounting treatment was performed and the loan was reclassified from part of the investment to loan granted to associates in the statement of financial position.
2) Mainly Norkon Computing systems AS and New Power Partners ApS.
The Group of companies continuously evaluates its assets in associates on an individual basis at each reporting date to determine whether there is objective evidence of impairment. As per 31 December 2022 no indications on need for impairment were found.
Summary of financial information for significant equity accounted investees, not adjusted for the percentage ownership held by the Group of companies.Fred. Olsen Seawind is progressing the development of the Codling Wind Park project in the Irish Sea together with its Joint Venture partner, EDF. The Codling Wind Park represents one of the largest energy infrastructure investments in Ireland this decade, with estimated capacity up to 1 500 MW, and would become Ireland\u2019s largest offshore windfarm. The first offshore wind auction in Ireland (ORESS-1) is planned for late April 2023. Fred. Olsen Seawind was, in 1Q 2022, awarded the Muir Mohr project in Scotland together with its Joint Venture partner, Vattenfall. The Muir Mohr project is an offshore floating wind site northeast of Aberdeen with a capacity of up to 798 MW.
Note 13 \u2013 Other investments Accounting policies
Financial assets
The Group of companies' short-term investments in equity securities and certain debt securities are measured at fair value through profit or loss (FVTPL). Long-term investments are measured at fair value through other comprehensive income (FVTOCI).
\u00a0
Other non-derivative financial instruments, including financial liabilities, are recognized initially at fair value and any directly attributable transaction costs. Subsequent to initial recognition, assets and liabilities are measured at amortised cost when the objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Impairment
IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2.
Shares classified as financial investments
Fair value as per 31.12.22
Fair value as per 31.12.21
Total short-term liquid share portfolio
Total long-term liquid share portfolio
Total liquid share portfolio
The fair value of stock listed shares is determined by using the listed prices of the companies at year end. For non-listed companies the latest transactions are assessed used as an approximation of the fair value if the transaction is considered a fair value transaction.
Bonds and other receivables (non-current assets)
Bonds and securities (specification below)
Loans granted to associates
Other interest-bearing loans
Other non interest-bearing receivables *)
Total Bonds and other receivables (long-term assets)
*) Accrued interests on the shareholder\u2019s loan to Codling Holding Ltd and asset under construction (drydock expenses related to the cruise vessel \u201cBolette\u201d) are included for the year 2022.
Bonds classified as long-term investments 1)
Average interest rate 2022
Fair value as per 31.12.22
Fair value as per 31.12.21
Financial and investment companies
Municipalities and public administration
1) Fair value is based on quoted market prices.
Accounting policies
Inventories and bunkers are recorded at the lower of cost and net realisable value. The Group of companies categorizes spare parts into two groups, spare parts and spare assets. Spare parts are consumables that are not depreciated but expensed when used against repair and maintenance cost. Consumables are measured at cost less a reserve for overstocked items. Spare assets are larger spare items that is recorded as a component and depreciated.
Inventories and consumable spare parts
Articles of consumption onboard
Per year end the Group of companies had inventories and consumable spare parts related to windfarms, installation vessels for offshore wind turbines and cruise vessels. In addition, there were bunkers and articles of consumption onboard. The book value of inventories is cost price. In 2022 inventories and consumable spare parts recognised as cost of sales amounted to NOK 955 million (2021: NOK 674 million), i.e., expensed. In 2022 there have been no write downs of inventories or reversals of write downs. Work in progress is mainly related to capitalized project costs in the Wind Service segment.
Note 15 \u2013 Trade and other receivables and contract assetsAccounting policies
Trade receivables that do not have a significant financing component are measured on initial recognition at their transaction price, which is the amount of consideration to which the entity expects to be entitled for transferring the promised goods or services to the customer. Trade receivables with a significant financing component are measured on initial recognition at their transaction price if the entity has chosen not to adjust the promised amount of consideration for the effects of a significant financing component. In other cases, the receivables are measured at fair value on initial recognition.\u00a0
The impairment model applicable to financial assets, measured at amortized cost, is based on an \u201cexpected credit loss\u201d (ECL) model, which require forward looking judgements of two classifications:
-12-month ECLs resulting from possible default events within the 12 months after the reporting date.
-Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
Trade and other receivables (current assets)
Total trade receivables and contract assets
Other receivables and prepayments
Short-term liquid share portfolio
Total trade and other receivables
Contract assets relate to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to customer receivables when the right to payment become unconditional, which usually occurs when invoices are issued to the customers.
\u00a0Note 16 \u2013 Cash and cash equivalents Accounting policies
Cash and cash equivalents include cash, bank deposits and other short-term highly liquid assets that are readily convertible to known amounts of cash and which are subject to insignificant changes in value.
Cash related to payroll tax withholdings
Total cash & cash equivalents
*) NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans. NOK 28 million of the restricted cash relates to the windfarms in FORAS, and NOK 32 million relates to guarantees required by customers in FOO during operations.
**) In 2020 the Company established a green finance framework with an eligibility assessment from DNV and issued a NOK 700 million green bond loan to be used for eligible green investments as defined in the framework. Another green bond loan of NOK 700 million was issued in 2021. Separate green bank deposits have been established and are included in unrestricted cash.
As part of establishing the Green Finance Framework, Bonheur established an internal Green Finance Committee who approves eligible green investments in the green investment portfolio.
Note 17 \u2013 Earnings per share
Accounting policies
The Group of companies presents basic earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of shares outstanding during the period. Average number of outstanding shares during the period are based on number of outstanding shares per year end. Shares outstanding is total shares issued net of treasury shares.
Profit attributable to ordinary shareholders
Net result for the year (Majority share)
Average number of outstanding shares during the year 1)
Basic and diluted earnings per share
Within the Group of companies there are no financial instruments with possible dilutive effects.
1) Weighted average number of ordinary shares
Issued ordinary shares at 1 January
Weighted average number of ordinary shares at 31 December
Non-current interest-bearing liabilities
Current interest-bearing liabilities
Current portion of secured bank loans
Current portion of unsecured loans
Current portion of lease liability, IFRS 16
Fred. Olsen Renewables Ltd. had as at 31 December 2022, through its 51% owned subsidiary Fred. Olsen Wind Ltd., drawn a total of GBP 400 million under a bank loan facility and leases, with current loan balance at year end 2022 was GBP 290 million (GBP 328 million). The interest rates of the bank loan facility are fixed 3.17% for 75% and GBP Libor plus a margin of 1.40% for 25% of the facility. The bank loan facility matures in 2032.
Fred. Olsen Renewables Ltd. had through its 100% owned subsidiary Fred. Olsen CB Ltd. per year end 2022 drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2022 was GBP 53 million (GBP 55 million). The interest rates of the loan are fixed 3.55% for 75% of the loan and GBP Libor plus a margin of 1.80 % for the rest of the loan. The bank loan facility matures in 2036. In addition, Fred. Olsen CB Ltd. had through its 51% owned subsidiary Fred. Olsen CBH Ltd, per year end 2022 drawn GBP 66 million (GBP 62 million) from an unsecured shareholder loan from Aviva Investors Global Services Limited, which holds 49% of the shares in the company. The interest rate of this loan is GBP LIBOR plus a margin of 6%, and the loan matures in 2036. Fred. Olsen CBH Ltd. has also drawn a shareholder loan with corresponding terms of GBP 69 million from Fred. Olsen CB Ltd., which is eliminated in the consolidated accounts.
\u00a0
Fred. Olsen Ocean group, through its subsidiary Fred. Olsen Windcarrier has two long-term non-recourse debt financing arrangements related to the three offshore wind turbine transportation and installation jack-up vessels under its indirect ownership (Brave Tern, Bold Tern and Blue Tern). In conjunction with the financing, a green loan framework was established with an eligibility assessment from DNV, which enables new investments to be financed with green loans. For Brave Tern and Bold Tern, the arrangement is a EUR 75 million 6-years facility with DNB Bank ASA and SpareBank 1 SR-Bank ASA. On 24 January 2022, FOWIC entered into an agreement for an increase of the available amount under the Fleet Financing Facility Agreement by a EUR 35 million revolving facility tranche (RCF) with a margin of 3.20%. The current balance per 31 December 2022 is EUR 84.4, including a drawdown of the EUR 35 million under the RCF.
On 19 December 2022, Blue Tern (51% owned), entered into a senior secured green term loan facility agreement with Clifford Capital Pte. Ltd, replacing the debt financing with NIBC and Clifford. The new arrangement is a EUR 35 million facility with a margin of 2,15 %. In addition, Blue Tern AS has shareholder loans of USD 27.7 million. A wholly owned subsidiary of Keppel Offshore and Marine Ltd holds 49% of the loan and Fred. Olsen Windcarrier ASA, through its 51% indirectly owned subsidiary Blue Tern AS, holds 51% of the latter loan. FOWIC\u2019s part is eliminated in the consolidated accounts. The interest rate of this loan is fixed 7.5 %.
GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 35 million, of which approximately EUR 33.0 million is outstanding as per 31 December 2022.
United Wind Logistics (UWL), has two long-term loan arrangements of total EUR 28 million with Sparkasse Holstein related to two newbuilds delivered in 2020 of which EUR 16.4 million was outstanding as per 31 December 2022. The interest rate regarding EUR 14.3 million of this loan is fixed 3.33% and 3 month EURIBOR plus a margin of 2.65% for EUR 2.2 million. In addition, UWL has a shareholder loan of EUR 6.75 million where Fred. Olsen Ocean Ltd holds 50 % of the loan. The current loan balance to the external shareholder and FOO is EUR 3.375 million each. The interest rate is fixed 3%.
BON07 3 month NIBOR + 4.00%
BON09 3 month NIBOR + 2.50%
BON10 ESG 3 month NIBOR + 2.75%
BONHR01 ESG 3 month NIBOR + 2.90%
\u00a0
Terms and debt repayment schedule
Terms and conditions of outstanding loans were as follows:
75% fixed 3.17%, 25% LIBOR + 1,40%
75% fixed 3,55%, 25% LIBOR + 1.80%
Secured green bank loan 4)
Secured green bank loan 5)
Unsecured Bonheur ASA bond loans 11)
NIBOR / 2.50% / 2.75% / 2.90%
Total interest-bearing debt
1)Financing facility for Fred. Olsen Wind 2 Ltd.
2)Financing facility for Fred. Olsen CB Ltd.
3)A total of GBP 66.2 million has been drawn by Fred. Olsen CBH Ltd. on a shareholder loan from Aviva Investors Global Services Limited. Remaining balance includes accrued interest.
4)Financing facility for Fred. Olsen Windcarrier of the jack-up vessels Brave Tern, Bold Tern and Blue Tern.
5)Financing facility for Blue Tern Ltd. for the jack-up vessel Blue Tern.
6)Two shareholder loans from a wholly owned subsidiary of Keppel Offshore and Marine Ltd. to Blue Tern AS of USD 12.8 million.
7)Financing facilities for UWL regarding 2 newbuilds.
8)A shareholder loan from Lars Rolner, who is a 50% owner of the shares in UWL, EUR 3.60 million.
9)As per 31 December 2022 a bank overdraft of EUR 46.4 regarding GWS, is included.
10)Sellers credit from HAL Nederland NV in connection with the acquisition of two cruise vessels, GBP 22.3 million.
11)The market value of the four outstanding Bonheur bond loans maturing in 2024, 2025 and 2026 were per year end 99.38, 98.81 and 98.81, respectively.
12)Financing facility for NHST
Lease liabilities
Lease liabilities are payable as follows:
Future minimum lease payment 2022
Present value of minimum lease payments 2022
Future
minimum
lease
payment
2021
Present value of minimum lease payments 2021
Between one and five years
Booked value of collateral
Total book value of collateral
Guarantees granted to associates
Guarantees granted to Group companies' entities
Guarantees are granted in connection with the following investments
*) Related to Koksa Eiendom AS.
Reconciliation of movements of liabilities to cash flows arising from financing activities
Other
interest bearing loans
Equity
holders of
the parent
Balance as per 1 January 2021
Changes from financing cash flows
Proceeds from long-term loans and borrowings
Repayment of long-term loans and borrowings
Repayment of lease liabilities
Total changes from financing cash flows
Increase lease liabilities (IFRS 16)
Effect on liabilities of changes in foreign exchange rates
Effects from transactions with non-controlling interests
Comprehensive income for the period *)
Balance as per 31 December 2021
Balance as per 1 January 2022
Changes from financing cash flows
Proceeds from long-term loans and borrowings
Repayment of long-term loans and borrowings
Total changes from financing cash flows
Change lease liabilities (IFRS 16)
Effect on liabilities of changes in foreign exchange rates
Effects from transactions with non-controlling interests
Comprehensive income for the period *)
Balance as per 31 December 2022
*) According to statement of changes in equity, page 48.
Note 19 \u2013 Pension obligations Accounting policies
Defined benefit plans
The Company and certain of its subsidiaries have pension plans for employees which provide for a defined pension benefit upon retirement (Defined benefit plans). These pension schemes are accounted for in accordance with IAS19
The calculation of the liability is made on a linear basis, taking into account assumptions regarding the number of years of employment, discount rate, future return on plan assets, future changes in salaries and pensions, the size of defined national contributions and actuarial assumptions regarding mortality, voluntary retirement etc. Plan assets are stated at fair values. Net pension liability comprises the gross pension liability less the fair value of plan assets. Net pension liabilities from under-funded pension schemes are included in the balance sheet as long-term interest free debt, while over-funded schemes are included as long-term interest free receivables, if it is likely that the over-funding can be utilized. The\u00a0effect of retroactive plan amendments without future benefits, are recognized in the income statement with immediate effect. Remeasurements of
the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) are recognized immediately in other comprehensive income.Net pension cost, which consists of gross pension cost, less estimated return on plan assets adjusted for the impact of changes in estimates and pension plans, are classified as an operating cost, and is included in the line item \u201coperating expenses\u201d.
Pension schemes base the discount rate on the yield of long term covered bonds (OMF) at the statement of financial position date, adjusted to reflect the terms of the obligations. The calculation is performed by a qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group of companies, the recognised asset is limited to the net total of any unrecognised past service costs and the present value of any future refunds from the plan or reductions in future contributions to the plan.
When benefits of a plan are improved, the portion of the increased benefit relating to past service is recognised as an expense in the income statement on a straight-line basis until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognised in the income statement.
Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus if the Group of companies has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Accounting estimate \u2013 pension obligation
The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these assumptions will impact the calculated pension obligations. The Group of companies determines the appropriate discount rate at the end of each year. This rate is used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. The rate used for Norwegian subsidiaries is based on 10-year government bonds or the OMF rate. Beyond 10 years the rate has been based on an extrapolation of the government bond rate and long-term swap rates for the relevant period. Other key assumptions for pension obligation are based on current market conditions.
Pension plans
Employees within of the Group of companies have the right to future pension benefits (defined benefit plans) based upon the number of contribution years and the salary level at retirement. The scheme of each entity is administered by individual pension funds or by separate insurance companies. Some subsidiaries have defined contribution schemes for all or some of their employees. In 2022, total costs incurred for defined contribution schemes were NOK 79 million (NOK 63 million). The pension plans in the Norwegian companies meet the Norwegian requirements for a Mandatory Company Pension (OTP).
In total, the number of members in the funded defined benefit plans by the end of 2022 were 358, of which 206 were pensioners (377 of which 214 pensioners). FOCO related individuals are members of Fred. Olsen & Co.\u2019s Pension Fund. Individuals employed in FOCO after 1 June 2012 are covered by contribution plans. Other FOCO related individuals have rights to future pension benefits (defined benefit plan) based on the number of contribution years and compensation level at retirement age. The Group of companies has unfunded (unsecured) pension arrangements for some executives with salaries in excess of 12 G. Those executives are also entitled to early retirement upon reaching 65 years of age. The early pension arrangement will represent 66% of the salary at the time of retirement until ordinary retirement. Executives of FOCO have similar arrangements.\u00a0
The status of the defined benefit obligations is as follows:
Present value of unfunded obligations
Present value of funded obligations
Total present value of obligations
Fair value of plan assets
Net liability for defined benefit obligations
Financial fixed assets / pension funds
Liabilities / Employee benefits
Net liability as at 31. December
Plan assets:At the balance sheet date, plan assets are valued using market prices. This value is updated yearly in accordance with statements from the Pension Fund. There are no investments in the Company or in property occupied by the Group of companies.
Major categories of plan assets:
Movement in defined benefit obligations:
Movement in defined benefit obligations:
Benefits paid by the plan *)
Included in profit and loss:
Interest on obligation / Interest on plan assets
Currency effects / Corrections
Included in other comprehensive income:
Actuarial gain/(loss) arising from:
Foreign currency translation
Balance as at 31. December
*) Payment of benefits from the funded defined benefit plans were in 2022 NOK 25,0 million (2021: NOK 25,3 million). Figure netted out in the table above
Principal actuarial assumptions at the balance sheet expressed as weighted averages:
Discount rate / Expected return on plan assets at 31. December
Yearly regulation in official pension index (G)
Discount rate in Defined Benefit Plans
The discount rate was determined by reference to high quality corporate bonds, where a deep enough market for such bonds exists. Covered bonds are in this context considered to be corporate bonds. In Norway the discount rate is determined with reference to covered bonds.
Sensitivity:
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts below:
Future salary increase with 0.25%
Future pension increase with 0.25%
Discount rate decreases with 0.25%
Future mortality assumption, increased lifetime by 1 year
*) Projected Benefit Obligation (PBO)
Expected contributions to funded defined benefit plans in 2023 are NOK 40 million.
Expected payment of benefits in connection with unfunded plans are in 2023 estimated to be NOK 18 million.
Risks:
The major risks for the defined benefit plans are interest rate risk, investment risks, inflation risk and longevity risk.
Current items
Other accruals and deferred income
The Group of companies has short-term contract liabilities of NOK 1 344 million per 31 December 2021 (NOK 1 304 million). NOK 899 million is due to prepayments from sale of cruises (NOK 686 million), NOK 135 million (NOK 308 million) is prepayment from customers within Wind Service and NOK 310 million (NOK 307 million) is prepayment received from subscribers within NHST.
Non-current items
Decommissioning costs related to windfarms of NOK 440 million (NOK 500 million) is included under \u201cOther non-current liabilities\u201d.
Note 21 - Trade and other payables
Fair value of derivatives 1)
Total trade and other payables
1) For further information about derivatives see note 22.
Accounting policies
Classification of financial assets and liabilities
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting.
All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows:
\u2022Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met:
\u2022the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022Fair value through other comprehensive income (FVOCI) - financial assets are classified and measured at FVTOCI if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
\u2022Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the two business models mentioned are measured at FVTPL.
All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL. Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair value through profit or loss.
\u00a0\u00a0
Impairment
The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications:
- 12-month ECLs resulting from possible default events within the 12 months after the reporting date.
- Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss.\u00a0
Accounting classifications and fair values
Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings.
The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u2022Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities.
\u2022Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models.
\u2022Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs.
Financial Instruments as of 31 December 2022
Bonheur ASA \u2013 Annual Report 2022
Loans granted to associates
Other interest-bearing loans
Other non interest-bearing receivables
Trade and other receivables
Cash and cash equivalents
Interest bearing bond loans
Finance lease liabilities
1) FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income.
2) Investments in level 1 consist of listed shares and bonds with quoted market market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price.
Financial Instruments as of 31 December 2021
Forward exchange contracts
Trade and other receivables
Cash and cash equivalents
Forward exchange contracts
Interest bearing bond loans
Finance lease liabilities
Right-of-use liabilities 3)
Bonheur ASA \u2013 Annual Report 2022
1) FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income.
2) Investments in level 1 consist of listed shares and bonds with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price.
3) Right-of-use liabilities, according to IFRS 16 - Leases, amounts to NOK 486 million per 31 December 2021, of which NOK 422 million is interest bearing liabilities.
\u00a0
General
The Group of companies is exposed to various financial risk factors through its operating activities. The factors include market risks (currency risk, interest rate risk and commodity price risk), credit risk and liquidity risk. The management seeks to minimise the risks and monitors the financial markets closely.
Fair values versus carrying amounts
Unless otherwise stated, the net book values are presumed to reflect the fair value of financial assets and liabilities.
Credit risk
The Group of companies continually evaluates the credit risks associated with customers and counterparties and, when necessary, requires guarantees or collaterals. The Group of companies' short-term investments are mainly limited to cash deposits with its relationship banks. The credit risk related to trade receivables is mainly within the business segments Renewable Energy and Wind Service from customers located in the EURO zone and United Kingdom. For further information, see note 3 - Financial Risk Management.
The Group of companies' financial assets were considered to have low credit risk per 1 January 2022. Historically, losses on receivables have been insignificant in the Group of companies. A large proportion of the Group of companies\u2019 receivables are advance payments from customers in the business segment Cruise and in NHST Media Group AS in the Other investments segment. The Group of companies has considered that the credit risk has not increased significantly during 2022. Based on the group\u2019s assessment, no significant changes in loss allowance are deemed necessary per 31 December 2022.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure to credit risk at the reporting date was:
Loans granted to associates
Other interest-bearing loans
Other non interest-bearing receivables
Trade and other receivables *)
Cash and cash equivalents
*) Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following business segments:
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Impairment losses
Loss allowances have been measured on the following bases:
\u202212-month ECLs that result from possible default events within the 12 months after the reporting date; and
\u2022Lifetime ECLs that result from all possible default events over the expected life of a financial instrument.
The aging of trade and other receivables at the reporting date was:
Based on historic default rates, the Group of companies believes that limited impairment allowance is necessary in respect of trade receivables not past due or past due by up to 30 days. Due to conditions related to specific customers in NHST Media Group AS and Transport & Installation in the Wind Service segment, a provision for losses has been made to certain receivables past due 31-180 days and 181-360 days respectively. Lifetime expected credit losses has been assessed and a provision for losses has been made to certain receivables related to specific customers in Global Wind Service in the Wind Service Segment.
Liquidity risk
The Group of companies is exposed to liquidity risk when payments of financial liabilities do not correspond to the cash flow from operations and/or financing. In order to effectively mitigate liquidity risk, the Group of companies\u2019 risk management strategy focuses on maintaining sufficient cash, marketable securities and/or committed credit facilities and targets a long-term funding profile. Moreover, the liquidity risk management strategy focuses on maximising the return on surplus cash as well as minimising the cost of short-term borrowing and other transaction costs. In order to uncover future liquidity risk, the Group of companies forecasts both short-term and long-term cash flows. Cash flow forecasts include cash flows stemming from operations, investments and financing activities.
The liquidity risk is considered as moderate.
The following are the contractual maturities of financial liabilities, including estimated interest payments:
Non-derivative financial liabilities
Derivative financial liabilities
Non-derivative financial liabilities
Derivative financial liabilities
Currency Risk
The Group of companies\u2019 financial statements are presented in Norwegian kroner (NOK). Most of the subsidiaries use Euro (EUR) or British Pound (GBP) as their functional currencies. The revenues mainly consist of GBP, EUR and NOK. The operating expenses mainly consist of USD, GBP, EUR and NOK.
The Group of companies is exposed to foreign currency risks related to its operations and debt instruments. As such, the earnings are exposed to fluctuations in the currency markets. The future foreign currency exposure depends on the currency denomination of future operating revenues and expenses. In the longer term, parts of the currency exposures are neutralised due to the majority of the Group of companies\u2019 debt is denominated in the same currencies as the revenues.
The management monitors the currency markets closely. In order to reduce the impact of currency rate fluctuations on the net income and the
statement of financial position, currency contracts are entered into when considered appropriate.
The Group of companies\u2019 exposure to foreign currency risk was as follows based on notional amounts:
The figures are not directly comparable to the figures in the statement of financial position, as the statement of financial position shows the figures in actual currencies, net of intra group eliminations.
Gross statement of financial position exposure
Forward exchange contract
Currency sensitivity analysisA 10 percent strengthening of the NOK against the following currencies at 31 December would have affected the measurement of financial instruments denominated in a foreign currency and increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis is performed on the same basis for the previous year.
The following significant exchange rates applied during the year:
Interest rate risk
When the Group of companies borrows funds externally, the interest rate payable is in most cases based on a floating interest rate. In order to reduce the fluctuations of interests payable, interest rate swap agreements are entered into. The Group of companies is exposed to fluctuations in interest rates for GBP, EUR, USD and NOK.
All the interest rate swaps that are entered into are used for economical hedging. Therefore, the changes in the valuation of the interest rate swaps are taken over the profit or loss statement. The quarterly update of the valuations of the interest rate swaps may result in substantial financial gains and losses, depending on the changes in the interest rate levels.
The management monitors the interest rate markets closely and enters into interest rate swap agreements when this is considered appropriate. At the reporting date approximately 37% of the financial liabilities were interest hedged.
At the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial instruments was:
Financial liabilities (interest-hedged portion of interest-bearing debt)
Variable rate instruments
Financial assets (cash and cash equivalents)
Financial liabilities (non-interest-hedged portion of interest-bearing debt)
Interest rate sensitivity
A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts indicated below. This analysis is on a pre-tax basis and assumes that all other variables, in particular foreign currency rates, remain constant. Changes in the market value of interest rate swap agreements are not included. The analysis is performed on the same basis as for the previous year.
Note 23 \u2013 Rental and leasesLeases as lessee
Accounting principles
At inception of a contract, the Group of companies assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group of companies uses the definition of a lease in IFRS 16.
At commencement or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices.
Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment (see note 10). See also note 18 for information on the lease liabilities.
Depreciation charge for the year
Additions to right-of-use assets
Derecognition of right-of-use assets
Depreciation charge for the year
Additions to right-of-use assets
Derecognition of right-of-use assets
Amounts recognized in profit or loss
Depreciation charge for the year
Interest on lease liabilities
Expenses related to short-term leases
Amounts recognized in statement of cash flows
Total cash outflow for leases
Most of the lease rentals in the Group of companies are related to office rental contacts in several countries, land leases regarding wind farms. The additions to right-of-use assets in 2022 are mainly related to new office rental contracts and new land lease contract in the Renewable Energy segment. Expenses included in profit or loss from short-term leases are mainly related to lease of cranes and various equipment in the Global Wind Service Group.
The office rental contracts are mainly within the subsidiary NHST Media Group AS. The most significant leases are related to the main offices in the Europe and has a duration of 5-10 years, some which contain renewal options. The renewal period is a significant proportion of the leasing liability. It is assessed that it is most likely to exercise the options to extend the lease period and the calculation of the liability and right-of-use asset is based on this assumption.
Also included are land leases, with fixed payments, regarding wind farms within Renewable Energy. These contracts are mainly compensation for road access, use of a compound or a minimum rent to the landowners. The land rent contracts normally have variable lease terms based on turnover or usage. These lease payments depending on turnover or usage will continue to be recognized in profit or loss when the use occurs. These payments are not included in the lease liability that is recognized under IFRS 16, due to their variable nature. The total expense relating to variable lease payments which is not included in the measurement of lease liabilities is NOK 132 million in 2022 (NOK 53 million). The cash outflow from variable leases is estimated to NOK 154 million in 2023.
The Group of companies has some short-term office rental contracts and leases of low-value items which the Group of companies has elected not to recognize as right-of-use assets and lease liabilities.
Leases as lessor
Accounting principles
At inception or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component based on their relative stand-alone prices.
When the Group of companies act as a lessor, it determines at lease inception whether each lease is a lease liability or an operating lease. To classify each lease, the Group of companies makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a lease liability; if not, then it is an operating lease. As part of this assessment, The Group of companies consider certain indicators such as whether the lease is for a major part of the economic life of the asset.
\u00a0
If an arrangement contains lease and non-lease components, then the Group of companies applies IFRS 15, Revenue from contracts with customers, to allocate the consideration in the contract. The Group of companies applies the derecognition and impairment requirements in IFRS 9, Financial instruments, to the net investment in the lease.
For further details, see note 5.
New crane and upgrade of Bold Tern
Remaining capital commitments
Note 25 \u2013 Contingencies The Group of companies is subject to various legal and tax claims arising in the normal course of business which the Group of companies assesses on a regular basis.
Outstanding receivables from customers
Universal Foundation (UF) is a company involved in the design and installation support for two Mono Bucket foundations at the Deutsche Bucht project. UF received a notification of liability from Van Oord in late 2019 under the Foundation Design Agreement. In the fourth quarter of 2021 there was further communication between the parties, and Van Oord and now also their customer argue that they have incurred significant losses and may seek to pursue claims beyond contractual limitations of liability. The position of UF is that any such claim would be without merit and consequently the accounts have made no provision for the same matter. The Company has reported on this issue in the quarterly reporting during 2021 and 2022.
