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NOTE 1 Principal accounting policies and key accounting estimates
Bonheur ASA is domiciled in Norway. The address of the Company\u2019s registered office is Fred Olsens gate 2,
Oslo.
The consolidated financial statements of Bonheur ASA as at and for the year ended 31 December 2024
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 2025. In a meeting 9 April 2025, the Shareholders\u2019 Committee recommended to the
Annual General Meeting that the proposal to the annual accounts for 2024 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 22 May 2025.
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 31.12.2024.
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 2024.
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 Derivative financial instruments are measured at fair value
\u2022 Financial assets measured at fair value through profit or loss or through other comprehensive income
\u2022 Employee benefits are measured at fair value
The methods used to measure fair values are discussed further in note 2.
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.
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 support. 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. 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 in the Other investments segment mainly comes from subscriptions in NHST, which 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:
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.
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. there is a legally enforceable right to offset current tax liabilities and assets,
2. they relate to income taxes levied by the same tax authority on the same taxable entity,
3. on 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.
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 on ships and vessels required by classification societies, are
capitalised and depreciated over the anticipated period between surveys, generally five years.
Extensive upgrading and repairs after termination of contracts, are depreciated either over the
assumed period to next survey or over the same profile as the unit if the unit's remaining useful
life is shorter. Other maintenance and repair costs are expensed as incurred.
Development costs for wind farm projects are booked as operating expenses until a project is
defined and firm. Thereafter development costs are capitalized, and when the projects are in the
construction phase these costs are transferred to property, plant and equipment. Auction/lease
fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated
lifetime of the wind farm.
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
is 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.
The estimated useful lives for the current and comparative periods are as follows:
Windfarms
24 years
Ships
10 to 42 years
Wind installation vessels
20 years
Plant and Buildings
5 to 50 years
Machinery and Equipment
3 to 10 years
Cars
7 years
IT Equipment
5 years
Furniture and fixtures
5 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 ships and 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.
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 5 years
Customer relationships 9 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 CGU Mynewsdesk 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 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.
Accounting policies
Associates are those entities, typically joint ventures (JV) with equal ownership between the
JV 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.
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.
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 items that are recorded as components and depreciated.
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 2-month ECLs resulting from possible default events within the 12 months after the
reporting date
\u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial
instrument.
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.
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.
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 at the
statement of financial position date, adjusted to reflect the terms of the pension 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.
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 Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
\u00b7 the asset is held within a business model whose objective is to hold assets to collect
contractual cash flows; and
\u00b7 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.
\u2022 Fair 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 Fair 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 12-month ECLs resulting from possible default events within the 12 months after the
reporting date.
\u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial
instrument.
For impairment losses on financial assets measured at FVOCI, impairment losses shall be
recognized in other comprehensive income, for other assets in profit or loss.
Accounting classifications and fair values
Financial assets and liabilities in the Group of companies consist of investments in other
companies, trade and other receivables, cash and cash equivalents, interest rate instruments,
forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and
borrowings.
The following table below shows the carrying amounts and fair values of the financial assets and
financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease
liabilities is not included.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u2022 Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
\u2022 Level 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 Level 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 and 2024.
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.
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.
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:
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "value": "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 2024 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 2025. In a meeting 9 April 2025, the Shareholders\u2019 Committee recommended to the Annual General Meeting that the proposal to the annual accounts for 2024 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 22 May 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "Bonheur ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-344": { "value": "Bonheur ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-14": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-345": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-15": { "value": "Fred Olsens gate 2, Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-346": { "value": "Oslo", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-17": { "value": "Bonheur ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-347": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-16": { "value": "The Group of companies is primarily involved in Renewable Energy, Wind Service and Cruise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "The annual accounts together with the appurtenant financial statements were addressed by the Board of Directors on 8 April 2025. In a meeting 9 April 2025, the Shareholders\u2019 Committee recommended to the Annual General Meeting that the proposal to the annual accounts for 2024 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 22 May 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "value": "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 31.12.2024. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "Basis of preparation These consolidated financial statements are presented in Norwegian Kroner (NOK), the functional currency of Bonheur ASA. All financial information presented in NOK has been rounded to the nearest thousand. The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. Reassessment of accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Judgements and estimates made by management in the application of IFRSs that have significant effect on the financial statements and estimates that have a significant risk of material adjustment in the next year are discussed in the specific notes. The accounting policies have been applied consistently to all periods presented in these consolidated financial statements by all Group entities. The Group of companies\u2019 accounting policies are described in the individual notes to the Consolidated Financial Statements. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following: \u2022 Derivative financial instruments are measured at fair value \u2022 Financial assets measured at fair value through profit or loss or through other comprehensive income \u2022 Employee benefits are measured at fair value The methods used to measure fair values are discussed further in note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "value": "Accounting estimates and judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that Management considers reasonable and appropriate under the circumstances. The resulting accounting estimates may differ from the eventual outcome, but the Group of companies\u2019 regards this as the best estimate at the balance sheet date. The notes in this report provide further information on the specific topics including key accounting estimates and judgments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "Effects from new accounting standards The amended standards and interpretations had no significant impact on the Group of companies consolidated financial statements in 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "value": "Effects from new accounting standards The amended standards and interpretations had no significant impact on the Group of companies consolidated financial statements in 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:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "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:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "value": "
NOTE 2 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 (inclusive intangible assets), a subsidiary 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
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 the latest known trading price
\u2022 average price from transactions
\u2022 transactions 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.
Financial Instruments as of 31 December 2024
Carrying value
Fair value
Equity investments
1)
Hedging Amortized
instruments
at FVTPL
at FVOCI
cost
Total
Level 1
Level 2
Level 3
Total
Amounts in NOK 1,000
Other Shares
2)
0
66,114
111,067
0
177,181
66,523
0
110,657
177,181
Bonds
2)
0
219,618
0
0
219,618
219,618
0
0
219,618
Interest rate swaps
261,226
0
0
0
261,226
0
261,226
0
261,226
Loans granted to associates
0
0
0
706,980
706,980
0
0
0
0
Other interest-bearing loans
0
0
0
4,002
4,002
0
0
0
0
Other non interest-bearing receivables
0
0
0
117,913
117,913
0
0
0
0
Trade and other receivables
0
0
0
2,763,408
2,763,408
0
0
0
0
Cash and cash equivalents
0
0
0
6,582,590
6,582,590
0
0
0
0
Financial assets
261,226
285,731
111,067
10,174,894
10,832,918
286,141
261,226
110,657
658,025
Bunker swaps
0
0
0
0
0
0
0
0
0
Bank overdrafts
0
0
0
502,463
502,463
0
0
0
0
Interest bearing bond loans
0
0
0
3,086,798
3,086,798
0
0
0
0
Secured bank loans
0
0
0
4,533,003
4,533,003
0
0
0
0
Unsecured loans
0
0
0
1,204,973
1,204,973
0
0
0
0
Right-of-use liabili-ties
0
0
0
650,091
650,091
0
0
0
0
Trade and other payables
0
0
0
3,726,050
3,726,050
0
0
0
0
Financial liabilities
0
0
0
13,703,378
13,703,378
0
0
0
0
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 2023
Carrying value
Fair value
Equity investments
1)
Hedging Amortized
instruments
at FVTPL
at FVOCI
cost
Total
Level 1
Level 2
Level 3
Total
Amounts in NOK 1,000
Other Shares
2)
0
94,826
117,883
0
212,710
95,445
0
117,265
212,710
Bonds
2)
0
244,160
0
0
244,160
244,160
0
0
244,160
Interest rate swaps
226,785
0
0
0
226,785
0
226,785
0
226,785
Loans granted to associates
0
0
0
539,982
539,982
0
0
0
0
Other interest-bearing loans
0
0
0
4,149
4,149
0
0
0
0
Other non interest-bearing receivables
0
0
0
76,145
76,145
0
0
0
0
Trade and other receivables
0
0
0
3,352,688
3,352,688
0
0
0
0
Cash and cash equivalents
0
0
0
5,460,200
5,460,200
0
0
0
0
Financial assets
226,785
338,987
117,883
9,433,164
10,116,819
339,605
226,785
117,265
683,655
Bank overdrafts
17,177
0
0
0
17,177
0
17,177
0
17,177
Interest bearing bond loans
0
0
0
439,404
439,404
0
0
0
0
Secured bank loans
0
0
0
2,789,253
2,789,253
0
0
0
0
Unsecured loans
0
0
0
5,069,192
5,069,192
0
0
0
0
Finance lease liabilities
0
0
0
1,228,561
1,228,561
0
0
0
0
Right-of-use liabilities
0
0
0
553,870
553,870
0
0
0
0
Trade and other payables
0
0
0
1,163,072
1,163,072
0
0
0
0
Financial liabilities
17,177
0
0
11,243,352
11,260,529
0
17,177
0
17,177
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. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "NOTE 2 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 (inclusive intangible assets), a subsidiary 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 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 the latest known trading price \u2022 average price from transactions \u2022 transactions 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. Financial Instruments as of 31 December 2024
Carrying value
Fair value
Equity investments
1)
Hedging Amortized
instruments
at FVTPL
at FVOCI
cost
Total
Level 1
Level 2
Level 3
Total
Amounts in NOK 1,000
Other Shares
2)
0
66,114
111,067
0
177,181
66,523
0
110,657
177,181
Bonds
2)
0
219,618
0
0
219,618
219,618
0
0
219,618
Interest rate swaps
261,226
0
0
0
261,226
0
261,226
0
261,226
Loans granted to associates
0
0
0
706,980
706,980
0
0
0
0
Other interest-bearing loans
0
0
0
4,002
4,002
0
0
0
0
Other non interest-bearing receivables
0
0
0
117,913
117,913
0
0
0
0
Trade and other receivables
0
0
0
2,763,408
2,763,408
0
0
0
0
Cash and cash equivalents
0
0
0
6,582,590
6,582,590
0
0
0
0
Financial assets
261,226
285,731
111,067
10,174,894
10,832,918
286,141
261,226
110,657
658,025
Bunker swaps
0
0
0
0
0
0
0
0
0
Bank overdrafts
0
0
0
502,463
502,463
0
0
0
0
Interest bearing bond loans
0
0
0
3,086,798
3,086,798
0
0
0
0
Secured bank loans
0
0
0
4,533,003
4,533,003
0
0
0
0
Unsecured loans
0
0
0
1,204,973
1,204,973
0
0
0
0
Right-of-use liabili-ties
0
0
0
650,091
650,091
0
0
0
0
Trade and other payables
0
0
0
3,726,050
3,726,050
0
0
0
0
Financial liabilities
0
0
0
13,703,378
13,703,378
0
0
0
0
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 2023
Carrying value
Fair value
Equity investments
1)
Hedging Amortized
instruments
at FVTPL
at FVOCI
cost
Total
Level 1
Level 2
Level 3
Total
Amounts in NOK 1,000
Other Shares
2)
0
94,826
117,883
0
212,710
95,445
0
117,265
212,710
Bonds
2)
0
244,160
0
0
244,160
244,160
0
0
244,160
Interest rate swaps
226,785
0
0
0
226,785
0
226,785
0
226,785
Loans granted to associates
0
0
0
539,982
539,982
0
0
0
0
Other interest-bearing loans
0
0
0
4,149
4,149
0
0
0
0
Other non interest-bearing receivables
0
0
0
76,145
76,145
0
0
0
0
Trade and other receivables
0
0
0
3,352,688
3,352,688
0
0
0
0
Cash and cash equivalents
0
0
0
5,460,200
5,460,200
0
0
0
0
Financial assets
226,785
338,987
117,883
9,433,164
10,116,819
339,605
226,785
117,265
683,655
Bank overdrafts
17,177
0
0
0
17,177
0
17,177
0
17,177
Interest bearing bond loans
0
0
0
439,404
439,404
0
0
0
0
Secured bank loans
0
0
0
2,789,253
2,789,253
0
0
0
0
Unsecured loans
0
0
0
5,069,192
5,069,192
0
0
0
0
Finance lease liabilities
0
0
0
1,228,561
1,228,561
0
0
0
0
Right-of-use liabilities
0
0
0
553,870
553,870
0
0
0
0
Trade and other payables
0
0
0
1,163,072
1,163,072
0
0
0
0
Financial liabilities
17,177
0
0
11,243,352
11,260,529
0
17,177
0
17,177
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. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "NOTE 2 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 (inclusive intangible assets), a subsidiary 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 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 the latest known trading price \u2022 average price from transactions \u2022 transactions 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. Financial Instruments as of 31 December 2024
Carrying value
Fair value
Equity investments
1)
Hedging Amortized
instruments
at FVTPL
at FVOCI
cost
Total
Level 1
Level 2
Level 3
Total
Amounts in NOK 1,000
Other Shares
2)
0
66,114
111,067
0
177,181
66,523
0
110,657
177,181
Bonds
2)
0
219,618
0
0
219,618
219,618
0
0
219,618
Interest rate swaps
261,226
0
0
0
261,226
0
261,226
0
261,226
Loans granted to associates
0
0
0
706,980
706,980
0
0
0
0
Other interest-bearing loans
0
0
0
4,002
4,002
0
0
0
0
Other non interest-bearing receivables
0
0
0
117,913
117,913
0
0
0
0
Trade and other receivables
0
0
0
2,763,408
2,763,408
0
0
0
0
Cash and cash equivalents
0
0
0
6,582,590
6,582,590
0
0
0
0
Financial assets
261,226
285,731
111,067
10,174,894
10,832,918
286,141
261,226
110,657
658,025
Bunker swaps
0
0
0
0
0
0
0
0
0
Bank overdrafts
0
0
0
502,463
502,463
0
0
0
0
Interest bearing bond loans
0
0
0
3,086,798
3,086,798
0
0
0
0
Secured bank loans
0
0
0
4,533,003
4,533,003
0
0
0
0
Unsecured loans
0
0
0
1,204,973
1,204,973
0
0
0
0
Right-of-use liabili-ties
0
0
0
650,091
650,091
0
0
0
0
Trade and other payables
0
0
0
3,726,050
3,726,050
0
0
0
0
Financial liabilities
0
0
0
13,703,378
13,703,378
0
0
0
0
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 2023
Carrying value
Fair value
Equity investments
1)
Hedging Amortized
instruments
at FVTPL
at FVOCI
cost
Total
Level 1
Level 2
Level 3
Total
Amounts in NOK 1,000
Other Shares
2)
0
94,826
117,883
0
212,710
95,445
0
117,265
212,710
Bonds
2)
0
244,160
0
0
244,160
244,160
0
0
244,160
Interest rate swaps
226,785
0
0
0
226,785
0
226,785
0
226,785
Loans granted to associates
0
0
0
539,982
539,982
0
0
0
0
Other interest-bearing loans
0
0
0
4,149
4,149
0
0
0
0
Other non interest-bearing receivables
0
0
0
76,145
76,145
0
0
0
0
Trade and other receivables
0
0
0
3,352,688
3,352,688
0
0
0
0
Cash and cash equivalents
0
0
0
5,460,200
5,460,200
0
0
0
0
Financial assets
226,785
338,987
117,883
9,433,164
10,116,819
339,605
226,785
117,265
683,655
Bank overdrafts
17,177
0
0
0
17,177
0
17,177
0
17,177
Interest bearing bond loans
0
0
0
439,404
439,404
0
0
0
0
Secured bank loans
0
0
0
2,789,253
2,789,253
0
0
0
0
Unsecured loans
0
0
0
5,069,192
5,069,192
0
0
0
0
Finance lease liabilities
0
0
0
1,228,561
1,228,561
0
0
0
0
Right-of-use liabilities
0
0
0
553,870
553,870
0
0
0
0
Trade and other payables
0
0
0
1,163,072
1,163,072
0
0
0
0
Financial liabilities
17,177
0
0
11,243,352
11,260,529
0
17,177
0
17,177
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. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "NOTE 2 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 (inclusive intangible assets), a subsidiary 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 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 the latest known trading price \u2022 average price from transactions \u2022 transactions 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 Financial risk management The Group of companies is exposed to certain financial risks related to its activities. The financial risks are continuously monitored and from time-to-time financial derivatives are used to economically hedge such exposures. The monitoring within the various business segments is carried out by the respective companies, in accordance with their policies and procedures, through internal reporting and online based information of movements and market values of relevant financial instruments. Reports on the companies\u2019 financial risk exposure are regularly submitted to the respective entities\u2019 Board of directors. For more information \u2013 see notes 18 and 22. Financial market risk Currency risk The Group of companies\u2019 financial statements are presented in NOK. The Group of companies\u2019 revenues consist primarily of EUR, GBP and NOK. The revenues within the Wind Service segment in 2024 were in EUR. The GBP revenues in 2024 are within the Renewable Energy and Cruise segments. Consequently, out of the group\u2019s gross income of NOK 13 995 million in 2024, 46% were in EUR, 43% were in GBP and 1% were in SEK. The remaining 10% 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 30% (34%) 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 30% of the expected fuel consumption in 2025 for Cruise had been hedged against fluctuations through fuel swap agreements. In 2024 approximately 4.9% (5.5%) of total operating expenses within the Group of companies were bunker expenses within the Cruise segment, while approximately 0.9% (1.6%) were bunkers expenses within Wind Service. Electricity price In 2024 electricity sales for the windfarms were on floating contracts and were subject to change in electricity prices. Subsequent to year-end of 2024, the wind farms Paul\u2019s Hill has entered forward sales contracts for 75% of volume at 79.20 GBP/MWh for the summer of 2025 and 80.20 GBP/MWh for the winter of 2025. 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 the Wind Service segment provided in 2024 46% (41%) of total revenues. 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 Renewable Energy, which in 2024 provided 19% (24%) of total revenues, are large electricity distributors. Credit risk within cruise 26% of total revenues in 2024 (26%) is also regarded to be moderate, due to cruise tickets being paid in advance. Within the segment Other 9% (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 9 977 million (NOK 10 080 million). Cash and cash equivalents amounted to NOK 6 583 million (NOK 5 460 million). Net interest-bearing debt of the Group of companies was NOK 3 395 million (4 620 million). Equity to assets ratio for the parent company was 66.4% (70.3%) including the effect of the proposed NOK 6.75 in dividend for 2024. 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 2024 investments were financed by cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2024 amounted to NOK 255 million (212 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. Bonheur has formalized its commitment to sustainable financing with a green finance framework which takes into account EU Taxonomy assessment rating, and which has an eligibility assessment from DNV. Since 2020, four green bond loans of in total NOK 3.1 billion, which have been issued to be used for eligible green investments as defined in the framework
NOTE 18 Interest bearing loans and borrowings
2024
2023
Amounts in NOK 1,000
Non-current interest-bearing liabilities
Secured bank loans
3,573,827
4,148,784
Unsecured loans
2,387,694
1,989,973
Lease liability, IFRS 16
555,178
464,358
Other loans
946,476
1,114,327
Total
7,463,174
7,717,441
Current interest-bearing liabilities
Current portion of secured bank loans
959,176
920,408
Current portion of unsecured loans
699,104
799,280
Current portion of lease liability, IFRS 16
94,913
89,513
Other loans
760,960
553,638
Total
2,514,154
2,362,839
Fred. Olsen Renewables Ltd. had as at 31 December 2024, 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 2024 was GBP 217 million (GBP 254 million). The interest rates of the bank loan facility are fixed
3.17% for 75% and SONIA 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 2024
drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2024
was GBP 48 million (GBP 50 million). The interest rates of the loan are fixed 3.55% for 75% of the loan and
SONIA 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 2024 drawn
GBP 63 million (GBP 67 million) from an unsecured shareholder loan from CK Group, which holds 49% of the
shares in the company. The interest rate of this loan is SONIA 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. In 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
2024 is EUR 31. million, where the drawdown on the EUR 35 mill RCF amounts to zero.
In 2022 Blue Tern (51% owned), entered into a senior secured green term loan facility agreement with
Clifford Capital Pte. Ltd. The arrangement is a EUR 35 million facility with a margin of 2,15 %, of which EUR
21.7 million is outstanding per 31 December 2024.
GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 37.5 million, of
which approximately EUR 32.7 million is outstanding as per 31 December 2024.
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 8,6 million was outstanding as per 31 December 2024. In addition, UWL has a shareholder loan of EUR
5.4 million where Fred. Olsen Ocean Ltd holds 50 % of the loan. The current loan balance to the external
shareholder is EUR 2.7 million. The interest rate is fixed 5%.
Bonheur ASA bond loans
Bond issue ticker, terms
Issued
Maturity
2024
2023
Amounts in NOK 1,000
BON09 3 month NIBOR + 2.50%
4-Sep-19
4-Sep-24
799,280
BON10 ESG 3 month NIBOR + 2.75%
22-Sep-20
22-Sep-25
699,104
697,909
BONHR01 ESG 3 month NIBOR + 2.90%
13-Jul-21
13-Jul-26
698,145
696,909
BONHR02 ESG 3 month NIBOR + 3.00%
15-Sep-23
15-Sep-28
748,122
595,155
BONHR03 ESG 3 month NIBOR + 2.35%
9-Oct-24
9-Oct-29
941,426
Total
3,086,798
2,789,253
Terms and debt repayment schedule
Terms and conditions of outstanding loans were as follows:
31.12.2024 31.12.2023
Nominal Year of Carrying Carrying
Currency interest rate maturity amount amount
Amounts in NOK 1,000
Renewable Energy:
Secured bank loan
1)
GBP 75% fixed 3.17%, 25% SONIA
2032
3,084,625
3,286,262
+ 1,40%
Secured bank loan
2)
GBP
75% fixed 3,55%, 25%
2036
681,392
650,006
SONIA+ 1.80%
Shareholder loan
3)
GBP
SONIA + 6.0%
2036
902,169
870,576
Lease liability, IFRS 16
GBP
455,615
332,796
Other
GBP
50,050
47,277
5,173,851
5,186,917
Wind Service:
Secured green bank loan
4)
EUR
3 month EURIBOR + 3.10%
2026
363,483
439,965
Secured green bank loan
5)
EUR
3 month EURIBOR + 2.05%
2025
252,376
318,481
Secured bank loan
6)
EUR
Fixed 3,33%
2027
46,326
60,209
Secured bank loan
6)
EUR
Fixed 3,33%
2028
54,763
68,246
Secured bank loan
6)
EUR
3 month EURIBOR + 2.65%
2024
0
3,747
Shareholder loan
7)
EUR
Fixed 5,00%
2028
31,847
37,937
Lease liability, IFRS 16
EUR
47,138
46,707
Other
8)
DKK/EUR
529,921
469,790
1,325,853
1,445,082
31.12.2024 31.12.2023
Nominal Year of Carrying Carrying
Currency interest rate maturity amount amount
Amounts in NOK 1,000
Cruise:
Sellers credit
9)
GBP
Fixed 2.50%
2025
105,862
288,795
Lease liability, IFRS 16
GBP
867
105,862
289,662
Other:
Unsecured Bonheur ASA
NOK
NIBOR / 2.75% / 2.90% /
 2025/ -26/
3,086,798
2,789,253
bond loans
10)
3.00% / 2.35% -28/ -29
Lease liability, IFRS 16
NOK
147,338
174,367
Other
11)
NOK
137,626
195,000
3,371,762
3,158,620
Total interest-bearing debt
9,977,328
10,080,280
1)
Financing facility for Fred. Olsen Wind 2 Ltd.
