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"shtag_193576": {
"value": "NOTE 1\u00a0\u00a0
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 2023
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 8 April 2024. In a meeting 15 April 2024, the Shareholders\u2019 Committee recommended to the
Annual General Meeting that the proposal to the annual accounts for 2023 together with the appurtenant
financial statements as addressed and resolved upon by the Board in the said meeting on 8 April 2024, is
approved. Eventual approval of the annual accounts together with the appurtenant financial statements
lies with the Annual General Meeting scheduled for 23 May 2024.
Basis of accounting
The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (R)
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 31.12.2023.
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.
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 standards
The amended standards and interpretations had no significant impact on the Group of companies
consolidated financial statements in 2023.
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:
\u2022 \u00a0Derivative financial instruments are measured at fair value
\u2022 \u00a0Financial assets measured at fair value through profit or loss or through other comprehensive income
\u2022 \u00a0Employee benefits are measured at fair value
The methods used to measure fair values are discussed further in note 2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193572": {
"value": "NOTE 1\u00a0\u00a0
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 2023
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 8 April 2024. In a meeting 15 April 2024, the Shareholders\u2019 Committee recommended to the
Annual General Meeting that the proposal to the annual accounts for 2023 together with the appurtenant
financial statements as addressed and resolved upon by the Board in the said meeting on 8 April 2024, is
approved. Eventual approval of the annual accounts together with the appurtenant financial statements
lies with the Annual General Meeting scheduled for 23 May 2024.
Basis of accounting
The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (R)
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 31.12.2023.
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.
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 standards
The amended standards and interpretations had no significant impact on the Group of companies
consolidated financial statements in 2023.
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:
\u2022 \u00a0Derivative financial instruments are measured at fair value
\u2022 \u00a0Financial assets measured at fair value through profit or loss or through other comprehensive income
\u2022 \u00a0Employee benefits are measured at fair value
The methods used to measure fair values are discussed further in note 2NOTE 4\u00a0\u00a0Operating 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 basisNOTE 5\u00a0\u00a0
Revenue
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.
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 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:
NOTE 8\u00a0\u00a0
Finance income and expenses
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 lossNOTE 9\u00a0\u00a0
Income taxes
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 or substantively enacted 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
or substantively enacted by the reporting date.
Deferred tax assets and liabilities are recognized with the net amount if:
1. \u00a0there is a legally enforceable right to offset current tax liabilities and assets,
2. \u00a0they relate to income taxes levied by the same tax authority on the same taxable entity,
3. \u00a0on different tax entities if the intend to settle current tax liabilities and assets on a net basis
or their tax assets and liabilities will be realized simultaneouslyNOTE10\u00a0\u00a0Property, 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.
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.
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required
by classification societies, are capitalised and depreciated over the antici\u00acpated 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.
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.
When parts of an item of property, plant and equipment have different useful lives, they are
accounted for separatelyGains 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.
(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.
(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
depreciatedThe estimated useful lives for the current and comparative periods are as follows:
Windfarms\u00a024 years
Vessels\u00a010 to 42 years
Wind installation vessels\u00a020 years
Plant and Buildings\u00a05 to 50 years
Machinery and Equipment \u00a03 to 10 years
Cars\u00a07 years
IT Equipment\u00a05 years
Furniture and fixtures\u00a05 to10 years
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.
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.
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 recognisedNOTE 11\u00a0
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.
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.
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.
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:
Technology\u00a05 years
Customer relationships\u00a09 years
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.
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.
(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.
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
determine 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.
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.
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.
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 recogniseNOTE 12\u00a0\u00a0
Investments in associates and joint ventures
Accounting 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
associateNOTE 13\u00a0\u00a0
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).
Other
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.
NOTE 14\u00a0\u00a0
Inventory
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 depreciatedNOTE 15\u00a0\u00a0\u00a0Trade and other receivables and contract assets
Accounting 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime ECLs resulting from possible default events over the expected life of a financial
instrumentNOTE 16\u00a0\u00a0
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 valueNOTE 17\u00a0\u00a0\u00a0Earnings 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 sharesNOTE 19\u00a0\u00a0\u00a0Pension 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 effect 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.hort-term benefitsShort-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 2023, total costs incurred for
defined contribution schemes were NOK 68 million (NOK 66 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 2023 were 347, of
which 201 were pensioners (358 of which 206 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 arrangementNOTE 22\u00a0\u00a0\u00a0Financial Instruments
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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023NOTE 23\u00a0\u00a0\u00a0Rental and leases
Leases 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 liabilitiesLeases 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.
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\u00a0\u00a0
Group of companies
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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193570": {
"value": "NOTE 1\u00a0\u00a0
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 2023
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 8 April 2024. In a meeting 15 April 2024, the Shareholders\u2019 Committee recommended to the
Annual General Meeting that the proposal to the annual accounts for 2023 together with the appurtenant
financial statements as addressed and resolved upon by the Board in the said meeting on 8 April 2024, is
approved. Eventual approval of the annual accounts together with the appurtenant financial statements
lies with the Annual General Meeting scheduled for 23 May 2024.
Basis of accounting
The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (R)
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 31.12.2023.
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.
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 standards
The amended standards and interpretations had no significant impact on the Group of companies
consolidated financial statements in 2023.
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:
\u2022 \u00a0Derivative financial instruments are measured at fair value
\u2022 \u00a0Financial assets measured at fair value through profit or loss or through other comprehensive income
\u2022 \u00a0Employee benefits are measured at fair value
The methods used to measure fair values are discussed further in note 2NOTE 2\u00a0
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.
(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:
\u2022 \u00a0the latest known trading price
\u2022 \u00a0average price from transactions
\u2022 \u00a0transactions 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.
NOTE 3 \u00a0Financial 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 note 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 2023 were in EUR.
The GBP revenues in 2023 are within the Renewable Energy and Cruise segments. Consequently, out of the
group\u2019s gross income of NOK 12,560 million in 2023, approximately 46% were in GBP, approximately 41%
were in EUR and approximately 2% were in SEK. The remaining 11% 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.
Interest rate risk
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, 75% 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 debt in UWL has a fixed interest rate. At year-end 34% (2022: 36%) 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. By the turn of the year, about 46% of the expected fuel consumption in 2024 for Cruise had been
hedged against fluctuations through fuel swap agreements. In 2023 approximately 5.5% (2022: 8%) of total
operating expenses within the Group of companies were bunker expenses within the Cruise segment, while
approximately 1.6% (2022: 1.5%) were bunkers expenses within Wind Service.
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 2023 3% (2022: 3%) of the generation was based on fixed prices which expired 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 2023 provided 24% (2022: 38%) 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 2023 41% (2022: 36%) of total revenues. Creditrisk within cruise 26% of total revenues in 2023 (2022: 17%) is also regarded to be moderate, due to cruise
tickets being paid in advance. Within the segment Other 9% (2022: 9%) 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 10,080 million (2022: NOK
10,177 million). Cash and cash equivalents amounted to NOK 5,460 million (2022: NOK 5,458 million). Net
interest-bearing debt of the Group of companies was NOK 4,620 million (2022: 4,719 million). Equity to
assets ratio for the parent company was 70.3% (2022: 73.3%).
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 2023 investments were financed by
cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2023
amounted to NOK 212 million (2022: 183 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.
Capital Management
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 Fred. Olsen & Co. AS 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 and in 2022, the green financing frameworks
were updated to also take into account EU Taxonomy assessment rating. Since 2020, three green bond
loans of in total NOK 2 billion, 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. The green financing frameworks take into account the EU Taxonomy rating.
NOTE 4\u00a0\u00a0Operating 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. \u00a0Renewable 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. \u00a0Wind 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. \u00a0Cruise
Cruise Lines operates three cruise ships and provides a diverse range of cruises.
4. \u00a0Other Investments
The segment includes entities Fred. Olsen 1848 AS, Fred. Olsen Investments AS, Fred. Olsen Insurance
Services AS, Fred. Olsen Travel AS, the Company\u2019s ownership of 55% in NHST Media Group AS and the
parent company, Bonheur ASA. In addition, the segment has various investments in real estate, bonds
and shares.
Renewable Energy
1)
Wind Service
2)
Cruise
3)
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income - External\u00a02,981,085\u00a04,391,711\u00a05,108,838\u00a04,048,912\u00a03,314,505\u00a01,893,168
Operating income - Internal\u00a012,951\u00a00\u00a027,034\u00a041,843\u00a00\u00a00
Operating cost\u00a0-1,072,848\u00a0-906,093\u00a0-3,808,871\u00a0-3,170,227\u00a0-2,831,830\u00a0-2,316,768
Depreciation\u00a0-316,482\u00a0-307,525\u00a0-497,880\u00a0-507,144\u00a0-147,659\u00a0-175,098
Impairment\u00a0-11,974\u00a0-13,714\u00a00\u00a018,243\u00a00\u00a0-456,573
Operating profit/loss\u00a01,592,732\u00a03,164,378\u00a0829,121\u00a0431,627\u00a0335,017\u00a0-1,055,271
Interest income\u00a077,305\u00a020,318\u00a042,419\u00a03,618\u00a010,598\u00a0752
Interest expenses\u00a0-323,389\u00a0-203,057\u00a0-135,715\u00a0-79,472\u00a0-102,340\u00a0-39,820
Tax income / expense (-)\u00a0-411,289\u00a0-697,519\u00a0-52,301\u00a0-54,406\u00a06,042\u00a0-553
Profit / (loss) for the year\u00a0770,052\u00a02,752,708\u00a0675,597\u00a0302,014\u00a0205,239\u00a0-1,097,398
Total assets\u00a09,103,933\u00a08,848,864\u00a07,746,078\u00a06,945,228\u00a01,394,613\u00a01,056,123
Total liabilities\u00a07,145,736\u00a07,024,623\u00a03,111,650\u00a03,223,478\u00a02,922,404\u00a02,638,764
Total equity\u00a01,958,198\u00a01,824,242\u00a04,634,428\u00a03,721,750\u00a0-1,527,791\u00a0-1,582,641
Capital expenditures\u00a0285,775\u00a0955,070\u00a0459,243\u00a0613,930\u00a0125,653\u00a0156,569
Other investments
4)
Eliminations\u00a0Group, total
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income - External\u00a01,156,232\u00a01,101,273\u00a0-918\u00a00\u00a012,559,742\u00a011,435,064
Operating income - Internal\u00a051,473\u00a041,494\u00a0-91,458\u00a0-83,337\u00a00\u00a00
Operating cost\u00a0-1,381,557\u00a0-1,253,245\u00a092,408\u00a065,657\u00a0-9,002,698\u00a0-7,580,676
Depreciation\u00a0-107,985\u00a0-98,295\u00a00\u00a00\u00a0-1,070,006\u00a0-1,088,063
Impairment\u00a0-33,000\u00a00\u00a00\u00a00\u00a0-44,974\u00a0-452,045
Operating profit/loss\u00a0-314,837\u00a0-208,772\u00a032\u00a0-17,681\u00a02,442,065\u00a02,314,281
Interest income\u00a0288,023\u00a076,335\u00a0-154,514\u00a0-28,597\u00a0263,832\u00a072,426
Interest expenses\u00a0-185,166\u00a0-124,023\u00a0154,476\u00a05,988\u00a0-592,134\u00a0-440,385
Tax income / expense (-)\u00a0-240\u00a0-5,052\u00a00\u00a00\u00a0-457,788\u00a0-757,529
Profit / (loss) for the year\u00a0578,370\u00a01,282,844\u00a0-650,000\u00a0-1,538,120\u00a01,579,258\u00a01,702,047
Total assets\u00a012,962,642\u00a011,177,618\u00a0-7,702,502\u00a0-6,275,194\u00a023,504,764\u00a021,752,639
Total liabilities\u00a04,457,431\u00a02,858,490\u00a0-2,040,296\u00a0-948,901\u00a015,596,925\u00a014,796,453
Total equity\u00a08,505,211\u00a08,319,127\u00a0-5,662,206\u00a0-5,326,292\u00a07,907,840\u00a06,956,186
Capital expenditures\u00a03,093\u00a069,997\u00a00\u00a00\u00a0873,763\u00a01,795,565
Renewable Energy\u00a0Wind Service\u00a0Other Investments\u00a0Group of companies total
Associates\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income\u00a00\u00a00\u00a03,958\u00a033,643\u00a077,589\u00a050,667\u00a04,036\u00a084,310
Operating costs\u00a0-4,305\u00a0-3,601\u00a0-3,727\u00a0-34,724\u00a0-74,388\u00a0-46,658\u00a0-8,107\u00a0-84,983
Depreciation / Impairment\u00a0-3,995\u00a0-700\u00a00\u00a00\u00a0-3,834\u00a0-3,171\u00a0-3,999\u00a0-3,871
Operating result\u00a0-8,301\u00a0-4,301\u00a0231\u00a0-1,081\u00a0-634\u00a0838\u00a0-8,070\u00a0-4,544
Share of profit in associates\u00a0-20,069\u00a0-12,079\u00a02,399\u00a0-1,592\u00a0-2,693\u00a0-572\u00a0-20,363\u00a0-14,243
Share of equity\u00a0256,451\u00a0140,603\u00a0193\u00a0123\u00a027,199\u00a032,142\u00a0283,843\u00a0172,868
Europe\u00a0Asia\u00a0Americas
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income\u00a010,517,375\u00a09,422,660\u00a01,487,103\u00a01,442,137\u00a0541,984\u00a0525,591
Capital expenditure\u00a0945,735\u00a01,792,693\u00a0391\u00a0576\u00a00\u00a02,296
Africa\u00a0Other regions\u00a0Group of companies total
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income\u00a0527\u00a00\u00a012,752\u00a044,676\u00a012,559,742\u00a011,435,064
Capital expenditure\u00a00\u00a00\u00a00\u00a00\u00a0946,126\u00a01,795,565
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.
Major customer
Of the total revenue in 2023 within the Group of companies, UK, Germany, Asia, Netherlands and Norway contributed 35%, 15%, 12%, 11% and 8% respectively (2022: 24%, 23%, 13%, 12% and 11% respectively). Revenues
from four major customers within the Renewable Energy segment, constituted 24% (2022: 37%) of the total revenue in the Group of companies. In the Wind Service segment four major customer constituted 37% (2022:
23%) of the total revenue in the Group of companies.NOTE 5\u00a0\u00a0
Revenue
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.
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 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:
2023\ue61b\u00a02022\ue61b
Amounts in NOK 1,000
Sales of electricity\u00a01,668,247\u00a03,371,603
Sales of other goods\u00a0124,180\u00a075,226
Service revenue\u00a08,209,638\u00a05,951,575
Other operating revenue\u00a069,359\u00a087,130
Total revenue from goods and services\u00a010,071,423\u00a09,485,536
Lease revenue\u00a01,170,544\u00a0922,424
Green Certificate revenue\u00a0977,772\u00a0762,623
Government grants\u00a08,046\u00a00
Other operating revenue\u00a0241,123\u00a0262,412
Other operating revenue\u00a02,397,485\u00a01,947,460
Other operating income\u00a090,834\u00a02,069
Total operating income\u00a012,559,743\u00a011,435,064
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.
Contract balances
The following table provides information about receivables, contract assets and contract liabilities from
contract with customers:
Note\u00a02023\ue61b\u00a02022\ue61b
Amounts in NOK 1,000
Receivables, which are included in \"trade and
other receivables\"
15\u00a01,840,450\u00a01,047,643
Contract assets\u00a015\u00a0348,180\u00a0466,007
Contract liabilities\u00a020\u00a01,544,022\u00a01,343,539
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses
on contract assets have been recognized during 2023.
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 31.12.22 the value of contract liabilities amounted to NOK 1,344 million of which NOK 1,191 million
has been recognized as income in 2023. The change in contract assets and liabilities relates to natural
progression of the project portfolio, as well as the current project mix.
Order backlog
Contracts with duration of more than 12 months are included as order backlog.
2024\u00a02025\u00a02026
Amounts in NOK 1,000
Order backlog per year (NOK million)\u00a03,388\u00a02,010\u00a0832
Capitalized project costs
The following table shows costs directly attributable to the projects:
31 December 2023\u00a031 December 2022
Amounts in NOK 1,000
Costs to fulfill contracts\u00a0271,687\u00a073,144
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 segmentNOTE 6\u00a0\u00a0
Operating expenses
Operating expenses
2023\u00a02022
Amounts in NOK 1,000
Administrative expenses
1)
599,294\u00a0565,587
Other operating expenses
2)
4,959,340\u00a04,052,491
Total\u00a05,558,634\u00a04,618,077
1)
Inclusive administration costs and fee to Fred. Olsen & Co of NOK 90.4 million (2022: NOK 92.2 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 2023 cruise vessels operation amounts to NOK
2,391.6 million (2022: NOK 2,012.3 million) which are mainly onboard expenses, vessel operations expenses and Selling
& Marketing expenses. Operation of Wind Service amounts to NOK 2,290.2 million (2022: NOK 1,878.0 million). Research
and development expenditures of NOK 79 million are recognised in profit or loss in 2023 (2022: NOK 68 million).
Professional fees to the auditors
2023\u00a02022
Amounts in NOK 1,000
Statutory audit\u00a033,848\u00a024,358
Other attestation services\u00a0300\u00a03,954
Tax services\u00a04 091\u00a0868
Other non-audit services\u00a0891\u00a04,801
Total (VAT exclusive)\u00a039 130\u00a033,981
Research and development
2023\u00a02022
Amounts in NOK 1,000
Research and development expenditures included in \"Other
operating expenses\"
79,079\u00a067,991
NOTE 7\u00a0\u00a0Personnel 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.
Personnel expenses for the Group of companies were:
Salaries etc.\u00a0Note\u00a02023\u00a02022
Amounts in NOK 1,000
Salaries\u00a01,998,462\u00a01,674,477
Social security cost\u00a0230,901\u00a0166,180
Pension costs\u00a019\u00a0142,335\u00a0107,295
Other\u00a049,596\u00a058,290
Total\u00a02,421,294\u00a02,006,242
Loan to employees in the Group of companies\u00a0536\u00a01,213
Subsidiaries within the Group of companies have established bonus systems. In 2023, the total bonuses
paid within the Group of companies amounted to NOK 51.5 million (2022: NOK 39.2 million).
Remuneration to the Board of Directors:
2023\u00a02022
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board\u00a01,643\u00a01,550
Andreas Mellbye\u00a0465\u00a0405
Carol Bell
1)
491\u00a0459
Nick Emery
1)
511\u00a0446
Bente Hagem\u00a0473\u00a0405
Jannicke Hilland\u00a0443\u00a0405
Total compensations\u00a04,025\u00a03,670
1)
Includes compensation for the audit committee fee.
Anette S. Olsen received in 2023 a remuneration of NOK 240,000 as chairman of the Board in NHST Media
Group AS (2022: NOK 230,000).
Remuneration to the Shareholders\u2019 Committee:
2023\u00a02022
Amounts in NOK 1,000
Christian Fr. Michelet\u00a0225\u00a0205
Synne Homble\u00a0190\u00a00
J\u00f8rgen G. Heje\u00a0190\u00a0175
Gaute Gjelsten\u00a0190\u00a00
Ole Kristian Aab\u00f8-Evensen \u00a0190\u00a0175
B\u00e5rd Mikkelsen\u00a00\u00a0175
Einar Harboe\u00a00\u00a0175
Total compensations\u00a0985\u00a0905
NOTE 8\u00a0\u00a0
Finance income and expenses
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.
Salaries etc.\u00a02023\u00a02022
Amounts in NOK 1,000
Interest income on bonds\u00a015,409\u00a08,883
Interest income on receivables\u00a022,910\u00a011,840
Interest income on bank deposits\u00a0225,513\u00a051,703
Interest income\u00a0263,832\u00a072,426
Dividend income on financial assets\u00a09\u00a025,563
Net gain on disposal of financial assets recognised directly in
profit or loss
109\u00a0162
Foreign exchange gain\u00a0510,658\u00a0352,513
Net change in fair value of financial assets at fair value through
profit or loss
134\u00a0402,907
Various finance income\u00a09,577\u00a01,946
Total other finance income\u00a0520,487\u00a0783,091
Interest expenses on financial liabilities measured at amortised
cost
-592,134\u00a0-440,385
Interest expense\u00a0-592,134\u00a0-440,385
Foreign exchange loss\u00a0-332,652\u00a0-226,697
Net loss on disposal of financial assets recognised directly in
profit or loss
-2\u00a0-257
Net change in fair value of financial assets at fair value through
profit or loss
-152,780\u00a00
Impairment of financial assets\u00a0-20,009\u00a05,213
Various finance expenses\u00a0-71,398\u00a0-33,853
Total other finance expenses\u00a0-576,842\u00a0-255,594
Net finance expenses recognised in profit or loss\u00a0-384,656\u00a0159,538
NOTE 9\u00a0\u00a0
Income taxes
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 or substantively enacted 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
or substantively enacted by the reporting date.
Deferred tax assets and liabilities are recognized with the net amount if:
1. \u00a0there is a legally enforceable right to offset current tax liabilities and assets,
2. \u00a0they relate to income taxes levied by the same tax authority on the same taxable entity,
3. \u00a0on different tax entities if the intend to settle current tax liabilities and assets on a net basis
or their tax assets and liabilities will be realized simultaneously.
2023\u00a02022
Amounts in NOK 1,000
Profit/loss (-) before tax:
Norway\u00a0614,046\u00a01,144,943
Other countries\u00a01,423,000\u00a01,314,633
Total\u00a02,037,046\u00a02,459,575
Taxes paid (-) / received:
Norway\u00a0-90,505\u00a0-2,034
Other countries\u00a0-345,412\u00a0-712,339
Total paid taxes\u00a0-435,917\u00a0-714,373
1) Current tax expense (-) / income:
Norway\u00a0-47,120\u00a0-119,768
Other countries\u00a0-445,443\u00a0-515,294
Total current tax expenses\u00a0-492,563\u00a0-635,062
2) Deferred tax expense (-) / income:
Norway\u00a0-13,688\u00a0-19,405
Other countries\u00a048,463\u00a0-103,062
Total deferred tax expenses\u00a034,775\u00a0-122,467
Total income tax expenses 1) + 2)\u00a0-457,788\u00a0-757,529
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:
2023\u00a02022
Amounts in NOK 1,000
Income/(-)loss before tax\u00a02,037,046\u00a02,459,576
Norwegian statutory tax rate\u00a022%\u00a022%
Income tax using the Company's domestic tax rate\u00a0-448,150\u00a0-541,107
Increase (-reduction) in income taxes from:
Effect of tax rates other than statutory tax rate in Norway\u00a0-11,683\u00a0105,339
Effects on change in tax rates\u00a0-26,512\u00a0-4,142
Effects on tax incentives / tonnage tax\u00a0100,616\u00a0-240,360
Prior period adjustments\u00a01,303\u00a0-30,927
Change in recognized deductible temporary differences\u00a0-21,337\u00a012
Change in unrecognized deferred tax assets\u00a0-29,570\u00a0-39,622
Non-deductible and non-taxable expenses/income\u00a0-24,744\u00a0-14,202
Currency effects
1)
6,192\u00a019,646
Income/expenses recognized directly in equity\u00a0-3,904\u00a0-12,166
Tax expenses %\u00a022%\u00a031%
Tax expenses\u00a0-457,788\u00a0-757,529
1)
Currency effects primarily relate to translating tax positions in functional currency to NOK.
Payable tax as presented in the Statement of Financial Position
2023\u00a02022
Amounts in NOK 1,000
Current tax payable Norway\u00a041,697\u00a098,807
Current tax payable other countries\u00a082,356\u00a034,833
Current tax payable\u00a0124,053\u00a0133,640
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 2023, and 31 December 2022:
Assets
2023
Liabilities
2023\ue61b
Assets
2022
Liabilities
2022\ue61b
Amounts in NOK 1,000
Property, plant and equipment\u00a04,363\u00a0-599,041\u00a04,806\u00a0-566,059
Intangible assets\u00a01,638\u00a0-26,215\u00a01,605\u00a0-28,098
Gain and loss accounts\u00a0499\u00a0-10,036\u00a03,689\u00a0-3,842
Loans and borrowings\u00a0207\u00a0-59,083\u00a05,867\u00a0-11,771
Shares and bonds\u00a00\u00a0-2,376\u00a010,859\u00a02,604
Other\u00a020,280\u00a0-81,919\u00a08,491\u00a0-95,265
Tax loss carryforwards\u00a0304,428\u00a0-3,262\u00a0237,675\u00a0-726
Subtotal\u00a0331,414\u00a0-781,931\u00a0272,992\u00a0-703,157
Set off of tax\u00a0-143,660\u00a0143,660\u00a0-143,990\u00a0143,990
Net tax assets / (-) liabilities\u00a0187,754\u00a0-638,271\u00a0129,002\u00a0-559,167
Deferred tax assets have not been recognized in respect of the following items
2023\u00a02022
Amounts in NOK 1,000
Deductible temporary differences\u00a0163,634\u00a0162,894
Tax losses\u00a0428,886\u00a0483,337
Total\u00a0592,520\u00a0646,231
As at 31 December 2023, approximately NOK 1.8 billion of tax losses carried forward for subsidiaries in
Norway and NOK 220 million in subsidiaries in UK. 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. However,
this will not lead to 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.
OECD Pillar II
The Pillar Two rules apply to multinational enterprises that have consolidated revenues of EUR 750
million in at least two of the last four years. The Bonheur group of companies is in scope of these rules.
Multinational enterprises within the scope of the rules are required to calculate their Global Anti-Base
Erosion Rules (GloBE) effective tax rate for each jurisdiction where they operate. They will be liable to pay
a top-up tax for the difference between their GloBE effective tax rate for each jurisdiction and the 15%
minimum rate. If the GloBE effective tax rate domestically is 15% or more, no GloBE top-up tax will be
payable.
The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings,
and financial statements for the entities in the Group of companies. Based on our preliminary assessment,
the Pillar Two effective tax rates in most of the jurisdictions where Bonheur operates are above 15 percent.
It is the ultimate parent entity of the multinational enterprise that is primarily liable for the GloBE top-up
tax in its jurisdiction\u2019s territory. The Bonheur group of companies will from 2024 calculate and report any
tax based on the OECD\u2019s Pillar II in addition to the original company income tax. The group has started the
process to assess whether Pillar II will have any payable tax effect for the group. First time to report this will
be 1st quarter 2024.
IFRS has introduced a mandatory temporary exception to the requirements of IAS 12 under which a
company does not recognize or disclose information about deferred tax assets and liabilities related to the
Base Erosion and Profit Shifting (BEPS) Pillar Two model rules.
NOTE10\u00a0\u00a0Property, 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.
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.
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required
by classification societies, are capitalised and depreciated over the antici\u00acpated 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.
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.
When parts of an item of property, plant and equipment have different useful lives, they are
accounted for separately.
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.
(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.
(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
depreciatedThe estimated useful lives for the current and comparative periods are as follows:
Windfarms\u00a024 years
Vessels\u00a010 to 42 years
Wind installation vessels\u00a020 years
Plant and Buildings\u00a05 to 50 years
Machinery and Equipment \u00a03 to 10 years
Cars\u00a07 years
IT Equipment\u00a05 years
Furniture and fixtures\u00a05 to10 years
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.
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.
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 recognisedAmounts in NOK 1,000
Costs
Balance at 1 January 2022\u00a09,848,243\u00a09,947,875\u00a01,031,201\u00a020,827,319
Acquisitions\u00a0167,457\u00a0494,707\u00a0249,666\u00a0911,830
Right to use asset (leasing IFRS 16)\u00a036,859\u00a00\u00a076,983\u00a0113,842
Disposals\u00a0-74,462\u00a0-359,312\u00a0-7,368\u00a0-441,142
Other\u00a00\u00a00\u00a00\u00a00
Reclassifications\u00a00\u00a0-1,621,394\u00a00\u00a0-1,621,394
Currency translation\u00a0-57,901\u00a0248,042\u00a060,913\u00a0251,054
Balance at 31 December 2022\u00a09,920,196\u00a08,709,918\u00a01,411,395\u00a020,041,509
Balance at 1 January 2023\u00a09,920,196\u00a08,709,918\u00a01,411,395\u00a020,041,509
Acquisitions\u00a0195,784\u00a0489,835\u00a0101,625\u00a0787,244
Right to use asset (leasing IFRS 16)\u00a038,470\u00a00\u00a034,553\u00a073,023
Disposals\u00a0-7,930\u00a0-32,284\u00a0-31,735\u00a0-71,949
Other\u00a06,537\u00a00\u00a0-655\u00a05,882
Reclassifications\u00a0-111\u00a00\u00a00\u00a0-111
Currency translation\u00a0814,495\u00a0673,311\u00a061,983\u00a01,549,789
Balance at 31 December 2023\u00a010,967,441\u00a09,840,780\u00a01,577,166\u00a022,385,387
Depreciation and impairment losses
Balance at 1 January 2022\u00a04,609,617\u00a04,937,308\u00a0558,155\u00a010,105,080
Depreciation\u00a0293,740\u00a0605,524\u00a0117,914\u00a01,017,178
Impairments\u00a00\u00a0456,573\u00a00\u00a0456,573
Disposals\u00a00\u00a0-359,312\u00a0-1,299\u00a0-360,611
Reclassifications\u00a00\u00a0-1,585,483\u00a00\u00a0-1,585,483
Other\u00a00\u00a00\u00a00\u00a00
Currency translation\u00a0-22,208\u00a0121,582\u00a0-41,777\u00a057,598
Balance at 31 December 2022\u00a04,881,149\u00a04,176,192\u00a0632,993\u00a09,690,335
Balance at 1 January 2023\u00a04,881,149\u00a04,176,192\u00a0632,993\u00a09,690,335
Depreciation\u00a0301,269\u00a0551,752\u00a0137,217\u00a0990,238
Impairments\u00a00\u00a00\u00a00\u00a00
Disposals\u00a0-2,674\u00a0-32,284\u00a0-19,688\u00a0-54,646
Reclassifications\u00a00\u00a00\u00a0-44\u00a0-44
Other\u00a00\u00a00\u00a0-57\u00a0-57
Currency translation\u00a0409,916\u00a0337,075\u00a018,715\u00a0765,705
Balance at 31 December 2023\u00a05,589,660\u00a05,032,735\u00a0769,136\u00a011,391,531
Carrying amounts
At 1 January 2022\u00a05,238,626\u00a05,010,567\u00a0473,046\u00a010,722,239
At 31 December 2022\u00a05,039,047\u00a04,533,725\u00a0778,403\u00a010,351,175
At 1 January 2023\u00a05,039,047\u00a04,533,725\u00a0778,403\u00a010,351,175
At 31 December 2023\u00a05,377,781\u00a04,808,045\u00a0808,030\u00a010,993,856
Depreciation schedule is linear for all categoriesImpairment
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.
The carrying amounts of the Group of companies' property, plant and equipment has been reviewed up
against falling power prices, new tax legislation in the onshore wind industry and a normalised cruise
business at 31. December 2023, but no indications of impairment have been identified.
In 2022 the challenging market for the cruise business was an impairment indicator. The impairment testing
resulted in an impairment of GBP 39 million (NOK 457 million).
Within the Group of companies, an impairment NOK 0 million (NOK 457 million) was recognized on
property, plant and equipment in 2023:
2023\u00a02022
Amounts in NOK million
Cruise\u00a00\u00a0457
Total impairment\u00a00\u00a0457
NOTE 11\u00a0
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.
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.
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.
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:
Technology\u00a05 years
Customer relationships\u00a09 years
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.
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.
(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.
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
determine 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.
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.
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.
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 1,000
Cost
Balance at 1 January 2022\u00a0578,957\u00a0162,000\u00a0537,730\u00a0626,463\u00a01,905,151
Acquisitions\u00a056,549\u00a00\u00a00\u00a075,534\u00a0132,083
Disposals\u00a0-112,112\u00a00\u00a00\u00a0-158,018\u00a0-270,130
Reclassifications\u00a0-17,420\u00a00\u00a03\u00a0-166\u00a0-17,583
Currency translation\u00a0-1,544\u00a00\u00a05,685\u00a09,811\u00a013,953
Balance at 31 December 2022\u00a0504,430\u00a0162,000\u00a0543,418\u00a0553,624\u00a01,763,473
Cost
Balance at 1 January 2023\u00a0504,430\u00a0162,000\u00a0543,418\u00a0553,624\u00a01,763,473
Acquisitions
2)
84,564\u00a00\u00a01,306\u00a077,851\u00a0163,722
Reclassifications\u00a0-2\u00a00\u00a0-4,300\u00a0-35,409\u00a0-39,711
Currency translation\u00a045,464\u00a00\u00a07,516\u00a01,000\u00a053,980
Balance at 31 December 2023\u00a0634,457\u00a0162,000\u00a0547,939\u00a0597,066\u00a01,941,462
Depreciation and impairment losses
Balance at 1 January 2022\u00a0193,072\u00a00\u00a0112,888\u00a0525,676\u00a0831,636
Depreciation\u00a013,171\u00a00\u00a00\u00a057,713\u00a070,884
Impairments\u00a013,714\u00a00\u00a00\u00a0-18,243\u00a0-4,529
Disposals\u00a0-112,108\u00a00\u00a00\u00a0-158,018\u00a0-270,126
Reclassifications\u00a0-10,521\u00a00\u00a00\u00a022,197\u00a011,676
Currency translation\u00a0-6,685\u00a00\u00a0-2,053\u00a04,494\u00a0-4,244
Balance at 31 December 2022\u00a090,643\u00a00\u00a0110,835\u00a0433,819\u00a0635,297
Balance at 1 January 2023\u00a090,643\u00a00\u00a0110,835\u00a0433,819\u00a0635,297
Depreciation\u00a013,321\u00a00\u00a00\u00a066,447\u00a079,768
Impairments\u00a011,974\u00a00\u00a033,000\u00a00\u00a044,974
Reclassifications\u00a00\u00a00\u00a0-4,300\u00a0-35,516\u00a0-39,816
Currency translation\u00a07,773\u00a00\u00a0-3,141\u00a0-6,335\u00a0-1,703
Balance at 31 December 2023\u00a0123,712\u00a00\u00a0136,394\u00a0458,414\u00a0718,520
Carrying amounts
At 1 January 2022\u00a0385,885\u00a0162,000\u00a0424,842\u00a0100,787\u00a01,073,514
At 31 December 2022\u00a0413,787\u00a0162,000\u00a0432,583\u00a0119,805\u00a01,128,175
At 1 January 2023\u00a0413,787\u00a0162,000\u00a0432,583\u00a0119,805\u00a01,128,175
At 31 December 2023\u00a0510,745\u00a0162,000\u00a0411,545\u00a0138,652\u00a01,222,942
1)
Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Media Group AS.
2)
Acquisition of development costs, NOK 85 million (NOK 57 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 65 million (NOK 58 million) relates to various IT
development project within NHST and NOK 13 million (NOK 17) relates to various patents within renewable energy
acquired by Fred. Olsen 1848 ASImpairment
Within the group of companies all intangible assets have been impairment tested as per 31 December
2023, and impairment of NOK 45 million (2022 NOK -5 million) was recognized in 2023:
2023\u00a02022
Amounts in NOK million
Renewable Energy\u00a012\u00a014
Wind Service\u00a00\u00a0-18
Other Investments\u00a033\u00a00
Total Impairment \u00a045\u00a0-5
Renewable Energy
Development costs:
FOR has intangible assets with a book value of NOK 510 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 2023 NOK 12 million
(NOK 14 million) was impaired. For FOS, the offshore wind farms intangible assets are included in cost from
associates.
Wind Service
In 2022 a reversal of an impairment of NOK -18 million was recorded 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
289 million and NOK 162 million, respectively. The recoverable amount for the cash generating units (CGU)
within the media business area are based on a value in use approach (discounted cashflows). The value in
use approach is based on NHST\u2019s strategic plans for the respective business areas and budget and forecast
figures for the period 2024-2028.
In the media business area, the key assumption is the revenue growth rates of in average 4% for the period
2024-2028. The growth rate in the terminal value in the cash flow model is 2%. If the growth rate is reduced
by 1 percentage point each year, inclusive the growth in the terminal value, the average enterprise value
decrease by 22%. The weighted average cost of capital (WACC) used in the calculation of discounted cash
flows is 11.1%. The cash flow model has been tested for changes in forecasted revenues and discount rate.
A growth rate below 2,4% in 2024 may trigger an impairment for the CGU with the highest sensitivity,
keeping all other assumptions unchanged. The sensitivity analysis provides sufficient headroom and
comfort for the value in use compared to book values in the Bonheur Group of companies.
In the software business area, 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\u00a0\u00a0
Investments in associates and joint ventures
Accounting 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.