Outstanding issues from suppliers
No significant outstanding issues recognized as per year end 2022.
Tax disputes
In December 2022 a subsidiary, Fred. Olsen Ocean Ltd was notified by the tax authorities of a possible change in taxable income for 2017. The amount involved is a taxable loss of NOK 313 million. This is not expected to result in any payable tax, since the group of companies have significantly amount in loss carry forward. The company has contradicted the correctness of the tax office' s opinion.
Note 26 \u2013 Related party informationIn the ordinary course of business, the Group of companies recognizes certain business transactions with accounting wise related parties. This note addresses the background, the services included the compensation principles as well as the governance principles applied to such main arrangements.
Fred. Olsen & Co.
The origin of the firm FOCO dates back to 1848. The current proprietor of Fred. Olsen & Co. (FOCO), Anette Sofie Olsen, identifies the fifth generation Olsen and can draw an uninterrupted line of business conduct back to 1848. Whilst some Fred. Olsen-related activities are investments by the Company, others remain private - but they all stem from the private entrepreneurship back in 1848.
A good example is the Renewable Energy business segment, which in the early nineties of the last century evolved out of private Fred. Olsen-related green energy activities in the moorlands of Scotland. At the time this was far from what the maritime oriented the Company were focusing on. However, on the back of these activities an opportunity was made available for The Company to expand its business interests into investing in constructing, owning and operating windfarms, initially primarily in the UK.
FOCO has for generations managed, the day-to-day operation of the Company. The public sphere of the Fred. Olsen-related activities was in earlier years centred around five shipping companies, all listed on the Oslo Stock Exchange and each engaged in distinct business activities and operated by FOCO. Following various mergers, the latest in May 2016, The Company became the sole surviving entity out of these five companies, but now with investments in a variety of diversified business segments, each subject to autonomous corporate structures and accordingly with distinct managements.
Over the years FOCO has in addition also been engaged in day-to-day operation or provision of professional services to other companies and investment funds.
In addition to being in charge of the day-to-day operation of The Company, FOCO today also provides a variety of professional services market terms to predominantly subsidiaries of the Company engaged in the various business segments within which the Company is invested. FOCO only to a very limited degree provides services to private Fred. Olsen-related companies, and then at rates equal to those applied to subsidiaries of the Company.
The Board of Bonheur is satisfied that the arrangement with FOCO in charge of the day-to-day operation of the Company, which for decades has proved successful, also today is very suitable.
The Board is of the view that the business segments within which the Company at any one point in time is invested through subsidiaries, must be operated on an autonomous basis. At the same time, and partly for the same reason, it is of significant value to the Company that FOCO with its experience and knowledge on a professional basis assist each of these business segments in achieving their respective goals. That in turn provides a unique platform for FOCO to be able to efficiently provide such day-to-day operation of the Company that is needed. By FOCO being in charge of both the day-to-day operation of the Company and the provision of a variety of services to subsidiaries of Bonheur, the Company and FOCO achieve cost and competence synergies. Such benefits are realized without any interests being compromised.
For its services to the Company, FOCO is compensated through a cost-plus model. A profit margin commensurable with margins used in comparable uncontrolled transactions is applied on top of a cost base consisting of documented expenses mainly related to personnel, external consultancy services, rent and IT expenses (see below table). Defined contribution pension relative to FOCO is included in the above cost base, while defined benefit pension costs relative to FOCO, hereunder pension to Mr. Fred. Olsen, do not form part of this cost base but are charged directly to the Company. The profit margin on the ordinary services by FOCO has in recent years been set at 12 %.
The compensation model also allows for a potential limited annual bonus to FOCO on top of the ordinary compensation. Over the last three years a total of NOK 1.9 million has been paid in bonus.
The compensation model is monitored by the Shareholders\u2019 Committee who applies it in connection with its annual recommendation to the Board on compensation and possible bonus to FOCO. The five members of the Shareholders\u2019 Committee are all independent of the majority shareholders of the Company. When dealing with these recommendations, the Board will be constituted by its, in this regard non-conflicted Directors. The Board of the Company consists of six Directors out of which four Directors are independent of the majority shareholders of the Company and of FOCO.
The aforementioned compensation - together with a possible bonus - is the only compensation FOCO receives for its services to the Company. The profit margin and the maximum obtainable bonus is subject to regular third-party benchmarking and review, performed every 3 years, last time in 2022, also monitored by the Shareholders\u2019 Committee.
Costs together with profit margin and bonus to Fred. Olsen & Co., charged to the Company
Costs and fees charged to subsidiaries
Amount outstanding between Fred. Olsen & Co. and the Company *)
Amount outstanding between Fred. Olsen & Co. and subsidiaries of the Company *)
*) Short term outstanding in connection with current operations.
In 2022 Hvitsten AS was established as a subsidiary of FOCO as an alternative investment fund manager, as well as naturally associated activities. Hvitsten AS's operations are subject to the Act on the Management of Alternative Investment Funds of 20 June 2014 No. 28. On 22 June 2022, the company received permission to manage funds from the Norwegian Financial Supervisory Authority. The permit is limited to management of funds with an investment strategy within private equity and infrastructure investments, ref. \u00a7 2-4 fifth paragraph.
Hvitsten AS has a management assignment with Wind Fund I AS which invested EUR 175 million to indirectly acquire three Scandinavian wind farms. In addition, EUR 305 million is committed for future wind farm developments. Hvitsten AS is not exposed to significant credit, interest rate and currency risks. The company has a long-term management agreement with Wind Fund I AS but may also manage other alternative investment funds in the future.
Hvitsten AS charge a fixed administration fee to Wind Fund I AS with a stairstep fee-model for each new wind farm, in addition to a one-time investment fee for each new wind farm investment.
Renewable Energy
The Natural Power Consultants Ltd. (NPC) are an international renewable energy consultancies providing high level analytics and advice across multiple technologies to FOR, FOS and many unrelated 3rd parties. They operate across all areas of the project life cycle from consenting, environmental studies, site design, construction management and operations.
Zephir Ltd. (ZX Lidar) provide high technology laser powered wind measurement tools (Wind Lidars) used in windfarm Development, Site Construction, Project Operations as well as many other wind monitoring applications.
ZX Measurement Services Ltd. (ZX MS) provide wind measurement services such as Wind Lidar rental, campaign design and optimisation.
NPC, ZX Lidar, ZX MS are owned by Fred. Olsen Ltd. (FOL) which is owned by the private Fred. Olsen-related companies AS Quatro and Invento AS; both major shareholders in the Company.
In late 2021, Bonheur and NPC acquired 25.5% each of the Danish consultancy company New Power Partners (NPP). Transactions between NPP and Bonheur group of companies have therefore been reported as related party transactions in 2022.
Scope of services:
NPC and NPP provides both consultancy services and operations-related services for FOR\u2019s wind farms and FOS projects in the UK. FOR has contracted NPC to provide site and asset management services for its wind farms in the UK and also to provide specific consultancy services mainly related to planning, environmental, technical, construction, and geotechnical services within renewable energy.
Invoiced from related parties (NOK 1 000)
Natural Power Consultants Ltd. (NPC with subsidiaries - asset management services)
Natural Power Consultants Ltd. (NPC with subsidiaries - other consultancy services)
ZX Measurement Services Ltd.
Total paid to related parties
FOR hires and shares office locations and other administrative services such as HR and IT support from FOL in London.
GovernanceAll contracts between the related parties are based on the arm\u2019s length principle. The contracts are at regular intervals, and with advice from independent experts, benchmarked and tested against comparable contracts tendered in the market to ensure they are at terms comparable to those available in the market.
In July 2022, FORAS entered into agreements providing Euro 480 million equity financing for onshore windfarms in Norway, the UK and Sweden. FORAS will remain the 51% shareholder in such windfarms, while the other 49% will be acquired by the newly established investment fund, Wind Fund 1. Kommunal Landspensjonskasse (\"KLP\"), MEAG Munich ERGO AssetManagement GmbH (\"MEAG\") acting on behalf of various entities of Munich Re Group including ERGO, and Keppel Infrastructure Trust (\"KIT\") / Keppel Corporation Limited (\"Keppel\") all own 1/3 of the fund. On 8th September, the fund acquired an indirect ownership of 49% in three operative windfarms with a combined capacity of 258 MW (Lista Vindkraftverk AS, F\u00e4bodliden Vindkraft AB and H\u00f6galiden Vindkraft AB) for net cash proceeds (adjusted for NIBD and leakage) of EUR174 million. Further, the fund has an exclusive right and obligation to invest 49% in all onshore windfarm projects in the UK and Sweden that FORAS takes forward to final investment decision until the current outstanding commitment of Euro 305 million is fully utilized or a period of five years has lapsed.
FOCL has its commercial operation located in Ipswich (UK) while its technical operation is located in Oslo. The segment is subject to the following related party interests:
Shared Services with Fred. Olsen Ltd.
FOCL has for many years been part of and has benefited from a wide range of shared services, such as HR, IT and administration, under an office community with FOL in an office building at White House Road, Ipswich. The rents are at market terms and subject to annual review. The other services from FOL are paid for at cost.
For further enhancement of the office situation in Ipswich, it has been decided to extend and improve the office building at White House Road, Ipswich. Together with FOL, FOCL have established a joint venture company (Fred. Olsen House (JV) Ltd. (FOHJV)) for the purpose of having the building transferred and for funding of the necessary extension and improvement works. FOCL has made a cash investment of GBP 2.6 million as its 50% share in FOHJV. The investment is included under Financial fixed assets.
Travel agency services from Fred. Olsen Travel Ltd. FOTL is a subsidiary of FOL.
FOTL (UK) facilitates relevant flight bookings for the crew employed by FOCL and some passengers and also acts as an ordinary sales agent for cruise holidays operated by FOCL. These services, however, only amount to a minor share of FOTL\u2019s total revenues. The crew flights services are based on cost plus a service fee per booking. The sales agency is paid a commission on similar terms to other commercial agreements in place between FOCL and independent agents.
Crewing services from Bahia Shipping Services Inc.
FOCL deploy crew partly from the Philippines with Bahia Shipping Services Inc. based in Manila (Bahia). Bahia came about in 1987 out of a need for a professional crewing company to provide qualified personnel and secure fair treatment of the crew. The majority of the crewing companies in the Philippines at that time did not meet FOCL\u2019s HSEQ requirements in this respect, which was the key reason for Bahia coming into existence. Fred. Olsen jnr. owns 25% of Bahia Shipping Services, while the remaining 75% is owned by non-related Philippine third parties. Fred. Olsen Jnr. resigned from the board of FOCL in July 2022, and Bahia will therefore not be reported as a related party for 2023 and forward.
In 2022 Fred. Olsen Jnr. received NOK 0.8 million (2021: NOK 1.7 million) as an aggregate compensation as chairman of the board of FOCL and for other work carried out to FOCL and subsidiaries. Fred. Olsen Jnr. resigned from the board of FOCL in July 2022. He is one of the indirect ultimate owners of AS Quatro and Invento AS.
Bahia is delivering a complete set of crewing services for crew out of the Philippines, including recruitment, interviewing, testing, training, legal matters, travel arrangements etc. Bahia also facilitates flight bookings for crew travelling from the Philippines to the cruise vessels. The major part of what is paid to Bahia is a pass-through service of wages to crew members (allotment) being funds transferred via Bahia for payment to the crew in the Philippines. Bahia provides crewing services also to other, non-Fred. Olsen-related shipping companies. Cost of crew flights are based on actual cost. Recruitment fees are based on market rates and subject to market testing. Bahia\u2019s agency fee is a flat fee negotiated between FOCL and Bahia and based both on market rate and assessment of hours effort required. The numbers in the first table below reflect net amounts, pass-through expenses are excluded.
Invoiced from related parties (NOK 1 000)
Fred. Olsen Ltd (commission/ mark-up paid on head office/ establishment services)
Fred. Olsen Travel Ltd (commission paid on crew flights etc)
Fred. Olsen Travel Ltd (commission earned on sale of cruise tickets)
Bahia Shipping Services Inc. (agency fee for crewing services)
Fred. Olsen & Co. (invoiced for admin fee for Group services)
NotesBonheur ASA \u2013 Annual Report 2022
Commissions and fees paid to related parties
The table below reflects gross numbers and thus also pass-through expenses.
Invoiced from related parties (NOK 1 000)
Fred. Olsen Ltd. (Infrastructure and establishment services)
Fred. Olsen Ltd. (Office management and personnel services)
Cost for office premises, Infrastructure and office management paid to Fred. Olsen Ltd.
Other transactions with related parties
The Wind Service segment of the Company was invoiced NOK 20 million (2021: NOK 22 million) for services from Fred. Olsen & Co. (FOCO).
Bahia has provided certain crewing services to the Wind Service segment of which a commission of NOK 1.1 million (2021: NOK 0.7 million) was paid.
In 2022, FOCO paid NOK 5.4 million (2021: 5.7 million) to the Group of companies for rent of office space. The rent is market based and on similar terms as for other tenants in the quarter in Fred. Olsens gate 2 in Oslo.
The Company rents an office building in Hvitsten from a private Fred. Olsen-related company. Rent paid in 2022 as well as in 2021 was NOK 0.4 million.
Mr. Fred. Olsen is party to a consultancy agreement with FOCO. In 2022, NOK 5.2 million was paid under this consultancy agreement (2021: NOK 5.2 million). Such payment is part of the costs charged to Bonheur. Members of the Board of Directors, the managing director and other related parties hold per year end 2022 in total NOK 6 million of BON09 bond loan (2021: NOK 13 million).
As per 31 December 2022 the members of the Board, members of the Shareholders' Committee and the Managing Director owned and/or controlled directly and/or indirectly, the following number of shares in the Company:
Ole Kristian Aab\u00f8-Evensen
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 22 013 380 shares in the Company.
Accounting policies
The consolidated financial statements include the Company and its subsidiaries. A company within the Group of companies controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
Bonheur ASA is the parent in the Group of companies with the following subsidiaries:
Fred. Olsen Renewables AS
- Fred. Olsen Windcarrier ASA
- Global Wind Services A/S
Fred. Olsen Insurance Services AS
Fred. Olsen Investments AS
Fred. Olsen Cruise Lines Pte Ltd
Fred. Olsen Canary Lines S.L. 1)
Felixstowe Ship Management Ltd. 1)
Fred. Olsen Renewables AS
- Fred. Olsen Windcarrier ASA
- Global Wind Services A/S
Bonheur ASA \u2013 Annual Report 2022
Fred. Olsen Insurance Services AS
Fred. Olsen Investments AS
Fred. Olsen Cruise Lines Pte Ltd
Fred. Olsen Canary Lines S.L. 1)
Felixstowe Ship Management Ltd. 1)
Voting rights in the companies equal the ownership interest.
1) Based on the Company\u2019s ownership interest the companies are classified as subsidiaries, but due to no or insignificant activity the companies are not consolidated in the Group of companies.
2) Group Company result and equity.
\u00a0Note 28 \u2013 Subsequent events There have been no material subsequent events post year-end 2022.
Note 1 - Principal accounting policies and key accounting estimates Bonheur ASA is domiciled in Norway. The address of the Company\u2019s registered office is Fred Olsens gate 2, Oslo.The consolidated financial statements of Bonheur ASA as at and for the year ended 31 December 2022 comprise Bonheur ASA and its subsidiaries (together referred to as the \u201cGroup of companies\u201d and individually as \u201cGroup entities\u201d) and the Group of companies\u2019 interests in associates.
The Group of companies is primarily involved in Renewable Energy, Wind Service and Cruise.
The annual accounts together with the appurtenant financial statements were addressed by the Board of Directors on 12 April 2023. In a meeting 14 April 2023, the Shareholders\u2019 Committee recommended to the Annual General Meeting that the proposal to the annual accounts for 2022 together with the appurtenant financial statements as addressed and resolved upon by the Board in the said meeting on 12 April 2023, is approved. Eventual approval of the annual accounts together with the appurtenant financial statements lies with the Annual General Meeting scheduled for 25 May 2023.
Basis of accounting
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and its interpretations, as adopted by the European Union and the disclosure requirements following from the Norwegian Accounting Act, that are mandatory to apply at 31.12.2022.
Basis of preparation
These consolidated financial statements are presented in Norwegian Kroner (NOK), the functional currency of Bonheur ASA. All financial information presented in NOK has been rounded to the nearest thousand.
The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Reassessment of accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
Judgements and estimates made by management in the application of IFRSs that have significant effect on the financial statements and estimates that have a significant risk of material adjustment in the next year are discussed in the specific notes.
The accounting policies have been applied consistently to all periods presented in these consolidated financial statements by all Group entities. The Group of companies\u2019 accounting policies are described in the individual notes to the Consolidated Financial Statements.
Basis of consolidation
Subsidiaries
The consolidated financial statements include Bonheur ASA and its subsidiaries (the Group of companies). See note 27 for details of the subsidiaries.
Associates (investments accounted for using the equity method)
Associates are those entities in which the Group of companies has significant influence, but not control, over the financial and operating policies. See note 12 for details of the associates.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any realised and unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with
associates are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Realised foreign currency differences from intra-group transactions which are recognised in profit or loss are not eliminated, because the Group of companies has a real exposure to a foreign currency. Unrealised foreign currency differences from intra-group transactions which are recognised in profit or loss are eliminated, but only to the extent that the currency difference is due to permanent financing.
Non-controlling interests
Non-controlling interests within the consolidated subsidiaries are identified as a separate item within the Group of companies\u2019 equities. Non-controlling interests consist of interests at the date of the original transaction and the non-controlling interests\u2019 share of changes in equity since that date. Losses applicable to the non-controlling interests in excess of the non-controlling interests in the subsidiary\u2019s equity are allocated to the majority interests of the Group of companies as there is no obligation for the non-controlling interests to make an additional investment to cover the losses. Acquisitions and sales of non-controlling interests are accounted for entirely as an equity transaction as long as the subsidiary is still under the control of the Bonheur Group of companies.
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group of companies\u2019 entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined.
Foreign operations
The assets and liabilities of subsidiaries with other functional currency than NOK, are translated into NOK at the exchange rate at the statement of financial position date. Revenues and expenses are translated using average monthly foreign exchange rates, which approximates exchange rates on the dates of the transactions. Foreign exchange differences arising on translation are recognised directly as a separate component of equity. When a foreign operation is disposed of, in part or in full, the relevant amount of the component in equity is transferred to profit or loss.
Provisions
A provision is recognised if, as a result of a past event, the Group of companies has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
Principal accounting policies
The Group of companies\u2019 accounting policies are described in the individual notes to the Consolidated Financial Statements. Considering all the accounting policies applied, Management regards the notes listed below as the most significant notes for the recognition and measurement of reported amounts.
Accounting estimates and judgments
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that Management considers reasonable and appropriate under the circumstances. The resulting accounting estimates may differ from the eventual outcome, but the Group of companies\u2019 regards this as the best estimate at the balance sheet date. The notes in this report provide further information on the specific topics including key accounting estimates and judgments.
Effects from new accounting standardsThe amended standards and interpretations had no significant impact on the Group of companies consolidated financial statements in 2022. Forthcoming requirements
The amended standards and interpretations are not expected to have a significant impact on the Group of companies consolidated financial statements.
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the following:
\u2022Derivative financial instruments are measured at fair value
\u2022Financial assets measured at fair value through profit or loss or through other comprehensive income
\u2022Employee benefits are measured at fair value
The methods used to measure fair values are discussed further in note 2.
Note 4 \u2013 Operating segments Accounting policies
A segment is a distinguishable component of the Group of companies that is engaged in providing related products or services (business segment), which is subject to risks and returns that are different from those of other segments. Segment information is presented in respect of the Group of companies' business segments. The business segments are determined based on the Group of companies' management and internal reporting structure. Inter-segment pricing is determined on an arm\u2019s length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment other than capital expenditure according to IFRS 16, and intangible assets other than goodwill.
The Group of companies has four reportable segments, as described below, which are the Group of companies' strategic business areas. The strategic business areas offer different products and services and are managed separately because they require different technology and marketing strategies. For each of the strategic business areas, the Group of companies' chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. Information regarding the results of each reportable segments is included below. Performance is measured based on segment operating profit and profit after tax, as included in the internal management reports that are reviewed by the Group of companies' CODM. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on an arm's length basis.
Note 5 \u2013 RevenueAccounting policies
Revenue from the Renewable Energy segment
Revenue from sale of electric power is recognized in the period the power is generated and supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer for each MWh produced. Payment is due the month after.
In 2022 revenues from the Renewable Energy segment have increased significantly. Power generation increased with 22% from 2021 due to better wind conditions and full year production from the H\u00f6galiden wind farm. The main reason for increase in revenues is the power price development as visualized in the below graph:
The graph includes power prices from the NO2 price area in Norway, which is where Lista windfarm is located. In NO2 prices are normally more correlated with UK and European prices than price area SE2, in the northern part of Sweden where the H\u00f6galiden and F\u00e4bodliden windfarms are located. The lower correlation is due to lack of grid capacity within Sweden.
The UK power market in 2022 was similar to that of Europe, affected by high commodity prices in particular natural gas prices and variable renewable generation with low renewable generation during the summer. Wind generation increased back towards normal levels after the summer coupled with falling gas prices, lead to significantly lower power prices during October/November. In 2022, the Nordics saw record low hydrological resources in Southern price areas during the first three quarters driving imported volumes from Europe and higher prices. Towards the end of the year, this was reversed by mild temperatures and high levels of precipitation.
The Green Certificates are classified as other operating revenues. The Green Certificates are to be considered as a government assistance. The grants are issued when the electricity is generated and are therefore considered as a subsidy linked to production. The Green Certificates are recognized under the income approach and accrued in the Profit or Loss on a monthly basis based on the monthly generation of the windfarms.
Revenue from the Wind Service segment
Revenue from Transport & Installation
Operating revenue from charter rate contracts is split into two elements, income from rentals, which is accounted for in accordance with IFRS 16, and services, which is accounted for under IFRS 15.
Revenue on long term contracts is recognized during the operational phase of the contract (from the delivery of the vessel at the designated port and to the end of demobilization). During the mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the contract during the mobilization phase is capitalized and amortized over the contract term if they meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized as a contract liability until services are delivered.
Variable consideration that specifically relates to a distinct good or service is allocated specifically to this good or service. Variable consideration that does not relate specifically to a distinct good or service is included within the transaction price and recognized in line with progress. Time elapsed, i.e., voyage days, is used to measure progress.
Revenue from Wind services
Revenue derived from hourly service contracts is recognized in the period that the services are rendered at rates established in the relevant contracts. Global Wind Services has installation and services to wind farm projects around the world. The payment terms are usually 60 days or\u00a0
more. Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure is used for measuring progress during the operational phase of the contract. Revenue from the Cruise segment
Cruise fares are recognized evenly over number of nights of the cruise together with revenue from drink packages. Flight revenue is recognized evenly over the duration of the cruise contract (from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and is considered as one performance obligation. Prepayments from sale of cruises are classified as contract liabilities until the cruise commences.
Prebooked shore excursions are recognized as revenue when the tour is completed.
Revenue from the Other investments segment Revenue from subscriptions is recognised over the subscription period, normally on a straight-line basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the advertising is published.Note 8 \u2013 Finance income and expensesAccounting policies
Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 right to receive payment is established, which in the case of quoted securities is the ex-dividend date. Dividends from non-listed securities are recognised in profit or loss at the date the Group of companies receives the dividends.
\u00a0
Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
Note 9 \u2013 Income taxesAccounting principles
Income tax
Income tax expense comprises current and deferred tax. The Group of companies is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the provisions for income tax.
Current tax
Current tax is the expected tax payable on the taxable income for the year, using enacted tax rates at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax
Deferred tax is recognized from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured using the tax rates that are based on the laws that have been enacted by the reporting date.
Deferred tax assets and liabilities are recognized with the net amount if:
i.there is a legally enforceable right to offset current tax liabilities and assets,
ii.they relate to income taxes levied by the same tax authority on the same taxable entity,
iii.on different tax entities if the intent to settle current tax liabilities and assets on a net basis or tax assets and liabilities will be realized simultaneously.
Note 10 \u2013 Property, plant and equipment Accounting policies
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, other costs directly attributable to bringing the asset to a working condition for its intended use and costs related to decommissioning of windfarms, including restoration of the site on which they are located. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
\u00a0
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required by classification societies, are capitalised and depreciated over the anticipated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred.
Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm.
\u00a0
Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS 23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time to be made ready for its intended use, generally items that are subject to major development or construction projects.
\u00a0
When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately.
\u00a0
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised in profit or loss.
(ii) Residual values / decommissioning provision
Residual values are assessed at the beginning of each accounting year and constitute the basis of the depreciation for the year. Residual values for ships are estimated based on recoverable material reduced by other demobilisation costs related to the unit. Recoverable material for ships are calculated as market steel price multiplied by the recoverable lightweight of the unit. Any changes in residual values are accounted for prospectively as a change in accounting estimate.
Decommissioning provisions within the Renewable segment are made for the costs of removing the windfarms from the time at which a commitment arises. The decommissioning provision is calculated on the basis of current technology and regulations. When a removal commitment is expensed as a liability a corresponding amount is capitalised as an operating asset which is depreciated over the useful life of the windfarms. Any changes in the estimates concerning the decommissioning provision are adjusted against book value and is recognised in the Income Statement over the remaining useful life. The decommissioning provision has been calculated using the cost levels, and where applicable this has been adjusted for inflation. The increase in the liability as a consequence of adjustment for inflation is classified as a financial expense. The
estimated useful lives, residual values and decommissioning costs are reviewed on yearly basis. Any change is accounted for prospectively as a change in accounting estimate.\u00a0
(iii) Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group of companies and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
\u00a0
(iv) Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Financially leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group of companies will obtain ownership by the end of the lease term. Land is not depreciated.
\u00a0
The estimated useful lives for the current and comparative periods are as follows:
Wind installation vessels
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
(v) Impairment
The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Note 11 \u2013 Intangible assets Accounting policies
(i) Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures.
In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss.
Subsequent measurement
Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates.
(ii) Research and development
Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred.
\u00a0
Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment.
\u00a0
Capitalised development expenditures are measured at cost less accumulated impairment losses.
(iii) Technology, customer relationships and publishing rights
Technology and customer relationships are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Technology relates to computer software, patented or unpatented technology or databases.
\u00a0
Customer relationships represent the value of the existing customers and are recognised as a separate component.
The estimated useful lives for the current and comparative periods are as follows:\u00a0
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
\u00a0
Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis.
\u00a0
(iv) Impairment
The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required todetermine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that both companies are set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.\u00a0
The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
\u00a0
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Note 12 \u2013 Investments in associates and joint venturesAccounting policies
Associates are those entities, typically joint ventures with equal ownership between the joint venture parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate.
Note 13 \u2013 Other investments Accounting policies
Financial assets
The Group of companies' short-term investments in equity securities and certain debt securities are measured at fair value through profit or loss (FVTPL). Long-term investments are measured at fair value through other comprehensive income (FVTOCI).
\u00a0
Other non-derivative financial instruments, including financial liabilities, are recognized initially at fair value and any directly attributable transaction costs. Subsequent to initial recognition, assets and liabilities are measured at amortised cost when the objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Impairment
IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2.
Accounting policies
Inventories and bunkers are recorded at the lower of cost and net realisable value. The Group of companies categorizes spare parts into two groups, spare parts and spare assets. Spare parts are consumables that are not depreciated but expensed when used against repair and maintenance cost. Consumables are measured at cost less a reserve for overstocked items. Spare assets are larger spare items that is recorded as a component and depreciated.
Note 15 \u2013 Trade and other receivables and contract assetsAccounting policies
Trade receivables that do not have a significant financing component are measured on initial recognition at their transaction price, which is the amount of consideration to which the entity expects to be entitled for transferring the promised goods or services to the customer. Trade receivables with a significant financing component are measured on initial recognition at their transaction price if the entity has chosen not to adjust the promised amount of consideration for the effects of a significant financing component. In other cases, the receivables are measured at fair value on initial recognition.\u00a0
The impairment model applicable to financial assets, measured at amortized cost, is based on an \u201cexpected credit loss\u201d (ECL) model, which require forward looking judgements of two classifications:
-12-month ECLs resulting from possible default events within the 12 months after the reporting date.
-Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
Note 16 \u2013 Cash and cash equivalentsAccounting policies
Cash and cash equivalents include cash, bank deposits and other short-term highly liquid assets that are readily convertible to known amounts of cash and which are subject to insignificant changes in value.
Note 17 \u2013 Earnings per share
Accounting policies
The Group of companies presents basic earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of shares outstanding during the period. Average number of outstanding shares during the period are based on number of outstanding shares per year end. Shares outstanding is total shares issued net of treasury shares.