2)
Financing facility for Fred. Olsen CB Ltd.
3)
A total of GBP 63.4 million has been drawn by Fred. Olsen CBH Ltd. on a shareholder loan from CK Group. 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)
Financing facilities for UWL regarding 2 newbuilds.
7)
A shareholder loan from Lars Rolner, who is a 50% owner of the shares in UWL, EUR 2.70 million.
8)
As per 31 December 2024 a bank overdraft of EUR 42.5 million regarding GWS, is included.
9)
Sellers credit from HAL Nederland NV in connection with the acquisition of two cruise vessels, GBP 7.4 million.
10)
The market value of the four outstanding Bonheur bond loans maturing in 2025, 2026, 2028 and 2029 were per year end
100.79, 101.50 ,102.75 and 100,25 respectively.
11)
As per 31 December 2024 a Financing facility for NHST of NOK 130, is included.
Lease liabilities
Lease liabilities are payable as follows:
2024
2023
Present Present
Future value of Future value of
minimum minimum minimum minimum
lease lease lease lease
payment
Interest
payments
payment
Interest
payments
Amounts in NOK 1,000
Less than one year
64,326
8,603
55,723
53,259,717
7,392,924
45,866,793
Between one and five years
193,650
25,396
168,254
167,551,180
20,058,347
147,492,833
More than five years
498,559
222,475
276,083
237,667,055
54,139,594
183,527,461
Total
756,535
256,474
500,061
458,477,952
81,590,865
376,887,087
Booked value of collateral
Book value
31.12.2024
31.12.2023
Amounts in NOK 1,000
Windfarms
3,383,012
2,864,889
Vessels
4,561,938
4,096,970
Other fixed assets
198,636
306,442
Total book value of collateral
8,143,586
7,268,301
Guarantees
31.12.2024
31.12.2023
Amounts in NOK 1,000
Guarantees granted to associates
1)
604,447
576,031
Guarantees granted to Group companies' entities
825,937
665,944
Total
1,430,384
1,241,975
Guarantees are granted in connection with the following investments
31.12.2024
31.12.2023
Amounts in NOK 1,000
Cruise ships
716,167
514,781
Windfarms
714,217
720,894
Other
2)
0
6,300
Total
1,430,384
1,241,975
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-quarantee to Fred. Olsen Renewables AS for the
same amount.
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities
Equity
Other
interest Equity Non-
Lease bearing holders of controlling
liabilities loans the parent
interest
Total
Amounts in NOK 1,000
Balance as per 1 January 2023
522,044
9,655,068
5,719,092
1,237,094
17,133,298
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0
595,206
0
0
595,206
Repayment of long-term loans and
borrowings
0
-1,444,643
0
0
-1,444,643
Dividend paid
0
0
-212,659
-792,136
-1,004,795
Total changes from financing cash flows
0
-849,437
-212,659
-792,136
-1,854,232
Change lease liabilities (IFRS 16)
31,827
0
0
0
31,827
Effect on liabilities of changes in foreign
0
720,778
0
0
720,778
exchange rates
Effects from transactions with non-
controlling interests
0
0
28,500
141,306
169,806
Comprehensive income for the period
1)
0
0
1,142,518
644,124
1,786,642
Balance as per 31 December 2023
553,871
9,526,409
6,677,452
1,230,388
17,988,120
Balance as per 1 January 2024
553,871
9,526,409
6,677,452
1,230,388
17,988,120
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0
1,099,589
0
0
1,099,589
Repayment of long-term loans and
borrowings
0
-2,006,093
0
0
-2,006,093
Dividend paid
0
0
-255,191
-204,182
-459,373
Total changes from financing cash flows
0
-906,504
-255,191
-204,182
-1,365,877
Change lease liabilities (IFRS 16)
96,220
0
0
0
96,220
Effect on liabilities of changes in foreign
0
707,332
0
0
707,332
exchange rates
Comprehensive income for the period
1)
0
0
1,349,391
403,529
1,752,921
Balance as per 31 December 2024
650,091
9,327,237
7,771,652
1,429,736
19,178,716
1)
According to statement of changes in equity.
NOTE 22 Financial 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 Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met: \u00b7 the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u00b7 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. \u2022 Fair 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 Fair 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 12-month ECLs resulting from possible default events within the 12 months after the reporting date. \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss. Accounting classifications and fair values Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings. The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included. For financial instruments measured at fair value, the levels in the fair value hierarchy are: \u2022 Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities. \u2022 Level 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 Level 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 and 2024.
Financial Instruments as of 31 December 2024
Carrying value
Fair value
Equity investments
1)
Hedging Amortized
instruments
at FVTPL
at FVOCI
cost
Total
Level 1
Level 2
Level 3
Total
Amounts in NOK 1,000
Other Shares
2)
0
66,114
111,067
0
177,181
66,523
0
110,657
177,181
Bonds
2)
0
219,618
0
0
219,618
219,618
0
0
219,618
Interest rate swaps
261,226
0
0
0
261,226
0
261,226
0
261,226
Loans granted to associates
0
0
0
706,980
706,980
0
0
0
0
Other interest-bearing loans
0
0
0
4,002
4,002
0
0
0
0
Other non interest-bearing receivables
0
0
0
117,913
117,913
0
0
0
0
Trade and other receivables
0
0
0
2,763,408
2,763,408
0
0
0
0
Cash and cash equivalents
0
0
0
6,582,590
6,582,590
0
0
0
0
Financial assets
261,226
285,731
111,067
10,174,894
10,832,918
286,141
261,226
110,657
658,025
Bunker swaps
0
0
0
0
0
0
0
0
0
Bank overdrafts
0
0
0
502,463
502,463
0
0
0
0
Interest bearing bond loans
0
0
0
3,086,798
3,086,798
0
0
0
0
Secured bank loans
0
0
0
4,533,003
4,533,003
0
0
0
0
Unsecured loans
0
0
0
1,204,973
1,204,973
0
0
0
0
Right-of-use liabili-ties
0
0
0
650,091
650,091
0
0
0
0
Trade and other payables
0
0
0
3,726,050
3,726,050
0
0
0
0
Financial liabilities
0
0
0
13,703,378
13,703,378
0
0
0
0
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 2023
Carrying value
Fair value
Equity investments
1)
Hedging Amortized
instruments
at FVTPL
at FVOCI
cost
Total
Level 1
Level 2
Level 3
Total
Amounts in NOK 1,000
Other Shares
2)
0
94,826
117,883
0
212,710
95,445
0
117,265
212,710
Bonds
2)
0
244,160
0
0
244,160
244,160
0
0
244,160
Interest rate swaps
226,785
0
0
0
226,785
0
226,785
0
226,785
Loans granted to associates
0
0
0
539,982
539,982
0
0
0
0
Other interest-bearing loans
0
0
0
4,149
4,149
0
0
0
0
Other non interest-bearing receivables
0
0
0
76,145
76,145
0
0
0
0
Trade and other receivables
0
0
0
3,352,688
3,352,688
0
0
0
0
Cash and cash equivalents
0
0
0
5,460,200
5,460,200
0
0
0
0
Financial assets
226,785
338,987
117,883
9,433,164
10,116,819
339,605
226,785
117,265
683,655
Bank overdrafts
17,177
0
0
0
17,177
0
17,177
0
17,177
Interest bearing bond loans
0
0
0
439,404
439,404
0
0
0
0
Secured bank loans
0
0
0
2,789,253
2,789,253
0
0
0
0
Unsecured loans
0
0
0
5,069,192
5,069,192
0
0
0
0
Finance lease liabilities
0
0
0
1,228,561
1,228,561
0
0
0
0
Right-of-use liabilities
0
0
0
553,870
553,870
0
0
0
0
Trade and other payables
0
0
0
1,163,072
1,163,072
0
0
0
0
Financial liabilities
17,177
0
0
11,243,352
11,260,529
0
17,177
0
17,177
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.
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 2024.
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 2024. Based on the group\u2019s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2024.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
Carrying amount
2024
2023
Amounts in NOK 1,000
Financial assets, shares
177,181
212,710
Financial assets, bonds
219,618
244,160
Loans granted to associates
706,980
539,982
Other interest-bearing loans
4,002
4,149
Other non interest-bearing receivables
117,913
76,145
Trade and other receivables
1)
2,438,883
3,004,508
Contract assets
1)
324,525
348,180
Cash and cash equivalents
6,582,590
5,460,200
Derivatives
261,226
226,785
Total
10,832,918
10,116,819
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
Carrying amount
2024
2023
Amounts in NOK 1,000
Renewable Energy
1,324,027
1,190,756
Wind Service
1,159,813
1,810,415
Cruise
124,283
210,543
Other Investments
155,284
140,974
Total
2,763,408
3,352,688
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2024
2023
Amounts in NOK 1,000
UK
1,177,392
1,241,128
EURO-zone incl. Norway
1,243,679
1,183,970
America
287,222
232,344
Africa
0
13
Asia
54,973
693,229
Other
142
2,004
Total
2,763,408
3,352,688
Impairment losses
Loss allowances have been measured on the following bases:
\u2022 12-month ECLs that result from possible default events within the 12 months after the reporting date;
and
\u2022 Lifetime 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:
Impair-
Gross
Provisions
Balance
Gross
ment
Balance
2024
2023
Amounts in NOK 1,000
Not past due
2,595,193
0
2,595,193
2,855,407
-117
2,855,290
Past due 0-30 days
113,902
-142
113,760
302,417
-263
302,154
Past due 31-180 days
45,662
-496
45,166
184,348
-1,090
183,257
Past due 181-360 days
3,434
-585
2,849
5,763
-512
5,250
More than one year
18,051
-11,611
6,440
19,621
-12,884
6,737
Total
2,776,242
-12,834
2,763,408
3,367,555
-14,867
3,352,688
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, a provision for losses has been made to certain
receivables past due 31-180 days and 181-360 days. Lifetime expected credit losses has been assessed and
a provision for losses has been made to certain receivables related to specific customers in Global Wind
Service in the Wind Service Segment.
Liquidity risk
The Group of companies is exposed to liquidity risk when payments of financial liabilities do not
correspond to the cash flow from operations and/or financing. In order to effectively mitigate liquidity risk,
the Group of companies\u2019 risk management strategy focuses on maintaining sufficient cash, marketable
securities and/or committed credit facilities and targets a long-term funding profile. Moreover, the liquidity
risk management strategy focuses on maximising the return on surplus cash as well as minimising the cost
of short-term borrowing and other transaction costs. In order to uncover future liquidity risk, the Group
of companies forecasts both short-term and long-term cash flows. Cash flow forecasts include cash flows
stemming from operations, investments and financing activities.
The liquidity risk is considered as moderate.
The following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
Carrying Contractual 2029 and
31 December 2024 amount
cash flows
2025
2026
2027
2028
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities
9,977,328
8,573,335
2,480,184
1,672,674
507,632
1,224,376
2,688,468
Derivative financial liabilities
0
207,058
48,258
40,664
32,672
26,598
58,867
Due in
Carrying Contractual 2028 and
31 December 2023 amount
cash flows
2024
2025
2026
2027
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities
10,080,280
8,442,814
1,627,699
2,142,454
1,595,444
462,512
2,614,705
Derivative financial liabilities
17,177
17,177
17,177
0
0
0
0
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 2024
31 December 2023
Amounts in NOK 1,000
USD
GBP
EUR
USD
GBP
EUR
Gross statement of financial
32,844
-296,318
98,350
27,947
-348,043
73,554
position exposure
Forward exchange contract
0
0
0
0
-1,328
0
Net exposure
32,844
-296,318
98,350
27,947
-349,371
73,554
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
Profit or loss
Effect in NOK 1,000
31 December 2024
USD
-37,289
0
GBP
421,509
0
EUR
-116,004
0
31 December 2023
USD
-28,249
0
GBP
450,166
1,744
EUR
-82,679
0
The following significant exchange rates applied during the year:
Average rate
Reporting date spot rate
2024
2023
2024
2023
1 USD
10.7433
10.5647
11.3534
10.1724
1 GBP
13,7390
13.1348
14.2249
12.9342
1 EUR
11.6276
11.4206
11,7950
11.2405
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 30% 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:
2024
2023
Amounts in NOK 1,000
Fixed rate instruments
1,843
1,900
Financial liabilities (interest-hedged portion of interest-bearing -3,411,024
debt)
-3,063,310
Total
-3,061,467
-3,409,124
Variable rate instruments
Financial assets (cash and cash equivalents)
6,582,590
5,460,200
Financial liabilities (non-interest-hedged portion of
interest-bearing debt)
-6,914,018
-6,669,276
Total
-331,428
-1,209,076
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
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
Amounts in NOK 1,000
31 December 2024
Net interest costs
-3,314
3,314
-3,314
3,314
31 December 2023
Net interest costs
-12,091
12,091
-12,091
12,091
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "NOTE 3 Financial risk management The Group of companies is exposed to certain financial risks related to its activities. The financial risks are continuously monitored and from time-to-time financial derivatives are used to economically hedge such exposures. The monitoring within the various business segments is carried out by the respective companies, in accordance with their policies and procedures, through internal reporting and online based information of movements and market values of relevant financial instruments. Reports on the companies\u2019 financial risk exposure are regularly submitted to the respective entities\u2019 Board of directors. For more information \u2013 see notes 18 and 22. Financial market risk Currency risk The Group of companies\u2019 financial statements are presented in NOK. The Group of companies\u2019 revenues consist primarily of EUR, GBP and NOK. The revenues within the Wind Service segment in 2024 were in EUR. The GBP revenues in 2024 are within the Renewable Energy and Cruise segments. Consequently, out of the group\u2019s gross income of NOK 13 995 million in 2024, 46% were in EUR, 43% were in GBP and 1% were in SEK. The remaining 10% 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 30% (34%) 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 30% of the expected fuel consumption in 2025 for Cruise had been hedged against fluctuations through fuel swap agreements. In 2024 approximately 4.9% (5.5%) of total operating expenses within the Group of companies were bunker expenses within the Cruise segment, while approximately 0.9% (1.6%) were bunkers expenses within Wind Service. Electricity price In 2024 electricity sales for the windfarms were on floating contracts and were subject to change in electricity prices. Subsequent to year-end of 2024, the wind farms Paul\u2019s Hill has entered forward sales contracts for 75% of volume at 79.20 GBP/MWh for the summer of 2025 and 80.20 GBP/MWh for the winter of 2025. 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 the Wind Service segment provided in 2024 46% (41%) of total revenues. 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 Renewable Energy, which in 2024 provided 19% (24%) of total revenues, are large electricity distributors. Credit risk within cruise 26% of total revenues in 2024 (26%) is also regarded to be moderate, due to cruise tickets being paid in advance. Within the segment Other 9% (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 9 977 million (NOK 10 080 million). Cash and cash equivalents amounted to NOK 6 583 million (NOK 5 460 million). Net interest-bearing debt of the Group of companies was NOK 3 395 million (4 620 million). Equity to assets ratio for the parent company was 66.4% (70.3%) including the effect of the proposed NOK 6.75 in dividend for 2024. 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 2024 investments were financed by cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2024 amounted to NOK 255 million (212 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. Bonheur has formalized its commitment to sustainable financing with a green finance framework which takes into account EU Taxonomy assessment rating, and which has an eligibility assessment from DNV. Since 2020, four green bond loans of in total NOK 3.1 billion, which have been issued to be used for eligible green investments as defined in the framework .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "
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 2024 were in EUR.
The GBP revenues in 2024 are within the Renewable Energy and Cruise segments. Consequently, out of
the group\u2019s gross income of NOK 13 995 million in 2024, 46% were in EUR, 43% were in GBP and 1% were
in SEK. The remaining 10% 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 30% (34%) 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 30% of the expected fuel consumption in 2025 for Cruise had been
hedged against fluctuations through fuel swap agreements. In 2024 approximately 4.9% (5.5%) of total
operating expenses within the Group of companies were bunker expenses within the Cruise segment, while
approximately 0.9% (1.6%) were bunkers expenses within Wind Service.
Electricity price
In 2024 electricity sales for the windfarms were on floating contracts and were subject to change in
electricity prices. Subsequent to year-end of 2024, the wind farms Paul\u2019s Hill has entered forward sales
contracts for 75% of volume at 79.20 GBP/MWh for the summer of 2025 and 80.20 GBP/MWh for the winter
of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "
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
the Wind Service segment provided in 2024 46% (41%) of total revenues. 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 Renewable Energy, which in 2024
provided 19% (24%) of total revenues, are large electricity distributors. Credit risk within cruise 26% of
total revenues in 2024 (26%) is also regarded to be moderate, due to cruise tickets being paid in advance.
Within the segment Other 9% (9%) of total revenues, credit risk is regarded moderate due to prepayment of
subscriptions being a major part of the revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "
Liquidity risk
Gross interest-bearing debt of the Group of companies at year end was NOK 9 977 million (NOK 10 080
million). Cash and cash equivalents amounted to NOK 6 583 million (NOK 5 460 million).
Net interest-bearing debt of the Group of companies was NOK 3 395 million (4 620 million). Equity to assets
ratio for the parent company was 66.4% (70.3%) including the effect of the proposed NOK 6.75 in dividend
for 2024.
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 2024 investments were financed by
cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2024
amounted to NOK 255 million (212 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "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.
Bonheur has formalized its commitment to sustainable financing with a green finance framework which
takes into account EU Taxonomy assessment rating, and which has an eligibility assessment from DNV.
Since 2020, four green bond loans of in total NOK 3.1 billion, which have been issued to be used for eligible
green investments as defined in the framework .
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "value": "NOTE 4 Operating segments Accounting policies A segment is a distinguishable component of the Group of companies that is engaged in providing related products or services (business segment), which is subject to risks and returns that are different from those of other segments. Segment information is presented in respect of the Group of companies' business segments. The business segments are determined based on the Group of companies' management and internal reporting structure. Inter-segment pricing is determined on an arm\u2019s length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment other than capital expenditure according to IFRS 16, and intangible assets other than goodwill. The Group of companies has four reportable segments, as described below, which are the Group of companies' strategic business areas. The strategic business areas offer different products and services and are managed separately because they require different technology and marketing strategies. For each of the strategic business areas, the Group of companies' chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. Information regarding the results of each reportable segments is included below. Performance is measured based on segment operating profit and profit after tax, as included in the internal management reports that are reviewed by the Group of companies' CODM. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on an arm's length basis. The Group of companies comprise the following business segments: 1. Renewable Energy The companies included in the segment are Fred. Olsen Renewables and Fred. Olsen Seawind. The companies are engaged in development, construction and operation of wind farms in Scotland, Norway, Sweden, Ireland and Italy. 2. Wind Service The companies included in the segment are mainly Fred. Olsen Windcarrier, Global Wind Service and United Wind Logistics. The companies are engaged in logistics and services within the offshore wind industry. 3. Cruise Cruise Lines operates three cruise ships and provides a diverse range of cruises. 4. Other Investments The segment includes entities Fred. Olsen 1848 AS, Fred. Olsen Investments AS, Fred. Olsen Insurance Services AS, Fred. Olsen Travel AS, the Company\u2019s ownership of 55% in NHST Holding 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
2024
2023
2024
2023
2024
2023
Amounts in NOK 1,000
Operating income - External
2,659,380
2,981,085
6,453,800
5,108,838
3,649,895
3,314,505
Operating income - Internal
0
12,951
29,712
27,034
0
0
Operating cost
-1,075,667
-1,072,848
-4,931,480
-3,808,871
-3,148,417
-2,831,830
Depreciation
-369,436
-316,482
-478,713
-497,880
-180,894
-147,659
Impairment
-10,296
-11,974
0
0
0
0
Operating profit/loss
1,203,981
1,592,732
1,073,319
829,121
320,583
335,017
Interest income
54,177
77,305
88,989
42,419
29,077
10,598
Interest expenses
-347,786
-323,389
-104,588
-135,715
-115,711
-102,340
Tax income / expense (-)
-305,294
-411,289
-131,957
-52,301
6,846
6,042
Profit / (loss) for the year
538,045
770,052
920,022
675,597
228,512
205,239
Total assets
10,041,345
9,103,933
8,554,359
7,746,078
1,509,785
1,394,613
Total liabilities
7,705,134
7,145,736
2,747,689
3,111,650
2,954,385
2,922,404
Total equity
2,336,211
1,958,198
5,806,669
4,634,428
-1,444,600
-1,527,791
Capital expenditures
353,883
285,775
776,762
459,243
216,870
125,653
Other investments
4)
Eliminations
Group, total
Fully consolidated companies
2024
2023
2024
2023
2024
2023
Amounts in NOK 1,000
Operating income - External
1,232,357
1,156,232
0
-918
13,995,431
12,559,743
Operating income - Internal
63,962
51,473
-93,674
-91,458
0
0
Operating cost
-1,396,009
-1,381,557
93,385
92,408
-10,458,188
-9,002,698
Depreciation
-107,836
-107,985
0
0
-1,136,880
-1,070,006
Impairment
-65,717
-33,000
0
0
-76,013
-44,974
Operating profit/loss
-273,243
-314,837
-289
32
2,324,351
2,442,065
Interest income
360,963
288,023
-171,995
-154,514
361,211
263,832
Interest expenses
-243,834
-185,166
172,026
154,476
-639,893
-592,134
Tax income / expense (-)
-15,003
-240
0
0
-445,408
-457,788
Profit / (loss) for the year
-39,463
578,370
0
-650,000
1,647,116
1,579,258
Total assets
13,004,029
12,962,642
-7,846,864
-7,702,502
25,262,654
23,504,764
Total liabilities
4,838,715
4,457,431
-2,184,658
-2,040,296
16,061,266
15,596,925
Total equity
8,165,314
8,505,211
-5,662,206
-5,662,206
9,201,388
7,907,840
Capital expenditures
2,284
3,093
0
0
1,349,799
873,763
For explanations to the footnotes see previous page.