Consolidated
Codling
Holding Ltd
1)
Muir
Mhor Ltd
Other
associates
2)
Total
Amounts in NOK 1,000
Business office\u00a0Ireland\u00a0Scotland
Bonheur Group's ownership
per 31 December 2022
50.00%\u00a050.00%
Bonheur Group's percentage of votes
per 31 December 2022
50.00%\u00a050.00%
Bonheur Group's ownership
per 31 December 2023
50.00%\u00a050.00%
Bonheur Group's percentage of votes
per 31 December 2023
50.00%\u00a050.00%
Share of equity per 31.12.2022\u00a0-29,329\u00a0169,930\u00a032,266\u00a0172,868
Adjustment opening balance\u00a00\u00a00\u00a00\u00a00
Profit from the company accounts\u00a0-21,166\u00a01,097\u00a0-294\u00a0-20,363
Net profit included in Bonheur
Group of companies
-21,166\u00a01,097\u00a0-294\u00a0-20,363
Share issue / Capital increase\u00a00\u00a098,599\u00a00\u00a098,599
Acquisition / disposal\u00a00\u00a00\u00a0-2,317\u00a0-2,317
Currency translation differences\u00a0-1,384\u00a015,495\u00a0-2,264\u00a011,847
Other\u00a023,209\u00a00\u00a00\u00a023,209
Share of equity per 31.12.2023\u00a0-28,671\u00a0285,122\u00a027,392\u00a0283,843
The presentation shows the accounts for the most significant associates as of 31 December 2023.
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 2023
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.
Codling Holding Ltd
2023\u00a02022
Amounts in NOK 1,000
Profit for the year\u00a0-42,332\u00a0-23,670
Total assets\u00a01,120,834\u00a0706,229
Total liabilities\u00a01,178,176\u00a0764,887
Total equity\u00a0-57,342\u00a0-58,658
Fred. Olsen Seawind is progressing the development of Codling Wind Park project in the Irish Sea, which
represents one of the largest energy infrastructure investments in Ireland this decade and would become
Ireland\u2019s largest offshore windfarm. In 2023 Codling Wind Park Ltd. (Ireland) was awarded 1,300 MW in the
offshore wind CfD auction in Ireland (ORESS 1). The submission of the consent application for the Codling
Wind Park project is scheduled in 2Q 2024.
Muir Mhor Ltd
2023\u00a02022
Amounts in NOK 1,000
Profit for the year\u00a02,194\u00a0-175
Total assets\u00a0618,025\u00a0392,576
Total liabilities\u00a047,781\u00a052,717
Total equity\u00a0570,244\u00a0339,859
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. The submission of the consent application for Muir Mh\u00f2r is scheduled by
year-end 2024.
NOTE 13\u00a0\u00a0
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).
Other
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
31.12.23
Fair value as per
31.12.22
Amounts in NOK 1,000
Total short-term liquid share portfolio\u00a094,826\u00a072,574
Total long-term liquid share portfolio\u00a0117,883\u00a0148,812
Total liquid share portfolio\u00a0212,710\u00a0221,386
Bonds and other receivables (non-current assets)
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.
Fair value as per
31.12.23
Fair value as per
31.12.22
Amounts in NOK 1,000
Bonds and securities (specification below)\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Financial instruments\u00a0226,785\u00a0327,820
Other interest-bearing loans\u00a04,149\u00a04,162
Other non-interest-bearing receivables\u00a076,304\u00a074,113
Total Bonds and other receivables (long-term assets)\u00a01,091,381\u00a01,012,672
Bonds classified as long-term investments
1)
Long-term assets:\u00a0Cost price
Average
interest rate
2023
Fair value
as per
31.12.23
Fair value
as per
31.12.22
Amounts in NOK 1,000
Utility companies\u00a021,000\u00a04.7%\u00a020,968\u00a040,732
Real Estate companies\u00a035,963\u00a05.0%\u00a035,587\u00a040,259
Industrial companies\u00a0109,726\u00a05.7%\u00a0109,788\u00a0104,998
Financial and investment companies\u00a078,200\u00a06.7%\u00a077,817\u00a066,776
Municipalities and public administration\u00a00\u00a03.9%\u00a00\u00a014,990
Total\u00a0244,889\u00a05.7%\u00a0244,160\u00a0267,754
1)
Fair value is based on quoted market prices.NOTE 14\u00a0\u00a0
Inventory
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.
Inventory\u00a0Note\u00a02023\u00a02022
Amounts in NOK 1,000
Inventories and consumable spare parts\u00a0171,145\u00a0101,838
Bunkers\u00a061,412\u00a078,012
Articles of consumption onboard\u00a044,791\u00a038,215
Work in Progress\u00a05\u00a0271,687\u00a073,144
Total\u00a0549,035\u00a0291,209
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 2023 inventories and
consumable spare parts recognised as cost of sales amounted to NOK 1,022 million (2022: NOK 955 million),
i.e., expensed. In 2023 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\u00a0\u00a0\u00a0Trade and other receivables and contract assets
Accounting 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime ECLs resulting from possible default events over the expected life of a financial
instrument.
Trade and other receivables (current assets)
Note\u00a02023\u00a02022
Amounts in NOK 1,000
Other trade receivables\u00a03,004,508\u00a02,407,631
Contract assets\u00a05, 22\u00a0348,180\u00a0466,007
Total trade receivables and contract assets\u00a03,352,688\u00a02,873,638
Other receivables and prepayments\u00a00\u00a00
Short-term liquid share portfolio\u00a013\u00a094,826\u00a072,574
Fair value derivatives\u00a00\u00a00
Total other receivables\u00a094,826\u00a072,575
Total trade receivables and other receivables\u00a03,447,514\u00a02,946,212
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 customersNOTE 16\u00a0\u00a0
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 and cash equivalents
2023\u00a02022
Amounts in NOK 1,000
Cash related to payroll tax withholdings\u00a031,504\u00a027,534
Other restricted cash
1)
638,540\u00a0585,072
Total restricted cash\u00a0670,044\u00a0612,606
Unrestricted cash
2)
4,790,156\u00a04,845,866
Total cash & cash equivalents\u00a05,460,200\u00a05,458,472
Unused credit facilities\u00a00\u00a00
1)
NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans.
NOK 34 million of the restricted cash relates to the windfarms in FORAS, NOK 37 million Cruise and NOK 67 million
relates to guarantees required by customers in FOO during operations.
2)
In 2020 the Company established a green finance framework with an eligibility assessment from DNV and have since
issued three green bond loans to be used for eligible green investments as defined in the framework of totally NOK
2,000 million. 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 portfolioNOTE 17\u00a0\u00a0\u00a0Earnings 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
2023\u00a02022
Amounts in NOK 1,000
Net result for the year (Majority share)\u00a01,037,794\u00a0397,307
Average number of outstanding shares during the year
1)
42,531,893\u00a042,531,893
Basic and diluted earnings per share\u00a024.4\u00a09.3
Within the Group of companies there are no financial instruments with possible dilutive effects.
1) Weighted average number of ordinary shares
2023\u00a02022
Amounts in NOK 1,000
Issued ordinary shares at 1 January\u00a042,531,893\u00a042,531,893
Weighted average number of ordinary shares at 31 December\u00a042,531,893\u00a042,531,893
NOTE 18\u00a0\u00a0
Interest bearing loans and borrowings
2023\u00a02022
Amounts in NOK 1,000
Non-current interest-bearing liabilities
Secured bank loans\u00a04,148,784\u00a05,297,562
Unsecured loans\u00a01,989,973\u00a02,225,216
Lease liability, IFRS 16\u00a0464,358\u00a0435,558
Other loans\u00a01,114,327\u00a0829,765
Total\u00a07,717,441\u00a08,788,101
Current interest-bearing liabilities
Current portion of secured bank loans\u00a0920,408\u00a0667,618
Current portion of unsecured loans\u00a0799,280\u00a0146,257
Current portion of lease liability, IFRS 16\u00a089,513\u00a086,486
Other loans\u00a0553,638\u00a0488,650
Total\u00a02,362,839\u00a01,389,011
Fred. Olsen Renewables Ltd. had as at 31 December 2023, 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 2023 was GBP 254 million (GBP 290 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 2023
drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2023
was GBP 50 million (GBP 53 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 2023 drawn
GBP 67 million (GBP 66 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 70 million from Fred. Olsen CB Ltd., which is eliminated in the consolidated
accounts.
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 2023 is EUR 40.3 million, where the drawdown on the EUR 35 mill RCF amounts to zero.
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 previous debt financing with NIBC and Clifford. The
arrangement is a EUR 35 million facility with a margin of 2,15%, of which EUR 28.3 million is outstanding per
31 December 2023. Blue Tern AS has repaid the shareholder loan as per 31 December 2023.
GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 35 million, of
which approximately EUR 34.8 million is outstanding as per 31 December 2023.
Fred. Olsen Ocean group, through its subsidiary United Wind Logistics (UWL), has two long-term loan
arrangements of total EUR 28 million with Sparkasse related to two newbuilds delivered in 2020 of which
EUR 11,7 million was outstanding as per 31 December 2023. 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 is EUR 3.375 million. The interest rate is fixed 5%.
Bonheur ASA bond loans
Bond issue ticker, terms\u00a0Issued\u00a0Maturity\u00a02023\u00a02022
Amounts in NOK 1,000
BON09 3 month NIBOR + 2.50%\u00a04-Sep-19\u00a04-Sep-24\u00a0799,280\u00a0797,840
BON10 ESG 3 month NIBOR + 2.75%\u00a022-Sep-20\u00a022-Sep-25\u00a0697,909\u00a0696,714
BONHR01 ESG 3 month NIBOR + 2.90%\u00a013-Jul-21\u00a013-Jul-26\u00a0696,909\u00a0695,672
BONHR02 ESG 3 month NIBOR + 3.00%\u00a015-Sep-23\u00a015-Sep-28\u00a0595,155
Total\u00a02,789,253\u00a02,190,226
Terms and debt repayment schedule
Terms and conditions of outstanding loans were as follows:
Currency
Nominal
interest rate
Year of
maturity
31.12.2023
Carrying
amount
31.12.2022
Carrying
amount
Amounts in NOK 1,000
Renewable Energy:
Secured bank loan
1)
GBP\u00a075% fixed 3.17%, 25% LIBOR
+ 1,40%
2032\u00a03,286,262\u00a03,436,145
Secured bank loan
2)
GBP\u00a075% fixed 3,55%, 25% LIBOR
+ 1.80%
2036\u00a0650,006\u00a0622,873
Shareholder loan
3)
GBP\u00a0LIBOR + 6.0%\u00a02036\u00a0870,576\u00a0784,806
Lease liability, IFRS 16\u00a0GBP\u00a0332,796\u00a0291,432
Other\u00a0GBP\u00a047,277\u00a044,959
5,186,917\u00a05,180,215
Wind Service:
Secured green bank loan
4)
EUR\u00a03 month EURIBOR + 3.10%\u00a02026\u00a0439,965\u00a0519,581
Secured bank loan
4)
EUR\u00a03 month EURIBOR + 3.20%\u00a02026\u00a00\u00a0367,983
Secured green bank loan
5)
EUR\u00a03 month EURIBOR + 2.15%\u00a02025\u00a0318,481\u00a0367,983
Shareholder loan
6)
USD\u00a0Fixed 7,50%\u00a02023\u00a00\u00a0134,314
Secured bank loan
7)
EUR\u00a0Fixed 3,33%\u00a02027\u00a060,209\u00a071,336
Secured bank loan
7)
EUR\u00a03 month EURIBOR + 2.65%\u00a02023\u00a00\u00a04,206
Secured bank loan
7)
EUR\u00a0Fixed 3,33%\u00a02028\u00a068,246\u00a078,854
Secured bank loan
7)
EUR\u00a03 month EURIBOR + 2.65%\u00a02024\u00a03,747\u00a017,527
Shareholder loan
8)
EUR\u00a0Fixed 5,00% \u00a02028\u00a037,937\u00a037,850
Lease liability, IFRS 16\u00a0EUR\u00a046,707\u00a045,493
Other
9)
DKK/EUR\u00a0469,790\u00a0501,740
1,445,082\u00a02,146,865
Currency
Nominal
interest rate
Year of
maturity
31.12.2023
Carrying
amount
31.12.2022
Carrying
amount
Amounts in NOK 1,000
Cruise:
Sellers credit
10)
GBP\u00a0Fixed 2,50%\u00a02025\u00a0288,795\u00a0264,678
Lease liability, IFRS 16\u00a0GBP\u00a0867\u00a02,357
289,662\u00a0267,035
Other:
Unsecured Bonheur ASA
bond loans
11)
NOK\u00a0NIBOR / 2.50% / 2.75% /
2.90% / 3.00%
2024/ -25/
-26/ -28
2,789,253\u00a02,190,226
Lease liability, IFRS 16\u00a0NOK\u00a0174,367\u00a0182,772
Other
12)
NOK\u00a0195,000\u00a0210,000
3,158,620\u00a02,582,998
Total interest-bearing debt\u00a010,080,280\u00a010,177,112
1)
Financing facility for Fred. Olsen Wind 2 Ltd.
2)
Financing facility for Fred. Olsen CB Ltd.
3)
A total of GBP 67.3 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. NHST has agreed a new loan agreement with its bank to comply with the covenants in the
credit facility agreement.
Lease liabilities
Lease liabilities are payable as follows:
2023\u00a02022
Future
minimum
lease
payment\u00a0Interest
Present
value of
minimum
lease
payments
Future
minimum
lease
payment\u00a0Interest
Present
value of
minimum
lease
payments
Amounts in NOK 1,000
Less than one year\u00a053,260\u00a07,393\u00a045,867\u00a055,293\u00a01,449\u00a053,844
Between one and five years\u00a0167,551\u00a020,058\u00a0147,493\u00a0145,369\u00a016,001\u00a0129,368
More than five years\u00a0237,667\u00a054,140\u00a0183,527\u00a0209,771\u00a055,761\u00a0154,010
Total\u00a0458,478\u00a081,591\u00a0376,887\u00a0410,433\u00a073,211\u00a0337,222
Booked value of collateral
Book value\u00a031.12.2023\u00a031.12.2022
Amounts in NOK 1,000
Windfarms\u00a02,864,889\u00a02,967,643
Vessels\u00a04,096,970\u00a03,526,507
Other fixed assets\u00a0306,442\u00a0273,622
Total book value of collateral\u00a07,268,301\u00a06,767,772
Guarantees
31.12.2023\u00a031.12.2022
Amounts in NOK 1,000
Guarantees granted to associates
1)
576,031
Guarantees granted to Group companies' entities\u00a0665,944\u00a0654,186
Total\u00a01,241,975\u00a0654,186
Guarantees are granted in connection with the following investments
31.12.2023\u00a031.12.2022
Amounts in NOK 1,000
Cruise ships\u00a0514,781\u00a0471,793
Windfarms\u00a0720,894\u00a0176,093
Wind vessels\u00a00\u00a00
Other
2)
6,300\u00a06,300
Total\u00a01,241,975\u00a0654,186
1)
The global credit insurance company Atradius has issued a guarantee of EUR 102 million to Irish authorities on behalf of
codling Wind Park Ltd. As 50% indirect owner of the company, Fred. Olsen Seawind ASA is obliged to issue a guarantee
to Atradius for half of this amount. Fred. Olsen Renewables AS has issued this guarantee on behalf of Fred. Olsen
Seawind ASA. Fred. Olsen Seawind ASA has then provided counter-guarantee to Fred. Olsen Renewables AS for the
same amount.
2)
Related to Koksa Eiendom ASReconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities\u00a0Equity
Lease
liabilities
Other
interest
bearing
loans
Equity
holders of
the parent
Non-
controlling
interest \u00a0Total
Amounts in NOK 1,000
Balance as per 1 January 2022\u00a0448,701\u00a09,975,941\u00a04,622,125\u00a0-197,697\u00a014,849,070
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0\u00a0957,338\u00a00\u00a00\u00a0957,338
Repayment of long-term loans and
borrowings
0\u00a0-1,445,143\u00a00\u00a00\u00a0-1,445,143
Dividend paid\u00a00\u00a00\u00a0-182,887\u00a0-870,859\u00a0-1,053,746
Total changes from financing cash flows\u00a00\u00a0-487,805\u00a0-182,887\u00a0-870,859\u00a0-1,541,551
Change lease liabilities (IFRS 16)\u00a077,173\u00a00\u00a00\u00a00\u00a077,173
Effect on liabilities of changes in foreign
exchange rates
-3,830\u00a086,216\u00a00\u00a00\u00a082,386
Effects from transactions with non-
controlling interests
0\u00a00\u00a0776,703\u00a0971,395\u00a01,748,098
Other\u00a00\u00a080,716\u00a0-57,162\u00a00\u00a023,554
Comprehensive income for the period
1)
0\u00a00\u00a0560,313\u00a01,334,255\u00a01,894,568
Balance as per 31 December 2022\u00a0522,044\u00a09,655,068\u00a05,719,092\u00a01,237,094\u00a017,133,298
Balance as per 1 January 2023\u00a0522,044\u00a09,655,068\u00a05,719,092\u00a01,237,094\u00a017,133,298
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0\u00a0595,206\u00a00\u00a00\u00a0595,206
Repayment of long-term loans and
borrowings
0\u00a0-1,444,643\u00a00\u00a00\u00a0-1,444,643
Dividend paid\u00a00\u00a00\u00a0-212,659\u00a0-792,136\u00a0-1,004,795
Total changes from financing cash flows\u00a00\u00a0-849,437\u00a0-212,659\u00a0-792,136\u00a0-1,854,232
Change lease liabilities (IFRS 16)\u00a031,827\u00a00\u00a00\u00a00\u00a031,827
Effect on liabilities of changes in foreign
exchange rates
0\u00a0720,778\u00a00\u00a00\u00a0720,778
Effects from transactions with non-
controlling interests
0\u00a00\u00a028,500\u00a0141,306\u00a0169,806
Other\u00a00\u00a00\u00a00\u00a00\u00a00
Comprehensive income for the period
1)
0\u00a00\u00a01,142,518\u00a0644,124\u00a01,786,642
Balance as per 31 December 2023\u00a0553,871\u00a09,526,409\u00a06,677,452\u00a01,230,388\u00a017,988,120
1)
NOTE 19\u00a0\u00a0\u00a0Pension 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 effect 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 statementShort-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 2023, total costs incurred for
defined contribution schemes were NOK 68 million (NOK 66 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 2023 were 347, of
which 201 were pensioners (358 of which 206 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. In total, the number of members in the unfunded defined pension
agreements by the end of 2023 were 23, of which 12 were pensioners (23 of which 12 pensioners).
The status of the defined benefit obligations is as follows:
2023\u00a02022
Amounts in NOK 1,000
Present value of unfunded obligations\u00a0-628,630\u00a0-551,964
Present value of funded obligations\u00a0-800,600\u00a0-776,927
Total present value of obligations\u00a0-1,429,230\u00a0-1,328,891
Fair value of plan assets\u00a0922,285\u00a0856,609
Net liability for defined benefit obligations\u00a0-506,945\u00a0-472,282
Financial fixed assets / pension funds\u00a0-121,686\u00a0-78,130
Liabilities / Employee benefits\u00a0628,630\u00a0550,412
Net liability as at 31. December\u00a0506,945\u00a0472,282
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:\u00a02023\u00a02022
Amounts in NOK 1,000
Equity instruments\u00a036%\u00a037%
Corporate bonds\u00a046%\u00a042%
Government bonds\u00a07%\u00a012%
Other assets\u00a011%\u00a09%
Total plan assets\u00a0100%\u00a0100%
Movement in defined benefit obligations:
Funded obligation\u00a0Unfunded obligation\u00a0Net obligation
2023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Balance at 1. January\u00a078,130\u00a072,231\u00a0-550,412\u00a0-605,829\u00a0-472,282\u00a0-533,598
Correction previous year\u00a00\u00a00\u00a0-1,553\u00a00\u00a0-1,553\u00a00
78,130\u00a072,231\u00a0-551,965\u00a0-605,829\u00a0-473,835\u00a0-533,598
Pension contribution\u00a041,641\u00a019,014\u00a00\u00a00\u00a041,641\u00a019,014
Benefits paid by the plan
1)
0\u00a00\u00a011,918\u00a011,975\u00a011,918\u00a011,975
41,641\u00a019,014\u00a011,918\u00a011,975\u00a053,559\u00a030,989
Included in profit and loss:
Interest on obligation / Interest
on plan assets\u00a02,603\u00a0976\u00a0-18,012\u00a0-11,997\u00a0-15,409\u00a0-11,021
Current service cost\u00a0-24,123\u00a0-28,382\u00a0-12,823\u00a0-13,966\u00a0-36,946\u00a0-42,348
Past service cost\u00a00\u00a00\u00a00\u00a00\u00a00\u00a00
Currency effects / Corrections\u00a00\u00a00\u00a00\u00a00\u00a00\u00a00
Net pension cost\u00a0-21,520\u00a0-27,406\u00a0-30,835\u00a0-25,963\u00a0-52,355\u00a0-53,369
Included in other
comprehensive income:
Actuarial gain/(loss) arising from:
Financial assumptions\u00a07,543\u00a079,377\u00a0-1,205\u00a058,516\u00a06,338\u00a0137,893
Experience adjustments\u00a0-6,789\u00a0464\u00a0-56,543\u00a09,337\u00a0-63,332\u00a09,801
Transferred value\u00a02,086\u00a01,003\u00a00\u00a00\u00a02,086\u00a01,003
Return on plan assets\u00a020,596\u00a0-65,003\u00a00\u00a00\u00a020,596\u00a0-65,003
23,435\u00a015,841\u00a0-57,748\u00a067,853\u00a0-34,313\u00a083,694
Foreign currency translation\u00a00\u00a00\u00a00\u00a00\u00a00\u00a00
Balance as at 31. December\u00a0121,686\u00a079,680\u00a0-628,630\u00a0-551,964\u00a0-506,944\u00a0-472,284
1)
Payment of benefits from the funded defined benefit plans were in 2023 NOK 26,0 million (2022: NOK 25,0 million).
Figure netted out in the table above
Principal actuarial assumptions at the balance sheet expressed as weighted averages:
2023\u00a02022
Amounts in NOK 1,000
Discount rate / Expected return on plan assets at 31. December\u00a03,70%\u00a03,30%
Future salary increase\u00a03,50%\u00a03,50%
Yearly regulation in official pension index (G)\u00a03,50%\u00a03,50%
Future pension increases\u00a01,50%\u00a02,00%
Social security costs\u00a014,10%\u00a014,10%
Mortality table\u00a0K2013\u00a0K2013
Disability table\u00a0KU\u00a0KU
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:
Increase in PBO
1)
2023
Amounts in NOK 1,000
Future salary increase with 0.25%\u00a014,915
Future pension increase with 0.25%\u00a055,158
Discount rate decreases with 0.25%\u00a07,284
Future mortality assumption, increased lifetime by 1 year\u00a040,088
1)
Projected Benefit Obligation (PBO)
\u2022 \u00a0Expected contributions to funded defined benefit plans in 2024 are NOK 17 million.
\u2022 \u00a0Expected payment of benefits in connection with unfunded plans are in 2024 estimated to be
NOK 11 million.
Risks:
The major risks for the defined benefit plans are interest rate risk, investment risks, inflation risk and
longevity risk.
NOTE 20\u00a0\u00a0
Deferred income and other accruals
Current items
2023\u00a02022
Amounts in NOK 1,000
Accrued interest other\u00a0120,499\u00a0137,166
Other accruals\u00a0682,480\u00a0696,341
Contract liabilities\u00a01,544,022\u00a01,343,539
Other accruals and deferred income\u00a02,347,001\u00a02,177,046
The Group of companies had short-term contract liabilities of NOK 1,544 million per 31 December 2023
(NOK 1,344 million). NOK 951 million is due to prepayments from sale of cruises (NOK 899 million), NOK 247
million (NOK 135 million) is prepayment from customers within Wind Service and NOK 346 million (NOK 310
million) is prepayment received from subscribers within NHST.
Non-current items
Decommissioning costs related to windfarms of NOK 498 million (NOK 440 million) is included under
\u201cOther non-current liabilitiesNOTE 21\u00a0\u00a0\u00a0Trade and other payables
Trade and other Payables
2023\u00a02022
Amounts in NOK 1,000
Other trade payables\u00a01,145,896\u00a0715,904
Total trade payables\u00a01,145,896\u00a0715,904
Fair value of derivatives\u00a017,177\u00a00
Total other payables\u00a017,177\u00a00
Total trade and other payables\u00a01,163,072\u00a0715,904
NOTE 22\u00a0\u00a0\u00a0Financial Instruments
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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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 lossAccounting 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023Financial Instruments as of 31 December 2023
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a094,826\u00a0117,883\u00a00\u00a0212,710\u00a095,445\u00a00\u00a0117,265\u00a0212,710
Bonds
2)
0\u00a0244,160\u00a00\u00a00\u00a0244,160\u00a0244,160\u00a00\u00a00\u00a0244,160
Interest rate swaps\u00a0226,785\u00a00\u00a00\u00a00\u00a0226,785\u00a00\u00a0226,785\u00a00\u00a0226,785
Loans granted to associates\u00a00\u00a00\u00a00\u00a0539,982\u00a0539,982\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,149\u00a04,149\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a076,145\u00a076,145\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a03,352,688\u00a03,352,688\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,460,200\u00a05,460,200\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0226,785\u00a0338,987\u00a0117,883\u00a09,433,164\u00a010,116,819\u00a0339,605\u00a0226,785\u00a0117,265\u00a0683,655
Bunker swaps\u00a017,177\u00a00\u00a00\u00a00\u00a017,177\u00a00\u00a017,177\u00a00\u00a017,177
Bank overdrafts\u00a00\u00a00\u00a00\u00a0439,404\u00a0439,404\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,789,253\u00a02,789,253\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,069,192\u00a05,069,192\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,228,561\u00a01,228,561\u00a00\u00a00\u00a00\u00a00
Right-of-use liabili-ties\u00a00\u00a00\u00a00\u00a0553,870\u00a0553,870\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a01,163,072\u00a01,163,072\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a017,177\u00a00\u00a00\u00a011,243,352\u00a011,260,529\u00a00\u00a017,177\u00a00\u00a017,177
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, investments in level 2 includes model inputs that are observable either directly or indirectly 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 2022
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a072,574\u00a0117,979\u00a030,833\u00a0221,386\u00a073,220\u00a00\u00a0148,167\u00a0221,386
Bonds
2)
0\u00a0267,754\u00a00\u00a00\u00a0267,754\u00a0267,754\u00a00\u00a00\u00a0267,754
Interest rate swaps\u00a0327,820\u00a00\u00a00\u00a00\u00a0327,820\u00a00\u00a0327,820\u00a00\u00a0327,820
Loans granted to associates\u00a00\u00a00\u00a00\u00a0338,823\u00a0338,823\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,162\u00a04,162\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a074,113\u00a074,113\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a02,873,638\u00a02,873,638\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,458,472\u00a05,458,472\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0327,820\u00a0340,329\u00a0117,979\u00a08,780,040\u00a09,566,168\u00a0340,974\u00a0327,820\u00a0148,167\u00a0816,961
Bank overdrafts\u00a00\u00a00\u00a00\u00a0488,645\u00a0488,645\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,190,226\u00a02,190,226\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,964,930\u00a05,964,930\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,011,024\u00a01,011,024\u00a00\u00a00\u00a00\u00a00
Finance lease liabilities\u00a00\u00a00\u00a00\u00a02,357\u00a02,357\u00a00\u00a00\u00a00\u00a00
Right-of-use liabilities\u00a00\u00a00\u00a00\u00a0519,931\u00a0519,931\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a0715,904\u00a0715,904\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a00\u00a00\u00a00\u00a010,893,016\u00a010,893,016\u00a00\u00a00\u00a00\u00a00
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.
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 minimize 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 ManagementThe Group of companies' financial assets were considered to have low credit risk per 1 January 2023.
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 2023. Based on the group\u2019s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2023.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Financial assets, shares\u00a0212,710\u00a0221,386
Financial assets, bonds\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Other interest-bearing loans\u00a04,149\u00a04,162
Other non interest-bearing receivables \u00a076,145\u00a074,113
Trade and other receivables
1)
3,004,508\u00a02,407,631
Contract assets
1)
348,180\u00a0466,007
Cash and cash equivalents\u00a05,460,200\u00a05,458,472
Derivatives\u00a0226,785\u00a0327,820
Total\u00a010,116,819\u00a09,566,168
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Renewable Energy\u00a01,190,756\u00a01,243,990
Wind Service\u00a01,810,415\u00a01,399,151
Cruise\u00a0210,543\u00a099,326
Other Investments\u00a0140,974\u00a0131,172
Total\u00a03,352,688\u00a02,873,638
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
UK\u00a01,241,128\u00a01,320,371
EURO-zone incl. Norway\u00a01,183,970\u00a0893,410
Carrying amount
2023\u00a02022
America\u00a0232,344\u00a0172,903
Africa\u00a013\u00a032
Asia\u00a0693,229\u00a0470,358
Other\u00a02,004\u00a016,564
Total\u00a03,352,688\u00a02,873,638
Impairment losses
Loss allowances have been measured on the following bases:
\u2022 \u00a012-month ECLs that result from possible default events within the 12 months after the reporting date;
and
\u2022 \u00a0Lifetime 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:
Gross\u00a0Provisions\u00a0Balance\u00a0Gross
Impair-
ment\u00a0Balance
2023\u00a02022
Amounts in NOK 1,000
Not past due\u00a02,855,407\u00a0-117\u00a02,855,290\u00a02,728,909\u00a0-27\u00a02,728,882
Past due 0-30 days\u00a0302,417\u00a0-263\u00a0302,154\u00a0114,035\u00a0-61\u00a0113,974
Past due 31-180 days\u00a0184,348\u00a0-1,090\u00a0183,257\u00a014,910\u00a0-606\u00a014,304
Past due 181-360 days\u00a05,763\u00a0-512\u00a05,250\u00a02,705\u00a0-403\u00a02,302
More than one year\u00a019,621\u00a0-12,884\u00a06,737\u00a023,530\u00a0-9,354\u00a014,176
Total\u00a03,367,555\u00a0-14,867\u00a03,352,688\u00a02,884,089\u00a0-10,451\u00a02,873,638
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 moderateThe following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
31 December 2023
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,080,280\u00a08,442,814\u00a01,627,699\u00a02,142,454\u00a01,595,444\u00a0462,512\u00a02,614,705
Derivative financial liabilities\u00a017,177\u00a017,177\u00a017,177\u00a00\u00a00\u00a00\u00a00
Due in
31 December 2022
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,177,112\u00a09,803,791\u00a0771,532\u00a01,798,998\u00a02,290,825\u00a01,654,380\u00a03,288,056
Derivative financial liabilities\u00a0327,820\u00a0272,686\u00a053,059\u00a046,799\u00a040,255\u00a033,925\u00a098,648
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.
31 December 2023\u00a031 December 2022
Amounts in NOK 1,000\u00a0USD\u00a0GBP\u00a0EUR\u00a0USD\u00a0GBP\u00a0EUR
Gross statement of financial
position exposure
32,260\u00a054,533\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Forward exchange contract\u00a00\u00a0-1 328\u00a00\u00a00\u00a00\u00a00
Net exposure\u00a032,260\u00a053 205\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Currency sensitivity analysis
A 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.
Equity\u00a0Profit or loss
Effect in NOK 1,000
31 December 2023
USD\u00a0-32 816\u00a00
GBP\u00a0-70 533\u00a01 744
EUR\u00a0-418 635\u00a00
31 December 2022
USD\u00a0-3,766\u00a00
GBP\u00a0304,714\u00a00
EUR\u00a0-47,150\u00a00
The following significant exchange rates applied during the year:
Average rate\u00a0Reporting date spot rate
2023\u00a02022\u00a02023\u00a02022
1 USD\u00a010.5647\u00a09.6245\u00a010.1724\u00a09.8573
1 GBP\u00a013.1348\u00a011.8464\u00a012.9342\u00a011.8541
1 EUR\u00a011.4206\u00a010.104\u00a011.2405\u00a010.5138
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 34% 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:
2023\u00a02022
Amounts in NOK 1,000
Fixed rate instruments\u00a01,900\u00a08,000
Financial liabilities (interest-hedged portion of interest-bearing
debt)\u00a0-3,411,024
-3,110,399
Total\u00a0-3,409,124\u00a0-3,102,399
Variable rate instruments
Financial assets (cash and cash equivalents)\u00a05,460,200\u00a05,458,472
Financial liabilities (non-interest-hedged portion of
interest-bearing debt)\u00a0-6,669,276
-7,066,713
Total\u00a0-1,209,076\u00a0-1,608,241
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.
Profit or loss\u00a0Equity
100 bp
increase
100 bp
decrease
100 bp
increase
100 bp
decrease
Amounts in NOK 1,000
31 December 2023
Net interest costs\u00a0-12,091\u00a012,091\u00a0-12,091\u00a012,091
31 December 2022
Net interest costs\u00a0-16,082\u00a016,082\u00a0-16,082\u00a016,082
NOTE 23\u00a0\u00a0\u00a0Rental and leases
Leases 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.
Vessels
Land and
Buildings
Other
fixed assets\u00a0Total
Amounts in NOK 1,000
2023
Balance at 1 January\u00a03,959\u00a0483,474\u00a020,270\u00a0507,703
Depreciation charge for the year\u00a0-522\u00a0-63,382\u00a0-7,742\u00a0-71,647
Additions to right-of-use assets\u00a00\u00a055,404\u00a017,694\u00a073,098
Derecognition of right-of-use assets\u00a00\u00a0-1,288\u00a0-7,942\u00a0-9,230
Reclassification\u00a00\u00a0-111\u00a00\u00a0-111
Currency differences - Cost\u00a0420\u00a037,045\u00a03,181\u00a040,646
Currency differences - Depreciation\u00a0-45\u00a0-8,141\u00a0-1,039\u00a0-9,225
Balance at 31 December\u00a03,812\u00a0503,000\u00a024,421\u00a0531,234
2022
Balance at 1 January\u00a04,434\u00a0427,936\u00a014,876\u00a0447,246
Depreciation charge for the year\u00a0-462\u00a0-54,879\u00a0-6,162\u00a0-61,504
Additions to right-of-use assets\u00a00\u00a0116,746\u00a015,876\u00a0132,622
Derecognition of right-of-use assets\u00a00\u00a0-4,696\u00a0-4,842\u00a0-9,538
Currency differences - Cost\u00a0-13\u00a0-1,633\u00a0522\u00a0-1,124
Balance at 31 December\u00a03,959\u00a0483,474\u00a020,270\u00a0507,703
Amounts recognized in profit or loss
Leases under IFRS 16\u00a02023\u00a02022
Amounts in NOK 1,000
Depreciation charge for the year\u00a071,647\u00a061,504
Interest on lease liabilities\u00a018 720\u00a021,352
Expenses related to short-term leases\u00a0137,579\u00a0348,838
Expenses related to leases of low-value assets\u00a02,298\u00a00
Amounts recognized in statement of cash flows
Leases under IFRS 16\u00a02023\u00a02022
Amounts in NOK 1,000
Total cash outflow for leases\u00a083,965\u00a071,943
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 110 million in 2023 (NOK 132 million). The cash outflow from
variable leases is estimated to NOK 116 million in 2024.
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.
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 24\u00a0\u00a0
Capital commitments
Per year end 2023\u00a0Per year end 2022
Project\u00a0Committed\u00a0Capitalised\u00a0Remaining\u00a0Committed\u00a0Capitalised\u00a0Remaining
Amounts in NOK 1,000
Renewable Energy
H\u00f6galiden\u00a00\u00a00\u00a00\u00a013,896\u00a00\u00a013,896
F\u00e4boliden 2\u00a024,044\u00a00\u00a024,044\u00a0304,142\u00a0100,802\u00a0203,340
Total \u00a024,044\u00a0217,236
Wind Service
New crane and upgrade of Bold Tern\u00a00\u00a00\u00a00\u00a00\u00a00\u00a00
New crane Brave Tern\u00a0942,078\u00a0410,967\u00a0531,099\u00a0384,805\u00a056,853\u00a0327,952
Total \u00a0531,099\u00a0327,952
Cruise
Bolette\u00a08,074\u00a00\u00a08,074\u00a00\u00a00\u00a00
Borealis\u00a020,168\u00a00\u00a020,168\u00a00\u00a00\u00a00
Balmoral\u00a03,020\u00a00\u00a03,020\u00a02,371\u00a00\u00a02,371
Misc. \u00a00\u00a00\u00a00\u00a0608\u00a00\u00a0608
Total \u00a031,262\u00a02,979
Remaining capital commitments \u00a0586,405\u00a0548,167
NOTE 25\u00a0\u00a0Contingencies
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 is a company that was 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 and the associated Installation Services Agreement.
The company has reported on the issue in previous reports and reference is generally made to those. There
are no significant new developments in 2023. No formal proceedings have been initiated and the dialog
between the involved parties, including the insurance companies providing the professional indemnity
insurance, is ongoing.
Outstanding issues from suppliers
No significant outstanding issues recognized as per year end 2023.
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 331 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. So far, no responds have
been received on the contradiction.
In January 2024 Fred. Olsen Ocean Ltd sent a summons to the district court (Tingretten), where the
company opposes the tax authorities view on penalty tax in the Adoon case (from 2007). This is due to the
claim being outdated and due to incorrect assumptions. The penalty tax including interest is amounted to
NOK 16 millionNOTE 26\u00a0\u00a0
Related party information
In 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 Fred. Olsen & Co. AS (Fred. Olsen & Co.) dates back to 1848. The sole shareholder of
Fred. Olsen & Co., Anette Sofie Olsen, identifies the fifth generation Olsen and Fred. Olsen & Co. can
draw an uninterrupted line of business conduct back to 1848. Whilst some Fred. Olsen-related activities
are investments by the Company, others are and 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 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.