Note 19 \u2013 Pension obligations Accounting policies
Defined benefit plans
The Company and certain of its subsidiaries have pension plans for employees which provide for a defined pension benefit upon retirement (Defined benefit plans). These pension schemes are accounted for in accordance with IAS19
The calculation of the liability is made on a linear basis, taking into account assumptions regarding the number of years of employment, discount rate, future return on plan assets, future changes in salaries and pensions, the size of defined national contributions and actuarial assumptions regarding mortality, voluntary retirement etc. Plan assets are stated at fair values. Net pension liability comprises the gross pension liability less the fair value of plan assets. Net pension liabilities from under-funded pension schemes are included in the balance sheet as long-term interest free debt, while over-funded schemes are included as long-term interest free receivables, if it is likely that the over-funding can be utilized. Theeffect of retroactive plan amendments without future benefits, are recognized in the income statement with immediate effect. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) are recognized immediately in other comprehensive income.Net pension cost, which consists of gross pension cost, less estimated return on plan assets adjusted for the impact of changes in estimates and pension plans, are classified as an operating cost, and is included in the line item \u201coperating expenses\u201d.
Pension schemes base the discount rate on the yield of long term covered bonds (OMF) at the statement of financial position date, adjusted to reflect the terms of the obligations. The calculation is performed by a qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group of companies, the recognised asset is limited to the net total of any unrecognised past service costs and the present value of any future refunds from the plan or reductions in future contributions to the plan.
When benefits of a plan are improved, the portion of the increased benefit relating to past service is recognised as an expense in the income statement on a straight-line basis until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognised in the income statement.
Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus if the Group of companies has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Accounting estimate \u2013 pension obligation
The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these assumptions will impact the calculated pension obligations. The Group of companies determines the appropriate discount rate at the end of each year. This rate is used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. The rate used for Norwegian subsidiaries is based on 10-year government bonds or the OMF rate. Beyond 10 years the rate has been based on an extrapolation of the government bond rate and long-term swap rates for the relevant period. Other key assumptions for pension obligation are based on current market conditions.
Pension plans
Employees within of the Group of companies have the right to future pension benefits (defined benefit plans) based upon the number of contribution years and the salary level at retirement. The scheme of each entity is administered by individual pension funds or by separate insurance companies. Some subsidiaries have defined contribution schemes for all or some of their employees. In 2022, total costs incurred for defined contribution schemes were NOK 79 million (NOK 63 million). The pension plans in the Norwegian companies meet the Norwegian requirements for a Mandatory Company Pension (OTP).
In total, the number of members in the funded defined benefit plans by the end of 2022 were 358, of which 206 were pensioners (377 of which 214 pensioners). FOCO related individuals are members of Fred. Olsen & Co.\u2019s Pension Fund. Individuals employed in FOCO after 1 June 2012 are covered by contribution plans. Other FOCO related individuals have rights to future pension benefits (defined benefit plan) based on the number of contribution years and compensation level at retirement age. The Group of companies has unfunded (unsecured) pension arrangements for some executives with salaries in excess of 12 G. Those executives are also entitled to early retirement upon reaching 65 years of age. The early pension arrangement will represent 66% of the salary at the time of retirement until ordinary retirement. Executives of FOCO have similar arrangements.\u00a0Note 22 \u2013 Financial InstrumentsAccounting policies
Classification of financial assets and liabilities
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting.
All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows:
\u2022Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met:
\u2022the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022Fair value through other comprehensive income (FVOCI) - financial assets are classified and measured at FVTOCI if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
\u2022Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the two business models mentioned are measured at FVTPL.
All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL. Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair value through profit or loss.
\u00a0\u00a0
Impairment
The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications:
- 12-month ECLs resulting from possible default events within the 12 months after the reporting date.
- Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss.\u00a0
Accounting classifications and fair values
Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings.
The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u2022Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities.
\u2022Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models.
\u2022Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs.
Note 23 \u2013 Rental and leasesLeases as lessee
Accounting principles
At inception of a contract, the Group of companies assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group of companies uses the definition of a lease in IFRS 16.
At commencement or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices.
Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment (see note 10). See also note 18 for information on the lease liabilities.
Leases as lessor
Accounting principles
At inception or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component based on their relative stand-alone prices.
When the Group of companies act as a lessor, it determines at lease inception whether each lease is a lease liability or an operating lease. To classify each lease, the Group of companies makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a lease liability; if not, then it is an operating lease. As part of this assessment, The Group of companies consider certain indicators such as whether the lease is for a major part of the economic life of the asset.
\u00a0
If an arrangement contains lease and non-lease components, then the Group of companies applies IFRS 15, Revenue from contracts with customers, to allocate the consideration in the contract. The Group of companies applies the derecognition and impairment requirements in IFRS 9, Financial instruments, to the net investment in the lease.
For further details, see note 5.
Note 27 \u2013 Group of companiesAccounting policies
The consolidated financial statements include the Company and its subsidiaries. A company within the Group of companies controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24374-tag49782": {
"value": "Note 1 - Principal accounting policies and key accounting estimates Effects from new accounting standardsThe amended standards and interpretations had no significant impact on the Group of companies consolidated financial statements in 2022. Forthcoming requirements
The amended standards and interpretations are not expected to have a significant impact on the Group of companies consolidated financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24374-tag49781": {
"value": "Note 1 - Principal accounting policies and key accounting estimates Provisions
A provision is recognised if, as a result of a past event, the Group of companies has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24374-tag49780": {
"value": "Note 1 - Principal accounting policies and key accounting estimates Accounting estimates and judgments
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that Management considers reasonable and appropriate under the circumstances. The resulting accounting estimates may differ from the eventual outcome, but the Group of companies\u2019 regards this as the best estimate at the balance sheet date. The notes in this report provide further information on the specific topics including key accounting estimates and judgments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24374-tag49779": {
"value": "Note 1 - Principal accounting policies and key accounting estimates Basis of consolidation
Subsidiaries
The consolidated financial statements include Bonheur ASA and its subsidiaries (the Group of companies). See note 27 for details of the subsidiaries.
Associates (investments accounted for using the equity method)
Associates are those entities in which the Group of companies has significant influence, but not control, over the financial and operating policies. See note 12 for details of the associates.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any realised and unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with
that date. Losses applicable to the non-controlling interests in excess of the non-controlling interests in the subsidiary\u2019s equity are allocated to the majority interests of the Group of companies as there is no obligation for the non-controlling interests to make an additional investment to cover the losses. Acquisitions and sales of non-controlling interests are accounted for entirely as an equity transaction as long as the subsidiary is still under the control of the Bonheur Group of companies.Note 27 \u2013 Group of companiesAccounting policies
The consolidated financial statements include the Company and its subsidiaries. A company within the Group of companies controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24374-tag49775": {
"value": "Note 1 - Principal accounting policies and key accounting estimates The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and its interpretations, as adopted by the European Union and the disclosure requirements following from the Norwegian Accounting Act, that are mandatory to apply at 31.12.2022.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24374-tag49773": {
"value": "Note 1 - Principal accounting policies and key accounting estimates Basis of preparation
These consolidated financial statements are presented in Norwegian Kroner (NOK), the functional currency of Bonheur ASA. All financial information presented in NOK has been rounded to the nearest thousand.
The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Reassessment of accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
Judgements and estimates made by management in the application of IFRSs that have significant effect on the financial statements and estimates that have a significant risk of material adjustment in the next year are discussed in the specific notes.
The accounting policies have been applied consistently to all periods presented in these consolidated financial statements by all Group entities. The Group of companies\u2019 accounting policies are described in the individual notes to the Consolidated Financial Statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24374-tag49776": {
"value": "Note 1 - Principal accounting policies and key accounting estimates Bonheur ASA is domiciled in Norway. The address of the Company\u2019s registered office is Fred Olsens gate 2, Oslo.The consolidated financial statements of Bonheur ASA as at and for the year ended 31 December 2022 comprise Bonheur ASA and its subsidiaries (together referred to as the \u201cGroup of companies\u201d and individually as \u201cGroup entities\u201d) and the Group of companies\u2019 interests in associates.
The Group of companies is primarily involved in Renewable Energy, Wind Service and Cruise.
The annual accounts together with the appurtenant financial statements were addressed by the Board of Directors on 12 April 2023. In a meeting 14 April 2023, the Shareholders\u2019 Committee recommended to the Annual General Meeting that the proposal to the annual accounts for 2022 together with the appurtenant financial statements as addressed and resolved upon by the Board in the said meeting on 12 April 2023, is approved. Eventual approval of the annual accounts together with the appurtenant financial statements lies with the Annual General Meeting scheduled for 25 May 2023.
Forthcoming requirements
The amended standards and interpretations are not expected to have a significant impact on the Group of companies consolidated financial statements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24374-tag49774": {
"value": "Note 1 - Principal accounting policies and key accounting estimates Bonheur ASA is domiciled in Norway. The address of the Company\u2019s registered office is Fred Olsens gate 2, Oslo.The consolidated financial statements of Bonheur ASA as at and for the year ended 31 December 2022 comprise Bonheur ASA and its subsidiaries (together referred to as the \u201cGroup of companies\u201d and individually as \u201cGroup entities\u201d) and the Group of companies\u2019 interests in associates.
The Group of companies is primarily involved in Renewable Energy, Wind Service and Cruise.
The annual accounts together with the appurtenant financial statements were addressed by the Board of Directors on 12 April 2023. In a meeting 14 April 2023, the Shareholders\u2019 Committee recommended to the Annual General Meeting that the proposal to the annual accounts for 2022 together with the appurtenant financial statements as addressed and resolved upon by the Board in the said meeting on 12 April 2023, is approved. Eventual approval of the annual accounts together with the appurtenant financial statements lies with the Annual General Meeting scheduled for 25 May 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24439-tag49778": {
"value": "Basis of consolidation
Subsidiaries
The consolidated financial statements include Bonheur ASA and its subsidiaries (the Group of companies). See note 27 for details of the subsidiaries.
Associates (investments accounted for using the equity method)
Associates are those entities in which the Group of companies has significant influence, but not control, over the financial and operating policies. See note 12 for details of the associates.
Transactions eliminated on consolidation
Intra-group balances and transactions, and any realised and unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with
that date. Losses applicable to the non-controlling interests in excess of the non-controlling interests in the subsidiary\u2019s equity are allocated to the majority interests of the Group of companies as there is no obligation for the non-controlling interests to make an additional investment to cover the losses. Acquisitions and sales of non-controlling interests are accounted for entirely as an equity transaction as long as the subsidiary is still under the control of the Bonheur Group of companies.Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the following:
\u2022Derivative financial instruments are measured at fair value
\u2022Financial assets measured at fair value through profit or loss or through other comprehensive income
\u2022Employee benefits are measured at fair value
The methods used to measure fair values are discussed further in note 2.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24910-tag49785": {
"value": "Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group of companies\u2019 entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined.
Foreign operations
The assets and liabilities of subsidiaries with other functional currency than NOK, are translated into NOK at the exchange rate at the statement of financial position date. Revenues and expenses are translated using average monthly foreign exchange rates, which approximates exchange rates on the dates of the transactions. Foreign exchange differences arising on translation are recognised directly as a separate component of equity. When a foreign operation is disposed of, in part or in full, the relevant amount of the component in equity is transferred to profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_24910-tag49784": {
"value": "Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group of companies\u2019 entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined.
Foreign operations
The assets and liabilities of subsidiaries with other functional currency than NOK, are translated into NOK at the exchange rate at the statement of financial position date. Revenues and expenses are translated using average monthly foreign exchange rates, which approximates exchange rates on the dates of the transactions. Foreign exchange differences arising on translation are recognised directly as a separate component of equity. When a foreign operation is disposed of, in part or in full, the relevant amount of the component in equity is transferred to profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_25502-tag49790": {
"value": "Note 2 \u2013 Determination of fair values vi) Non-derivative financial liabilitiesFair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. For lease liabilities the market rate of interest is determined by reference to similar lease agreements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_25502-tag49789": {
"value": "Note 2 \u2013 Determination of fair values v) DerivativesThe fair value of forward exchange contracts is based on available market information. The fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).
The fair value of interest rate swaps is the estimated amount that the Group of companies would receive or pay to terminate the swap at the statement of financial position date, taking into account current interest rates and the counterparty\u2019s credit rating.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_25502-tag49787": {
"value": "Note 2 \u2013 Determination of fair values (ii) Intangible assets
The fair value of other intangible assets, including goodwill, is based on the discounted net cash flows expected to be derived from the use and potential sale of the assets. However, the value of Mynewsdesk AS and Mention Solutions SAS (inclusive intangible assets), subsidiaries of NHST, is based on fair value less cost of disposal where estimated sales values for similar business are obtained from an independent party.i) GoodwillGoodwill arises on the acquisition of subsidiaries, associates and joint ventures.
In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss.
Subsequent measurement
Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_25502-tag49788": {
"value": "Note 2 \u2013 Determination of fair values A number of the Group of companies\u2019 accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.(i) Property, plant and equipment (PPE)
The fair value of PPE is estimated when impairment tests are performed. The market value of items of vessels is based on broker valuations, for other items it is based on quoted market prices for similar items. Fair value may also be based on value in use for the purpose of impairment testing. Value in use is the present value of the future net cash flows from continuing use and ultimate disposal of the asset.
(ii) Intangible assets
The fair value of other intangible assets, including goodwill, is based on the discounted net cash flows expected to be derived from the use and potential sale of the assets. However, the value of Mynewsdesk AS and Mention Solutions SAS (inclusive intangible assets), subsidiaries of NHST, is based on fair value less cost of disposal where estimated sales values for similar business are obtained from an independent party.\u00a0
(iii) Investments in equity and debt securities
The fair value of financial assets at fair value through profit or loss and through other comprehensive income is determined by reference to their quoted bid price at the reporting date.
If such a quoted bid price does not exist at the statement of financial position date, the following items are considered when estimating the fair value:
\u25aathe latest known trading price
\u25aaaverage price from transactions
\u25aatransactions with high volume
(iv) Trade and other receivables
The fair value of trade and other receivables is estimated as the present value of expected future cash flows.
(v) Derivatives
The fair value of forward exchange contracts is based on available market information. The fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).
The fair value of interest rate swaps is the estimated amount that the Group of companies would receive or pay to terminate the swap at the statement of financial position date, taking into account current interest rates and the counterparty\u2019s credit rating.\u00a0
vi) Non-derivative financial liabilitiesFair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. For lease liabilities the market rate of interest is determined by reference to similar lease agreements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_25618-tag49791": {
"value": "Note 2 \u2013 Determination of fair valuesA number of the Group of companies\u2019 accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.",
"dimensions": {
"concept": "ifrs-full:MethodsToDetermineAmountOfChangesInFairValueOfFinancialAssetsAndFinancialLiabilitiesAttributableToChangesInCreditRisk",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_25619-tag49786": {
"value": "(ii) Intangible assets
The fair value of other intangible assets, including goodwill, is based on the discounted net cash flows expected to be derived from the use and potential sale of the assets. However, the value of Mynewsdesk AS and Mention Solutions SAS (inclusive intangible assets), subsidiaries of NHST, is based on fair value less cost of disposal where estimated sales values for similar business are obtained from an independent party.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_25993-tag49795": {
"value": "Note 3 \u2013 Financial risk management Financial market risk
Currency risk
The Group of companies\u2019 financial statements are presented in NOK. The Group of companies\u2019 revenues consist primarily of EUR, GBP and NOK. The revenues within the Wind Service segment in 2022 were in EUR. The GBP revenues in 2022 are within the Renewable Energy and cruise segments. Consequently, out of the group\u2019s gross revenues of NOK 11 435 million in 2022, approximately 49% were in GBP, approximately 36% were in EUR and approximately 2% were in SEK. The remaining 13% were in NOK. The Group of companies\u2019 expenses are primarily in EUR, GBP, USD and NOK. As such, the Group of companies\u2019 earnings are exposed to fluctuations in the currency market. However, in the longer-term parts of the currency exposure are neutralized due to the majority of the Group of companies\u2019 debts being denominated in the same currencies as the main revenues.
The Group of companies is exposed to interest rate fluctuations, as loans are frequently based on floating interest rates. By the turn of the year, parts of the outstanding loans in Renewable energy had been hedged against interest fluctuations through interest rate swap agreement, the external loans in Cruise had a fixed interest rate and part of the det in UWL has a fixed interest rate. At year-end 36% (2021: 35%) of total loans were swapped into fixed rate obligations by use of interest rate swap agreements.
Fuel / bunker price
The Group of companies is exposed to fluctuations in bunker prices, which are fluctuating with the oil price. This exposure is primarily within the Cruise segment. In 2022 approximately 8% (2021: 3%) of total operating expenses within the Group of companies were bunker expenses within the Cruise segment, while approximately 1.5% (2021: 1.5%) were bunkers expenses within Wind Service. By the end of the year, there were no short-term derivative contracts outstanding relating to securing part of the bunker costs for the year 2023.
Electricity price
Electricity sales for the windfarms are on floating contracts and are subject to change in electricity prices apart from Paul\u2019s Hill and Rothes. 75% of the electricity sales for Paul\u2019s Hill wind farm was fixed for the winter of 2022 (4Q 2022 and 1Q 2023) at GBP 363.93 per MWh and 75% of production Rothes wind farm for winter of 2022 at GBP 351.45 per MWh. The electricity sales for the other ten windfarms are on variable contracts. In 2022 3% (2021: 12%) of the generation was based on fixed prices which expires at the end of 1Q 2023.
Note 22 \u2013 Financial InstrumentsThe following significant exchange rates applied during the year:
Interest rate risk
When the Group of companies borrows funds externally, the interest rate payable is in most cases based on a floating interest rate. In order to reduce the fluctuations of interests payable, interest rate swap agreements are entered into. The Group of companies is exposed to fluctuations in interest rates for GBP, EUR, USD and NOK.
All the interest rate swaps that are entered into are used for economical hedging. Therefore, the changes in the valuation of the interest rate swaps are taken over the profit or loss statement. The quarterly update of the valuations of the interest rate swaps may result in substantial financial gains and losses, depending on the changes in the interest rate levels.
The management monitors the interest rate markets closely and enters into interest rate swap agreements when this is considered appropriate. At the reporting date approximately 37% of the financial liabilities were interest hedged.
At the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial instruments was:
Financial liabilities (interest-hedged portion of interest-bearing debt)
Variable rate instruments
Financial assets (cash and cash equivalents)
Financial liabilities (non-interest-hedged portion of interest-bearing debt)
Interest rate sensitivity
A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts indicated below. This analysis is on a pre-tax basis and assumes that all other variables, in particular foreign currency rates, remain constant. Changes in the market value of interest rate swap agreements are not included. The analysis is performed on the same basis as for the previous year.
",
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"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"v1-page1-cflshid_25993-tag49794": {
"value": "Note 3 \u2013 Financial risk management Liquidity risk
Gross interest-bearing debt of the Group of companies at year end was NOK 10 177 million (2021: NOK 10 424 million). Cash and cash equivalents amounted to NOK 5 458 million (2021: NOK 4 039 million). Net interest-bearing debt of the Group of companies was NOK 4 719 million (2021: 6 385 million). Equity to assets ratio for the parent company was 73% (2021: 66%).
The Group of companies\u2019 interest-bearing debt consists of several loans. Some of the main business segments have arranged separate loans to cover their investments. In 2022 investments were financed by cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2022 amounted to NOK 183 million (2021: 170 million).
The Group of companies\u2019 short-term cash investments are mainly limited to cash deposits in the Group of companies\u2019 relationship banks and bonds. Derivative financial instruments are normally entered into with the Group of companies\u2019 main relationship banks.
A Minimum of NOK 500 million of other restricted cash reflects deposits required according to covenants in Bonheur ASAs bond loans.
Taking into account estimated revenues, proposed dividend payments and planned capital investments, the Group of companies views the liquidity risk to be moderate.Note 22 \u2013 Financial InstrumentsLiquidity risk
The Group of companies is exposed to liquidity risk when payments of financial liabilities do not correspond to the cash flow from operations and/or financing. In order to effectively mitigate liquidity risk, the Group of companies\u2019 risk management strategy focuses on maintaining sufficient cash, marketable securities and/or committed credit facilities and targets a long-term funding profile. Moreover, the liquidity risk management strategy focuses on maximising the return on surplus cash as well as minimising the cost of short-term borrowing and other transaction costs. In order to uncover future liquidity risk, the Group of companies forecasts both short-term and long-term cash flows. Cash flow forecasts include cash flows stemming from operations, investments and financing activities.
The liquidity risk is considered as moderate.
The following are the contractual maturities of financial liabilities, including estimated interest payments:
Non-derivative financial liabilities
Derivative financial liabilities
Non-derivative financial liabilities
Derivative financial liabilities
Note 3 \u2013 Financial risk management Credit risk
The Group of companies continuously evaluates the credit risk associated with customers and, when considered necessary, seeks to obtain certain guarantees. The credit risk within the Group of companies is in general considered to be moderate without significant changes from the previous year. Customers within Renewable Energy, which in 2022 provided 38% (2021: 32%) of total revenues, are large electricity distributors. Customers within Wind Service are large and well reputed entities from the Wind Service industry, although the turbine manufacturers are going through a period with negative profitability. Customers within the Wind Service segment provided in 2022 36% (2021: 47%) of total revenues. Credit risk within cruise 17% of total revenues in 2022 (2021: 7%)) is also regarded to be moderate, due to cruise tickets being paid in advance. Within the segment Other 9% (2021: 14%) of total revenues), credit risk is regarded moderate due to prepayment of subscriptions being a major part of the revenues.
Note 22 \u2013 Financial InstrumentsCredit risk
The Group of companies continually evaluates the credit risks associated with customers and counterparties and, when necessary, requires guarantees or collaterals. The Group of companies' short-term investments are mainly limited to cash deposits with its relationship banks. The credit risk related to trade receivables is mainly within the business segments Renewable Energy and Wind Service from customers located in the EURO zone and United Kingdom. For further information, see note 3 - Financial Risk Management.
The Group of companies' financial assets were considered to have low credit risk per 1 January 2022. Historically, losses on receivables have been insignificant in the Group of companies. A large proportion of the Group of companies\u2019 receivables are advance payments from customers in the business segment Cruise and in NHST Media Group AS in the Other investments segment. The Group of companies has considered that the credit risk has not increased significantly during 2022. Based on the group\u2019s assessment, no significant changes in loss allowance are deemed necessary per 31 December 2022.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure to credit risk at the reporting date was:
Loans granted to associates
Other interest-bearing loans
Other non interest-bearing receivables
Trade and other receivables *)
Cash and cash equivalents
*) Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following business segments:
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Impairment losses
Loss allowances have been measured on the following bases:
\u202212-month ECLs that result from possible default events within the 12 months after the reporting date; and
\u2022Lifetime ECLs that result from all possible default events over the expected life of a financial instrument.
The aging of trade and other receivables at the reporting date was:
Based on historic default rates, the Group of companies believes that limited impairment allowance is necessary in respect of trade receivables not past due or past due by up to 30 days. Due to conditions related to specific customers in NHST Media Group AS and Transport & Installation in the Wind Service segment, a provision for losses has been made to certain receivables past due 31-180 days and 181-360 days respectively. Lifetime expected credit losses has been assessed and a provision for losses has been made to certain receivables related to specific customers in Global Wind Service in the Wind Service Segment.
",
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"value": "Note 3 \u2013 Financial risk management The Group of companies is exposed to certain financial risks related to its activities. The financial risks are continuously monitored and from time-to-time financial derivatives are used to economically hedge such exposures. The monitoring within the various business segments is carried out by the respective companies, in accordance with their policies and procedures, through internal reporting and online based information of movements and market values of relevant financial instruments. Reports on the companies\u2019 financial risk exposure are regularly submitted to the respective entities\u2019 Board of directors. For more information \u2013 see notes 18 and 22.
Financial market risk
Currency risk
The Group of companies\u2019 financial statements are presented in NOK. The Group of companies\u2019 revenues consist primarily of EUR, GBP and NOK. The revenues within the Wind Service segment in 2022 were in EUR. The GBP revenues in 2022 are within the Renewable Energy and cruise segments. Consequently, out of the group\u2019s gross revenues of NOK 11 435 million in 2022, approximately 49% were in GBP, approximately 36% were in EUR and approximately 2% were in SEK. The remaining 13% were in NOK. The Group of companies\u2019 expenses are primarily in EUR, GBP, USD and NOK. As such, the Group of companies\u2019 earnings are exposed to fluctuations in the currency market. However, in the longer-term parts of the currency exposure are neutralized due to the majority of the Group of companies\u2019 debts being denominated in the same currencies as the main revenues.
The Group of companies is exposed to interest rate fluctuations, as loans are frequently based on floating interest rates. By the turn of the year, parts of the outstanding loans in Renewable energy had been hedged against interest fluctuations through interest rate swap agreement, the external loans in Cruise had a fixed interest rate and part of the det in UWL has a fixed interest rate. At year-end 36% (2021: 35%) of total loans were swapped into fixed rate obligations by use of interest rate swap agreements.
Fuel / bunker price
The Group of companies is exposed to fluctuations in bunker prices, which are fluctuating with the oil price. This exposure is primarily within the Cruise segment. In 2022 approximately 8% (2021: 3%) of total operating expenses within the Group of companies were bunker expenses within the Cruise segment, while approximately 1.5% (2021: 1.5%) were bunkers expenses within Wind Service. By the end of the year, there were no short-term derivative contracts outstanding relating to securing part of the bunker costs for the year 2023.
Electricity price
Electricity sales for the windfarms are on floating contracts and are subject to change in electricity prices apart from Paul\u2019s Hill and Rothes. 75% of the electricity sales for Paul\u2019s Hill wind farm was fixed for the winter of 2022 (4Q 2022 and 1Q 2023) at GBP 363.93 per MWh and 75% of production Rothes wind farm for winter of 2022 at GBP 351.45 per MWh. The electricity sales for the other ten windfarms are on variable contracts. In 2022 3% (2021: 12%) of the generation was based on fixed prices which expires at the end of 1Q 2023.
Credit risk
The Group of companies continuously evaluates the credit risk associated with customers and, when considered necessary, seeks to obtain certain guarantees. The credit risk within the Group of companies is in general considered to be moderate without significant changes from the previous year. Customers within Renewable Energy, which in 2022 provided 38% (2021: 32%) of total revenues, are large electricity distributors. Customers within Wind Service are large and well reputed entities from the Wind Service industry, although the turbine manufacturers are going through a period with negative profitability. Customers within the Wind Service segment provided in 2022 36% (2021: 47%) of total revenues. Credit risk within cruise 17% of total revenues in 2022 (2021: 7%)) is also regarded to be moderate, due to cruise tickets being paid in advance. Within the segment Other 9% (2021: 14%) of total revenues), credit risk is regarded moderate due to prepayment of subscriptions being a major part of the revenues.
Liquidity risk
Gross interest-bearing debt of the Group of companies at year end was NOK 10 177 million (2021: NOK 10 424 million). Cash and cash equivalents amounted to NOK 5 458 million (2021: NOK 4 039 million). Net interest-bearing debt of the Group of companies was NOK 4 719 million (2021: 6 385 million). Equity to assets ratio for the parent company was 73% (2021: 66%).
The Group of companies\u2019 interest-bearing debt consists of several loans. Some of the main business segments have arranged separate loans to cover their investments. In 2022 investments were financed by cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2022 amounted to NOK 183 million (2021: 170 million).
The Group of companies\u2019 short-term cash investments are mainly limited to cash deposits in the Group of companies\u2019 relationship banks and bonds. Derivative financial instruments are normally entered into with the Group of companies\u2019 main relationship banks.
A Minimum of NOK 500 million of other restricted cash reflects deposits required according to covenants in Bonheur ASAs bond loans.
Taking into account estimated revenues, proposed dividend payments and planned capital investments, the Group of companies views the liquidity risk to be moderate.\u00a0
The Group of companies\u2019 overriding financial objectives target to secure long-term visibility and flexibility through business cycles in order to sustain future development of the separate business and the group as a whole and maintain market and stakeholder confidence.
The FOCO on behalf of Bonheur ASA performs capital management for the Company\u2019s operations and oversees activity on an overall level for the Group of companies. Capital management is carried out within the various business segments, based on their respective policies and procedures.
The majority of the Group of companies\u2019 free available cash and cash equivalents have traditionally been held as bank deposits, however, investments in short- and long-term securities are also made. As a governing principle the wholly owned subsidiaries distribute free available excess cash to the Company.