Renewable Energy
1)
Wind Service
2)
Other Investments
4)
Group of companies total
Associates
*
2024
2023
2024
2023
2024
2023
2024
2023
Amounts in NOK 1,000
Operating income
0
0
5,749
3,958
62,243
77,589
67,992
81,547
Operating costs
-1,071
-4,305
-4,483
-3,727
-57,551
-74,388
-63,105
-82,420
Depreciation / Impairment
-8,506
-3,995
0
0
-1,283
-3,834
-9,789
-7,830
Operating result
-9,578
-8,301
1,266
231
3,409
-634
-4,903
-8,703
Share of profit in associates
-23,400
-20,069
984
2,399
2,091
-2,693
-20,326
-20,363
Share of equity
360,928
256,451
1,191
193
26,569
27,199
388,689
283,843
Europe
Asia
Americas
Fully consolidated companies
2024
2023
2024
2023
2024
2023
Amounts in NOK 1,000
Operating income
9,946,376
10,517,375
2,246,377
1,487,103
1,797,265
541,984
Capital expenditure
1,500,540
945,735
212
391
3,315
0
Africa
Other regions
Group of companies total
Fully consolidated companies
2024
2023
2024
2023
2024
2023
Amounts in NOK 1,000
Operating income
658
527
4,756
12,752
13,995,431
12,559,742
Capital expenditure
0
0
0
0
1,504,067
946,126
For explanations to the footnotes see previous page.
* For further information on associates see note 12.
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. The capital expenditures are based on the location of the company that is actually doing the investment
Major customer
Of the total revenue in 2024 within the Group of companies, UK, Asia, USA, Germany and Netherlands contributed 32%, 15%, 13%, 12% and 12% respectively (2023: 35%, 12%, 4%, 15% and 11% respectively). Revenues
from the four largest customers within the Renewable Energy segment, constituted 18% (24%), and in the Wind Service segment the four largest customers constituted 30% (37%) of the total revenue in the Group of
companies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "NOTE 5 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 support. 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. 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 in the Other investments segment mainly comes from subscriptions in NHST, which 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:
2024
2023
Amounts in NOK 1,000
Sales of electricity
1,053,628
1,668,247
Sales of other goods
128,430
124,180
Service revenue
9,537,380
8,209,638
Other operating revenue
88,543
69,359
Total revenue from goods and services
10,807,981
10,071,423
Lease revenue
1,673,363
1,170,544
Green Certificate revenue
1,038,883
977,772
Government grants
7,354
8,046
Other operating revenue
466,908
241,123
Other operating revenue
3,186,509
2,397,485
Other operating income
941
90,834
Total operating income
13,995,431
12,559,743
Service revenue arises mainly from the business segments Wind Service, Cruise and the subsidiary NHST Holding 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
2024
2023
Amounts in NOK 1,000
Accounts receivables
15
1,164,038
1,840,450
Contract assets
15
324,525
348,180
Contract liabilities
20
1,916,913
1,544,022
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses on contract assets have been recognized during 2024. 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 31.12.23 the value of contract liabilities amounted to NOK 1.544 million of which NOK 1.539 million has been recognized as income in 2024. The change in contract assets and liabilities relates to natural progression of the project portfolio, as well as the current project mix. Order backlog Order backlog for the next three years.
2025
2026
2027
Amounts in NOK 1,000
Order backlog per year (NOK million)
4,840
873
776
Capitalized project costs The following table shows costs directly attributable to the projects
31 December 2024
31 December 2023
Amounts in NOK 1,000
Costs to fulfill contracts
53,345
271,687
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:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "value": "NOTE 5 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 support. 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. 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 in the Other investments segment mainly comes from subscriptions in NHST, which 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:
2024
2023
Amounts in NOK 1,000
Sales of electricity
1,053,628
1,668,247
Sales of other goods
128,430
124,180
Service revenue
9,537,380
8,209,638
Other operating revenue
88,543
69,359
Total revenue from goods and services
10,807,981
10,071,423
Lease revenue
1,673,363
1,170,544
Green Certificate revenue
1,038,883
977,772
Government grants
7,354
8,046
Other operating revenue
466,908
241,123
Other operating revenue
3,186,509
2,397,485
Other operating income
941
90,834
Total operating income
13,995,431
12,559,743
Service revenue arises mainly from the business segments Wind Service, Cruise and the subsidiary NHST
Holding 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
2024
2023
Amounts in NOK 1,000
Accounts receivables
15
1,164,038
1,840,450
Contract assets
15
324,525
348,180
Contract liabilities
20
1,916,913
1,544,022
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses
on contract assets have been recognized during 2024.
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 31.12.23 the value of contract liabilities amounted to NOK 1.544 million of which NOK 1.539 million
has been recognized as income in 2024. The change in contract assets and liabilities relates to natural
progression of the project portfolio, as well as the current project mix.
Order backlog
Order backlog for the next three years.
2025
2026
2027
Amounts in NOK 1,000
Order backlog per year (NOK million)
4,840
873
776
Capitalized project costs
The following table shows costs directly attributable to the projects
31 December 2024
31 December 2023
Amounts in NOK 1,000
Costs to fulfill contracts
53,345
271,687
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "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 support. 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. 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 in the Other investments segment mainly comes from subscriptions in NHST, which 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: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "value": "
NOTE 6 Operating expenses
Operating expenses
2024
2023
Amounts in NOK 1,000
Administrative expenses
1)
760,763
599,294
Other operating expenses
2)
6,163,050
4,959,342
Total
6,923,813
5,558,636
1)
Inclusive administration costs and fee to Fred. Olsen & Co of NOK 122.9 million (NOK 90.4 million). See note 26..
2)
Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service
(Global Wind Service AS and United Wind Logistics GmbH). In 2024 cruise ships operation amounts to NOK 2597.2
million (NOK 2391.6 million) which are mainly onboard expenses, ship operations expenses and Selling & Marketing
expenses. Operation of Wind Service amounts to NOK 3250.3 million (NOK 2290.2 million). Research and development
expenditures of NOK 61 million are recognised in profit or loss in 2024 (NOK 79 million).
Professional fees to the auditors
2024
2023
Amounts in NOK 1,000
Statutory audit
32,689
33,848
Other attestation services
538
300
Tax services
1,806
4,091
Other non-audit services
2,531
891
Total (VAT exclusive)
37,563
39,130
Research and development
2024
2023
Amounts in NOK 1,000
Research and development expenditures included in \"Other
60,944
79,079
operating expenses\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "NOTE 6 Operating expenses Operating expenses
2024
2023
Amounts in NOK 1,000
Administrative expenses
1)
760,763
599,294
Other operating expenses
2)
6,163,050
4,959,342
Total
6,923,813
5,558,636
1) Inclusive administration costs and fee to Fred. Olsen & Co of NOK 122.9 million (NOK 90.4 million). See note 26.. 2) Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH). In 2024 cruise ships operation amounts to NOK 2597.2 million (NOK 2391.6 million) which are mainly onboard expenses, ship operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 3250.3 million (NOK 2290.2 million). Research and development expenditures of NOK 61 million are recognised in profit or loss in 2024 (NOK 79 million). Professional fees to the auditors
2024
2023
Amounts in NOK 1,000
Statutory audit
32,689
33,848
Other attestation services
538
300
Tax services
1,806
4,091
Other non-audit services
2,531
891
Total (VAT exclusive)
37,563
39,130
Research and development
2024
2023
Amounts in NOK 1,000
Research and development expenditures included in \"Other
60,944
79,079
operating expenses\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "NOTE 6 Operating expenses Operating expenses
2024
2023
Amounts in NOK 1,000
Administrative expenses
1)
760,763
599,294
Other operating expenses
2)
6,163,050
4,959,342
Total
6,923,813
5,558,636
1) Inclusive administration costs and fee to Fred. Olsen & Co of NOK 122.9 million (NOK 90.4 million). See note 26.. 2) Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH). In 2024 cruise ships operation amounts to NOK 2597.2 million (NOK 2391.6 million) which are mainly onboard expenses, ship operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 3250.3 million (NOK 2290.2 million). Research and development expenditures of NOK 61 million are recognised in profit or loss in 2024 (NOK 79 million). Professional fees to the auditors
2024
2023
Amounts in NOK 1,000
Statutory audit
32,689
33,848
Other attestation services
538
300
Tax services
1,806
4,091
Other non-audit services
2,531
891
Total (VAT exclusive)
37,563
39,130
Research and development
2024
2023
Amounts in NOK 1,000
Research and development expenditures included in \"Other
60,944
79,079
operating expenses\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "NOTE 6 Operating expenses Operating expenses
2024
2023
Amounts in NOK 1,000
Administrative expenses
1)
760,763
599,294
Other operating expenses
2)
6,163,050
4,959,342
Total
6,923,813
5,558,636
1) Inclusive administration costs and fee to Fred. Olsen & Co of NOK 122.9 million (NOK 90.4 million). See note 26.. 2) Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH). In 2024 cruise ships operation amounts to NOK 2597.2 million (NOK 2391.6 million) which are mainly onboard expenses, ship operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 3250.3 million (NOK 2290.2 million). Research and development expenditures of NOK 61 million are recognised in profit or loss in 2024 (NOK 79 million). Professional fees to the auditors
2024
2023
Amounts in NOK 1,000
Statutory audit
32,689
33,848
Other attestation services
538
300
Tax services
1,806
4,091
Other non-audit services
2,531
891
Total (VAT exclusive)
37,563
39,130
Research and development
2024
2023
Amounts in NOK 1,000
Research and development expenditures included in \"Other
60,944
79,079
operating expenses\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "NOTE 6 Operating expenses Operating expenses
2024
2023
Amounts in NOK 1,000
Administrative expenses
1)
760,763
599,294
Other operating expenses
2)
6,163,050
4,959,342
Total
6,923,813
5,558,636
1) Inclusive administration costs and fee to Fred. Olsen & Co of NOK 122.9 million (NOK 90.4 million). See note 26.. 2) Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH). In 2024 cruise ships operation amounts to NOK 2597.2 million (NOK 2391.6 million) which are mainly onboard expenses, ship operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 3250.3 million (NOK 2290.2 million). Research and development expenditures of NOK 61 million are recognised in profit or loss in 2024 (NOK 79 million). Professional fees to the auditors
2024
2023
Amounts in NOK 1,000
Statutory audit
32,689
33,848
Other attestation services
538
300
Tax services
1,806
4,091
Other non-audit services
2,531
891
Total (VAT exclusive)
37,563
39,130
Research and development
2024
2023
Amounts in NOK 1,000
Research and development expenditures included in \"Other
60,944
79,079
operating expenses\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "NOTE 6 Operating expenses Operating expenses
2024
2023
Amounts in NOK 1,000
Administrative expenses
1)
760,763
599,294
Other operating expenses
2)
6,163,050
4,959,342
Total
6,923,813
5,558,636
1) Inclusive administration costs and fee to Fred. Olsen & Co of NOK 122.9 million (NOK 90.4 million). See note 26.. 2) Other operating expenses are mainly related to operation of the cruise ships (Fred. Olsen Cruise Lines Ltd.), Wind Service (Global Wind Service AS and United Wind Logistics GmbH). In 2024 cruise ships operation amounts to NOK 2597.2 million (NOK 2391.6 million) which are mainly onboard expenses, ship operations expenses and Selling & Marketing expenses. Operation of Wind Service amounts to NOK 3250.3 million (NOK 2290.2 million). Research and development expenditures of NOK 61 million are recognised in profit or loss in 2024 (NOK 79 million). Professional fees to the auditors
2024
2023
Amounts in NOK 1,000
Statutory audit
32,689
33,848
Other attestation services
538
300
Tax services
1,806
4,091
Other non-audit services
2,531
891
Total (VAT exclusive)
37,563
39,130
Research and development
2024
2023
Amounts in NOK 1,000
Research and development expenditures included in \"Other
60,944
79,079
operating expenses\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "Professional fees to the auditors
2024
2023
Amounts in NOK 1,000
Statutory audit
32,689
33,848
Other attestation services
538
300
Tax services
1,806
4,091
Other non-audit services
2,531
891
Total (VAT exclusive)
37,563
39,130
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "Research and development
2024
2023
Amounts in NOK 1,000
Research and development expenditures included in \"Other
60,944
79,079
operating expenses\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "value": "
NOTE 7 Personnel expenses
Bonheur ASA has no employees. The position as managing director is held by Anette S. Olsen as part of the
day-to-day operation of the Company provided by Fred. Olsen & CO. See note 26.
Personnel expenses for the Group of companies were:
Salaries etc.
Note
2024
2023
Amounts in NOK 1,000
Salaries
2,299,931
1,998,462
Social security cost
117,027
230,901
Pension costs
19
101,405
142,335
Other
41,720
49,596
Total
2,560,083
2,421,294
Loan to employees in the Group of companies
502
536
Subsidiaries within the Group of companies have established bonus systems. In 2024, the total bonuses
paid within the Group of companies amounted to NOK 46.3 million (NOK 51.5 million).
Remuneration to the Board of Directors:
2024
2023
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board
1,670
1,643
Nick Emery
1)
538
511
Carol Bell
1)
530
491
Heidi Skaaret
440
0
Gaute Gjelsten
440
0
Jannicke Hilland
440
443
Bente Hagem
0
473
Andreas Mellbye
0
465
Total compensations
4,058
4,025
1)
Includes compensation for the audit committee fee.
The remunerations of the members of the Board of Directors do not follow the calendar year, but are from
one annual general meeting to the next, meaning from June one year to May the next year.
Anette S. Olsen received in 2024 a remuneration of NOK 240 000 as chairman of the Board in NHST Holding
AS (NOK 240 000).
Remuneration to the Shareholders\u2019 Committee:
2024
2023
Amounts in NOK 1,000
Christian Fr. Michelet
240
225
Synne Homble
200
190
J\u00f8rgen G. Heje
200
190
Andreas Mellbye
200
0
Ole Kristian Aab\u00f8-Evensen
200
190
Gaute Gjelsten
0
190
Total compensations
1,040
985
The remunerations of the members of the Shareholders Committee do not follow the calendar year, but are
from one annual general meeting to the next, meaning from June one year to May the next year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "NOTE 7 Personnel expenses Bonheur ASA has no employees. The position as managing director is held by Anette S. Olsen as part of the day-to-day operation of the Company provided by Fred. Olsen & CO. See note 26. Personnel expenses for the Group of companies were:
Salaries etc.
Note
2024
2023
Amounts in NOK 1,000
Salaries
2,299,931
1,998,462
Social security cost
117,027
230,901
Pension costs
19
101,405
142,335
Other
41,720
49,596
Total
2,560,083
2,421,294
Loan to employees in the Group of companies
502
536
Subsidiaries within the Group of companies have established bonus systems. In 2024, the total bonuses paid within the Group of companies amounted to NOK 46.3 million (NOK 51.5 million). Remuneration to the Board of Directors:
2024
2023
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board
1,670
1,643
Nick Emery
1)
538
511
Carol Bell
1)
530
491
Heidi Skaaret
440
0
Gaute Gjelsten
440
0
Jannicke Hilland
440
443
Bente Hagem
0
473
Andreas Mellbye
0
465
Total compensations
4,058
4,025
1) Includes compensation for the audit committee fee. The remunerations of the members of the Board of Directors do not follow the calendar year, but are from one annual general meeting to the next, meaning from June one year to May the next year. Anette S. Olsen received in 2024 a remuneration of NOK 240 000 as chairman of the Board in NHST Holding AS (NOK 240 000). Remuneration to the Shareholders\u2019 Committee:
2024
2023
Amounts in NOK 1,000
Christian Fr. Michelet
240
225
Synne Homble
200
190
J\u00f8rgen G. Heje
200
190
Andreas Mellbye
200
0
Ole Kristian Aab\u00f8-Evensen
200
190
Gaute Gjelsten
0
190
Total compensations
1,040
985
The remunerations of the members of the Shareholders Committee do not follow the calendar year, but are from one annual general meeting to the next, meaning from June one year to May the next year. NOTE 19 Pension obligations Accounting policies Defined benefit plans The Company and certain of its subsidiaries have pension plans for employees which provide for a defined pension benefit upon retirement (Defined benefit plans). These pension schemes are accounted for in accordance with IAS19 The calculation of the liability is made on a linear basis, taking into account assumptions regarding the number of years of employment, discount rate, future return on plan assets, future changes in salaries and pensions, the size of defined national contributions and actuarial assumptions regarding mortality, voluntary retirement etc. Plan assets are stated at fair values. Net pension liability comprises the gross pension liability less the fair value of plan assets. Net pension liabilities from under-funded pension schemes are included in the balance sheet as long-term interest free debt, while over-funded schemes are included as long-term interest free receivables, if it is likely that the over-funding can be utilized. The 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 at the statement of financial position date, adjusted to reflect the terms of the pension 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. 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 2024, total costs incurred for defined contribution schemes were NOK 63 million (NOK 68 million). The pension plans in the Norwegian companies meet the Norwegian requirements for a Mandatory Company Pension, \"Obligatorisk tjenestemannspensjon\" (OTP). In total, the number of members in the funded defined benefit plans by the end of 2024 were 313, of which 180 were pensioners (347 of which 201 pensioners). Fred. Olsen & Co. related individuals are members of Fred. Olsen & Co.\u2019s Pension Fund. Individuals employed in Fred. Olsen & Co. after 1 June 2012 are covered by contribution plans. Other Fred. Olsen & Co. 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%, in most cases, of the salary at the time of retirement until ordinary retirement. Executives of Fred. Olsen & Co. have similar arrangements. In total, the number of members in the unfunded defined pension agreements in the Group of companies by the end of 2024 were 43, of which 19 were pensioners and 7 former employees. The status of the defined benefit obligations is as follows:
2024
2023
Amounts in NOK 1,000
Present value of unfunded obligations
-711,247
-628,630
Present value of funded obligations
-821,883
-800,600
Total present value of obligations
-1,533,130
-1,429,229
Fair value of plan assets
990,536
922,285
Net liability for defined benefit obligations
-542,594
-506,944
Financial fixed assets / pension funds
168,652
121,686
Liabilities / Employee benefits
-711,246
-628,630
Net liability as at 31 December
-542,594
-506,944
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:
2024
2023
Amounts in NOK 1,000
Equity instruments
37%
36%
Corporate bonds
45%
46%
Government bonds
4%
7%
Other assets
14%
11%
Total plan assets
100%
100%
Movement in defined benefit obligations:
Funded obligation
Unfunded obligation
Net obligation
2024
2023
2024
2023
2024
2023
Amounts in NOK 1,000
Balance at 1. January
121,686
78,130
-628,630
-550,411
-506,944
-472,281
Correction previous year
0
0
0
-1,553
0
-1,553
121,686
78,130
-628,630
-551,964
-506,944
-473,834
Pension contribution
45,434
41,641
0
0
45,434
41,641
Benefits paid by the plan
1)
0
0
11,480
11,918
11,480
11,918
45,434
41,641
11,480
11,918
56,915
53,559
Included in profit and loss:
Interest on obligation / Interest
on plan assets
5,119
2,603
-22,927
-18,012
-17,808
-15,409
Current service cost
-22,811
-24,123
-12,870
-12,823
-35,682
-36,946
Past service cost
0
0
0
0
0
0
Currency effects / Corrections
0
0
0
0
0
0
Net pension cost
-17,693
-21,520
-35,797
-30,835
-53,490
-52,356
Included in other
comprehensive income:
Actuarial gain/(loss) arising from:
Financial assumptions and
Experience adjustments
4,300
754
-58,300
-57,748
-54,000
-56,994
Transferred value
1,246
2,086
0
0
1,246
2,086
Return on plan assets
13,680
20,596
0
0
13,680
20,596
19,226
23,435
-58,300
-57,749
-39,074
-34,313
Foreign currency translation
0
0
0
0
0
0
Balance as at 31 December
168,653
121,686
-711,247
-628,630
-542,594
-506,944
1) Payment of benefits from the funded defined benefit plans were in 2024 NOK 26,7 million (NOK 26,0 million). Figure netted out in the table above 2) The amount of the unfunded obligations increased as the basis on which these are calculated increased in excess of actuarial assumptions previously made, among them being salary increases.. See also note 26. Principal actuarial assumptions at the balance sheet expressed as weighted averages:
2024
2023
Amounts in NOK 1,000
Discount rate / Expected return on plan assets at 31 December
3.30%
3.70%
Future salary increase
3.25%
3.50%
Yearly regulation in official pension index (G)
3.25%
3.50%
Future pension increases
2.10%
1.50%
Social security costs
14.10%
14.10%
Mortality table
K2013
K2013
Disability table
KU
KU
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)
2024
Amounts in NOK 1,000
Future salary increase with 0.25%
3,919
Future pension increase with 0.25%
24,469
Discount rate decreases with 0.25%
44,149
Future mortality assumption, increased lifetime by 1 year
5,666
1) Projected Benefit Obligation (PBO) \u2022 Expected contributions to funded defined benefit plans in 2025 are NOK 19.4 million. \u2022 Expected payment of benefits in connection with unfunded plans are in 2025 estimated to be NOK 11.6 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "NOTE 7 Personnel expenses Bonheur ASA has no employees. The position as managing director is held by Anette S. Olsen as part of the day-to-day operation of the Company provided by Fred. Olsen & CO. See note 26. Personnel expenses for the Group of companies were:
Salaries etc.