Fred. Olsen & Co. 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 Fred.
Olsen & Co.. 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 Fred. Olsen & Co. 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, Fred. Olsen & Co. 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. Fred. Olsen & Co. 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 Fred. Olsen & Co. 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 Fred. Olsen & Co. 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 Fred. Olsen & Co. to be able to efficiently provide such
day-to-day operation of the Company that is needed. By Fred. Olsen & Co. 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 Fred. Olsen & Co. achieve cost and competence synergies. Such benefits are realized without
any interests being compromised.
For its services to the Company, Fred. Olsen & Co. 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 Fred. Olsen & Co. is
included in the above cost base, while defined benefit pension costs relative to Fred. Olsen & Co., 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 Fred. Olsen & Co. has in recent years been set at 12%.
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 FO Fred. Olsen & Co.
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 Fred. Olsen & Co..
The aforementioned compensation - together with a possible bonus - is the only compensation Fred. Olsen
& Co. 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.
2023\u00a02022
Amounts in NOK 1,000
Costs together with profit margin and bonus to
Fred. Olsen & Co., charged to the Company
90,421\u00a092,211
Costs and fees charged to subsidiaries\u00a092,819\u00a081,416
Amount outstanding between Fred. Olsen & Co. and the Company
1)
-2,357\u00a0-15,824
Amount outstanding between Fred. Olsen & Co. and subsidiaries of the
Company
1)
-12,585\u00a0-5,635
1)
Short term outstanding in connection with current operations.
In 2022 Hvitsten AS was established as a subsidiary of Fred. Olsen & Co. 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 189 million to
indirectly acquire 49% of three Scandinavian wind farms. In addition, EUR 291 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. (Natural Power) are an international renewable energy consultancy
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 monitoringapplications.
ZX Measurement Services Ltd. (ZX MS) provide wind measurement services such as Wind Lidar rental,
campaign design and optimisation.
Natural Power, 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.
Bonheur and Natural Power own 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 2023.
Scope of services:
Natural Power and NPP provides both consultancy services and operations-related services for FOR\u2019s wind
farms and FOS projects in the UK. FOR has contracted Natural Power 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.
The increase in cost from Natural Power Consultants in 2023 mainly relates to high inflation and currency
compared to 2022.
2023\u00a02022
Amounts in NOK 1,000
Natural Power Consultants Ltd. (asset management services)\u00a0138,185\u00a0104,093
Natural Power Consultants Ltd. (other consultancy services)\u00a038,536\u00a033,699
Fred. Olsen Travel Ltd.\u00a0179\u00a0419
Fred. Olsen Ltd. \u00a011,592\u00a05,747
Fred. Olsen & Co. \u00a036,360\u00a030,513
ZX Measurement Services Ltd. \u00a02,445\u00a02,854
New Power Partners ApS\u00a035,173 \u00a016,294
Zephir Ltd.\u00a03,219\u00a01,159
Total paid to related parties\u00a0265,689\u00a0194,778
FOR hires and shares office locations and other administrative services such as HR and IT support from FOL
in London.
Governance
All 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 EUR 174 million. Furthermore, 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 291 million is fully utilized or a period of five years has
lapsed.
Cruise
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, but due
his role as part of the majority shareholder of Bonheur Bahia will be reported as a related party for 2023 and
forward.
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. A 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 excluded2023\u00a02022
Amounts in NOK 1,000
Fred. Olsen Ltd (commission/ mark-up paid on head office/
establishment services)
1,210\u00a01,080
Fred. Olsen Travel Ltd (commission paid on crew flights etc)\u00a02,164\u00a01,819
Fred. Olsen Travel Ltd (commission earned on sale of cruise tickets) \u00a014,486\u00a06,676
Bahia Shipping Services Inc. (agency fee for crewing services)\u00a011,098\u00a08,955
Fred. Olsen & Co. (invoiced for admin fee for Group services)\u00a03,040\u00a02,527
Commissions and fees paid to related parties\u00a031,998\u00a021,057
The table below reflects gross numbers and thus also pass-through expenses.
Invoiced from related parties\u00a02023\u00a02022
Amounts in NOK 1,000
Fred. Olsen Ltd. (Infrastructure and establishment services)\u00a010,557\u00a08,606
Fred. Olsen Ltd. (Office management and personnel services)\u00a019,712\u00a024,200
Cost for office premises, Infrastructure and office management
paid to Fred. Olsen Ltd.
30,269\u00a032,807
Other transactions with related parties
The Wind Service segment of the Company was invoiced NOK 34 million (2022: NOK 20 million) for services
from Fred. Olsen & Co. Bahia has provided certain crewing services to the Wind Service segment of which a
commission of NOK 1.3 million (2022: NOK 1.1 million) was paid. Furthermore, NOK 4,4 million was paid to
NPP for engineering and project management services.
In 2023, Fred. Olsen & Co. paid NOK 5.4 million (2022: 5.4 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
2023 as well as in 2022 was NOK 0.4 million.
Mr. Fred. Olsen is party to a consultancy agreement with Fred. Olsen & Co.. In 2023, NOK 5.2 million was
paid under this consultancy agreement (2022: 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 2023
in total NOK 6 million of BON09 bond loan (2022: NOK 6 million).
As per 31 December 2023 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:
Board of directors:\u00a0Shareholders' committee:\u00a0Managing Director:
Number of shares
Fred. Olsen\u00a040,586\u00a0J\u00f8rgen G. Heje\u00a02,180\u00a0Anette S. Olsen\u00a02,942
Bente Hagem\u00a01,505\u00a0Christian F. Michelet\u00a00
Carol Bell\u00a01,200\u00a0Ole Kristian Aab\u00f8-Evensen\u00a00
Nick Emery\u00a0325\u00a0Synne Homble\u00a00
Andreas Mellbye \u00a00\u00a0Gaute Gjelsten\u00a00
Jannicke Hilland\u00a00
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 21,958,380 shares in the
CompanyNOTE 27\u00a0\u00a0
Group of companies
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:
Country of
incorporation
Ownership
interest
Votes,
percentage
2023\u00a02022
Fred. Olsen Seawind ASA\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Renewables AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
- Fred. Olsen Wind Ltd.\u00a0UK\u00a051,00%\u00a051,00%\u00a051,00%
- Fred. Olsen CBH Ltd.\u00a0UK\u00a051,00%\u00a051,00%\u00a051,00%
- Hvitsten II JV AS\u00a0Oslo, Norway\u00a051,00%\u00a051,00%\u00a051,00%
- Hvitsten II JV AB\u00a0Sweden\u00a051,00%\u00a051,00%\u00a051,00%
Fred. Olsen Ocean Ltd.\u00a0Hamilton,
Bermuda
100,00%\u00a0100,00%\u00a0100,00%
- Fred. Olsen Windcarrier ASA\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
- Global Wind Services A/S\u00a0Fredericia,
Denmark
92,16%\u00a092,16%\u00a092,16%
First Olsen Holding AS \u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
NHST Media Group AS\u00a0Oslo, Norway\u00a055,00%\u00a055,00%\u00a055,13%
Fred. Olsen Travel AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Insurance Services AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
AS Stavnes Byggeselskap\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Spedisjon AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen 1848 AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Investments AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Cruise Lines Pte Ltd\u00a0Singapore\u00a0100,00%\u00a0100,00%\u00a0100,00%
Ganger Rolf AS
1)
Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Canary Lines S.L.
1)
Spain\u00a0100,00%\u00a0100,00%\u00a0100,00%
Felixstowe Ship Management Ltd.
1)
UK\u00a099,85%\u00a099,85%\u00a099,85%
Number of
shares
Book value
shares
Result
for the year\u00a0Equity
Amounts in NOK 1,000
Fred. Olsen Seawind ASA\u00a010,000,000\u00a0546,683\u00a0-130,562\u00a0491,049
2)
Fred. Olsen Renewables AS\u00a030,000\u00a01,779,107\u00a0900,613\u00a01,467,149
2)
- Fred. Olsen Wind Ltd.\u00a0400,002\u00a01,859,627\u00a0829,884\u00a0531,014
2)
- Fred. Olsen CBH Ltd.\u00a0153\u00a0490,818\u00a036,458\u00a0110,187
2)
- Hvitsten II JV AS\u00a057,607,438\u00a0423,978\u00a075,460\u00a0208,357
- Hvitsten II JV AB\u00a012,750\u00a0 1,454,085\u00a022,692\u00a02,048,445
Fred. Olsen Ocean Ltd.\u00a039,993,796\u00a02,749,285\u00a0675,597\u00a04,634,428
2)
- Fred. Olsen Windcarrier ASA\u00a05,000,000\u00a0477,307\u00a0609,158\u00a03,772,500
2)
- Global Wind Services A/S\u00a0940,000\u00a0476,391\u00a015,267\u00a0244,308
2)
First Olsen Holding AS \u00a01,000,100\u00a0587,131\u00a0205,239\u00a0-1,527,791
2)
NHST Media Group AS\u00a0882,371\u00a0271,622\u00a0-122,229\u00a0-239,630
2)
Fred. Olsen Travel AS\u00a04,482\u00a07,914\u00a07,363\u00a023,088
Fred. Olsen Insurance Services AS\u00a01,500\u00a00\u00a0-1,041\u00a03,812
AS Stavnes Byggeselskap\u00a011,000\u00a028,533\u00a0-1,879\u00a024,545
Fred. Olsen Spedisjon AS\u00a0700\u00a07,771\u00a0-2,219\u00a04,471
Fred. Olsen 1848 AS\u00a030\u00a0180,780\u00a0-70,058\u00a079,162
2)
Fred. Olsen Investments AS\u00a01,000\u00a010,000\u00a01,013\u00a011,013
Fred. Olsen Cruise Lines Pte Ltd\u00a01,000,000\u00a06,230\u00a0385\u00a021,470
Ganger Rolf AS
1)
30,000\u00a031\u00a00\u00a015
Fred. Olsen Canary Lines S.L.
1)
100\u00a096\u00a00\u00a00
Felixstowe Ship Management Ltd.
1)
15,151\u00a0965\u00a00\u00a00
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 equityNOTE 28\u00a0\u00a0Subsequent events
There have been no material subsequent events post year-end 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193569": {
"value": "NOTE 1\u00a0\u00a0
Principal accounting policies and key accounting estimatesEffects from new accounting standards
The amended standards and interpretations had no significant impact on the Group of companies
consolidated financial statements in 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:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193567": {
"value": "NOTE 1\u00a0\u00a0
Principal accounting policies and key accounting estimatesAccounting 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193566": {
"value": "NOTE 1\u00a0\u00a0
Principal accounting policies and key accounting estimatesBasis 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193565": {
"value": "NOTE 1\u00a0\u00a0
Principal accounting policies and key accounting estimatesBonheur 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 2023
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 8 April 2024. In a meeting 15 April 2024, the Shareholders\u2019 Committee recommended to the
Annual General Meeting that the proposal to the annual accounts for 2023 together with the appurtenant
financial statements as addressed and resolved upon by the Board in the said meeting on 8 April 2024, is
approved. Eventual approval of the annual accounts together with the appurtenant financial statements
lies with the Annual General Meeting scheduled for 23 May 2024.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193564": {
"value": "NOTE 1\u00a0\u00a0
Principal accounting policies and key accounting estimatesThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (R)
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 31.12.2023",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193573": {
"value": " Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193574": {
"value": " Bonheur ASA Bonheur ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193575": {
"value": " Bonheur ASA Bonheur ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193571": {
"value": "The annual accounts together with the appurtenant financial statements were addressed by the Board of
Directors on 8 April 2024. In a meeting 15 April 2024, the Shareholders\u2019 Committee recommended to the
Annual General Meeting that the proposal to the annual accounts for 2023 together with the appurtenant
financial statements as addressed and resolved upon by the Board in the said meeting on 8 April 2024, is
approved. Eventual approval of the annual accounts together with the appurtenant financial statements
lies with the Annual General Meeting scheduled for 23 May 2024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193577": {
"value": "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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193568": {
"value": "Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the
following:
\u2022 \u00a0Derivative financial instruments are measured at fair value
\u2022 \u00a0Financial assets measured at fair value through profit or loss or through other comprehensive income
\u2022 \u00a0Employee 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193586": {
"value": "NOTE 2\u00a0
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.
(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:
\u2022 \u00a0the latest known trading price
\u2022 \u00a0average price from transactions
\u2022 \u00a0transactions 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193580": {
"value": "NOTE 2\u00a0
Determination of fair valuesv) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193579": {
"value": "NOTE 2\u00a0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193581": {
"value": "NOTE 2\u00a0Determination 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193578": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193584": {
"value": "NOTE 3 \u00a0Financial 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 note 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 2023 were in EUR.
The GBP revenues in 2023 are within the Renewable Energy and Cruise segments. Consequently, out of the
group\u2019s gross income of NOK 12,560 million in 2023, approximately 46% were in GBP, approximately 41%
were in EUR and approximately 2% were in SEK. The remaining 11% 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.
Interest rate risk
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, 75% 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 debt in UWL has a fixed interest rate. At year-end 34% (2022: 36%) 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. By the turn of the year, about 46% of the expected fuel consumption in 2024 for Cruise had been
hedged against fluctuations through fuel swap agreements. In 2023 approximately 5.5% (2022: 8%) of total
operating expenses within the Group of companies were bunker expenses within the Cruise segment, while
approximately 1.6% (2022: 1.5%) were bunkers expenses within Wind Service.
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 2023 3% (2022: 3%) of the generation was based on fixed prices which expired 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 2023 provided 24% (2022: 38%) 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 2023 41% (2022: 36%) of total revenues. Creditrisk within cruise 26% of total revenues in 2023 (2022: 17%) is also regarded to be moderate, due to cruise
tickets being paid in advance. Within the segment Other 9% (2022: 9%) 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 10,080 million (2022: NOK
10,177 million). Cash and cash equivalents amounted to NOK 5,460 million (2022: NOK 5,458 million). Net
interest-bearing debt of the Group of companies was NOK 4,620 million (2022: 4,719 million). Equity to
assets ratio for the parent company was 70.3% (2022: 73.3%).
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 2023 investments were financed by
cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2023
amounted to NOK 212 million (2022: 183 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.
Capital Management
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 Fred. Olsen & Co. AS 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 and in 2022, the green financing frameworks
were updated to also take into account EU Taxonomy assessment rating. Since 2020, three green bond
loans of in total NOK 2 billion, 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. The green financing frameworks take into account the EU Taxonomy rating",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193585": {
"value": "NOTE 3 \u00a0Financial 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 2023 were in EUR.
The GBP revenues in 2023 are within the Renewable Energy and Cruise segments. Consequently, out of the
group\u2019s gross income of NOK 12,560 million in 2023, approximately 46% were in GBP, approximately 41%
were in EUR and approximately 2% were in SEK. The remaining 11% 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.
Interest rate risk
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, 75% 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 debt in UWL has a fixed interest rate. At year-end 34% (2022: 36%) 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. By the turn of the year, about 46% of the expected fuel consumption in 2024 for Cruise had been
hedged against fluctuations through fuel swap agreements. In 2023 approximately 5.5% (2022: 8%) of total
operating expenses within the Group of companies were bunker expenses within the Cruise segment, while
approximately 1.6% (2022: 1.5%) were bunkers expenses within Wind Service.
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 2023 3% (2022: 3%) of the generation was based on fixed prices which expired at the end of 1Q 2023.
NOTE 22\u00a0\u00a0\u00a0Financial Instruments
Effect in NOK 1,000
31 December 2023
USD\u00a0-32 816\u00a00
GBP\u00a0-70 533\u00a01 744
EUR\u00a0-418 635\u00a00
31 December 2022
USD\u00a0-3,766\u00a00
GBP\u00a0304,714\u00a00
EUR\u00a0-47,150\u00a00
The following significant exchange rates applied during the year:
Average rate\u00a0Reporting date spot rate
2023\u00a02022\u00a02023\u00a02022
1 USD\u00a010.5647\u00a09.6245\u00a010.1724\u00a09.8573
1 GBP\u00a013.1348\u00a011.8464\u00a012.9342\u00a011.8541
1 EUR\u00a011.4206\u00a010.104\u00a011.2405\u00a010.5138
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 34% of the financial liabilities
were interest hedgedAt the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial
instruments was:
2023\u00a02022
Amounts in NOK 1,000
Fixed rate instruments\u00a01,900\u00a08,000
Financial liabilities (interest-hedged portion of interest-bearing
debt)\u00a0-3,411,024
-3,110,399
Total\u00a0-3,409,124\u00a0-3,102,399
Variable rate instruments
Financial assets (cash and cash equivalents)\u00a05,460,200\u00a05,458,472
Financial liabilities (non-interest-hedged portion of
interest-bearing debt)\u00a0-6,669,276
-7,066,713
Total\u00a0-1,209,076\u00a0-1,608,241
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.
Profit or loss\u00a0Equity
100 bp
increase
100 bp
decrease
100 bp
increase
100 bp
decrease
Amounts in NOK 1,000
31 December 2023
Net interest costs\u00a0-12,091\u00a012,091\u00a0-12,091\u00a012,091
31 December 2022
Net interest costs\u00a0-16,082\u00a016,082\u00a0-16,082\u00a016,082
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193583": {
"value": "NOTE 3 \u00a0Financial risk management
Liquidity risk
Gross interest-bearing debt of the Group of companies at year end was NOK 10,080 million (2022: NOK
10,177 million). Cash and cash equivalents amounted to NOK 5,460 million (2022: NOK 5,458 million). Net
interest-bearing debt of the Group of companies was NOK 4,620 million (2022: 4,719 million). Equity to
assets ratio for the parent company was 70.3% (2022: 73.3%).
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 2023 investments were financed by
cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2023
amounted to NOK 212 million (2022: 183 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\u00a0\u00a0\u00a0Financial Instruments
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 moderateThe following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
31 December 2023
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,080,280\u00a08,442,814\u00a01,627,699\u00a02,142,454\u00a01,595,444\u00a0462,512\u00a02,614,705
Derivative financial liabilities\u00a017,177\u00a017,177\u00a017,177\u00a00\u00a00\u00a00\u00a00
Due in
31 December 2022
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,177,112\u00a09,803,791\u00a0771,532\u00a01,798,998\u00a02,290,825\u00a01,654,380\u00a03,288,056
Derivative financial liabilities\u00a0327,820\u00a0272,686\u00a053,059\u00a046,799\u00a040,255\u00a033,925\u00a098,648
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193582": {
"value": "NOTE 3 \u00a0Financial 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 2023 provided 24% (2022: 38%) 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 2023 41% (2022: 36%) of total revenues. Creditrisk within cruise 26% of total revenues in 2023 (2022: 17%) is also regarded to be moderate, due to cruise
tickets being paid in advance. Within the segment Other 9% (2022: 9%) of total revenues, credit risk is
regarded moderate due to prepayment of subscriptions being a major part of the revenues.
NOTE 22Financial 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 ManagementThe Group of companies' financial assets were considered to have low credit risk per 1 January 2023.
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 2023. Based on the group\u2019s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2023.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Financial assets, shares\u00a0212,710\u00a0221,386
Financial assets, bonds\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Other interest-bearing loans\u00a04,149\u00a04,162
Other non interest-bearing receivables \u00a076,145\u00a074,113
Trade and other receivables
1)
3,004,508\u00a02,407,631
Contract assets
1)
348,180\u00a0466,007
Cash and cash equivalents\u00a05,460,200\u00a05,458,472
Derivatives\u00a0226,785\u00a0327,820
Total\u00a010,116,819\u00a09,566,168
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Renewable Energy\u00a01,190,756\u00a01,243,990
Wind Service\u00a01,810,415\u00a01,399,151
Cruise\u00a0210,543\u00a099,326
Other Investments\u00a0140,974\u00a0131,172
Total\u00a03,352,688\u00a02,873,638
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
UK\u00a01,241,128\u00a01,320,371
EURO-zone incl. Norway\u00a01,183,970\u00a0893,410
Carrying amount
2023\u00a02022
America\u00a0232,344\u00a0172,903
Africa\u00a013\u00a032
Asia\u00a0693,229\u00a0470,358
Other\u00a02,004\u00a016,564
Total\u00a03,352,688\u00a02,873,638
Impairment losses
Loss allowances have been measured on the following bases:
\u2022 \u00a012-month ECLs that result from possible default events within the 12 months after the reporting date;
and
\u2022 \u00a0Lifetime 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:
Gross\u00a0Provisions\u00a0Balance\u00a0Gross
Impair-
ment\u00a0Balance
2023\u00a02022
Amounts in NOK 1,000
Not past due\u00a02,855,407\u00a0-117\u00a02,855,290\u00a02,728,909\u00a0-27\u00a02,728,882
Past due 0-30 days\u00a0302,417\u00a0-263\u00a0302,154\u00a0114,035\u00a0-61\u00a0113,974
Past due 31-180 days\u00a0184,348\u00a0-1,090\u00a0183,257\u00a014,910\u00a0-606\u00a014,304
Past due 181-360 days\u00a05,763\u00a0-512\u00a05,250\u00a02,705\u00a0-403\u00a02,302
More than one year\u00a019,621\u00a0-12,884\u00a06,737\u00a023,530\u00a0-9,354\u00a014,176
Total\u00a03,367,555\u00a0-14,867\u00a03,352,688\u00a02,884,089\u00a0-10,451\u00a02,873,638
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:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193587": {
"value": "Capital Management
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 Fred. Olsen & Co. AS 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 and in 2022, the green financing frameworks
were updated to also take into account EU Taxonomy assessment rating. Since 2020, three green bond
loans of in total NOK 2 billion, 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. The green financing frameworks take into account the EU Taxonomy rating.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193588": {
"value": "NOTE 4\u00a0\u00a0Operating 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193591": {
"value": "NOTE 4Operating segmentsRenewable Energy
1)
Wind Service
2)
Cruise
3)
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income - External\u00a02,981,085\u00a04,391,711\u00a05,108,838\u00a04,048,912\u00a03,314,505\u00a01,893,168
Operating income - Internal\u00a012,951\u00a00\u00a027,034\u00a041,843\u00a00\u00a00
Operating cost\u00a0-1,072,848\u00a0-906,093\u00a0-3,808,871\u00a0-3,170,227\u00a0-2,831,830\u00a0-2,316,768
Depreciation\u00a0-316,482\u00a0-307,525\u00a0-497,880\u00a0-507,144\u00a0-147,659\u00a0-175,098
Impairment\u00a0-11,974\u00a0-13,714\u00a00\u00a018,243\u00a00\u00a0-456,573
Operating profit/loss\u00a01,592,732\u00a03,164,378\u00a0829,121\u00a0431,627\u00a0335,017\u00a0-1,055,271
Interest income\u00a077,305\u00a020,318\u00a042,419\u00a03,618\u00a010,598\u00a0752
Interest expenses\u00a0-323,389\u00a0-203,057\u00a0-135,715\u00a0-79,472\u00a0-102,340\u00a0-39,820
Tax income / expense (-)\u00a0-411,289\u00a0-697,519\u00a0-52,301\u00a0-54,406\u00a06,042\u00a0-553
Profit / (loss) for the year\u00a0770,052\u00a02,752,708\u00a0675,597\u00a0302,014\u00a0205,239\u00a0-1,097,398
Total assets\u00a09,103,933\u00a08,848,864\u00a07,746,078\u00a06,945,228\u00a01,394,613\u00a01,056,123
Total liabilities\u00a07,145,736\u00a07,024,623\u00a03,111,650\u00a03,223,478\u00a02,922,404\u00a02,638,764
Total equity\u00a01,958,198\u00a01,824,242\u00a04,634,428\u00a03,721,750\u00a0-1,527,791\u00a0-1,582,641
Capital expenditures\u00a0285,775\u00a0955,070\u00a0459,243\u00a0613,930\u00a0125,653\u00a0156,569
Other investments
4)
Eliminations\u00a0Group, total
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income - External\u00a01,156,232\u00a01,101,273\u00a0-918\u00a00\u00a012,559,742\u00a011,435,064
Operating income - Internal\u00a051,473\u00a041,494\u00a0-91,458\u00a0-83,337\u00a00\u00a00
Operating cost\u00a0-1,381,557\u00a0-1,253,245\u00a092,408\u00a065,657\u00a0-9,002,698\u00a0-7,580,676
Depreciation\u00a0-107,985\u00a0-98,295\u00a00\u00a00\u00a0-1,070,006\u00a0-1,088,063
Impairment\u00a0-33,000\u00a00\u00a00\u00a00\u00a0-44,974\u00a0-452,045
Operating profit/loss\u00a0-314,837\u00a0-208,772\u00a032\u00a0-17,681\u00a02,442,065\u00a02,314,281
Interest income\u00a0288,023\u00a076,335\u00a0-154,514\u00a0-28,597\u00a0263,832\u00a072,426
Interest expenses\u00a0-185,166\u00a0-124,023\u00a0154,476\u00a05,988\u00a0-592,134\u00a0-440,385
Tax income / expense (-)\u00a0-240\u00a0-5,052\u00a00\u00a00\u00a0-457,788\u00a0-757,529
Profit / (loss) for the year\u00a0578,370\u00a01,282,844\u00a0-650,000\u00a0-1,538,120\u00a01,579,258\u00a01,702,047
Total assets\u00a012,962,642\u00a011,177,618\u00a0-7,702,502\u00a0-6,275,194\u00a023,504,764\u00a021,752,639
Total liabilities\u00a04,457,431\u00a02,858,490\u00a0-2,040,296\u00a0-948,901\u00a015,596,925\u00a014,796,453
Total equity\u00a08,505,211\u00a08,319,127\u00a0-5,662,206\u00a0-5,326,292\u00a07,907,840\u00a06,956,186
Capital expenditures\u00a03,093\u00a069,997\u00a00\u00a00\u00a0873,763\u00a01,795,565
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193590": {
"value": "NOTE 4Operating segmentsRenewable Energy
1)
Wind Service
2)
Cruise
3)
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income - External\u00a02,981,085\u00a04,391,711\u00a05,108,838\u00a04,048,912\u00a03,314,505\u00a01,893,168
Operating income - Internal\u00a012,951\u00a00\u00a027,034\u00a041,843\u00a00\u00a00
Operating cost\u00a0-1,072,848\u00a0-906,093\u00a0-3,808,871\u00a0-3,170,227\u00a0-2,831,830\u00a0-2,316,768
Depreciation\u00a0-316,482\u00a0-307,525\u00a0-497,880\u00a0-507,144\u00a0-147,659\u00a0-175,098
Impairment\u00a0-11,974\u00a0-13,714\u00a00\u00a018,243\u00a00\u00a0-456,573
Operating profit/loss\u00a01,592,732\u00a03,164,378\u00a0829,121\u00a0431,627\u00a0335,017\u00a0-1,055,271
Interest income\u00a077,305\u00a020,318\u00a042,419\u00a03,618\u00a010,598\u00a0752
Interest expenses\u00a0-323,389\u00a0-203,057\u00a0-135,715\u00a0-79,472\u00a0-102,340\u00a0-39,820
Tax income / expense (-)\u00a0-411,289\u00a0-697,519\u00a0-52,301\u00a0-54,406\u00a06,042\u00a0-553
Profit / (loss) for the year\u00a0770,052\u00a02,752,708\u00a0675,597\u00a0302,014\u00a0205,239\u00a0-1,097,398
Total assets\u00a09,103,933\u00a08,848,864\u00a07,746,078\u00a06,945,228\u00a01,394,613\u00a01,056,123
Total liabilities\u00a07,145,736\u00a07,024,623\u00a03,111,650\u00a03,223,478\u00a02,922,404\u00a02,638,764
Total equity\u00a01,958,198\u00a01,824,242\u00a04,634,428\u00a03,721,750\u00a0-1,527,791\u00a0-1,582,641
Capital expenditures\u00a0285,775\u00a0955,070\u00a0459,243\u00a0613,930\u00a0125,653\u00a0156,569
Other investments
4)
Eliminations\u00a0Group, total
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income - External\u00a01,156,232\u00a01,101,273\u00a0-918\u00a00\u00a012,559,742\u00a011,435,064
Operating income - Internal\u00a051,473\u00a041,494\u00a0-91,458\u00a0-83,337\u00a00\u00a00
Operating cost\u00a0-1,381,557\u00a0-1,253,245\u00a092,408\u00a065,657\u00a0-9,002,698\u00a0-7,580,676
Depreciation\u00a0-107,985\u00a0-98,295\u00a00\u00a00\u00a0-1,070,006\u00a0-1,088,063
Impairment\u00a0-33,000\u00a00\u00a00\u00a00\u00a0-44,974\u00a0-452,045
Operating profit/loss\u00a0-314,837\u00a0-208,772\u00a032\u00a0-17,681\u00a02,442,065\u00a02,314,281
Interest income\u00a0288,023\u00a076,335\u00a0-154,514\u00a0-28,597\u00a0263,832\u00a072,426
Interest expenses\u00a0-185,166\u00a0-124,023\u00a0154,476\u00a05,988\u00a0-592,134\u00a0-440,385
Tax income / expense (-)\u00a0-240\u00a0-5,052\u00a00\u00a00\u00a0-457,788\u00a0-757,529
Profit / (loss) for the year\u00a0578,370\u00a01,282,844\u00a0-650,000\u00a0-1,538,120\u00a01,579,258\u00a01,702,047
Total assets\u00a012,962,642\u00a011,177,618\u00a0-7,702,502\u00a0-6,275,194\u00a023,504,764\u00a021,752,639
Total liabilities\u00a04,457,431\u00a02,858,490\u00a0-2,040,296\u00a0-948,901\u00a015,596,925\u00a014,796,453
Total equity\u00a08,505,211\u00a08,319,127\u00a0-5,662,206\u00a0-5,326,292\u00a07,907,840\u00a06,956,186
Capital expenditures\u00a03,093\u00a069,997\u00a00\u00a00\u00a0873,763\u00a01,795,565
NOTE 6\u00a0\u00a0
Operating expenses
Operating expenses
2023\u00a02022
Amounts in NOK 1,000
Administrative expenses
1)
599,294\u00a0565,587
Other operating expenses
2)
4,959,340\u00a04,052,491
Total\u00a05,558,634\u00a04,618,077
1)
Inclusive administration costs and fee to Fred. Olsen & Co of NOK 90.4 million (2022: NOK 92.2 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 2023 cruise vessels operation amounts to NOK
2,391.6 million (2022: NOK 2,012.3 million) which are mainly onboard expenses, vessel operations expenses and Selling
& Marketing expenses. Operation of Wind Service amounts to NOK 2,290.2 million (2022: NOK 1,878.0 million). Research
and development expenditures of NOK 79 million are recognised in profit or loss in 2023 (2022: NOK 68 million).
Professional fees to the auditors
2023\u00a02022
Amounts in NOK 1,000
Statutory audit\u00a033,848\u00a024,358
Other attestation services\u00a0300\u00a03,954
Tax services\u00a04 091\u00a0868
Other non-audit services\u00a0891\u00a04,801
Total (VAT exclusive)\u00a039 130\u00a033,981
Research and development
2023\u00a02022
Amounts in NOK 1,000
Research and development expenditures included in \"Other
operating expenses\"
79,079\u00a067,991
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193589": {
"value": "NOTE 4Operating segmentsThe Group of companies comprise the following business segments:
1. \u00a0Renewable 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. \u00a0Wind 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. \u00a0Cruise
Cruise Lines operates three cruise ships and provides a diverse range of cruises.
4. \u00a0Other Investments
The segment includes entities Fred. Olsen 1848 AS, Fred. Olsen Investments AS, Fred. Olsen Insurance
Services AS, Fred. Olsen Travel AS, the Company\u2019s ownership of 55% in NHST Media Group AS and the
parent company, Bonheur ASA. In addition, the segment has various investments in real estate, bonds
and shares.
Renewable Energy
1)
Wind Service
2)
Cruise
3)
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income - External\u00a02,981,085\u00a04,391,711\u00a05,108,838\u00a04,048,912\u00a03,314,505\u00a01,893,168
Operating income - Internal\u00a012,951\u00a00\u00a027,034\u00a041,843\u00a00\u00a00
Operating cost\u00a0-1,072,848\u00a0-906,093\u00a0-3,808,871\u00a0-3,170,227\u00a0-2,831,830\u00a0-2,316,768
Depreciation\u00a0-316,482\u00a0-307,525\u00a0-497,880\u00a0-507,144\u00a0-147,659\u00a0-175,098
Impairment\u00a0-11,974\u00a0-13,714\u00a00\u00a018,243\u00a00\u00a0-456,573
Operating profit/loss\u00a01,592,732\u00a03,164,378\u00a0829,121\u00a0431,627\u00a0335,017\u00a0-1,055,271
Interest income\u00a077,305\u00a020,318\u00a042,419\u00a03,618\u00a010,598\u00a0752
Interest expenses\u00a0-323,389\u00a0-203,057\u00a0-135,715\u00a0-79,472\u00a0-102,340\u00a0-39,820
Tax income / expense (-)\u00a0-411,289\u00a0-697,519\u00a0-52,301\u00a0-54,406\u00a06,042\u00a0-553
Profit / (loss) for the year\u00a0770,052\u00a02,752,708\u00a0675,597\u00a0302,014\u00a0205,239\u00a0-1,097,398
Total assets\u00a09,103,933\u00a08,848,864\u00a07,746,078\u00a06,945,228\u00a01,394,613\u00a01,056,123
Total liabilities\u00a07,145,736\u00a07,024,623\u00a03,111,650\u00a03,223,478\u00a02,922,404\u00a02,638,764
Total equity\u00a01,958,198\u00a01,824,242\u00a04,634,428\u00a03,721,750\u00a0-1,527,791\u00a0-1,582,641
Capital expenditures\u00a0285,775\u00a0955,070\u00a0459,243\u00a0613,930\u00a0125,653\u00a0156,569
Other investments
4)
Eliminations\u00a0Group, total
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income - External\u00a01,156,232\u00a01,101,273\u00a0-918\u00a00\u00a012,559,742\u00a011,435,064
Operating income - Internal\u00a051,473\u00a041,494\u00a0-91,458\u00a0-83,337\u00a00\u00a00
Operating cost\u00a0-1,381,557\u00a0-1,253,245\u00a092,408\u00a065,657\u00a0-9,002,698\u00a0-7,580,676
Depreciation\u00a0-107,985\u00a0-98,295\u00a00\u00a00\u00a0-1,070,006\u00a0-1,088,063
Impairment\u00a0-33,000\u00a00\u00a00\u00a00\u00a0-44,974\u00a0-452,045
Operating profit/loss\u00a0-314,837\u00a0-208,772\u00a032\u00a0-17,681\u00a02,442,065\u00a02,314,281
Interest income\u00a0288,023\u00a076,335\u00a0-154,514\u00a0-28,597\u00a0263,832\u00a072,426
Interest expenses\u00a0-185,166\u00a0-124,023\u00a0154,476\u00a05,988\u00a0-592,134\u00a0-440,385
Tax income / expense (-)\u00a0-240\u00a0-5,052\u00a00\u00a00\u00a0-457,788\u00a0-757,529
Profit / (loss) for the year\u00a0578,370\u00a01,282,844\u00a0-650,000\u00a0-1,538,120\u00a01,579,258\u00a01,702,047
Total assets\u00a012,962,642\u00a011,177,618\u00a0-7,702,502\u00a0-6,275,194\u00a023,504,764\u00a021,752,639
Total liabilities\u00a04,457,431\u00a02,858,490\u00a0-2,040,296\u00a0-948,901\u00a015,596,925\u00a014,796,453
Total equity\u00a08,505,211\u00a08,319,127\u00a0-5,662,206\u00a0-5,326,292\u00a07,907,840\u00a06,956,186
Capital expenditures\u00a03,093\u00a069,997\u00a00\u00a00\u00a0873,763\u00a01,795,565
Renewable Energy\u00a0Wind Service\u00a0Other Investments\u00a0Group of companies total
Associates\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income\u00a00\u00a00\u00a03,958\u00a033,643\u00a077,589\u00a050,667\u00a04,036\u00a084,310
Operating costs\u00a0-4,305\u00a0-3,601\u00a0-3,727\u00a0-34,724\u00a0-74,388\u00a0-46,658\u00a0-8,107\u00a0-84,983
Depreciation / Impairment\u00a0-3,995\u00a0-700\u00a00\u00a00\u00a0-3,834\u00a0-3,171\u00a0-3,999\u00a0-3,871
Operating result\u00a0-8,301\u00a0-4,301\u00a0231\u00a0-1,081\u00a0-634\u00a0838\u00a0-8,070\u00a0-4,544
Share of profit in associates\u00a0-20,069\u00a0-12,079\u00a02,399\u00a0-1,592\u00a0-2,693\u00a0-572\u00a0-20,363\u00a0-14,243
Share of equity\u00a0256,451\u00a0140,603\u00a0193\u00a0123\u00a027,199\u00a032,142\u00a0283,843\u00a0172,868
Europe\u00a0Asia\u00a0Americas
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income\u00a010,517,375\u00a09,422,660\u00a01,487,103\u00a01,442,137\u00a0541,984\u00a0525,591
Capital expenditure\u00a0945,735\u00a01,792,693\u00a0391\u00a0576\u00a00\u00a02,296
Africa\u00a0Other regions\u00a0Group of companies total
Fully consolidated companies\u00a02023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Operating income\u00a0527\u00a00\u00a012,752\u00a044,676\u00a012,559,742\u00a011,435,064
Capital expenditure\u00a00\u00a00\u00a00\u00a00\u00a0946,126\u00a01,795,565
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.
Major customer
Of the total revenue in 2023 within the Group of companies, UK, Germany, Asia, Netherlands and Norway contributed 35%, 15%, 12%, 11% and 8% respectively (2022: 24%, 23%, 13%, 12% and 11% respectively). Revenues
from four major customers within the Renewable Energy segment, constituted 24% (2022: 37%) of the total revenue in the Group of companies. In the Wind Service segment four major customer constituted 37% (2022:
23%) of the total revenue in the Group of companies",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193594": {
"value": "NOTE 5\u00a0\u00a0
Revenue
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.
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 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 table2023\ue61b\u00a02022\ue61b
Amounts in NOK 1,000
Sales of electricity\u00a01,668,247\u00a03,371,603
Sales of other goods\u00a0124,180\u00a075,226
Service revenue\u00a08,209,638\u00a05,951,575
Other operating revenue\u00a069,359\u00a087,130
Total revenue from goods and services\u00a010,071,423\u00a09,485,536
Lease revenue\u00a01,170,544\u00a0922,424
Green Certificate revenue\u00a0977,772\u00a0762,623
Government grants\u00a08,046\u00a00
Other operating revenue\u00a0241,123\u00a0262,412
Other operating revenue\u00a02,397,485\u00a01,947,460
Other operating income\u00a090,834\u00a02,069
Total operating income\u00a012,559,743\u00a011,435,064
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.
Contract balances
The following table provides information about receivables, contract assets and contract liabilities from
contract with customers:
Note\u00a02023\ue61b\u00a02022\ue61b
Amounts in NOK 1,000
Receivables, which are included in \"trade and
other receivables\"
15\u00a01,840,450\u00a01,047,643
Contract assets\u00a015\u00a0348,180\u00a0466,007
Contract liabilities\u00a020\u00a01,544,022\u00a01,343,539
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses
on contract assets have been recognized during 2023.
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 31.12.22 the value of contract liabilities amounted to NOK 1,344 million of which NOK 1,191 million
has been recognized as income in 2023. The change in contract assets and liabilities relates to natural
progression of the project portfolio, as well as the current project mix.
Order backlog
Contracts with duration of more than 12 months are included as order backlog.
2024\u00a02025\u00a02026
Amounts in NOK 1,000
Order backlog per year (NOK million)\u00a03,388\u00a02,010\u00a0832
Capitalized project costs
The following table shows costs directly attributable to the projects:
31 December 2023\u00a031 December 2022
Amounts in NOK 1,000
Costs to fulfill contracts\u00a0271,687\u00a073,144
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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193593": {
"value": "NOTE 5\u00a0\u00a0
Revenue
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.
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 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 table2023\ue61b\u00a02022\ue61b
Amounts in NOK 1,000
Sales of electricity\u00a01,668,247\u00a03,371,603
Sales of other goods\u00a0124,180\u00a075,226
Service revenue\u00a08,209,638\u00a05,951,575
Other operating revenue\u00a069,359\u00a087,130
Total revenue from goods and services\u00a010,071,423\u00a09,485,536
Lease revenue\u00a01,170,544\u00a0922,424
Green Certificate revenue\u00a0977,772\u00a0762,623
Government grants\u00a08,046\u00a00
Other operating revenue\u00a0241,123\u00a0262,412
Other operating revenue\u00a02,397,485\u00a01,947,460
Other operating income\u00a090,834\u00a02,069
Total operating income\u00a012,559,743\u00a011,435,064
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.
Contract balances
The following table provides information about receivables, contract assets and contract liabilities from
contract with customers:
Note\u00a02023\ue61b\u00a02022\ue61b
Amounts in NOK 1,000
Receivables, which are included in \"trade and
other receivables\"
15\u00a01,840,450\u00a01,047,643
Contract assets\u00a015\u00a0348,180\u00a0466,007
Contract liabilities\u00a020\u00a01,544,022\u00a01,343,539
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses
on contract assets have been recognized during 2023.
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 31.12.22 the value of contract liabilities amounted to NOK 1,344 million of which NOK 1,191 million
has been recognized as income in 2023. The change in contract assets and liabilities relates to natural
progression of the project portfolio, as well as the current project mix.
Order backlog
Contracts with duration of more than 12 months are included as order backlog.
2024\u00a02025\u00a02026
Amounts in NOK 1,000
Order backlog per year (NOK million)\u00a03,388\u00a02,010\u00a0832
Capitalized project costs
The following table shows costs directly attributable to the projects:
31 December 2023\u00a031 December 2022
Amounts in NOK 1,000
Costs to fulfill contracts\u00a0271,687\u00a073,144
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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193595": {
"value": "NOTE 5\u00a0\u00a0
Revenue
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.
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 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193592": {
"value": "NOTE 5\u00a0\u00a0
RevenueRevenue 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.
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 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 table2023\ue61b\u00a02022\ue61b
Contract balances
The following table provides information about receivables, contract assets and contract liabilities from
contract with customers:
Note\u00a02023\ue61b\u00a02022\ue61b
Amounts in NOK 1,000
Receivables, which are included in \"trade and
other receivables\"
15\u00a01,840,450\u00a01,047,643
Contract assets\u00a015\u00a0348,180\u00a0466,007
Contract liabilities\u00a020\u00a01,544,022\u00a01,343,539
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses
on contract assets have been recognized during 2023.
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 31.12.22 the value of contract liabilities amounted to NOK 1,344 million of which NOK 1,191 million
has been recognized as income in 2023. The change in contract assets and liabilities relates to natural
progression of the project portfolio, as well as the current project mix.
Order backlog
Contracts with duration of more than 12 months are included as order backlog.
2024\u00a02025\u00a02026
Amounts in NOK 1,000
Order backlog per year (NOK million)\u00a03,388\u00a02,010\u00a0832
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193602": {
"value": "NOTE 6\u00a0\u00a0
Operating expenses
Operating expenses
2023\u00a02022
Amounts in NOK 1,000
Administrative expenses
1)
599,294\u00a0565,587
Other operating expenses
2)
4,959,340\u00a04,052,491
Total\u00a05,558,634\u00a04,618,077
1)
Inclusive administration costs and fee to Fred. Olsen & Co of NOK 90.4 million (2022: NOK 92.2 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 2023 cruise vessels operation amounts to NOK
2,391.6 million (2022: NOK 2,012.3 million) which are mainly onboard expenses, vessel operations expenses and Selling
& Marketing expenses. Operation of Wind Service amounts to NOK 2,290.2 million (2022: NOK 1,878.0 million). Research
and development expenditures of NOK 79 million are recognised in profit or loss in 2023 (2022: NOK 68 million).
Professional fees to the auditors
2023\u00a02022
Amounts in NOK 1,000
Statutory audit\u00a033,848\u00a024,358
Other attestation services\u00a0300\u00a03,954
Tax services\u00a04 091\u00a0868
Other non-audit services\u00a0891\u00a04,801
Total (VAT exclusive)\u00a039 130\u00a033,981
Research and development
2023\u00a02022
Amounts in NOK 1,000
Research and development expenditures included in \"Other
operating expenses\"
79,079\u00a067,991
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193598": {
"value": "NOTE 6\u00a0\u00a0
Operating expenses
Operating expenses
2023\u00a02022
Amounts in NOK 1,000
Administrative expenses
1)
599,294\u00a0565,587
Other operating expenses
2)
4,959,340\u00a04,052,491
Total\u00a05,558,634\u00a04,618,077
1)
Inclusive administration costs and fee to Fred. Olsen & Co of NOK 90.4 million (2022: NOK 92.2 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 2023 cruise vessels operation amounts to NOK
2,391.6 million (2022: NOK 2,012.3 million) which are mainly onboard expenses, vessel operations expenses and Selling
& Marketing expenses. Operation of Wind Service amounts to NOK 2,290.2 million (2022: NOK 1,878.0 million). Research
and development expenditures of NOK 79 million are recognised in profit or loss in 2023 (2022: NOK 68 million).
Professional fees to the auditors
2023\u00a02022
Amounts in NOK 1,000
Statutory audit\u00a033,848\u00a024,358
Other attestation services\u00a0300\u00a03,954
Tax services\u00a04 091\u00a0868
Other non-audit services\u00a0891\u00a04,801
Total (VAT exclusive)\u00a039 130\u00a033,981
Research and development
2023\u00a02022
Amounts in NOK 1,000
Research and development expenditures included in \"Other
operating expenses\"
79,079\u00a067,991
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193596": {
"value": "Professional fees to the auditors
2023\u00a02022
Amounts in NOK 1,000
Statutory audit\u00a033,848\u00a024,358
Other attestation services\u00a0300\u00a03,954
Tax services\u00a04 091\u00a0868
Other non-audit services\u00a0891\u00a04,801
Total (VAT exclusive)\u00a039 130\u00a033,981
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193597": {
"value": "Research and development
2023\u00a02022
Amounts in NOK 1,000
Research and development expenditures included in \"Other
operating expenses79,079\u00a067,991
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193601": {
"value": "NOTE 7\u00a0\u00a0Personnel 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.
Personnel expenses for the Group of companies were:
Salaries etc.\u00a0Note\u00a02023\u00a02022
Amounts in NOK 1,000
Salaries\u00a01,998,462\u00a01,674,477
Social security cost\u00a0230,901\u00a0166,180
Pension costs\u00a019\u00a0142,335\u00a0107,295
Other\u00a049,596\u00a058,290
Total\u00a02,421,294\u00a02,006,242
Loan to employees in the Group of companies\u00a0536\u00a01,213
Subsidiaries within the Group of companies have established bonus systems. In 2023, the total bonuses
paid within the Group of companies amounted to NOK 51.5 million (2022: NOK 39.2 million).
Remuneration to the Board of Directors:
2023\u00a02022
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board\u00a01,643\u00a01,550
Andreas Mellbye\u00a0465\u00a0405
Carol Bell
1)
491\u00a0459
Nick Emery
1)
511\u00a0446
Bente Hagem\u00a0473\u00a0405
Jannicke Hilland\u00a0443\u00a0405
Total compensations\u00a04,025\u00a03,670
1)
Includes compensation for the audit committee fee.
Anette S. Olsen received in 2023 a remuneration of NOK 240,000 as chairman of the Board in NHST Media
Group AS (2022: NOK 230,000).
Remuneration to the Shareholders\u2019 Committee:
2023\u00a02022
Amounts in NOK 1,000
Christian Fr. Michelet\u00a0225\u00a0205
Synne Homble\u00a0190\u00a00
J\u00f8rgen G. Heje\u00a0190\u00a0175
Gaute Gjelsten\u00a0190\u00a00
Ole Kristian Aab\u00f8-Evensen \u00a0190\u00a0175
B\u00e5rd Mikkelsen\u00a00\u00a0175
Einar Harboe\u00a00\u00a0175
Total compensations\u00a0985\u00a0905
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193600": {
"value": "NOTE 7\u00a0\u00a0Personnel 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.
Personnel expenses for the Group of companies were:
Salaries etc.\u00a0Note\u00a02023\u00a02022
Amounts in NOK 1,000
Salaries\u00a01,998,462\u00a01,674,477
Social security cost\u00a0230,901\u00a0166,180
Pension costs\u00a019\u00a0142,335\u00a0107,295
Other\u00a049,596\u00a058,290
Total\u00a02,421,294\u00a02,006,242
Loan to employees in the Group of companies\u00a0536\u00a01,213
Subsidiaries within the Group of companies have established bonus systems. In 2023, the total bonuses
paid within the Group of companies amounted to NOK 51.5 million (2022: NOK 39.2 million).
Remuneration to the Board of Directors:
2023\u00a02022
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board\u00a01,643\u00a01,550
Andreas Mellbye\u00a0465\u00a0405
Carol Bell
1)
491\u00a0459
Nick Emery
1)
511\u00a0446
Bente Hagem\u00a0473\u00a0405
Jannicke Hilland\u00a0443\u00a0405
Total compensations\u00a04,025\u00a03,670
1)
Includes compensation for the audit committee fee.
Anette S. Olsen received in 2023 a remuneration of NOK 240,000 as chairman of the Board in NHST Media
Group AS (2022: NOK 230,000).
Remuneration to the Shareholders\u2019 Committee:
2023\u00a02022
Amounts in NOK 1,000
Christian Fr. Michelet\u00a0225\u00a0205
Synne Homble\u00a0190\u00a00
J\u00f8rgen G. Heje\u00a0190\u00a0175
Gaute Gjelsten\u00a0190\u00a00
Ole Kristian Aab\u00f8-Evensen \u00a0190\u00a0175
B\u00e5rd Mikkelsen\u00a00\u00a0175
Einar Harboe\u00a00\u00a0175
Total compensations\u00a0985\u00a0905
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193599": {
"value": "NOTE 7\u00a0\u00a0Personnel 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.
Personnel expenses for the Group of companies were:
Salaries etc.\u00a0Note\u00a02023\u00a02022
Amounts in NOK 1,000
Salaries\u00a01,998,462\u00a01,674,477
Social security cost\u00a0230,901\u00a0166,180
Pension costs\u00a019\u00a0142,335\u00a0107,295
Other\u00a049,596\u00a058,290
Total\u00a02,421,294\u00a02,006,242
Loan to employees in the Group of companies\u00a0536\u00a01,213
Subsidiaries within the Group of companies have established bonus systems. In 2023, the total bonuses
paid within the Group of companies amounted to NOK 51.5 million (2022: NOK 39.2 million).
Remuneration to the Board of Directors:
2023\u00a02022
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board\u00a01,643\u00a01,550
Andreas Mellbye\u00a0465\u00a0405
Carol Bell
1)
491\u00a0459
Nick Emery
1)
511\u00a0446
Bente Hagem\u00a0473\u00a0405
Jannicke Hilland\u00a0443\u00a0405
Total compensations\u00a04,025\u00a03,670
1)
Includes compensation for the audit committee fee.
Anette S. Olsen received in 2023 a remuneration of NOK 240,000 as chairman of the Board in NHST Media
Group AS (2022: NOK 230,000).
Remuneration to the Shareholders\u2019 Committee:
2023\u00a02022
Amounts in NOK 1,000
Christian Fr. Michelet\u00a0225\u00a0205
Synne Homble\u00a0190\u00a00
J\u00f8rgen G. Heje\u00a0190\u00a0175
Gaute Gjelsten\u00a0190\u00a00
Ole Kristian Aab\u00f8-Evensen \u00a0190\u00a0175
B\u00e5rd Mikkelsen\u00a00\u00a0175
Einar Harboe\u00a00\u00a0175
Total compensations\u00a0985\u00a0905
NOTE 19Pension obligationsShort-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 2023, total costs incurred for
defined contribution schemes were NOK 68 million (NOK 66 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 2023 were 347, of
which 201 were pensioners (358 of which 206 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. In total, the number of members in the unfunded defined pension
agreements by the end of 2023 were 23, of which 12 were pensioners (23 of which 12 pensioners).
The status of the defined benefit obligations is as follows:
2023\u00a02022
Amounts in NOK 1,000
Present value of unfunded obligations\u00a0-628,630\u00a0-551,964
Present value of funded obligations\u00a0-800,600\u00a0-776,927
Total present value of obligations\u00a0-1,429,230\u00a0-1,328,891
Fair value of plan assets\u00a0922,285\u00a0856,609
Net liability for defined benefit obligations\u00a0-506,945\u00a0-472,282
Financial fixed assets / pension funds\u00a0-121,686\u00a0-78,130
Liabilities / Employee benefits\u00a0628,630\u00a0550,412
Net liability as at 31. December\u00a0506,945\u00a0472,282
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:\u00a02023\u00a02022
Amounts in NOK 1,000
Equity instruments\u00a036%\u00a037%
Corporate bonds\u00a046%\u00a042%
Government bonds\u00a07%\u00a012%
Other assets\u00a011%\u00a09%
Total plan assets\u00a0100%\u00a0100%
Movement in defined benefit obligations:
Funded obligation\u00a0Unfunded obligation\u00a0Net obligation
2023\u00a02022\u00a02023\u00a02022\u00a02023\u00a02022
Amounts in NOK 1,000
Balance at 1. January\u00a078,130\u00a072,231\u00a0-550,412\u00a0-605,829\u00a0-472,282\u00a0-533,598
Correction previous year\u00a00\u00a00\u00a0-1,553\u00a00\u00a0-1,553\u00a00
78,130\u00a072,231\u00a0-551,965\u00a0-605,829\u00a0-473,835\u00a0-533,598
Pension contribution\u00a041,641\u00a019,014\u00a00\u00a00\u00a041,641\u00a019,014
Benefits paid by the plan
1)
0\u00a00\u00a011,918\u00a011,975\u00a011,918\u00a011,975
41,641\u00a019,014\u00a011,918\u00a011,975\u00a053,559\u00a030,989
Included in profit and loss:
Interest on obligation / Interest
on plan assets\u00a02,603\u00a0976\u00a0-18,012\u00a0-11,997\u00a0-15,409\u00a0-11,021
Current service cost\u00a0-24,123\u00a0-28,382\u00a0-12,823\u00a0-13,966\u00a0-36,946\u00a0-42,348
Past service cost\u00a00\u00a00\u00a00\u00a00\u00a00\u00a00
Currency effects / Corrections\u00a00\u00a00\u00a00\u00a00\u00a00\u00a00
Net pension cost\u00a0-21,520\u00a0-27,406\u00a0-30,835\u00a0-25,963\u00a0-52,355\u00a0-53,369
Included in other
comprehensive income:
Actuarial gain/(loss) arising from:
Financial assumptions\u00a07,543\u00a079,377\u00a0-1,205\u00a058,516\u00a06,338\u00a0137,893
Experience adjustments\u00a0-6,789\u00a0464\u00a0-56,543\u00a09,337\u00a0-63,332\u00a09,801
Transferred value\u00a02,086\u00a01,003\u00a00\u00a00\u00a02,086\u00a01,003
Return on plan assets\u00a020,596\u00a0-65,003\u00a00\u00a00\u00a020,596\u00a0-65,003
23,435\u00a015,841\u00a0-57,748\u00a067,853\u00a0-34,313\u00a083,694
Foreign currency translation\u00a00\u00a00\u00a00\u00a00\u00a00\u00a00
Balance as at 31. December\u00a0121,686\u00a079,680\u00a0-628,630\u00a0-551,964\u00a0-506,944\u00a0-472,284
1)
Payment of benefits from the funded defined benefit plans were in 2023 NOK 26,0 million (2022: NOK 25,0 million).
Figure netted out in the table above
Principal actuarial assumptions at the balance sheet expressed as weighted averages:
2023\u00a02022
Amounts in NOK 1,000
Discount rate / Expected return on plan assets at 31. December\u00a03,70%\u00a03,30%
Future salary increase\u00a03,50%\u00a03,50%
Yearly regulation in official pension index (G)\u00a03,50%\u00a03,50%
Future pension increases\u00a01,50%\u00a02,00%
Social security costs\u00a014,10%\u00a014,10%
Mortality table\u00a0K2013\u00a0K2013
Disability table\u00a0KU\u00a0KU
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:
Increase in PBO
1)
2023
Amounts in NOK 1,000
Future salary increase with 0.25%\u00a014,915
Future pension increase with 0.25%\u00a055,158
Discount rate decreases with 0.25%\u00a07,284
Future mortality assumption, increased lifetime by 1 year\u00a040,088
1)
Projected Benefit Obligation (PBO)
\u2022 \u00a0Expected contributions to funded defined benefit plans in 2024 are NOK 17 million.
\u2022 \u00a0Expected payment of benefits in connection with unfunded plans are in 2024 estimated to be
NOK 11 million.
Risks:
The major risks for the defined benefit plans are interest rate risk, investment risks, inflation risk and
longevity risk.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193613": {
"value": "NOTE 8\u00a0\u00a0
Finance income and expenses
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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193612": {
"value": "NOTE 8\u00a0\u00a0
Finance income and expenses
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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193611": {
"value": "NOTE 8\u00a0\u00a0
Finance income and expensesSalaries etc.\u00a02023\u00a02022
Amounts in NOK 1,000
Interest income on bonds\u00a015,409\u00a08,883
Interest income on receivables\u00a022,910\u00a011,840
Interest income on bank deposits\u00a0225,513\u00a051,703
Interest income\u00a0263,832\u00a072,426
Dividend income on financial assets\u00a09\u00a025,563
Net gain on disposal of financial assets recognised directly in
profit or loss
109\u00a0162
Foreign exchange gain\u00a0510,658\u00a0352,513
Net change in fair value of financial assets at fair value through
profit or loss
134\u00a0402,907
Various finance income\u00a09,577\u00a01,946
Total other finance income\u00a0520,487\u00a0783,091
Interest expenses on financial liabilities measured at amortised
cost
-592,134\u00a0-440,385
Interest expense\u00a0-592,134\u00a0-440,385
Foreign exchange loss\u00a0-332,652\u00a0-226,697
Net loss on disposal of financial assets recognised directly in
profit or loss
-2\u00a0-257
Net change in fair value of financial assets at fair value through
profit or loss
-152,780\u00a00
Impairment of financial assets\u00a0-20,009\u00a05,213
Various finance expenses\u00a0-71,398\u00a0-33,853
Total other finance expenses\u00a0-576,842\u00a0-255,594
Net finance expenses recognised in profit or loss\u00a0-384,656\u00a0159,538
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193610": {
"value": "NOTE 8\u00a0\u00a0
Finance income and expensesSalaries etc.\u00a02023\u00a02022
Amounts in NOK 1,000
Interest income on bonds\u00a015,409\u00a08,883
Interest income on receivables\u00a022,910\u00a011,840
Interest income on bank deposits\u00a0225,513\u00a051,703
Interest income\u00a0263,832\u00a072,426
Dividend income on financial assets\u00a09\u00a025,563
Net gain on disposal of financial assets recognised directly in
profit or loss
109\u00a0162
Foreign exchange gain\u00a0510,658\u00a0352,513
Net change in fair value of financial assets at fair value through
profit or loss
134\u00a0402,907
Various finance income\u00a09,577\u00a01,946
Total other finance income\u00a0520,487\u00a0783,091
Interest expenses on financial liabilities measured at amortised
cost
-592,134\u00a0-440,385
Interest expense\u00a0-592,134\u00a0-440,385
Foreign exchange loss\u00a0-332,652\u00a0-226,697
Net loss on disposal of financial assets recognised directly in
profit or loss
-2\u00a0-257
Net change in fair value of financial assets at fair value through
profit or loss
-152,780\u00a00
Impairment of financial assets\u00a0-20,009\u00a05,213
Various finance expenses\u00a0-71,398\u00a0-33,853
Total other finance expenses\u00a0-576,842\u00a0-255,594
Net finance expenses recognised in profit or loss\u00a0-384,656\u00a0159,538
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193609": {
"value": "NOTE 8\u00a0\u00a0
Finance income and expensesSalaries etc.\u00a02023\u00a02022
Amounts in NOK 1,000
Interest income on bonds\u00a015,409\u00a08,883
Interest income on receivables\u00a022,910\u00a011,840
Interest income on bank deposits\u00a0225,513\u00a051,703
Interest income\u00a0263,832\u00a072,426
Dividend income on financial assets\u00a09\u00a025,563
Net gain on disposal of financial assets recognised directly in
profit or loss
109\u00a0162
Foreign exchange gain\u00a0510,658\u00a0352,513
Net change in fair value of financial assets at fair value through
profit or loss
134\u00a0402,907
Various finance income\u00a09,577\u00a01,946
Total other finance income\u00a0520,487\u00a0783,091
Interest expenses on financial liabilities measured at amortised
cost
-592,134\u00a0-440,385
Interest expense\u00a0-592,134\u00a0-440,385
Foreign exchange loss\u00a0-332,652\u00a0-226,697
Net loss on disposal of financial assets recognised directly in
profit or loss
-2\u00a0-257
Net change in fair value of financial assets at fair value through
profit or loss
-152,780\u00a00
Impairment of financial assets\u00a0-20,009\u00a05,213
Various finance expenses\u00a0-71,398\u00a0-33,853
Total other finance expenses\u00a0-576,842\u00a0-255,594
Net finance expenses recognised in profit or loss\u00a0-384,656\u00a0159,538
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193608": {
"value": "NOTE 8\u00a0\u00a0
Finance income and expensesSalaries etc.\u00a02023\u00a02022
Amounts in NOK 1,000
Interest income on bonds\u00a015,409\u00a08,883
Interest income on receivables\u00a022,910\u00a011,840
Interest income on bank deposits\u00a0225,513\u00a051,703
Interest income\u00a0263,832\u00a072,426
Dividend income on financial assets\u00a09\u00a025,563
Net gain on disposal of financial assets recognised directly in
profit or loss
109\u00a0162
Foreign exchange gain\u00a0510,658\u00a0352,513
Net change in fair value of financial assets at fair value through
profit or loss
134\u00a0402,907
Various finance income\u00a09,577\u00a01,946
Total other finance income\u00a0520,487\u00a0783,091
Interest expenses on financial liabilities measured at amortised
cost
-592,134\u00a0-440,385
Interest expense\u00a0-592,134\u00a0-440,385
Foreign exchange loss\u00a0-332,652\u00a0-226,697
Net loss on disposal of financial assets recognised directly in
profit or loss
-2\u00a0-257
Net change in fair value of financial assets at fair value through
profit or loss
-152,780\u00a00
Impairment of financial assets\u00a0-20,009\u00a05,213
Various finance expenses\u00a0-71,398\u00a0-33,853
Total other finance expenses\u00a0-576,842\u00a0-255,594
Net finance expenses recognised in profit or loss\u00a0-384,656\u00a0159,538
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193607": {
"value": "NOTE 8\u00a0\u00a0
Finance income and expensesSalaries etc.\u00a02023\u00a02022
Amounts in NOK 1,000
Interest income on bonds\u00a015,409\u00a08,883
Interest income on receivables\u00a022,910\u00a011,840
Interest income on bank deposits\u00a0225,513\u00a051,703
Interest income\u00a0263,832\u00a072,426
Dividend income on financial assets\u00a09\u00a025,563
Net gain on disposal of financial assets recognised directly in
profit or loss
109\u00a0162
Foreign exchange gain\u00a0510,658\u00a0352,513
Net change in fair value of financial assets at fair value through
profit or loss
134\u00a0402,907
Various finance income\u00a09,577\u00a01,946
Total other finance income\u00a0520,487\u00a0783,091
Interest expenses on financial liabilities measured at amortised
cost
-592,134\u00a0-440,385
Interest expense\u00a0-592,134\u00a0-440,385
Foreign exchange loss\u00a0-332,652\u00a0-226,697
Net loss on disposal of financial assets recognised directly in
profit or loss
-2\u00a0-257
Net change in fair value of financial assets at fair value through
profit or loss
-152,780\u00a00
Impairment of financial assets\u00a0-20,009\u00a05,213
Various finance expenses\u00a0-71,398\u00a0-33,853
Total other finance expenses\u00a0-576,842\u00a0-255,594
Net finance expenses recognised in profit or loss\u00a0-384,656\u00a0159,538
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193606": {
"value": "NOTE 8\u00a0\u00a0
Finance income and expensesSalaries etc.\u00a02023\u00a02022
Amounts in NOK 1,000
Interest income on bonds\u00a015,409\u00a08,883
Interest income on receivables\u00a022,910\u00a011,840
Interest income on bank deposits\u00a0225,513\u00a051,703
Interest income\u00a0263,832\u00a072,426
Dividend income on financial assets\u00a09\u00a025,563
Net gain on disposal of financial assets recognised directly in
profit or loss
109\u00a0162
Foreign exchange gain\u00a0510,658\u00a0352,513
Net change in fair value of financial assets at fair value through
profit or loss
134\u00a0402,907
Various finance income\u00a09,577\u00a01,946
Total other finance income\u00a0520,487\u00a0783,091
Interest expenses on financial liabilities measured at amortised
cost
-592,134\u00a0-440,385
Interest expense\u00a0-592,134\u00a0-440,385
Foreign exchange loss\u00a0-332,652\u00a0-226,697
Net loss on disposal of financial assets recognised directly in
profit or loss
-2\u00a0-257
Net change in fair value of financial assets at fair value through
profit or loss
-152,780\u00a00
Impairment of financial assets\u00a0-20,009\u00a05,213
Various finance expenses\u00a0-71,398\u00a0-33,853
Total other finance expenses\u00a0-576,842\u00a0-255,594
Net finance expenses recognised in profit or loss\u00a0-384,656\u00a0159,538
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193603": {
"value": "NOTE 8\u00a0\u00a0
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.
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:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193604": {
"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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193605": {
"value": "Salaries etc.\u00a02023\u00a02022
Amounts in NOK 1,000
Interest income on bonds\u00a015,409\u00a08,883
Interest income on receivables\u00a022,910\u00a011,840
Interest income on bank deposits\u00a0225,513\u00a051,703
Interest income\u00a0263,832\u00a072,426
Dividend income on financial assets\u00a09\u00a025,563
Net gain on disposal of financial assets recognised directly in
profit or loss
109\u00a0162
Foreign exchange gain\u00a0510,658\u00a0352,513
Net change in fair value of financial assets at fair value through
profit or loss
134\u00a0402,907
Various finance income\u00a09,577\u00a01,946
Total other finance income\u00a0520,487\u00a0783,091
Interest expenses on financial liabilities measured at amortised
cost
-592,134\u00a0-440,385
Interest expense\u00a0-592,134\u00a0-440,385
Foreign exchange loss\u00a0-332,652\u00a0-226,697
Net loss on disposal of financial assets recognised directly in
profit or loss
-2\u00a0-257
Net change in fair value of financial assets at fair value through
profit or loss
-152,780\u00a00
Impairment of financial assets\u00a0-20,009\u00a05,213
Various finance expenses\u00a0-71,398\u00a0-33,853
Total other finance expenses\u00a0-576,842\u00a0-255,594
Net finance expenses recognised in profit or loss\u00a0-384,656\u00a0159,538
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193617": {
"value": "NOTE 9\u00a0\u00a0
Income taxes
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 or substantively enacted 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
or substantively enacted by the reporting date.
Deferred tax assets and liabilities are recognized with the net amount if:
1. \u00a0there is a legally enforceable right to offset current tax liabilities and assets,
2. \u00a0they relate to income taxes levied by the same tax authority on the same taxable entity,
3. \u00a0on different tax entities if the intend to settle current tax liabilities and assets on a net basis
or their tax assets and liabilities will be realized simultaneously.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193616": {
"value": "NOTE 9\u00a0\u00a0
Income taxes2023\u00a02022
Amounts in NOK 1,000
Profit/loss (-) before tax:
Norway\u00a0614,046\u00a01,144,943
Other countries\u00a01,423,000\u00a01,314,633
Total\u00a02,037,046\u00a02,459,575
Taxes paid (-) / received:
Norway\u00a0-90,505\u00a0-2,034
Other countries\u00a0-345,412\u00a0-712,339
Total paid taxes\u00a0-435,917\u00a0-714,373
1) Current tax expense (-) / income:
Norway\u00a0-47,120\u00a0-119,768
Other countries\u00a0-445,443\u00a0-515,294
Total current tax expenses\u00a0-492,563\u00a0-635,062
2) Deferred tax expense (-) / income:
Norway\u00a0-13,688\u00a0-19,405
Other countries\u00a048,463\u00a0-103,062
Total deferred tax expenses\u00a034,775\u00a0-122,467
Total income tax expenses 1) + 2)\u00a0-457,788\u00a0-757,529
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:
2023\u00a02022
Amounts in NOK 1,000
Income/(-)loss before tax\u00a02,037,046\u00a02,459,576
Norwegian statutory tax rate\u00a022%\u00a022%
Income tax using the Company's domestic tax rate\u00a0-448,150\u00a0-541,107
Increase (-reduction) in income taxes from:
Effect of tax rates other than statutory tax rate in Norway\u00a0-11,683\u00a0105,339
Effects on change in tax rates\u00a0-26,512\u00a0-4,142
Effects on tax incentives / tonnage tax\u00a0100,616\u00a0-240,360
Prior period adjustments\u00a01,303\u00a0-30,927
Change in recognized deductible temporary differences\u00a0-21,337\u00a012
Change in unrecognized deferred tax assets\u00a0-29,570\u00a0-39,622
Non-deductible and non-taxable expenses/income\u00a0-24,744\u00a0-14,202
Currency effects
1)
6,192\u00a019,646
Income/expenses recognized directly in equity\u00a0-3,904\u00a0-12,166
Tax expenses %\u00a022%\u00a031%
Tax expenses\u00a0-457,788\u00a0-757,529
1)
Currency effects primarily relate to translating tax positions in functional currency to NOK.
Payable tax as presented in the Statement of Financial Position
2023\u00a02022
Amounts in NOK 1,000
Current tax payable Norway\u00a041,697\u00a098,807
Current tax payable other countries\u00a082,356\u00a034,833
Current tax payable\u00a0124,053\u00a0133,640
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 2023, and 31 December 2022:
Assets
2023
Liabilities
2023\ue61b
Assets
2022
Liabilities
2022\ue61b
Amounts in NOK 1,000
Property, plant and equipment\u00a04,363\u00a0-599,041\u00a04,806\u00a0-566,059
Intangible assets\u00a01,638\u00a0-26,215\u00a01,605\u00a0-28,098
Gain and loss accounts\u00a0499\u00a0-10,036\u00a03,689\u00a0-3,842
Loans and borrowings\u00a0207\u00a0-59,083\u00a05,867\u00a0-11,771
Shares and bonds\u00a00\u00a0-2,376\u00a010,859\u00a02,604
Other\u00a020,280\u00a0-81,919\u00a08,491\u00a0-95,265
Tax loss carryforwards\u00a0304,428\u00a0-3,262\u00a0237,675\u00a0-726
Subtotal\u00a0331,414\u00a0-781,931\u00a0272,992\u00a0-703,157
Set off of tax\u00a0-143,660\u00a0143,660\u00a0-143,990\u00a0143,990
Net tax assets / (-) liabilities\u00a0187,754\u00a0-638,271\u00a0129,002\u00a0-559,167
Deferred tax assets have not been recognized in respect of the following items
2023\u00a02022
Amounts in NOK 1,000
Deductible temporary differences\u00a0163,634\u00a0162,894
Tax losses\u00a0428,886\u00a0483,337
Total\u00a0592,520\u00a0646,231
As at 31 December 2023, approximately NOK 1.8 billion of tax losses carried forward for subsidiaries in
Norway and NOK 220 million in subsidiaries in UK. 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. However,
this will not lead to 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.
OECD Pillar II
The Pillar Two rules apply to multinational enterprises that have consolidated revenues of EUR 750
million in at least two of the last four years. The Bonheur group of companies is in scope of these rules.
Multinational enterprises within the scope of the rules are required to calculate their Global Anti-Base
Erosion Rules (GloBE) effective tax rate for each jurisdiction where they operate. They will be liable to pay
a top-up tax for the difference between their GloBE effective tax rate for each jurisdiction and the 15%
minimum rate. If the GloBE effective tax rate domestically is 15% or more, no GloBE top-up tax will be
payable.
The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings,
and financial statements for the entities in the Group of companies. Based on our preliminary assessment,
the Pillar Two effective tax rates in most of the jurisdictions where Bonheur operates are above 15 percent.It is the ultimate parent entity of the multinational enterprise that is primarily liable for the GloBE top-up
tax in its jurisdiction\u2019s territory. The Bonheur group of companies will from 2024 calculate and report any
tax based on the OECD\u2019s Pillar II in addition to the original company income tax. The group has started the
process to assess whether Pillar II will have any payable tax effect for the group. First time to report this will
be 1st quarter 2024.
IFRS has introduced a mandatory temporary exception to the requirements of IAS 12 under which a
company does not recognize or disclose information about deferred tax assets and liabilities related to the
Base Erosion and Profit Shifting (BEPS) Pillar Two model rules",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193615": {
"value": "NOTE 9\u00a0\u00a0
Income taxes2023\u00a02022
Amounts in NOK 1,000
Profit/loss (-) before tax:
Norway\u00a0614,046\u00a01,144,943
Other countries\u00a01,423,000\u00a01,314,633
Total\u00a02,037,046\u00a02,459,575
Taxes paid (-) / received:
Norway\u00a0-90,505\u00a0-2,034
Other countries\u00a0-345,412\u00a0-712,339
Total paid taxes\u00a0-435,917\u00a0-714,373
1) Current tax expense (-) / income:
Norway\u00a0-47,120\u00a0-119,768
Other countries\u00a0-445,443\u00a0-515,294
Total current tax expenses\u00a0-492,563\u00a0-635,062
2) Deferred tax expense (-) / income:
Norway\u00a0-13,688\u00a0-19,405
Other countries\u00a048,463\u00a0-103,062
Total deferred tax expenses\u00a034,775\u00a0-122,467
Total income tax expenses 1) + 2)\u00a0-457,788\u00a0-757,529
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:
2023\u00a02022
Amounts in NOK 1,000
Income/(-)loss before tax\u00a02,037,046\u00a02,459,576
Norwegian statutory tax rate\u00a022%\u00a022%
Income tax using the Company's domestic tax rate\u00a0-448,150\u00a0-541,107
Increase (-reduction) in income taxes from:
Effect of tax rates other than statutory tax rate in Norway\u00a0-11,683\u00a0105,339
Effects on change in tax rates\u00a0-26,512\u00a0-4,142
Effects on tax incentives / tonnage tax\u00a0100,616\u00a0-240,360
Prior period adjustments\u00a01,303\u00a0-30,927
Change in recognized deductible temporary differences\u00a0-21,337\u00a012
Change in unrecognized deferred tax assets\u00a0-29,570\u00a0-39,622
Non-deductible and non-taxable expenses/income\u00a0-24,744\u00a0-14,202
Currency effects
1)
6,192\u00a019,646
Income/expenses recognized directly in equity\u00a0-3,904\u00a0-12,166
Tax expenses %\u00a022%\u00a031%
Tax expenses\u00a0-457,788\u00a0-757,529
1)
Currency effects primarily relate to translating tax positions in functional currency to NOKPayable tax as presented in the Statement of Financial Position
2023\u00a02022
Amounts in NOK 1,000
Current tax payable Norway\u00a041,697\u00a098,807
Current tax payable other countries\u00a082,356\u00a034,833
Current tax payable\u00a0124,053\u00a0133,640
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 2023, and 31 December 2022:
Assets
2023
Liabilities
2023\ue61b
Assets
2022
Liabilities
2022\ue61b
Amounts in NOK 1,000
Property, plant and equipment\u00a04,363\u00a0-599,041\u00a04,806\u00a0-566,059
Intangible assets\u00a01,638\u00a0-26,215\u00a01,605\u00a0-28,098
Gain and loss accounts\u00a0499\u00a0-10,036\u00a03,689\u00a0-3,842
Loans and borrowings\u00a0207\u00a0-59,083\u00a05,867\u00a0-11,771
Shares and bonds\u00a00\u00a0-2,376\u00a010,859\u00a02,604
Other\u00a020,280\u00a0-81,919\u00a08,491\u00a0-95,265
Tax loss carryforwards\u00a0304,428\u00a0-3,262\u00a0237,675\u00a0-726
Subtotal\u00a0331,414\u00a0-781,931\u00a0272,992\u00a0-703,157
Set off of tax\u00a0-143,660\u00a0143,660\u00a0-143,990\u00a0143,990
Net tax assets / (-) liabilities\u00a0187,754\u00a0-638,271\u00a0129,002\u00a0-559,167
Deferred tax assets have not been recognized in respect of the following items
2023\u00a02022
Amounts in NOK 1,000
Deductible temporary differences\u00a0163,634\u00a0162,894
Tax losses\u00a0428,886\u00a0483,337
Total\u00a0592,520\u00a0646,231
As at 31 December 2023, approximately NOK 1.8 billion of tax losses carried forward for subsidiaries in
Norway and NOK 220 million in subsidiaries in UK. 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. However,
this will not lead to 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.
OECD Pillar II
The Pillar Two rules apply to multinational enterprises that have consolidated revenues of EUR 750
million in at least two of the last four years. The Bonheur group of companies is in scope of these rules.
Multinational enterprises within the scope of the rules are required to calculate their Global Anti-Base
Erosion Rules (GloBE) effective tax rate for each jurisdiction where they operate. They will be liable to pay
a top-up tax for the difference between their GloBE effective tax rate for each jurisdiction and the 15%
minimum rate. If the GloBE effective tax rate domestically is 15% or more, no GloBE top-up tax will be
payable.
The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings,
and financial statements for the entities in the Group of companies. Based on our preliminary assessment,
the Pillar Two effective tax rates in most of the jurisdictions where Bonheur operates are above 15 percent.It is the ultimate parent entity of the multinational enterprise that is primarily liable for the GloBE top-uptax in its jurisdiction\u2019s territory. The Bonheur group of companies will from 2024 calculate and report any
tax based on the OECD\u2019s Pillar II in addition to the original company income tax. The group has started the
process to assess whether Pillar II will have any payable tax effect for the group. First time to report this will
be 1st quarter 2024.
IFRS has introduced a mandatory temporary exception to the requirements of IAS 12 under which a
company does not recognize or disclose information about deferred tax assets and liabilities related to the
Base Erosion and Profit Shifting (BEPS) Pillar Two model rules.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193614": {
"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
or substantively enacted by the reporting date.
Deferred tax assets and liabilities are recognized with the net amount if:
1. \u00a0there is a legally enforceable right to offset current tax liabilities and assets,
2. \u00a0they relate to income taxes levied by the same tax authority on the same taxable entity,
3. \u00a0on different tax entities if the intend to settle current tax liabilities and assets on a net basis
or their tax assets and liabilities will be realized simultaneously.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193618": {
"value": "Payable tax as presented in the Statement of Financial Position
2023\u00a02022
Amounts in NOK 1,000
Current tax payable Norway\u00a041,697\u00a098,807
Current tax payable other countries\u00a082,356\u00a034,833
Current tax payable\u00a0124,053\u00a0133,640
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 2023, and 31 December 2022:
Assets
2023
Liabilities
2023\ue61b
Assets
2022
Liabilities
2022\ue61b
Amounts in NOK 1,000
Property, plant and equipment\u00a04,363\u00a0-599,041\u00a04,806\u00a0-566,059
Intangible assets\u00a01,638\u00a0-26,215\u00a01,605\u00a0-28,098
Gain and loss accounts\u00a0499\u00a0-10,036\u00a03,689\u00a0-3,842
Loans and borrowings\u00a0207\u00a0-59,083\u00a05,867\u00a0-11,771
Shares and bonds\u00a00\u00a0-2,376\u00a010,859\u00a02,604
Other\u00a020,280\u00a0-81,919\u00a08,491\u00a0-95,265
Tax loss carryforwards\u00a0304,428\u00a0-3,262\u00a0237,675\u00a0-726
Subtotal\u00a0331,414\u00a0-781,931\u00a0272,992\u00a0-703,157
Set off of tax\u00a0-143,660\u00a0143,660\u00a0-143,990\u00a0143,990
Net tax assets / (-) liabilities\u00a0187,754\u00a0-638,271\u00a0129,002\u00a0-559,167
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193624": {
"value": "NOTE10\u00a0\u00a0Property, 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.
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.
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required
by classification societies, are capitalised and depreciated over the antici\u00acpated 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.
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.
When parts of an item of property, plant and equipment have different useful lives, they are
accounted for separatelGains 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.
(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.
(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.
he estimated useful lives for the current and comparative periods are as follows: Windfarms\u00a024 years
Vessels\u00a010 to 42 years
Wind installation vessels\u00a020 years
Plant and Buildings\u00a05 to 50 years
Machinery and Equipment \u00a03 to 10 years
Cars\u00a07 years
IT Equipment\u00a05 years
Furniture and fixtures\u00a05 to10 years
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.
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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193623": {
"value": "NOTE10\u00a0\u00a0Property, 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.
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.
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required
by classification societies, are capitalised and depreciated over the antici\u00acpated 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.
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.
When parts of an item of property, plant and equipment have different useful lives, they are
accounted for separatelyGains 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.
(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.
(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
depreciatedThe estimated useful lives for the current and comparative periods are as follows:
Windfarms\u00a024 years
Vessels\u00a010 to 42 years
Wind installation vessels\u00a020 years
Plant and Buildings\u00a05 to 50 years
Machinery and Equipment \u00a03 to 10 years
Cars\u00a07 years
IT Equipment\u00a05 years
Furniture and fixtures\u00a05 to10 years
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.
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.
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 recognisedWindfarms\u00a0Vessels
Other
fixed assets\u00a0Total
Amounts in NOK 1,000
Costs
Balance at 1 January 2022\u00a09,848,243\u00a09,947,875\u00a01,031,201\u00a020,827,319
Acquisitions\u00a0167,457\u00a0494,707\u00a0249,666\u00a0911,830
Right to use asset (leasing IFRS 16)\u00a036,859\u00a00\u00a076,983\u00a0113,842
Disposals\u00a0-74,462\u00a0-359,312\u00a0-7,368\u00a0-441,142
Other\u00a00\u00a00\u00a00\u00a00
Reclassifications\u00a00\u00a0-1,621,394\u00a00\u00a0-1,621,394
Currency translation\u00a0-57,901\u00a0248,042\u00a060,913\u00a0251,054
Balance at 31 December 2022\u00a09,920,196\u00a08,709,918\u00a01,411,395\u00a020,041,509
Balance at 1 January 2023\u00a09,920,196\u00a08,709,918\u00a01,411,395\u00a020,041,509
Acquisitions\u00a0195,784\u00a0489,835\u00a0101,625\u00a0787,244
Right to use asset (leasing IFRS 16)\u00a038,470\u00a00\u00a034,553\u00a073,023
Disposals\u00a0-7,930\u00a0-32,284\u00a0-31,735\u00a0-71,949
Other\u00a06,537\u00a00\u00a0-655\u00a05,882
Reclassifications\u00a0-111\u00a00\u00a00\u00a0-111
Currency translation\u00a0814,495\u00a0673,311\u00a061,983\u00a01,549,789
Balance at 31 December 2023\u00a010,967,441\u00a09,840,780\u00a01,577,166\u00a022,385,387
Depreciation and impairment losses
Balance at 1 January 2022\u00a04,609,617\u00a04,937,308\u00a0558,155\u00a010,105,080
Depreciation\u00a0293,740\u00a0605,524\u00a0117,914\u00a01,017,178
Impairments\u00a00\u00a0456,573\u00a00\u00a0456,573
Disposals\u00a00\u00a0-359,312\u00a0-1,299\u00a0-360,611
Reclassifications\u00a00\u00a0-1,585,483\u00a00\u00a0-1,585,483
Other\u00a00\u00a00\u00a00\u00a00
Currency translation\u00a0-22,208\u00a0121,582\u00a0-41,777\u00a057,598
Balance at 31 December 2022\u00a04,881,149\u00a04,176,192\u00a0632,993\u00a09,690,335
Balance at 1 January 2023\u00a04,881,149\u00a04,176,192\u00a0632,993\u00a09,690,335
Depreciation\u00a0301,269\u00a0551,752\u00a0137,217\u00a0990,238
Impairments\u00a00\u00a00\u00a00\u00a00
Disposals\u00a0-2,674\u00a0-32,284\u00a0-19,688\u00a0-54,646
Reclassifications\u00a00\u00a00\u00a0-44\u00a0-44
Other\u00a00\u00a00\u00a0-57\u00a0-57
Currency translation\u00a0409,916\u00a0337,075\u00a018,715\u00a0765,705
Balance at 31 December 2023\u00a05,589,660\u00a05,032,735\u00a0769,136\u00a011,391,531
Carrying amounts
At 1 January 2022\u00a05,238,626\u00a05,010,567\u00a0473,046\u00a010,722,239
At 31 December 2022\u00a05,039,047\u00a04,533,725\u00a0778,403\u00a010,351,175
At 1 January 2023\u00a05,039,047\u00a04,533,725\u00a0778,403\u00a010,351,175
At 31 December 2023\u00a05,377,781\u00a04,808,045\u00a0808,030\u00a010,993,856
Depreciation schedule is linear for all categories.
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.
The carrying amounts of the Group of companies' property, plant and equipment has been reviewed up
against falling power prices, new tax legislation in the onshore wind industry and a normalised cruise
business at 31. December 2023, but no indications of impairment have been identified.
In 2022 the challenging market for the cruise business was an impairment indicator. The impairment testing
resulted in an impairment of GBP 39 million (NOK 457 million).
Within the Group of companies, an impairment NOK 0 million (NOK 457 million) was recognized on
property, plant and equipment in 2023:
2023\u00a02022
Amounts in NOK million
Cruise\u00a00\u00a0457
Total impairment\u00a00\u00a0457
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193622": {
"value": "NOTE10Property, 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.
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.
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\u00a0
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.
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
determine 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.
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.
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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193621": {
"value": "NOTE10\u00a0\u00a0Property, plant and equipmentImpairment
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.
The carrying amounts of the Group of companies' property, plant and equipment has been reviewed up
against falling power prices, new tax legislation in the onshore wind industry and a normalised cruise
business at 31. December 2023, but no indications of impairment have been identified.
In 2022 the challenging market for the cruise business was an impairment indicator. The impairment testing
resulted in an impairment of GBP 39 million (NOK 457 million).
Within the Group of companies, an impairment NOK 0 million (NOK 457 million) was recognized on
property, plant and equipment in 2023:
2023\u00a02022
Amounts in NOK million
Cruise\u00a00\u00a0457
Total impairment\u00a00\u00a0457
NOTE 11\u00a0
Intangible assets
Impairment
Within the group of companies all intangible assets have been impairment tested as per 31 December
2023, and impairment of NOK 45 million (2022 NOK -5 million) was recognized in 2023:
2023\u00a02022
Amounts in NOK million
Renewable Energy\u00a012\u00a014
Wind Service\u00a00\u00a0-18
Other Investments\u00a033\u00a00
Total Impairment \u00a045\u00a0-5
Renewable Energy
Development costs:
FOR has intangible assets with a book value of NOK 510 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 2023 NOK 12 million
(NOK 14 million) was impaired. For FOS, the offshore wind farms intangible assets are included in cost from
associates.
Wind Service
In 2022 a reversal of an impairment of NOK -18 million was recorded 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
289 million and NOK 162 million, respectively. The recoverable amount for the cash generating units (CGU)
within the media business area are based on a value in use approach (discounted cashflows). The value in
use approach is based on NHST\u2019s strategic plans for the respective business areas and budget and forecast
figures for the period 2024-2028.
In the media business area, the key assumption is the revenue growth rates of in average 4% for the period
2024-2028. The growth rate in the terminal value in the cash flow model is 2%. If the growth rate is reduced
by 1 percentage point each year, inclusive the growth in the terminal value, the average enterprise value
decrease by 22%. The weighted average cost of capital (WACC) used in the calculation of discounted cash
flows is 11.1%. The cash flow model has been tested for changes in forecasted revenues and discount rate.
A growth rate below 2,4% in 2024 may trigger an impairment for the CGU with the highest sensitivity,
keeping all other assumptions unchanged. The sensitivity analysis provides sufficient headroom and
comfort for the value in use compared to book values in the Bonheur Group of companies.
In the software business area, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193620": {
"value": "i) Recognition and measurementItems of property, plant and equipment are measured at cost less accumulated depreciation and
impairment losses.
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.
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required
by classification societies, are capitalised and depreciated over the antici\u00acpated 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 farmWhen parts of an item of property, plant and equipment have different useful lives, they are
accounted for separatelyGains 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193619": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193625": {
"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.
The estimated useful lives for the current and comparative periods are as follows:
Windfarms\u00a024 years
Vessels\u00a010 to 42 years
Wind installation vessels\u00a020 years
Plant and Buildings\u00a05 to 50 years
Machinery and Equipment \u00a03 to 10 years
Cars\u00a07 years
IT Equipment\u00a05 years
Furniture and fixtures\u00a05 to10 years
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193626": {
"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.
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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193627": {
"value": "Windfarms\u00a0Vessels
Other
fixed assets\u00a0Total
Amounts in NOK 1,000
Costs
Balance at 1 January 2022\u00a09,848,243\u00a09,947,875\u00a01,031,201\u00a020,827,319
Acquisitions\u00a0167,457\u00a0494,707\u00a0249,666\u00a0911,830
Right to use asset (leasing IFRS 16)\u00a036,859\u00a00\u00a076,983\u00a0113,842
Disposals\u00a0-74,462\u00a0-359,312\u00a0-7,368\u00a0-441,142
Other\u00a00\u00a00\u00a00\u00a00
Reclassifications\u00a00\u00a0-1,621,394\u00a00\u00a0-1,621,394
Currency translation\u00a0-57,901\u00a0248,042\u00a060,913\u00a0251,054
Balance at 31 December 2022\u00a09,920,196\u00a08,709,918\u00a01,411,395\u00a020,041,509
Balance at 1 January 2023\u00a09,920,196\u00a08,709,918\u00a01,411,395\u00a020,041,509
Acquisitions\u00a0195,784\u00a0489,835\u00a0101,625\u00a0787,244
Right to use asset (leasing IFRS 16)\u00a038,470\u00a00\u00a034,553\u00a073,023
Disposals\u00a0-7,930\u00a0-32,284\u00a0-31,735\u00a0-71,949
Other\u00a06,537\u00a00\u00a0-655\u00a05,882
Reclassifications\u00a0-111\u00a00\u00a00\u00a0-111
Currency translation\u00a0814,495\u00a0673,311\u00a061,983\u00a01,549,789
Balance at 31 December 2023\u00a010,967,441\u00a09,840,780\u00a01,577,166\u00a022,385,387
Depreciation and impairment losses
Balance at 1 January 2022\u00a04,609,617\u00a04,937,308\u00a0558,155\u00a010,105,080
Depreciation\u00a0293,740\u00a0605,524\u00a0117,914\u00a01,017,178
Impairments\u00a00\u00a0456,573\u00a00\u00a0456,573
Disposals\u00a00\u00a0-359,312\u00a0-1,299\u00a0-360,611
Reclassifications\u00a00\u00a0-1,585,483\u00a00\u00a0-1,585,483
Other\u00a00\u00a00\u00a00\u00a00
Currency translation\u00a0-22,208\u00a0121,582\u00a0-41,777\u00a057,598
Balance at 31 December 2022\u00a04,881,149\u00a04,176,192\u00a0632,993\u00a09,690,335
Balance at 1 January 2023\u00a04,881,149\u00a04,176,192\u00a0632,993\u00a09,690,335
Depreciation\u00a0301,269\u00a0551,752\u00a0137,217\u00a0990,238
Impairments\u00a00\u00a00\u00a00\u00a00
Disposals\u00a0-2,674\u00a0-32,284\u00a0-19,688\u00a0-54,646
Reclassifications\u00a00\u00a00\u00a0-44\u00a0-44
Other\u00a00\u00a00\u00a0-57\u00a0-57
Currency translation\u00a0409,916\u00a0337,075\u00a018,715\u00a0765,705
Balance at 31 December 2023\u00a05,589,660\u00a05,032,735\u00a0769,136\u00a011,391,531
Carrying amounts
At 1 January 2022\u00a05,238,626\u00a05,010,567\u00a0473,046\u00a010,722,239
At 31 December 2022\u00a05,039,047\u00a04,533,725\u00a0778,403\u00a010,351,175
At 1 January 2023\u00a05,039,047\u00a04,533,725\u00a0778,403\u00a010,351,175
At 31 December 2023\u00a05,377,781\u00a04,808,045\u00a0808,030\u00a010,993,856
Depreciation schedule is linear for all categoriesDevelopment
costs
Publishing
rights
1)
Goodwill
Customer
relationships,
technology,
patents, other\u00a0Total
Amounts in NOK 1,000
Cost
Balance at 1 January 2022\u00a0578,957\u00a0162,000\u00a0537,730\u00a0626,463\u00a01,905,151
Acquisitions\u00a056,549\u00a00\u00a00\u00a075,534\u00a0132,083
Disposals\u00a0-112,112\u00a00\u00a00\u00a0-158,018\u00a0-270,130
Reclassifications\u00a0-17,420\u00a00\u00a03\u00a0-166\u00a0-17,583
Currency translation\u00a0-1,544\u00a00\u00a05,685\u00a09,811\u00a013,953
Balance at 31 December 2022\u00a0504,430\u00a0162,000\u00a0543,418\u00a0553,624\u00a01,763,473
Cost
Balance at 1 January 2023\u00a0504,430\u00a0162,000\u00a0543,418\u00a0553,624\u00a01,763,473
Acquisitions
2)
84,564\u00a00\u00a01,306\u00a077,851\u00a0163,722
Reclassifications\u00a0-2\u00a00\u00a0-4,300\u00a0-35,409\u00a0-39,711
Currency translation\u00a045,464\u00a00\u00a07,516\u00a01,000\u00a053,980
Balance at 31 December 2023\u00a0634,457\u00a0162,000\u00a0547,939\u00a0597,066\u00a01,941,462
Depreciation and impairment losses
Balance at 1 January 2022\u00a0193,072\u00a00\u00a0112,888\u00a0525,676\u00a0831,636
Depreciation\u00a013,171\u00a00\u00a00\u00a057,713\u00a070,884
Impairments\u00a013,714\u00a00\u00a00\u00a0-18,243\u00a0-4,529
Disposals\u00a0-112,108\u00a00\u00a00\u00a0-158,018\u00a0-270,126
Reclassifications\u00a0-10,521\u00a00\u00a00\u00a022,197\u00a011,676
Currency translation\u00a0-6,685\u00a00\u00a0-2,053\u00a04,494\u00a0-4,244
Balance at 31 December 2022\u00a090,643\u00a00\u00a0110,835\u00a0433,819\u00a0635,297
Balance at 1 January 2023\u00a090,643\u00a00\u00a0110,835\u00a0433,819\u00a0635,297
Depreciation\u00a013,321\u00a00\u00a00\u00a066,447\u00a079,768
Impairments\u00a011,974\u00a00\u00a033,000\u00a00\u00a044,974
Reclassifications\u00a00\u00a00\u00a0-4,300\u00a0-35,516\u00a0-39,816
Currency translation\u00a07,773\u00a00\u00a0-3,141\u00a0-6,335\u00a0-1,703
Balance at 31 December 2023\u00a0123,712\u00a00\u00a0136,394\u00a0458,414\u00a0718,520
Carrying amounts
At 1 January 2022\u00a0385,885\u00a0162,000\u00a0424,842\u00a0100,787\u00a01,073,514
At 31 December 2022\u00a0413,787\u00a0162,000\u00a0432,583\u00a0119,805\u00a01,128,175
At 1 January 2023\u00a0413,787\u00a0162,000\u00a0432,583\u00a0119,805\u00a01,128,175
At 31 December 2023\u00a0510,745\u00a0162,000\u00a0411,545\u00a0138,652\u00a01,222,942
1)
Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Media Group AS.
2)
Acquisition of development costs, NOK 85 million (NOK 57 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 65 million (NOK 58 million) relates to various IT
development project within NHST and NOK 13 million (NOK 17) relates to various patents within renewable energy
acquired by Fred. Olsen 1848 AS",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193633": {
"value": "NOTE 11\u00a0
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.
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.
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.
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:
Technology\u00a05 years
Customer relationships\u00a09 years
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.
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.
(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.
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
determine 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.
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.
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.
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
Development
costs
Publishing
rights
1)
Goodwill
Customer
relationships,
technology,
patents, other\u00a0Total
Amounts in NOK 1,000
Cost
Balance at 1 January 2022\u00a0578,957\u00a0162,000\u00a0537,730\u00a0626,463\u00a01,905,151
Acquisitions\u00a056,549\u00a00\u00a00\u00a075,534\u00a0132,083
Disposals\u00a0-112,112\u00a00\u00a00\u00a0-158,018\u00a0-270,130
Reclassifications\u00a0-17,420\u00a00\u00a03\u00a0-166\u00a0-17,583
Currency translation\u00a0-1,544\u00a00\u00a05,685\u00a09,811\u00a013,953
Balance at 31 December 2022\u00a0504,430\u00a0162,000\u00a0543,418\u00a0553,624\u00a01,763,473
Cost
Balance at 1 January 2023\u00a0504,430\u00a0162,000\u00a0543,418\u00a0553,624\u00a01,763,473
Acquisitions
2)
84,564\u00a00\u00a01,306\u00a077,851\u00a0163,722
Reclassifications\u00a0-2\u00a00\u00a0-4,300\u00a0-35,409\u00a0-39,711
Currency translation\u00a045,464\u00a00\u00a07,516\u00a01,000\u00a053,980
Balance at 31 December 2023\u00a0634,457\u00a0162,000\u00a0547,939\u00a0597,066\u00a01,941,462
Depreciation and impairment losses
Balance at 1 January 2022\u00a0193,072\u00a00\u00a0112,888\u00a0525,676\u00a0831,636
Depreciation\u00a013,171\u00a00\u00a00\u00a057,713\u00a070,884
Impairments\u00a013,714\u00a00\u00a00\u00a0-18,243\u00a0-4,529
Disposals\u00a0-112,108\u00a00\u00a00\u00a0-158,018\u00a0-270,126
Reclassifications\u00a0-10,521\u00a00\u00a00\u00a022,197\u00a011,676
Currency translation\u00a0-6,685\u00a00\u00a0-2,053\u00a04,494\u00a0-4,244
Balance at 31 December 2022\u00a090,643\u00a00\u00a0110,835\u00a0433,819\u00a0635,297
Balance at 1 January 2023\u00a090,643\u00a00\u00a0110,835\u00a0433,819\u00a0635,297
Depreciation\u00a013,321\u00a00\u00a00\u00a066,447\u00a079,768
Impairments\u00a011,974\u00a00\u00a033,000\u00a00\u00a044,974
Reclassifications\u00a00\u00a00\u00a0-4,300\u00a0-35,516\u00a0-39,816
Currency translation\u00a07,773\u00a00\u00a0-3,141\u00a0-6,335\u00a0-1,703
Balance at 31 December 2023\u00a0123,712\u00a00\u00a0136,394\u00a0458,414\u00a0718,520
Carrying amounts
At 1 January 2022\u00a0385,885\u00a0162,000\u00a0424,842\u00a0100,787\u00a01,073,514
At 31 December 2022\u00a0413,787\u00a0162,000\u00a0432,583\u00a0119,805\u00a01,128,175
At 1 January 2023\u00a0413,787\u00a0162,000\u00a0432,583\u00a0119,805\u00a01,128,175
At 31 December 2023\u00a0510,745\u00a0162,000\u00a0411,545\u00a0138,652\u00a01,222,942
1)
Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Media Group AS.
2)
Acquisition of development costs, NOK 85 million (NOK 57 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 65 million (NOK 58 million) relates to various IT
development project within NHST and NOK 13 million (NOK 17) 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
2023, and impairment of NOK 45 million (2022 NOK -5 million) was recognized in 2023:
2023\u00a02022
Amounts in NOK million
Renewable Energy\u00a012\u00a014
Wind Service\u00a00\u00a0-18
Other Investments\u00a033\u00a00
Total Impairment \u00a045\u00a0-5
Renewable Energy
Development costs:
FOR has intangible assets with a book value of NOK 510 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 2023 NOK 12 million
(NOK 14 million) was impaired. For FOS, the offshore wind farms intangible assets are included in cost from
associates.
Wind Service
In 2022 a reversal of an impairment of NOK -18 million was recorded 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
289 million and NOK 162 million, respectively. The recoverable amount for the cash generating units (CGU)
within the media business area are based on a value in use approach (discounted cashflows). The value in
use approach is based on NHST\u2019s strategic plans for the respective business areas and budget and forecast
figures for the period 2024-2028.
In the media business area, the key assumption is the revenue growth rates of in average 4% for the period
2024-2028. The growth rate in the terminal value in the cash flow model is 2%. If the growth rate is reduced
by 1 percentage point each year, inclusive the growth in the terminal value, the average enterprise value
decrease by 22%. The weighted average cost of capital (WACC) used in the calculation of discounted cash
flows is 11.1%. The cash flow model has been tested for changes in forecasted revenues and discount rate.
A growth rate below 2,4% in 2024 may trigger an impairment for the CGU with the highest sensitivity,
keeping all other assumptions unchanged. The sensitivity analysis provides sufficient headroom and
comfort for the value in use compared to book values in the Bonheur Group of companies.
In the software business area, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193632": {
"value": "NOTE 11\u00a0
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.
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.
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.
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:
Technology\u00a05 years
Customer relationships\u00a09 years
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.
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.
(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.
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
determine 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.
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.
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.
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
Development
costs
Publishing
rights
1)
Goodwill
Customer
relationships,
technology,
patents, other\u00a0Total
Amounts in NOK 1,000
Cost
Balance at 1 January 2022\u00a0578,957\u00a0162,000\u00a0537,730\u00a0626,463\u00a01,905,151
Acquisitions\u00a056,549\u00a00\u00a00\u00a075,534\u00a0132,083
Disposals\u00a0-112,112\u00a00\u00a00\u00a0-158,018\u00a0-270,130
Reclassifications\u00a0-17,420\u00a00\u00a03\u00a0-166\u00a0-17,583
Currency translation\u00a0-1,544\u00a00\u00a05,685\u00a09,811\u00a013,953
Balance at 31 December 2022\u00a0504,430\u00a0162,000\u00a0543,418\u00a0553,624\u00a01,763,473
Cost
Balance at 1 January 2023\u00a0504,430\u00a0162,000\u00a0543,418\u00a0553,624\u00a01,763,473
Acquisitions
2)
84,564\u00a00\u00a01,306\u00a077,851\u00a0163,722
Reclassifications\u00a0-2\u00a00\u00a0-4,300\u00a0-35,409\u00a0-39,711
Currency translation\u00a045,464\u00a00\u00a07,516\u00a01,000\u00a053,980
Balance at 31 December 2023\u00a0634,457\u00a0162,000\u00a0547,939\u00a0597,066\u00a01,941,462
Depreciation and impairment losses
Balance at 1 January 2022\u00a0193,072\u00a00\u00a0112,888\u00a0525,676\u00a0831,636
Depreciation\u00a013,171\u00a00\u00a00\u00a057,713\u00a070,884
Impairments\u00a013,714\u00a00\u00a00\u00a0-18,243\u00a0-4,529
Disposals\u00a0-112,108\u00a00\u00a00\u00a0-158,018\u00a0-270,126
Reclassifications\u00a0-10,521\u00a00\u00a00\u00a022,197\u00a011,676
Currency translation\u00a0-6,685\u00a00\u00a0-2,053\u00a04,494\u00a0-4,244
Balance at 31 December 2022\u00a090,643\u00a00\u00a0110,835\u00a0433,819\u00a0635,297
Balance at 1 January 2023\u00a090,643\u00a00\u00a0110,835\u00a0433,819\u00a0635,297
Depreciation\u00a013,321\u00a00\u00a00\u00a066,447\u00a079,768
Impairments\u00a011,974\u00a00\u00a033,000\u00a00\u00a044,974
Reclassifications\u00a00\u00a00\u00a0-4,300\u00a0-35,516\u00a0-39,816
Currency translation\u00a07,773\u00a00\u00a0-3,141\u00a0-6,335\u00a0-1,703
Balance at 31 December 2023\u00a0123,712\u00a00\u00a0136,394\u00a0458,414\u00a0718,520
Carrying amounts
At 1 January 2022\u00a0385,885\u00a0162,000\u00a0424,842\u00a0100,787\u00a01,073,514
At 31 December 2022\u00a0413,787\u00a0162,000\u00a0432,583\u00a0119,805\u00a01,128,175
At 1 January 2023\u00a0413,787\u00a0162,000\u00a0432,583\u00a0119,805\u00a01,128,175
At 31 December 2023\u00a0510,745\u00a0162,000\u00a0411,545\u00a0138,652\u00a01,222,942
1)
Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Media Group AS.
2)
Acquisition of development costs, NOK 85 million (NOK 57 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 65 million (NOK 58 million) relates to various IT
development project within NHST and NOK 13 million (NOK 17) 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
2023, and impairment of NOK 45 million (2022 NOK -5 million) was recognized in 2023:
2023\u00a02022
Amounts in NOK million
Renewable Energy\u00a012\u00a014
Wind Service\u00a00\u00a0-18
Other Investments\u00a033\u00a00
Total Impairment \u00a045\u00a0-5
Renewable Energy
Development costs:
FOR has intangible assets with a book value of NOK 510 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 2023 NOK 12 million
(NOK 14 million) was impaired. For FOS, the offshore wind farms intangible assets are included in cost from
associates.
Wind Service
In 2022 a reversal of an impairment of NOK -18 million was recorded 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
289 million and NOK 162 million, respectively. The recoverable amount for the cash generating units (CGU)
within the media business area are based on a value in use approach (discounted cashflows). The value in
use approach is based on NHST\u2019s strategic plans for the respective business areas and budget and forecast
figures for the period 2024-2028.
In the media business area, the key assumption is the revenue growth rates of in average 4% for the period
2024-2028. The growth rate in the terminal value in the cash flow model is 2%. If the growth rate is reduced
by 1 percentage point each year, inclusive the growth in the terminal value, the average enterprise value
decrease by 22%. The weighted average cost of capital (WACC) used in the calculation of discounted cash
flows is 11.1%. The cash flow model has been tested for changes in forecasted revenues and discount rate.
A growth rate below 2,4% in 2024 may trigger an impairment for the CGU with the highest sensitivity,
keeping all other assumptions unchanged. The sensitivity analysis provides sufficient headroom and
comfort for the value in use compared to book values in the Bonheur Group of companies.
In the software business area, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193631": {
"value": "NOTE 11\u00a0
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.
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.
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.
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:
Technology\u00a05 years
Customer relationships\u00a09 years
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.
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.
(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.
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
determine 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.
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.
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.
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
Development
costs
Publishing
rights
1)
Goodwill
Customer
relationships,
technology,
patents, other\u00a0Total
Amounts in NOK 1,000
Cost
Balance at 1 January 2022\u00a0578,957\u00a0162,000\u00a0537,730\u00a0626,463\u00a01,905,151
Acquisitions\u00a056,549\u00a00\u00a00\u00a075,534\u00a0132,083
Disposals\u00a0-112,112\u00a00\u00a00\u00a0-158,018\u00a0-270,130
Reclassifications\u00a0-17,420\u00a00\u00a03\u00a0-166\u00a0-17,583
Currency translation\u00a0-1,544\u00a00\u00a05,685\u00a09,811\u00a013,953
Balance at 31 December 2022\u00a0504,430\u00a0162,000\u00a0543,418\u00a0553,624\u00a01,763,473
Cost
Balance at 1 January 2023\u00a0504,430\u00a0162,000\u00a0543,418\u00a0553,624\u00a01,763,473
Acquisitions
2)
84,564\u00a00\u00a01,306\u00a077,851\u00a0163,722
Reclassifications\u00a0-2\u00a00\u00a0-4,300\u00a0-35,409\u00a0-39,711
Currency translation\u00a045,464\u00a00\u00a07,516\u00a01,000\u00a053,980
Balance at 31 December 2023\u00a0634,457\u00a0162,000\u00a0547,939\u00a0597,066\u00a01,941,462
Depreciation and impairment losses
Balance at 1 January 2022\u00a0193,072\u00a00\u00a0112,888\u00a0525,676\u00a0831,636
Depreciation\u00a013,171\u00a00\u00a00\u00a057,713\u00a070,884
Impairments\u00a013,714\u00a00\u00a00\u00a0-18,243\u00a0-4,529
Disposals\u00a0-112,108\u00a00\u00a00\u00a0-158,018\u00a0-270,126
Reclassifications\u00a0-10,521\u00a00\u00a00\u00a022,197\u00a011,676
Currency translation\u00a0-6,685\u00a00\u00a0-2,053\u00a04,494\u00a0-4,244
Balance at 31 December 2022\u00a090,643\u00a00\u00a0110,835\u00a0433,819\u00a0635,297
Balance at 1 January 2023\u00a090,643\u00a00\u00a0110,835\u00a0433,819\u00a0635,297
Depreciation\u00a013,321\u00a00\u00a00\u00a066,447\u00a079,768
Impairments\u00a011,974\u00a00\u00a033,000\u00a00\u00a044,974
Reclassifications\u00a00\u00a00\u00a0-4,300\u00a0-35,516\u00a0-39,816
Currency translation\u00a07,773\u00a00\u00a0-3,141\u00a0-6,335\u00a0-1,703
Balance at 31 December 2023\u00a0123,712\u00a00\u00a0136,394\u00a0458,414\u00a0718,520
Carrying amounts
At 1 January 2022\u00a0385,885\u00a0162,000\u00a0424,842\u00a0100,787\u00a01,073,514
At 31 December 2022\u00a0413,787\u00a0162,000\u00a0432,583\u00a0119,805\u00a01,128,175
At 1 January 2023\u00a0413,787\u00a0162,000\u00a0432,583\u00a0119,805\u00a01,128,175
At 31 December 2023\u00a0510,745\u00a0162,000\u00a0411,545\u00a0138,652\u00a01,222,942
1)
Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Media Group AS.
2)
Acquisition of development costs, NOK 85 million (NOK 57 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 65 million (NOK 58 million) relates to various IT
development project within NHST and NOK 13 million (NOK 17) 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
2023, and impairment of NOK 45 million (2022 NOK -5 million) was recognized in 2023:
2023\u00a02022
Amounts in NOK million
Renewable Energy\u00a012\u00a014
Wind Service\u00a00\u00a0-18
Other Investments\u00a033\u00a00
Total Impairment \u00a045\u00a0-5
Renewable Energy
Development costs:
FOR has intangible assets with a book value of NOK 510 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 2023 NOK 12 million
(NOK 14 million) was impaired. For FOS, the offshore wind farms intangible assets are included in cost from
associates.
Wind Service
In 2022 a reversal of an impairment of NOK -18 million was recorded 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
289 million and NOK 162 million, respectively. The recoverable amount for the cash generating units (CGU)
within the media business area are based on a value in use approach (discounted cashflows). The value in
use approach is based on NHST\u2019s strategic plans for the respective business areas and budget and forecast
figures for the period 2024-2028.
In the media business area, the key assumption is the revenue growth rates of in average 4% for the period
2024-2028. The growth rate in the terminal value in the cash flow model is 2%. If the growth rate is reduced
by 1 percentage point each year, inclusive the growth in the terminal value, the average enterprise value
decrease by 22%. The weighted average cost of capital (WACC) used in the calculation of discounted cash
flows is 11.1%. The cash flow model has been tested for changes in forecasted revenues and discount rate.
A growth rate below 2,4% in 2024 may trigger an impairment for the CGU with the highest sensitivity,
keeping all other assumptions unchanged. The sensitivity analysis provides sufficient headroom and
comfort for the value in use compared to book values in the Bonheur Group of companies.
In the software business area, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193629": {
"value": "NOTE 11\u00a0
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.
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.
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.
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:
Technology\u00a05 years
Customer relationships\u00a09 years
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.
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.
(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.
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
determine 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.
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.
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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193630": {
"value": "NOTE 11\u00a0
Intangible assets
(ii) Research and development
Expenses for research activities with the prospect of gaining new technical knowledge, are
recognised in profit and loss when incurred.
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.
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.
Customer relationships represent the value of the existing customers and are recognised as a
separate componentThe estimated useful lives for the current and comparative periods are as follows:
Technology\u00a05 years
Customer relationships\u00a09 years
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.
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.
(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.
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
determine 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.
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.
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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193628": {
"value": "ii) Research and developmentExpenses for research activities with the prospect of gaining new technical knowledge, are
recognised in profit and loss when incurred.
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.
Capitalised development expenditures are measured at cost less accumulated impairment losses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193639": {
"value": "NOTE 12\u00a0\u00a0
Investments in associates and joint ventures
Accounting 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193638": {
"value": "NOTE 12\u00a0\u00a0
Investments in associates and joint ventures
Accounting 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193636": {
"value": "NOTE 12\u00a0\u00a0
Investments in associates and joint ventures
Consolidated
Codling
Holding Ltd
1)
Muir
Mhor Ltd
Other
associates
2)
Total
Amounts in NOK 1,000
Business office\u00a0Ireland\u00a0Scotland
Bonheur Group's ownership
per 31 December 2022
50.00%\u00a050.00%
Bonheur Group's percentage of votes
per 31 December 2022
50.00%\u00a050.00%
Bonheur Group's ownership
per 31 December 2023
50.00%\u00a050.00%
Bonheur Group's percentage of votes
per 31 December 2023
50.00%\u00a050.00%
Share of equity per 31.12.2022\u00a0-29,329\u00a0169,930\u00a032,266\u00a0172,868
Adjustment opening balance\u00a00\u00a00\u00a00\u00a00
Profit from the company accounts\u00a0-21,166\u00a01,097\u00a0-294\u00a0-20,363
Net profit included in Bonheur
Group of companies
-21,166\u00a01,097\u00a0-294\u00a0-20,363
Share issue / Capital increase\u00a00\u00a098,599\u00a00\u00a098,599
Acquisition / disposal\u00a00\u00a00\u00a0-2,317\u00a0-2,317
Currency translation differences\u00a0-1,384\u00a015,495\u00a0-2,264\u00a011,847
Other\u00a023,209\u00a00\u00a00\u00a023,209
Share of equity per 31.12.2023\u00a0-28,671\u00a0285,122\u00a027,392\u00a0283,843
The presentation shows the accounts for the most significant associates as of 31 December 2023.
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 2023
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.
Codling Holding Ltd
2023\u00a02022
Amounts in NOK 1,000
Profit for the year\u00a0-42,332\u00a0-23,670
Total assets\u00a01,120,834\u00a0706,229
Total liabilities\u00a01,178,176\u00a0764,887
Total equity\u00a0-57,342\u00a0-58,658
Fred. Olsen Seawind is progressing the development of Codling Wind Park project in the Irish Sea, which
represents one of the largest energy infrastructure investments in Ireland this decade and would become
Ireland\u2019s largest offshore windfarm. In 2023 Codling Wind Park Ltd. (Ireland) was awarded 1,300 MW in the
offshore wind CfD auction in Ireland (ORESS 1). The submission of the consent application for the Codling
Wind Park project is scheduled in 2Q 2024.
Muir Mhor Ltd
2023\u00a02022
Amounts in NOK 1,000
Profit for the year\u00a02,194\u00a0-175
Total assets\u00a0618,025\u00a0392,576
Total liabilities\u00a047,781\u00a052,717
Total equity\u00a0570,244\u00a0339,859
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. The submission of the consent application for Muir Mh\u00f2r is scheduled by
year-end 2024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193635": {
"value": "NOTE 12\u00a0\u00a0
Investments in associates and joint venturesConsolidated
Codling
Holding Ltd
1)
Muir
Mhor Ltd
Other
associates
2)
Total
Amounts in NOK 1,000
Business office\u00a0Ireland\u00a0Scotland
Bonheur Group's ownership
per 31 December 2022
50.00%\u00a050.00%
Bonheur Group's percentage of votes
per 31 December 2022
50.00%\u00a050.00%
Bonheur Group's ownership
per 31 December 2023
50.00%\u00a050.00%
Bonheur Group's percentage of votes
per 31 December 2023
50.00%\u00a050.00%
Share of equity per 31.12.2022\u00a0-29,329\u00a0169,930\u00a032,266\u00a0172,868
Adjustment opening balance\u00a00\u00a00\u00a00\u00a00
Profit from the company accounts\u00a0-21,166\u00a01,097\u00a0-294\u00a0-20,363
Net profit included in Bonheur
Group of companies
-21,166\u00a01,097\u00a0-294\u00a0-20,363
Share issue / Capital increase\u00a00\u00a098,599\u00a00\u00a098,599
Acquisition / disposal\u00a00\u00a00\u00a0-2,317\u00a0-2,317
Currency translation differences\u00a0-1,384\u00a015,495\u00a0-2,264\u00a011,847
Other\u00a023,209\u00a00\u00a00\u00a023,209
Share of equity per 31.12.2023\u00a0-28,671\u00a0285,122\u00a027,392\u00a0283,843
The presentation shows the accounts for the most significant associates as of 31 December 2023.
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 2023
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.
Codling Holding Ltd
2023\u00a02022
Amounts in NOK 1,000
Profit for the year\u00a0-42,332\u00a0-23,670
Total assets\u00a01,120,834\u00a0706,229
Total liabilities\u00a01,178,176\u00a0764,887
Total equity\u00a0-57,342\u00a0-58,658
Fred. Olsen Seawind is progressing the development of Codling Wind Park project in the Irish Sea, which
represents one of the largest energy infrastructure investments in Ireland this decade and would become
Ireland\u2019s largest offshore windfarm. In 2023 Codling Wind Park Ltd. (Ireland) was awarded 1,300 MW in the
offshore wind CfD auction in Ireland (ORESS 1). The submission of the consent application for the Codling
Wind Park project is scheduled in 2Q 2024.
Muir Mhor Ltd
2023\u00a02022
Amounts in NOK 1,000
Profit for the year\u00a02,194\u00a0-175
Total assets\u00a0618,025\u00a0392,576
Total liabilities\u00a047,781\u00a052,717
Total equity\u00a0570,244\u00a0339,859
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. The submission of the consent application for Muir Mh\u00f2r is scheduled by
year-end 2024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193634": {
"value": "NOTE 12\u00a0\u00a0
Investments in associates and joint venturesAssociates 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193637": {
"value": "Codling Holding Ltd
2023\u00a02022
Amounts in NOK 1,000
Profit for the year\u00a0-42,332\u00a0-23,670
Total assets\u00a01,120,834\u00a0706,229
Total liabilities\u00a01,178,176\u00a0764,887
Total equity\u00a0-57,342\u00a0-58,658
Fred. Olsen Seawind is progressing the development of Codling Wind Park project in the Irish Sea, which
represents one of the largest energy infrastructure investments in Ireland this decade and would become
Ireland\u2019s largest offshore windfarm. In 2023 Codling Wind Park Ltd. (Ireland) was awarded 1,300 MW in the
offshore wind CfD auction in Ireland (ORESS 1). The submission of the consent application for the Codling
Wind Park project is scheduled in 2Q 2024.
Muir Mhor Ltd
2023\u00a02022
Amounts in NOK 1,000
Profit for the year\u00a02,194\u00a0-175
Total assets\u00a0618,025\u00a0392,576
Total liabilities\u00a047,781\u00a052,717
Total equity\u00a0570,244\u00a0339,859
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. The submission of the consent application for Muir Mh\u00f2r is scheduled by
year-end 2024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193642": {
"value": "NOTE 13\u00a0\u00a0
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).
Other
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193643": {
"value": "NOTE 13\u00a0\u00a0
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).
Other
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 2NOTE 15\u00a0\u00a0\u00a0Trade and other receivables and contract assets
Accounting 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193645": {
"value": "NOTE 13\u00a0\u00a0
Other investments
Shares classified as financial investments
Fair value as per
31.12.23
Fair value as per
31.12.22
Amounts in NOK 1,000
Total short-term liquid share portfolio\u00a094,826\u00a072,574
Total long-term liquid share portfolio\u00a0117,883\u00a0148,812
Total liquid share portfolio\u00a0212,710\u00a0221,386
Bonds and other receivables (non-current assets)
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.
Fair value as per
31.12.23
Fair value as per
31.12.22
Amounts in NOK 1,000
Bonds and securities (specification below)\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Financial instruments\u00a0226,785\u00a0327,820
Other interest-bearing loans\u00a04,149\u00a04,162
Other non-interest-bearing receivables\u00a076,304\u00a074,113
Total Bonds and other receivables (long-term assets)\u00a01,091,381\u00a01,012,672
Bonds classified as long-term investments
1)
Long-term assets:\u00a0Cost price
Average
interest rate
2023
Fair value
as per
31.12.23
Fair value
as per
31.12.22
Amounts in NOK 1,000
Utility companies\u00a021,000\u00a04.7%\u00a020,968\u00a040,732
Real Estate companies\u00a035,963\u00a05.0%\u00a035,587\u00a040,259
Industrial companies\u00a0109,726\u00a05.7%\u00a0109,788\u00a0104,998
Financial and investment companies\u00a078,200\u00a06.7%\u00a077,817\u00a066,776
Municipalities and public administration\u00a00\u00a03.9%\u00a00\u00a014,990
Total\u00a0244,889\u00a05.7%\u00a0244,160\u00a0267,754
1)
Fair value is based on quoted market prices",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193644": {
"value": "NOTE 13\u00a0\u00a0
Other investmentsShares classified as financial investments
Fair value as per
31.12.23
Fair value as per
31.12.22
Amounts in NOK 1,000
Total short-term liquid share portfolio\u00a094,826\u00a072,574
Total long-term liquid share portfolio\u00a0117,883\u00a0148,812
Total liquid share portfolio\u00a0212,710\u00a0221,386
Bonds and other receivables (non-current assets)
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.
Fair value as per
31.12.23
Fair value as per
31.12.22
Amounts in NOK 1,000
Bonds and securities (specification below)\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Financial instruments\u00a0226,785\u00a0327,820
Other interest-bearing loans\u00a04,149\u00a04,162
Other non-interest-bearing receivables\u00a076,304\u00a074,113
Total Bonds and other receivables (long-term assets)\u00a01,091,381\u00a01,012,672
Bonds classified as long-term investments
1)
Long-term assets:\u00a0Cost price
Average
interest rate
2023
Fair value
as per
31.12.23
Fair value
as per
31.12.22
Amounts in NOK 1,000
Utility companies\u00a021,000\u00a04.7%\u00a020,968\u00a040,732
Real Estate companies\u00a035,963\u00a05.0%\u00a035,587\u00a040,259
Industrial companies\u00a0109,726\u00a05.7%\u00a0109,788\u00a0104,998
Financial and investment companies\u00a078,200\u00a06.7%\u00a077,817\u00a066,776
Municipalities and public administration\u00a00\u00a03.9%\u00a00\u00a014,990
Total\u00a0244,889\u00a05.7%\u00a0244,160\u00a0267,754
1)
Fair value is based on quoted market prices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193641": {
"value": "NOTE 13\u00a0\u00a0
Other investmentsShares classified as financial investments
Fair value as per
31.12.23
Fair value as per
31.12.22
Amounts in NOK 1,000
Total short-term liquid share portfolio\u00a094,826\u00a072,574
Total long-term liquid share portfolio\u00a0117,883\u00a0148,812
Total liquid share portfolio\u00a0212,710\u00a0221,386
Bonds and other receivables (non-current assets)
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.
Fair value as per
31.12.23
Fair value as per
31.12.22
Amounts in NOK 1,000
Bonds and securities (specification below)\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Financial instruments\u00a0226,785\u00a0327,820
Other interest-bearing loans\u00a04,149\u00a04,162
Other non-interest-bearing receivables\u00a076,304\u00a074,113
Total Bonds and other receivables (long-term assets)\u00a01,091,381\u00a01,012,672
Bonds classified as long-term investments
1)
Long-term assets:\u00a0Cost price
Average
interest rate
2023
Fair value
as per
31.12.23
Fair value
as per
31.12.22
Amounts in NOK 1,000
Utility companies\u00a021,000\u00a04.7%\u00a020,968\u00a040,732
Real Estate companies\u00a035,963\u00a05.0%\u00a035,587\u00a040,259
Industrial companies\u00a0109,726\u00a05.7%\u00a0109,788\u00a0104,998
Financial and investment companies\u00a078,200\u00a06.7%\u00a077,817\u00a066,776
Municipalities and public administration\u00a00\u00a03.9%\u00a00\u00a014,990
Total\u00a0244,889\u00a05.7%\u00a0244,160\u00a0267,754
1)
Fair value is based on quoted market prices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193640": {
"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.
NOTE 15\u00a0\u00a0\u00a0Trade and other receivables and contract assets
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193648": {
"value": "NOTE 14\u00a0\u00a0
Inventory
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193646": {
"value": "Inventory\u00a0Note\u00a02023\u00a02022
Amounts in NOK 1,000
Inventories and consumable spare parts\u00a0171,145\u00a0101,838
Bunkers\u00a061,412\u00a078,012
Articles of consumption onboard\u00a044,791\u00a038,215
Work in Progress\u00a05\u00a0271,687\u00a073,144
Total\u00a0549,035\u00a0291,209
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 2023 inventories and
consumable spare parts recognised as cost of sales amounted to NOK 1,022 million (2022: NOK 955 million),
i.e., expensed. In 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193653": {
"value": "NOTE 15\u00a0\u00a0\u00a0Trade and other receivables and contract assets
Accounting 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193652": {
"value": "NOTE 15\u00a0\u00a0\u00a0Trade and other receivables and contract assets
Accounting 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193651": {
"value": "NOTE 15\u00a0\u00a0\u00a0Trade and other receivables and contract assets
Trade and other receivables (current assets)
Note\u00a02023\u00a02022
Amounts in NOK 1,000
Other trade receivables\u00a03,004,508\u00a02,407,631
Contract assets\u00a05, 22\u00a0348,180\u00a0466,007
Total trade receivables and contract assets\u00a03,352,688\u00a02,873,638
Other receivables and prepayments\u00a00\u00a00
Short-term liquid share portfolio\u00a013\u00a094,826\u00a072,574
Fair value derivatives\u00a00\u00a00
Total other receivables\u00a094,826\u00a072,575
Total trade receivables and other receivables\u00a03,447,514\u00a02,946,212
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193650": {
"value": "NOTE 15\u00a0\u00a0\u00a0Trade and other receivables and contract assets
Trade and other receivables (current assets)
Note\u00a02023\u00a02022
Amounts in NOK 1,000
Other trade receivables\u00a03,004,508\u00a02,407,631
Contract assets\u00a05, 22\u00a0348,180\u00a0466,007
Total trade receivables and contract assets\u00a03,352,688\u00a02,873,638
Other receivables and prepayments\u00a00\u00a00
Short-term liquid share portfolio\u00a013\u00a094,826\u00a072,574
Fair value derivatives\u00a00\u00a00
Total other receivables\u00a094,826\u00a072,575
Total trade receivables and other receivables\u00a03,447,514\u00a02,946,212
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193649": {
"value": "NOTE 15\u00a0\u00a0\u00a0Trade and other receivables and contract assets
Trade and other receivables (current assets)
Note\u00a02023\u00a02022
Amounts in NOK 1,000
Other trade receivables\u00a03,004,508\u00a02,407,631
Contract assets\u00a05, 22\u00a0348,180\u00a0466,007
Total trade receivables and contract assets\u00a03,352,688\u00a02,873,638
Other receivables and prepayments\u00a00\u00a00
Short-term liquid share portfolio\u00a013\u00a094,826\u00a072,574
Fair value derivatives\u00a00\u00a00
Total other receivables\u00a094,826\u00a072,575
Total trade receivables and other receivables\u00a03,447,514\u00a02,946,212
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193647": {
"value": "Trade and other receivables (current assets)
Note\u00a02023\u00a02022
Amounts in NOK 1,000
Other trade receivables\u00a03,004,508\u00a02,407,631
Contract assets\u00a05, 22\u00a0348,180\u00a0466,007
Total trade receivables and contract assets\u00a03,352,688\u00a02,873,638
Other receivables and prepayments\u00a00\u00a00
Short-term liquid share portfolio\u00a013\u00a094,826\u00a072,574
Fair value derivatives\u00a00\u00a00
Total other receivables\u00a094,826\u00a072,575
Total trade receivables and other receivables\u00a03,447,514\u00a02,946,212
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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193658": {
"value": "NOTE 16\u00a0\u00a0
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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193657": {
"value": "NOTE 16\u00a0\u00a0
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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193659": {
"value": "NOTE 16\u00a0\u00a0
Cash and cash equivalents
Cash and cash equivalents
2023\u00a02022
Amounts in NOK 1,000
Cash related to payroll tax withholdings\u00a031,504\u00a027,534
Other restricted cash
1)
638,540\u00a0585,072
Total restricted cash\u00a0670,044\u00a0612,606
Unrestricted cash
2)
4,790,156\u00a04,845,866
Total cash & cash equivalents\u00a05,460,200\u00a05,458,472
Unused credit facilities\u00a00\u00a00
1)
NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans.
NOK 34 million of the restricted cash relates to the windfarms in FORAS, NOK 37 million Cruise and NOK 67 million
relates to guarantees required by customers in FOO during operations.
2)
In 2020 the Company established a green finance framework with an eligibility assessment from DNV and have since
issued three green bond loans to be used for eligible green investments as defined in the framework of totally NOK
2,000 million. 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193656": {
"value": "NOTE 16\u00a0\u00a0
Cash and cash equivalents
Cash and cash equivalents
2023\u00a02022
Amounts in NOK 1,000
Cash related to payroll tax withholdings\u00a031,504\u00a027,534
Other restricted cash
1)
638,540\u00a0585,072
Total restricted cash\u00a0670,044\u00a0612,606
Unrestricted cash
2)
4,790,156\u00a04,845,866
Total cash & cash equivalents\u00a05,460,200\u00a05,458,472
Unused credit facilities\u00a00\u00a00
1)
NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans.
NOK 34 million of the restricted cash relates to the windfarms in FORAS, NOK 37 million Cruise and NOK 67 million
relates to guarantees required by customers in FOO during operations.
2)
In 2020 the Company established a green finance framework with an eligibility assessment from DNV and have since
issued three green bond loans to be used for eligible green investments as defined in the framework of totally NOK
2,000 million. 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193654": {
"value": "NOTE 17\u00a0\u00a0\u00a0Earnings 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193655": {
"value": "NOTE 17\u00a0\u00a0\u00a0Earnings per shareProfit attributable to ordinary shareholders
2023\u00a02022
Amounts in NOK 1,000
Net result for the year (Majority share)\u00a01,037,794\u00a0397,307
Average number of outstanding shares during the year
1)
42,531,893\u00a042,531,893
Basic and diluted earnings per share\u00a024.4\u00a09.3
Within the Group of companies there are no financial instruments with possible dilutive effects.
1) Weighted average number of ordinary shares
2023\u00a02022
Amounts in NOK 1,000
Issued ordinary shares at 1 January\u00a042,531,893\u00a042,531,893
Weighted average number of ordinary shares at 31 December\u00a042,531,893\u00a042,531,893
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193660": {
"value": "NOTE 18\u00a0\u00a0
Interest bearing loans and borrowings
2023\u00a02022
Amounts in NOK 1,000
Non-current interest-bearing liabilities
Secured bank loans\u00a04,148,784\u00a05,297,562
Unsecured loans\u00a01,989,973\u00a02,225,216
Lease liability, IFRS 16\u00a0464,358\u00a0435,558
Other loans\u00a01,114,327\u00a0829,765
Total\u00a07,717,441\u00a08,788,101
Current interest-bearing liabilities
Current portion of secured bank loans\u00a0920,408\u00a0667,618
Current portion of unsecured loans\u00a0799,280\u00a0146,257
Current portion of lease liability, IFRS 16\u00a089,513\u00a086,486
Other loans\u00a0553,638\u00a0488,650
Total\u00a02,362,839\u00a01,389,011
Fred. Olsen Renewables Ltd. had as at 31 December 2023, 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 2023 was GBP 254 million (GBP 290 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 2023
drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2023
was GBP 50 million (GBP 53 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 2023 drawn
GBP 67 million (GBP 66 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 70 million from Fred. Olsen CB Ltd., which is eliminated in the consolidated
accounts.
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 2023 is EUR 40.3 million, where the drawdown on the EUR 35 mill RCF amounts to zero.
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 previous debt financing with NIBC and Clifford. The
arrangement is a EUR 35 million facility with a margin of 2,15%, of which EUR 28.3 million is outstanding per
31 December 2023. Blue Tern AS has repaid the shareholder loan as per 31 December 2023.
GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 35 million, of
which approximately EUR 34.8 million is outstanding as per 31 December 2023.
Fred. Olsen Ocean group, through its subsidiary United Wind Logistics (UWL), has two long-term loan
arrangements of total EUR 28 million with Sparkasse related to two newbuilds delivered in 2020 of which
EUR 11,7 million was outstanding as per 31 December 2023. 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 is EUR 3.375 million. The interest rate is fixed 5%.
Bonheur ASA bond loans
Bond issue ticker, terms\u00a0Issued\u00a0Maturity\u00a02023\u00a02022
Amounts in NOK 1,000
BON09 3 month NIBOR + 2.50%\u00a04-Sep-19\u00a04-Sep-24\u00a0799,280\u00a0797,840
BON10 ESG 3 month NIBOR + 2.75%\u00a022-Sep-20\u00a022-Sep-25\u00a0697,909\u00a0696,714
BONHR01 ESG 3 month NIBOR + 2.90%\u00a013-Jul-21\u00a013-Jul-26\u00a0696,909\u00a0695,672
BONHR02 ESG 3 month NIBOR + 3.00%\u00a015-Sep-23\u00a015-Sep-28\u00a0595,155
Total\u00a02,789,253\u00a02,190,226
Terms and debt repayment schedule
Terms and conditions of outstanding loans were as follows:
Currency
Nominal
interest rate
Year of
maturity
31.12.2023
Carrying
amount
31.12.2022
Carrying
amount
Amounts in NOK 1,000
Renewable Energy:
Secured bank loan
1)
GBP\u00a075% fixed 3.17%, 25% LIBOR
+ 1,40%
2032\u00a03,286,262\u00a03,436,145
Secured bank loan
2)
GBP\u00a075% fixed 3,55%, 25% LIBOR
+ 1.80%
2036\u00a0650,006\u00a0622,873
Shareholder loan
3)
GBP\u00a0LIBOR + 6.0%\u00a02036\u00a0870,576\u00a0784,806
Lease liability, IFRS 16\u00a0GBP\u00a0332,796\u00a0291,432
Other\u00a0GBP\u00a047,277\u00a044,959
5,186,917\u00a05,180,215
Wind Service:
Secured green bank loan
4)
EUR\u00a03 month EURIBOR + 3.10%\u00a02026\u00a0439,965\u00a0519,581
Secured bank loan
4)
EUR\u00a03 month EURIBOR + 3.20%\u00a02026\u00a00\u00a0367,983
Secured green bank loan
5)
EUR\u00a03 month EURIBOR + 2.15%\u00a02025\u00a0318,481\u00a0367,983
Shareholder loan
6)
USD\u00a0Fixed 7,50%\u00a02023\u00a00\u00a0134,314
Secured bank loan
7)
EUR\u00a0Fixed 3,33%\u00a02027\u00a060,209\u00a071,336
Secured bank loan
7)
EUR\u00a03 month EURIBOR + 2.65%\u00a02023\u00a00\u00a04,206
Secured bank loan
7)
EUR\u00a0Fixed 3,33%\u00a02028\u00a068,246\u00a078,854
Secured bank loan
7)
EUR\u00a03 month EURIBOR + 2.65%\u00a02024\u00a03,747\u00a017,527
Shareholder loan
8)
EUR\u00a0Fixed 5,00% \u00a02028\u00a037,937\u00a037,850
Lease liability, IFRS 16\u00a0EUR\u00a046,707\u00a045,493
Other
9)
DKK/EUR\u00a0469,790\u00a0501,740
1,445,082\u00a02,146,865
Currency
Nominal
interest rate
Year of
maturity
31.12.2023
Carrying
amount
31.12.2022
Carrying
amount
Amounts in NOK 1,000
Cruise:
Sellers credit
10)
GBP\u00a0Fixed 2,50%\u00a02025\u00a0288,795\u00a0264,678
Lease liability, IFRS 16\u00a0GBP\u00a0867\u00a02,357
289,662\u00a0267,035
Other:
Unsecured Bonheur ASA
bond loans
11)
NOK\u00a0NIBOR / 2.50% / 2.75% /
2.90% / 3.00%
2024/ -25/
-26/ -28
2,789,253\u00a02,190,226
Lease liability, IFRS 16\u00a0NOK\u00a0174,367\u00a0182,772
Other
12)
NOK\u00a0195,000\u00a0210,000
3,158,620\u00a02,582,998
Total interest-bearing debt\u00a010,080,280\u00a010,177,112
1)
Financing facility for Fred. Olsen Wind 2 Ltd.
2)
Financing facility for Fred. Olsen CB Ltd.
3)
A total of GBP 67.3 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. NHST has agreed a new loan agreement with its bank to comply with the covenants in the
credit facility agreement.
Lease liabilities
Lease liabilities are payable as follows:
2023\u00a02022
Future
minimum
lease
payment\u00a0Interest
Present
value of
minimum
lease
payments
Future
minimum
lease
payment\u00a0Interest
Present
value of
minimum
lease
payments
Amounts in NOK 1,000
Less than one year\u00a053,260\u00a07,393\u00a045,867\u00a055,293\u00a01,449\u00a053,844
Between one and five years\u00a0167,551\u00a020,058\u00a0147,493\u00a0145,369\u00a016,001\u00a0129,368
More than five years\u00a0237,667\u00a054,140\u00a0183,527\u00a0209,771\u00a055,761\u00a0154,010
Total\u00a0458,478\u00a081,591\u00a0376,887\u00a0410,433\u00a073,211\u00a0337,222
Booked value of collateral
Book value\u00a031.12.2023\u00a031.12.2022
Amounts in NOK 1,000
Windfarms\u00a02,864,889\u00a02,967,643
Vessels\u00a04,096,970\u00a03,526,507
Other fixed assets\u00a0306,442\u00a0273,622
Total book value of collateral\u00a07,268,301\u00a06,767,772
Guarantees
31.12.2023\u00a031.12.2022
Amounts in NOK 1,000
Guarantees granted to associates
1)
576,031
Guarantees granted to Group companies' entities\u00a0665,944\u00a0654,186
Total\u00a01,241,975\u00a0654,186
Guarantees are granted in connection with the following investments
31.12.2023\u00a031.12.2022
Amounts in NOK 1,000
Cruise ships\u00a0514,781\u00a0471,793
Windfarms\u00a0720,894\u00a0176,093
Wind vessels\u00a00\u00a00
Other
2)
6,300\u00a06,300
Total\u00a01,241,975\u00a0654,186
1)
The global credit insurance company Atradius has issued a guarantee of EUR 102 million to Irish authorities on behalf of
codling Wind Park Ltd. As 50% indirect owner of the company, Fred. Olsen Seawind ASA is obliged to issue a guarantee
to Atradius for half of this amount. Fred. Olsen Renewables AS has issued this guarantee on behalf of Fred. Olsen
Seawind ASA. Fred. Olsen Seawind ASA has then provided counter-guarantee to Fred. Olsen Renewables AS for the
same amount.
2)
Related to Koksa Eiendom ASReconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities\u00a0Equity
Lease
liabilities
Other
interest
bearing
loans
Equity
holders of
the parent
Non-
controlling
interest \u00a0Total
Amounts in NOK 1,000
Balance as per 1 January 2022\u00a0448,701\u00a09,975,941\u00a04,622,125\u00a0-197,697\u00a014,849,070
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0\u00a0957,338\u00a00\u00a00\u00a0957,338
Repayment of long-term loans and
borrowings
0\u00a0-1,445,143\u00a00\u00a00\u00a0-1,445,143
Dividend paid\u00a00\u00a00\u00a0-182,887\u00a0-870,859\u00a0-1,053,746
Total changes from financing cash flows\u00a00\u00a0-487,805\u00a0-182,887\u00a0-870,859\u00a0-1,541,551
Change lease liabilities (IFRS 16)\u00a077,173\u00a00\u00a00\u00a00\u00a077,173
Effect on liabilities of changes in foreign
exchange rates
-3,830\u00a086,216\u00a00\u00a00\u00a082,386
Effects from transactions with non-
controlling interests
0\u00a00\u00a0776,703\u00a0971,395\u00a01,748,098
Other\u00a00\u00a080,716\u00a0-57,162\u00a00\u00a023,554
Comprehensive income for the period
1)
0\u00a00\u00a0560,313\u00a01,334,255\u00a01,894,568
Balance as per 31 December 2022\u00a0522,044\u00a09,655,068\u00a05,719,092\u00a01,237,094\u00a017,133,298
Balance as per 1 January 2023\u00a0522,044\u00a09,655,068\u00a05,719,092\u00a01,237,094\u00a017,133,298
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0\u00a0595,206\u00a00\u00a00\u00a0595,206
Repayment of long-term loans and
borrowings
0\u00a0-1,444,643\u00a00\u00a00\u00a0-1,444,643
Dividend paid\u00a00\u00a00\u00a0-212,659\u00a0-792,136\u00a0-1,004,795
Total changes from financing cash flows\u00a00\u00a0-849,437\u00a0-212,659\u00a0-792,136\u00a0-1,854,232
Change lease liabilities (IFRS 16)\u00a031,827\u00a00\u00a00\u00a00\u00a031,827
Effect on liabilities of changes in foreign
exchange rates
0\u00a0720,778\u00a00\u00a00\u00a0720,778
Effects from transactions with non-
controlling interests
0\u00a00\u00a028,500\u00a0141,306\u00a0169,806
Other\u00a00\u00a00\u00a00\u00a00\u00a00
Comprehensive income for the period
1)
0\u00a00\u00a01,142,518\u00a0644,124\u00a01,786,642
Balance as per 31 December 2023\u00a0553,871\u00a09,526,409\u00a06,677,452\u00a01,230,388\u00a017,988,120
1)
According to statement of changes in equity.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193662": {
"value": "Lease liabilities
Lease liabilities are payable as follows:
2023\u00a02022
Future
minimum
lease
payment\u00a0Interest
Present
value of
minimum
lease
payments
Future
minimum
lease
payment\u00a0Interest
Present
value of
minimum
lease
payments
Amounts in NOK 1,000
Less than one year\u00a053,260\u00a07,393\u00a045,867\u00a055,293\u00a01,449\u00a053,844
Between one and five years\u00a0167,551\u00a020,058\u00a0147,493\u00a0145,369\u00a016,001\u00a0129,368
More than five years\u00a0237,667\u00a054,140\u00a0183,527\u00a0209,771\u00a055,761\u00a0154,010
Total\u00a0458,478\u00a081,591\u00a0376,887\u00a0410,433\u00a073,211\u00a0337,222
Booked value of collateral
Book value\u00a031.12.2023\u00a031.12.2022
Amounts in NOK 1,000
Windfarms\u00a02,864,889\u00a02,967,643
Vessels\u00a04,096,970\u00a03,526,507
Other fixed assets\u00a0306,442\u00a0273,622
Total book value of collateral\u00a07,268,301\u00a06,767,772
Guarantees
31.12.2023\u00a031.12.2022
Amounts in NOK 1,000
Guarantees granted to associates
1)
576,031
Guarantees granted to Group companies' entities\u00a0665,944\u00a0654,186
Total\u00a01,241,975\u00a0654,186
Guarantees are granted in connection with the following investments
31.12.2023\u00a031.12.2022
Amounts in NOK 1,000
Cruise ships\u00a0514,781\u00a0471,793
Windfarms\u00a0720,894\u00a0176,093
Wind vessels\u00a00\u00a00
Other
2)
6,300\u00a06,300
Total\u00a01,241,975\u00a0654,186
1)
The global credit insurance company Atradius has issued a guarantee of EUR 102 million to Irish authorities on behalf of
codling Wind Park Ltd. As 50% indirect owner of the company, Fred. Olsen Seawind ASA is obliged to issue a guarantee
to Atradius for half of this amount. Fred. Olsen Renewables AS has issued this guarantee on behalf of Fred. Olsen
Seawind ASA. Fred. Olsen Seawind ASA has then provided counter-guarantee to Fred. Olsen Renewables AS for the
same amount.
2)
Related to Koksa Eiendom ASReconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities\u00a0Equity
Lease
liabilities
Other
interest
bearing
loans
Equity
holders of
the parent
Non-
controlling
interest \u00a0Total
Amounts in NOK 1,000
Balance as per 1 January 2022\u00a0448,701\u00a09,975,941\u00a04,622,125\u00a0-197,697\u00a014,849,070
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0\u00a0957,338\u00a00\u00a00\u00a0957,338
Repayment of long-term loans and
borrowings
0\u00a0-1,445,143\u00a00\u00a00\u00a0-1,445,143
Dividend paid\u00a00\u00a00\u00a0-182,887\u00a0-870,859\u00a0-1,053,746
Total changes from financing cash flows\u00a00\u00a0-487,805\u00a0-182,887\u00a0-870,859\u00a0-1,541,551
Change lease liabilities (IFRS 16)\u00a077,173\u00a00\u00a00\u00a00\u00a077,173
Effect on liabilities of changes in foreign
exchange rates
-3,830\u00a086,216\u00a00\u00a00\u00a082,386
Effects from transactions with non-
controlling interests
0\u00a00\u00a0776,703\u00a0971,395\u00a01,748,098
Other\u00a00\u00a080,716\u00a0-57,162\u00a00\u00a023,554
Comprehensive income for the period
1)
0\u00a00\u00a0560,313\u00a01,334,255\u00a01,894,568
Balance as per 31 December 2022\u00a0522,044\u00a09,655,068\u00a05,719,092\u00a01,237,094\u00a017,133,298
Balance as per 1 January 2023\u00a0522,044\u00a09,655,068\u00a05,719,092\u00a01,237,094\u00a017,133,298
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0\u00a0595,206\u00a00\u00a00\u00a0595,206
Repayment of long-term loans and
borrowings
0\u00a0-1,444,643\u00a00\u00a00\u00a0-1,444,643
Dividend paid\u00a00\u00a00\u00a0-212,659\u00a0-792,136\u00a0-1,004,795
Total changes from financing cash flows\u00a00\u00a0-849,437\u00a0-212,659\u00a0-792,136\u00a0-1,854,232
Change lease liabilities (IFRS 16)\u00a031,827\u00a00\u00a00\u00a00\u00a031,827
Effect on liabilities of changes in foreign
exchange rates
0\u00a0720,778\u00a00\u00a00\u00a0720,778
Effects from transactions with non-
controlling interests
0\u00a00\u00a028,500\u00a0141,306\u00a0169,806
Other\u00a00\u00a00\u00a00\u00a00\u00a00
Comprehensive income for the period
1)
0\u00a00\u00a01,142,518\u00a0644,124\u00a01,786,642
Balance as per 31 December 2023\u00a0553,871\u00a09,526,409\u00a06,677,452\u00a01,230,388\u00a017,988,120
1)
According to statement of changes in equity.
NOTE 23Rental 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.
Vessels
Land and
Buildings
Other
fixed assets\u00a0Total
Amounts in NOK 1,000
2023
Balance at 1 January\u00a03,959\u00a0483,474\u00a020,270\u00a0507,703
Depreciation charge for the year\u00a0-522\u00a0-63,382\u00a0-7,742\u00a0-71,647
Additions to right-of-use assets\u00a00\u00a055,404\u00a017,694\u00a073,098
Derecognition of right-of-use assets\u00a00\u00a0-1,288\u00a0-7,942\u00a0-9,230
Reclassification\u00a00\u00a0-111\u00a00\u00a0-111
Currency differences - Cost\u00a0420\u00a037,045\u00a03,181\u00a040,646
Currency differences - Depreciation\u00a0-45\u00a0-8,141\u00a0-1,039\u00a0-9,225
Balance at 31 December\u00a03,812\u00a0503,000\u00a024,421\u00a0531,234
2022
Balance at 1 January\u00a04,434\u00a0427,936\u00a014,876\u00a0447,246
Depreciation charge for the year\u00a0-462\u00a0-54,879\u00a0-6,162\u00a0-61,504
Additions to right-of-use assets\u00a00\u00a0116,746\u00a015,876\u00a0132,622
Derecognition of right-of-use assets\u00a00\u00a0-4,696\u00a0-4,842\u00a0-9,538
Currency differences - Cost\u00a0-13\u00a0-1,633\u00a0522\u00a0-1,124
Balance at 31 December\u00a03,959\u00a0483,474\u00a020,270\u00a0507,703
Amounts recognized in profit or loss
Leases under IFRS 16\u00a02023\u00a02022
Amounts in NOK 1,000
Depreciation charge for the year\u00a071,647\u00a061,504
Interest on lease liabilities\u00a018 720\u00a021,352
Expenses related to short-term leases\u00a0137,579\u00a0348,838
Expenses related to leases of low-value assets\u00a02,298\u00a00
Amounts recognized in statement of cash flows
Leases under IFRS 16\u00a02023\u00a02022
Amounts in NOK 1,000
Total cash outflow for leases\u00a083,965\u00a071,943
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 110 million in 2023 (NOK 132 million). The cash outflow from
variable leases is estimated to NOK 116 million in 2024.