To position the Group of companies for the upcoming implementation of the EU taxonomy directive and to formalize Bonheur\u2019s commitment to sustainable financing, Bonheur during 2020 established a green finance framework with an eligibility assessment from DNV. Since then, two green bond loans of NOK 700 million each, have been issued to be used for eligible green investments as defined in the framework, in addition to two external green loans in Wind Services of EUR 50 million and in Blue Tern of EUR 35 million. In 2022, the green financing frameworks were updated to also take into account EU Taxonomy rating.
\u00a0The Group of companies is in compliance with all external loan covenants as per 31 December 2022 and 12 April 2023.
",
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"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"v1-page1-cflshid_25993-tag49792": {
"value": "Note 3 \u2013 Financial risk management The Group of companies is exposed to certain financial risks related to its activities. The financial risks are continuously monitored and from time-to-time financial derivatives are used to economically hedge such exposures. The monitoring within the various business segments is carried out by the respective companies, in accordance with their policies and procedures, through internal reporting and online based information of movements and market values of relevant financial instruments. Reports on the companies\u2019 financial risk exposure are regularly submitted to the respective entities\u2019 Board of directors. For more information \u2013 see notes 18 and 22.
Financial market risk
Currency risk
The Group of companies\u2019 financial statements are presented in NOK. The Group of companies\u2019 revenues consist primarily of EUR, GBP and NOK. The revenues within the Wind Service segment in 2022 were in EUR. The GBP revenues in 2022 are within the Renewable Energy and cruise segments. Consequently, out of the group\u2019s gross revenues of NOK 11 435 million in 2022, approximately 49% were in GBP, approximately 36% were in EUR and approximately 2% were in SEK. The remaining 13% were in NOK. The Group of companies\u2019 expenses are primarily in EUR, GBP, USD and NOK. As such, the Group of companies\u2019 earnings are exposed to fluctuations in the currency market. However, in the longer-term parts of the currency exposure are neutralized due to the majority of the Group of companies\u2019 debts being denominated in the same currencies as the main revenues.
The Group of companies is exposed to interest rate fluctuations, as loans are frequently based on floating interest rates. By the turn of the year, parts of the outstanding loans in Renewable energy had been hedged against interest fluctuations through interest rate swap agreement, the external loans in Cruise had a fixed interest rate and part of the det in UWL has a fixed interest rate. At year-end 36% (2021: 35%) of total loans were swapped into fixed rate obligations by use of interest rate swap agreements.
Fuel / bunker price
The Group of companies is exposed to fluctuations in bunker prices, which are fluctuating with the oil price. This exposure is primarily within the Cruise segment. In 2022 approximately 8% (2021: 3%) of total operating expenses within the Group of companies were bunker expenses within the Cruise segment, while approximately 1.5% (2021: 1.5%) were bunkers expenses within Wind Service. By the end of the year, there were no short-term derivative contracts outstanding relating to securing part of the bunker costs for the year 2023.
Electricity price
Electricity sales for the windfarms are on floating contracts and are subject to change in electricity prices apart from Paul\u2019s Hill and Rothes. 75% of the electricity sales for Paul\u2019s Hill wind farm was fixed for the winter of 2022 (4Q 2022 and 1Q 2023) at GBP 363.93 per MWh and 75% of production Rothes wind farm for winter of 2022 at GBP 351.45 per MWh. The electricity sales for the other ten windfarms are on variable contracts. In 2022 3% (2021: 12%) of the generation was based on fixed prices which expires at the end of 1Q 2023.
Credit risk
The Group of companies continuously evaluates the credit risk associated with customers and, when considered necessary, seeks to obtain certain guarantees. The credit risk within the Group of companies is in general considered to be moderate without significant changes from the previous year. Customers within Renewable Energy, which in 2022 provided 38% (2021: 32%) of total revenues, are large electricity distributors. Customers within Wind Service are large and well reputed entities from the Wind Service industry, although the turbine manufacturers are going through a period with negative profitability. Customers within the Wind Service segment provided in 2022 36% (2021: 47%) of total revenues. Credit risk within cruise 17% of total revenues in 2022 (2021: 7%)) is also regarded to be moderate, due to cruise tickets being paid in advance. Within the segment Other 9% (2021: 14%) of total revenues), credit risk is regarded moderate due to prepayment of subscriptions being a major part of the revenues.
Liquidity risk
Gross interest-bearing debt of the Group of companies at year end was NOK 10 177 million (2021: NOK 10 424 million). Cash and cash equivalents amounted to NOK 5 458 million (2021: NOK 4 039 million). Net interest-bearing debt of the Group of companies was NOK 4 719 million (2021: 6 385 million). Equity to assets ratio for the parent company was 73% (2021: 66%).
The Group of companies\u2019 interest-bearing debt consists of several loans. Some of the main business segments have arranged separate loans to cover their investments. In 2022 investments were financed by cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2022 amounted to NOK 183 million (2021: 170 million).
The Group of companies\u2019 short-term cash investments are mainly limited to cash deposits in the Group of companies\u2019 relationship banks and bonds. Derivative financial instruments are normally entered into with the Group of companies\u2019 main relationship banks.
A Minimum of NOK 500 million of other restricted cash reflects deposits required according to covenants in Bonheur ASAs bond loans.
Taking into account estimated revenues, proposed dividend payments and planned capital investments, the Group of companies views the liquidity risk to be moderate.\u00a0
The Group of companies\u2019 overriding financial objectives target to secure long-term visibility and flexibility through business cycles in order to sustain future development of the separate business and the group as a whole and maintain market and stakeholder confidence.
The FOCO on behalf of Bonheur ASA performs capital management for the Company\u2019s operations and oversees activity on an overall level for the Group of companies. Capital management is carried out within the various business segments, based on their respective policies and procedures.
The majority of the Group of companies\u2019 free available cash and cash equivalents have traditionally been held as bank deposits, however, investments in short- and long-term securities are also made. As a governing principle the wholly owned subsidiaries distribute free available excess cash to the Company.
To position the Group of companies for the upcoming implementation of the EU taxonomy directive and to formalize Bonheur\u2019s commitment to sustainable financing, Bonheur during 2020 established a green finance framework with an eligibility assessment from DNV. Since then, two green bond loans of NOK 700 million each, have been issued to be used for eligible green investments as defined in the framework, in addition to two external green loans in Wind Services of EUR 50 million and in Blue Tern of EUR 35 million. In 2022, the green financing frameworks were updated to also take into account EU Taxonomy rating.
\u00a0The Group of companies is in compliance with all external loan covenants as per 31 December 2022 and 12 April 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"v1-page1-cflshid_26776-tag49797": {
"value": "Note 4 \u2013 Operating segments Accounting policies
A segment is a distinguishable component of the Group of companies that is engaged in providing related products or services (business segment), which is subject to risks and returns that are different from those of other segments. Segment information is presented in respect of the Group of companies' business segments. The business segments are determined based on the Group of companies' management and internal reporting structure. Inter-segment pricing is determined on an arm\u2019s length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment other than capital expenditure according to IFRS 16, and intangible assets other than goodwill.
The Group of companies has four reportable segments, as described below, which are the Group of companies' strategic business areas. The strategic business areas offer different products and services and are managed separately because they require different technology and marketing strategies. For each of the strategic business areas, the Group of companies' chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. Information regarding the results of each reportable segments is included below. Performance is measured based on segment operating profit and profit after tax, as included in the internal management reports that are reviewed by the Group of companies' CODM. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on an arm's length basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_26776-tag49800": {
"value": "Note 4 \u2013 Operating segments Fully consolidated companies
Operating income - external
Operating income - internal
Profit / (loss-) for the year
Fully consolidated companies
Operating income - external
Operating income - internal
Profit / (loss-) for the year
Note 4 \u2013 Operating segments Fully consolidated companies
Operating income - external
Operating income - internal
Profit / (loss-) for the year
Fully consolidated companies
Operating income - external
Operating income - internal
Profit / (loss-) for the year
Note 6 - Operating expenses
Administrative expenses 1)
Other operating expenses 2)
1) Inclusive administration costs and fee to Fred. Olsen & Co of NOK 92.2 million (2021: NOK 114.8 million) See note 26. 2) Other operating expenses are mainly related to operation of the cruise vessels (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH). In 2022 cruise vessels operation amounts to NOK 2012.3 million (2021: NOK 895.9 million) which are mainly onboard expenses, vessel operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 1878 million (2021: NOK 2420.2 million). Research and development expenditures of NOK 68 million are recognised in profit or loss in 2022 (2021: NOK 32 million).
Professional fees to the auditors
A breakdown of professional fees to the auditors, which is included in \"Administrative expenses\", is given below.
The fees encompass group auditor, KPMG, including affiliates of KPMG, and non-KPMG auditors of the Group.
Professional fees to the auditors
Other attestation and audit related services
Note 4 \u2013 Operating segments Fully consolidated companies
Operating income - external
Operating income - internal
Profit / (loss-) for the year
Fully consolidated companies
Operating income - external
Operating income - internal
Profit / (loss-) for the year
Depreciation / Impairment
Share of profit in associates
*) For information on associates please refer to note 12.
Fully consolidated companies
The distribution of the operating revenue reported above is based on the geographical location of the customers. The Group of companies' operating income is primarily originating in Europe from ownership and operation of windfarms, Wind Service activities, cruise activities and from NHST Media Group. The capital expenditures are based on the location of the company that is actually doing the investment.
Of the total revenue in 2022 within the Group of companies, UK, Germany, Netherlands, Asia and Norway contributed 24%, 23%, 13%, 13% and 11% respectively (2021: 18%, 23%, 12%, 11% and 14% respectively). Revenues from four major customers within the Renewable Energy segment, constituted 37% (2021: 31%) of the total revenue in the Group of companies. In the Wind Service segment three major customer constituted 20% (2021: 16%) of the total revenue in the Group of companies.
Note 5 \u2013 RevenueAccounting policies
Revenue from the Renewable Energy segment
Revenue from sale of electric power is recognized in the period the power is generated and supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer for each MWh produced. Payment is due the month after.
In 2022 revenues from the Renewable Energy segment have increased significantly. Power generation increased with 22% from 2021 due to better wind conditions and full year production from the H\u00f6galiden wind farm. The main reason for increase in revenues is the power price development as visualized in the below graph:
The graph includes power prices from the NO2 price area in Norway, which is where Lista windfarm is located. In NO2 prices are normally more correlated with UK and European prices than price area SE2, in the northern part of Sweden where the H\u00f6galiden and F\u00e4bodliden windfarms are located. The lower correlation is due to lack of grid capacity within Sweden.
The UK power market in 2022 was similar to that of Europe, affected by high commodity prices in particular natural gas prices and variable renewable generation with low renewable generation during the summer. Wind generation increased back towards normal levels after the summer coupled with falling gas prices, lead to significantly lower power prices during October/November. In 2022, the Nordics saw record low hydrological resources in Southern price areas during the first three quarters driving imported volumes from Europe and higher prices. Towards the end of the year, this was reversed by mild temperatures and high levels of precipitation.
The Green Certificates are classified as other operating revenues. The Green Certificates are to be considered as a government assistance. The grants are issued when the electricity is generated and are therefore considered as a subsidy linked to production. The Green Certificates are recognized under the income approach and accrued in the Profit or Loss on a monthly basis based on the monthly generation of the windfarms.
Revenue from the Wind Service segment
Revenue from Transport & Installation
Operating revenue from charter rate contracts is split into two elements, income from rentals, which is accounted for in accordance with IFRS 16, and services, which is accounted for under IFRS 15.
Revenue on long term contracts is recognized during the operational phase of the contract (from the delivery of the vessel at the designated port and to the end of demobilization). During the mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the contract during the mobilization phase is capitalized and amortized over the contract term if they meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized as a contract liability until services are delivered.
Variable consideration that specifically relates to a distinct good or service is allocated specifically to this good or service. Variable consideration that does not relate specifically to a distinct good or service is included within the transaction price and recognized in line with progress. Time elapsed, i.e., voyage days, is used to measure progress.
Revenue from Wind services
Revenue derived from hourly service contracts is recognized in the period that the services are rendered at rates established in the relevant contracts. Global Wind Services has installation and services to wind farm projects around the world. The payment terms are usually 60 days or\u00a0
more. Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure is used for measuring progress during the operational phase of the contract. Revenue from the Cruise segment
Cruise fares are recognized evenly over number of nights of the cruise together with revenue from drink packages. Flight revenue is recognized evenly over the duration of the cruise contract (from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and is considered as one performance obligation. Prepayments from sale of cruises are classified as contract liabilities until the cruise commences.
Prebooked shore excursions are recognized as revenue when the tour is completed.
Revenue from the Other investments segment Revenue from subscriptions is recognised over the subscription period, normally on a straight-line basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the advertising is published.",
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"value": "Note 5 \u2013 RevenueAccounting policies
Revenue from the Renewable Energy segment
Revenue from sale of electric power is recognized in the period the power is generated and supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer for each MWh produced. Payment is due the month after.
In 2022 revenues from the Renewable Energy segment have increased significantly. Power generation increased with 22% from 2021 due to better wind conditions and full year production from the H\u00f6galiden wind farm. The main reason for increase in revenues is the power price development as visualized in the below graph:
The graph includes power prices from the NO2 price area in Norway, which is where Lista windfarm is located. In NO2 prices are normally more correlated with UK and European prices than price area SE2, in the northern part of Sweden where the H\u00f6galiden and F\u00e4bodliden windfarms are located. The lower correlation is due to lack of grid capacity within Sweden.
The UK power market in 2022 was similar to that of Europe, affected by high commodity prices in particular natural gas prices and variable renewable generation with low renewable generation during the summer. Wind generation increased back towards normal levels after the summer coupled with falling gas prices, lead to significantly lower power prices during October/November. In 2022, the Nordics saw record low hydrological resources in Southern price areas during the first three quarters driving imported volumes from Europe and higher prices. Towards the end of the year, this was reversed by mild temperatures and high levels of precipitation.
The Green Certificates are classified as other operating revenues. The Green Certificates are to be considered as a government assistance. The grants are issued when the electricity is generated and are therefore considered as a subsidy linked to production. The Green Certificates are recognized under the income approach and accrued in the Profit or Loss on a monthly basis based on the monthly generation of the windfarms.
Revenue from the Wind Service segment
Revenue from Transport & Installation
Operating revenue from charter rate contracts is split into two elements, income from rentals, which is accounted for in accordance with IFRS 16, and services, which is accounted for under IFRS 15.
Revenue on long term contracts is recognized during the operational phase of the contract (from the delivery of the vessel at the designated port and to the end of demobilization). During the mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the contract during the mobilization phase is capitalized and amortized over the contract term if they meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized as a contract liability until services are delivered.
Variable consideration that specifically relates to a distinct good or service is allocated specifically to this good or service. Variable consideration that does not relate specifically to a distinct good or service is included within the transaction price and recognized in line with progress. Time elapsed, i.e., voyage days, is used to measure progress.
Revenue from Wind services
Revenue derived from hourly service contracts is recognized in the period that the services are rendered at rates established in the relevant contracts. Global Wind Services has installation and services to wind farm projects around the world. The payment terms are usually 60 days or\u00a0
more. Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure is used for measuring progress during the operational phase of the contract. Revenue from the Cruise segment
Cruise fares are recognized evenly over number of nights of the cruise together with revenue from drink packages. Flight revenue is recognized evenly over the duration of the cruise contract (from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and is considered as one performance obligation. Prepayments from sale of cruises are classified as contract liabilities until the cruise commences.
Prebooked shore excursions are recognized as revenue when the tour is completed.
Revenue from the Other investments segment Revenue from subscriptions is recognised over the subscription period, normally on a straight-line basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the advertising is published.The following table provides information about receivables, contract assets and contract liabilities from contract with customers:
Receivables, which are included in \"trade and other receivables\"
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses on contract assets have been recognized during 2022.
Contract liabilities are mainly related to subscriptions in NHST, prepayment of tickets and tours in the Cruise segment and deferred revenue and mobilization fees from external customers in the Wind Service segment.
At 31.12.21 the value of contract liabilities amounted to NOK 1.304 million of which NOK 976 million has been recognized as income in 2022. The change in contract assets and liabilities relates to natural progression of the project portfolio, as well as the current project mix.
Order backlog
Order backlog per year (NOK million)
Contracts with duration of more than 12 months are included as order backlog.
",
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"v1-page1-cflshid_29088-tag49802": {
"value": "Note 5 \u2013 RevenueAccounting policies
Revenue from the Renewable Energy segment
Revenue from sale of electric power is recognized in the period the power is generated and supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer for each MWh produced. Payment is due the month after.
In 2022 revenues from the Renewable Energy segment have increased significantly. Power generation increased with 22% from 2021 due to better wind conditions and full year production from the H\u00f6galiden wind farm. The main reason for increase in revenues is the power price development as visualized in the below graph:
The graph includes power prices from the NO2 price area in Norway, which is where Lista windfarm is located. In NO2 prices are normally more correlated with UK and European prices than price area SE2, in the northern part of Sweden where the H\u00f6galiden and F\u00e4bodliden windfarms are located. The lower correlation is due to lack of grid capacity within Sweden.
The UK power market in 2022 was similar to that of Europe, affected by high commodity prices in particular natural gas prices and variable renewable generation with low renewable generation during the summer. Wind generation increased back towards normal levels after the summer coupled with falling gas prices, lead to significantly lower power prices during October/November. In 2022, the Nordics saw record low hydrological resources in Southern price areas during the first three quarters driving imported volumes from Europe and higher prices. Towards the end of the year, this was reversed by mild temperatures and high levels of precipitation.
The Green Certificates are classified as other operating revenues. The Green Certificates are to be considered as a government assistance. The grants are issued when the electricity is generated and are therefore considered as a subsidy linked to production. The Green Certificates are recognized under the income approach and accrued in the Profit or Loss on a monthly basis based on the monthly generation of the windfarms.
Revenue from the Wind Service segment
Revenue from Transport & Installation
Operating revenue from charter rate contracts is split into two elements, income from rentals, which is accounted for in accordance with IFRS 16, and services, which is accounted for under IFRS 15.
Revenue on long term contracts is recognized during the operational phase of the contract (from the delivery of the vessel at the designated port and to the end of demobilization). During the mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the contract during the mobilization phase is capitalized and amortized over the contract term if they meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized as a contract liability until services are delivered.
Variable consideration that specifically relates to a distinct good or service is allocated specifically to this good or service. Variable consideration that does not relate specifically to a distinct good or service is included within the transaction price and recognized in line with progress. Time elapsed, i.e., voyage days, is used to measure progress.
Revenue from Wind services
Revenue derived from hourly service contracts is recognized in the period that the services are rendered at rates established in the relevant contracts. Global Wind Services has installation and services to wind farm projects around the world. The payment terms are usually 60 days or\u00a0
more. Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure is used for measuring progress during the operational phase of the contract. Revenue from the Cruise segment
Cruise fares are recognized evenly over number of nights of the cruise together with revenue from drink packages. Flight revenue is recognized evenly over the duration of the cruise contract (from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and is considered as one performance obligation. Prepayments from sale of cruises are classified as contract liabilities until the cruise commences.
Prebooked shore excursions are recognized as revenue when the tour is completed.
Revenue from the Other investments segment Revenue from subscriptions is recognised over the subscription period, normally on a straight-line basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the advertising is published.The revenues of the Bonheur group of companies are summarised in the below tables:
Total revenue from goods and services
Green Certificate revenue
Service revenue arises mainly from the business segments Wind Service, Cruise and the subsidiary NHST Media Group AS.
Lease revenue arises mainly from the business segment Wind Service and consists of Bare Boat Charter hire to the vessel owners.
The following table provides information about receivables, contract assets and contract liabilities from contract with customers:
Receivables, which are included in \"trade and other receivables\"
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses on contract assets have been recognized during 2022.
Contract liabilities are mainly related to subscriptions in NHST, prepayment of tickets and tours in the Cruise segment and deferred revenue and mobilization fees from external customers in the Wind Service segment.
At 31.12.21 the value of contract liabilities amounted to NOK 1.304 million of which NOK 976 million has been recognized as income in 2022. The change in contract assets and liabilities relates to natural progression of the project portfolio, as well as the current project mix.
Order backlog
Order backlog per year (NOK million)
Contracts with duration of more than 12 months are included as order backlog.
Capitalized project costs
The following table shows costs directly attributable to the projects:
Cost to fulfil contracts is related to capitalized project costs in note 14 and are mainly related to projects from Transport & Installation and wind services in the Wind Service segment.
Note 5 \u2013 RevenueAccounting policies
Revenue from the Renewable Energy segment
Revenue from sale of electric power is recognized in the period the power is generated and supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer for each MWh produced. Payment is due the month after.
In 2022 revenues from the Renewable Energy segment have increased significantly. Power generation increased with 22% from 2021 due to better wind conditions and full year production from the H\u00f6galiden wind farm. The main reason for increase in revenues is the power price development as visualized in the below graph:
The graph includes power prices from the NO2 price area in Norway, which is where Lista windfarm is located. In NO2 prices are normally more correlated with UK and European prices than price area SE2, in the northern part of Sweden where the H\u00f6galiden and F\u00e4bodliden windfarms are located. The lower correlation is due to lack of grid capacity within Sweden.
The UK power market in 2022 was similar to that of Europe, affected by high commodity prices in particular natural gas prices and variable renewable generation with low renewable generation during the summer. Wind generation increased back towards normal levels after the summer coupled with falling gas prices, lead to significantly lower power prices during October/November. In 2022, the Nordics saw record low hydrological resources in Southern price areas during the first three quarters driving imported volumes from Europe and higher prices. Towards the end of the year, this was reversed by mild temperatures and high levels of precipitation.
The Green Certificates are classified as other operating revenues. The Green Certificates are to be considered as a government assistance. The grants are issued when the electricity is generated and are therefore considered as a subsidy linked to production. The Green Certificates are recognized under the income approach and accrued in the Profit or Loss on a monthly basis based on the monthly generation of the windfarms.
Revenue from the Wind Service segment
Revenue from Transport & Installation
Operating revenue from charter rate contracts is split into two elements, income from rentals, which is accounted for in accordance with IFRS 16, and services, which is accounted for under IFRS 15.
Revenue on long term contracts is recognized during the operational phase of the contract (from the delivery of the vessel at the designated port and to the end of demobilization). During the mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the contract during the mobilization phase is capitalized and amortized over the contract term if they meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized as a contract liability until services are delivered.
Variable consideration that specifically relates to a distinct good or service is allocated specifically to this good or service. Variable consideration that does not relate specifically to a distinct good or service is included within the transaction price and recognized in line with progress. Time elapsed, i.e., voyage days, is used to measure progress.
Revenue from Wind services
Revenue derived from hourly service contracts is recognized in the period that the services are rendered at rates established in the relevant contracts. Global Wind Services has installation and services to wind farm projects around the world. The payment terms are usually 60 days or\u00a0
more. Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure is used for measuring progress during the operational phase of the contract. Revenue from the Cruise segment
Cruise fares are recognized evenly over number of nights of the cruise together with revenue from drink packages. Flight revenue is recognized evenly over the duration of the cruise contract (from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and is considered as one performance obligation. Prepayments from sale of cruises are classified as contract liabilities until the cruise commences.
Prebooked shore excursions are recognized as revenue when the tour is completed.
Revenue from the Other investments segment Revenue from subscriptions is recognised over the subscription period, normally on a straight-line basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising revenue is recognised when the advertising is published.The revenues of the Bonheur group of companies are summarised in the below tables:
Total revenue from goods and services
Green Certificate revenue
Service revenue arises mainly from the business segments Wind Service, Cruise and the subsidiary NHST Media Group AS.
Lease revenue arises mainly from the business segment Wind Service and consists of Bare Boat Charter hire to the vessel owners.
The following table provides information about receivables, contract assets and contract liabilities from contract with customers:
Receivables, which are included in \"trade and other receivables\"
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses on contract assets have been recognized during 2022.
Contract liabilities are mainly related to subscriptions in NHST, prepayment of tickets and tours in the Cruise segment and deferred revenue and mobilization fees from external customers in the Wind Service segment.
At 31.12.21 the value of contract liabilities amounted to NOK 1.304 million of which NOK 976 million has been recognized as income in 2022. The change in contract assets and liabilities relates to natural progression of the project portfolio, as well as the current project mix.
Order backlog
Order backlog per year (NOK million)
Contracts with duration of more than 12 months are included as order backlog.
Capitalized project costs
The following table shows costs directly attributable to the projects:
Cost to fulfil contracts is related to capitalized project costs in note 14 and are mainly related to projects from Transport & Installation and wind services in the Wind Service segment.
Note 6 - Operating expenses
Administrative expenses 1)
Other operating expenses 2)
1) Inclusive administration costs and fee to Fred. Olsen & Co of NOK 92.2 million (2021: NOK 114.8 million) See note 26. 2) Other operating expenses are mainly related to operation of the cruise vessels (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH). In 2022 cruise vessels operation amounts to NOK 2012.3 million (2021: NOK 895.9 million) which are mainly onboard expenses, vessel operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 1878 million (2021: NOK 2420.2 million). Research and development expenditures of NOK 68 million are recognised in profit or loss in 2022 (2021: NOK 32 million).
Professional fees to the auditors
A breakdown of professional fees to the auditors, which is included in \"Administrative expenses\", is given below.
The fees encompass group auditor, KPMG, including affiliates of KPMG, and non-KPMG auditors of the Group.
Professional fees to the auditors
Other attestation and audit related services
Note 6 - Operating expenses
Administrative expenses 1)
Other operating expenses 2)
1) Inclusive administration costs and fee to Fred. Olsen & Co of NOK 92.2 million (2021: NOK 114.8 million) See note 26. 2) Other operating expenses are mainly related to operation of the cruise vessels (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH). In 2022 cruise vessels operation amounts to NOK 2012.3 million (2021: NOK 895.9 million) which are mainly onboard expenses, vessel operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 1878 million (2021: NOK 2420.2 million). Research and development expenditures of NOK 68 million are recognised in profit or loss in 2022 (2021: NOK 32 million).
Professional fees to the auditors
A breakdown of professional fees to the auditors, which is included in \"Administrative expenses\", is given below.
The fees encompass group auditor, KPMG, including affiliates of KPMG, and non-KPMG auditors of the Group.
Professional fees to the auditors
Other attestation and audit related services
Professional fees to the auditors
A breakdown of professional fees to the auditors, which is included in \"Administrative expenses\", is given below.
The fees encompass group auditor, KPMG, including affiliates of KPMG, and non-KPMG auditors of the Group.
Professional fees to the auditors
Other attestation and audit related services
Note 7 \u2013 Personnel expenses Bonheur ASA has no employees. The position as managing director is held by Anette S. Olsen as part of the day-to-day operation of the Company provided by FOCO. See note 26.
At year end 2022 subsidiaries of Bonheur had 5 709 employees (4 475 employees). Main reason for the increase from 2021 is the mobilization of a third cruise vessel in FOCL and growth in service technicians in GWS.
Personnel expenses for the Group of companies were:
Loan to employees in the Group of companies
Subsidiaries within the Group of companies have established bonus systems. In 2022, the total bonuses paid within the Group of companies amounted to NOK 39.2 million (2021: NOK 18.1 million).
Remuneration to the Board of Directors and the Shareholders Committee
In 2022, the members of the Board received the following directors\u2019 fees:
Fred. Olsen, Chairman of the Board
*) Includes compensation for the audit committee fee.
Anette S. Olsen received in 2022 a remuneration of NOK 230 000 as chairman of the Board in NHST Media Group AS (2021: NOK 230 000).
Remuneration to the Shareholders\u2019 Committee:
Ole Kristian Aab\u00f8-Evensen
Note 7 \u2013 Personnel expenses Bonheur ASA has no employees. The position as managing director is held by Anette S. Olsen as part of the day-to-day operation of the Company provided by FOCO. See note 26.
At year end 2022 subsidiaries of Bonheur had 5 709 employees (4 475 employees). Main reason for the increase from 2021 is the mobilization of a third cruise vessel in FOCL and growth in service technicians in GWS.
Personnel expenses for the Group of companies were:
Loan to employees in the Group of companies
Subsidiaries within the Group of companies have established bonus systems. In 2022, the total bonuses paid within the Group of companies amounted to NOK 39.2 million (2021: NOK 18.1 million).
Remuneration to the Board of Directors and the Shareholders Committee
In 2022, the members of the Board received the following directors\u2019 fees:
Fred. Olsen, Chairman of the Board
*) Includes compensation for the audit committee fee.
Anette S. Olsen received in 2022 a remuneration of NOK 230 000 as chairman of the Board in NHST Media Group AS (2021: NOK 230 000).