Note
2024
2023
Amounts in NOK 1,000
Salaries
2,299,931
1,998,462
Social security cost
117,027
230,901
Pension costs
19
101,405
142,335
Other
41,720
49,596
Total
2,560,083
2,421,294
Loan to employees in the Group of companies
502
536
Subsidiaries within the Group of companies have established bonus systems. In 2024, the total bonuses paid within the Group of companies amounted to NOK 46.3 million (NOK 51.5 million). Remuneration to the Board of Directors:
2024
2023
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board
1,670
1,643
Nick Emery
1)
538
511
Carol Bell
1)
530
491
Heidi Skaaret
440
0
Gaute Gjelsten
440
0
Jannicke Hilland
440
443
Bente Hagem
0
473
Andreas Mellbye
0
465
Total compensations
4,058
4,025
1) Includes compensation for the audit committee fee. The remunerations of the members of the Board of Directors do not follow the calendar year, but are from one annual general meeting to the next, meaning from June one year to May the next year. Anette S. Olsen received in 2024 a remuneration of NOK 240 000 as chairman of the Board in NHST Holding AS (NOK 240 000). Remuneration to the Shareholders\u2019 Committee:
2024
2023
Amounts in NOK 1,000
Christian Fr. Michelet
240
225
Synne Homble
200
190
J\u00f8rgen G. Heje
200
190
Andreas Mellbye
200
0
Ole Kristian Aab\u00f8-Evensen
200
190
Gaute Gjelsten
0
190
Total compensations
1,040
985
The remunerations of the members of the Shareholders Committee do not follow the calendar year, but are from one annual general meeting to the next, meaning from June one year to May the next year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "value": "NOTE 8 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.
2024
2023
Amounts in NOK 1,000
Interest income on bonds
15,372
15,409
Interest income on receivables
35,240
22,910
Interest income on bank deposits
310,598
225,513
Interest income
361,211
263,832
Dividend income on financial assets
273
9
Net gain on disposal of financial assets recognised directly in
profit or loss
1,420
109
Foreign exchange gain
490,780
510,658
Net change in fair value of financial assets at fair value through
profit or loss
29,701
134
Various finance income
21,579
9,577
Total other finance income
543,752
520,487
Interest expenses on financial liabilities measured at amortised
-639,893
-592,134
cost
Interest expense
-639,893
-592,134
Foreign exchange loss
-334,959
-332,652
Net loss on disposal of financial assets recognised directly in
profit or loss
-11
-2
Net change in fair value of financial assets at fair value through
profit or loss
0
-152,780
Impairment of financial assets
-39,641
-20,009
Various finance expenses
-101,807
-71,398
Total other finance expenses
-476,418
-576,842
Net finance expenses recognised in profit or loss
-211,348
-384,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "NOTE 8 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.
2024
2023
Amounts in NOK 1,000
Interest income on bonds
15,372
15,409
Interest income on receivables
35,240
22,910
Interest income on bank deposits
310,598
225,513
Interest income
361,211
263,832
Dividend income on financial assets
273
9
Net gain on disposal of financial assets recognised directly in
profit or loss
1,420
109
Foreign exchange gain
490,780
510,658
Net change in fair value of financial assets at fair value through
profit or loss
29,701
134
Various finance income
21,579
9,577
Total other finance income
543,752
520,487
Interest expenses on financial liabilities measured at amortised
-639,893
-592,134
cost
Interest expense
-639,893
-592,134
Foreign exchange loss
-334,959
-332,652
Net loss on disposal of financial assets recognised directly in
profit or loss
-11
-2
Net change in fair value of financial assets at fair value through
profit or loss
0
-152,780
Impairment of financial assets
-39,641
-20,009
Various finance expenses
-101,807
-71,398
Total other finance expenses
-476,418
-576,842
Net finance expenses recognised in profit or loss
-211,348
-384,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "NOTE 8 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.
2024
2023
Amounts in NOK 1,000
Interest income on bonds
15,372
15,409
Interest income on receivables
35,240
22,910
Interest income on bank deposits
310,598
225,513
Interest income
361,211
263,832
Dividend income on financial assets
273
9
Net gain on disposal of financial assets recognised directly in
profit or loss
1,420
109
Foreign exchange gain
490,780
510,658
Net change in fair value of financial assets at fair value through
profit or loss
29,701
134
Various finance income
21,579
9,577
Total other finance income
543,752
520,487
Interest expenses on financial liabilities measured at amortised
-639,893
-592,134
cost
Interest expense
-639,893
-592,134
Foreign exchange loss
-334,959
-332,652
Net loss on disposal of financial assets recognised directly in
profit or loss
-11
-2
Net change in fair value of financial assets at fair value through
profit or loss
0
-152,780
Impairment of financial assets
-39,641
-20,009
Various finance expenses
-101,807
-71,398
Total other finance expenses
-476,418
-576,842
Net finance expenses recognised in profit or loss
-211,348
-384,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "NOTE 8 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.
2024
2023
Amounts in NOK 1,000
Interest income on bonds
15,372
15,409
Interest income on receivables
35,240
22,910
Interest income on bank deposits
310,598
225,513
Interest income
361,211
263,832
Dividend income on financial assets
273
9
Net gain on disposal of financial assets recognised directly in
profit or loss
1,420
109
Foreign exchange gain
490,780
510,658
Net change in fair value of financial assets at fair value through
profit or loss
29,701
134
Various finance income
21,579
9,577
Total other finance income
543,752
520,487
Interest expenses on financial liabilities measured at amortised
-639,893
-592,134
cost
Interest expense
-639,893
-592,134
Foreign exchange loss
-334,959
-332,652
Net loss on disposal of financial assets recognised directly in
profit or loss
-11
-2
Net change in fair value of financial assets at fair value through
profit or loss
0
-152,780
Impairment of financial assets
-39,641
-20,009
Various finance expenses
-101,807
-71,398
Total other finance expenses
-476,418
-576,842
Net finance expenses recognised in profit or loss
-211,348
-384,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "NOTE 8 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.
2024
2023
Amounts in NOK 1,000
Interest income on bonds
15,372
15,409
Interest income on receivables
35,240
22,910
Interest income on bank deposits
310,598
225,513
Interest income
361,211
263,832
Dividend income on financial assets
273
9
Net gain on disposal of financial assets recognised directly in
profit or loss
1,420
109
Foreign exchange gain
490,780
510,658
Net change in fair value of financial assets at fair value through
profit or loss
29,701
134
Various finance income
21,579
9,577
Total other finance income
543,752
520,487
Interest expenses on financial liabilities measured at amortised
-639,893
-592,134
cost
Interest expense
-639,893
-592,134
Foreign exchange loss
-334,959
-332,652
Net loss on disposal of financial assets recognised directly in
profit or loss
-11
-2
Net change in fair value of financial assets at fair value through
profit or loss
0
-152,780
Impairment of financial assets
-39,641
-20,009
Various finance expenses
-101,807
-71,398
Total other finance expenses
-476,418
-576,842
Net finance expenses recognised in profit or loss
-211,348
-384,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "NOTE 8 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.
2024
2023
Amounts in NOK 1,000
Interest income on bonds
15,372
15,409
Interest income on receivables
35,240
22,910
Interest income on bank deposits
310,598
225,513
Interest income
361,211
263,832
Dividend income on financial assets
273
9
Net gain on disposal of financial assets recognised directly in
profit or loss
1,420
109
Foreign exchange gain
490,780
510,658
Net change in fair value of financial assets at fair value through
profit or loss
29,701
134
Various finance income
21,579
9,577
Total other finance income
543,752
520,487
Interest expenses on financial liabilities measured at amortised
-639,893
-592,134
cost
Interest expense
-639,893
-592,134
Foreign exchange loss
-334,959
-332,652
Net loss on disposal of financial assets recognised directly in
profit or loss
-11
-2
Net change in fair value of financial assets at fair value through
profit or loss
0
-152,780
Impairment of financial assets
-39,641
-20,009
Various finance expenses
-101,807
-71,398
Total other finance expenses
-476,418
-576,842
Net finance expenses recognised in profit or loss
-211,348
-384,656
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "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:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "value": "NOTE 9 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. there is a legally enforceable right to offset current tax liabilities and assets, 2. they relate to income taxes levied by the same tax authority on the same taxable entity, 3. on 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.
2024
2023
Amounts in NOK 1,000
Profit/loss (-) before tax:
Norway
749,257
614,046
Other countries
1,343,267
1,423,000
Total
2,092,524
2,037,046
Taxes paid (-) / received:
Norway
-39,540
-90,505
Other countries
-379,126
-345,412
Total paid taxes
-418,666
-435,917
1) Current tax expense (-) / income:
Norway
-46,909
-47,120
Other countries
-395,860
-445,443
Total current tax expenses
-442,769
-492,563
2) Deferred tax expense (-) / income:
Norway
-17,352
-13,688
Other countries
14,713
48,463
Total deferred tax expenses
-2,639
34,775
Total income tax expenses 1) + 2)
-445,409
-457,788
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:
2024
2023
Amounts in NOK 1,000
Income/(-)loss before tax
2,092,524
2,037,046
Norwegian statutory tax rate
22%
22%
Income tax using the Company's domestic tax rate
-460,355
-448,150
Increase (-reduction) in income taxes from:
Effect of tax rates other than statutory tax rate in Norway
-141,804
-11,683
Effects on change in tax rates
389
-26,512
Share of profit of equity-accounted investees
0
0
Effects on tax incentives / tonnage tax
209,710
100,616
Impairment on tangible and intangible assets
0
0
Prior period adjustments
-13,910
1,303
Change in recognised deductible temporary differences
-21,399
-21,337
Change in unrecognized deferred tax assets
-34,175
-29,570
Impairment on tangible and intangible assets
727
0
Non-deductible and non-taxable expenses/income
-75,820
-24,744
Currency effects
1)
81,315
6,192
Income/expenses recognised directly in equity
9,914
-3,904
Tax expenses %
21%
22%
Tax expenses
-445,408
-457,788
1) Currency effects primarily relate to translating tax positions in functional currency to NOK. Payable tax as presented in the Statement of Financial Position
2024
2023
Amounts in NOK 1,000
Current tax payable Norway
28,403
41,697
Current tax payable other countries
120,888
82,356
Current tax payable
149,291
124,053
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 2024 and 31 December 2023:
Assets Liabilities Assets Liabilities
2024 2024\ue017 2023 2023
Amounts in NOK 1,000
Property, plant and equipment
2,632
-643,500
4,363
-599,041
Intangible assets
1,448
-464
1,638
-26,215
Gain and loss accounts
5,552
-4,934
499
-10,036
Loans and borrowings
220
-65,307
207
-59,083
Shares and bonds
0
-7,811
0
-2,376
Other
4,916
-30,297
20,280
-81,919
Tax loss carryforwards
246,828
-8,958
304,428
-3,262
Subtotal
261,597
-761,270
331,414
-781,931
Set off of tax
-35,008
35,008
-143,660
143,660
Net tax assets / (-) liabilities
226,589
-726,262
187,754
-638,271
Deferred tax assets have not been recognized in respect of the following items
2024
2023
Amounts in NOK 1,000
Deductible temporary differences
46,860
163,634
Tax losses
406,609
428,886
Total
453,469
592,520
As at 31 December 2024, approximately NOK 1.6 billion for subsidiaries in Norway and NOK 0,1 billion in UK in tax losses carried forward. 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 2023 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 MNOK 313. However, this will not lead to any payable tax, since the group of companies have significantly amounts 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 \u20ac750m 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 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. 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 assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting to the tax authorities, and financial statements for the entities in the Group. Based on the assessment, the Pillar Two effective tax rates in almost all the jurisdictions in which Bonheur operates are above 15% or the additional tax is of negligible size. The group has therefore not expensed any additional Pillar Two income tax for 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, which Bonheur applies.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "value": "NOTE 9 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. there is a legally enforceable right to offset current tax liabilities and assets, 2. they relate to income taxes levied by the same tax authority on the same taxable entity, 3. on 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.
2024
2023
Amounts in NOK 1,000
Profit/loss (-) before tax:
Norway
749,257
614,046
Other countries
1,343,267
1,423,000
Total
2,092,524
2,037,046
Taxes paid (-) / received:
Norway
-39,540
-90,505
Other countries
-379,126
-345,412
Total paid taxes
-418,666
-435,917
1) Current tax expense (-) / income:
Norway
-46,909
-47,120
Other countries
-395,860
-445,443
Total current tax expenses
-442,769
-492,563
2) Deferred tax expense (-) / income:
Norway
-17,352
-13,688
Other countries
14,713
48,463
Total deferred tax expenses
-2,639
34,775
Total income tax expenses 1) + 2)
-445,409
-457,788
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:
2024
2023
Amounts in NOK 1,000
Income/(-)loss before tax
2,092,524
2,037,046
Norwegian statutory tax rate
22%
22%
Income tax using the Company's domestic tax rate
-460,355
-448,150
Increase (-reduction) in income taxes from:
Effect of tax rates other than statutory tax rate in Norway
-141,804
-11,683
Effects on change in tax rates
389
-26,512
Share of profit of equity-accounted investees
0
0
Effects on tax incentives / tonnage tax
209,710
100,616
Impairment on tangible and intangible assets
0
0
Prior period adjustments
-13,910
1,303
Change in recognised deductible temporary differences
-21,399
-21,337
Change in unrecognized deferred tax assets
-34,175
-29,570
Impairment on tangible and intangible assets
727
0
Non-deductible and non-taxable expenses/income
-75,820
-24,744
Currency effects
1)
81,315
6,192
Income/expenses recognised directly in equity
9,914
-3,904
Tax expenses %
21%
22%
Tax expenses
-445,408
-457,788
1)
Currency effects primarily relate to translating tax positions in functional currency to NOK.
Payable tax as presented in the Statement of Financial Position
2024
2023
Amounts in NOK 1,000
Current tax payable Norway
28,403
41,697
Current tax payable other countries
120,888
82,356
Current tax payable
149,291
124,053
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 2024 and 31 December 2023:
Assets Liabilities Assets Liabilities
2024 2024\ue017 2023 2023
Amounts in NOK 1,000
Property, plant and equipment
2,632
-643,500
4,363
-599,041
Intangible assets
1,448
-464
1,638
-26,215
Gain and loss accounts
5,552
-4,934
499
-10,036
Loans and borrowings
220
-65,307
207
-59,083
Shares and bonds
0
-7,811
0
-2,376
Other
4,916
-30,297
20,280
-81,919
Tax loss carryforwards
246,828
-8,958
304,428
-3,262
Subtotal
261,597
-761,270
331,414
-781,931
Set off of tax
-35,008
35,008
-143,660
143,660
Net tax assets / (-) liabilities
226,589
-726,262
187,754
-638,271
Deferred tax assets have not been recognized in respect of the following items
2024
2023
Amounts in NOK 1,000
Deductible temporary differences
46,860
163,634
Tax losses
406,609
428,886
Total
453,469
592,520
As at 31 December 2024, approximately NOK 1.6 billion for subsidiaries in Norway and NOK 0,1 billion in
UK in tax losses carried forward. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "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. there is a legally enforceable right to offset current tax liabilities and assets, 2. they relate to income taxes levied by the same tax authority on the same taxable entity, 3. on 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "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. there is a legally enforceable right to offset current tax liabilities and assets, 2. they relate to income taxes levied by the same tax authority on the same taxable entity, 3. on 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "value": "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 2024 and 31 December 2023:
Assets Liabilities Assets Liabilities
2024 2024\ue017 2023 2023
Amounts in NOK 1,000
Property, plant and equipment
2,632
-643,500
4,363
-599,041
Intangible assets
1,448
-464
1,638
-26,215
Gain and loss accounts
5,552
-4,934
499
-10,036
Loans and borrowings
220
-65,307
207
-59,083
Shares and bonds
0
-7,811
0
-2,376
Other
4,916
-30,297
20,280
-81,919
Tax loss carryforwards
246,828
-8,958
304,428
-3,262
Subtotal
261,597
-761,270
331,414
-781,931
Set off of tax
-35,008
35,008
-143,660
143,660
Net tax assets / (-) liabilities
226,589
-726,262
187,754
-638,271
Deferred tax assets have not been recognized in respect of the following items
2024
2023
Amounts in NOK 1,000
Deductible temporary differences
46,860
163,634
Tax losses
406,609
428,886
Total
453,469
592,520
As at 31 December 2024, approximately NOK 1.6 billion for subsidiaries in Norway and NOK 0,1 billion in UK in tax losses carried forward. 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 2023 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 MNOK 313. However, this will not lead to any payable tax, since the group of companies have significantly amounts 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 \u20ac750m 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 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. 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 assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings,
country-by-country reporting to the tax authorities, and financial statements for the entities in the Group.
Based on the assessment, the Pillar Two effective tax rates in almost all the jurisdictions in which Bonheur
operates are above 15% or the additional tax is of negligible size. The group has therefore not expensed any
additional Pillar Two income tax for 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, which Bonheur applies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "value": "NOTE10 Property, plant and equipment Accounting policies (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. 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 on ships and vessels required by classification societies, are capitalised and depreciated over the anticipated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred. Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm. 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 is 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. The estimated useful lives for the current and comparative periods are as follows:
Windfarms
24 years
Ships
10 to 42 years
Wind installation vessels
20 years
Plant and Buildings
5 to 50 years
Machinery and Equipment
3 to 10 years
Cars
7 years
IT Equipment
5 years
Furniture and fixtures
5 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 ships and 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.
Other
Windfarms
Vessels
fixed assets
Total
Amounts in NOK 1,000
Costs
Balance at 1 January 2023
9,920,196
8,709,918
1,411,395
20,041,509
Acquisitions
195,784
489,835
101,625
787,244
Right to use asset (leasing IFRS 16)
38,470
0
34,553
73,023
Disposals
-7,930
-32,284
-31,735
-71,949
Other
6,537
0
-655
5,882
Reclassifications
-111
0
0
-111
Currency translation
814,495
673,311
61,983
1,549,789
Balance at 31 December 2023
10,967,441
9,840,780
1,577,166
22,385,387
Balance at 1 January 2024
10,967,441
9,840,780
1,577,166
22,385,387
Acquisitions
268,819
869,690
137,011
1,275,521
Right to use asset (leasing IFRS 16)
128,702
0
30,304
159,006
Disposals
-8,459
-261,624
-85,176
-355,258
Other
-21,725
0
0
-21,725
Reclassifications
68,211
-8,698
3,540
63,053
Currency translation
827,309
645,348
65,640
1,538,297
Balance at 31 December 2024
12,230,299
11,085,495
1,728,486
25,044,280
Depreciation and impairment losses
Balance at 1 January 2023
-4,881,149
-4,176,192
-632,993
-9,690,335
Depreciation
-301,269
-551,752
-137,217
-990,238
Impairments
0
0
0
0
Disposals
2,674
32,284
19,688
54,646
Reclassifications
0
0
44
44
Other
0
0
57
57
Currency translation
-409,916
-337,075
-18,715
-765,706
Balance at 31 December 2023
-5,589,660
-5,032,735
-769,136
-11,391,532
Balance at 1 January 2024
-5,589,660
-5,032,735
-769,136
-11,391,532
Depreciation
-352,526
-551,090
-155,413
-1,059,030
Impairments
0
0
0
0
Disposals
0
261,446
73,823
335,269
Reclassifications
0
-1,604
6,763
5,158
Other
0
0
170
170
Currency translation
-495,416
-387,364
-35,393
-918,173
Balance at 31 December 2024
-6,437,602
-5,711,348
-879,187
-13,028,136
Carrying amounts
At 1 January 2023
5,039,047
4,533,726
778,402
10,351,175
At 31 December 2023
5,377,781
4,808,045
808,030
10,993,855
At 1 January 2024
5,377,781
4,808,045
808,030
10,993,855
At 31 December 2024
5,792,696
5,374,148
849,299
12,016,143
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 2024, but no indications of impairment have been identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "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 on ships and vessels required by classification societies, are capitalised and depreciated over the anticipated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred. Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm. 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 is 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. The estimated useful lives for the current and comparative periods are as follows:
Windfarms
24 years
Ships
10 to 42 years
Wind installation vessels
20 years
Plant and Buildings
5 to 50 years
Machinery and Equipment
3 to 10 years
Cars
7 years
IT Equipment
5 years
Furniture and fixtures
5 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 ships and 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:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "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 on ships and vessels required by classification societies, are capitalised and depreciated over the anticipated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred. Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm. 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 is 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. The estimated useful lives for the current and comparative periods are as follows:
Windfarms
24 years
Ships
10 to 42 years
Wind installation vessels
20 years
Plant and Buildings
5 to 50 years
Machinery and Equipment
3 to 10 years
Cars
7 years
IT Equipment
5 years
Furniture and fixtures
5 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 ships and 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "value": "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 on ships and vessels required by classification societies, are capitalised and depreciated over the anticipated period between surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are depreciated either over the assumed period to next survey or over the same profile as the unit if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as incurred. Development costs for wind farm projects are booked as operating expenses until a project is defined and firm. Thereafter development costs are capitalized, and when the projects are in the construction phase these costs are transferred to property, plant and equipment. Auction/lease fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated lifetime of the wind farm. 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 is 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. The estimated useful lives for the current and comparative periods are as follows:
Windfarms
24 years
Ships
10 to 42 years
Wind installation vessels
20 years
Plant and Buildings
5 to 50 years
Machinery and Equipment
3 to 10 years
Cars
7 years
IT Equipment
5 years
Furniture and fixtures
5 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 ships and 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "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 ships and 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. (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 CGU Mynewsdesk 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 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:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "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 ships and 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. (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 CGU Mynewsdesk 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 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. 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. 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 12-month ECLs resulting from possible default events within the 12 months after the reporting date. \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "
Other
Windfarms
Vessels
fixed assets
Total
Amounts in NOK 1,000
Costs
Balance at 1 January 2023
9,920,196
8,709,918
1,411,395
20,041,509
Acquisitions
195,784
489,835
101,625
787,244
Right to use asset (leasing IFRS 16)
38,470
0
34,553
73,023
Disposals
-7,930
-32,284
-31,735
-71,949
Other
6,537
0
-655
5,882
Reclassifications
-111
0
0
-111
Currency translation
814,495
673,311
61,983
1,549,789
Balance at 31 December 2023
10,967,441
9,840,780
1,577,166
22,385,387
Balance at 1 January 2024
10,967,441
9,840,780
1,577,166
22,385,387
Acquisitions
268,819
869,690
137,011
1,275,521
Right to use asset (leasing IFRS 16)
128,702
0
30,304
159,006
Disposals
-8,459
-261,624
-85,176
-355,258
Other
-21,725
0
0
-21,725
Reclassifications
68,211
-8,698
3,540
63,053
Currency translation
827,309
645,348
65,640
1,538,297
Balance at 31 December 2024
12,230,299
11,085,495
1,728,486
25,044,280
Depreciation and impairment losses
Balance at 1 January 2023
-4,881,149
-4,176,192
-632,993
-9,690,335
Depreciation
-301,269
-551,752
-137,217
-990,238
Impairments
0
0
0
0
Disposals
2,674
32,284
19,688
54,646
Reclassifications
0
0
44
44
Other
0
0
57
57
Currency translation
-409,916
-337,075
-18,715
-765,706
Balance at 31 December 2023
-5,589,660
-5,032,735
-769,136
-11,391,532
Balance at 1 January 2024
-5,589,660
-5,032,735
-769,136
-11,391,532
Depreciation
-352,526
-551,090
-155,413
-1,059,030
Impairments
0
0
0
0
Disposals
0
261,446
73,823
335,269
Reclassifications
0
-1,604
6,763
5,158
Other
0
0
170
170
Currency translation
-495,416
-387,364
-35,393
-918,173
Balance at 31 December 2024
-6,437,602
-5,711,348
-879,187
-13,028,136
Carrying amounts
At 1 January 2023
5,039,047
4,533,726
778,402
10,351,175
At 31 December 2023
5,377,781
4,808,045
808,030
10,993,855
At 1 January 2024
5,377,781
4,808,045
808,030
10,993,855
At 31 December 2024
5,792,696
5,374,148
849,299
12,016,143
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 2024, but no indications of impairment have been identified.