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.
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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193661": {
"value": "Booked value of collateral
Book value\u00a031.12.2023\u00a031.12.2022
Amounts in NOK 1,000
Windfarms\u00a02,864,889\u00a02,967,643
Vessels\u00a04,096,970\u00a03,526,507
Other fixed assets\u00a0306,442\u00a0273,622
Total book value of collateral\u00a07,268,301\u00a06,767,772
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193663": {
"value": "NOTE 19\u00a0\u00a0\u00a0Pension 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 effect 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 2023, total costs incurred for
defined contribution schemes were NOK 68 million (NOK 66 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 2023 were 347, of
which 201 were pensioners (358 of which 206 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193675": {
"value": "NOTE 20\u00a0\u00a0
Deferred income and other accruals
Current items
2023\u00a02022
Amounts in NOK 1,000
Accrued interest other\u00a0120,499\u00a0137,166
Other accruals\u00a0682,480\u00a0696,341
Contract liabilities\u00a01,544,022\u00a01,343,539
Other accruals and deferred income\u00a02,347,001\u00a02,177,046
The Group of companies had short-term contract liabilities of NOK 1,544 million per 31 December 2023
(NOK 1,344 million). NOK 951 million is due to prepayments from sale of cruises (NOK 899 million), NOK 247
million (NOK 135 million) is prepayment from customers within Wind Service and NOK 346 million (NOK 310
million) is prepayment received from subscribers within NHST.
Non-current items
Decommissioning costs related to windfarms of NOK 498 million (NOK 440 million) is included under
\u201cOther non-current liabilities\u201d",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193669": {
"value": "NOTE 20\u00a0\u00a0
Deferred income and other accrualsCurrent items
2023\u00a02022
Amounts in NOK 1,000
Accrued interest other\u00a0120,499\u00a0137,166
Other accruals\u00a0682,480\u00a0696,341
Contract liabilities\u00a01,544,022\u00a01,343,539
Other accruals and deferred income\u00a02,347,001\u00a02,177,046
The Group of companies had short-term contract liabilities of NOK 1,544 million per 31 December 2023
(NOK 1,344 million). NOK 951 million is due to prepayments from sale of cruises (NOK 899 million), NOK 247
million (NOK 135 million) is prepayment from customers within Wind Service and NOK 346 million (NOK 310
million) is prepayment received from subscribers within NHST",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193668": {
"value": "NOTE 20\u00a0\u00a0
Deferred income and other accrualsNon-current items
Decommissioning costs related to windfarms of NOK 498 million (NOK 440 million) is included under
\u201cOther non-current liabilities\u201d.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193670": {
"value": "NOTE 21\u00a0\u00a0\u00a0Trade and other payables
Trade and other Payables
2023\u00a02022
Amounts in NOK 1,000
Other trade payables\u00a01,145,896\u00a0715,904
Total trade payables\u00a01,145,896\u00a0715,904
Fair value of derivatives\u00a017,177\u00a00
Total other payables\u00a017,177\u00a00
Total trade and other payables\u00a01,163,072\u00a0715,904
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193676": {
"value": "NOTE 22\u00a0\u00a0\u00a0Financial Instruments
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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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 lossAccounting 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023Financial Instruments as of 31 December 2023
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a094,826\u00a0117,883\u00a00\u00a0212,710\u00a095,445\u00a00\u00a0117,265\u00a0212,710
Bonds
2)
0\u00a0244,160\u00a00\u00a00\u00a0244,160\u00a0244,160\u00a00\u00a00\u00a0244,160
Interest rate swaps\u00a0226,785\u00a00\u00a00\u00a00\u00a0226,785\u00a00\u00a0226,785\u00a00\u00a0226,785
Loans granted to associates\u00a00\u00a00\u00a00\u00a0539,982\u00a0539,982\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,149\u00a04,149\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a076,145\u00a076,145\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a03,352,688\u00a03,352,688\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,460,200\u00a05,460,200\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0226,785\u00a0338,987\u00a0117,883\u00a09,433,164\u00a010,116,819\u00a0339,605\u00a0226,785\u00a0117,265\u00a0683,655
Bunker swaps\u00a017,177\u00a00\u00a00\u00a00\u00a017,177\u00a00\u00a017,177\u00a00\u00a017,177
Bank overdrafts\u00a00\u00a00\u00a00\u00a0439,404\u00a0439,404\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,789,253\u00a02,789,253\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,069,192\u00a05,069,192\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,228,561\u00a01,228,561\u00a00\u00a00\u00a00\u00a00
Right-of-use liabili-ties\u00a00\u00a00\u00a00\u00a0553,870\u00a0553,870\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a01,163,072\u00a01,163,072\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a017,177\u00a00\u00a00\u00a011,243,352\u00a011,260,529\u00a00\u00a017,177\u00a00\u00a017,177
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, investments in level 2 includes model inputs that are observable either directly or indirectly 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 priceFinancial Instruments as of 31 December 2022
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a072,574\u00a0117,979\u00a030,833\u00a0221,386\u00a073,220\u00a00\u00a0148,167\u00a0221,386
Bonds
2)
0\u00a0267,754\u00a00\u00a00\u00a0267,754\u00a0267,754\u00a00\u00a00\u00a0267,754
Interest rate swaps\u00a0327,820\u00a00\u00a00\u00a00\u00a0327,820\u00a00\u00a0327,820\u00a00\u00a0327,820
Loans granted to associates\u00a00\u00a00\u00a00\u00a0338,823\u00a0338,823\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,162\u00a04,162\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a074,113\u00a074,113\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a02,873,638\u00a02,873,638\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,458,472\u00a05,458,472\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0327,820\u00a0340,329\u00a0117,979\u00a08,780,040\u00a09,566,168\u00a0340,974\u00a0327,820\u00a0148,167\u00a0816,961
Bank overdrafts\u00a00\u00a00\u00a00\u00a0488,645\u00a0488,645\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,190,226\u00a02,190,226\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,964,930\u00a05,964,930\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,011,024\u00a01,011,024\u00a00\u00a00\u00a00\u00a00
Finance lease liabilities\u00a00\u00a00\u00a00\u00a02,357\u00a02,357\u00a00\u00a00\u00a00\u00a00
Right-of-use liabilities\u00a00\u00a00\u00a00\u00a0519,931\u00a0519,931\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a0715,904\u00a0715,904\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a00\u00a00\u00a00\u00a010,893,016\u00a010,893,016\u00a00\u00a00\u00a00\u00a00
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.
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 minimize 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 ManagementThe Group of companies' financial assets were considered to have low credit risk per 1 January 2023.
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 2023. Based on the group\u2019s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2023.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Financial assets, shares\u00a0212,710\u00a0221,386
Financial assets, bonds\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Other interest-bearing loans\u00a04,149\u00a04,162
Other non interest-bearing receivables \u00a076,145\u00a074,113
Trade and other receivables
1)
3,004,508\u00a02,407,631
Contract assets
1)
348,180\u00a0466,007
Cash and cash equivalents\u00a05,460,200\u00a05,458,472
Derivatives\u00a0226,785\u00a0327,820
Total\u00a010,116,819\u00a09,566,168
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Renewable Energy\u00a01,190,756\u00a01,243,990
Wind Service\u00a01,810,415\u00a01,399,151
Cruise\u00a0210,543\u00a099,326
Other Investments\u00a0140,974\u00a0131,172
Total\u00a03,352,688\u00a02,873,638
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
UK\u00a01,241,128\u00a01,320,371
EURO-zone incl. Norway\u00a01,183,970\u00a0893,410
Carrying amount
2023\u00a02022
America\u00a0232,344\u00a0172,903
Africa\u00a013\u00a032
Asia\u00a0693,229\u00a0470,358
Other\u00a02,004\u00a016,564
Total\u00a03,352,688\u00a02,873,638
Impairment losses
Loss allowances have been measured on the following bases:
\u2022 \u00a012-month ECLs that result from possible default events within the 12 months after the reporting date;
and
\u2022 \u00a0Lifetime 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:
Gross\u00a0Provisions\u00a0Balance\u00a0Gross
Impair-
ment\u00a0Balance
2023\u00a02022
Amounts in NOK 1,000
Not past due\u00a02,855,407\u00a0-117\u00a02,855,290\u00a02,728,909\u00a0-27\u00a02,728,882
Past due 0-30 days\u00a0302,417\u00a0-263\u00a0302,154\u00a0114,035\u00a0-61\u00a0113,974
Past due 31-180 days\u00a0184,348\u00a0-1,090\u00a0183,257\u00a014,910\u00a0-606\u00a014,304
Past due 181-360 days\u00a05,763\u00a0-512\u00a05,250\u00a02,705\u00a0-403\u00a02,302
More than one year\u00a019,621\u00a0-12,884\u00a06,737\u00a023,530\u00a0-9,354\u00a014,176
Total\u00a03,367,555\u00a0-14,867\u00a03,352,688\u00a02,884,089\u00a0-10,451\u00a02,873,638
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 moderateThe following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
31 December 2023
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,080,280\u00a08,442,814\u00a01,627,699\u00a02,142,454\u00a01,595,444\u00a0462,512\u00a02,614,705
Derivative financial liabilities\u00a017,177\u00a017,177\u00a017,177\u00a00\u00a00\u00a00\u00a00
Due in
31 December 2022
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,177,112\u00a09,803,791\u00a0771,532\u00a01,798,998\u00a02,290,825\u00a01,654,380\u00a03,288,056
Derivative financial liabilities\u00a0327,820\u00a0272,686\u00a053,059\u00a046,799\u00a040,255\u00a033,925\u00a098,648
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.
31 December 2023\u00a031 December 2022
Amounts in NOK 1,000\u00a0USD\u00a0GBP\u00a0EUR\u00a0USD\u00a0GBP\u00a0EUR
Gross statement of financial
position exposure
32,260\u00a054,533\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Forward exchange contract\u00a00\u00a0-1 328\u00a00\u00a00\u00a00\u00a00
Net exposure\u00a032,260\u00a053 205\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Currency sensitivity analysis
A 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.
Equity\u00a0Profit or loss
Effect in NOK 1,000
31 December 2023
USD\u00a0-32 816\u00a00
GBP\u00a0-70 533\u00a01 744
EUR\u00a0-418 635\u00a00
31 December 2022
USD\u00a0-3,766\u00a00
GBP\u00a0304,714\u00a00
EUR\u00a0-47,150\u00a00
The following significant exchange rates applied during the year:
Average rate\u00a0Reporting date spot rate
2023\u00a02022\u00a02023\u00a02022
1 USD\u00a010.5647\u00a09.6245\u00a010.1724\u00a09.8573
1 GBP\u00a013.1348\u00a011.8464\u00a012.9342\u00a011.8541
1 EUR\u00a011.4206\u00a010.104\u00a011.2405\u00a010.5138
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 34% of the financial liabilities
were interest hedgedAt the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial
instruments was:
2023\u00a02022
Amounts in NOK 1,000
Fixed rate instruments\u00a01,900\u00a08,000
Financial liabilities (interest-hedged portion of interest-bearing
debt)\u00a0-3,411,024
-3,110,399
Total\u00a0-3,409,124\u00a0-3,102,399
Variable rate instruments
Financial assets (cash and cash equivalents)\u00a05,460,200\u00a05,458,472
Financial liabilities (non-interest-hedged portion of
interest-bearing debt)\u00a0-6,669,276
-7,066,713
Total\u00a0-1,209,076\u00a0-1,608,241
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.
Profit or loss\u00a0Equity
100 bp
increase
100 bp
decrease
100 bp
increase
100 bp
decrease
Amounts in NOK 1,000
31 December 2023
Net interest costs\u00a0-12,091\u00a012,091\u00a0-12,091\u00a012,091
31 December 2022
Net interest costs\u00a0-16,082\u00a016,082\u00a0-16,082\u00a016,082
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193674": {
"value": "NOTE 22\u00a0\u00a0\u00a0Financial Instruments
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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023Financial Instruments as of 31 December 2023
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a094,826\u00a0117,883\u00a00\u00a0212,710\u00a095,445\u00a00\u00a0117,265\u00a0212,710
Bonds
2)
0\u00a0244,160\u00a00\u00a00\u00a0244,160\u00a0244,160\u00a00\u00a00\u00a0244,160
Interest rate swaps\u00a0226,785\u00a00\u00a00\u00a00\u00a0226,785\u00a00\u00a0226,785\u00a00\u00a0226,785
Loans granted to associates\u00a00\u00a00\u00a00\u00a0539,982\u00a0539,982\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,149\u00a04,149\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a076,145\u00a076,145\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a03,352,688\u00a03,352,688\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,460,200\u00a05,460,200\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0226,785\u00a0338,987\u00a0117,883\u00a09,433,164\u00a010,116,819\u00a0339,605\u00a0226,785\u00a0117,265\u00a0683,655
Bunker swaps\u00a017,177\u00a00\u00a00\u00a00\u00a017,177\u00a00\u00a017,177\u00a00\u00a017,177
Bank overdrafts\u00a00\u00a00\u00a00\u00a0439,404\u00a0439,404\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,789,253\u00a02,789,253\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,069,192\u00a05,069,192\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,228,561\u00a01,228,561\u00a00\u00a00\u00a00\u00a00
Right-of-use liabili-ties\u00a00\u00a00\u00a00\u00a0553,870\u00a0553,870\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a01,163,072\u00a01,163,072\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a017,177\u00a00\u00a00\u00a011,243,352\u00a011,260,529\u00a00\u00a017,177\u00a00\u00a017,177
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, investments in level 2 includes model inputs that are observable either directly or indirectly 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 2022
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a072,574\u00a0117,979\u00a030,833\u00a0221,386\u00a073,220\u00a00\u00a0148,167\u00a0221,386
Bonds
2)
0\u00a0267,754\u00a00\u00a00\u00a0267,754\u00a0267,754\u00a00\u00a00\u00a0267,754
Interest rate swaps\u00a0327,820\u00a00\u00a00\u00a00\u00a0327,820\u00a00\u00a0327,820\u00a00\u00a0327,820
Loans granted to associates\u00a00\u00a00\u00a00\u00a0338,823\u00a0338,823\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,162\u00a04,162\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a074,113\u00a074,113\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a02,873,638\u00a02,873,638\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,458,472\u00a05,458,472\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0327,820\u00a0340,329\u00a0117,979\u00a08,780,040\u00a09,566,168\u00a0340,974\u00a0327,820\u00a0148,167\u00a0816,961
Bank overdrafts\u00a00\u00a00\u00a00\u00a0488,645\u00a0488,645\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,190,226\u00a02,190,226\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,964,930\u00a05,964,930\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,011,024\u00a01,011,024\u00a00\u00a00\u00a00\u00a00
Finance lease liabilities\u00a00\u00a00\u00a00\u00a02,357\u00a02,357\u00a00\u00a00\u00a00\u00a00
Right-of-use liabilities\u00a00\u00a00\u00a00\u00a0519,931\u00a0519,931\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a0715,904\u00a0715,904\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a00\u00a00\u00a00\u00a010,893,016\u00a010,893,016\u00a00\u00a00\u00a00\u00a00
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.
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 minimize 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 ManagementThe Group of companies' financial assets were considered to have low credit risk per 1 January 2023.
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 2023. Based on the group\u2019s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2023.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Financial assets, shares\u00a0212,710\u00a0221,386
Financial assets, bonds\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Other interest-bearing loans\u00a04,149\u00a04,162
Other non interest-bearing receivables \u00a076,145\u00a074,113
Trade and other receivables
1)
3,004,508\u00a02,407,631
Contract assets
1)
348,180\u00a0466,007
Cash and cash equivalents\u00a05,460,200\u00a05,458,472
Derivatives\u00a0226,785\u00a0327,820
Total\u00a010,116,819\u00a09,566,168
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Renewable Energy\u00a01,190,756\u00a01,243,990
Wind Service\u00a01,810,415\u00a01,399,151
Cruise\u00a0210,543\u00a099,326
Other Investments\u00a0140,974\u00a0131,172
Total\u00a03,352,688\u00a02,873,638
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
UK\u00a01,241,128\u00a01,320,371
EURO-zone incl. Norway\u00a01,183,970\u00a0893,410
Carrying amount
2023\u00a02022
America\u00a0232,344\u00a0172,903
Africa\u00a013\u00a032
Asia\u00a0693,229\u00a0470,358
Other\u00a02,004\u00a016,564
Total\u00a03,352,688\u00a02,873,638
Impairment losses
Loss allowances have been measured on the following bases:
\u2022 \u00a012-month ECLs that result from possible default events within the 12 months after the reporting date;
and
\u2022 \u00a0Lifetime 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:
Gross\u00a0Provisions\u00a0Balance\u00a0Gross
Impair-
ment\u00a0Balance
2023\u00a02022
Amounts in NOK 1,000
Not past due\u00a02,855,407\u00a0-117\u00a02,855,290\u00a02,728,909\u00a0-27\u00a02,728,882
Past due 0-30 days\u00a0302,417\u00a0-263\u00a0302,154\u00a0114,035\u00a0-61\u00a0113,974
Past due 31-180 days\u00a0184,348\u00a0-1,090\u00a0183,257\u00a014,910\u00a0-606\u00a014,304
Past due 181-360 days\u00a05,763\u00a0-512\u00a05,250\u00a02,705\u00a0-403\u00a02,302
More than one year\u00a019,621\u00a0-12,884\u00a06,737\u00a023,530\u00a0-9,354\u00a014,176
Total\u00a03,367,555\u00a0-14,867\u00a03,352,688\u00a02,884,089\u00a0-10,451\u00a02,873,638
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 moderateThe following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
31 December 2023
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,080,280\u00a08,442,814\u00a01,627,699\u00a02,142,454\u00a01,595,444\u00a0462,512\u00a02,614,705
Derivative financial liabilities\u00a017,177\u00a017,177\u00a017,177\u00a00\u00a00\u00a00\u00a00
Due in
31 December 2022
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,177,112\u00a09,803,791\u00a0771,532\u00a01,798,998\u00a02,290,825\u00a01,654,380\u00a03,288,056
Derivative financial liabilities\u00a0327,820\u00a0272,686\u00a053,059\u00a046,799\u00a040,255\u00a033,925\u00a098,648
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.
31 December 2023\u00a031 December 2022
Amounts in NOK 1,000\u00a0USD\u00a0GBP\u00a0EUR\u00a0USD\u00a0GBP\u00a0EUR
Gross statement of financial
position exposure
32,260\u00a054,533\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Forward exchange contract\u00a00\u00a0-1 328\u00a00\u00a00\u00a00\u00a00
Net exposure\u00a032,260\u00a053 205\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Currency sensitivity analysis
A 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.
Equity\u00a0Profit or loss
Effect in NOK 1,000
31 December 2023
USD\u00a0-32 816\u00a00
GBP\u00a0-70 533\u00a01 744
EUR\u00a0-418 635\u00a00
31 December 2022
USD\u00a0-3,766\u00a00
GBP\u00a0304,714\u00a00
EUR\u00a0-47,150\u00a00
The following significant exchange rates applied during the year:
Average rate\u00a0Reporting date spot rate
2023\u00a02022\u00a02023\u00a02022
1 USD\u00a010.5647\u00a09.6245\u00a010.1724\u00a09.8573
1 GBP\u00a013.1348\u00a011.8464\u00a012.9342\u00a011.8541
1 EUR\u00a011.4206\u00a010.104\u00a011.2405\u00a010.5138
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 34% of the financial liabilities
were interest hedgedAt the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial
instruments was:
2023\u00a02022
Amounts in NOK 1,000
Fixed rate instruments\u00a01,900\u00a08,000
Financial liabilities (interest-hedged portion of interest-bearing
debt)\u00a0-3,411,024
-3,110,399
Total\u00a0-3,409,124\u00a0-3,102,399
Variable rate instruments
Financial assets (cash and cash equivalents)\u00a05,460,200\u00a05,458,472
Financial liabilities (non-interest-hedged portion of
interest-bearing debt)\u00a0-6,669,276
-7,066,713
Total\u00a0-1,209,076\u00a0-1,608,241
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.
Profit or loss\u00a0Equity
100 bp
increase
100 bp
decrease
100 bp
increase
100 bp
decrease
Amounts in NOK 1,000
31 December 2023
Net interest costs\u00a0-12,091\u00a012,091\u00a0-12,091\u00a012,091
31 December 2022
Net interest costs\u00a0-16,082\u00a016,082\u00a0-16,082\u00a016,082
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193673": {
"value": "NOTE 22\u00a0\u00a0\u00a0Financial Instruments
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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023Financial Instruments as of 31 December 2023
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a094,826\u00a0117,883\u00a00\u00a0212,710\u00a095,445\u00a00\u00a0117,265\u00a0212,710
Bonds
2)
0\u00a0244,160\u00a00\u00a00\u00a0244,160\u00a0244,160\u00a00\u00a00\u00a0244,160
Interest rate swaps\u00a0226,785\u00a00\u00a00\u00a00\u00a0226,785\u00a00\u00a0226,785\u00a00\u00a0226,785
Loans granted to associates\u00a00\u00a00\u00a00\u00a0539,982\u00a0539,982\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,149\u00a04,149\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a076,145\u00a076,145\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a03,352,688\u00a03,352,688\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,460,200\u00a05,460,200\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0226,785\u00a0338,987\u00a0117,883\u00a09,433,164\u00a010,116,819\u00a0339,605\u00a0226,785\u00a0117,265\u00a0683,655
Bunker swaps\u00a017,177\u00a00\u00a00\u00a00\u00a017,177\u00a00\u00a017,177\u00a00\u00a017,177
Bank overdrafts\u00a00\u00a00\u00a00\u00a0439,404\u00a0439,404\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,789,253\u00a02,789,253\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,069,192\u00a05,069,192\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,228,561\u00a01,228,561\u00a00\u00a00\u00a00\u00a00
Right-of-use liabili-ties\u00a00\u00a00\u00a00\u00a0553,870\u00a0553,870\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a01,163,072\u00a01,163,072\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a017,177\u00a00\u00a00\u00a011,243,352\u00a011,260,529\u00a00\u00a017,177\u00a00\u00a017,177
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, investments in level 2 includes model inputs that are observable either directly or indirectly 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 priceFinancial Instruments as of 31 December 2022
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a072,574\u00a0117,979\u00a030,833\u00a0221,386\u00a073,220\u00a00\u00a0148,167\u00a0221,386
Bonds
2)
0\u00a0267,754\u00a00\u00a00\u00a0267,754\u00a0267,754\u00a00\u00a00\u00a0267,754
Interest rate swaps\u00a0327,820\u00a00\u00a00\u00a00\u00a0327,820\u00a00\u00a0327,820\u00a00\u00a0327,820
Loans granted to associates\u00a00\u00a00\u00a00\u00a0338,823\u00a0338,823\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,162\u00a04,162\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a074,113\u00a074,113\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a02,873,638\u00a02,873,638\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,458,472\u00a05,458,472\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0327,820\u00a0340,329\u00a0117,979\u00a08,780,040\u00a09,566,168\u00a0340,974\u00a0327,820\u00a0148,167\u00a0816,961
Bank overdrafts\u00a00\u00a00\u00a00\u00a0488,645\u00a0488,645\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,190,226\u00a02,190,226\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,964,930\u00a05,964,930\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,011,024\u00a01,011,024\u00a00\u00a00\u00a00\u00a00
Finance lease liabilities\u00a00\u00a00\u00a00\u00a02,357\u00a02,357\u00a00\u00a00\u00a00\u00a00
Right-of-use liabilities\u00a00\u00a00\u00a00\u00a0519,931\u00a0519,931\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a0715,904\u00a0715,904\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a00\u00a00\u00a00\u00a010,893,016\u00a010,893,016\u00a00\u00a00\u00a00\u00a00
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.
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 minimize 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 ManagementThe Group of companies' financial assets were considered to have low credit risk per 1 January 2023.
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 2023. Based on the group\u2019s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2023.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Financial assets, shares\u00a0212,710\u00a0221,386
Financial assets, bonds\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Other interest-bearing loans\u00a04,149\u00a04,162
Other non interest-bearing receivables \u00a076,145\u00a074,113
Trade and other receivables
1)
3,004,508\u00a02,407,631
Contract assets
1)
348,180\u00a0466,007
Cash and cash equivalents\u00a05,460,200\u00a05,458,472
Derivatives\u00a0226,785\u00a0327,820
Total\u00a010,116,819\u00a09,566,168
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Renewable Energy\u00a01,190,756\u00a01,243,990
Wind Service\u00a01,810,415\u00a01,399,151
Cruise\u00a0210,543\u00a099,326
Other Investments\u00a0140,974\u00a0131,172
Total\u00a03,352,688\u00a02,873,638
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
UK\u00a01,241,128\u00a01,320,371
EURO-zone incl. Norway\u00a01,183,970\u00a0893,410
Carrying amount
2023\u00a02022
America\u00a0232,344\u00a0172,903
Africa\u00a013\u00a032
Asia\u00a0693,229\u00a0470,358
Other\u00a02,004\u00a016,564
Total\u00a03,352,688\u00a02,873,638
Impairment losses
Loss allowances have been measured on the following bases:
\u2022 \u00a012-month ECLs that result from possible default events within the 12 months after the reporting date;
and
\u2022 \u00a0Lifetime 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:
Gross\u00a0Provisions\u00a0Balance\u00a0Gross
Impair-
ment\u00a0Balance
2023\u00a02022
Amounts in NOK 1,000
Not past due\u00a02,855,407\u00a0-117\u00a02,855,290\u00a02,728,909\u00a0-27\u00a02,728,882
Past due 0-30 days\u00a0302,417\u00a0-263\u00a0302,154\u00a0114,035\u00a0-61\u00a0113,974
Past due 31-180 days\u00a0184,348\u00a0-1,090\u00a0183,257\u00a014,910\u00a0-606\u00a014,304
Past due 181-360 days\u00a05,763\u00a0-512\u00a05,250\u00a02,705\u00a0-403\u00a02,302
More than one year\u00a019,621\u00a0-12,884\u00a06,737\u00a023,530\u00a0-9,354\u00a014,176
Total\u00a03,367,555\u00a0-14,867\u00a03,352,688\u00a02,884,089\u00a0-10,451\u00a02,873,638
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 moderateThe following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
31 December 2023
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,080,280\u00a08,442,814\u00a01,627,699\u00a02,142,454\u00a01,595,444\u00a0462,512\u00a02,614,705
Derivative financial liabilities\u00a017,177\u00a017,177\u00a017,177\u00a00\u00a00\u00a00\u00a00
Due in
31 December 2022
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,177,112\u00a09,803,791\u00a0771,532\u00a01,798,998\u00a02,290,825\u00a01,654,380\u00a03,288,056
Derivative financial liabilities\u00a0327,820\u00a0272,686\u00a053,059\u00a046,799\u00a040,255\u00a033,925\u00a098,648
urrency RiskThe 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.
31 December 2023\u00a031 December 2022
Amounts in NOK 1,000\u00a0USD\u00a0GBP\u00a0EUR\u00a0USD\u00a0GBP\u00a0EUR
Gross statement of financial
position exposure
32,260\u00a054,533\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Forward exchange contract\u00a00\u00a0-1 328\u00a00\u00a00\u00a00\u00a00
Net exposure\u00a032,260\u00a053 205\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Currency sensitivity analysis
A 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.
Equity\u00a0Profit or loss
Effect in NOK 1,000
31 December 2023
USD\u00a0-32 816\u00a00
GBP\u00a0-70 533\u00a01 744
EUR\u00a0-418 635\u00a00
31 December 2022
USD\u00a0-3,766\u00a00
GBP\u00a0304,714\u00a00
EUR\u00a0-47,150\u00a00
The following significant exchange rates applied during the year:
Average rate\u00a0Reporting date spot rate
2023\u00a02022\u00a02023\u00a02022
1 USD\u00a010.5647\u00a09.6245\u00a010.1724\u00a09.8573
1 GBP\u00a013.1348\u00a011.8464\u00a012.9342\u00a011.8541
1 EUR\u00a011.4206\u00a010.104\u00a011.2405\u00a010.5138
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 34% of the financial liabilities
were interest hedgedAt the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial
instruments was:
2023\u00a02022
Amounts in NOK 1,000
Fixed rate instruments\u00a01,900\u00a08,000
Financial liabilities (interest-hedged portion of interest-bearing
debt)\u00a0-3,411,024
-3,110,399
Total\u00a0-3,409,124\u00a0-3,102,399
Variable rate instruments
Financial assets (cash and cash equivalents)\u00a05,460,200\u00a05,458,472
Financial liabilities (non-interest-hedged portion of
interest-bearing debt)\u00a0-6,669,276
-7,066,713
Total\u00a0-1,209,076\u00a0-1,608,241
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.
Profit or loss\u00a0Equity
100 bp
increase
100 bp
decrease
100 bp
increase
100 bp
decrease
Amounts in NOK 1,000
31 December 2023
Net interest costs\u00a0-12,091\u00a012,091\u00a0-12,091\u00a012,091
31 December 2022
Net interest costs\u00a0-16,082\u00a016,082\u00a0-16,082\u00a016,082
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193672": {
"value": "NOTE 22\u00a0\u00a0\u00a0Financial Instruments
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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023.
Financial Instruments as of 31 December 2023
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a094,826\u00a0117,883\u00a00\u00a0212,710\u00a095,445\u00a00\u00a0117,265\u00a0212,710
Bonds
2)
0\u00a0244,160\u00a00\u00a00\u00a0244,160\u00a0244,160\u00a00\u00a00\u00a0244,160
Interest rate swaps\u00a0226,785\u00a00\u00a00\u00a00\u00a0226,785\u00a00\u00a0226,785\u00a00\u00a0226,785
Loans granted to associates\u00a00\u00a00\u00a00\u00a0539,982\u00a0539,982\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,149\u00a04,149\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a076,145\u00a076,145\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a03,352,688\u00a03,352,688\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,460,200\u00a05,460,200\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0226,785\u00a0338,987\u00a0117,883\u00a09,433,164\u00a010,116,819\u00a0339,605\u00a0226,785\u00a0117,265\u00a0683,655
Bunker swaps\u00a017,177\u00a00\u00a00\u00a00\u00a017,177\u00a00\u00a017,177\u00a00\u00a017,177
Bank overdrafts\u00a00\u00a00\u00a00\u00a0439,404\u00a0439,404\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,789,253\u00a02,789,253\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,069,192\u00a05,069,192\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,228,561\u00a01,228,561\u00a00\u00a00\u00a00\u00a00
Right-of-use liabili-ties\u00a00\u00a00\u00a00\u00a0553,870\u00a0553,870\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a01,163,072\u00a01,163,072\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a017,177\u00a00\u00a00\u00a011,243,352\u00a011,260,529\u00a00\u00a017,177\u00a00\u00a017,177
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, investments in level 2 includes model inputs that are observable either directly or indirectly 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 priceFinancial Instruments as of 31 December 2022
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a072,574\u00a0117,979\u00a030,833\u00a0221,386\u00a073,220\u00a00\u00a0148,167\u00a0221,386
Bonds
2)
0\u00a0267,754\u00a00\u00a00\u00a0267,754\u00a0267,754\u00a00\u00a00\u00a0267,754
Interest rate swaps\u00a0327,820\u00a00\u00a00\u00a00\u00a0327,820\u00a00\u00a0327,820\u00a00\u00a0327,820
Loans granted to associates\u00a00\u00a00\u00a00\u00a0338,823\u00a0338,823\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,162\u00a04,162\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a074,113\u00a074,113\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a02,873,638\u00a02,873,638\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,458,472\u00a05,458,472\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0327,820\u00a0340,329\u00a0117,979\u00a08,780,040\u00a09,566,168\u00a0340,974\u00a0327,820\u00a0148,167\u00a0816,961
Bank overdrafts\u00a00\u00a00\u00a00\u00a0488,645\u00a0488,645\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,190,226\u00a02,190,226\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,964,930\u00a05,964,930\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,011,024\u00a01,011,024\u00a00\u00a00\u00a00\u00a00
Finance lease liabilities\u00a00\u00a00\u00a00\u00a02,357\u00a02,357\u00a00\u00a00\u00a00\u00a00
Right-of-use liabilities\u00a00\u00a00\u00a00\u00a0519,931\u00a0519,931\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a0715,904\u00a0715,904\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a00\u00a00\u00a00\u00a010,893,016\u00a010,893,016\u00a00\u00a00\u00a00\u00a00
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.
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 minimize 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 2023.
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 2023. Based on the group\u2019s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2023.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Financial assets, shares\u00a0212,710\u00a0221,386
Financial assets, bonds\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Other interest-bearing loans\u00a04,149\u00a04,162
Other non interest-bearing receivables \u00a076,145\u00a074,113
Trade and other receivables
1)
3,004,508\u00a02,407,631
Contract assets
1)
348,180\u00a0466,007
Cash and cash equivalents\u00a05,460,200\u00a05,458,472
Derivatives\u00a0226,785\u00a0327,820
Total\u00a010,116,819\u00a09,566,168
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Renewable Energy\u00a01,190,756\u00a01,243,990
Wind Service\u00a01,810,415\u00a01,399,151
Cruise\u00a0210,543\u00a099,326
Other Investments\u00a0140,974\u00a0131,172
Total\u00a03,352,688\u00a02,873,638
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
UK\u00a01,241,128\u00a01,320,371
EURO-zone incl. Norway\u00a01,183,970\u00a0893,410
Carrying amount
2023\u00a02022
America\u00a0232,344\u00a0172,903
Africa\u00a013\u00a032
Asia\u00a0693,229\u00a0470,358
Other\u00a02,004\u00a016,564
Total\u00a03,352,688\u00a02,873,638
Impairment losses
Loss allowances have been measured on the following bases:
\u2022 \u00a012-month ECLs that result from possible default events within the 12 months after the reporting date;
and
\u2022 \u00a0Lifetime 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:
Gross\u00a0Provisions\u00a0Balance\u00a0Gross
Impair-
ment\u00a0Balance
2023\u00a02022
Amounts in NOK 1,000
Not past due\u00a02,855,407\u00a0-117\u00a02,855,290\u00a02,728,909\u00a0-27\u00a02,728,882
Past due 0-30 days\u00a0302,417\u00a0-263\u00a0302,154\u00a0114,035\u00a0-61\u00a0113,974
Past due 31-180 days\u00a0184,348\u00a0-1,090\u00a0183,257\u00a014,910\u00a0-606\u00a014,304
Past due 181-360 days\u00a05,763\u00a0-512\u00a05,250\u00a02,705\u00a0-403\u00a02,302
More than one year\u00a019,621\u00a0-12,884\u00a06,737\u00a023,530\u00a0-9,354\u00a014,176
Total\u00a03,367,555\u00a0-14,867\u00a03,352,688\u00a02,884,089\u00a0-10,451\u00a02,873,638
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 moderateThe following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
31 December 2023
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,080,280\u00a08,442,814\u00a01,627,699\u00a02,142,454\u00a01,595,444\u00a0462,512\u00a02,614,705
Derivative financial liabilities\u00a017,177\u00a017,177\u00a017,177\u00a00\u00a00\u00a00\u00a00
Due in
31 December 2022
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,177,112\u00a09,803,791\u00a0771,532\u00a01,798,998\u00a02,290,825\u00a01,654,380\u00a03,288,056
Derivative financial liabilities\u00a0327,820\u00a0272,686\u00a053,059\u00a046,799\u00a040,255\u00a033,925\u00a098,648
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.
31 December 2023\u00a031 December 2022
Amounts in NOK 1,000\u00a0USD\u00a0GBP\u00a0EUR\u00a0USD\u00a0GBP\u00a0EUR
Gross statement of financial
position exposure
32,260\u00a054,533\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Forward exchange contract\u00a00\u00a0-1 328\u00a00\u00a00\u00a00\u00a00
Net exposure\u00a032,260\u00a053 205\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Currency sensitivity analysis
A 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.