Remuneration to the Shareholders\u2019 Committee:
Ole Kristian Aab\u00f8-Evensen
Note 19 \u2013 Pension obligations The status of the defined benefit obligations is as follows:
Present value of unfunded obligations
Present value of funded obligations
Total present value of obligations
Fair value of plan assets
Net liability for defined benefit obligations
Financial fixed assets / pension funds
Liabilities / Employee benefits
Net liability as at 31. December
At the balance sheet date, plan assets are valued using market prices. This value is updated yearly in accordance with statements from the Pension Fund. There are no investments in the Company or in property occupied by the Group of companies.
Major categories of plan assets:
Movement in defined benefit obligations:
Movement in defined benefit obligations:
Benefits paid by the plan *)
Included in profit and loss:
Interest on obligation / Interest on plan assets
Currency effects / Corrections
Included in other comprehensive income:
Actuarial gain/(loss) arising from:
Foreign currency translation
Balance as at 31. December
*) Payment of benefits from the funded defined benefit plans were in 2022 NOK 25,0 million (2021: NOK 25,3 million). Figure netted out in the table above
Principal actuarial assumptions at the balance sheet expressed as weighted averages:
Discount rate / Expected return on plan assets at 31. December
Yearly regulation in official pension index (G)
Discount rate in Defined Benefit Plans
The discount rate was determined by reference to high quality corporate bonds, where a deep enough market for such bonds exists. Covered bonds are in this context considered to be corporate bonds. In Norway the discount rate is determined with reference to covered bonds.
Sensitivity:
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts below:
Future salary increase with 0.25%
Future pension increase with 0.25%
Discount rate decreases with 0.25%
Future mortality assumption, increased lifetime by 1 year
*) Projected Benefit Obligation (PBO)
Expected contributions to funded defined benefit plans in 2023 are NOK 40 million.
Expected payment of benefits in connection with unfunded plans are in 2023 estimated to be NOK 18 million.
Risks:
The major risks for the defined benefit plans are interest rate risk, investment risks, inflation risk and longevity risk.
Accounting policies
Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 right to receive payment is established, which in the case of quoted securities is the ex-dividend date. Dividends from non-listed securities are recognised in profit or loss at the date the Group of companies receives the dividends.
\u00a0
Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
",
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"value": "Note 8 \u2013 Finance income and expensesAccounting policies
Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 right to receive payment is established, which in the case of quoted securities is the ex-dividend date. Dividends from non-listed securities are recognised in profit or loss at the date the Group of companies receives the dividends.
\u00a0
Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
",
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"v1-page1-cflshid_31178-tag49819": {
"value": "Note 8 \u2013 Finance income and expensesAmounts in NOK 1000)Interest income on receivables
Interest income on bank deposits
Dividend income on financial assets
Net gain on disposal of financial assets recognised directly in profit or loss (see note 12)
Net change in fair value of financial assets at fair value through profit or loss
Interest expense on financial liabilities measured at amortised cost
Net loss on disposal of financial assets recognised directly in profit or loss
Net change in fair value of financial assets at fair value through profit or loss
Impairment of financial assets
Net finance expense recognised in profit or loss
Interest income on receivables
Interest income on bank deposits
Dividend income on financial assets
Net gain on disposal of financial assets recognised directly in profit or loss (see note 12)
Net change in fair value of financial assets at fair value through profit or loss
Interest expense on financial liabilities measured at amortised cost
Net loss on disposal of financial assets recognised directly in profit or loss
Net change in fair value of financial assets at fair value through profit or loss
Impairment of financial assets
Net finance expense recognised in profit or loss
Interest income on receivables
Interest income on bank deposits
Dividend income on financial assets
Net gain on disposal of financial assets recognised directly in profit or loss (see note 12)
Net change in fair value of financial assets at fair value through profit or loss
Interest expense on financial liabilities measured at amortised cost
Net loss on disposal of financial assets recognised directly in profit or loss
Net change in fair value of financial assets at fair value through profit or loss
Impairment of financial assets
Net finance expense recognised in profit or loss
Interest income on receivables
Interest income on bank deposits
Dividend income on financial assets
Net gain on disposal of financial assets recognised directly in profit or loss (see note 12)
Net change in fair value of financial assets at fair value through profit or loss
Interest expense on financial liabilities measured at amortised cost
Net loss on disposal of financial assets recognised directly in profit or loss
Net change in fair value of financial assets at fair value through profit or loss
Impairment of financial assets
Net finance expense recognised in profit or loss
Interest income on receivables
Interest income on bank deposits
Dividend income on financial assets
Net gain on disposal of financial assets recognised directly in profit or loss (see note 12)
Net change in fair value of financial assets at fair value through profit or loss
Interest expense on financial liabilities measured at amortised cost
Net loss on disposal of financial assets recognised directly in profit or loss
Net change in fair value of financial assets at fair value through profit or loss
Impairment of financial assets
Net finance expense recognised in profit or loss
Accounting policies
Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 right to receive payment is established, which in the case of quoted securities is the ex-dividend date. Dividends from non-listed securities are recognised in profit or loss at the date the Group of companies receives the dividends.
Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
",
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"v1-page1-cflshid_31178-tag49810": {
"value": "Accounting policies
Finance income comprises interest income on funds invested in financial assets, dividend income, gains on the disposal of financial assets, positive changes in the fair value of financial assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss. Dividend income is recognised in profit or loss on the date that the Group of companies\u2019 right to receive payment is established, which in the case of quoted securities is the ex-dividend date. Dividends from non-listed securities are recognised in profit or loss at the date the Group of companies receives the dividends.
\u00a0
Finance expenses comprise interest expense on borrowings, losses on the disposal of financial assets, negative changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, currency losses and losses on hedging instruments that are recognised in profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_31178-tag49814": {
"value": "Interest income on receivables
Interest income on bank deposits
Dividend income on financial assets
Net gain on disposal of financial assets recognised directly in profit or loss (see note 12)
Net change in fair value of financial assets at fair value through profit or loss
Interest expense on financial liabilities measured at amortised cost
Net loss on disposal of financial assets recognised directly in profit or loss
Net change in fair value of financial assets at fair value through profit or loss
Impairment of financial assets
Net finance expense recognised in profit or loss
Accounting principles
Income tax
Income tax expense comprises current and deferred tax. The Group of companies is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the provisions for income tax.
Current tax
Current tax is the expected tax payable on the taxable income for the year, using enacted tax rates at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax
Deferred tax is recognized from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured using the tax rates that are based on the laws that have been enacted by the reporting date.
Deferred tax assets and liabilities are recognized with the net amount if:
i.there is a legally enforceable right to offset current tax liabilities and assets,
ii.they relate to income taxes levied by the same tax authority on the same taxable entity,
iii.on different tax entities if the intent to settle current tax liabilities and assets on a net basis or tax assets and liabilities will be realized simultaneously.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_31726-tag49824": {
"value": "Note 9 \u2013 Income taxesProfit/loss (-) before tax
Taxes paid (-) / received
1) Current tax expense (-) / income
Total current tax expenses
2) Deferred taxes expense (-) / income
Total deferred tax expenses
Total income tax expenses 1) + 2)
The income tax expense differs from the amounts computed when applying the Norwegian statutory tax rate to income before income taxes as a result of the following:
Income/(-)loss before tax
Norwegian statutory tax rate
Income tax using the Company\u00b4s domestic tax rate
Increase (-reduction) in income taxes from:
Effect of tax rates other than statutory tax rate in Norway
Effects on change in tax rates
Effects on tax incentives / tonnage tax
Impairment on tangible and intangible assets
Change in recognised deductible temporary differences
Change in unrecognized deferred tax assets
Non-deductible and non taxable expenses/income
Income/expenses recognised directly in equity
(a) Currency effects primarily relate to translating tax positions in functional currency to NOK.
Payable tax as presented in the Statement of Financial Position
Current tax payable Norway
Current tax payable other countries
Deferred tax:
The tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilities were as follows as of 31 December 2022, and 31 December 2021:
Property, plant and equipment
Net tax assets / (-) liabilities
Deferred tax assets have not been recognized in respect of the following items:
Deductible temporary differences
As at 31 December 2022, approximately NOK 2.3 billion of tax losses carried forward for subsidiaries in Norway. These losses are not recorded as a deferred tax asset due to uncertainty of the level of the future suitable taxable profits in taxable jurisdictions. The tax losses carried forward have no expiry date. Tax disputes:
In December 2022 a subsidiary, Fred. Olsen Ocean Ltd was notified by the tax authorities of a possible change in taxable income for 2017. The amount involved is a taxable loss of NOK 313 million. This is not expected to result in any payable tax, since the group of companies have significantly amount in loss carry forward. The company has contradicted the correctness of the tax office' s opinion.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_31726-tag49821": {
"value": "Note 9 \u2013 Income taxesProfit/loss (-) before tax
Taxes paid (-) / received
1) Current tax expense (-) / income
Total current tax expenses
2) Deferred taxes expense (-) / income
Total deferred tax expenses
Total income tax expenses 1) + 2)
The income tax expense differs from the amounts computed when applying the Norwegian statutory tax rate to income before income taxes as a result of the following:
Bonheur ASA \u2013 Annual Report 2022
Income/(-)loss before tax
Norwegian statutory tax rate
Income tax using the Company\u00b4s domestic tax rate
Increase (-reduction) in income taxes from:
Effect of tax rates other than statutory tax rate in Norway
Effects on change in tax rates
Effects on tax incentives / tonnage tax
Impairment on tangible and intangible assets
Change in recognised deductible temporary differences
Change in unrecognized deferred tax assets
Non-deductible and non taxable expenses/income
Income/expenses recognised directly in equity
(a) Currency effects primarily relate to translating tax positions in functional currency to NOK.
Payable tax as presented in the Statement of Financial Position
Current tax payable Norway
Current tax payable other countries
Deferred tax:
The tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilities were as follows as of 31 December 2022, and 31 December 2021:
Property, plant and equipment
Net tax assets / (-) liabilities
Deferred tax assets have not been recognized in respect of the following items:
Deductible temporary differences
As at 31 December 2022, approximately NOK 2.3 billion of tax losses carried forward for subsidiaries in Norway. These losses are not recorded as a deferred tax asset due to uncertainty of the level of the future suitable taxable profits in taxable jurisdictions. The tax losses carried forward have no expiry date. Tax disputes:
In December 2022 a subsidiary, Fred. Olsen Ocean Ltd was notified by the tax authorities of a possible change in taxable income for 2017. The amount involved is a taxable loss of NOK 313 million. This is not expected to result in any payable tax, since the group of companies have significantly amount in loss carry forward. The company has contradicted the correctness of the tax office' s opinion.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_31726-tag49823": {
"value": "Deferred tax
Deferred tax is recognized from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured using the tax rates that are based on the laws that have been enacted by the reporting date.
Deferred tax assets and liabilities are recognized with the net amount if:
i.there is a legally enforceable right to offset current tax liabilities and assets,
ii.they relate to income taxes levied by the same tax authority on the same taxable entity,
iii.on different tax entities if the intent to settle current tax liabilities and assets on a net basis or tax assets and liabilities will be realized simultaneously.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_31878-tag49820": {
"value": "Profit/loss (-) before tax
Taxes paid (-) / received
1) Current tax expense (-) / income
Total current tax expenses
2) Deferred taxes expense (-) / income
Total deferred tax expenses
Total income tax expenses 1) + 2)
Payable tax as presented in the Statement of Financial Position
Current tax payable Norway
Current tax payable other countries
Deferred tax:
The tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and liabilities were as follows as of 31 December 2022, and 31 December 2021:
Property, plant and equipment
Net tax assets / (-) liabilities
Note 10 \u2013 Property, plant and equipment Accounting policies
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, other costs directly attributable to bringing the asset to a working condition for its intended use and costs related to decommissioning of windfarms, including restoration of the site on which they are located. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
\u00a0
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required by classification societies, are capitalised and depreciated over the anticipated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred.
Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm.
\u00a0
Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS 23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time to be made ready for its intended use, generally items that are subject to major development or construction projects.
\u00a0
When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately.
\u00a0
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised in profit or loss.
(ii) Residual values / decommissioning provision
Residual values are assessed at the beginning of each accounting year and constitute the basis of the depreciation for the year. Residual values for ships are estimated based on recoverable material reduced by other demobilisation costs related to the unit. Recoverable material for ships are calculated as market steel price multiplied by the recoverable lightweight of the unit. Any changes in residual values are accounted for prospectively as a change in accounting estimate.
Decommissioning provisions within the Renewable segment are made for the costs of removing the windfarms from the time at which a commitment arises. The decommissioning provision is calculated on the basis of current technology and regulations. When a removal commitment is expensed as a liability a corresponding amount is capitalised as an operating asset which is depreciated over the useful life of the windfarms. Any changes in the estimates concerning the decommissioning provision are adjusted against book value and is recognised in the Income Statement over the remaining useful life. The decommissioning provision has been calculated using the cost levels, and where applicable this has been adjusted for inflation. The increase in the liability as a consequence of adjustment for inflation is classified as a financial expense. The
estimated useful lives, residual values and decommissioning costs are reviewed on yearly basis. Any change is accounted for prospectively as a change in accounting estimate.\u00a0
(iii) Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group of companies and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
\u00a0
(iv) Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Financially leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group of companies will obtain ownership by the end of the lease term. Land is not depreciated.
\u00a0
The estimated useful lives for the current and comparative periods are as follows:
Wind installation vessels
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
(v) Impairment
The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Amounts in NOK 1000)Balance at 1 January 2021
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Right to use assets (leasing IFRS 16)
Reclassified to assets held for sale
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation and impairment losses
Balance at 1 January 2021
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Depreciation charge for the year
Reclassified to assets held for sale
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation schedule is linear for all categories.
In 4Q 2022 Cruise announced that the cruise vessel Braemar is available for sale. Due to that decision the asset value for the vessel of NOK 35.9 million is reported on the account \u201cAssets held for sale\u201d in the balance sheet. In Disposals of vessels (cost and depreciation) in the table above Braemar represents NOK 1 621 million and the old crane from Bold Tern represents an assets value of NOK 359 million.
Impairment
The Group of companies continuously evaluates its assets on an individual basis at each reporting date to determine whether there is objective evidence of impairment within the various business segments. ed on the challenging situation the cruise business has experienced during 2022 and in previous years, impairment indicators were identified for the Cruise vessels. Impairment testing was performed in 4Q 2023, resulting in recognition of an impairment relating to the two older cruise vessels. The impairment tests were performed by use of a cash flow model based on strategic long-term plans for the cruise fleet including forecasted figures for the period 2023-2042 for the three cruise vessels expected to be in continued use, including the different economic lifetime for the individual vessels. The calculation of the value in use, and the resulting impairment charge, is based on a probability weighted assessment of three different scenarios, base case, high case and low case. The key assumptions applied in the impairment tests were occupancy, net ticket income, onboard income, fuel prices, carbon taxes and other vessel operations expenses and onboard expenses. In addition, sales & marketing and head office expenses are included.
The calculation of value in use is based on a weighted average cost of capital (WACC) of 11,9% after tax. All scenarios are based on the same assumptions including fuel except for occupancy and yield per pax day.
The impairment testing resulted in an impairment of GBP 39 million (NOK 457 million) which was allocated to the two older cruise vessels. Braemar, which is held for sale, is recognized at fair value less cost of disposal.
Braemar was made available for sale in the fourth quarter of 2022.
In 2023 FOCL has seen good booking-numbers and the war in Ukraine has not had material negative effect on bookings or operation, other than change in some itinerates. Fuel prices have improved compared to 2022.
Within the Group of companies, an impairment NOK 457 million (NOK 0 million) was recognized on property, plant and equipment in 2022:
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_33064-tag49827": {
"value": "Note 10 \u2013 Property, plant and equipment Accounting policies
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, other costs directly attributable to bringing the asset to a working condition for its intended use and costs related to decommissioning of windfarms, including restoration of the site on which they are located. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
\u00a0
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required by classification societies, are capitalised and depreciated over the anticipated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred.
Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm.
\u00a0
Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS 23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time to be made ready for its intended use, generally items that are subject to major development or construction projects.
\u00a0
When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately.
\u00a0
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised in profit or loss.
(ii) Residual values / decommissioning provision
Residual values are assessed at the beginning of each accounting year and constitute the basis of the depreciation for the year. Residual values for ships are estimated based on recoverable material reduced by other demobilisation costs related to the unit. Recoverable material for ships are calculated as market steel price multiplied by the recoverable lightweight of the unit. Any changes in residual values are accounted for prospectively as a change in accounting estimate.
Decommissioning provisions within the Renewable segment are made for the costs of removing the windfarms from the time at which a commitment arises. The decommissioning provision is calculated on the basis of current technology and regulations. When a removal commitment is expensed as a liability a corresponding amount is capitalised as an operating asset which is depreciated over the useful life of the windfarms. Any changes in the estimates concerning the decommissioning provision are adjusted against book value and is recognised in the Income Statement over the remaining useful life. The decommissioning provision has been calculated using the cost levels, and where applicable this has been adjusted for inflation. The increase in the liability as a consequence of adjustment for inflation is classified as a financial expense. The
estimated useful lives, residual values and decommissioning costs are reviewed on yearly basis. Any change is accounted for prospectively as a change in accounting estimate.\u00a0
(iii) Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group of companies and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
\u00a0
(iv) Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Financially leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group of companies will obtain ownership by the end of the lease term. Land is not depreciated.
\u00a0
The estimated useful lives for the current and comparative periods are as follows:
Wind installation vessels
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
(v) Impairment
The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_33064-tag49831": {
"value": "Note 10 \u2013 Property, plant and equipment Impairment
The Group of companies continuously evaluates its assets on an individual basis at each reporting date to determine whether there is objective evidence of impairment within the various business segments. ed on the challenging situation the cruise business has experienced during 2022 and in previous years, impairment indicators were identified for the Cruise vessels. Impairment testing was performed in 4Q 2023, resulting in recognition of an impairment relating to the two older cruise vessels. The impairment tests were performed by use of a cash flow model based on strategic long-term plans for the cruise fleet including forecasted figures for the period 2023-2042 for the three cruise vessels expected to be in continued use, including the different economic lifetime for the individual vessels. The calculation of the value in use, and the resulting impairment charge, is based on a probability weighted assessment of three different scenarios, base case, high case and low case. The key assumptions applied in the impairment tests were occupancy, net ticket income, onboard income, fuel prices, carbon taxes and other vessel operations expenses and onboard expenses. In addition, sales & marketing and head office expenses are included.
The calculation of value in use is based on a weighted average cost of capital (WACC) of 11,9% after tax. All scenarios are based on the same assumptions including fuel except for occupancy and yield per pax day.
The impairment testing resulted in an impairment of GBP 39 million (NOK 457 million) which was allocated to the two older cruise vessels. Braemar, which is held for sale, is recognized at fair value less cost of disposal.
Braemar was made available for sale in the fourth quarter of 2022.
In 2023 FOCL has seen good booking-numbers and the war in Ukraine has not had material negative effect on bookings or operation, other than change in some itinerates. Fuel prices have improved compared to 2022.
Within the Group of companies, an impairment NOK 457 million (NOK 0 million) was recognized on property, plant and equipment in 2022:
Note 11 \u2013 Intangible assets Impairment
Within the group of companies all intangible assets have been impairment tested as per 31 December 2022, and impairment of NOK \u2013 5 million (2021 NOK 0 million) was recognized in 2022:
Development costs:
FOR has intangible assets with a book value of NOK 412 million, which are development costs related to onshore wind farms. The projects are evaluated regularly. Some development projects may not come through to fruition, in which case, previously capitalized costs will be impaired. In 2022 NOK 14 million was impaired. For FOS, the offshore wind farms intangible assets are included in cost from associates.
Wind Service:
Impairment of NOK -18 million was recorded, and the amount relates to a reversal of previous impairment related to the exclusive rights of use of the vessel Jill in offshore wind projects in the US.
Other Investments:
NHST Media Group AS
The carrying amount of goodwill and intangible assets with indefinite useful lives allocated to NHST is NOK 319 million and NOK 162 million, respectively. Goodwill is not depreciated according to IFRS and Publishing rights has indefinite useful lives and is not depreciated. The recoverable amount for the cash generating units (CGU) Norwegian publications and Global publications is based on a value in use approach (discounted cashflows). The value in use approach is based on NHST\u2019s strategic plans for the different segments and budget and forecast figures for the period 2023-2027. The weighted average cost of capital (WACC) used in the calculation of discounted cash flows for Norwegian and Global publications are 10,6% and 10,7% respectively. The terminal value in the cash flow model is based on 2% growth for Norwegian and Global publications. The cash flow model has been tested for changes in forecasted revenues and discount rate. The sensitivity analysis provides sufficient headroom and comfort for the value in use compared to book values in the Bonheur Group of companies. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that the marketing service business is currently in an investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_33064-tag49830": {
"value": "Note 10 \u2013 Property, plant and equipment (v) Impairment
The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Note 11 \u2013 Intangible assets (iv) Impairment
The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required todetermine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that both companies are set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.\u00a0
The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
\u00a0
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_33268-tag49829": {
"value": "i) Recognition and measurementItems of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, other costs directly attributable to bringing the asset to a working condition for its intended use and costs related to decommissioning of windfarms, including restoration of the site on which they are located. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
\u00a0
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required by classification societies, are capitalised and depreciated over the anticipated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred.
Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm.
\u00a0
Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS 23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time to be made ready for its intended use, generally items that are subject to major development or construction projects.
\u00a0
When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately.
\u00a0
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised in profit or loss.
(ii) Residual values / decommissioning provision
Residual values are assessed at the beginning of each accounting year and constitute the basis of the depreciation for the year. Residual values for ships are estimated based on recoverable material reduced by other demobilisation costs related to the unit. Recoverable material for ships are calculated as market steel price multiplied by the recoverable lightweight of the unit. Any changes in residual values are accounted for prospectively as a change in accounting estimate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_33064-tag49826": {
"value": "Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS 23, \u201cBorrowing cost\u201d. A qualifying asset is one which necessarily takes a substantial period of time to be made ready for its intended use, generally items that are subject to major development or construction projects.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_33796-tag49832": {
"value": "(iv) Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment. Financially leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group of companies will obtain ownership by the end of the lease term. Land is not depreciated.
\u00a0
The estimated useful lives for the current and comparative periods are as follows:
Wind installation vessels
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_33796-tag49833": {
"value": "(v) Impairment
The carrying amounts of the Group of companies' property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). For vessels these are analysed as cash generating units (CGU) by reviewing day rates and broker valuations. If an indicator of impairment is identified, management estimates the amount, if any, of impairment. In order to measure potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The value in use is calculated as the present value of the expected future cash flows for the individual units, requiring significant management estimates of assumptions including discount rates as well as the timing and amounts of cash flows.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a positive change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_34382-tag49834": {
"value": "Amounts in NOK 1000)Balance at 1 January 2021
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Right to use assets (leasing IFRS 16)
Reclassified to assets held for sale
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation and impairment losses
Balance at 1 January 2021
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Depreciation charge for the year
Reclassified to assets held for sale
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation schedule is linear for all categories.
Customer relationship, technology, patents, other
Balance at 1 January 2021
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation and impairment losses
Balance at 1 January 2021
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2022
Note 11 \u2013 Intangible assets Accounting policies
(i) Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures.
In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss.
Subsequent measurement
Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates.
(ii) Research and development
Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred.
\u00a0
Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment.
\u00a0
Capitalised development expenditures are measured at cost less accumulated impairment losses.
(iii) Technology, customer relationships and publishing rights
Technology and customer relationships are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Technology relates to computer software, patented or unpatented technology or databases.
\u00a0
Customer relationships represent the value of the existing customers and are recognised as a separate component.
The estimated useful lives for the current and comparative periods are as follows:\u00a0
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
\u00a0
Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis.
\u00a0
(iv) Impairment
The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required to\u00a0determine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that both companies are set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.
\u00a0
The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
\u00a0
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Customer relationship, technology, patents, other
Balance at 1 January 2021
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation and impairment losses
Balance at 1 January 2021
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2022
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Media Group AS.
2) Acquisition of development costs, NOK 57 million (NOK 52 million), are mainly expenditures arising from own development of potential onshore wind farms projects. For offshore wind farms development costs is booked in associates and not included in the balance sheet of Bonheur. NOK 58 million (NOK 41 million) relates to various IT development project within NHST and NOK 17 million (NOK 0) relates to various patents within renewable energy acquired by Fred. Olsen 1848 AS.Impairment
Within the group of companies all intangible assets have been impairment tested as per 31 December 2022, and impairment of NOK \u2013 5 million (2021 NOK 0 million) was recognized in 2022:
Development costs:
FOR has intangible assets with a book value of NOK 412 million, which are development costs related to onshore wind farms. The projects are evaluated regularly. Some development projects may not come through to fruition, in which case, previously capitalized costs will be impaired. In 2022 NOK 14 million was impaired. For FOS, the offshore wind farms intangible assets are included in cost from associates.
Wind Service:
Impairment of NOK -18 million was recorded, and the amount relates to a reversal of previous impairment related to the exclusive rights of use of the vessel Jill in offshore wind projects in the US.
Other Investments:
NHST Media Group AS
The carrying amount of goodwill and intangible assets with indefinite useful lives allocated to NHST is NOK 319 million and NOK 162 million, respectively. Goodwill is not depreciated according to IFRS and Publishing rights has indefinite useful lives and is not depreciated. The recoverable amount for the cash generating units (CGU) Norwegian publications and Global publications is based on a value in use approach (discounted cashflows). The value in use approach is based on NHST\u2019s strategic plans for the different segments and budget and forecast figures for the period 2023-2027. The weighted average cost of capital (WACC) used in the calculation of discounted cash flows for Norwegian and Global publications are 10,6% and 10,7% respectively. The terminal value in the cash flow model is based on 2% growth for Norwegian and Global publications. The cash flow model has been tested for changes in forecasted revenues and discount rate. The sensitivity analysis provides sufficient headroom and comfort for the value in use compared to book values in the Bonheur Group of companies. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that the marketing service business is currently in an investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_35146-tag49838": {
"value": "Note 11 \u2013 Intangible assets Accounting policies
(i) Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures.
In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss.
Subsequent measurement
Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates.
(ii) Research and development
Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred.
\u00a0
Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment.
\u00a0
Capitalised development expenditures are measured at cost less accumulated impairment losses.
(iii) Technology, customer relationships and publishing rights
Technology and customer relationships are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Technology relates to computer software, patented or unpatented technology or databases.
\u00a0
Customer relationships represent the value of the existing customers and are recognised as a separate component.
The estimated useful lives for the current and comparative periods are as follows:\u00a0
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
\u00a0
Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis.
\u00a0
(iv) Impairment
The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required todetermine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that both companies are set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.\u00a0
The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
\u00a0
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Amounts in NOK 1000)Customer relationship, technology, patents, other
Balance at 1 January 2021
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation and impairment losses
Balance at 1 January 2021
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2022
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Media Group AS.
2) Acquisition of development costs, NOK 57 million (NOK 52 million), are mainly expenditures arising from own development of potential onshore wind farms projects. For offshore wind farms development costs is booked in associates and not included in the balance sheet of Bonheur. NOK 58 million (NOK 41 million) relates to various IT development project within NHST and NOK 17 million (NOK 0) relates to various patents within renewable energy acquired by Fred. Olsen 1848 AS.Impairment
Within the group of companies all intangible assets have been impairment tested as per 31 December 2022, and impairment of NOK \u2013 5 million (2021 NOK 0 million) was recognized in 2022:
Development costs:
FOR has intangible assets with a book value of NOK 412 million, which are development costs related to onshore wind farms. The projects are evaluated regularly. Some development projects may not come through to fruition, in which case, previously capitalized costs will be impaired. In 2022 NOK 14 million was impaired. For FOS, the offshore wind farms intangible assets are included in cost from associates.
Wind Service:
Impairment of NOK -18 million was recorded, and the amount relates to a reversal of previous impairment related to the exclusive rights of use of the vessel Jill in offshore wind projects in the US.
Other Investments:
NHST Media Group AS
The carrying amount of goodwill and intangible assets with indefinite useful lives allocated to NHST is NOK 319 million and NOK 162 million, respectively. Goodwill is not depreciated according to IFRS and Publishing rights has indefinite useful lives and is not depreciated. The recoverable amount for the cash generating units (CGU) Norwegian publications and Global publications is based on a value in use approach (discounted cashflows). The value in use approach is based on NHST\u2019s strategic plans for the different segments and budget and forecast figures for the period 2023-2027. The weighted average cost of capital (WACC) used in the calculation of discounted cash flows for Norwegian and Global publications are 10,6% and 10,7% respectively. The terminal value in the cash flow model is based on 2% growth for Norwegian and Global publications. The cash flow model has been tested for changes in forecasted revenues and discount rate. The sensitivity analysis provides sufficient headroom and comfort for the value in use compared to book values in the Bonheur Group of companies. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that the marketing service business is currently in an investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_35146-tag49837": {
"value": "Note 11 \u2013 Intangible assets Accounting policies
(i) Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures.