Customer
relationships,
Development Publishing technology,
costs
rights
1)
Goodwill
patents, other
Total
Amounts in NOK 1,000
Cost
Balance at 1 January 2023
504,430
162,000
543,418
553,624
1,763,472
Acquisitions
2)
84,564
0
1,306
77,851
163,721
Reclassifications
-2
0
-4,301
-35,409
-39,712
Currency translation
45,464
0
7,516
1,000
53,980
Balance at 31 December 2023
634,457
162,000
547,939
597,066
1,941,462
Cost
Balance at 1 January 2024
634,457
162,000
547,939
597,066
1,941,462
Acquisitions
2)
74,466
0
63,532
51,910
189,908
Disposals
-6,271
0
0
-241
-6,512
Reclassifications
-68,211
0
0
-11,573
-79,784
Currency translation
59,420
0
10,124
3,315
72,859
Balance at 31 December 2024
693,860
162,000
621,595
640,477
2,117,933
Depreciation and impairment losses
Balance at 1 January 2023
-90,643
0
-110,835
-433,819
-635,297
Depreciation
-13,321
0
0
-66,418
-79,739
Impairments
-11,974
0
-33,000
0
-44,974
Reclassifications
0
0
4,300
35,516
39,816
Currency translation
-7,774
0
3,141
6,307
1,674
Balance at 31 December 2023
-123,712
0
-136,394
-458,414
-718,520
Balance at 1 January 2024
-123,712
0
-136,394
-458,414
-718,520
Depreciation
-11,923
0
0
-65,926
-77,849
Impairments
-10,297
0
-16,349
-49,367
-76,013
Disposals
6,271
0
0
181
6,452
Reclassifications
0
0
0
11,573
11,573
Currency translation
-12,416
0
-3,365
5,794
-9,987
Balance at 31 December 2024
-152,077
0
-156,108
-556,159
-864,344
Carrying amounts
At 1 January 2023
413,787
162,000
432,583
119,805
1,128,175
At 31 December 2023
510,745
162,000
411,545
138,652
1,222,942
At 1 January 2024
510,745
162,000
411,545
138,652
1,222,942
At 31 December 2024
541,783
162,000
465,487
84,318
1,253,589
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Holding AS (NHST).. 2) Acquisition of development costs, NOK 74 million (NOK 85 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 52 million (NOK 65 million) relates to various IT development project within NHST. Impairment Within the group of companies all intangible assets have been assessed for impairment as per 31 December 2024, resulting in impairments of NOK -76 million (NOK -45 million).
2024
2023
Amounts in NOK million
Renewable Energy
-10
-12
Other Investments
-66
-33
Total Impairment
-76
-45
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "
Other
Windfarms
Vessels
fixed assets
Total
Amounts in NOK 1,000
Costs
Balance at 1 January 2023
9,920,196
8,709,918
1,411,395
20,041,509
Acquisitions
195,784
489,835
101,625
787,244
Right to use asset (leasing IFRS 16)
38,470
0
34,553
73,023
Disposals
-7,930
-32,284
-31,735
-71,949
Other
6,537
0
-655
5,882
Reclassifications
-111
0
0
-111
Currency translation
814,495
673,311
61,983
1,549,789
Balance at 31 December 2023
10,967,441
9,840,780
1,577,166
22,385,387
Balance at 1 January 2024
10,967,441
9,840,780
1,577,166
22,385,387
Acquisitions
268,819
869,690
137,011
1,275,521
Right to use asset (leasing IFRS 16)
128,702
0
30,304
159,006
Disposals
-8,459
-261,624
-85,176
-355,258
Other
-21,725
0
0
-21,725
Reclassifications
68,211
-8,698
3,540
63,053
Currency translation
827,309
645,348
65,640
1,538,297
Balance at 31 December 2024
12,230,299
11,085,495
1,728,486
25,044,280
Depreciation and impairment losses
Balance at 1 January 2023
-4,881,149
-4,176,192
-632,993
-9,690,335
Depreciation
-301,269
-551,752
-137,217
-990,238
Impairments
0
0
0
0
Disposals
2,674
32,284
19,688
54,646
Reclassifications
0
0
44
44
Other
0
0
57
57
Currency translation
-409,916
-337,075
-18,715
-765,706
Balance at 31 December 2023
-5,589,660
-5,032,735
-769,136
-11,391,532
Balance at 1 January 2024
-5,589,660
-5,032,735
-769,136
-11,391,532
Depreciation
-352,526
-551,090
-155,413
-1,059,030
Impairments
0
0
0
0
Disposals
0
261,446
73,823
335,269
Reclassifications
0
-1,604
6,763
5,158
Other
0
0
170
170
Currency translation
-495,416
-387,364
-35,393
-918,173
Balance at 31 December 2024
-6,437,602
-5,711,348
-879,187
-13,028,136
Carrying amounts
At 1 January 2023
5,039,047
4,533,726
778,402
10,351,175
At 31 December 2023
5,377,781
4,808,045
808,030
10,993,855
At 1 January 2024
5,377,781
4,808,045
808,030
10,993,855
At 31 December 2024
5,792,696
5,374,148
849,299
12,016,143
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 2024, but no indications of impairment have been identified.
Customer
relationships,
Development Publishing technology,
costs
rights
1)
Goodwill
patents, other
Total
Amounts in NOK 1,000
Cost
Balance at 1 January 2023
504,430
162,000
543,418
553,624
1,763,472
Acquisitions
2)
84,564
0
1,306
77,851
163,721
Reclassifications
-2
0
-4,301
-35,409
-39,712
Currency translation
45,464
0
7,516
1,000
53,980
Balance at 31 December 2023
634,457
162,000
547,939
597,066
1,941,462
Cost
Balance at 1 January 2024
634,457
162,000
547,939
597,066
1,941,462
Acquisitions
2)
74,466
0
63,532
51,910
189,908
Disposals
-6,271
0
0
-241
-6,512
Reclassifications
-68,211
0
0
-11,573
-79,784
Currency translation
59,420
0
10,124
3,315
72,859
Balance at 31 December 2024
693,860
162,000
621,595
640,477
2,117,933
Depreciation and impairment losses
Balance at 1 January 2023
-90,643
0
-110,835
-433,819
-635,297
Depreciation
-13,321
0
0
-66,418
-79,739
Impairments
-11,974
0
-33,000
0
-44,974
Reclassifications
0
0
4,300
35,516
39,816
Currency translation
-7,774
0
3,141
6,307
1,674
Balance at 31 December 2023
-123,712
0
-136,394
-458,414
-718,520
Balance at 1 January 2024
-123,712
0
-136,394
-458,414
-718,520
Depreciation
-11,923
0
0
-65,926
-77,849
Impairments
-10,297
0
-16,349
-49,367
-76,013
Disposals
6,271
0
0
181
6,452
Reclassifications
0
0
0
11,573
11,573
Currency translation
-12,416
0
-3,365
5,794
-9,987
Balance at 31 December 2024
-152,077
0
-156,108
-556,159
-864,344
Carrying amounts
At 1 January 2023
413,787
162,000
432,583
119,805
1,128,175
At 31 December 2023
510,745
162,000
411,545
138,652
1,222,942
At 1 January 2024
510,745
162,000
411,545
138,652
1,222,942
At 31 December 2024
541,783
162,000
465,487
84,318
1,253,589
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Holding AS (NHST).. 2) Acquisition of development costs, NOK 74 million (NOK 85 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 52 million (NOK 65 million) relates to various IT development project within NHST. Impairment Within the group of companies all intangible assets have been assessed for impairment as per 31 December 2024, resulting in impairments of NOK -76 million (NOK -45 million).
2024
2023
Amounts in NOK million
Renewable Energy
-10
-12
Other Investments
-66
-33
Total Impairment
-76
-45
NOTE 13 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 Fair value as per
31.12.24 31.12.23
Amounts in NOK 1,000
Total short-term liquid share portfolio
66,114
94,826
Total long-term liquid share portfolio
111,067
117,883
Total liquid share portfolio
177,181
212,710
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 Fair value as per
31.12.24 31.12.23
Amounts in NOK 1,000
Bonds and securities (specification below)
219,618
244,160
Loans granted to associates
706,980
539,982
Financial instruments
261,226
226,785
Other interest-bearing loans
4,002
4,149
Other non-interest-bearing receivables
117,913
76,304
Total Bonds and other receivables (long-term assets)
1,309,739
1,091,381
Bonds classified as long-term investments 1)
Average
interest rate Fair value as per Fair value as per
Long-term assets:
Cost price
2024 31.12.24 31.12.23
Amounts in NOK 1,000
Utility companies
25,000
5,5%
25,069
20,968
Real Estate companies
22,004
5,9%
22,125
35,587
Industrial companies
85,421
6,4%
87,947
109,788
Financial and investment companies
83,200
7,8%
84,478
77,817
Total
215,625
6,8%
219,618
244,160
1) Fair value is based on quoted market prices. Impairment losses Loss allowances have been measured on the following bases: \u2022 12-month ECLs that result from possible default events within the 12 months after the reporting date; and \u2022 Lifetime 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:
Impair-
Gross
Provisions
Balance
Gross
ment
Balance
2024
2023
Amounts in NOK 1,000
Not past due
2,595,193
0
2,595,193
2,855,407
-117
2,855,290
Past due 0-30 days
113,902
-142
113,760
302,417
-263
302,154
Past due 31-180 days
45,662
-496
45,166
184,348
-1,090
183,257
Past due 181-360 days
3,434
-585
2,849
5,763
-512
5,250
More than one year
18,051
-11,611
6,440
19,621
-12,884
6,737
Total
2,776,242
-12,834
2,763,408
3,367,555
-14,867
3,352,688
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, a provision for losses has been made to certain receivables past due 31-180 days and 181-360 days. 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:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "NOTE 11 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 5 years Customer relationships 9 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 CGU Mynewsdesk 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 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.
Customer
relationships,
Development Publishing technology,
costs
rights
1)
Goodwill
patents, other
Total
Amounts in NOK 1,000
Cost
Balance at 1 January 2023
504,430
162,000
543,418
553,624
1,763,472
Acquisitions
2)
84,564
0
1,306
77,851
163,721
Reclassifications
-2
0
-4,301
-35,409
-39,712
Currency translation
45,464
0
7,516
1,000
53,980
Balance at 31 December 2023
634,457
162,000
547,939
597,066
1,941,462
Cost
Balance at 1 January 2024
634,457
162,000
547,939
597,066
1,941,462
Acquisitions
2)
74,466
0
63,532
51,910
189,908
Disposals
-6,271
0
0
-241
-6,512
Reclassifications
-68,211
0
0
-11,573
-79,784
Currency translation
59,420
0
10,124
3,315
72,859
Balance at 31 December 2024
693,860
162,000
621,595
640,477
2,117,933
Depreciation and impairment losses
Balance at 1 January 2023
-90,643
0
-110,835
-433,819
-635,297
Depreciation
-13,321
0
0
-66,418
-79,739
Impairments
-11,974
0
-33,000
0
-44,974
Reclassifications
0
0
4,300
35,516
39,816
Currency translation
-7,774
0
3,141
6,307
1,674
Balance at 31 December 2023
-123,712
0
-136,394
-458,414
-718,520
Balance at 1 January 2024
-123,712
0
-136,394
-458,414
-718,520
Depreciation
-11,923
0
0
-65,926
-77,849
Impairments
-10,297
0
-16,349
-49,367
-76,013
Disposals
6,271
0
0
181
6,452
Reclassifications
0
0
0
11,573
11,573
Currency translation
-12,416
0
-3,365
5,794
-9,987
Balance at 31 December 2024
-152,077
0
-156,108
-556,159
-864,344
Carrying amounts
At 1 January 2023
413,787
162,000
432,583
119,805
1,128,175
At 31 December 2023
510,745
162,000
411,545
138,652
1,222,942
At 1 January 2024
510,745
162,000
411,545
138,652
1,222,942
At 31 December 2024
541,783
162,000
465,487
84,318
1,253,589
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Holding AS (NHST).. 2) Acquisition of development costs, NOK 74 million (NOK 85 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 52 million (NOK 65 million) relates to various IT development project within NHST. Impairment Within the group of companies all intangible assets have been assessed for impairment as per 31 December 2024, resulting in impairments of NOK -76 million (NOK -45 million).
2024
2023
Amounts in NOK million
Renewable Energy
-10
-12
Other Investments
-66
-33
Total Impairment
-76
-45
Renewable Energy Development costs: FOR has intangible assets with a book value of NOK 541 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.. For FOS, the intangible assets for offshore wind farms are included in cost from associates. Other Investments NHST Holding AS The carrying amount of goodwill and intangible assets with indefinite useful lives allocated to NHST is NOK 228 million and NOK 162 million, respectively. The recoverable amount for the CGUs within the media business area are based on a value in use approach (discounted cashflows). In the media business area, the key assumption is the revenue growth rates of 5.3% in 2025 and an average 3% for the period 2025-2029. The growth rate in the terminal value in the cash flow model is 2%. If the growth rate is reduced by 1% each year, inclusive the growth in the terminal value, the average enterprise value decrease by 21%. The cash flow model has been tested for changes in forecasted revenues and discount rate. If the forecasted revenue growth for 2025 is reduced from 5.3% to a negative growth of 0.2% for Norwegian publications and from 9.3% to a negative growth of 4.9% for Global publications, the average enterprise value will reach the break-even point when it comes to impairment. 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 CGU Mynewsdesk 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 flow 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 multiplied with EV/Revenue multiples from relevant observed M&A transactions. The CGU Mention was impaired with NOK 64 million in 2024, to nil in the books of Bonheur. Furthermore, in 2024 an impairment of NOK 2 million was made in Fred. Olsen 1848 AS due to release of a technology patent.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "value": "NOTE 11 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 5 years Customer relationships 9 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 CGU Mynewsdesk 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 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.
Customer
relationships,
Development Publishing technology,
costs
rights
1)
Goodwill
patents, other
Total
Amounts in NOK 1,000
Cost
Balance at 1 January 2023
504,430
162,000
543,418
553,624
1,763,472
Acquisitions
2)
84,564
0
1,306
77,851
163,721
Reclassifications
-2
0
-4,301
-35,409
-39,712
Currency translation
45,464
0
7,516
1,000
53,980
Balance at 31 December 2023
634,457
162,000
547,939
597,066
1,941,462
Cost
Balance at 1 January 2024
634,457
162,000
547,939
597,066
1,941,462
Acquisitions
2)
74,466
0
63,532
51,910
189,908
Disposals
-6,271
0
0
-241
-6,512
Reclassifications
-68,211
0
0
-11,573
-79,784
Currency translation
59,420
0
10,124
3,315
72,859
Balance at 31 December 2024
693,860
162,000
621,595
640,477
2,117,933
Depreciation and impairment losses
Balance at 1 January 2023
-90,643
0
-110,835
-433,819
-635,297
Depreciation
-13,321
0
0
-66,418
-79,739
Impairments
-11,974
0
-33,000
0
-44,974
Reclassifications
0
0
4,300
35,516
39,816
Currency translation
-7,774
0
3,141
6,307
1,674
Balance at 31 December 2023
-123,712
0
-136,394
-458,414
-718,520
Balance at 1 January 2024
-123,712
0
-136,394
-458,414
-718,520
Depreciation
-11,923
0
0
-65,926
-77,849
Impairments
-10,297
0
-16,349
-49,367
-76,013
Disposals
6,271
0
0
181
6,452
Reclassifications
0
0
0
11,573
11,573
Currency translation
-12,416
0
-3,365
5,794
-9,987
Balance at 31 December 2024
-152,077
0
-156,108
-556,159
-864,344
Carrying amounts
At 1 January 2023
413,787
162,000
432,583
119,805
1,128,175
At 31 December 2023
510,745
162,000
411,545
138,652
1,222,942
At 1 January 2024
510,745
162,000
411,545
138,652
1,222,942
At 31 December 2024
541,783
162,000
465,487
84,318
1,253,589
1) Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Holding AS (NHST).. 2) Acquisition of development costs, NOK 74 million (NOK 85 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 52 million (NOK 65 million) relates to various IT development project within NHST. Impairment Within the group of companies all intangible assets have been assessed for impairment as per 31 December 2024, resulting in impairments of NOK -76 million (NOK -45 million).
2024
2023
Amounts in NOK million
Renewable Energy
-10
-12
Other Investments
-66
-33
Total Impairment
-76
-45
Renewable Energy Development costs: FOR has intangible assets with a book value of NOK 541 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.. For FOS, the intangible assets for offshore wind farms are included in cost from associates. Other Investments NHST Holding AS The carrying amount of goodwill and intangible assets with indefinite useful lives allocated to NHST is NOK 228 million and NOK 162 million, respectively. The recoverable amount for the CGUs within the media business area are based on a value in use approach (discounted cashflows). In the media business area, the key assumption is the revenue growth rates of 5.3% in 2025 and an average 3% for the period 2025-2029. The growth rate in the terminal value in the cash flow model is 2%. If the growth rate is reduced by 1% each year, inclusive the growth in the terminal value, the average enterprise value decrease by 21%. The cash flow model has been tested for changes in forecasted revenues and discount rate. If the forecasted revenue growth for 2025 is reduced from 5.3% to a negative growth of 0.2% for Norwegian publications and from 9.3% to a negative growth of 4.9% for Global publications, the average enterprise value will reach the break-even point when it comes to impairment. 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 CGU Mynewsdesk 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 flow 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 multiplied with EV/Revenue multiples from relevant observed M&A transactions. The CGU Mention was impaired with NOK 64 million in 2024, to nil in the books of Bonheur. Furthermore, in 2024 an impairment of NOK 2 million was made in Fred. Olsen 1848 AS due to release of a technology patent.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "NOTE 11 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 5 years Customer relationships 9 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 CGU Mynewsdesk 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 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.
Customer
relationships,
Development Publishing technology,
costs
rights
1)
Goodwill
patents, other
Total
Amounts in NOK 1,000
Cost
Balance at 1 January 2023
504,430
162,000
543,418
553,624
1,763,472
Acquisitions
2)
84,564
0
1,306
77,851
163,721
Reclassifications
-2
0
-4,301
-35,409
-39,712
Currency translation
45,464
0
7,516
1,000
53,980
Balance at 31 December 2023
634,457
162,000
547,939
597,066
1,941,462
Cost
Balance at 1 January 2024
634,457
162,000
547,939
597,066
1,941,462
Acquisitions
2)
74,466
0
63,532
51,910
189,908
Disposals
-6,271
0
0
-241
-6,512
Reclassifications
-68,211
0
0
-11,573
-79,784
Currency translation
59,420
0
10,124
3,315
72,859
Balance at 31 December 2024
693,860
162,000
621,595
640,477
2,117,933
Depreciation and impairment losses
Balance at 1 January 2023
-90,643
0
-110,835
-433,819
-635,297
Depreciation
-13,321
0
0
-66,418
-79,739
Impairments
-11,974
0
-33,000
0
-44,974
Reclassifications
0
0
4,300
35,516
39,816
Currency translation
-7,774
0
3,141
6,307
1,674
Balance at 31 December 2023
-123,712
0
-136,394
-458,414
-718,520
Balance at 1 January 2024
-123,712
0
-136,394
-458,414
-718,520
Depreciation
-11,923
0
0
-65,926
-77,849
Impairments
-10,297
0
-16,349
-49,367
-76,013
Disposals
6,271
0
0
181
6,452
Reclassifications
0
0
0
11,573
11,573
Currency translation
-12,416
0
-3,365
5,794
-9,987
Balance at 31 December 2024
-152,077
0
-156,108
-556,159
-864,344
Carrying amounts
At 1 January 2023
413,787
162,000
432,583
119,805
1,128,175
At 31 December 2023
510,745
162,000
411,545
138,652
1,222,942
At 1 January 2024
510,745
162,000
411,545
138,652
1,222,942
At 31 December 2024
541,783
162,000
465,487
84,318
1,253,589
1)
Publishing rights are mainly connected to the newspaper Dagens N\u00e6ringsliv within NHST Holding AS (NHST)..
2)
Acquisition of development costs, NOK 74 million (NOK 85 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 52 million (NOK 65 million) relates to various IT
development project within NHST.
Impairment
Within the group of companies all intangible assets have been assessed for impairment as per 31 December
2024, resulting in impairments of NOK -76 million (NOK -45 million).