Equity\u00a0Profit or loss
Effect in NOK 1,000
31 December 2023
USD\u00a0-32 816\u00a00
GBP\u00a0-70 533\u00a01 744
EUR\u00a0-418 635\u00a00
31 December 2022
USD\u00a0-3,766\u00a00
GBP\u00a0304,714\u00a00
EUR\u00a0-47,150\u00a00
The following significant exchange rates applied during the year:
Average rate\u00a0Reporting date spot rate
2023\u00a02022\u00a02023\u00a02022
1 USD\u00a010.5647\u00a09.6245\u00a010.1724\u00a09.8573
1 GBP\u00a013.1348\u00a011.8464\u00a012.9342\u00a011.8541
1 EUR\u00a011.4206\u00a010.104\u00a011.2405\u00a010.5138
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 34% of the financial liabilities
were interest hedgedAt the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial
instruments was:
2023\u00a02022
Amounts in NOK 1,000
Fixed rate instruments\u00a01,900\u00a08,000
Financial liabilities (interest-hedged portion of interest-bearing
debt)\u00a0-3,411,024
-3,110,399
Total\u00a0-3,409,124\u00a0-3,102,399
Variable rate instruments
Financial assets (cash and cash equivalents)\u00a05,460,200\u00a05,458,472
Financial liabilities (non-interest-hedged portion of
interest-bearing debt)\u00a0-6,669,276
-7,066,713
Total\u00a0-1,209,076\u00a0-1,608,241
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.
Profit or loss\u00a0Equity
100 bp
increase
100 bp
decrease
100 bp
increase
100 bp
decrease
Amounts in NOK 1,000
31 December 2023
Net interest costs\u00a0-12,091\u00a012,091\u00a0-12,091\u00a012,091
31 December 2022
Net interest costs\u00a0-16,082\u00a016,082\u00a0-16,082\u00a016,082
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193671": {
"value": "NOTE 22\u00a0\u00a0\u00a0Financial Instruments
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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023Financial Instruments as of 31 December 2023
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a094,826\u00a0117,883\u00a00\u00a0212,710\u00a095,445\u00a00\u00a0117,265\u00a0212,710
Bonds
2)
0\u00a0244,160\u00a00\u00a00\u00a0244,160\u00a0244,160\u00a00\u00a00\u00a0244,160
Interest rate swaps\u00a0226,785\u00a00\u00a00\u00a00\u00a0226,785\u00a00\u00a0226,785\u00a00\u00a0226,785
Loans granted to associates\u00a00\u00a00\u00a00\u00a0539,982\u00a0539,982\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,149\u00a04,149\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a076,145\u00a076,145\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a03,352,688\u00a03,352,688\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,460,200\u00a05,460,200\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0226,785\u00a0338,987\u00a0117,883\u00a09,433,164\u00a010,116,819\u00a0339,605\u00a0226,785\u00a0117,265\u00a0683,655
Bunker swaps\u00a017,177\u00a00\u00a00\u00a00\u00a017,177\u00a00\u00a017,177\u00a00\u00a017,177
Bank overdrafts\u00a00\u00a00\u00a00\u00a0439,404\u00a0439,404\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,789,253\u00a02,789,253\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,069,192\u00a05,069,192\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,228,561\u00a01,228,561\u00a00\u00a00\u00a00\u00a00
Right-of-use liabili-ties\u00a00\u00a00\u00a00\u00a0553,870\u00a0553,870\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a01,163,072\u00a01,163,072\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a017,177\u00a00\u00a00\u00a011,243,352\u00a011,260,529\u00a00\u00a017,177\u00a00\u00a017,177
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, investments in level 2 includes model inputs that are observable either directly or indirectly 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 priceFinancial Instruments as of 31 December 2022
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a072,574\u00a0117,979\u00a030,833\u00a0221,386\u00a073,220\u00a00\u00a0148,167\u00a0221,386
Bonds
2)
0\u00a0267,754\u00a00\u00a00\u00a0267,754\u00a0267,754\u00a00\u00a00\u00a0267,754
Interest rate swaps\u00a0327,820\u00a00\u00a00\u00a00\u00a0327,820\u00a00\u00a0327,820\u00a00\u00a0327,820
Loans granted to associates\u00a00\u00a00\u00a00\u00a0338,823\u00a0338,823\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,162\u00a04,162\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a074,113\u00a074,113\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a02,873,638\u00a02,873,638\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,458,472\u00a05,458,472\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0327,820\u00a0340,329\u00a0117,979\u00a08,780,040\u00a09,566,168\u00a0340,974\u00a0327,820\u00a0148,167\u00a0816,961
Bank overdrafts\u00a00\u00a00\u00a00\u00a0488,645\u00a0488,645\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,190,226\u00a02,190,226\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,964,930\u00a05,964,930\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,011,024\u00a01,011,024\u00a00\u00a00\u00a00\u00a00
Finance lease liabilities\u00a00\u00a00\u00a00\u00a02,357\u00a02,357\u00a00\u00a00\u00a00\u00a00
Right-of-use liabilities\u00a00\u00a00\u00a00\u00a0519,931\u00a0519,931\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a0715,904\u00a0715,904\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a00\u00a00\u00a00\u00a010,893,016\u00a010,893,016\u00a00\u00a00\u00a00\u00a00
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.
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 minimize 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 2023.
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 2023. Based on the group\u2019s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2023.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Financial assets, shares\u00a0212,710\u00a0221,386
Financial assets, bonds\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Other interest-bearing loans\u00a04,149\u00a04,162
Other non interest-bearing receivables \u00a076,145\u00a074,113
Trade and other receivables
1)
3,004,508\u00a02,407,631
Contract assets
1)
348,180\u00a0466,007
Cash and cash equivalents\u00a05,460,200\u00a05,458,472
Derivatives\u00a0226,785\u00a0327,820
Total\u00a010,116,819\u00a09,566,168
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Renewable Energy\u00a01,190,756\u00a01,243,990
Wind Service\u00a01,810,415\u00a01,399,151
Cruise\u00a0210,543\u00a099,326
Other Investments\u00a0140,974\u00a0131,172
Total\u00a03,352,688\u00a02,873,638
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
UK\u00a01,241,128\u00a01,320,371
EURO-zone incl. Norway\u00a01,183,970\u00a0893,410
Carrying amount
2023\u00a02022
America\u00a0232,344\u00a0172,903
Africa\u00a013\u00a032
Asia\u00a0693,229\u00a0470,358
Other\u00a02,004\u00a016,564
Total\u00a03,352,688\u00a02,873,638
Impairment losses
Loss allowances have been measured on the following bases:
\u2022 \u00a012-month ECLs that result from possible default events within the 12 months after the reporting date;
and
\u2022 \u00a0Lifetime 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:
Gross\u00a0Provisions\u00a0Balance\u00a0Gross
Impair-
ment\u00a0Balance
2023\u00a02022
Amounts in NOK 1,000
Not past due\u00a02,855,407\u00a0-117\u00a02,855,290\u00a02,728,909\u00a0-27\u00a02,728,882
Past due 0-30 days\u00a0302,417\u00a0-263\u00a0302,154\u00a0114,035\u00a0-61\u00a0113,974
Past due 31-180 days\u00a0184,348\u00a0-1,090\u00a0183,257\u00a014,910\u00a0-606\u00a014,304
Past due 181-360 days\u00a05,763\u00a0-512\u00a05,250\u00a02,705\u00a0-403\u00a02,302
More than one year\u00a019,621\u00a0-12,884\u00a06,737\u00a023,530\u00a0-9,354\u00a014,176
Total\u00a03,367,555\u00a0-14,867\u00a03,352,688\u00a02,884,089\u00a0-10,451\u00a02,873,638
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 moderateThe following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
31 December 2023
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,080,280\u00a08,442,814\u00a01,627,699\u00a02,142,454\u00a01,595,444\u00a0462,512\u00a02,614,705
Derivative financial liabilities\u00a017,177\u00a017,177\u00a017,177\u00a00\u00a00\u00a00\u00a00
Due in
31 December 2022
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,177,112\u00a09,803,791\u00a0771,532\u00a01,798,998\u00a02,290,825\u00a01,654,380\u00a03,288,056
Derivative financial liabilities\u00a0327,820\u00a0272,686\u00a053,059\u00a046,799\u00a040,255\u00a033,925\u00a098,648
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.
31 December 2023\u00a031 December 2022
Amounts in NOK 1,000\u00a0USD\u00a0GBP\u00a0EUR\u00a0USD\u00a0GBP\u00a0EUR
Gross statement of financial
position exposure
32,260\u00a054,533\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Forward exchange contract\u00a00\u00a0-1 328\u00a00\u00a00\u00a00\u00a00
Net exposure\u00a032,260\u00a053 205\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Currency sensitivity analysis
A 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.
Equity\u00a0Profit or loss
Effect in NOK 1,000
31 December 2023
USD\u00a0-32 816\u00a00
GBP\u00a0-70 533\u00a01 744
EUR\u00a0-418 635\u00a00
31 December 2022
USD\u00a0-3,766\u00a00
GBP\u00a0304,714\u00a00
EUR\u00a0-47,150\u00a00
The following significant exchange rates applied during the year:
Average rate\u00a0Reporting date spot rate
2023\u00a02022\u00a02023\u00a02022
1 USD\u00a010.5647\u00a09.6245\u00a010.1724\u00a09.8573
1 GBP\u00a013.1348\u00a011.8464\u00a012.9342\u00a011.8541
1 EUR\u00a011.4206\u00a010.104\u00a011.2405\u00a010.5138
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 34% of the financial liabilities
were interest hedgedAt the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial
instruments was:
2023\u00a02022
Amounts in NOK 1,000
Fixed rate instruments\u00a01,900\u00a08,000
Financial liabilities (interest-hedged portion of interest-bearing
debt)\u00a0-3,411,024
-3,110,399
Total\u00a0-3,409,124\u00a0-3,102,399
Variable rate instruments
Financial assets (cash and cash equivalents)\u00a05,460,200\u00a05,458,472
Financial liabilities (non-interest-hedged portion of
interest-bearing debt)\u00a0-6,669,276
-7,066,713
Total\u00a0-1,209,076\u00a0-1,608,241
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.
Profit or loss\u00a0Equity
100 bp
increase
100 bp
decrease
100 bp
increase
100 bp
decrease
Amounts in NOK 1,000
31 December 2023
Net interest costs\u00a0-12,091\u00a012,091\u00a0-12,091\u00a012,091
31 December 2022
Net interest costs\u00a0-16,082\u00a016,082\u00a0-16,082\u00a016,082
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193667": {
"value": "NOTE 22\u00a0\u00a0\u00a0Financial Instruments
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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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 lossAccounting 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023Financial Instruments as of 31 December 2023
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a094,826\u00a0117,883\u00a00\u00a0212,710\u00a095,445\u00a00\u00a0117,265\u00a0212,710
Bonds
2)
0\u00a0244,160\u00a00\u00a00\u00a0244,160\u00a0244,160\u00a00\u00a00\u00a0244,160
Interest rate swaps\u00a0226,785\u00a00\u00a00\u00a00\u00a0226,785\u00a00\u00a0226,785\u00a00\u00a0226,785
Loans granted to associates\u00a00\u00a00\u00a00\u00a0539,982\u00a0539,982\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,149\u00a04,149\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a076,145\u00a076,145\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a03,352,688\u00a03,352,688\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,460,200\u00a05,460,200\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0226,785\u00a0338,987\u00a0117,883\u00a09,433,164\u00a010,116,819\u00a0339,605\u00a0226,785\u00a0117,265\u00a0683,655
Bunker swaps\u00a017,177\u00a00\u00a00\u00a00\u00a017,177\u00a00\u00a017,177\u00a00\u00a017,177
Bank overdrafts\u00a00\u00a00\u00a00\u00a0439,404\u00a0439,404\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,789,253\u00a02,789,253\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,069,192\u00a05,069,192\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,228,561\u00a01,228,561\u00a00\u00a00\u00a00\u00a00
Right-of-use liabili-ties\u00a00\u00a00\u00a00\u00a0553,870\u00a0553,870\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a01,163,072\u00a01,163,072\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a017,177\u00a00\u00a00\u00a011,243,352\u00a011,260,529\u00a00\u00a017,177\u00a00\u00a017,177
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, investments in level 2 includes model inputs that are observable either directly or indirectly 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 2022
Carrying value\u00a0Fair value
Equity investments
1)
Hedging
instruments\u00a0at FVTPL\u00a0at FVOCI
Amortized
cost\u00a0Total\u00a0Level 1\u00a0Level 2\u00a0Level 3\u00a0Total
Amounts in NOK 1,000
Other Shares
2)
0\u00a072,574\u00a0117,979\u00a030,833\u00a0221,386\u00a073,220\u00a00\u00a0148,167\u00a0221,386
Bonds
2)
0\u00a0267,754\u00a00\u00a00\u00a0267,754\u00a0267,754\u00a00\u00a00\u00a0267,754
Interest rate swaps\u00a0327,820\u00a00\u00a00\u00a00\u00a0327,820\u00a00\u00a0327,820\u00a00\u00a0327,820
Loans granted to associates\u00a00\u00a00\u00a00\u00a0338,823\u00a0338,823\u00a00\u00a00\u00a00\u00a00
Other interest-bearing loans\u00a00\u00a00\u00a00\u00a04,162\u00a04,162\u00a00\u00a00\u00a00\u00a00
Other non interest-bearing receivables \u00a00\u00a00\u00a00\u00a074,113\u00a074,113\u00a00\u00a00\u00a00\u00a00
Trade and other receivables\u00a00\u00a00\u00a00\u00a02,873,638\u00a02,873,638\u00a00\u00a00\u00a00\u00a00
Cash and cash equivalents\u00a00\u00a00\u00a00\u00a05,458,472\u00a05,458,472\u00a00\u00a00\u00a00\u00a00
Financial assets\u00a0327,820\u00a0340,329\u00a0117,979\u00a08,780,040\u00a09,566,168\u00a0340,974\u00a0327,820\u00a0148,167\u00a0816,961
Bank overdrafts\u00a00\u00a00\u00a00\u00a0488,645\u00a0488,645\u00a00\u00a00\u00a00\u00a00
Interest bearing bond loans\u00a00\u00a00\u00a00\u00a02,190,226\u00a02,190,226\u00a00\u00a00\u00a00\u00a00
Secured bank loans\u00a00\u00a00\u00a00\u00a05,964,930\u00a05,964,930\u00a00\u00a00\u00a00\u00a00
Unsecured loans\u00a00\u00a00\u00a00\u00a01,011,024\u00a01,011,024\u00a00\u00a00\u00a00\u00a00
Finance lease liabilities\u00a00\u00a00\u00a00\u00a02,357\u00a02,357\u00a00\u00a00\u00a00\u00a00
Right-of-use liabilities\u00a00\u00a00\u00a00\u00a0519,931\u00a0519,931\u00a00\u00a00\u00a00\u00a00
Trade and other payables\u00a00\u00a00\u00a00\u00a0715,904\u00a0715,904\u00a00\u00a00\u00a00\u00a00
Financial liabilities\u00a00\u00a00\u00a00\u00a010,893,016\u00a010,893,016\u00a00\u00a00\u00a00\u00a00
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.
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 minimize 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 ManagementThe Group of companies' financial assets were considered to have low credit risk per 1 January 2023.
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 2023. Based on the group\u2019s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2023.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Financial assets, shares\u00a0212,710\u00a0221,386
Financial assets, bonds\u00a0244,160\u00a0267,754
Loans granted to associates\u00a0539,982\u00a0338,823
Other interest-bearing loans\u00a04,149\u00a04,162
Other non interest-bearing receivables \u00a076,145\u00a074,113
Trade and other receivables
1)
3,004,508\u00a02,407,631
Contract assets
1)
348,180\u00a0466,007
Cash and cash equivalents\u00a05,460,200\u00a05,458,472
Derivatives\u00a0226,785\u00a0327,820
Total\u00a010,116,819\u00a09,566,168
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
Renewable Energy\u00a01,190,756\u00a01,243,990
Wind Service\u00a01,810,415\u00a01,399,151
Cruise\u00a0210,543\u00a099,326
Other Investments\u00a0140,974\u00a0131,172
Total\u00a03,352,688\u00a02,873,638
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2023\u00a02022
Amounts in NOK 1,000
UK\u00a01,241,128\u00a01,320,371
EURO-zone incl. Norway\u00a01,183,970\u00a0893,410
Carrying amount
2023\u00a02022
America\u00a0232,344\u00a0172,903
Africa\u00a013\u00a032
Asia\u00a0693,229\u00a0470,358
Other\u00a02,004\u00a016,564
Total\u00a03,352,688\u00a02,873,638
Impairment losses
Loss allowances have been measured on the following bases:
\u2022 \u00a012-month ECLs that result from possible default events within the 12 months after the reporting date;
and
\u2022 \u00a0Lifetime 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:
Gross\u00a0Provisions\u00a0Balance\u00a0Gross
Impair-
ment\u00a0Balance
2023\u00a02022
Amounts in NOK 1,000
Not past due\u00a02,855,407\u00a0-117\u00a02,855,290\u00a02,728,909\u00a0-27\u00a02,728,882
Past due 0-30 days\u00a0302,417\u00a0-263\u00a0302,154\u00a0114,035\u00a0-61\u00a0113,974
Past due 31-180 days\u00a0184,348\u00a0-1,090\u00a0183,257\u00a014,910\u00a0-606\u00a014,304
Past due 181-360 days\u00a05,763\u00a0-512\u00a05,250\u00a02,705\u00a0-403\u00a02,302
More than one year\u00a019,621\u00a0-12,884\u00a06,737\u00a023,530\u00a0-9,354\u00a014,176
Total\u00a03,367,555\u00a0-14,867\u00a03,352,688\u00a02,884,089\u00a0-10,451\u00a02,873,638
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 moderateThe following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
31 December 2023
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,080,280\u00a08,442,814\u00a01,627,699\u00a02,142,454\u00a01,595,444\u00a0462,512\u00a02,614,705
Derivative financial liabilities\u00a017,177\u00a017,177\u00a017,177\u00a00\u00a00\u00a00\u00a00
Due in
31 December 2022
Carrying
amount
Contractual
cash flows\u00a02024\u00a02025\u00a02026\u00a02027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities\u00a010,177,112\u00a09,803,791\u00a0771,532\u00a01,798,998\u00a02,290,825\u00a01,654,380\u00a03,288,056
Derivative financial liabilities\u00a0327,820\u00a0272,686\u00a053,059\u00a046,799\u00a040,255\u00a033,925\u00a098,648
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.
31 December 2023\u00a031 December 2022
Amounts in NOK 1,000\u00a0USD\u00a0GBP\u00a0EUR\u00a0USD\u00a0GBP\u00a0EUR
Gross statement of financial
position exposure
32,260\u00a054,533\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Forward exchange contract\u00a00\u00a0-1 328\u00a00\u00a00\u00a00\u00a00
Net exposure\u00a032,260\u00a053 205\u00a0372,434\u00a03,820\u00a0-257,054\u00a044,846
Currency sensitivity analysis
A 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.
Equity\u00a0Profit or loss
Effect in NOK 1,000
31 December 2023
USD\u00a0-32 816\u00a00
GBP\u00a0-70 533\u00a01 744
EUR\u00a0-418 635\u00a00
31 December 2022
USD\u00a0-3,766\u00a00
GBP\u00a0304,714\u00a00
EUR\u00a0-47,150\u00a00
The following significant exchange rates applied during the year:
Average rate\u00a0Reporting date spot rate
2023\u00a02022\u00a02023\u00a02022
1 USD\u00a010.5647\u00a09.6245\u00a010.1724\u00a09.8573
1 GBP\u00a013.1348\u00a011.8464\u00a012.9342\u00a011.8541
1 EUR\u00a011.4206\u00a010.104\u00a011.2405\u00a010.5138
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 34% of the financial liabilities
were interest hedgedAt the reporting date the interest rate profile of the Group of companies\u2019 interest-bearing financial
instruments was:
2023\u00a02022
Amounts in NOK 1,000
Fixed rate instruments\u00a01,900\u00a08,000
Financial liabilities (interest-hedged portion of interest-bearing
debt)\u00a0-3,411,024
-3,110,399
Total\u00a0-3,409,124\u00a0-3,102,399
Variable rate instruments
Financial assets (cash and cash equivalents)\u00a05,460,200\u00a05,458,472
Financial liabilities (non-interest-hedged portion of
interest-bearing debt)\u00a0-6,669,276
-7,066,713
Total\u00a0-1,209,076\u00a0-1,608,241
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.
Profit or loss\u00a0Equity
100 bp
increase
100 bp
decrease
100 bp
increase
100 bp
decrease
Amounts in NOK 1,000
31 December 2023
Net interest costs\u00a0-12,091\u00a012,091\u00a0-12,091\u00a012,091
31 December 2022
Net interest costs\u00a0-16,082\u00a016,082\u00a0-16,082\u00a016,082
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193665": {
"value": "NOTE 22\u00a0\u00a0\u00a0Financial Instruments
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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193677": {
"value": "NOTE 22\u00a0\u00a0\u00a0Financial InstrumentsCurrency sensitivity analysis
A 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.
Equity\u00a0Profit or loss
Effect in NOK 1,000
31 December 2023
USD\u00a0-32 816\u00a00
GBP\u00a0-70 533\u00a01 744
EUR\u00a0-418 635\u00a00
31 December 2022
USD\u00a0-3,766\u00a00
GBP\u00a0304,714\u00a00
EUR\u00a0-47,150\u00a00
The following significant exchange rates applied during the year:
Average rate\u00a0Reporting date spot rate
2023\u00a02022\u00a02023\u00a02022
1 USD\u00a010.5647\u00a09.6245\u00a010.1724\u00a09.8573
1 GBP\u00a013.1348\u00a011.8464\u00a012.9342\u00a011.8541
1 EUR\u00a011.4206\u00a010.104\u00a011.2405\u00a010.5138
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193666": {
"value": "NOTE 22Financial 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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193664": {
"value": "NOTE 22Financial 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:
\u2022 \u00a0Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00a0\u00b7\u00a0the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
\u00a0\u00b7\u00a0the 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.
\u2022 \u00a0Fair 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.
\u2022 \u00a0Fair 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.
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:
\u2022 \u00a012-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 \u00a0Lifetime 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:
\u2022 \u00a0Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 \u00a0Level 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.
\u2022 \u00a0Level 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.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
classified as short-term debt in the balance sheet for 2023.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193678": {
"value": "NOTE 23\u00a0\u00a0\u00a0Rental 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.
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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193681": {
"value": "NOTE 24\u00a0\u00a0
Capital commitments
Per year end 2023\u00a0Per year end 2022
Project\u00a0Committed\u00a0Capitalised\u00a0Remaining\u00a0Committed\u00a0Capitalised\u00a0Remaining
Amounts in NOK 1,000
Renewable Energy
H\u00f6galiden\u00a00\u00a00\u00a00\u00a013,896\u00a00\u00a013,896
F\u00e4boliden 2\u00a024,044\u00a00\u00a024,044\u00a0304,142\u00a0100,802\u00a0203,340
Total \u00a024,044\u00a0217,236
Wind Service
New crane and upgrade of Bold Tern\u00a00\u00a00\u00a00\u00a00\u00a00\u00a00
New crane Brave Tern\u00a0942,078\u00a0410,967\u00a0531,099\u00a0384,805\u00a056,853\u00a0327,952
Total \u00a0531,099\u00a0327,952
Cruise
Bolette\u00a08,074\u00a00\u00a08,074\u00a00\u00a00\u00a00
Borealis\u00a020,168\u00a00\u00a020,168\u00a00\u00a00\u00a00
Balmoral\u00a03,020\u00a00\u00a03,020\u00a02,371\u00a00\u00a02,371
Misc. \u00a00\u00a00\u00a00\u00a0608\u00a00\u00a0608
Total \u00a031,262\u00a02,979
Remaining capital commitments \u00a0586,405\u00a0548,167
NOTE 25\u00a0\u00a0Contingencies
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 is a company that was 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 and the associated Installation Services Agreement.
The company has reported on the issue in previous reports and reference is generally made to those. There
are no significant new developments in 2023. No formal proceedings have been initiated and the dialog
between the involved parties, including the insurance companies providing the professional indemnity
insurance, is ongoing.
Outstanding issues from suppliers
No significant outstanding issues recognized as per year end 2023.
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 331 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. So far, no responds have
been received on the contradiction.
In January 2024 Fred. Olsen Ocean Ltd sent a summons to the district court (Tingretten), where the
company opposes the tax authorities view on penalty tax in the Adoon case (from 2007). This is due to the
claim being outdated and due to incorrect assumptions. The penalty tax including interest is amounted to
NOK 16 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193680": {
"value": "NOTE 24\u00a0\u00a0
Capital commitments
Per year end 2023\u00a0Per year end 2022
Project\u00a0Committed\u00a0Capitalised\u00a0Remaining\u00a0Committed\u00a0Capitalised\u00a0Remaining
Amounts in NOK 1,000
Renewable Energy
H\u00f6galiden\u00a00\u00a00\u00a00\u00a013,896\u00a00\u00a013,896
F\u00e4boliden 2\u00a024,044\u00a00\u00a024,044\u00a0304,142\u00a0100,802\u00a0203,340
Total \u00a024,044\u00a0217,236
Wind Service
New crane and upgrade of Bold Tern\u00a00\u00a00\u00a00\u00a00\u00a00\u00a00
New crane Brave Tern\u00a0942,078\u00a0410,967\u00a0531,099\u00a0384,805\u00a056,853\u00a0327,952
Total \u00a0531,099\u00a0327,952
Cruise
Bolette\u00a08,074\u00a00\u00a08,074\u00a00\u00a00\u00a00
Borealis\u00a020,168\u00a00\u00a020,168\u00a00\u00a00\u00a00
Balmoral\u00a03,020\u00a00\u00a03,020\u00a02,371\u00a00\u00a02,371
Misc. \u00a00\u00a00\u00a00\u00a0608\u00a00\u00a0608
Total \u00a031,262\u00a02,979
Remaining capital commitments \u00a0586,405\u00a0548,167
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193679": {
"value": "NOTE 25\u00a0\u00a0Contingencies
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 is a company that was 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 and the associated Installation Services Agreement.
The company has reported on the issue in previous reports and reference is generally made to those. There
are no significant new developments in 2023. No formal proceedings have been initiated and the dialog
between the involved parties, including the insurance companies providing the professional indemnity
insurance, is ongoing.
Outstanding issues from suppliers
No significant outstanding issues recognized as per year end 2023.
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 331 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. So far, no responds have
been received on the contradiction.
In January 2024 Fred. Olsen Ocean Ltd sent a summons to the district court (Tingretten), where the
company opposes the tax authorities view on penalty tax in the Adoon case (from 2007). This is due to the
claim being outdated and due to incorrect assumptions. The penalty tax including interest is amounted to
NOK 16 million",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193682": {
"value": "NOTE 26\u00a0\u00a0
Related party information
In 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 Fred. Olsen & Co. AS (Fred. Olsen & Co.) dates back to 1848. The sole shareholder of
Fred. Olsen & Co., Anette Sofie Olsen, identifies the fifth generation Olsen and Fred. Olsen & Co. can
draw an uninterrupted line of business conduct back to 1848. Whilst some Fred. Olsen-related activities
are investments by the Company, others are and 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 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.
Fred. Olsen & Co. 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 Fred.
Olsen & Co.. 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 Fred. Olsen & Co. 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, Fred. Olsen & Co. 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. Fred. Olsen & Co. 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 Fred. Olsen & Co. 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 Fred. Olsen & Co. 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 Fred. Olsen & Co. to be able to efficiently provide such
day-to-day operation of the Company that is needed. By Fred. Olsen & Co. 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 Fred. Olsen & Co. achieve cost and competence synergies. Such benefits are realized without
any interests being compromised.
For its services to the Company, Fred. Olsen & Co. 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 Fred. Olsen & Co. is
included in the above cost base, while defined benefit pension costs relative to Fred. Olsen & Co., 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 Fred. Olsen & Co. has in recent years been set at 12%.
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 FO Fred. Olsen & Co.
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 Fred. Olsen & Co..
The aforementioned compensation - together with a possible bonus - is the only compensation Fred. Olsen
& Co. 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.
2023\u00a02022
Amounts in NOK 1,000
Costs together with profit margin and bonus to
Fred. Olsen & Co., charged to the Company
90,421\u00a092,211
Costs and fees charged to subsidiaries\u00a092,819\u00a081,416
Amount outstanding between Fred. Olsen & Co. and the Company
1)
-2,357\u00a0-15,824
Amount outstanding between Fred. Olsen & Co. and subsidiaries of the
Company
1)
-12,585\u00a0-5,635
1)
Short term outstanding in connection with current operations.
In 2022 Hvitsten AS was established as a subsidiary of Fred. Olsen & Co. 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 189 million to
indirectly acquire 49% of three Scandinavian wind farms. In addition, EUR 291 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. (Natural Power) are an international renewable energy consultancy
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 monitoringapplications.
ZX Measurement Services Ltd. (ZX MS) provide wind measurement services such as Wind Lidar rental,
campaign design and optimisation.
Natural Power, 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.
Bonheur and Natural Power own 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 2023.
Scope of services:
Natural Power and NPP provides both consultancy services and operations-related services for FOR\u2019s wind
farms and FOS projects in the UK. FOR has contracted Natural Power 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.
The increase in cost from Natural Power Consultants in 2023 mainly relates to high inflation and currency
compared to 2022.
2023\u00a02022
Amounts in NOK 1,000
Natural Power Consultants Ltd. (asset management services)\u00a0138,185\u00a0104,093
Natural Power Consultants Ltd. (other consultancy services)\u00a038,536\u00a033,699
Fred. Olsen Travel Ltd.\u00a0179\u00a0419
Fred. Olsen Ltd. \u00a011,592\u00a05,747
Fred. Olsen & Co. \u00a036,360\u00a030,513
ZX Measurement Services Ltd. \u00a02,445\u00a02,854
New Power Partners ApS\u00a035,173 \u00a016,294
Zephir Ltd.\u00a03,219\u00a01,159
Total paid to related parties\u00a0265,689\u00a0194,778
FOR hires and shares office locations and other administrative services such as HR and IT support from FOL
in London.
Governance
All 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 EUR 174 million. Furthermore, 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 291 million is fully utilized or a period of five years has
lapsed.
Cruise
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, but due
his role as part of the majority shareholder of Bonheur Bahia will be reported as a related party for 2023 and
forward.
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. A 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 excluded2023\u00a02022
Amounts in NOK 1,000
Fred. Olsen Ltd (commission/ mark-up paid on head office/
establishment services)
1,210\u00a01,080
Fred. Olsen Travel Ltd (commission paid on crew flights etc)\u00a02,164\u00a01,819
Fred. Olsen Travel Ltd (commission earned on sale of cruise tickets) \u00a014,486\u00a06,676
Bahia Shipping Services Inc. (agency fee for crewing services)\u00a011,098\u00a08,955
Fred. Olsen & Co. (invoiced for admin fee for Group services)\u00a03,040\u00a02,527
Commissions and fees paid to related parties\u00a031,998\u00a021,057
The table below reflects gross numbers and thus also pass-through expenses.
Invoiced from related parties\u00a02023\u00a02022
Amounts in NOK 1,000
Fred. Olsen Ltd. (Infrastructure and establishment services)\u00a010,557\u00a08,606
Fred. Olsen Ltd. (Office management and personnel services)\u00a019,712\u00a024,200
Cost for office premises, Infrastructure and office management
paid to Fred. Olsen Ltd.
30,269\u00a032,807
Other transactions with related parties
The Wind Service segment of the Company was invoiced NOK 34 million (2022: NOK 20 million) for services
from Fred. Olsen & Co. Bahia has provided certain crewing services to the Wind Service segment of which a
commission of NOK 1.3 million (2022: NOK 1.1 million) was paid. Furthermore, NOK 4,4 million was paid to
NPP for engineering and project management services.
In 2023, Fred. Olsen & Co. paid NOK 5.4 million (2022: 5.4 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
2023 as well as in 2022 was NOK 0.4 million.
Mr. Fred. Olsen is party to a consultancy agreement with Fred. Olsen & Co.. In 2023, NOK 5.2 million was
paid under this consultancy agreement (2022: 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 2023
in total NOK 6 million of BON09 bond loan (2022: NOK 6 million).
As per 31 December 2023 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:
Board of directors:\u00a0Shareholders' committee:\u00a0Managing Director:
Number of shares
Fred. Olsen\u00a040,586\u00a0J\u00f8rgen G. Heje\u00a02,180\u00a0Anette S. Olsen\u00a02,942
Bente Hagem\u00a01,505\u00a0Christian F. Michelet\u00a00
Carol Bell\u00a01,200\u00a0Ole Kristian Aab\u00f8-Evensen\u00a00
Nick Emery\u00a0325\u00a0Synne Homble\u00a00
Andreas Mellbye \u00a00\u00a0Gaute Gjelsten\u00a00
Jannicke Hilland\u00a00
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 21,958,380 shares in the
Company",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193683": {
"value": "NOTE 27\u00a0\u00a0
Group of companies
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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193685": {
"value": "NOTE 27\u00a0\u00a0
Group of companies
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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193684": {
"value": "NOTE 27\u00a0\u00a0
Group of companies
Bonheur ASA is the parent in the Group of companies with the following subsidiaries:
Country of
incorporation
Ownership
interest
Votes,
percentage
2023\u00a02022
Fred. Olsen Seawind ASA\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Renewables AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
- Fred. Olsen Wind Ltd.\u00a0UK\u00a051,00%\u00a051,00%\u00a051,00%
- Fred. Olsen CBH Ltd.\u00a0UK\u00a051,00%\u00a051,00%\u00a051,00%
- Hvitsten II JV AS\u00a0Oslo, Norway\u00a051,00%\u00a051,00%\u00a051,00%
- Hvitsten II JV AB\u00a0Sweden\u00a051,00%\u00a051,00%\u00a051,00%
Fred. Olsen Ocean Ltd.\u00a0Hamilton,
Bermuda
100,00%\u00a0100,00%\u00a0100,00%
- Fred. Olsen Windcarrier ASA\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
- Global Wind Services A/S\u00a0Fredericia,
Denmark
92,16%\u00a092,16%\u00a092,16%
First Olsen Holding AS \u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
NHST Media Group AS\u00a0Oslo, Norway\u00a055,00%\u00a055,00%\u00a055,13%
Fred. Olsen Travel AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Insurance Services AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
AS Stavnes Byggeselskap\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Spedisjon AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen 1848 AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Investments AS\u00a0Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Cruise Lines Pte Ltd\u00a0Singapore\u00a0100,00%\u00a0100,00%\u00a0100,00%
Ganger Rolf AS
1)
Oslo, Norway\u00a0100,00%\u00a0100,00%\u00a0100,00%
Fred. Olsen Canary Lines S.L.
1)
Spain\u00a0100,00%\u00a0100,00%\u00a0100,00%
Felixstowe Ship Management Ltd.
1)
UK\u00a099,85%\u00a099,85%\u00a099,85%
Number of
shares
Book value
shares
Result
for the year\u00a0Equity
Amounts in NOK 1,000
Fred. Olsen Seawind ASA\u00a010,000,000\u00a0546,683\u00a0-130,562\u00a0491,049
2)
Fred. Olsen Renewables AS\u00a030,000\u00a01,779,107\u00a0900,613\u00a01,467,149
2)
- Fred. Olsen Wind Ltd.\u00a0400,002\u00a01,859,627\u00a0829,884\u00a0531,014
2)
- Fred. Olsen CBH Ltd.\u00a0153\u00a0490,818\u00a036,458\u00a0110,187
2)
- Hvitsten II JV AS\u00a057,607,438\u00a0423,978\u00a075,460\u00a0208,357
- Hvitsten II JV AB\u00a012,750\u00a0 1,454,085\u00a022,692\u00a02,048,445
Fred. Olsen Ocean Ltd.\u00a039,993,796\u00a02,749,285\u00a0675,597\u00a04,634,428
2)
- Fred. Olsen Windcarrier ASA\u00a05,000,000\u00a0477,307\u00a0609,158\u00a03,772,500
2)
- Global Wind Services A/S\u00a0940,000\u00a0476,391\u00a015,267\u00a0244,308
2)
First Olsen Holding AS \u00a01,000,100\u00a0587,131\u00a0205,239\u00a0-1,527,791
2)
NHST Media Group AS\u00a0882,371\u00a0271,622\u00a0-122,229\u00a0-239,630
2)
Fred. Olsen Travel AS\u00a04,482\u00a07,914\u00a07,363\u00a023,088
Fred. Olsen Insurance Services AS\u00a01,500\u00a00\u00a0-1,041\u00a03,812
AS Stavnes Byggeselskap\u00a011,000\u00a028,533\u00a0-1,879\u00a024,545
Fred. Olsen Spedisjon AS\u00a0700\u00a07,771\u00a0-2,219\u00a04,471
Fred. Olsen 1848 AS\u00a030\u00a0180,780\u00a0-70,058\u00a079,162
2)
Fred. Olsen Investments AS\u00a01,000\u00a010,000\u00a01,013\u00a011,013
Fred. Olsen Cruise Lines Pte Ltd\u00a01,000,000\u00a06,230\u00a0385\u00a021,470
Ganger Rolf AS
1)
30,000\u00a031\u00a00\u00a015
Fred. Olsen Canary Lines S.L.
1)
100\u00a096\u00a00\u00a00
Felixstowe Ship Management Ltd.
1)
15,151\u00a0965\u00a00\u00a00
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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193686": {
"value": "NOTE 28\u00a0\u00a0Subsequent events
There have been no material subsequent events post year-end 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193689": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193687": {
"value": "Fred. Olsens gate 2",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"shtag_193688": {
"value": "Oslo",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800HOQE1B34SUA323",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}