In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss.
Subsequent measurement
Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates.
(ii) Research and development
Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred.
\u00a0
Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment.
\u00a0
Capitalised development expenditures are measured at cost less accumulated impairment losses.
(iii) Technology, customer relationships and publishing rights
Technology and customer relationships are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Technology relates to computer software, patented or unpatented technology or databases.
\u00a0
Customer relationships represent the value of the existing customers and are recognised as a separate component.
The estimated useful lives for the current and comparative periods are as follows:\u00a0
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
\u00a0
Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis.
\u00a0
(iv) Impairment
The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required todetermine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that both companies are set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.\u00a0
The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
\u00a0
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
mounts in NOK 1000)Customer relationship, technology, patents, other
Balance at 1 January 2021
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Right to use asset (leasing IFRS 16)
Effect of exchange rate fluctuations
Balance at 31 December 2022
Depreciation and impairment losses
Balance at 1 January 2021
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2021
Balance at 1 January 2022
Depreciation charge for the year
Effect of exchange rate fluctuations
Balance at 31 December 2022
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Media Group AS.
2) Acquisition of development costs, NOK 57 million (NOK 52 million), are mainly expenditures arising from own development of potential onshore wind farms projects. For offshore wind farms development costs is booked in associates and not included in the balance sheet of Bonheur. NOK 58 million (NOK 41 million) relates to various IT development project within NHST and NOK 17 million (NOK 0) relates to various patents within renewable energy acquired by Fred. Olsen 1848 AS.Impairment
Within the group of companies all intangible assets have been impairment tested as per 31 December 2022, and impairment of NOK \u2013 5 million (2021 NOK 0 million) was recognized in 2022:
Development costs:
FOR has intangible assets with a book value of NOK 412 million, which are development costs related to onshore wind farms. The projects are evaluated regularly. Some development projects may not come through to fruition, in which case, previously capitalized costs will be impaired. In 2022 NOK 14 million was impaired. For FOS, the offshore wind farms intangible assets are included in cost from associates.
Wind Service:
Impairment of NOK -18 million was recorded, and the amount relates to a reversal of previous impairment related to the exclusive rights of use of the vessel Jill in offshore wind projects in the US.
Other Investments:
NHST Media Group AS
The carrying amount of goodwill and intangible assets with indefinite useful lives allocated to NHST is NOK 319 million and NOK 162 million, respectively. Goodwill is not depreciated according to IFRS and Publishing rights has indefinite useful lives and is not depreciated. The recoverable amount for the cash generating units (CGU) Norwegian publications and Global publications is based on a value in use approach (discounted cashflows). The value in use approach is based on NHST\u2019s strategic plans for the different segments and budget and forecast figures for the period 2023-2027. The weighted average cost of capital (WACC) used in the calculation of discounted cash flows for Norwegian and Global publications are 10,6% and 10,7% respectively. The terminal value in the cash flow model is based on 2% growth for Norwegian and Global publications. The cash flow model has been tested for changes in forecasted revenues and discount rate. The sensitivity analysis provides sufficient headroom and comfort for the value in use compared to book values in the Bonheur Group of companies. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that the marketing service business is currently in an investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_35146-tag49836": {
"value": "Note 11 \u2013 Intangible assets Accounting policies
(i) Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures.
In respect of acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the acquisition over the Group of companies\u2019 interests in the net fair value of the net identifiable assets. When the excess is negative (negative goodwill), it is recognised immediately in profit or loss.
Subsequent measurement
Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is tested annually for impairment. The carrying amount of goodwill for associates is included in the carrying amount of the investment in the associates.
(ii) Research and development
Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred.
\u00a0
Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment.
\u00a0
Capitalised development expenditures are measured at cost less accumulated impairment losses.
(iii) Technology, customer relationships and publishing rights
Technology and customer relationships are measured at cost less accumulated depreciation and impairment losses.
Technology relates to computer software, patented or unpatented technology or databases.
\u00a0
Customer relationships represent the value of the existing customers and are recognised as a separate component.
The estimated useful lives for the current and comparative periods are as follows:\u00a0
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
\u00a0
Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis.
\u00a0
(iv) Impairment
The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required todetermine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that both companies are set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.\u00a0
The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
\u00a0
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_35146-tag49840": {
"value": "Note 11 \u2013 Intangible assets Accounting policies
(ii) Research and development
Expenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred.
\u00a0
Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment.
\u00a0
Capitalised development expenditures are measured at cost less accumulated impairment losses.
(iii) Technology, customer relationships and publishing rights
Technology and customer relationships are measured at cost less accumulated depreciation and impairment losses.
\u00a0
Technology relates to computer software, patented or unpatented technology or databases.
\u00a0
Customer relationships represent the value of the existing customers and are recognised as a separate component.
The estimated useful lives for the current and comparative periods are as follows:\u00a0
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes are accounted for prospectively as a change in accounting estimate.
\u00a0
Publishing rights/brand names comprise trade name, mastheads, domain name and content rights which contribute significantly to future expected economic benefit. Publishing rights and brand names are assumed to have indefinite remaining lives and are impairment tested on a regular basis.
\u00a0
(iv) Impairment
The carrying amounts of the Group of companies' intangible assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
\u00a0
When considering impairment indicators, the Group of companies considers both internal (e.g., adverse changes in performance) and external sources (e.g., adverse changes in the business environment). If an indicator of impairment is noted, further management estimate is required todetermine the amount, if any, of impairment. In order to measure for potential impairment, the carrying amount is compared to the recoverable amount, which is the higher of its fair value less costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues and discount rate. The recoverable amount for the CGUs Mynewsdesk and Mention is based on a fair value using a market value approach. The reason for using a market value approach is that both companies are set to undergo an extensive investment phase with negative cash flows for a few years, where a value in use approach would possess high uncertainty. A market value approach is believed to lower the uncertainty, as observed market transactions will give a better indication of value. The market value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.\u00a0
The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.
\u00a0
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
\u00a0
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_35526-tag49835": {
"value": "ii) Research and developmentExpenses for research activities with the prospect of gaining new technical knowledge, are recognised in profit and loss when incurred.
\u00a0
Development expenditures are capitalised only if the development costs can be measured reliably, and the product or process is both technically and commercially feasible with probable future economic benefits. The capitalised expenditures include the cost of materials, direct labour, overhead costs that are directly attributable and borrowing costs related to the development. When a project is ready for intended use, it is reclassified from intangible assets to the respective groups of property, plant and equipment.
\u00a0
Capitalised development expenditures are measured at cost less accumulated impairment losses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_37646-tag49844": {
"value": "Note 12 \u2013 Investments in associates and joint venturesAccounting policies
Associates are those entities, typically joint ventures with equal ownership between the joint venture parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_37646-tag49842": {
"value": "Note 12 \u2013 Investments in associates and joint venturesAccounting policies
Associates are those entities, typically joint ventures with equal ownership between the joint venture parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_37646-tag49841": {
"value": "Note 12 \u2013 Investments in associates and joint venturesAccounting policies
Associates are those entities, typically joint ventures with equal ownership between the joint venture parties, in which the Group of companies has significant influence, but not control, over the financial and operating policies. Associates are accounted for using the equity method and are initially recognized at cost. The Group of companies' investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group of companies' shares of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of the Group of companies, from the date that significant influence commences until the date that significant influence ceases. When the Group of companies' shares of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group of companies has an obligation or has made payments on behalf of the associate",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_37646-tag49845": {
"value": "Note 12 \u2013 Investments in associates and joint venturesAmounts in NOK 1000)Bonheur Group's ownership per 31 December 2021
Bonheur Group's percentage of votes per 31 December 2021
Bonheur Group's ownership per 31 December 2022
Bonheur Group's percentage of votes per 31 December 2022
Share of equity per 31.12.2021
Adjustment opening balance
Profit from the company accounts
Net profit included in Bonheur Group of companies
Share issue / Capital increase
Currency translation differences
Share of equity per 31.12.2022
The presentation shows the accounts for the most significant associates as of 31 December 2022.
1) The Codling Project is financed by a shareholder\u2019s loan to Codling Holding Ltd (Codling) from the joint venture partners. Originally the entire shareholder\u2019s loan was treated as part of the investment in Codling. In December 2020, a new loan agreement was signed between Codling Holdings Ltd and the joint venture partners. Based on the new loan agreement a reassessment of the accounting treatment was performed and the loan was reclassified from part of the investment to loan granted to associates in the statement of financial position.
2) Mainly Norkon Computing systems AS and New Power Partners ApS.
The Group of companies continuously evaluates its assets in associates on an individual basis at each reporting date to determine whether there is objective evidence of impairment. As per 31 December 2022 no indications on need for impairment were found.
Summary of financial information for significant equity accounted investees, not adjusted for the percentage ownership held by the Group of companies.Amounts in NOK 1 000)Fred. Olsen Seawind is progressing the development of the Codling Wind Park project in the Irish Sea together with its Joint Venture partner, EDF. The Codling Wind Park represents one of the largest energy infrastructure investments in Ireland this decade, with estimated capacity up to 1 500 MW, and would become Ireland\u2019s largest offshore windfarm. The first offshore wind auction in Ireland (ORESS-1) is planned for late April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_37646-tag49843": {
"value": "Note 12 \u2013 Investments in associates and joint venturesBonheur Group's ownership per 31 December 2021
Bonheur Group's percentage of votes per 31 December 2021
Bonheur Group's ownership per 31 December 2022
Bonheur Group's percentage of votes per 31 December 2022
Share of equity per 31.12.2021
Adjustment opening balance
Profit from the company accounts
Net profit included in Bonheur Group of companies
Share issue / Capital increase
Currency translation differences
Share of equity per 31.12.2022
The presentation shows the accounts for the most significant associates as of 31 December 2022.
1) The Codling Project is financed by a shareholder\u2019s loan to Codling Holding Ltd (Codling) from the joint venture partners. Originally the entire shareholder\u2019s loan was treated as part of the investment in Codling. In December 2020, a new loan agreement was signed between Codling Holdings Ltd and the joint venture partners. Based on the new loan agreement a reassessment of the accounting treatment was performed and the loan was reclassified from part of the investment to loan granted to associates in the statement of financial position.
2) Mainly Norkon Computing systems AS and New Power Partners ApS.
The Group of companies continuously evaluates its assets in associates on an individual basis at each reporting date to determine whether there is objective evidence of impairment. As per 31 December 2022 no indications on need for impairment were found.
Summary of financial information for significant equity accounted investees, not adjusted for the percentage ownership held by the Group of companies.Fred. Olsen Seawind is progressing the development of the Codling Wind Park project in the Irish Sea together with its Joint Venture partner, EDF. The Codling Wind Park represents one of the largest energy infrastructure investments in Ireland this decade, with estimated capacity up to 1 500 MW, and would become Ireland\u2019s largest offshore windfarm. The first offshore wind auction in Ireland (ORESS-1) is planned for late April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_38290-tag49849": {
"value": "",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_38290-tag49848": {
"value": "Note 13 \u2013 Other investments Accounting policies
Financial assets
The Group of companies' short-term investments in equity securities and certain debt securities are measured at fair value through profit or loss (FVTPL). Long-term investments are measured at fair value through other comprehensive income (FVTOCI).
\u00a0
Other non-derivative financial instruments, including financial liabilities, are recognized initially at fair value and any directly attributable transaction costs. Subsequent to initial recognition, assets and liabilities are measured at amortised cost when the objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Impairment
IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2.
ote 15 \u2013 Trade and other receivables and contract assetsAccounting policies
Trade receivables that do not have a significant financing component are measured on initial recognition at their transaction price, which is the amount of consideration to which the entity expects to be entitled for transferring the promised goods or services to the customer. Trade receivables with a significant financing component are measured on initial recognition at their transaction price if the entity has chosen not to adjust the promised amount of consideration for the effects of a significant financing component. In other cases, the receivables are measured at fair value on initial recognition.\u00a0
The impairment model applicable to financial assets, measured at amortized cost, is based on an \u201cexpected credit loss\u201d (ECL) model, which require forward looking judgements of two classifications:
-12-month ECLs resulting from possible default events within the 12 months after the reporting date.
-Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_38290-tag49846": {
"value": "Note 13 \u2013 Other investments Accounting policies
Financial assets
The Group of companies' short-term investments in equity securities and certain debt securities are measured at fair value through profit or loss (FVTPL). Long-term investments are measured at fair value through other comprehensive income (FVTOCI).
\u00a0
Other non-derivative financial instruments, including financial liabilities, are recognized initially at fair value and any directly attributable transaction costs. Subsequent to initial recognition, assets and liabilities are measured at amortised cost when the objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Impairment
IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_38290-tag49852": {
"value": "Note 13 \u2013 Other investments Shares classified as financial investments
Fair value as per 31.12.22
Fair value as per 31.12.21
Total short-term liquid share portfolio
Total long-term liquid share portfolio
Total liquid share portfolio
Bonds and other receivables (non-current assets)
Bonds and securities (specification below)
Loans granted to associates
Other interest-bearing loans
Other non interest-bearing receivables *)
Total Bonds and other receivables (long-term assets)
*) Accrued interests on the shareholder\u2019s loan to Codling Holding Ltd and asset under construction (drydock expenses related to the cruise vessel \u201cBolette\u201d) are included for the year 2022.
Bonds classified as long-term investments 1)
Average interest rate 2022
Fair value as per 31.12.22
Fair value as per 31.12.21
Financial and investment companies
Municipalities and public administration
1) Fair value is based on quoted market prices.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_38290-tag49851": {
"value": "Note 13 \u2013 Other investments Shares classified as financial investments
Fair value as per 31.12.22
Fair value as per 31.12.21
Total short-term liquid share portfolio
Total long-term liquid share portfolio
Total liquid share portfolio
Bonds and other receivables (non-current assets)
Bonds and securities (specification below)
Loans granted to associates
Other interest-bearing loans
Other non interest-bearing receivables *)
Total Bonds and other receivables (long-term assets)
*) Accrued interests on the shareholder\u2019s loan to Codling Holding Ltd and asset under construction (drydock expenses related to the cruise vessel \u201cBolette\u201d) are included for the year 2022.
Bonds classified as long-term investments 1)
Average interest rate 2022
Fair value as per 31.12.22
Fair value as per 31.12.21
Financial and investment companies
Municipalities and public administration
1) Fair value is based on quoted market prices.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_38290-tag49850": {
"value": "Note 13 \u2013 Other investments Shares classified as financial investments
Fair value as per 31.12.22
Fair value as per 31.12.21
Total short-term liquid share portfolio
Total long-term liquid share portfolio
Total liquid share portfolio
Bonds and other receivables (non-current assets)
Bonds and securities (specification below)
Loans granted to associates
Other interest-bearing loans
Other non interest-bearing receivables *)
Total Bonds and other receivables (long-term assets)
*) Accrued interests on the shareholder\u2019s loan to Codling Holding Ltd and asset under construction (drydock expenses related to the cruise vessel \u201cBolette\u201d) are included for the year 2022.
Bonds classified as long-term investments 1)
Average interest rate 2022
Fair value as per 31.12.22
Fair value as per 31.12.21
Financial and investment companies
Municipalities and public administration
1) Fair value is based on quoted market prices.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_38290-tag49847": {
"value": "Impairment
IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares. Shares are measured at fair value, see note 2.
\u00a0The impairment model applicable to financial assets, measured at amortized cost, is based on an \u201cexpected credit loss\u201d (ECL) model, which require forward looking judgements of two classifications:
-12-month ECLs resulting from possible default events within the 12 months after the reporting date.
-Lifetime ECLs resulting from possible default events over the expected life of a financial instrument",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_38855-tag49853": {
"value": "Accounting policies
Inventories and bunkers are recorded at the lower of cost and net realisable value. The Group of companies categorizes spare parts into two groups, spare parts and spare assets. Spare parts are consumables that are not depreciated but expensed when used against repair and maintenance cost. Consumables are measured at cost less a reserve for overstocked items. Spare assets are larger spare items that is recorded as a component and depreciated.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_38855-tag49854": {
"value": "Inventories and consumable spare parts
Articles of consumption onboard
Per year end the Group of companies had inventories and consumable spare parts related to windfarms, installation vessels for offshore wind turbines and cruise vessels. In addition, there were bunkers and articles of consumption onboard. The book value of inventories is cost price. In 2022 inventories and consumable spare parts recognised as cost of sales amounted to NOK 955 million (2021: NOK 674 million), i.e., expensed. In 2022 there have been no write downs of inventories or reversals of write downs. Work in progress is mainly related to capitalized project costs in the Wind Service segment.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_39517-tag49860": {
"value": "Note 15 \u2013 Trade and other receivables and contract assetsAccounting policies
Trade receivables that do not have a significant financing component are measured on initial recognition at their transaction price, which is the amount of consideration to which the entity expects to be entitled for transferring the promised goods or services to the customer. Trade receivables with a significant financing component are measured on initial recognition at their transaction price if the entity has chosen not to adjust the promised amount of consideration for the effects of a significant financing component. In other cases, the receivables are measured at fair value on initial recognition.\u00a0
The impairment model applicable to financial assets, measured at amortized cost, is based on an \u201cexpected credit loss\u201d (ECL) model, which require forward looking judgements of two classifications:
-12-month ECLs resulting from possible default events within the 12 months after the reporting date.
-Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_39517-tag49855": {
"value": "Note 15 \u2013 Trade and other receivables and contract assetsAccounting policies
Trade receivables that do not have a significant financing component are measured on initial recognition at their transaction price, which is the amount of consideration to which the entity expects to be entitled for transferring the promised goods or services to the customer. Trade receivables with a significant financing component are measured on initial recognition at their transaction price if the entity has chosen not to adjust the promised amount of consideration for the effects of a significant financing component. In other cases, the receivables are measured at fair value on initial recognition.\u00a0
The impairment model applicable to financial assets, measured at amortized cost, is based on an \u201cexpected credit loss\u201d (ECL) model, which require forward looking judgements of two classifications:
-12-month ECLs resulting from possible default events within the 12 months after the reporting date.
-Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_39517-tag49865": {
"value": "Note 15 \u2013 Trade and other receivables and contract assetsTrade and other receivables (current assets)
Total trade receivables and contract assets
Other receivables and prepayments
Short-term liquid share portfolio
Total trade and other receivables
Contract assets relate to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to customer receivables when the right to payment become unconditional, which usually occurs when invoices are issued to the customers.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_39517-tag49863": {
"value": "Note 15 \u2013 Trade and other receivables and contract assetsTrade and other receivables (current assets)
Total trade receivables and contract assets
Other receivables and prepayments
Short-term liquid share portfolio
Total trade and other receivables
Contract assets relate to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to customer receivables when the right to payment become unconditional, which usually occurs when invoices are issued to the customers.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_39517-tag49862": {
"value": "Note 15 \u2013 Trade and other receivables and contract assetsTrade and other receivables (current assets)
Total trade receivables and contract assets
Other receivables and prepayments
Short-term liquid share portfolio
Total trade and other receivables
Contract assets relate to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to customer receivables when the right to payment become unconditional, which usually occurs when invoices are issued to the customers.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_39517-tag49861": {
"value": "Note 15 \u2013 Trade and other receivables and contract assetsTrade and other receivables (current assets)
Total trade receivables and contract assets
Other receivables and prepayments
Short-term liquid share portfolio
Total trade and other receivables
Contract assets relate to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to customer receivables when the right to payment become unconditional, which usually occurs when invoices are issued to the customers.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_39700-tag49864": {
"value": "Note 16 \u2013 Cash and cash equivalentsAmounts in NOK 1 000)Cash related to payroll tax withholdings
Total cash & cash equivalents
*) NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans. NOK 28 million of the restricted cash relates to the windfarms in FORAS, and NOK 32 million relates to guarantees required by customers in FOO during operations.
**) In 2020 the Company established a green finance framework with an eligibility assessment from DNV and issued a NOK 700 million green bond loan to be used for eligible green investments as defined in the framework. Another green bond loan of NOK 700 million was issued in 2021. Separate green bank deposits have been established and are included in unrestricted cash.
As part of establishing the Green Finance Framework, Bonheur established an internal Green Finance Committee who approves eligible green investments in the green investment portfolio.
Accounting policies
Cash and cash equivalents include cash, bank deposits and other short-term highly liquid assets that are readily convertible to known amounts of cash and which are subject to insignificant changes in value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_39700-tag49858": {
"value": "Note 16 \u2013 Cash and cash equivalentsAmounts in NOK 1 000)Cash related to payroll tax withholdings
Total cash & cash equivalents
*) NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans. NOK 28 million of the restricted cash relates to the windfarms in FORAS, and NOK 32 million relates to guarantees required by customers in FOO during operations.
**) In 2020 the Company established a green finance framework with an eligibility assessment from DNV and issued a NOK 700 million green bond loan to be used for eligible green investments as defined in the framework. Another green bond loan of NOK 700 million was issued in 2021. Separate green bank deposits have been established and are included in unrestricted cash.
As part of establishing the Green Finance Framework, Bonheur established an internal Green Finance Committee who approves eligible green investments in the green investment portfolio.
Cash related to payroll tax withholdings
Total cash & cash equivalents
*) NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans. NOK 28 million of the restricted cash relates to the windfarms in FORAS, and NOK 32 million relates to guarantees required by customers in FOO during operations.
As part of establishing the Green Finance Framework, Bonheur established an internal Green Finance Committee who approves eligible green investments in the green investment portfolio.
Accounting policies
Cash and cash equivalents include cash, bank deposits and other short-term highly liquid assets that are readily convertible to known amounts of cash and which are subject to insignificant changes in value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_39996-tag49866": {
"value": "Note 17 \u2013 Earnings per share
Accounting policies
The Group of companies presents basic earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of shares outstanding during the period. Average number of outstanding shares during the period are based on number of outstanding shares per year end. Shares outstanding is total shares issued net of treasury shares.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_39996-tag49867": {
"value": "Note 17 \u2013 Earnings per share
Profit attributable to ordinary shareholders
Net result for the year (Majority share)
Average number of outstanding shares during the year 1)
Basic and diluted earnings per share
Within the Group of companies there are no financial instruments with possible dilutive effects.
1) Weighted average number of ordinary shares
Issued ordinary shares at 1 January
Weighted average number of ordinary shares at 31 December
\u00a0Note 18 \u2013 Interest bearing loans and borrowingsNon-current interest-bearing liabilities
Current interest-bearing liabilities
Current portion of secured bank loans
Current portion of unsecured loans
Current portion of lease liability, IFRS 16
Fred. Olsen Renewables Ltd. had as at 31 December 2022, through its 51% owned subsidiary Fred. Olsen Wind Ltd., drawn a total of GBP 400 million under a bank loan facility and leases, with current loan balance at year end 2022 was GBP 290 million (GBP 328 million). The interest rates of the bank loan facility are fixed 3.17% for 75% and GBP Libor plus a margin of 1.40% for 25% of the facility. The bank loan facility matures in 2032.
Fred. Olsen Renewables Ltd. had through its 100% owned subsidiary Fred. Olsen CB Ltd. per year end 2022 drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2022 was GBP 53 million (GBP 55 million). The interest rates of the loan are fixed 3.55% for 75% of the loan and GBP Libor plus a margin of 1.80 % for the rest of the loan. The bank loan facility matures in 2036. In addition, Fred. Olsen CB Ltd. had through its 51% owned subsidiary Fred. Olsen CBH Ltd, per year end 2022 drawn GBP 66 million (GBP 62 million) from an unsecured shareholder loan from Aviva Investors Global Services Limited, which holds 49% of the shares in the company. The interest rate of this loan is GBP LIBOR plus a margin of 6%, and the loan matures in 2036. Fred. Olsen CBH Ltd. has also drawn a shareholder loan with corresponding terms of GBP 69 million from Fred. Olsen CB Ltd., which is eliminated in the consolidated accounts.
\u00a0
Fred. Olsen Ocean group, through its subsidiary Fred. Olsen Windcarrier has two long-term non-recourse debt financing arrangements related to the three offshore wind turbine transportation and installation jack-up vessels under its indirect ownership (Brave Tern, Bold Tern and Blue Tern). In conjunction with the financing, a green loan framework was established with an eligibility assessment from DNV, which enables new investments to be financed with green loans. For Brave Tern and Bold Tern, the arrangement is a EUR 75 million 6-years facility with DNB Bank ASA and SpareBank 1 SR-Bank ASA. On 24 January 2022, FOWIC entered into an agreement for an increase of the available amount under the Fleet Financing Facility Agreement by a EUR 35 million revolving facility tranche (RCF) with a margin of 3.20%. The current balance per 31 December 2022 is EUR 84.4, including a drawdown of the EUR 35 million under the RCF.
On 19 December 2022, Blue Tern (51% owned), entered into a senior secured green term loan facility agreement with Clifford Capital Pte. Ltd, replacing the debt financing with NIBC and Clifford. The new arrangement is a EUR 35 million facility with a margin of 2,15 %. In addition, Blue Tern AS has shareholder loans of USD 27.7 million. A wholly owned subsidiary of Keppel Offshore and Marine Ltd holds 49% of the loan and Fred. Olsen Windcarrier ASA, through its 51% indirectly owned subsidiary Blue Tern AS, holds 51% of the latter loan. FOWIC\u2019s part is eliminated in the consolidated accounts. The interest rate of this loan is fixed 7.5 %.
GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 35 million, of which approximately EUR 33.0 million is outstanding as per 31 December 2022.
United Wind Logistics (UWL), has two long-term loan arrangements of total EUR 28 million with Sparkasse Holstein related to two newbuilds delivered in 2020 of which EUR 16.4 million was outstanding as per 31 December 2022. The interest rate regarding EUR 14.3 million of this loan is fixed 3.33% and 3 month EURIBOR plus a margin of 2.65% for EUR 2.2 million. In addition, UWL has a shareholder loan of EUR 6.75 million where Fred. Olsen Ocean Ltd holds 50 % of the loan. The current loan balance to the external shareholder and FOO is EUR 3.375 million each. The interest rate is fixed 3%.
BON07 3 month NIBOR + 4.00%
BON09 3 month NIBOR + 2.50%
BON10 ESG 3 month NIBOR + 2.75%
BONHR01 ESG 3 month NIBOR + 2.90%
\u00a0
Terms and debt repayment schedule
Terms and conditions of outstanding loans were as follows:
75% fixed 3.17%, 25% LIBOR + 1,40%
75% fixed 3,55%, 25% LIBOR + 1.80%
Secured green bank loan 4)
Secured green bank loan 5)
Unsecured Bonheur ASA bond loans 11)
NIBOR / 2.50% / 2.75% / 2.90%
Total interest-bearing debt
1)Financing facility for Fred. Olsen Wind 2 Ltd.
2)Financing facility for Fred. Olsen CB Ltd.
3)A total of GBP 66.2 million has been drawn by Fred. Olsen CBH Ltd. on a shareholder loan from Aviva Investors Global Services Limited. Remaining balance includes accrued interest.
4)Financing facility for Fred. Olsen Windcarrier of the jack-up vessels Brave Tern, Bold Tern and Blue Tern.
5)Financing facility for Blue Tern Ltd. for the jack-up vessel Blue Tern.
6)Two shareholder loans from a wholly owned subsidiary of Keppel Offshore and Marine Ltd. to Blue Tern AS of USD 12.8 million.
7)Financing facilities for UWL regarding 2 newbuilds.
8)A shareholder loan from Lars Rolner, who is a 50% owner of the shares in UWL, EUR 3.60 million.
9)As per 31 December 2022 a bank overdraft of EUR 46.4 regarding GWS, is included.
10)Sellers credit from HAL Nederland NV in connection with the acquisition of two cruise vessels, GBP 22.3 million.
11)The market value of the four outstanding Bonheur bond loans maturing in 2024, 2025 and 2026 were per year end 99.38, 98.81 and 98.81, respectively.
12)Financing facility for NHST
Lease liabilities
Lease liabilities are payable as follows:
Future minimum lease payment 2022
Present value of minimum lease payments 2022
Future
minimum
lease
payment
2021
Present value of minimum lease payments 2021
Between one and five years
Booked value of collateral
Total book value of collateral
Guarantees granted to associates
Guarantees granted to Group companies' entities
Guarantees are granted in connection with the following investments
*) Related to Koksa Eiendom AS.
Reconciliation of movements of liabilities to cash flows arising from financing activities
Other
interest bearing loans
Equity
holders of
the parent
Balance as per 1 January 2021
Changes from financing cash flows
Proceeds from long-term loans and borrowings
Repayment of long-term loans and borrowings
Repayment of lease liabilities
Total changes from financing cash flows
Increase lease liabilities (IFRS 16)
Effect on liabilities of changes in foreign exchange rates
Effects from transactions with non-controlling interests
Comprehensive income for the period *)
Balance as per 31 December 2021
Balance as per 1 January 2022
Changes from financing cash flows
Proceeds from long-term loans and borrowings
Repayment of long-term loans and borrowings
Total changes from financing cash flows
Change lease liabilities (IFRS 16)
Effect on liabilities of changes in foreign exchange rates
Effects from transactions with non-controlling interests
Comprehensive income for the period *)
Balance as per 31 December 2022
*) According to statement of changes in equity, page 48.
Note 23 \u2013 Rental and leasesLeases as lessee
Accounting principles
At inception of a contract, the Group of companies assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group of companies uses the definition of a lease in IFRS 16.
At commencement or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices.
Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment (see note 10). See also note 18 for information on the lease liabilities.
Depreciation charge for the year
Additions to right-of-use assets
Derecognition of right-of-use assets
Depreciation charge for the year
Additions to right-of-use assets
Derecognition of right-of-use assets
Amounts recognized in profit or loss
Depreciation charge for the year
Interest on lease liabilities
Expenses related to short-term leases
Amounts recognized in statement of cash flows
Total cash outflow for leases
Most of the lease rentals in the Group of companies are related to office rental contacts in several countries, land leases regarding wind farms. The additions to right-of-use assets in 2022 are mainly related to new office rental contracts and new land lease contract in the Renewable Energy segment. Expenses included in profit or loss from short-term leases are mainly related to lease of cranes and various equipment in the Global Wind Service Group.
The office rental contracts are mainly within the subsidiary NHST Media Group AS. The most significant leases are related to the main offices in the Europe and has a duration of 5-10 years, some which contain renewal options. The renewal period is a significant proportion of the leasing liability. It is assessed that it is most likely to exercise the options to extend the lease period and the calculation of the liability and right-of-use asset is based on this assumption.
Also included are land leases, with fixed payments, regarding wind farms within Renewable Energy. These contracts are mainly compensation for road access, use of a compound or a minimum rent to the landowners. The land rent contracts normally have variable lease terms based on turnover or usage. These lease payments depending on turnover or usage will continue to be recognized in profit or loss when the use occurs. These payments are not included in the lease liability that is recognized under IFRS 16, due to their variable nature. The total expense relating to variable lease payments which is not included in the measurement of lease liabilities is NOK 132 million in 2022 (NOK 53 million). The cash outflow from variable leases is estimated to NOK 154 million in 2023.
The Group of companies has some short-term office rental contracts and leases of low-value items which the Group of companies has elected not to recognize as right-of-use assets and lease liabilities.
Leases as lessor
Accounting principles
At inception or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component based on their relative stand-alone prices.
When the Group of companies act as a lessor, it determines at lease inception whether each lease is a lease liability or an operating lease. To classify each lease, the Group of companies makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a lease liability; if not, then it is an operating lease. As part of this assessment, The Group of companies consider certain indicators such as whether the lease is for a major part of the economic life of the asset.
\u00a0
If an arrangement contains lease and non-lease components, then the Group of companies applies IFRS 15, Revenue from contracts with customers, to allocate the consideration in the contract. The Group of companies applies the derecognition and impairment requirements in IFRS 9, Financial instruments, to the net investment in the lease.
For further details, see note 5.
\u00a0Note 18 \u2013 Interest bearing loans and borrowingsNon-current interest-bearing liabilities
Current interest-bearing liabilities
Current portion of secured bank loans
Current portion of unsecured loans
Current portion of lease liability, IFRS 16
Fred. Olsen Renewables Ltd. had as at 31 December 2022, through its 51% owned subsidiary Fred. Olsen Wind Ltd., drawn a total of GBP 400 million under a bank loan facility and leases, with current loan balance at year end 2022 was GBP 290 million (GBP 328 million). The interest rates of the bank loan facility are fixed 3.17% for 75% and GBP Libor plus a margin of 1.40% for 25% of the facility. The bank loan facility matures in 2032.
Fred. Olsen Renewables Ltd. had through its 100% owned subsidiary Fred. Olsen CB Ltd. per year end 2022 drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2022 was GBP 53 million (GBP 55 million). The interest rates of the loan are fixed 3.55% for 75% of the loan and GBP Libor plus a margin of 1.80 % for the rest of the loan. The bank loan facility matures in 2036. In addition, Fred. Olsen CB Ltd. had through its 51% owned subsidiary Fred. Olsen CBH Ltd, per year end 2022 drawn GBP 66 million (GBP 62 million) from an unsecured shareholder loan from Aviva Investors Global Services Limited, which holds 49% of the shares in the company. The interest rate of this loan is GBP LIBOR plus a margin of 6%, and the loan matures in 2036. Fred. Olsen CBH Ltd. has also drawn a shareholder loan with corresponding terms of GBP 69 million from Fred. Olsen CB Ltd., which is eliminated in the consolidated accounts.
\u00a0
Fred. Olsen Ocean group, through its subsidiary Fred. Olsen Windcarrier has two long-term non-recourse debt financing arrangements related to the three offshore wind turbine transportation and installation jack-up vessels under its indirect ownership (Brave Tern, Bold Tern and Blue Tern). In conjunction with the financing, a green loan framework was established with an eligibility assessment from DNV, which enables new investments to be financed with green loans. For Brave Tern and Bold Tern, the arrangement is a EUR 75 million 6-years facility with DNB Bank ASA and SpareBank 1 SR-Bank ASA. On 24 January 2022, FOWIC entered into an agreement for an increase of the available amount under the Fleet Financing Facility Agreement by a EUR 35 million revolving facility tranche (RCF) with a margin of 3.20%. The current balance per 31 December 2022 is EUR 84.4, including a drawdown of the EUR 35 million under the RCF.
On 19 December 2022, Blue Tern (51% owned), entered into a senior secured green term loan facility agreement with Clifford Capital Pte. Ltd, replacing the debt financing with NIBC and Clifford. The new arrangement is a EUR 35 million facility with a margin of 2,15 %. In addition, Blue Tern AS has shareholder loans of USD 27.7 million. A wholly owned subsidiary of Keppel Offshore and Marine Ltd holds 49% of the loan and Fred. Olsen Windcarrier ASA, through its 51% indirectly owned subsidiary Blue Tern AS, holds 51% of the latter loan. FOWIC\u2019s part is eliminated in the consolidated accounts. The interest rate of this loan is fixed 7.5 %.
GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 35 million, of which approximately EUR 33.0 million is outstanding as per 31 December 2022.
United Wind Logistics (UWL), has two long-term loan arrangements of total EUR 28 million with Sparkasse Holstein related to two newbuilds delivered in 2020 of which EUR 16.4 million was outstanding as per 31 December 2022. The interest rate regarding EUR 14.3 million of this loan is fixed 3.33% and 3 month EURIBOR plus a margin of 2.65% for EUR 2.2 million. In addition, UWL has a shareholder loan of EUR 6.75 million where Fred. Olsen Ocean Ltd holds 50 % of the loan. The current loan balance to the external shareholder and FOO is EUR 3.375 million each. The interest rate is fixed 3%.
BON07 3 month NIBOR + 4.00%
BON09 3 month NIBOR + 2.50%
BON10 ESG 3 month NIBOR + 2.75%
BONHR01 ESG 3 month NIBOR + 2.90%
\u00a0
Terms and debt repayment schedule
Terms and conditions of outstanding loans were as follows:
75% fixed 3.17%, 25% LIBOR + 1,40%
75% fixed 3,55%, 25% LIBOR + 1.80%
Secured green bank loan 4)
Secured green bank loan 5)
Unsecured Bonheur ASA bond loans 11)
NIBOR / 2.50% / 2.75% / 2.90%
Bonheur ASA \u2013 Group of CompaniesNotes
Bonheur ASA \u2013 Annual Report 2022
Total interest-bearing debt
1)Financing facility for Fred. Olsen Wind 2 Ltd.
2)Financing facility for Fred. Olsen CB Ltd.
3)A total of GBP 66.2 million has been drawn by Fred. Olsen CBH Ltd. on a shareholder loan from Aviva Investors Global Services Limited. Remaining balance includes accrued interest.
4)Financing facility for Fred. Olsen Windcarrier of the jack-up vessels Brave Tern, Bold Tern and Blue Tern.
5)Financing facility for Blue Tern Ltd. for the jack-up vessel Blue Tern.
6)Two shareholder loans from a wholly owned subsidiary of Keppel Offshore and Marine Ltd. to Blue Tern AS of USD 12.8 million.
7)Financing facilities for UWL regarding 2 newbuilds.
8)A shareholder loan from Lars Rolner, who is a 50% owner of the shares in UWL, EUR 3.60 million.
9)As per 31 December 2022 a bank overdraft of EUR 46.4 regarding GWS, is included.
10)Sellers credit from HAL Nederland NV in connection with the acquisition of two cruise vessels, GBP 22.3 million.
11)The market value of the four outstanding Bonheur bond loans maturing in 2024, 2025 and 2026 were per year end 99.38, 98.81 and 98.81, respectively.
12)Financing facility for NHST
Lease liabilities
Lease liabilities are payable as follows:
Future minimum lease payment 2022
Present value of minimum lease payments 2022
Future
minimum
lease
payment
2021
Present value of minimum lease payments 2021
Between one and five years
Booked value of collateral
Total book value of collateral
Guarantees granted to associates
Guarantees granted to Group companies' entities
Guarantees are granted in connection with the following investments
*) Related to Koksa Eiendom AS.
Reconciliation of movements of liabilities to cash flows arising from financing activities
Other
interest bearing loans
Equity
holders of
the parent
Balance as per 1 January 2021
Changes from financing cash flows
Proceeds from long-term loans and borrowings
Repayment of long-term loans and borrowings
Repayment of lease liabilities
Total changes from financing cash flows
Increase lease liabilities (IFRS 16)
Effect on liabilities of changes in foreign exchange rates
Effects from transactions with non-controlling interests
Comprehensive income for the period *)
Balance as per 31 December 2021
Balance as per 1 January 2022
Changes from financing cash flows
Proceeds from long-term loans and borrowings
Repayment of long-term loans and borrowings
Total changes from financing cash flows
Change lease liabilities (IFRS 16)
Effect on liabilities of changes in foreign exchange rates
Effects from transactions with non-controlling interests
Comprehensive income for the period *)
Balance as per 31 December 2022
*) According to statement of changes in equity, page 48.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_42066-tag49870": {
"value": "Booked value of collateral
Total book value of collateral
Note 19 \u2013 Pension obligations Accounting policies
Defined benefit plans
The Company and certain of its subsidiaries have pension plans for employees which provide for a defined pension benefit upon retirement (Defined benefit plans). These pension schemes are accounted for in accordance with IAS19
The calculation of the liability is made on a linear basis, taking into account assumptions regarding the number of years of employment, discount rate, future return on plan assets, future changes in salaries and pensions, the size of defined national contributions and actuarial assumptions regarding mortality, voluntary retirement etc. Plan assets are stated at fair values. Net pension liability comprises the gross pension liability less the fair value of plan assets. Net pension liabilities from under-funded pension schemes are included in the balance sheet as long-term interest free debt, while over-funded schemes are included as long-term interest free receivables, if it is likely that the over-funding can be utilized. Theeffect of retroactive plan amendments without future benefits, are recognized in the income statement with immediate effect. Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) are recognized immediately in other comprehensive income.Net pension cost, which consists of gross pension cost, less estimated return on plan assets adjusted for the impact of changes in estimates and pension plans, are classified as an operating cost, and is included in the line item \u201coperating expenses\u201d.
Pension schemes base the discount rate on the yield of long term covered bonds (OMF) at the statement of financial position date, adjusted to reflect the terms of the obligations. The calculation is performed by a qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group of companies, the recognised asset is limited to the net total of any unrecognised past service costs and the present value of any future refunds from the plan or reductions in future contributions to the plan.
When benefits of a plan are improved, the portion of the increased benefit relating to past service is recognised as an expense in the income statement on a straight-line basis until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognised in the income statement.
Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus if the Group of companies has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
Accounting estimate \u2013 pension obligation
The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these assumptions will impact the calculated pension obligations. The Group of companies determines the appropriate discount rate at the end of each year. This rate is used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. The rate used for Norwegian subsidiaries is based on 10-year government bonds or the OMF rate. Beyond 10 years the rate has been based on an extrapolation of the government bond rate and long-term swap rates for the relevant period. Other key assumptions for pension obligation are based on current market conditions.
Pension plans
Employees within of the Group of companies have the right to future pension benefits (defined benefit plans) based upon the number of contribution years and the salary level at retirement. The scheme of each entity is administered by individual pension funds or by separate insurance companies. Some subsidiaries have defined contribution schemes for all or some of their employees. In 2022, total costs incurred for defined contribution schemes were NOK 79 million (NOK 63 million). The pension plans in the Norwegian companies meet the Norwegian requirements for a Mandatory Company Pension (OTP).
In total, the number of members in the funded defined benefit plans by the end of 2022 were 358, of which 206 were pensioners (377 of which 214 pensioners). FOCO related individuals are members of Fred. Olsen & Co.\u2019s Pension Fund. Individuals employed in FOCO after 1 June 2012 are covered by contribution plans. Other FOCO related individuals have rights to future pension benefits (defined benefit plan) based on the number of contribution years and compensation level at retirement age. The Group of companies has unfunded (unsecured) pension arrangements for some executives with salaries in excess of 12 G. Those executives are also entitled to early retirement upon reaching 65 years of age. The early pension arrangement will represent 66% of the salary at the time of retirement until ordinary retirement. Executives of FOCO have similar arrangements.\u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_45682-tag49874": {
"value": "\u00a0Note 20 \u2013 Deferred income and other accrualsCurrent items
Other accruals and deferred income
The Group of companies has short-term contract liabilities of NOK 1 344 million per 31 December 2021 (NOK 1 304 million). NOK 899 million is due to prepayments from sale of cruises (NOK 686 million), NOK 135 million (NOK 308 million) is prepayment from customers within Wind Service and NOK 310 million (NOK 307 million) is prepayment received from subscribers within NHST.
Non-current items
Decommissioning costs related to windfarms of NOK 440 million (NOK 500 million) is included under \u201cOther non-current liabilities\u201d.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_45683-tag49876": {
"value": "Note 20 \u2013 Deferred income and other accrualsNon-current items
Decommissioning costs related to windfarms of NOK 440 million (NOK 500 million) is included under \u201cOther non-current liabilities\u201d.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_45683-tag49875": {
"value": "Note 20 \u2013 Deferred income and other accrualsCurrent items
Other accruals and deferred income
The Group of companies has short-term contract liabilities of NOK 1 344 million per 31 December 2021 (NOK 1 304 million). NOK 899 million is due to prepayments from sale of cruises (NOK 686 million), NOK 135 million (NOK 308 million) is prepayment from customers within Wind Service and NOK 310 million (NOK 307 million) is prepayment received from subscribers within NHST.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_45682-tag49873": {
"value": "Note 21 - Trade and other payables
Fair value of derivatives 1)
Total trade and other payables
1) For further information about derivatives see note 22.
Note 21 - Trade and other payables
Fair value of derivatives 1)
Total trade and other payables
1) For further information about derivatives see note 22.
\u00a0Note 22 \u2013 Financial InstrumentsAccounting policies
Classification of financial assets and liabilities
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting.
All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows:
\u2022Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met:
\u2022the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022Fair value through other comprehensive income (FVOCI) - financial assets are classified and measured at FVTOCI if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
\u2022Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the two business models mentioned are measured at FVTPL.
All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL. Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair value through profit or loss.
\u00a0\u00a0
Impairment
The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications:
- 12-month ECLs resulting from possible default events within the 12 months after the reporting date.
- Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss.\u00a0
Accounting classifications and fair values
Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings.
The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u2022Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities.
\u2022Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models.
\u2022Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs.
Financial Instruments as of 31 December 2022
Impairment losses
Loss allowances have been measured on the following bases:
\u202212-month ECLs that result from possible default events within the 12 months after the reporting date; and
\u2022Lifetime ECLs that result from all possible default events over the expected life of a financial instrument.
The aging of trade and other receivables at the reporting date was:
Based on historic default rates, the Group of companies believes that limited impairment allowance is necessary in respect of trade receivables not past due or past due by up to 30 days. Due to conditions related to specific customers in NHST Media Group AS and Transport & Installation in the Wind Service segment, a provision for losses has been made to certain receivables past due 31-180 days and 181-360 days respectively. Lifetime expected credit losses has been assessed and a provision for losses has been made to certain receivables related to specific customers in Global Wind Service in the Wind Service Segment.
Liquidity risk
The Group of companies is exposed to liquidity risk when payments of financial liabilities do not correspond to the cash flow from operations and/or financing. In order to effectively mitigate liquidity risk, the Group of companies\u2019 risk management strategy focuses on maintaining sufficient cash, marketable securities and/or committed credit facilities and targets a long-term funding profile. Moreover, the liquidity risk management strategy focuses on maximising the return on surplus cash as well as minimising the cost of short-term borrowing and other transaction costs. In order to uncover future liquidity risk, the Group of companies forecasts both short-term and long-term cash flows. Cash flow forecasts include cash flows stemming from operations, investments and financing activities.
The liquidity risk is considered as moderate.
Interest rate risk
When the Group of companies borrows funds externally, the interest rate payable is in most cases based on a floating interest rate. In order to reduce the fluctuations of interests payable, interest rate swap agreements are entered into. The Group of companies is exposed to fluctuations in interest rates for GBP, EUR, USD and NOK.
All the interest rate swaps that are entered into are used for economical hedging. Therefore, the changes in the valuation of the interest rate swaps are taken over the profit or loss statement. The quarterly update of the valuations of the interest rate swaps may result in substantial financial gains and losses, depending on the changes in the interest rate levels.
The management monitors the interest rate markets closely and enters into interest rate swap agreements when this is considered appropriate. At the reporting date approximately 37% of the financial liabilities were interest hedged.
At the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial instruments was:
Financial liabilities (interest-hedged portion of interest-bearing debt)
Variable rate instruments
Financial assets (cash and cash equivalents)
Financial liabilities (non-interest-hedged portion of interest-bearing debt)
Interest rate sensitivity
A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts indicated below. This analysis is on a pre-tax basis and assumes that all other variables, in particular foreign currency rates, remain constant. Changes in the market value of interest rate swap agreements are not included. The analysis is performed on the same basis as for the previous year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_45983-tag49886": {
"value": "\u00a0Note 22 \u2013 Financial InstrumentsThe following significant exchange rates applied during the year:
Impairment losses
Loss allowances have been measured on the following bases:
\u202212-month ECLs that result from possible default events within the 12 months after the reporting date; and
\u2022Lifetime ECLs that result from all possible default events over the expected life of a financial instrument.
The aging of trade and other receivables at the reporting date was:
Based on historic default rates, the Group of companies believes that limited impairment allowance is necessary in respect of trade receivables not past due or past due by up to 30 days. Due to conditions related to specific customers in NHST Media Group AS and Transport & Installation in the Wind Service segment, a provision for losses has been made to certain receivables past due 31-180 days and 181-360 days respectively. Lifetime expected credit losses has been assessed and a provision for losses has been made to certain receivables related to specific customers in Global Wind Service in the Wind Service Segment.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_45984-tag49884": {
"value": "Note 22 \u2013 Financial InstrumentsFinancial Instruments as of 31 December 2022
Impairment losses
Loss allowances have been measured on the following bases:
\u202212-month ECLs that result from possible default events within the 12 months after the reporting date; and
\u2022Lifetime ECLs that result from all possible default events over the expected life of a financial instrument.
The aging of trade and other receivables at the reporting date was:
Based on historic default rates, the Group of companies believes that limited impairment allowance is necessary in respect of trade receivables not past due or past due by up to 30 days. Due to conditions related to specific customers in NHST Media Group AS and Transport & Installation in the Wind Service segment, a provision for losses has been made to certain receivables past due 31-180 days and 181-360 days respectively. Lifetime expected credit losses has been assessed and a provision for losses has been made to certain receivables related to specific customers in Global Wind Service in the Wind Service Segment.
Liquidity risk
The Group of companies is exposed to liquidity risk when payments of financial liabilities do not correspond to the cash flow from operations and/or financing. In order to effectively mitigate liquidity risk, the Group of companies\u2019 risk management strategy focuses on maintaining sufficient cash, marketable securities and/or committed credit facilities and targets a long-term funding profile. Moreover, the liquidity risk management strategy focuses on maximising the return on surplus cash as well as minimising the cost of short-term borrowing and other transaction costs. In order to uncover future liquidity risk, the Group of companies forecasts both short-term and long-term cash flows. Cash flow forecasts include cash flows stemming from operations, investments and financing activities.
The liquidity risk is considered as moderate.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_45984-tag49883": {
"value": "Note 22 \u2013 Financial InstrumentsAccounting policies
Classification of financial assets and liabilities
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting.
All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows:
\u2022Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met:
\u2022the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022Fair value through other comprehensive income (FVOCI) - financial assets are classified and measured at FVTOCI if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
\u2022Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the two business models mentioned are measured at FVTPL.
All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL. Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair value through profit or loss.
\u00a0\u00a0
Impairment
The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications:
- 12-month ECLs resulting from possible default events within the 12 months after the reporting date.
- Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss.\u00a0
Accounting classifications and fair values
Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings.
The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u2022Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities.
\u2022Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models.
\u2022Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs.
Financial Instruments as of 31 December 2022
Impairment losses
Loss allowances have been measured on the following bases:
\u202212-month ECLs that result from possible default events within the 12 months after the reporting date; and
\u2022Lifetime ECLs that result from all possible default events over the expected life of a financial instrument.
The aging of trade and other receivables at the reporting date was:
Based on historic default rates, the Group of companies believes that limited impairment allowance is necessary in respect of trade receivables not past due or past due by up to 30 days. Due to conditions related to specific customers in NHST Media Group AS and Transport & Installation in the Wind Service segment, a provision for losses has been made to certain receivables past due 31-180 days and 181-360 days respectively. Lifetime expected credit losses has been assessed and a provision for losses has been made to certain receivables related to specific customers in Global Wind Service in the Wind Service Segment.
Liquidity risk
The Group of companies is exposed to liquidity risk when payments of financial liabilities do not correspond to the cash flow from operations and/or financing. In order to effectively mitigate liquidity risk, the Group of companies\u2019 risk management strategy focuses on maintaining sufficient cash, marketable securities and/or committed credit facilities and targets a long-term funding profile. Moreover, the liquidity risk management strategy focuses on maximising the return on surplus cash as well as minimising the cost of short-term borrowing and other transaction costs. In order to uncover future liquidity risk, the Group of companies forecasts both short-term and long-term cash flows. Cash flow forecasts include cash flows stemming from operations, investments and financing activities.
The liquidity risk is considered as moderate.
Interest rate risk
When the Group of companies borrows funds externally, the interest rate payable is in most cases based on a floating interest rate. In order to reduce the fluctuations of interests payable, interest rate swap agreements are entered into. The Group of companies is exposed to fluctuations in interest rates for GBP, EUR, USD and NOK.
All the interest rate swaps that are entered into are used for economical hedging. Therefore, the changes in the valuation of the interest rate swaps are taken over the profit or loss statement. The quarterly update of the valuations of the interest rate swaps may result in substantial financial gains and losses, depending on the changes in the interest rate levels.
The management monitors the interest rate markets closely and enters into interest rate swap agreements when this is considered appropriate. At the reporting date approximately 37% of the financial liabilities were interest hedged.
At the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial instruments was:
Financial liabilities (interest-hedged portion of interest-bearing debt)
Variable rate instruments
Financial assets (cash and cash equivalents)
Financial liabilities (non-interest-hedged portion of interest-bearing debt)
Interest rate sensitivity
A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts indicated below. This analysis is on a pre-tax basis and assumes that all other variables, in particular foreign currency rates, remain constant. Changes in the market value of interest rate swap agreements are not included. The analysis is performed on the same basis as for the previous year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"v1-page1-cflshid_45984-tag49881": {
"value": "Note 22 \u2013 Financial InstrumentsFinancial Instruments as of 31 December 2022
Loans granted to associates
Other interest-bearing loans
Other non interest-bearing receivables
Trade and other receivables
Cash and cash equivalents
Interest bearing bond loans
Finance lease liabilities
1) FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income.
2) Investments in level 1 consist of listed shares and bonds with quoted market market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price.
Financial Instruments as of 31 December 2021
Forward exchange contracts
Trade and other receivables
Cash and cash equivalents
Forward exchange contracts
Interest bearing bond loans
Finance lease liabilities
Right-of-use liabilities 3)
1) FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income.
2) Investments in level 1 consist of listed shares and bonds with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial purchase price.
3) Right-of-use liabilities, according to IFRS 16 - Leases, amounts to NOK 486 million per 31 December 2021, of which NOK 422 million is interest bearing liabilities.
Loans granted to associates
Other interest-bearing loans
Other non interest-bearing receivables
Trade and other receivables *)
Cash and cash equivalents
*) Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following business segments:
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Impairment losses
Loss allowances have been measured on the following bases:
\u202212-month ECLs that result from possible default events within the 12 months after the reporting date; and
\u2022Lifetime ECLs that result from all possible default events over the expected life of a financial instrument.
The aging of trade and other receivables at the reporting date was:
Non-derivative financial liabilities
Derivative financial liabilities
Gross statement of financial position exposure
Forward exchange contract
Financial liabilities (interest-hedged portion of interest-bearing debt)
Variable rate instruments
Financial assets (cash and cash equivalents)
Financial liabilities (non-interest-hedged portion of interest-bearing debt)
Financial Instruments as of 31 December 2022
Impairment losses
Loss allowances have been measured on the following bases:
\u202212-month ECLs that result from possible default events within the 12 months after the reporting date; and
\u2022Lifetime ECLs that result from all possible default events over the expected life of a financial instrument.
The aging of trade and other receivables at the reporting date was:
Based on historic default rates, the Group of companies believes that limited impairment allowance is necessary in respect of trade receivables not past due or past due by up to 30 days. Due to conditions related to specific customers in NHST Media Group AS and Transport & Installation in the Wind Service segment, a provision for losses has been made to certain receivables past due 31-180 days and 181-360 days respectively. Lifetime expected credit losses has been assessed and a provision for losses has been made to certain receivables related to specific customers in Global Wind Service in the Wind Service Segment.
Liquidity risk
The Group of companies is exposed to liquidity risk when payments of financial liabilities do not correspond to the cash flow from operations and/or financing. In order to effectively mitigate liquidity risk, the Group of companies\u2019 risk management strategy focuses on maintaining sufficient cash, marketable securities and/or committed credit facilities and targets a long-term funding profile. Moreover, the liquidity risk management strategy focuses on maximising the return on surplus cash as well as minimising the cost of short-term borrowing and other transaction costs. In order to uncover future liquidity risk, the Group of companies forecasts both short-term and long-term cash flows. Cash flow forecasts include cash flows stemming from operations, investments and financing activities.
The liquidity risk is considered as moderate.
The following significant exchange rates applied during the year:
Interest rate risk
When the Group of companies borrows funds externally, the interest rate payable is in most cases based on a floating interest rate. In order to reduce the fluctuations of interests payable, interest rate swap agreements are entered into. The Group of companies is exposed to fluctuations in interest rates for GBP, EUR, USD and NOK.
All the interest rate swaps that are entered into are used for economical hedging. Therefore, the changes in the valuation of the interest rate swaps are taken over the profit or loss statement. The quarterly update of the valuations of the interest rate swaps may result in substantial financial gains and losses, depending on the changes in the interest rate levels.
The management monitors the interest rate markets closely and enters into interest rate swap agreements when this is considered appropriate. At the reporting date approximately 37% of the financial liabilities were interest hedged.
At the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial instruments was:
Financial liabilities (interest-hedged portion of interest-bearing debt)
Variable rate instruments
Financial assets (cash and cash equivalents)
Financial liabilities (non-interest-hedged portion of interest-bearing debt)
Interest rate sensitivity
A change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts indicated below. This analysis is on a pre-tax basis and assumes that all other variables, in particular foreign currency rates, remain constant. Changes in the market value of interest rate swap agreements are not included. The analysis is performed on the same basis as for the previous year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_45984-tag49878": {
"value": "Note 22 \u2013 Financial InstrumentsAccounting policies
Classification of financial assets and liabilities
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting.