2024
2023
Amounts in NOK million
Renewable Energy
-10
-12
Other Investments
-66
-33
Total Impairment
-76
-45
Renewable Energy
Development costs:
FOR has intangible assets with a book value of NOK 541 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.. For FOS, the intangible
assets for offshore wind farms are included in cost from associates.
Other Investments
NHST Holding AS
The carrying amount of goodwill and intangible assets with indefinite useful lives allocated to NHST is
NOK 228 million and NOK 162 million, respectively. The recoverable amount for the CGUs within the media
business area are based on a value in use approach (discounted cashflows).
In the media business area, the key assumption is the revenue growth rates of 5.3% in 2025 and an average
3% for the period 2025-2029. The growth rate in the terminal value in the cash flow model is 2%. If the
growth rate is reduced by 1% each year, inclusive the growth in the terminal value, the average enterprise
value decrease by 21%. The cash flow model has been tested for changes in forecasted revenues and
discount rate. If the forecasted revenue growth for 2025 is reduced from 5.3% to a negative growth of
0.2% for Norwegian publications and from 9.3% to a negative growth of 4.9% for Global publications, the
average enterprise value will reach the break-even point when it comes to impairment. 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 CGU Mynewsdesk 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 flow 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 multiplied with EV/Revenue multiples from relevant observed M&A
transactions. The CGU Mention was impaired with NOK 64 million in 2024, to nil in the books of Bonheur.
Furthermore, in 2024 an impairment of NOK 2 million was made in Fred. Olsen 1848 AS due to release of a
technology patent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "value": "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 5 years Customer relationships 9 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 CGU Mynewsdesk 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "(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 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "(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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "(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 5 years Customer relationships 9 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 CGU Mynewsdesk 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "value": "NOTE 12 Investments in associates and joint ventures Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV 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 Muir Other
Holding Ltd
1)
Mhor Ltd
associates
2)
Total
Amounts in NOK 1,000
Business office
Ireland
Scotland
Bonheur Group's ownership per 31.12.2023
50.00%
50.00%
Bonheur Group's percentage of votes 31.12.2023
50.00%
50.00%
Bonheur Group's ownership per 31.12.2024
50.00%
50.00%
Bonheur Group's percentage of votes 31.12.2024
50.00%
50.00%
Share of equity per 31.12.2023
-28,671
285,122
27,392
283,843
Adjustment opening balance
0
0
0
0
Profit from the company accounts
-23,377
-23
3,074
-20,326
Net profit included in Bonheur Group of
companies
-23,377
-23
3,074
-20,326
Share issue / Capital increase
0
92,462
0
92,462
Acquisition / disposal
0
0
0
0
Currency translation differences
297
28,478
1,497
30,271
Other
6,641
0
-4,202
2,439
Share of equity per 31.12.2024
-45,110
406,039
27,761
388,689
The presentation shows the accounts for the most significant associates as of 31 December 2024. 1) The Codling Project is financed by a shareholder\u2019s loan to Codling Holding Ltd (Codling) from the JV 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 JV 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 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 2024 no indications or 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
2024
2023
Amounts in NOK 1,000
Profit for the year
-46,754
-42,332
Total assets
1,446,285
1,120,834
Total liabilities
1,536,505
1,178,176
Total equity
-90,220
-57,342
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 consent application for the Codling Wind Park project was submitted in the third quarter of 2024. Muir Mh\u00f2r Ltd
2024
2023
Amounts in NOK 1,000
Profit for the year
-45
2,194
Total assets
870,872
618,025
Total liabilities
58,795
47,781
Total equity
812,077
570,244
Fred. Olsen Seawind was, in the first quarter of 2022, awarded the Muir Mh\u00f2r project in Scotland together with its Joint Venture partner, Vattenfall. The Muir Mh\u00f2r project is an offshore floating wind site northeast of Aberdeen with a capacity of up to 798 MW. The consent application for Muir Mh\u00f2r was submitted in the fourth quarter of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "value": "NOTE 12 Investments in associates and joint ventures Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV 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 Muir Other
Holding Ltd
1)
Mhor Ltd
associates
2)
Total
Amounts in NOK 1,000
Business office
Ireland
Scotland
Bonheur Group's ownership per 31.12.2023
50.00%
50.00%
Bonheur Group's percentage of votes 31.12.2023
50.00%
50.00%
Bonheur Group's ownership per 31.12.2024
50.00%
50.00%
Bonheur Group's percentage of votes 31.12.2024
50.00%
50.00%
Share of equity per 31.12.2023
-28,671
285,122
27,392
283,843
Adjustment opening balance
0
0
0
0
Profit from the company accounts
-23,377
-23
3,074
-20,326
Net profit included in Bonheur Group of
companies
-23,377
-23
3,074
-20,326
Share issue / Capital increase
0
92,462
0
92,462
Acquisition / disposal
0
0
0
0
Currency translation differences
297
28,478
1,497
30,271
Other
6,641
0
-4,202
2,439
Share of equity per 31.12.2024
-45,110
406,039
27,761
388,689
The presentation shows the accounts for the most significant associates as of 31 December 2024. 1) The Codling Project is financed by a shareholder\u2019s loan to Codling Holding Ltd (Codling) from the JV 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 JV 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 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 2024 no indications or 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
2024
2023
Amounts in NOK 1,000
Profit for the year
-46,754
-42,332
Total assets
1,446,285
1,120,834
Total liabilities
1,536,505
1,178,176
Total equity
-90,220
-57,342
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 consent application for the Codling Wind Park project was submitted in the third quarter of 2024. Muir Mh\u00f2r Ltd
2024
2023
Amounts in NOK 1,000
Profit for the year
-45
2,194
Total assets
870,872
618,025
Total liabilities
58,795
47,781
Total equity
812,077
570,244
Fred. Olsen Seawind was, in the first quarter of 2022, awarded the Muir Mh\u00f2r project in Scotland together with its Joint Venture partner, Vattenfall. The Muir Mh\u00f2r project is an offshore floating wind site northeast of Aberdeen with a capacity of up to 798 MW. The consent application for Muir Mh\u00f2r was submitted in the fourth quarter of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "NOTE 12 Investments in associates and joint ventures Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV 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 Muir Other
Holding Ltd
1)
Mhor Ltd
associates
2)
Total
Amounts in NOK 1,000
Business office
Ireland
Scotland
Bonheur Group's ownership per 31.12.2023
50.00%
50.00%
Bonheur Group's percentage of votes 31.12.2023
50.00%
50.00%
Bonheur Group's ownership per 31.12.2024
50.00%
50.00%
Bonheur Group's percentage of votes 31.12.2024
50.00%
50.00%
Share of equity per 31.12.2023
-28,671
285,122
27,392
283,843
Adjustment opening balance
0
0
0
0
Profit from the company accounts
-23,377
-23
3,074
-20,326
Net profit included in Bonheur Group of
companies
-23,377
-23
3,074
-20,326
Share issue / Capital increase
0
92,462
0
92,462
Acquisition / disposal
0
0
0
0
Currency translation differences
297
28,478
1,497
30,271
Other
6,641
0
-4,202
2,439
Share of equity per 31.12.2024
-45,110
406,039
27,761
388,689
The presentation shows the accounts for the most significant associates as of 31 December 2024. 1) The Codling Project is financed by a shareholder\u2019s loan to Codling Holding Ltd (Codling) from the JV 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 JV 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 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 2024 no indications or 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
2024
2023
Amounts in NOK 1,000
Profit for the year
-46,754
-42,332
Total assets
1,446,285
1,120,834
Total liabilities
1,536,505
1,178,176
Total equity
-90,220
-57,342
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 consent application for the Codling Wind Park project was submitted in the third quarter of 2024. Muir Mh\u00f2r Ltd
2024
2023
Amounts in NOK 1,000
Profit for the year
-45
2,194
Total assets
870,872
618,025
Total liabilities
58,795
47,781
Total equity
812,077
570,244
Fred. Olsen Seawind was, in the first quarter of 2022, awarded the Muir Mh\u00f2r project in Scotland together with its Joint Venture partner, Vattenfall. The Muir Mh\u00f2r project is an offshore floating wind site northeast of Aberdeen with a capacity of up to 798 MW. The consent application for Muir Mh\u00f2r was submitted in the fourth quarter of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "value": "Accounting policies Associates are those entities, typically joint ventures (JV) with equal ownership between the JV 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "value": "NOTE 13 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 Fair value as per
31.12.24 31.12.23
Amounts in NOK 1,000
Total short-term liquid share portfolio
66,114
94,826
Total long-term liquid share portfolio
111,067
117,883
Total liquid share portfolio
177,181
212,710
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 Fair value as per
31.12.24 31.12.23
Amounts in NOK 1,000
Bonds and securities (specification below)
219,618
244,160
Loans granted to associates
706,980
539,982
Financial instruments
261,226
226,785
Other interest-bearing loans
4,002
4,149
Other non-interest-bearing receivables
117,913
76,304
Total Bonds and other receivables (long-term assets)
1,309,739
1,091,381
Bonds classified as long-term investments 1)
Average
interest rate Fair value as per Fair value as per
Long-term assets:
Cost price
2024 31.12.24 31.12.23
Amounts in NOK 1,000
Utility companies
25,000
5,5%
25,069
20,968
Real Estate companies
22,004
5,9%
22,125
35,587
Industrial companies
85,421
6,4%
87,947
109,788
Financial and investment companies
83,200
7,8%
84,478
77,817
Total
215,625
6,8%
219,618
244,160
1) Fair value is based on quoted market prices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "value": "NOTE 13 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 Fair value as per
31.12.24 31.12.23
Amounts in NOK 1,000
Total short-term liquid share portfolio
66,114
94,826
Total long-term liquid share portfolio
111,067
117,883
Total liquid share portfolio
177,181
212,710
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 Fair value as per
31.12.24 31.12.23
Amounts in NOK 1,000
Bonds and securities (specification below)
219,618
244,160
Loans granted to associates
706,980
539,982
Financial instruments
261,226
226,785
Other interest-bearing loans
4,002
4,149
Other non-interest-bearing receivables
117,913
76,304
Total Bonds and other receivables (long-term assets)
1,309,739
1,091,381
Bonds classified as long-term investments 1)
Average
interest rate Fair value as per Fair value as per
Long-term assets:
Cost price
2024 31.12.24 31.12.23
Amounts in NOK 1,000
Utility companies
25,000
5,5%
25,069
20,968
Real Estate companies
22,004
5,9%
22,125
35,587
Industrial companies
85,421
6,4%
87,947
109,788
Financial and investment companies
83,200
7,8%
84,478
77,817
Total
215,625
6,8%
219,618
244,160
1) Fair value is based on quoted market prices. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "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:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "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. 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 12-month ECLs resulting from possible default events within the 12 months after the reporting date. \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "value": "NOTE 14 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 items that are recorded as components and depreciated.
Inventory
Note
2024
2023
Amounts in NOK 1,000
Inventories and consumable spare parts
253,526
171,145
Bunkers
27,784
61,412
Articles of consumption onboard
41,357
44,791
Work in Progress
5
53,345
271,687
Total
376,011
549,035
Per year end the Group of companies had inventories and consumable spare parts related to windfarms, installation vessels for offshore wind turbines and cruise ships. In addition, there were bunkers and articles of consumption onboard. The book value of inventories is cost price. In 2024 inventories and consumable spare parts recognised as cost of sales amounted to NOK 974 million (NOK 1 022 million), i.e., expensed. In 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "Accounting policies Inventories and bunkers are recorded at the lower of cost and net realisable value. The Group of companies categorizes spare parts into two groups, spare parts and spare assets. Spare parts are consumables that are not depreciated but expensed when used against repair and maintenance cost. Consumables are measured at cost less a reserve for overstocked items. Spare assets are larger items that are recorded as components and depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "value": "NOTE 15 Trade 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 2-month ECLs resulting from possible default events within the 12 months after the reporting date \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. Trade and other receivables (current assets)
Note
2024
2023
Amounts in NOK 1,000
Other trade receivables
2,439,047
3,004,508
Contract assets
5, 22
324,525
348,180
Total trade receivables and contract assets
2,763,573
3,352,688
Short-term liquid share portfolio
13
66,114
94,826
Total other receivables
66,114
94,826
Total trade receivables and other receivables
2,829,687
3,447,514
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "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 2-month ECLs resulting from possible default events within the 12 months after the reporting date \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "Trade and other receivables (current assets)
Note
2024
2023
Amounts in NOK 1,000
Other trade receivables
2,439,047
3,004,508
Contract assets
5, 22
324,525
348,180
Total trade receivables and contract assets
2,763,573
3,352,688
Short-term liquid share portfolio
13
66,114
94,826
Total other receivables
66,114
94,826
Total trade receivables and other receivables
2,829,687
3,447,514
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "value": "NOTE 16 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
2024
2023
Amounts in NOK 1,000
Cash related to payroll tax withholdings
30,897
31,504
Other restricted cash
1)
570,030
638,540
Total restricted cash
600,926
670,044
Unrestricted cash
2)
5,981,664
4,790,156
Total cash & cash equivalents
6,582,590
5,460,200
1) NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans. NOK 30 million of the restricted cash relates to the windfarms in FORAS, NOK 22 million relates to Cruise and NOK 18 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 2 950 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "value": "NOTE 16 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
2024
2023
Amounts in NOK 1,000
Cash related to payroll tax withholdings
30,897
31,504
Other restricted cash
1)
570,030
638,540
Total restricted cash
600,926
670,044
Unrestricted cash
2)
5,981,664
4,790,156
Total cash & cash equivalents
6,582,590
5,460,200
1) NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans. NOK 30 million of the restricted cash relates to the windfarms in FORAS, NOK 22 million relates to Cruise and NOK 18 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 2 950 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "value": "NOTE 17 Earnings per share Accounting policies The Group of companies presents basic earnings per share (EPS) data for its shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of shares outstanding during the period. Average number of outstanding shares during the period are based on number of outstanding shares per year end. Shares outstanding is total shares issued net of treasury shares. Profit attributable to ordinary shareholders
2024
2023
Amounts in NOK 1,000
Net result for the year (Majority share)
1,140,593
1,037,794
Average number of outstanding shares during the year
1)
42,531,893
42,531,893
Basic and diluted earnings per share
26.8
24.4
Within the Group of companies there are no financial instruments with possible dilutive effects. 1) Weighted average number of ordinary shares
Amounts in NOK 1,000
2024
2023
Issued ordinary shares at 1 January
42,531,893
42,531,893
Weighted average number of ordinary shares at 31 December
42,531,893
42,531,893
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "value": "NOTE 18 Interest bearing loans and borrowings
2024
2023
Amounts in NOK 1,000
Non-current interest-bearing liabilities
Secured bank loans
3,573,827
4,148,784
Unsecured loans
2,387,694
1,989,973
Lease liability, IFRS 16
555,178
464,358
Other loans
946,476
1,114,327
Total
7,463,174
7,717,441
Current interest-bearing liabilities
Current portion of secured bank loans
959,176
920,408
Current portion of unsecured loans
699,104
799,280
Current portion of lease liability, IFRS 16
94,913
89,513
Other loans
760,960
553,638
Total
2,514,154
2,362,839
Fred. Olsen Renewables Ltd. had as at 31 December 2024, 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 2024 was GBP 217 million (GBP 254 million). The interest rates of the bank loan facility are fixed 3.17% for 75% and SONIA 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 2024 drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2024 was GBP 48 million (GBP 50 million). The interest rates of the loan are fixed 3.55% for 75% of the loan and SONIA 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 2024 drawn GBP 63 million (GBP 67 million) from an unsecured shareholder loan from CK Group, which holds 49% of the shares in the company. The interest rate of this loan is SONIA 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. In 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 2024 is EUR 31. million, where the drawdown on the EUR 35 mill RCF amounts to zero. In 2022 Blue Tern (51% owned), entered into a senior secured green term loan facility agreement with Clifford Capital Pte. Ltd. The arrangement is a EUR 35 million facility with a margin of 2,15 %, of which EUR 21.7 million is outstanding per 31 December 2024. GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 37.5 million, of which approximately EUR 32.7 million is outstanding as per 31 December 2024. 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 8,6 million was outstanding as per 31 December 2024. In addition, UWL has a shareholder loan of EUR 5.4 million where Fred. Olsen Ocean Ltd holds 50 % of the loan. The current loan balance to the external shareholder is EUR 2.7 million. The interest rate is fixed 5%. Bonheur ASA bond loans
Bond issue ticker, terms
Issued
Maturity
2024
2023
Amounts in NOK 1,000
BON09 3 month NIBOR + 2.50%
4-Sep-19
4-Sep-24
799,280
BON10 ESG 3 month NIBOR + 2.75%
22-Sep-20
22-Sep-25
699,104
697,909
BONHR01 ESG 3 month NIBOR + 2.90%
13-Jul-21
13-Jul-26
698,145
696,909
BONHR02 ESG 3 month NIBOR + 3.00%
15-Sep-23
15-Sep-28
748,122
595,155
BONHR03 ESG 3 month NIBOR + 2.35%
9-Oct-24
9-Oct-29
941,426
Total
3,086,798
2,789,253
Terms and debt repayment schedule Terms and conditions of outstanding loans were as follows:
31.12.2024 31.12.2023
Nominal Year of Carrying Carrying
Currency interest rate maturity amount amount
Amounts in NOK 1,000
Renewable Energy:
Secured bank loan
1)
GBP 75% fixed 3.17%, 25% SONIA
2032
3,084,625
3,286,262
+ 1,40%
Secured bank loan
2)
GBP
75% fixed 3,55%, 25%
2036
681,392
650,006
SONIA+ 1.80%
Shareholder loan
3)
GBP
SONIA + 6.0%
2036
902,169
870,576
Lease liability, IFRS 16
GBP
455,615
332,796
Other
GBP
50,050
47,277
5,173,851
5,186,917
Wind Service:
Secured green bank loan
4)
EUR
3 month EURIBOR + 3.10%
2026
363,483
439,965
Secured green bank loan
5)
EUR
3 month EURIBOR + 2.05%
2025
252,376
318,481
Secured bank loan
6)
EUR
Fixed 3,33%
2027
46,326
60,209
Secured bank loan
6)
EUR
Fixed 3,33%
2028
54,763
68,246
Secured bank loan
6)
EUR
3 month EURIBOR + 2.65%
2024
0
3,747
Shareholder loan
7)
EUR
Fixed 5,00%
2028
31,847
37,937
Lease liability, IFRS 16
EUR
47,138
46,707
Other
8)
DKK/EUR
529,921
469,790
1,325,853
1,445,082
31.12.2024 31.12.2023
Nominal Year of Carrying Carrying
Currency interest rate maturity amount amount
Amounts in NOK 1,000
Cruise:
Sellers credit
9)
GBP
Fixed 2.50%
2025
105,862
288,795
Lease liability, IFRS 16
GBP
867
105,862
289,662
Other:
Unsecured Bonheur ASA
NOK
NIBOR / 2.75% / 2.90% /
 2025/ -26/
3,086,798
2,789,253
bond loans
10)
3.00% / 2.35% -28/ -29
Lease liability, IFRS 16
NOK
147,338
174,367
Other
11)
NOK
137,626
195,000
3,371,762
3,158,620
Total interest-bearing debt
9,977,328
10,080,280
1) Financing facility for Fred. Olsen Wind 2 Ltd. 2) Financing facility for Fred. Olsen CB Ltd. 3) A total of GBP 63.4 million has been drawn by Fred. Olsen CBH Ltd. on a shareholder loan from CK Group. 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) Financing facilities for UWL regarding 2 newbuilds. 7) A shareholder loan from Lars Rolner, who is a 50% owner of the shares in UWL, EUR 2.70 million. 8) As per 31 December 2024 a bank overdraft of EUR 42.5 million regarding GWS, is included. 9) Sellers credit from HAL Nederland NV in connection with the acquisition of two cruise vessels, GBP 7.4 million. 10) The market value of the four outstanding Bonheur bond loans maturing in 2025, 2026, 2028 and 2029 were per year end 100.79, 101.50 ,102.75 and 100,25 respectively. 11) As per 31 December 2024 a Financing facility for NHST of NOK 130, is included. Lease liabilities Lease liabilities are payable as follows:
2024
2023
Present Present
Future value of Future value of
minimum minimum minimum minimum
lease lease lease lease
payment
Interest
payments
payment
Interest
payments
Amounts in NOK 1,000
Less than one year
64,326
8,603
55,723
53,259,717
7,392,924
45,866,793
Between one and five years
193,650
25,396
168,254
167,551,180
20,058,347
147,492,833
More than five years
498,559
222,475
276,083
237,667,055
54,139,594
183,527,461
Total
756,535
256,474
500,061
458,477,952
81,590,865
376,887,087
Booked value of collateral
Book value
31.12.2024
31.12.2023
Amounts in NOK 1,000
Windfarms
3,383,012
2,864,889
Vessels
4,561,938
4,096,970
Other fixed assets
198,636
306,442
Total book value of collateral
8,143,586
7,268,301
Guarantees
31.12.2024
31.12.2023
Amounts in NOK 1,000
Guarantees granted to associates
1)
604,447
576,031
Guarantees granted to Group companies' entities
825,937
665,944
Total
1,430,384
1,241,975
Guarantees are granted in connection with the following investments
31.12.2024
31.12.2023
Amounts in NOK 1,000
Cruise ships
716,167
514,781
Windfarms
714,217
720,894
Other
2)
0
6,300
Total
1,430,384
1,241,975
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-quarantee to Fred. Olsen Renewables AS for the same amount. Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities
Equity
Other
interest Equity Non-
Lease bearing holders of controlling
liabilities loans the parent
interest
Total
Amounts in NOK 1,000
Balance as per 1 January 2023
522,044
9,655,068
5,719,092
1,237,094
17,133,298
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0
595,206
0
0
595,206
Repayment of long-term loans and
borrowings
0
-1,444,643
0
0
-1,444,643
Dividend paid
0
0
-212,659
-792,136
-1,004,795
Total changes from financing cash flows
0
-849,437
-212,659
-792,136
-1,854,232
Change lease liabilities (IFRS 16)
31,827
0
0
0
31,827
Effect on liabilities of changes in foreign