All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows:
\u2022Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met:
\u2022the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022Fair value through other comprehensive income (FVOCI) - financial assets are classified and measured at FVTOCI if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
\u2022Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the two business models mentioned are measured at FVTPL.
All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL. Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair value through profit or loss.
\u00a0\u00a0
Impairment
The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications:
- 12-month ECLs resulting from possible default events within the 12 months after the reporting date.
- Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss.Accounting classifications and fair values
Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings.
The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u2022Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities.
\u2022Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models.
\u2022Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs.
",
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"v1-page1-cflshid_45984-tag49877": {
"value": "Note 22 \u2013 Financial InstrumentsAccounting policies
Classification of financial assets and liabilities
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting.
All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows:
\u2022Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met:
\u2022the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022Fair value through other comprehensive income (FVOCI) - financial assets are classified and measured at FVTOCI if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
\u2022Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the two business models mentioned are measured at FVTPL.
All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL. Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair value through profit or loss.
\u00a0\u00a0
Impairment
The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications:
- 12-month ECLs resulting from possible default events within the 12 months after the reporting date.
- Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss.\u00a0
Accounting classifications and fair values
Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings.
The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u2022Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities.
\u2022Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models.
\u2022Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs.
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"v1-page1-cflshid_45983-tag49879": {
"value": "Accounting policies
Classification of financial assets and liabilities
Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting.
All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows:
\u2022Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met:
\u2022the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
\u2022the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
\u2022Fair value through other comprehensive income (FVOCI) - financial assets are classified and measured at FVTOCI if they are held in a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets.
\u2022Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the two business models mentioned are measured at FVTPL.
All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL. Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair value through profit or loss.
\u00a0\u00a0
Impairment
The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a forward-looking \"expected credit loss\" (ECL) model. This requires forward looking judgements of two classifications:
- 12-month ECLs resulting from possible default events within the 12 months after the reporting date.
- Lifetime ECLs resulting from possible default events over the expected life of a financial instrument.
For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss.Accounting classifications and fair values
Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings.
The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u2022Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities.
\u2022Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from observable market transactions in an active market for identical assets or liabilities. Level 2 includes currency or interest derivatives, typically when the Group of companies uses forward prices on foreign exchange rates or interest rates as inputs to valuation models.
\u2022Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in absence of quoted prices from an active market or other observable price inputs.
",
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"v1-page1-cflshid_50715-tag49887": {
"value": "Note 23 \u2013 Rental and leasesLeases as lessee
Accounting principles
At inception of a contract, the Group of companies assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group of companies uses the definition of a lease in IFRS 16.
At commencement or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component on the basis of its relative stand-alone prices.
Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment (see note 10). See also note 18 for information on the lease liabilities.
Leases as lessor
Accounting principles
At inception or on modification of a contract that contains a lease component, the Group of companies allocates the consideration in the contract to each lease component based on their relative stand-alone prices.
When the Group of companies act as a lessor, it determines at lease inception whether each lease is a lease liability or an operating lease. To classify each lease, the Group of companies makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a lease liability; if not, then it is an operating lease. As part of this assessment, The Group of companies consider certain indicators such as whether the lease is for a major part of the economic life of the asset.
\u00a0
If an arrangement contains lease and non-lease components, then the Group of companies applies IFRS 15, Revenue from contracts with customers, to allocate the consideration in the contract. The Group of companies applies the derecognition and impairment requirements in IFRS 9, Financial instruments, to the net investment in the lease.
For further details, see note 5.
",
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},
"v1-page1-cflshid_51852-tag49889": {
"value": "Note 24 \u2013 Capital commitmentsNew crane and upgrade of Bold Tern
Remaining capital commitments
Note 25 \u2013 Contingencies The Group of companies is subject to various legal and tax claims arising in the normal course of business which the Group of companies assesses on a regular basis.
Outstanding receivables from customers
Universal Foundation (UF) is a company involved in the design and installation support for two Mono Bucket foundations at the Deutsche Bucht project. UF received a notification of liability from Van Oord in late 2019 under the Foundation Design Agreement. In the fourth quarter of 2021 there was further communication between the parties, and Van Oord and now also their customer argue that they have incurred significant losses and may seek to pursue claims beyond contractual limitations of liability. The position of UF is that any such claim would be without merit and consequently the accounts have made no provision for the same matter. The Company has reported on this issue in the quarterly reporting during 2021 and 2022.
Outstanding issues from suppliers
No significant outstanding issues recognized as per year end 2022.
Tax disputes
In December 2022 a subsidiary, Fred. Olsen Ocean Ltd was notified by the tax authorities of a possible change in taxable income for 2017. The amount involved is a taxable loss of NOK 313 million. This is not expected to result in any payable tax, since the group of companies have significantly amount in loss carry forward. The company has contradicted the correctness of the tax office' s opinion.
",
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"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"v1-page1-cflshid_51852-tag49888": {
"value": "Note 24 \u2013 Capital commitmentsNew crane and upgrade of Bold Tern
Remaining capital commitments
Note 25 \u2013 Contingencies The Group of companies is subject to various legal and tax claims arising in the normal course of business which the Group of companies assesses on a regular basis.
Outstanding receivables from customers
Universal Foundation (UF) is a company involved in the design and installation support for two Mono Bucket foundations at the Deutsche Bucht project. UF received a notification of liability from Van Oord in late 2019 under the Foundation Design Agreement. In the fourth quarter of 2021 there was further communication between the parties, and Van Oord and now also their customer argue that they have incurred significant losses and may seek to pursue claims beyond contractual limitations of liability. The position of UF is that any such claim would be without merit and consequently the accounts have made no provision for the same matter. The Company has reported on this issue in the quarterly reporting during 2021 and 2022.
Outstanding issues from suppliers
No significant outstanding issues recognized as per year end 2022.
Tax disputes
In December 2022 a subsidiary, Fred. Olsen Ocean Ltd was notified by the tax authorities of a possible change in taxable income for 2017. The amount involved is a taxable loss of NOK 313 million. This is not expected to result in any payable tax, since the group of companies have significantly amount in loss carry forward. The company has contradicted the correctness of the tax office' s opinion.
",
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"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"v1-page1-cflshid_52617-tag49892": {
"value": "Note 26 \u2013 Related party informationIn the ordinary course of business, the Group of companies recognizes certain business transactions with accounting wise related parties. This note addresses the background, the services included the compensation principles as well as the governance principles applied to such main arrangements.
Fred. Olsen & Co.
The origin of the firm FOCO dates back to 1848. The current proprietor of Fred. Olsen & Co. (FOCO), Anette Sofie Olsen, identifies the fifth generation Olsen and can draw an uninterrupted line of business conduct back to 1848. Whilst some Fred. Olsen-related activities are investments by the Company, others remain private - but they all stem from the private entrepreneurship back in 1848.
A good example is the Renewable Energy business segment, which in the early nineties of the last century evolved out of private Fred. Olsen-related green energy activities in the moorlands of Scotland. At the time this was far from what the maritime oriented the Company were focusing on. However, on the back of these activities an opportunity was made available for The Company to expand its business interests into investing in constructing, owning and operating windfarms, initially primarily in the UK.
FOCO has for generations managed, the day-to-day operation of the Company. The public sphere of the Fred. Olsen-related activities was in earlier years centred around five shipping companies, all listed on the Oslo Stock Exchange and each engaged in distinct business activities and operated by FOCO. Following various mergers, the latest in May 2016, The Company became the sole surviving entity out of these five companies, but now with investments in a variety of diversified business segments, each subject to autonomous corporate structures and accordingly with distinct managements.
Over the years FOCO has in addition also been engaged in day-to-day operation or provision of professional services to other companies and investment funds.
In addition to being in charge of the day-to-day operation of The Company, FOCO today also provides a variety of professional services market terms to predominantly subsidiaries of the Company engaged in the various business segments within which the Company is invested. FOCO only to a very limited degree provides services to private Fred. Olsen-related companies, and then at rates equal to those applied to subsidiaries of the Company.
The Board of Bonheur is satisfied that the arrangement with FOCO in charge of the day-to-day operation of the Company, which for decades has proved successful, also today is very suitable.
The Board is of the view that the business segments within which the Company at any one point in time is invested through subsidiaries, must be operated on an autonomous basis. At the same time, and partly for the same reason, it is of significant value to the Company that FOCO with its experience and knowledge on a professional basis assist each of these business segments in achieving their respective goals. That in turn provides a unique platform for FOCO to be able to efficiently provide such day-to-day operation of the Company that is needed. By FOCO being in charge of both the day-to-day operation of the Company and the provision of a variety of services to subsidiaries of Bonheur, the Company and FOCO achieve cost and competence synergies. Such benefits are realized without any interests being compromised.
For its services to the Company, FOCO is compensated through a cost-plus model. A profit margin commensurable with margins used in comparable uncontrolled transactions is applied on top of a cost base consisting of documented expenses mainly related to personnel, external consultancy services, rent and IT expenses (see below table). Defined contribution pension relative to FOCO is included in the above cost base, while defined benefit pension costs relative to FOCO, hereunder pension to Mr. Fred. Olsen, do not form part of this cost base but are charged directly to the Company. The profit margin on the ordinary services by FOCO has in recent years been set at 12 %.
The compensation model also allows for a potential limited annual bonus to FOCO on top of the ordinary compensation. Over the last three years a total of NOK 1.9 million has been paid in bonus.
The compensation model is monitored by the Shareholders\u2019 Committee who applies it in connection with its annual recommendation to the Board on compensation and possible bonus to FOCO. The five members of the Shareholders\u2019 Committee are all independent of the majority shareholders of the Company. When dealing with these recommendations, the Board will be constituted by its, in this regard non-conflicted Directors. The Board of the Company consists of six Directors out of which four Directors are independent of the majority shareholders of the Company and of FOCO.
The aforementioned compensation - together with a possible bonus - is the only compensation FOCO receives for its services to the Company. The profit margin and the maximum obtainable bonus is subject to regular third-party benchmarking and review, performed every 3 years, last time in 2022, also monitored by the Shareholders\u2019 Committee.
Costs together with profit margin and bonus to Fred. Olsen & Co., charged to the Company
Costs and fees charged to subsidiaries
Amount outstanding between Fred. Olsen & Co. and the Company *)
Amount outstanding between Fred. Olsen & Co. and subsidiaries of the Company *)
*) Short term outstanding in connection with current operations.
In 2022 Hvitsten AS was established as a subsidiary of FOCO as an alternative investment fund manager, as well as naturally associated activities. Hvitsten AS's operations are subject to the Act on the Management of Alternative Investment Funds of 20 June 2014 No. 28. On 22 June 2022, the company received permission to manage funds from the Norwegian Financial Supervisory Authority. The permit is limited to management of funds with an investment strategy within private equity and infrastructure investments, ref. \u00a7 2-4 fifth paragraph.
Hvitsten AS has a management assignment with Wind Fund I AS which invested EUR 175 million to indirectly acquire three Scandinavian wind farms. In addition, EUR 305 million is committed for future wind farm developments. Hvitsten AS is not exposed to significant credit, interest rate and currency risks. The company has a long-term management agreement with Wind Fund I AS but may also manage other alternative investment funds in the future.
Hvitsten AS charge a fixed administration fee to Wind Fund I AS with a stairstep fee-model for each new wind farm, in addition to a one-time investment fee for each new wind farm investment.
Renewable Energy
The Natural Power Consultants Ltd. (NPC) are an international renewable energy consultancies providing high level analytics and advice across multiple technologies to FOR, FOS and many unrelated 3rd parties. They operate across all areas of the project life cycle from consenting, environmental studies, site design, construction management and operations.
Zephir Ltd. (ZX Lidar) provide high technology laser powered wind measurement tools (Wind Lidars) used in windfarm Development, Site Construction, Project Operations as well as many other wind monitoring applications.
ZX Measurement Services Ltd. (ZX MS) provide wind measurement services such as Wind Lidar rental, campaign design and optimisation.
NPC, ZX Lidar, ZX MS are owned by Fred. Olsen Ltd. (FOL) which is owned by the private Fred. Olsen-related companies AS Quatro and Invento AS; both major shareholders in the Company.
In late 2021, Bonheur and NPC acquired 25.5% each of the Danish consultancy company New Power Partners (NPP). Transactions between NPP and Bonheur group of companies have therefore been reported as related party transactions in 2022.
Scope of services:
NPC and NPP provides both consultancy services and operations-related services for FOR\u2019s wind farms and FOS projects in the UK. FOR has contracted NPC to provide site and asset management services for its wind farms in the UK and also to provide specific consultancy services mainly related to planning, environmental, technical, construction, and geotechnical services within renewable energy.
Invoiced from related parties (NOK 1 000)
Natural Power Consultants Ltd. (NPC with subsidiaries - asset management services)
Natural Power Consultants Ltd. (NPC with subsidiaries - other consultancy services)
ZX Measurement Services Ltd.
Total paid to related parties
FOR hires and shares office locations and other administrative services such as HR and IT support from FOL in London.
GovernanceAll contracts between the related parties are based on the arm\u2019s length principle. The contracts are at regular intervals, and with advice from independent experts, benchmarked and tested against comparable contracts tendered in the market to ensure they are at terms comparable to those available in the market.
In July 2022, FORAS entered into agreements providing Euro 480 million equity financing for onshore windfarms in Norway, the UK and Sweden. FORAS will remain the 51% shareholder in such windfarms, while the other 49% will be acquired by the newly established investment fund, Wind Fund 1. Kommunal Landspensjonskasse (\"KLP\"), MEAG Munich ERGO AssetManagement GmbH (\"MEAG\") acting on behalf of various entities of Munich Re Group including ERGO, and Keppel Infrastructure Trust (\"KIT\") / Keppel Corporation Limited (\"Keppel\") all own 1/3 of the fund. On 8th September, the fund acquired an indirect ownership of 49% in three operative windfarms with a combined capacity of 258 MW (Lista Vindkraftverk AS, F\u00e4bodliden Vindkraft AB and H\u00f6galiden Vindkraft AB) for net cash proceeds (adjusted for NIBD and leakage) of EUR174 million. Further, the fund has an exclusive right and obligation to invest 49% in all onshore windfarm projects in the UK and Sweden that FORAS takes forward to final investment decision until the current outstanding commitment of Euro 305 million is fully utilized or a period of five years has lapsed.
FOCL has its commercial operation located in Ipswich (UK) while its technical operation is located in Oslo. The segment is subject to the following related party interests:
Shared Services with Fred. Olsen Ltd.
FOCL has for many years been part of and has benefited from a wide range of shared services, such as HR, IT and administration, under an office community with FOL in an office building at White House Road, Ipswich. The rents are at market terms and subject to annual review. The other services from FOL are paid for at cost.
For further enhancement of the office situation in Ipswich, it has been decided to extend and improve the office building at White House Road, Ipswich. Together with FOL, FOCL have established a joint venture company (Fred. Olsen House (JV) Ltd. (FOHJV)) for the purpose of having the building transferred and for funding of the necessary extension and improvement works. FOCL has made a cash investment of GBP 2.6 million as its 50% share in FOHJV. The investment is included under Financial fixed assets.
Travel agency services from Fred. Olsen Travel Ltd. FOTL is a subsidiary of FOL.
FOTL (UK) facilitates relevant flight bookings for the crew employed by FOCL and some passengers and also acts as an ordinary sales agent for cruise holidays operated by FOCL. These services, however, only amount to a minor share of FOTL\u2019s total revenues. The crew flights services are based on cost plus a service fee per booking. The sales agency is paid a commission on similar terms to other commercial agreements in place between FOCL and independent agents.
Crewing services from Bahia Shipping Services Inc.
FOCL deploy crew partly from the Philippines with Bahia Shipping Services Inc. based in Manila (Bahia). Bahia came about in 1987 out of a need for a professional crewing company to provide qualified personnel and secure fair treatment of the crew. The majority of the crewing companies in the Philippines at that time did not meet FOCL\u2019s HSEQ requirements in this respect, which was the key reason for Bahia coming into existence. Fred. Olsen jnr. owns 25% of Bahia Shipping Services, while the remaining 75% is owned by non-related Philippine third parties. Fred. Olsen Jnr. resigned from the board of FOCL in July 2022, and Bahia will therefore not be reported as a related party for 2023 and forward.
In 2022 Fred. Olsen Jnr. received NOK 0.8 million (2021: NOK 1.7 million) as an aggregate compensation as chairman of the board of FOCL and for other work carried out to FOCL and subsidiaries. Fred. Olsen Jnr. resigned from the board of FOCL in July 2022. He is one of the indirect ultimate owners of AS Quatro and Invento AS.
Bahia is delivering a complete set of crewing services for crew out of the Philippines, including recruitment, interviewing, testing, training, legal matters, travel arrangements etc. Bahia also facilitates flight bookings for crew travelling from the Philippines to the cruise vessels. The major part of what is paid to Bahia is a pass-through service of wages to crew members (allotment) being funds transferred via Bahia for payment to the crew in the Philippines. Bahia provides crewing services also to other, non-Fred. Olsen-related shipping companies. Cost of crew flights are based on actual cost. Recruitment fees are based on market rates and subject to market testing. Bahia\u2019s agency fee is a flat fee negotiated between FOCL and Bahia and based both on market rate and assessment of hours effort required. The numbers in the first table below reflect net amounts, pass-through expenses are excluded.
Invoiced from related parties (NOK 1 000)
Fred. Olsen Ltd (commission/ mark-up paid on head office/ establishment services)
Fred. Olsen Travel Ltd (commission paid on crew flights etc)
Fred. Olsen Travel Ltd (commission earned on sale of cruise tickets)
Bahia Shipping Services Inc. (agency fee for crewing services)
Fred. Olsen & Co. (invoiced for admin fee for Group services)
Commissions and fees paid to related parties
The table below reflects gross numbers and thus also pass-through expenses.
Invoiced from related parties (NOK 1 000)
Fred. Olsen Ltd. (Infrastructure and establishment services)
Fred. Olsen Ltd. (Office management and personnel services)
Cost for office premises, Infrastructure and office management paid to Fred. Olsen Ltd.
Other transactions with related parties
The Wind Service segment of the Company was invoiced NOK 20 million (2021: NOK 22 million) for services from Fred. Olsen & Co. (FOCO).
Bahia has provided certain crewing services to the Wind Service segment of which a commission of NOK 1.1 million (2021: NOK 0.7 million) was paid.
In 2022, FOCO paid NOK 5.4 million (2021: 5.7 million) to the Group of companies for rent of office space. The rent is market based and on similar terms as for other tenants in the quarter in Fred. Olsens gate 2 in Oslo.
The Company rents an office building in Hvitsten from a private Fred. Olsen-related company. Rent paid in 2022 as well as in 2021 was NOK 0.4 million.
Mr. Fred. Olsen is party to a consultancy agreement with FOCO. In 2022, NOK 5.2 million was paid under this consultancy agreement (2021: NOK 5.2 million). Such payment is part of the costs charged to Bonheur. Members of the Board of Directors, the managing director and other related parties hold per year end 2022 in total NOK 6 million of BON09 bond loan (2021: NOK 13 million).
As per 31 December 2022 the members of the Board, members of the Shareholders' Committee and the Managing Director owned and/or controlled directly and/or indirectly, the following number of shares in the Company:
Ole Kristian Aab\u00f8-Evensen
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 22 013 380 shares in the Company.
Note 26 \u2013 Related party informationIn the ordinary course of business, the Group of companies recognizes certain business transactions with accounting wise related parties. This note addresses the background, the services included the compensation principles as well as the governance principles applied to such main arrangements.
Fred. Olsen & Co.
The origin of the firm FOCO dates back to 1848. The current proprietor of Fred. Olsen & Co. (FOCO), Anette Sofie Olsen, identifies the fifth generation Olsen and can draw an uninterrupted line of business conduct back to 1848. Whilst some Fred. Olsen-related activities are investments by the Company, others remain private - but they all stem from the private entrepreneurship back in 1848.
A good example is the Renewable Energy business segment, which in the early nineties of the last century evolved out of private Fred. Olsen-related green energy activities in the moorlands of Scotland. At the time this was far from what the maritime oriented the Company were focusing on. However, on the back of these activities an opportunity was made available for The Company to expand its business interests into investing in constructing, owning and operating windfarms, initially primarily in the UK.
FOCO has for generations managed, the day-to-day operation of the Company. The public sphere of the Fred. Olsen-related activities was in earlier years centred around five shipping companies, all listed on the Oslo Stock Exchange and each engaged in distinct business activities and operated by FOCO. Following various mergers, the latest in May 2016, The Company became the sole surviving entity out of these five companies, but now with investments in a variety of diversified business segments, each subject to autonomous corporate structures and accordingly with distinct managements.
Over the years FOCO has in addition also been engaged in day-to-day operation or provision of professional services to other companies and investment funds.
In addition to being in charge of the day-to-day operation of The Company, FOCO today also provides a variety of professional services market terms to predominantly subsidiaries of the Company engaged in the various business segments within which the Company is invested. FOCO only to a very limited degree provides services to private Fred. Olsen-related companies, and then at rates equal to those applied to subsidiaries of the Company.
The Board of Bonheur is satisfied that the arrangement with FOCO in charge of the day-to-day operation of the Company, which for decades has proved successful, also today is very suitable.
The Board is of the view that the business segments within which the Company at any one point in time is invested through subsidiaries, must be operated on an autonomous basis. At the same time, and partly for the same reason, it is of significant value to the Company that FOCO with its experience and knowledge on a professional basis assist each of these business segments in achieving their respective goals. That in turn provides a unique platform for FOCO to be able to efficiently provide such day-to-day operation of the Company that is needed. By FOCO being in charge of both the day-to-day operation of the Company and the provision of a variety of services to subsidiaries of Bonheur, the Company and FOCO achieve cost and competence synergies. Such benefits are realized without any interests being compromised.
For its services to the Company, FOCO is compensated through a cost-plus model. A profit margin commensurable with margins used in comparable uncontrolled transactions is applied on top of a cost base consisting of documented expenses mainly related to personnel, external consultancy services, rent and IT expenses (see below table). Defined contribution pension relative to FOCO is included in the above cost base, while defined benefit pension costs relative to FOCO, hereunder pension to Mr. Fred. Olsen, do not form part of this cost base but are charged directly to the Company. The profit margin on the ordinary services by FOCO has in recent years been set at 12 %.
The compensation model also allows for a potential limited annual bonus to FOCO on top of the ordinary compensation. Over the last three years a total of NOK 1.9 million has been paid in bonus.
The compensation model is monitored by the Shareholders\u2019 Committee who applies it in connection with its annual recommendation to the Board on compensation and possible bonus to FOCO. The five members of the Shareholders\u2019 Committee are all independent of the majority shareholders of the Company. When dealing with these recommendations, the Board will be constituted by its, in this regard non-conflicted Directors. The Board of the Company consists of six Directors out of which four Directors are independent of the majority shareholders of the Company and of FOCO.
The aforementioned compensation - together with a possible bonus - is the only compensation FOCO receives for its services to the Company. The profit margin and the maximum obtainable bonus is subject to regular third-party benchmarking and review, performed every 3 years, last time in 2022, also monitored by the Shareholders\u2019 Committee.
Costs together with profit margin and bonus to Fred. Olsen & Co., charged to the Company
Costs and fees charged to subsidiaries
Amount outstanding between Fred. Olsen & Co. and the Company *)
Amount outstanding between Fred. Olsen & Co. and subsidiaries of the Company *)
*) Short term outstanding in connection with current operations.
In 2022 Hvitsten AS was established as a subsidiary of FOCO as an alternative investment fund manager, as well as naturally associated activities. Hvitsten AS's operations are subject to the Act on the Management of Alternative Investment Funds of 20 June 2014 No. 28. On 22 June 2022, the company received permission to manage funds from the Norwegian Financial Supervisory Authority. The permit is limited to management of funds with an investment strategy within private equity and infrastructure investments, ref. \u00a7 2-4 fifth paragraph.
Hvitsten AS has a management assignment with Wind Fund I AS which invested EUR 175 million to indirectly acquire three Scandinavian wind farms. In addition, EUR 305 million is committed for future wind farm developments. Hvitsten AS is not exposed to significant credit, interest rate and currency risks. The company has a long-term management agreement with Wind Fund I AS but may also manage other alternative investment funds in the future.
Hvitsten AS charge a fixed administration fee to Wind Fund I AS with a stairstep fee-model for each new wind farm, in addition to a one-time investment fee for each new wind farm investment.
Renewable Energy
The Natural Power Consultants Ltd. (NPC) are an international renewable energy consultancies providing high level analytics and advice across multiple technologies to FOR, FOS and many unrelated 3rd parties. They operate across all areas of the project life cycle from consenting, environmental studies, site design, construction management and operations.
Zephir Ltd. (ZX Lidar) provide high technology laser powered wind measurement tools (Wind Lidars) used in windfarm Development, Site Construction, Project Operations as well as many other wind monitoring applications.
ZX Measurement Services Ltd. (ZX MS) provide wind measurement services such as Wind Lidar rental, campaign design and optimisation.
NPC, ZX Lidar, ZX MS are owned by Fred. Olsen Ltd. (FOL) which is owned by the private Fred. Olsen-related companies AS Quatro and Invento AS; both major shareholders in the Company.
In late 2021, Bonheur and NPC acquired 25.5% each of the Danish consultancy company New Power Partners (NPP). Transactions between NPP and Bonheur group of companies have therefore been reported as related party transactions in 2022.
Scope of services:
NPC and NPP provides both consultancy services and operations-related services for FOR\u2019s wind farms and FOS projects in the UK. FOR has contracted NPC to provide site and asset management services for its wind farms in the UK and also to provide specific consultancy services mainly related to planning, environmental, technical, construction, and geotechnical services within renewable energy.
Invoiced from related parties (NOK 1 000)
Natural Power Consultants Ltd. (NPC with subsidiaries - asset management services)
Natural Power Consultants Ltd. (NPC with subsidiaries - other consultancy services)
ZX Measurement Services Ltd.
Total paid to related parties
FOR hires and shares office locations and other administrative services such as HR and IT support from FOL in London.
Cost for office premises, Infrastructure and office management paid to Fred. Olsen Ltd.
Other transactions with related parties
The Wind Service segment of the Company was invoiced NOK 20 million (2021: NOK 22 million) for services from Fred. Olsen & Co. (FOCO).
Bahia has provided certain crewing services to the Wind Service segment of which a commission of NOK 1.1 million (2021: NOK 0.7 million) was paid.
In 2022, FOCO paid NOK 5.4 million (2021: 5.7 million) to the Group of companies for rent of office space. The rent is market based and on similar terms as for other tenants in the quarter in Fred. Olsens gate 2 in Oslo.
The Company rents an office building in Hvitsten from a private Fred. Olsen-related company. Rent paid in 2022 as well as in 2021 was NOK 0.4 million.
Mr. Fred. Olsen is party to a consultancy agreement with FOCO. In 2022, NOK 5.2 million was paid under this consultancy agreement (2021: NOK 5.2 million). Such payment is part of the costs charged to Bonheur. Members of the Board of Directors, the managing director and other related parties hold per year end 2022 in total NOK 6 million of BON09 bond loan (2021: NOK 13 million).
As per 31 December 2022 the members of the Board, members of the Shareholders' Committee and the Managing Director owned and/or controlled directly and/or indirectly, the following number of shares in the Company:
Ole Kristian Aab\u00f8-Evensen
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 22 013 380 shares in the Company.
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"value": "Note 27 \u2013 Group of companiesBonheur ASA is the parent in the Group of companies with the following subsidiaries:
Fred. Olsen Renewables AS
- Fred. Olsen Windcarrier ASA
- Global Wind Services A/S
Fred. Olsen Insurance Services AS
Fred. Olsen Investments AS
Fred. Olsen Cruise Lines Pte Ltd
Fred. Olsen Canary Lines S.L. 1)
Felixstowe Ship Management Ltd. 1)
Fred. Olsen Renewables AS
- Fred. Olsen Windcarrier ASA
- Global Wind Services A/S
Fred. Olsen Insurance Services AS
Fred. Olsen Investments AS
Fred. Olsen Cruise Lines Pte Ltd
Fred. Olsen Canary Lines S.L. 1)
Felixstowe Ship Management Ltd. 1)
Voting rights in the companies equal the ownership interest.
1) Based on the Company\u2019s ownership interest the companies are classified as subsidiaries, but due to no or insignificant activity the companies are not consolidated in the Group of companies.
2) Group Company result and equity.
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"value": "Note 27 \u2013 Group of companiesAccounting policies
The consolidated financial statements include the Company and its subsidiaries. A company within the Group of companies controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases",
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"value": "Note 28 \u2013 Subsequent eventsThere have been no material subsequent events post year-end 2022.
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