0
720,778
0
0
720,778
exchange rates
Effects from transactions with non-
controlling interests
0
0
28,500
141,306
169,806
Comprehensive income for the period
1)
0
0
1,142,518
644,124
1,786,642
Balance as per 31 December 2023
553,871
9,526,409
6,677,452
1,230,388
17,988,120
Balance as per 1 January 2024
553,871
9,526,409
6,677,452
1,230,388
17,988,120
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0
1,099,589
0
0
1,099,589
Repayment of long-term loans and
borrowings
0
-2,006,093
0
0
-2,006,093
Dividend paid
0
0
-255,191
-204,182
-459,373
Total changes from financing cash flows
0
-906,504
-255,191
-204,182
-1,365,877
Change lease liabilities (IFRS 16)
96,220
0
0
0
96,220
Effect on liabilities of changes in foreign
0
707,332
0
0
707,332
exchange rates
Comprehensive income for the period
1)
0
0
1,349,391
403,529
1,752,921
Balance as per 31 December 2024
650,091
9,327,237
7,771,652
1,429,736
19,178,716
1) According to statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "value": "NOTE 18 Interest bearing loans and borrowings
2024
2023
Amounts in NOK 1,000
Non-current interest-bearing liabilities
Secured bank loans
3,573,827
4,148,784
Unsecured loans
2,387,694
1,989,973
Lease liability, IFRS 16
555,178
464,358
Other loans
946,476
1,114,327
Total
7,463,174
7,717,441
Current interest-bearing liabilities
Current portion of secured bank loans
959,176
920,408
Current portion of unsecured loans
699,104
799,280
Current portion of lease liability, IFRS 16
94,913
89,513
Other loans
760,960
553,638
Total
2,514,154
2,362,839
Fred. Olsen Renewables Ltd. had as at 31 December 2024, 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 2024 was GBP 217 million (GBP 254 million). The interest rates of the bank loan facility are fixed 3.17% for 75% and SONIA 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 2024 drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2024 was GBP 48 million (GBP 50 million). The interest rates of the loan are fixed 3.55% for 75% of the loan and SONIA 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 2024 drawn GBP 63 million (GBP 67 million) from an unsecured shareholder loan from CK Group, which holds 49% of the shares in the company. The interest rate of this loan is SONIA 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. In 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 2024 is EUR 31. million, where the drawdown on the EUR 35 mill RCF amounts to zero. In 2022 Blue Tern (51% owned), entered into a senior secured green term loan facility agreement with Clifford Capital Pte. Ltd. The arrangement is a EUR 35 million facility with a margin of 2,15 %, of which EUR 21.7 million is outstanding per 31 December 2024. GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 37.5 million, of which approximately EUR 32.7 million is outstanding as per 31 December 2024. 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 8,6 million was outstanding as per 31 December 2024. In addition, UWL has a shareholder loan of EUR 5.4 million where Fred. Olsen Ocean Ltd holds 50 % of the loan. The current loan balance to the external shareholder is EUR 2.7 million. The interest rate is fixed 5%. Bonheur ASA bond loans
Bond issue ticker, terms
Issued
Maturity
2024
2023
Amounts in NOK 1,000
BON09 3 month NIBOR + 2.50%
4-Sep-19
4-Sep-24
799,280
BON10 ESG 3 month NIBOR + 2.75%
22-Sep-20
22-Sep-25
699,104
697,909
BONHR01 ESG 3 month NIBOR + 2.90%
13-Jul-21
13-Jul-26
698,145
696,909
BONHR02 ESG 3 month NIBOR + 3.00%
15-Sep-23
15-Sep-28
748,122
595,155
BONHR03 ESG 3 month NIBOR + 2.35%
9-Oct-24
9-Oct-29
941,426
Total
3,086,798
2,789,253
Terms and debt repayment schedule Terms and conditions of outstanding loans were as follows:
31.12.2024 31.12.2023
Nominal Year of Carrying Carrying
Currency interest rate maturity amount amount
Amounts in NOK 1,000
Renewable Energy:
Secured bank loan
1)
GBP 75% fixed 3.17%, 25% SONIA
2032
3,084,625
3,286,262
+ 1,40%
Secured bank loan
2)
GBP
75% fixed 3,55%, 25%
2036
681,392
650,006
SONIA+ 1.80%
Shareholder loan
3)
GBP
SONIA + 6.0%
2036
902,169
870,576
Lease liability, IFRS 16
GBP
455,615
332,796
Other
GBP
50,050
47,277
5,173,851
5,186,917
Wind Service:
Secured green bank loan
4)
EUR
3 month EURIBOR + 3.10%
2026
363,483
439,965
Secured green bank loan
5)
EUR
3 month EURIBOR + 2.05%
2025
252,376
318,481
Secured bank loan
6)
EUR
Fixed 3,33%
2027
46,326
60,209
Secured bank loan
6)
EUR
Fixed 3,33%
2028
54,763
68,246
Secured bank loan
6)
EUR
3 month EURIBOR + 2.65%
2024
0
3,747
Shareholder loan
7)
EUR
Fixed 5,00%
2028
31,847
37,937
Lease liability, IFRS 16
EUR
47,138
46,707
Other
8)
DKK/EUR
529,921
469,790
1,325,853
1,445,082
31.12.2024 31.12.2023
Nominal Year of Carrying Carrying
Currency interest rate maturity amount amount
Amounts in NOK 1,000
Cruise:
Sellers credit
9)
GBP
Fixed 2.50%
2025
105,862
288,795
Lease liability, IFRS 16
GBP
867
105,862
289,662
Other:
Unsecured Bonheur ASA
NOK
NIBOR / 2.75% / 2.90% /
 2025/ -26/
3,086,798
2,789,253
bond loans
10)
3.00% / 2.35% -28/ -29
Lease liability, IFRS 16
NOK
147,338
174,367
Other
11)
NOK
137,626
195,000
3,371,762
3,158,620
Total interest-bearing debt
9,977,328
10,080,280
1) Financing facility for Fred. Olsen Wind 2 Ltd. 2) Financing facility for Fred. Olsen CB Ltd. 3) A total of GBP 63.4 million has been drawn by Fred. Olsen CBH Ltd. on a shareholder loan from CK Group. 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) Financing facilities for UWL regarding 2 newbuilds. 7) A shareholder loan from Lars Rolner, who is a 50% owner of the shares in UWL, EUR 2.70 million. 8) As per 31 December 2024 a bank overdraft of EUR 42.5 million regarding GWS, is included. 9) Sellers credit from HAL Nederland NV in connection with the acquisition of two cruise vessels, GBP 7.4 million. 10) The market value of the four outstanding Bonheur bond loans maturing in 2025, 2026, 2028 and 2029 were per year end 100.79, 101.50 ,102.75 and 100,25 respectively. 11) As per 31 December 2024 a Financing facility for NHST of NOK 130, is included. Lease liabilities Lease liabilities are payable as follows:
2024
2023
Present Present
Future value of Future value of
minimum minimum minimum minimum
lease lease lease lease
payment
Interest
payments
payment
Interest
payments
Amounts in NOK 1,000
Less than one year
64,326
8,603
55,723
53,259,717
7,392,924
45,866,793
Between one and five years
193,650
25,396
168,254
167,551,180
20,058,347
147,492,833
More than five years
498,559
222,475
276,083
237,667,055
54,139,594
183,527,461
Total
756,535
256,474
500,061
458,477,952
81,590,865
376,887,087
Booked value of collateral
Book value
31.12.2024
31.12.2023
Amounts in NOK 1,000
Windfarms
3,383,012
2,864,889
Vessels
4,561,938
4,096,970
Other fixed assets
198,636
306,442
Total book value of collateral
8,143,586
7,268,301
Guarantees
31.12.2024
31.12.2023
Amounts in NOK 1,000
Guarantees granted to associates
1)
604,447
576,031
Guarantees granted to Group companies' entities
825,937
665,944
Total
1,430,384
1,241,975
Guarantees are granted in connection with the following investments
31.12.2024
31.12.2023
Amounts in NOK 1,000
Cruise ships
716,167
514,781
Windfarms
714,217
720,894
Other
2)
0
6,300
Total
1,430,384
1,241,975
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-quarantee to Fred. Olsen Renewables AS for the same amount. Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities
Equity
Other
interest Equity Non-
Lease bearing holders of controlling
liabilities loans the parent
interest
Total
Amounts in NOK 1,000
Balance as per 1 January 2023
522,044
9,655,068
5,719,092
1,237,094
17,133,298
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0
595,206
0
0
595,206
Repayment of long-term loans and
borrowings
0
-1,444,643
0
0
-1,444,643
Dividend paid
0
0
-212,659
-792,136
-1,004,795
Total changes from financing cash flows
0
-849,437
-212,659
-792,136
-1,854,232
Change lease liabilities (IFRS 16)
31,827
0
0
0
31,827
Effect on liabilities of changes in foreign
0
720,778
0
0
720,778
exchange rates
Effects from transactions with non-
controlling interests
0
0
28,500
141,306
169,806
Comprehensive income for the period
1)
0
0
1,142,518
644,124
1,786,642
Balance as per 31 December 2023
553,871
9,526,409
6,677,452
1,230,388
17,988,120
Balance as per 1 January 2024
553,871
9,526,409
6,677,452
1,230,388
17,988,120
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0
1,099,589
0
0
1,099,589
Repayment of long-term loans and
borrowings
0
-2,006,093
0
0
-2,006,093
Dividend paid
0
0
-255,191
-204,182
-459,373
Total changes from financing cash flows
0
-906,504
-255,191
-204,182
-1,365,877
Change lease liabilities (IFRS 16)
96,220
0
0
0
96,220
Effect on liabilities of changes in foreign
0
707,332
0
0
707,332
exchange rates
Comprehensive income for the period
1)
0
0
1,349,391
403,529
1,752,921
Balance as per 31 December 2024
650,091
9,327,237
7,771,652
1,429,736
19,178,716
1) According to statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "value": "Booked value of collateral
Book value
31.12.2024
31.12.2023
Amounts in NOK 1,000
Windfarms
3,383,012
2,864,889
Vessels
4,561,938
4,096,970
Other fixed assets
198,636
306,442
Total book value of collateral
8,143,586
7,268,301
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "value": "NOTE 19 Pension obligations Accounting policies Defined benefit plans The Company and certain of its subsidiaries have pension plans for employees which provide for a defined pension benefit upon retirement (Defined benefit plans). These pension schemes are accounted for in accordance with IAS19 The calculation of the liability is made on a linear basis, taking into account assumptions regarding the number of years of employment, discount rate, future return on plan assets, future changes in salaries and pensions, the size of defined national contributions and actuarial assumptions regarding mortality, voluntary retirement etc. Plan assets are stated at fair values. Net pension liability comprises the gross pension liability less the fair value of plan assets. Net pension liabilities from under-funded pension schemes are included in the balance sheet as long-term interest free debt, while over-funded schemes are included as long-term interest free receivables, if it is likely that the over-funding can be utilized. The 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 at the statement of financial position date, adjusted to reflect the terms of the pension 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. 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 2024, total costs
incurred for defined contribution schemes were NOK 63 million (NOK 68 million). The pension plans in the
Norwegian companies meet the Norwegian requirements for a Mandatory Company Pension, \"Obligatorisk
tjenestemannspensjon\" (OTP).
In total, the number of members in the funded defined benefit plans by the end of 2024 were 313, of which
180 were pensioners (347 of which 201 pensioners). Fred. Olsen & Co. related individuals are members of
Fred. Olsen & Co.\u2019s Pension Fund. Individuals employed in Fred. Olsen & Co. after 1 June 2012 are covered
by contribution plans. Other Fred. Olsen & Co. 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%, in most cases, of the salary at the time of retirement
until ordinary retirement. Executives of Fred. Olsen & Co. have similar arrangements. In total, the number of
members in the unfunded defined pension agreements in the Group of companies by the end of 2024 were
43, of which 19 were pensioners and 7 former employees.
The status of the defined benefit obligations is as follows:
2024
2023
Amounts in NOK 1,000
Present value of unfunded obligations
-711,247
-628,630
Present value of funded obligations
-821,883
-800,600
Total present value of obligations
-1,533,130
-1,429,229
Fair value of plan assets
990,536
922,285
Net liability for defined benefit obligations
-542,594
-506,944
Financial fixed assets / pension funds
168,652
121,686
Liabilities / Employee benefits
-711,246
-628,630
Net liability as at 31 December
-542,594
-506,944
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:
2024
2023
Amounts in NOK 1,000
Equity instruments
37%
36%
Corporate bonds
45%
46%
Government bonds
4%
7%
Other assets
14%
11%
Total plan assets
100%
100%
Movement in defined benefit obligations:
Funded obligation
Unfunded obligation
Net obligation
2024
2023
2024
2023
2024
2023
Amounts in NOK 1,000
Balance at 1. January
121,686
78,130
-628,630
-550,411
-506,944
-472,281
Correction previous year
0
0
0
-1,553
0
-1,553
121,686
78,130
-628,630
-551,964
-506,944
-473,834
Pension contribution
45,434
41,641
0
0
45,434
41,641
Benefits paid by the plan
1)
0
0
11,480
11,918
11,480
11,918
45,434
41,641
11,480
11,918
56,915
53,559
Included in profit and loss:
Interest on obligation / Interest
on plan assets
5,119
2,603
-22,927
-18,012
-17,808
-15,409
Current service cost
-22,811
-24,123
-12,870
-12,823
-35,682
-36,946
Past service cost
0
0
0
0
0
0
Currency effects / Corrections
0
0
0
0
0
0
Net pension cost
-17,693
-21,520
-35,797
-30,835
-53,490
-52,356
Included in other
comprehensive income:
Actuarial gain/(loss) arising from:
Financial assumptions and
Experience adjustments
4,300
754
-58,300
-57,748
-54,000
-56,994
Transferred value
1,246
2,086
0
0
1,246
2,086
Return on plan assets
13,680
20,596
0
0
13,680
20,596
19,226
23,435
-58,300
-57,749
-39,074
-34,313
Foreign currency translation
0
0
0
0
0
0
Balance as at 31 December
168,653
121,686
-711,247
-628,630
-542,594
-506,944
1)
Payment of benefits from the funded defined benefit plans were in 2024 NOK 26,7 million (NOK 26,0 million). Figure
netted out in the table above
2)
The amount of the unfunded obligations increased as the basis on which these are calculated increased in excess of
actuarial assumptions previously made, among them being salary increases.. See also note 26.
Principal actuarial assumptions at the balance sheet expressed as weighted averages:
2024
2023
Amounts in NOK 1,000
Discount rate / Expected return on plan assets at 31 December
3.30%
3.70%
Future salary increase
3.25%
3.50%
Yearly regulation in official pension index (G)
3.25%
3.50%
Future pension increases
2.10%
1.50%
Social security costs
14.10%
14.10%
Mortality table
K2013
K2013
Disability table
KU
KU
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)
2024
Amounts in NOK 1,000
Future salary increase with 0.25%
3,919
Future pension increase with 0.25%
24,469
Discount rate decreases with 0.25%
44,149
Future mortality assumption, increased lifetime by 1 year
5,666
1)
Projected Benefit Obligation (PBO)
\u2022 Expected contributions to funded defined benefit plans in 2025 are NOK 19.4 million.
\u2022 Expected payment of benefits in connection with unfunded plans are in 2025 estimated to be NOK 11.6
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:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "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 at the statement of financial position date, adjusted to reflect the terms of the pension 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "value": "NOTE 20 Deferred income and other accruals Current items
2024
2 023
Amounts in NOK 1,000
Accrued interest other
121,160
120,499
Other accruals
1,035,376
682,480
Contract liabilities
1,916,913
1,544,022
Other accruals and deferred income
3,073,450
2,347,001
The Group of companies had short-term contract liabilities of NOK 1 917 million per 31 December 2024 (NOK 1 544 million). NOK 1 040 million is due to prepayments from sale of cruises (NOK 951 million), NOK 514 million (NOK 247 million) is prepayment from customers within Wind Service and NOK 363 million (NOK 346 million) is prepayment received from subscribers within NHST. Non-current items Decommissioning costs related to windfarms of NOK 540 million (NOK 498 million) is included under \u201cOther non-current liabilities\u201d .", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "value": "NOTE 20 Deferred income and other accruals Current items
2024
2 023
Amounts in NOK 1,000
Accrued interest other
121,160
120,499
Other accruals
1,035,376
682,480
Contract liabilities
1,916,913
1,544,022
Other accruals and deferred income
3,073,450
2,347,001
The Group of companies had short-term contract liabilities of NOK 1 917 million per 31 December 2024 (NOK 1 544 million). NOK 1 040 million is due to prepayments from sale of cruises (NOK 951 million), NOK 514 million (NOK 247 million) is prepayment from customers within Wind Service and NOK 363 million (NOK 346 million) is prepayment received from subscribers within NHST. Non-current items Decommissioning costs related to windfarms of NOK 540 million (NOK 498 million) is included under \u201cOther non-current liabilities\u201d ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "value": "
NOTE 21 Trade and other payables
Trade and other Payables
2024
2 023
Amounts in NOK 1,000
Other trade payables
757,823
1,145,896
Total trade payables
757,823
1,145,896
Fair value of derivatives
0
17,177
Total other payables
0
17,177
Total trade and other payables
757,823
1,163,072
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "Accounting policies Classification of financial assets and liabilities Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings, and trade and other payables. The Group of companies holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Since the profiles, maturities and other terms of the swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using hedge accounting. All equity instruments are measured at fair value with gains and losses either through profit or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments are classified based on the entity\u2019s business model for managing the asset and the asset\u2019s contractual cash flow characteristics, as follows: \u2022 Amortised cost - a financial asset is measured at amortised cost if both of the following conditions are met: \u00b7 the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and \u00b7 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. \u2022 Fair 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 Fair 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 12-month ECLs resulting from possible default events within the 12 months after the reporting date. \u2022 Lifetime ECLs resulting from possible default events over the expected life of a financial instrument. For impairment losses on financial assets measured at FVOCI, impairment losses shall be recognized in other comprehensive income, for other assets in profit or loss. Accounting classifications and fair values Financial assets and liabilities in the Group of companies consist of investments in other companies, trade and other receivables, cash and cash equivalents, interest rate instruments, forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and borrowings. The following table below shows the carrying amounts and fair values of the financial assets and financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease liabilities is not included. For financial instruments measured at fair value, the levels in the fair value hierarchy are: \u2022 Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities. \u2022 Level 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 Level 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 and 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "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 Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities. \u2022 Level 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 Level 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 and 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "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 Level 1: Fair values are based on prices quoted in an active market for identical assets and liabilities. \u2022 Level 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 Level 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 and 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "value": "The following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
Carrying Contractual 2029 and
31 December 2024 amount
cash flows
2025
2026
2027
2028
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities
9,977,328
8,573,335
2,480,184
1,672,674
507,632
1,224,376
2,688,468
Derivative financial liabilities
0
207,058
48,258
40,664
32,672
26,598
58,867
Due in
Carrying Contractual 2028 and
31 December 2023 amount
cash flows
2024
2025
2026
2027
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities
10,080,280
8,442,814
1,627,699
2,142,454
1,595,444
462,512
2,614,705
Derivative financial liabilities
17,177
17,177
17,177
0
0
0
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "value": "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 2024
31 December 2023
Amounts in NOK 1,000
USD
GBP
EUR
USD
GBP
EUR
Gross statement of financial
32,844
-296,318
98,350
27,947
-348,043
73,554
position exposure
Forward exchange contract
0
0
0
0
-1,328
0
Net exposure
32,844
-296,318
98,350
27,947
-349,371
73,554
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
Profit or loss
Effect in NOK 1,000
31 December 2024
USD
-37,289
0
GBP
421,509
0
EUR
-116,004
0
31 December 2023
USD
-28,249
0
GBP
450,166
1,744
EUR
-82,679
0
The following significant exchange rates applied during the year:
Average rate
Reporting date spot rate
2024
2023
2024
2023
1 USD
10.7433
10.5647
11.3534
10.1724
1 GBP
13,7390
13.1348
14.2249
12.9342
1 EUR
11.6276
11.4206
11,7950
11.2405
Interest rate risk ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "value": "NOTE 23 Rental 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.
Land and Other
Vessels Buildings
fixed assets
Total
Amounts in NOK 1,000
2024
Balance at 1 January
3,812
503,000
24,421
531,234
Depreciation charge for the year
-543
-72,284
-10,592
-83,419
Additions to right-of-use assets
0
137,250
21,756
159,006
Derecognition of right-of-use assets
0
-8,805
-8,972
-17,777
Reclassification
0
9,962
-5,158
4,803
Other
0
-9
0
-9
Currency differences - Cost
504
42,016
2,347
44,868
Currency differences - Depreciation
-137
-13,680
-1,000
-14,817
Balance at 31 December
3,637
597,450
22,803
623,890
2023
Balance at 1 January
3,959
483,474
20,270
507,703
Depreciation charge for the year
-522
-63,382
-7,742
-71,647
Additions to right-of-use assets
0
55,404
17,694
73,098
Derecognition of right-of-use assets
0
-1,288
-7,942
-9,230
Reclassification
0
-111
0
-111
Currency differences - Cost
420
37,045
3,181
40,646
Currency differences - Depreciation
-45
-8,141
-1,039
-9,225
Balance at 31 December
3,812
503,000
24,421
531,234
Amounts recognized in profit or loss
Leases under IFRS 16
2024
2023
Amounts in NOK 1,000
Depreciation charge for the year
83,419
71,647
Interest on lease liabilities
22,063
18,720
Expenses related to short-term leases
101,259
137,579
Expenses related to leases of low-value assets
867
2,298
Amounts recognized in statement of cash flows
Leases under IFRS 16
2024
2023
Amounts in NOK 1,000
Total cash outflow for leases
103,520
83,965
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 2024 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 Holding 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 104 million in 2024 (NOK 110 million). The cash outflow from variable leases is estimated to NOK 86 million in 2025. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "value": "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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "value": "
NOTE 24 Capital commitments
Per year end 2024
Per year end 2023
Project
Committed
Capitalised
Remaining Committed
Capitalised
Remaining
Amounts in NOK 1,000
Renewable Energy
F\u00e4boliden 2
0
0
0
24,044
0
24,044
Crystal Rig IV
891,429
280,769
610,660
0
0
0
Total
610,660
24,044
Wind Service
Brave Tern Crane upgrade
0
0
0
942,078
410,978
531,099
BoldWind
43,758
0
43,758
0
0
0
BraveWind
43,758
0
43,758
0
0
0
Total
87,517
531,099
Cruise
Bolette
37,491
0
37,491
8,074
0
8,074
Borealis
18,673
0
18,673
20,168
0
20,168
Balmoral
1,076
0
1,076
3,020
0
3,020
Total
57,240
31,262
Remaining capital commitments
755,417
586,405
NOTE 25 Contingencies
The Group of companies is subject to various legal and tax claims arising in the normal course of business
which the Group of companies assesses on a regular basis.
Outstanding receivables from customers
Universal Foundation 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
matter has been settled by mutual agreement between the involved parties with a cost of NOK 40 million
Outstanding issues from suppliers
No significant outstanding issues recognized as per year end 2024.
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. As at year-end 2024, no
responds have been received on the contradiction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "NOTE 24 Capital commitments
Per year end 2024
Per year end 2023
Project
Committed
Capitalised
Remaining Committed
Capitalised
Remaining
Amounts in NOK 1,000
Renewable Energy
F\u00e4boliden 2
0
0
0
24,044
0
24,044
Crystal Rig IV
891,429
280,769
610,660
0
0
0
Total
610,660
24,044
Wind Service
Brave Tern Crane upgrade
0
0
0
942,078
410,978
531,099
BoldWind
43,758
0
43,758
0
0
0
BraveWind
43,758
0
43,758
0
0
0
Total
87,517
531,099
Cruise
Bolette
37,491
0
37,491
8,074
0
8,074
Borealis
18,673
0
18,673
20,168
0
20,168
Balmoral
1,076
0
1,076
3,020
0
3,020
Total
57,240
31,262
Remaining capital commitments
755,417
586,405
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "NOTE 25 Contingencies The Group of companies is subject to various legal and tax claims arising in the normal course of business which the Group of companies assesses on a regular basis. Outstanding receivables from customers Universal Foundation 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 matter has been settled by mutual agreement between the involved parties with a cost of NOK 40 million Outstanding issues from suppliers No significant outstanding issues recognized as per year end 2024. 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. As at year-end 2024, no responds have been received on the contradiction.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "
NOTE 26 Related party information
In the ordinary course of business, the Group of companies recognizes business transactions with certain
parties defined as related parties with corresponding accounting and/or disclosure implications. This
note addresses the services in question and the compensation principles as well as governance principles
applied to such main arrangements.
Fred. Olsen & Co. AS
The origin of the Fred. Olsen & Co. AS (Fred. Olsen & Co.) dates back to 1848, and the sole shareholder of
Fred. Olsen & Co., Anette Sofie Olsen, identifies the fifth generation Olsen. Whilst some Fred. Olsen-related
activities are investments by the Company, others are private - but they all stem from the initial 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 public Company was 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 developing, constructing, owning and operating windfarms, initially primarily in the UK, but
later also in Scandinavia.
Fred. Olsen & Co. has for generations managed the operation of the Company. The public sphere of the
Fred. Olsen-related activities was in earlier years centered 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, and by then 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 operation of the Company, Fred. Olsen & Co. today also provides a
variety of professional services on 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 on terms 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 operation of
the Company, which for decades has proved successful, remains 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 duly
adjusted management of the Company. In addition, byy Fred. Olsen & Co. being in charge of both the
operation of the Company and the provision of a variety of services to subsidiaries of Bonheur, both 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 Fred. Olsen & Co. The
members of the Shareholders\u2019 Committee are all independent of the majority shareholders of the Company
and Fred. Olsen & Co. When dealing with these recommendations, the Board will be constituted by its,
in this regard competent 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, also monitored by the
Shareholders\u2019 Committee.
2024
2023
Amounts in NOK 1,000
Costs together with profit margin and bonus to
Fred. Olsen & Co., and pension cost charged to the Company
1)
122,928
90,421
Costs and fees charged to subsidiaries
1)
108,220
92,819
Amount outstanding between Fred. Olsen & Co. and the Company
2)
-9,418
-2,357
Amount outstanding between Fred. Olsen & Co. and subsidiaries of the
Company
2)
-12,607
-12,585
1)
The increase in cost is related to higher activity in Bonheur, general inflation and deferred compensation to Fred. Olsen
& Co. from earlier periods.
2)
Short term outstanding in connection with current operations.
Hvitsten AS, a subsidiary of Fred. Olsen & Co. is 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. Hvitsten AS has a management agreement with Wind Fund I
AS which invested EUR 189 million to indirectly acquire 49% of three Scandinavian wind farms owned by
Fred. Olsen Renewables. In addition, EUR 291 million is on the same basis committed for future wind farm
developments out of Fred. Olsen Renewables. Hvitsten AS is not exposed to significant credit, interest rate
and currency risks. Although Hvitsten has a long-term management agreement with Wind Fund I AS it 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) is 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 project life cycles from consenting, environmental studies and site
design, to construction management and operations.
Zephir Ltd. (ZX Lidar) provide high technology laser powered wind measurement tools (Wind Lidars) used
in windfarm Development, Site Construction, Project Operations as well as many other wind monitoring
applications.
ZX Measurement Services Ltd. (ZX MS) provide wind measurement services such as Wind Lidar rental,
campaign design and optimisation.
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 2024.
Scope of services:
Natural Power and NPP provide both consultancy services and operations-related services for FOR\u2019s wind
farms and FOS projects in the UK and Ireland. 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 2024 mainly relates to high inflation and
currency compared to 2023.
2024
2023
Amounts in NOK 1,000
Natural Power Consultants Ltd. (Asset management services)
152,797
138,185
Fred. Olsen & Co.
41,357
36,360
New Power Partners ApS
29,947
35,173
Natural Power Consultants Ltd. (Other consultancy services)
29,766
38,536
Fred. Olsen Ltd.
6,534
11,592
ZX Measurement Services Ltd.
3,859
2,445
Fred. Olsen Travel Ltd.
716
179
Zephir Ltd.
781
3,219
Total paid to related parties
265,758
265,689
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 referenced 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.
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 JV 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 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. (Bahia) based in Manila.
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. As a precautionary measure in relation to
reporting on related party transactions, transactions with the Group of Companies and Bahia are hereunder
reported as related party transactions.
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 ships. A major part of what is paid to Bahia is a pass-
through service of wages to crew members, being funds transferred via Bahia for payment to the crew in
the Philippines. Bahia provides crewing services also to other, non-Fred. Olsen-related shipping companies.
Cost of crew flights are based on actual cost. Recruitment fees are based on market rates and subject
to market testing. Bahia\u2019s agency fee is a flat fee negotiated between FOCL and Bahia and based both
on market rate and assessment of hours effort required. The numbers in the first table below reflect net
amounts, pass-through expenses are excluded. between FOCL and independent agents.
2024
2023
Amounts in NOK 1,000
Fred. Olsen Ltd
34,482
31,479
Fred. Olsen Travel Ltd
18,263
16,649
Fred. Olsen House JV
11,187
9,893
Bahia Shipping Services Inc. (agency fee for crewing services)
10,513
11,098
Fred. Olsen & Co. (invoiced for admin fee for Group services)
2,826
3,040
Total paid to related parties
77,270
72,160
Other transactions with related parties
The Wind Service segment of the Company was invoiced NOK 49 million (NOK 34 million) for services from
Fred. Olsen & Co. Bahia has provided certain crewing services to the Wind Service segment of which a
commission of NOK 1.5 million (NOK 1.4 million) was paid. Furthermore, NOK 1.3 million (NOK 5.2 million)
was paid to NPP for engineering and project management services.
In 2024, Fred. Olsen & Co. paid NOK 5.5 million (5.5 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
2024 as well as in 2023 was NOK 0.4 million.
Mr. Fred. Olsen is party to a consultancy agreement with Fred. Olsen & Co. In 2024, NOK 5.2 million was paid
under this consultancy agreement (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 2024
in total NOK 4 million of BON02 ESG bond loan (NOK 6 million).
As per 31 December 2024 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:
Shareholders' committee:
Managing Director:
Number of shares
Fred. Olsen
40,586
Christian F. Michelet
0
Anette S. Olsen
2,942
Carol Bell
1,200
Ole Kristian Aab\u00f8-Evensen
0
Nick Emery
325
Synne Homble
0
Heidi Skaaret
0
Andreas Mellbye
0
Gaute Gjelsten
0
0
Jannicke Hilland
0
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "value": "NOTE 26 Related party information In the ordinary course of business, the Group of companies recognizes business transactions with certain parties defined as related parties with corresponding accounting and/or disclosure implications. This note addresses the services in question and the compensation principles as well as governance principles applied to such main arrangements. Fred. Olsen & Co. AS The origin of the Fred. Olsen & Co. AS (Fred. Olsen & Co.) dates back to 1848, and the sole shareholder of Fred. Olsen & Co., Anette Sofie Olsen, identifies the fifth generation Olsen. Whilst some Fred. Olsen-related activities are investments by the Company, others are private - but they all stem from the initial 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 public Company was 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 developing, constructing, owning and operating windfarms, initially primarily in the UK, but later also in Scandinavia. Fred. Olsen & Co. has for generations managed the operation of the Company. The public sphere of the Fred. Olsen-related activities was in earlier years centered 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, and by then 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 operation of the Company, Fred. Olsen & Co. today also provides a variety of professional services on 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 on terms 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 operation of the Company, which for decades has proved successful, remains 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 duly adjusted management of the Company. In addition, byy Fred. Olsen & Co. being in charge of both the operation of the Company and the provision of a variety of services to subsidiaries of Bonheur, both 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 Fred. Olsen & Co. The members of the Shareholders\u2019 Committee are all independent of the majority shareholders of the Company and Fred. Olsen & Co. When dealing with these recommendations, the Board will be constituted by its, in this regard competent 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, also monitored by the Shareholders\u2019 Committee.
2024
2023
Amounts in NOK 1,000
Costs together with profit margin and bonus to
Fred. Olsen & Co., and pension cost charged to the Company
1)
122,928
90,421
Costs and fees charged to subsidiaries
1)
108,220
92,819
Amount outstanding between Fred. Olsen & Co. and the Company
2)
-9,418
-2,357
Amount outstanding between Fred. Olsen & Co. and subsidiaries of the
Company
2)
-12,607
-12,585
1) The increase in cost is related to higher activity in Bonheur, general inflation and deferred compensation to Fred. Olsen & Co. from earlier periods. 2) Short term outstanding in connection with current operations. Hvitsten AS, a subsidiary of Fred. Olsen & Co. is 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. Hvitsten AS has a management agreement with Wind Fund I AS which invested EUR 189 million to indirectly acquire 49% of three Scandinavian wind farms owned by Fred. Olsen Renewables. In addition, EUR 291 million is on the same basis committed for future wind farm developments out of Fred. Olsen Renewables. Hvitsten AS is not exposed to significant credit, interest rate and currency risks. Although Hvitsten has a long-term management agreement with Wind Fund I AS it 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) is 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 project life cycles from consenting, environmental studies and site design, to construction management and operations. Zephir Ltd. (ZX Lidar) provide high technology laser powered wind measurement tools (Wind Lidars) used in windfarm Development, Site Construction, Project Operations as well as many other wind monitoring applications. SEARCH PAGE 135 EXPLORE At a Glance Financial highlights Key Fig 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 2024. Scope of services: Natural Power and NPP provide both consultancy services and operations-related services for FOR\u2019s wind farms and FOS projects in the UK and Ireland. 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 2024 mainly relates to high inflation and currency compared to 2023.
2024
2023
Amounts in NOK 1,000
Natural Power Consultants Ltd. (Asset management services)
152,797
138,185
Fred. Olsen & Co.
41,357
36,360
New Power Partners ApS
29,947
35,173
Natural Power Consultants Ltd. (Other consultancy services)
29,766
38,536
Fred. Olsen Ltd.
6,534
11,592
ZX Measurement Services Ltd.
3,859
2,445
Fred. Olsen Travel Ltd.
716
179
Zephir Ltd.
781
3,219
Total paid to related parties
265,758
265,689
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 referenced 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. 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 JV 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 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. (Bahia) based in Manila. 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. As a precautionary measure in relation to reporting on related party transactions, transactions with the Group of Companies and Bahia are hereunder reported as related party transactions. 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 ships. A major part of what is paid to Bahia is a pass- through service of wages to crew members, being funds transferred via Bahia for payment to the crew in the Philippines. Bahia provides crewing services also to other, non-Fred. Olsen-related shipping companies. Cost of crew flights are based on actual cost. Recruitment fees are based on market rates and subject to market testing. Bahia\u2019s agency fee is a flat fee negotiated between FOCL and Bahia and based both on market rate and assessment of hours effort required. The numbers in the first table below reflect net amounts, pass-through expenses are excluded. between FOCL and independent agents.
2024
2023
Amounts in NOK 1,000
Fred. Olsen Ltd
34,482
31,479
Fred. Olsen Travel Ltd
18,263
16,649
Fred. Olsen House JV
11,187
9,893
Bahia Shipping Services Inc. (agency fee for crewing services)
10,513
11,098
Fred. Olsen & Co. (invoiced for admin fee for Group services)
2,826
3,040
Total paid to related parties
77,270
72,160
Other transactions with related parties The Wind Service segment of the Company was invoiced NOK 49 million (NOK 34 million) for services from Fred. Olsen & Co. Bahia has provided certain crewing services to the Wind Service segment of which a commission of NOK 1.5 million (NOK 1.4 million) was paid. Furthermore, NOK 1.3 million (NOK 5.2 million) was paid to NPP for engineering and project management services. In 2024, Fred. Olsen & Co. paid NOK 5.5 million (5.5 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 2024 as well as in 2023 was NOK 0.4 million. Mr. Fred. Olsen is party to a consultancy agreement with Fred. Olsen & Co. In 2024, NOK 5.2 million was paid under this consultancy agreement (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 2024 in total NOK 4 million of BON02 ESG bond loan (NOK 6 million). As per 31 December 2024 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:
Shareholders' committee:
Managing Director:
Number of shares
Fred. Olsen
40,586
Christian F. Michelet
0
Anette S. Olsen
2,942
Carol Bell
1,200
Ole Kristian Aab\u00f8-Evensen
0
Nick Emery
325
Synne Homble
0
Heidi Skaaret
0
Andreas Mellbye
0
Gaute Gjelsten
0
0
Jannicke Hilland
0
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 21 958 380 shares in the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "value": "NOTE 27 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 Ownership Votes,
incorporation interest percentage
2024
2023
Fred. Olsen Seawind ASA
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Renewables AS
Oslo, Norway
100.00%
100.00%
100.00%
- Fred. Olsen Wind Ltd.
UK
51.00%
51.00%
51.00%
- Fred. Olsen CBH Ltd.
UK
51.00%
51.00%
51.00%
- Hvitsten II JV AS
Oslo, Norway
51.00%
51.00%
51.00%
- Hvitsten II JV AB
Sweden
51.00%
51.00%
51.00%
Fred. Olsen Ocean Ltd.
Hamilton,
100.00%
100.00%
100.00%
Bermuda
- Fred. Olsen Windcarrier ASA
Oslo, Norway
100.00%
100.00%
100.00%
- Global Wind Services A/S
Fredericia,
92.16%
92.16%
92.16%
Denmark
First Olsen Holding AS
Oslo, Norway
100.00%
100.00%
100.00%
NHST Holding AS
Oslo, Norway
55.13%
55.13%
55.13%
Fred. Olsen Travel AS
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Insurance Services AS
Oslo, Norway
100.00%
100.00%
100.00%
AS Stavnes Byggeselskap
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Spedisjon AS
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen 1848 AS
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Investments AS
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Cruise Lines Pte Ltd
Singapore
100.00%
100.00%
100.00%
Projective Ltd.
London
81.68%
0.00%
81.68%
Ganger Rolf AS
1)
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Canary Lines S.L.
1)
Spain
100.00%
100.00%
100.00%
Felixstowe Ship Management Ltd.
1)
UK
99.85%
99.85%
99.85%
Number of Book value Result
shares shares
for the year
Equity
Amounts in NOK 1,000
Fred. Olsen Seawind ASA
10,000,000
546,683
-144,837
442,171
2)
Fred. Olsen Renewables AS
30,000
1,779,107
682,882
1,894,039
2)
- Fred. Olsen Wind Ltd.
400,002
1,859,627
764,359
1,039,463
2)
- Fred. Olsen CBH Ltd.
153
490,818
35,301
157,029
2)
- Hvitsten II JV AS
57,607,438
423,978
38,557
193,614
- Hvitsten II JV AB
12,750
,1,454,085
-56,410
1,984,860
Fred. Olsen Ocean Ltd.
39,993,796
2,749,285
920,022
5,806,513
2)
- Fred. Olsen Windcarrier ASA
5,000,000
477,307
859,888
4,844,936
2)
- Global Wind Services A/S
940,000
476,391
36,815
292,894
2)
First Olsen Holding AS
1,000,100
587,131
228,512
-1,444,600
2)
NHST Holding AS
882,371
271,622
-62,898
-309,935
2)
Fred. Olsen Travel AS
4,482
7,914
10,342
27,628
Fred. Olsen Insurance Services AS
1,500
0
1,506
4,480
AS Stavnes Byggeselskap
11,000
27,360
-1,306
27,366
Fred. Olsen Spedisjon AS
700
7,330
-2,331
7,333
Fred. Olsen 1848 AS
40
49,400
-69,641
49,492
2)
Fred. Olsen Investments AS
1,000
10,000
1,302
11,298
Fred. Olsen Cruise Lines Pte Ltd
1,000,000
6,230
517
24,143
Projective Ltd.
892
76117
1,406
13,225
Ganger Rolf AS
1)
30,000
31
0
15
Fred. Olsen Canary Lines S.L.
1)
100
96
0
0
Felixstowe Ship Management Ltd.
1)
15,151
965
0
0
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "NOTE 27 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 Ownership Votes,
incorporation interest percentage
2024
2023
Fred. Olsen Seawind ASA
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Renewables AS
Oslo, Norway
100.00%
100.00%
100.00%
- Fred. Olsen Wind Ltd.
UK
51.00%
51.00%
51.00%
- Fred. Olsen CBH Ltd.
UK
51.00%
51.00%
51.00%
- Hvitsten II JV AS
Oslo, Norway
51.00%
51.00%
51.00%
- Hvitsten II JV AB
Sweden
51.00%
51.00%
51.00%
Fred. Olsen Ocean Ltd.
Hamilton,
100.00%
100.00%
100.00%
Bermuda
- Fred. Olsen Windcarrier ASA
Oslo, Norway
100.00%
100.00%
100.00%
- Global Wind Services A/S
Fredericia,
92.16%
92.16%
92.16%
Denmark
First Olsen Holding AS
Oslo, Norway
100.00%
100.00%
100.00%
NHST Holding AS
Oslo, Norway
55.13%
55.13%
55.13%
Fred. Olsen Travel AS
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Insurance Services AS
Oslo, Norway
100.00%
100.00%
100.00%
AS Stavnes Byggeselskap
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Spedisjon AS
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen 1848 AS
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Investments AS
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Cruise Lines Pte Ltd
Singapore
100.00%
100.00%
100.00%
Projective Ltd.
London
81.68%
0.00%
81.68%
Ganger Rolf AS
1)
Oslo, Norway
100.00%
100.00%
100.00%
Fred. Olsen Canary Lines S.L.
1)
Spain
100.00%
100.00%
100.00%
Felixstowe Ship Management Ltd.
1)
UK
99.85%
99.85%
99.85%
Number of Book value Result
shares shares
for the year
Equity
Amounts in NOK 1,000
Fred. Olsen Seawind ASA
10,000,000
546,683
-144,837
442,171
2)
Fred. Olsen Renewables AS
30,000
1,779,107
682,882
1,894,039
2)
- Fred. Olsen Wind Ltd.
400,002
1,859,627
764,359
1,039,463
2)
- Fred. Olsen CBH Ltd.
153
490,818
35,301
157,029
2)
- Hvitsten II JV AS
57,607,438
423,978
38,557
193,614
- Hvitsten II JV AB
12,750
,1,454,085
-56,410
1,984,860
Fred. Olsen Ocean Ltd.
39,993,796
2,749,285
920,022
5,806,513
2)
- Fred. Olsen Windcarrier ASA
5,000,000
477,307
859,888
4,844,936
2)
- Global Wind Services A/S
940,000
476,391
36,815
292,894
2)
First Olsen Holding AS
1,000,100
587,131
228,512
-1,444,600
2)
NHST Holding AS
882,371
271,622
-62,898
-309,935
2)
Fred. Olsen Travel AS
4,482
7,914
10,342
27,628
Fred. Olsen Insurance Services AS
1,500
0
1,506
4,480
AS Stavnes Byggeselskap
11,000
27,360
-1,306
27,366
Fred. Olsen Spedisjon AS
700
7,330
-2,331
7,333
Fred. Olsen 1848 AS
40
49,400
-69,641
49,492
2)
Fred. Olsen Investments AS
1,000
10,000
1,302
11,298
Fred. Olsen Cruise Lines Pte Ltd
1,000,000
6,230
517
24,143
Projective Ltd.
892
76117
1,406
13,225
Ganger Rolf AS
1)
30,000
31
0
15
Fred. Olsen Canary Lines S.L.
1)
100
96
0
0
Felixstowe Ship Management Ltd.
1)
15,151
965
0
0
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:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "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: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "value": "
NOTE 28 Subsequent events
In March 2025, Fred. Olsen Ocean Ltd. entered into an agreement for the sale of its 50% stake in UWL to
United Heavy Lift GmbH & Co. KG. The sales price of the stake is EUR 48.5 million. The ownership in UWL
was originally acquired in 2019 for EUR 12 million. Including a repayment of shareholder loans, the gross
proceeds from the divestment will be approximately EUR 51.2 million.
In March 2025, Wind Fund I acquired 49% indirect ownership in Crystal Rig IV a project of 49,1 MW
according to the established procedure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800HOQE1B34SUA323", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }