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"value": "1. Introductory Note NOS, SGPS, S.A. (\"NOS\", \u201cNOS SGPS\u201d or \"Company\"), whose designation did not change during the year, formerly named ZON OPTIMUS, SGPS, S.A. (\u201cZON OPTIMUS\u201d) and until 27 August 2013, named ZON Multim\u00e9dia \u2013 Servi\u00e7os de Telecomunica\u00e7\u00f5es e Multim\u00e9dia, SGPS, S.A. (\u201cZON\u201d), with Company headquarters registered at Rua Actor Ant\u00f3nio Silva, n\u00ba9, Campo Grande, was established by Portugal Telecom, SGPS, S.A. (\"Portugal Telecom\") on 15 July 1999 for the purpose of implementing its multimedia business strategy. During the 2007 financial year, Portugal Telecom proceeded with the spin-off of ZON through the attribution of its participation in the company to their shareholders, which become fully independent from Portugal Telecom. During the 2013 financial year, ZON and Optimus, SGPS, S.A. (\"Optimus SGPS\") have merged through the incorporation of Optimus SGPS into ZON. Thereafter, the Company adopted the designation of ZON OPTIMUS, SGPS, S.A. On 20 June 2014, because of the launch of the new brand \u201cNOS\u201d on 16 May 2014, the General Meeting of Shareholders approved the change of the Company\u2019s name to NOS, SGPS, S.A. The businesses operated by NOS and its associated companies, form the \"NOS Group\" or \"Group\", which includes cable and satellite television services, voice and Internet access services, video production and sale, advertising on Pay TV channels, cinema exhibition and distribution, the production of channels for Pay TV, management of datacenters and consulting services in IT, mainly in the Portuguese market. NOS shares are listed on the Euronext Lisbon market. The shareholders\u2019 structure of the Group as of 31 December 2023 is shown in Note 23. The business of NOS Comunica\u00e7\u00f5es, S.A. (\u201cNOS SA\u201d) and its subsidiaries, NOS Technology, NOS A\u00e7ores, NOS Madeira, NOS Wholesale and NOS Sistemas comprehends: a) cable and satellite television distribution; b) the operation of the latest generation mobile communication network, GSM/UMTS/LTE/5G; c) the operation of electronic communications services, including data and multimedia communication services in general; d) IP voice services (\"VOIP\" - Voice over IP); e) Mobile Virtual Network Operator (\u201cMVNO\u201d), f) the provision of consultancy and similar services directly or indirectly related to the above mentioned activities and services, and g) datacenter management and consulting services in IT. The business of these companies is regulated by Law no. 5/2004 (Electronic Communications Law), which establishes the legal regime governing electronic communications networks and services. The main activity of NOS Audio \u2013 Sales and Distribution, S.A., previously designated NOS Lusomundo TV, S.A. and the result of the merger of NOSPUB with NOS Lusomundo TV on December 2020, is the negotiation, acquisition and distribution of content rights and other multimedia products to television and other platforms of distribution, currently producing films and series channels through the compilation of the acquired contents, which are distributed, among other operators, by NOS SA and its subsidiaries. This company also manages the advertising space on Pay TV channels and in the cinemas of NOS Cinemas. NOS Audiovisuais and NOS Cinemas, together with their associated companies, operate in the audiovisual sector, which includes video production and sale, cinema exhibition and distribution, and the acquisition/negotiation of Pay TV and VOD (video-on-demand) rights. NOS Inova\u00e7\u00e3o main activities are conducting and stimulating scientific activities of R&D (it owns all the intellectual property developed within the NOS Group, intending to guarantee the return of the initial investment through the commercialization of patents and concessions regarding commercial operation, as a result of the creation of new products and services), the demonstration, disclosure, technology and training transfers in the services and information management domains as well as fixed and mobile solutions of the latest generation of TV, internet, voice and data solutions. These notes to the Financial Statements follow the order in which the items are shown in the consolidated financial statements. The consolidated financial statements for the financial year ended on 31 December 2023 were approved by the Board of Directors and their issue authorized on 5 March 2024. They are also subject to approval by the General Shareholders' Meeting, under the terms of the commercial legislation in force in Portugal. The Board of Directors believes that these financial statements give a true and fair view of the Group\u2019s operations, financial performance, and consolidated cash flows.2.1. The principles of presentation The consolidated financial statements of NOS were prepared in accordance with International Financial Reporting Standards (\"IAS/IFRS\") issued by the International Accounting Standards Board (\"IASB\") and Interpretations issued by the International Financial Reporting Interpretations Committee (\"IFRIC\") or by the former Standing Interpretations Committee (\"SIC\"), adopted by the European Union, effective January 1, 2023. The consolidated financial statements are presented in euros as this is the main currency of the Group's operations and all amounts are presented in thousands of euros, except when referred to the financial statements of subsidiaries located abroad were converted into euros in accordance with the accounting policies described in Note 2.3.21. The consolidated financial statements were prepared on a going concern basis from the ledgers and accounting records of the companies included in the consolidation (Annex A)), using the historical cost convention, adjusted when necessary for the valuation of financial assets and liabilities (including derivatives) at their fair value (Note 2.3.24). In preparing the consolidated financial statements in accordance with IFRS, the Board used estimates, assumptions, and critical judgments with impact on the value of assets and liabilities and the recognition of income and costs in each reporting period. Although these estimates were based on the best information available at the date of preparation of the consolidated financial statements, current and future results may differ from these estimates. The areas involving a higher element of judgment and estimates are described in Note 3. The Board of Directors is convinced that there are no material uncertainties that might question this assumption. An analysis was made that the Group has the necessary resources to continue its operations into the future, for a period of no less than 12 months from the reporting date. In the preparation and presentation of the consolidated financial statements, the NOS Group declares that it complies explicitly and without reservation with IAS/IFRS reporting standards and related SIC/IFRIC interpretations as approved by the European Union. Changes in accounting policies and disclosures The following standards, interpretations, amendments and revisions endorsed by the European Union have mandatory application for the first time in the financial year beginning on January 1, 2023: \u2022 IFRS 17 - Insurance Contracts. IFRS 17 replaces IFRS 4 and applies to all insurance contracts (i.e., life, non-life, direct insurance and reinsurance), regardless of the type of entity issuing them, as well as some guarantees and some financial instruments with discretionary participation characteristics. In general terms, IFRS 17 provides a more useful and consistent accounting model for insurance contracts for issuers. In contrast to the requirements of IFRS 4, which are based on previously adopted local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. \u2022 Amendments to IFRS 17 - Insurance contracts - Initial application of IFRS 17 and IFRS 9 - Comparative information. This amendment to IFRS 17 refers to the presentation of comparative information for financial assets in the initial application of IFRS 17. The amendment adds a transition option that allows an entity to overlay the classification of a financial asset in the comparative period(s) presented on initial application of IFRS 17. The overlay allows all financial assets, including those held in relation to non-contract activities within the scope of IFRS 17, to be classified, instrument by instrument, in the comparative period(s) in a manner aligned with how the entity expects those assets to be classified on initial application of IFRS 9.. \u2022 Amendments to IAS 1 - Disclosure of accounting policies. These changes are intended to help an entity disclose 'material' accounting policies, previously referred to as 'significant' policies. However, due to the absence of this concept in the IFRS, it was decided to replace it with the concept of \"materiality\", a concept already known to users of financial statements. When assessing the materiality of accounting policies, the entity must consider not only the size of the transactions but also other events or conditions and their nature. \u2022 Amendments to IAS 8 - Definition of accounting estimates. The amendment clarifies the distinction between a change in accounting estimate, a change in accounting policy and the correction of errors. In addition, it clarifies how an entity uses measurement techniques and inputs to develop accounting estimates. \u2022 Amendments to IAS 12 - Deferred tax related to assets and liabilities arising from a single transaction. IAS 12 now requires an entity to recognize deferred tax when its initial recognition gives rise to equal amounts of taxable temporary differences and deductible temporary differences. However, it is a matter of professional judgment whether such deductions are attributable to the liability that is recognized in the financial statements or to the related asset. This is particularly important when determining the existence of temporary differences on initial recognition of the asset or liability, as the initial recognition exception does not apply to transactions that give rise to equal taxable and deductible temporary differences. Among the applicable transactions are the recording of (i) right-of-use assets and lease liabilities; (ii) provisions for dismantling, restoration or similar liabilities, and the corresponding amounts recognized as part of the cost of the related asset, when on the date of initial recognition, they are not relevant for tax purposes. This amendment applies retrospectively. \u2022 Amendments to IAS 12 - International Tax Reform - Second Pillar Model Rules. These changes come as part of the implementation of the OECD's Global Anti-Base Erosion (\"Globe\") rules, which may have significant impacts on the calculation of deferred taxes that are difficult to estimate at the time these changes were issued. These amendments introduce a temporary exception to the accounting of deferred taxes arising from the application of the model rules of the second pillar of the OECD, and additionally establish new specific disclosure requirements for the affected entities. These standards and amendments had no material impact on the Group's consolidated financial statements. The following standards, interpretations, amendments and revisions, with mandatory application in future financial years, have been endorsed by the European Union up to the date of approval of these financial statements: \u2022 Amendments to IAS 1 - Presentation of financial statements - Classification of current and non-current liabilities. This amendment aims to clarify the classification of liabilities as current or non-current balances depending on the rights an entity has to defer their payment at the end of each reporting period. The classification of liabilities is not affected by the entity's expectations (the assessment should determine whether a right exists but should not consider whether or not the entity will exercise that right), or by events occurring after the reporting date, such as non-compliance with a covenant. However, if the right to defer settlement for at least twelve months is subject to certain conditions being met after the balance sheet date, these criteria do not affect the right to defer settlement for the purpose of classifying a liability as current or non-current. This amendment also includes a new definition of \"settlement\" of a liability and is of retrospective application. \u2022 Amendments to IFRS 16 - Lease liabilities in sale and leaseback transactions. This amendment to IFRS 16 introduces guidance on the subsequent measurement of lease liabilities related to sale and leaseback transactions that qualify as a \"sale\" under the principles of IFRS 15, with greater impact when some or all of the lease payments are variable lease payments that do not depend on an index or a rate. When subsequently measuring lease liabilities, seller-lessees should determine \"lease payments\" and \"revised lease payments\" in such a way that they do not recognize gains/(losses) in relation to the right of use they retain. This amendment is retrospective. The Group did not early apply any of these standards in the financial statements for the financial year ended on 31 December 2023. No significant impacts are expected on the financial statements as a result of their adoption. The following standards, interpretations, amendments and revisions, with mandatory application in future financial years, have not, as of the date of approval of these financial statements, been endorsed by the European Union: \u2022 Amendments to IAS 7 and IFRS 7 - Disclosures: Supplier financing arrangements. These amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, aim to clarify the characteristics of a supplier financing arrangement and introduce additional disclosure requirements when such arrangements exist. The disclosure requirements are intended to help users of financial statements understand the effects of supplier financing arrangements on the entity's liabilities, cash flows and exposure to liquidity risk. The amendments come into force for the period beginning on or after January 1, 2024. Early adoption is permitted, but must be disclosed. \u2022 Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. This amendment aims to clarify how to assess the exchangeability of a currency, and how the exchange rate should be determined when it is not exchangeable for a long period. The amendment specifies that a currency should be considered exchangeable when an entity is able to obtain the other currency within a period that allows for normal administrative management, and through an exchange or market mechanism in which an exchange transaction creates enforceable rights and obligations. If a currency cannot be exchanged for another currency, an entity must estimate the exchange rate at the measurement date of the transaction. The objective is to determine the exchange rate that would be applicable on the measurement date for a similar transaction between market participants. The amendments also state that an entity may use an observable exchange rate without making any adjustment. The amendments come into force for the period beginning on or after January 1, 2025. Early adoption is permitted, however the transition requirements applied must be disclosed. These standards have not yet been endorsed by the European Union and, as such, were not applied by the Group in financial year ended on 31 December 2023. No significant impacts are expected on the financial statements as a result of their adoption.",
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"value": "1. Introductory Note NOS, SGPS, S.A. (\"NOS\", \u201cNOS SGPS\u201d or \"Company\"), whose designation did not change during the year, formerly named ZON OPTIMUS, SGPS, S.A. (\u201cZON OPTIMUS\u201d) and until 27 August 2013, named ZON Multim\u00e9dia \u2013 Servi\u00e7os de Telecomunica\u00e7\u00f5es e Multim\u00e9dia, SGPS, S.A. (\u201cZON\u201d), with Company headquarters registered at Rua Actor Ant\u00f3nio Silva, n\u00ba9, Campo Grande, was established by Portugal Telecom, SGPS, S.A. (\"Portugal Telecom\") on 15 July 1999 for the purpose of implementing its multimedia business strategy. During the 2007 financial year, Portugal Telecom proceeded with the spin-off of ZON through the attribution of its participation in the company to their shareholders, which become fully independent from Portugal Telecom. During the 2013 financial year, ZON and Optimus, SGPS, S.A. (\"Optimus SGPS\") have merged through the incorporation of Optimus SGPS into ZON. Thereafter, the Company adopted the designation of ZON OPTIMUS, SGPS, S.A. On 20 June 2014, because of the launch of the new brand \u201cNOS\u201d on 16 May 2014, the General Meeting of Shareholders approved the change of the Company\u2019s name to NOS, SGPS, S.A. The businesses operated by NOS and its associated companies, form the \"NOS Group\" or \"Group\", which includes cable and satellite television services, voice and Internet access services, video production and sale, advertising on Pay TV channels, cinema exhibition and distribution, the production of channels for Pay TV, management of datacenters and consulting services in IT, mainly in the Portuguese market. NOS shares are listed on the Euronext Lisbon market. The shareholders\u2019 structure of the Group as of 31 December 2023 is shown in Note 23. The business of NOS Comunica\u00e7\u00f5es, S.A. (\u201cNOS SA\u201d) and its subsidiaries, NOS Technology, NOS A\u00e7ores, NOS Madeira, NOS Wholesale and NOS Sistemas comprehends: a) cable and satellite television distribution; b) the operation of the latest generation mobile communication network, GSM/UMTS/LTE/5G; c) the operation of electronic communications services, including data and multimedia communication services in general; d) IP voice services (\"VOIP\" - Voice over IP); e) Mobile Virtual Network Operator (\u201cMVNO\u201d), f) the provision of consultancy and similar services directly or indirectly related to the above mentioned activities and services, and g) datacenter management and consulting services in IT. The business of these companies is regulated by Law no. 5/2004 (Electronic Communications Law), which establishes the legal regime governing electronic communications networks and services. The main activity of NOS Audio \u2013 Sales and Distribution, S.A., previously designated NOS Lusomundo TV, S.A. and the result of the merger of NOSPUB with NOS Lusomundo TV on December 2020, is the negotiation, acquisition and distribution of content rights and other multimedia products to television and other platforms of distribution, currently producing films and series channels through the compilation of the acquired contents, which are distributed, among other operators, by NOS SA and its subsidiaries. This company also manages the advertising space on Pay TV channels and in the cinemas of NOS Cinemas. NOS Audiovisuais and NOS Cinemas, together with their associated companies, operate in the audiovisual sector, which includes video production and sale, cinema exhibition and distribution, and the acquisition/negotiation of Pay TV and VOD (video-on-demand) rights. NOS Inova\u00e7\u00e3o main activities are conducting and stimulating scientific activities of R&D (it owns all the intellectual property developed within the NOS Group, intending to guarantee the return of the initial investment through the commercialization of patents and concessions regarding commercial operation, as a result of the creation of new products and services), the demonstration, disclosure, technology and training transfers in the services and information management domains as well as fixed and mobile solutions of the latest generation of TV, internet, voice and data solutions. These notes to the Financial Statements follow the order in which the items are shown in the consolidated financial statements. The consolidated financial statements for the financial year ended on 31 December 2023 were approved by the Board of Directors and their issue authorized on 5 March 2024. They are also subject to approval by the General Shareholders' Meeting, under the terms of the commercial legislation in force in Portugal. The Board of Directors believes that these financial statements give a true and fair view of the Group\u2019s operations, financial performance, and consolidated cash flows.",
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"s7_notes__6__8": {
"value": "1. Introductory Note NOS, SGPS, S.A. (\"NOS\", \u201cNOS SGPS\u201d or \"Company\"), whose designation did not change during the year, formerly named ZON OPTIMUS, SGPS, S.A. (\u201cZON OPTIMUS\u201d) and until 27 August 2013, named ZON Multim\u00e9dia \u2013 Servi\u00e7os de Telecomunica\u00e7\u00f5es e Multim\u00e9dia, SGPS, S.A. (\u201cZON\u201d), with Company headquarters registered at Rua Actor Ant\u00f3nio Silva, n\u00ba9, Campo Grande, was established by Portugal Telecom, SGPS, S.A. (\"Portugal Telecom\") on 15 July 1999 for the purpose of implementing its multimedia business strategy. During the 2007 financial year, Portugal Telecom proceeded with the spin-off of ZON through the attribution of its participation in the company to their shareholders, which become fully independent from Portugal Telecom. During the 2013 financial year, ZON and Optimus, SGPS, S.A. (\"Optimus SGPS\") have merged through the incorporation of Optimus SGPS into ZON. Thereafter, the Company adopted the designation of ZON OPTIMUS, SGPS, S.A. On 20 June 2014, because of the launch of the new brand \u201cNOS\u201d on 16 May 2014, the General Meeting of Shareholders approved the change of the Company\u2019s name to NOS, SGPS, S.A. The businesses operated by NOS and its associated companies, form the \"NOS Group\" or \"Group\", which includes cable and satellite television services, voice and Internet access services, video production and sale, advertising on Pay TV channels, cinema exhibition and distribution, the production of channels for Pay TV, management of datacenters and consulting services in IT, mainly in the Portuguese market. NOS shares are listed on the Euronext Lisbon market. The shareholders\u2019 structure of the Group as of 31 December 2023 is shown in Note 23. The business of NOS Comunica\u00e7\u00f5es, S.A. (\u201cNOS SA\u201d) and its subsidiaries, NOS Technology, NOS A\u00e7ores, NOS Madeira, NOS Wholesale and NOS Sistemas comprehends: a) cable and satellite television distribution; b) the operation of the latest generation mobile communication network, GSM/UMTS/LTE/5G; c) the operation of electronic communications services, including data and multimedia communication services in general; d) IP voice services (\"VOIP\" - Voice over IP); e) Mobile Virtual Network Operator (\u201cMVNO\u201d), f) the provision of consultancy and similar services directly or indirectly related to the above mentioned activities and services, and g) datacenter management and consulting services in IT. The business of these companies is regulated by Law no. 5/2004 (Electronic Communications Law), which establishes the legal regime governing electronic communications networks and services. The main activity of NOS Audio \u2013 Sales and Distribution, S.A., previously designated NOS Lusomundo TV, S.A. and the result of the merger of NOSPUB with NOS Lusomundo TV on December 2020, is the negotiation, acquisition and distribution of content rights and other multimedia products to television and other platforms of distribution, currently producing films and series channels through the compilation of the acquired contents, which are distributed, among other operators, by NOS SA and its subsidiaries. This company also manages the advertising space on Pay TV channels and in the cinemas of NOS Cinemas. NOS Audiovisuais and NOS Cinemas, together with their associated companies, operate in the audiovisual sector, which includes video production and sale, cinema exhibition and distribution, and the acquisition/negotiation of Pay TV and VOD (video-on-demand) rights. NOS Inova\u00e7\u00e3o main activities are conducting and stimulating scientific activities of R&D (it owns all the intellectual property developed within the NOS Group, intending to guarantee the return of the initial investment through the commercialization of patents and concessions regarding commercial operation, as a result of the creation of new products and services), the demonstration, disclosure, technology and training transfers in the services and information management domains as well as fixed and mobile solutions of the latest generation of TV, internet, voice and data solutions. These notes to the Financial Statements follow the order in which the items are shown in the consolidated financial statements. The consolidated financial statements for the financial year ended on 31 December 2023 were approved by the Board of Directors and their issue authorized on 5 March 2024. They are also subject to approval by the General Shareholders' Meeting, under the terms of the commercial legislation in force in Portugal. The Board of Directors believes that these financial statements give a true and fair view of the Group\u2019s operations, financial performance, and consolidated cash flows.",
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"value": "includes cable and satellite television services, voice and Internet access services, video production and sale, advertising on Pay TV channels, cinema exhibition and distribution, the production of channels for Pay TV, management of datacenters and consulting services in IT",
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"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__13": {
"value": "the consolidated financial statements. The consolidated financial statements for the financial year ended on 31 December 2023 were approved by the Board of Directors and their issue authorized on 5 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__15": {
"value": "2. Accounting Policies The principal accounting policies adopted in the preparation of the financial statements are described below. These policies were consistently applied to all the financial years presented, unless otherwise stated. 2.1. The principles of presentation The consolidated financial statements of NOS were prepared in accordance with International Financial Reporting Standards (\"IAS/IFRS\") issued by the International Accounting Standards Board (\"IASB\") and Interpretations issued by the International Financial Reporting Interpretations Committee (\"IFRIC\") or by the former Standing Interpretations Committee (\"SIC\"), adopted by the European Union, effective January 1, 2023. The consolidated financial statements are presented in euros as this is the main currency of the Group's operations and all amounts are presented in thousands of euros, except when referred to the financial statements of subsidiaries located abroad were converted into euros in accordance with the accounting policies described in Note 2.3.21. The consolidated financial statements were prepared on a going concern basis from the ledgers and accounting records of the companies included in the consolidation (Annex A)), using the historical cost convention, adjusted when necessary for the valuation of financial assets and liabilities (including derivatives) at their fair value (Note 2.3.24). In preparing the consolidated financial statements in accordance with IFRS, the Board used estimates, assumptions, and critical judgments with impact on the value of assets and liabilities and the recognition of income and costs in each reporting period. Although these estimates were based on the best information available at the date of preparation of the consolidated financial statements, current and future results may differ from these estimates. The areas involving a higher element of judgment and estimates are described in Note 3. The Board of Directors is convinced that there are no material uncertainties that might question this assumption. An analysis was made that the Group has the necessary resources to continue its operations into the future, for a period of no less than 12 months from the reporting date. In the preparation and presentation of the consolidated financial statements, the NOS Group declares that it complies explicitly and without reservation with IAS/IFRS reporting standards and related SIC/IFRIC interpretations as approved by the European Union. Changes in accounting policies and disclosures The following standards, interpretations, amendments and revisions endorsed by the European Union have mandatory application for the first time in the financial year beginning on January 1, 2023: \u2022 IFRS 17 - Insurance Contracts. IFRS 17 replaces IFRS 4 and applies to all insurance contracts (i.e., life, non-life, direct insurance and reinsurance), regardless of the type of entity issuing them, as well as some guarantees and some financial instruments with discretionary participation characteristics. In general terms, IFRS 17 provides a more useful and consistent accounting model for insurance contracts for issuers. In contrast to the requirements of IFRS 4, which are based on previously adopted local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. \u2022 Amendments to IFRS 17 - Insurance contracts - Initial application of IFRS 17 and IFRS 9 - Comparative information. This amendment to IFRS 17 refers to the presentation of comparative information for financial assets in the initial application of IFRS 17. The amendment adds a transition option that allows an entity to overlay the classification of a financial asset in the comparative period(s) presented on initial application of IFRS 17. The overlay allows all financial assets, including those held in relation to non-contract activities within the scope of IFRS 17, to be classified, instrument by instrument, in the comparative period(s) in a manner aligned with how the entity expects those assets to be classified on initial application of IFRS 9.. \u2022 Amendments to IAS 1 - Disclosure of accounting policies. These changes are intended to help an entity disclose 'material' accounting policies, previously referred to as 'significant' policies. However, due to the absence of this concept in the IFRS, it was decided to replace it with the concept of \"materiality\", a concept already known to users of financial statements. When assessing the materiality of accounting policies, the entity must consider not only the size of the transactions but also other events or conditions and their nature. \u2022 Amendments to IAS 8 - Definition of accounting estimates. The amendment clarifies the distinction between a change in accounting estimate, a change in accounting policy and the correction of errors. In addition, it clarifies how an entity uses measurement techniques and inputs to develop accounting estimates. \u2022 Amendments to IAS 12 - Deferred tax related to assets and liabilities arising from a single transaction. IAS 12 now requires an entity to recognize deferred tax when its initial recognition gives rise to equal amounts of taxable temporary differences and deductible temporary differences. However, it is a matter of professional judgment whether such deductions are attributable to the liability that is recognized in the financial statements or to the related asset. This is particularly important when determining the existence of temporary differences on initial recognition of the asset or liability, as the initial recognition exception does not apply to transactions that give rise to equal taxable and deductible temporary differences. Among the applicable transactions are the recording of (i) right-of-use assets and lease liabilities; (ii) provisions for dismantling, restoration or similar liabilities, and the corresponding amounts recognized as part of the cost of the related asset, when on the date of initial recognition, they are not relevant for tax purposes. This amendment applies retrospectively. \u2022 Amendments to IAS 12 - International Tax Reform - Second Pillar Model Rules. These changes come as part of the implementation of the OECD's Global Anti-Base Erosion (\"Globe\") rules, which may have significant impacts on the calculation of deferred taxes that are difficult to estimate at the time these changes were issued. These amendments introduce a temporary exception to the accounting of deferred taxes arising from the application of the model rules of the second pillar of the OECD, and additionally establish new specific disclosure requirements for the affected entities. These standards and amendments had no material impact on the Group's consolidated financial statements. The following standards, interpretations, amendments and revisions, with mandatory application in future financial years, have been endorsed by the European Union up to the date of approval of these financial statements: \u2022 Amendments to IAS 1 - Presentation of financial statements - Classification of current and non-current liabilities. This amendment aims to clarify the classification of liabilities as current or non-current balances depending on the rights an entity has to defer their payment at the end of each reporting period. The classification of liabilities is not affected by the entity's expectations (the assessment should determine whether a right exists but should not consider whether or not the entity will exercise that right), or by events occurring after the reporting date, such as non-compliance with a covenant. However, if the right to defer settlement for at least twelve months is subject to certain conditions being met after the balance sheet date, these criteria do not affect the right to defer settlement for the purpose of classifying a liability as current or non-current. This amendment also includes a new definition of \"settlement\" of a liability and is of retrospective application. \u2022 Amendments to IFRS 16 - Lease liabilities in sale and leaseback transactions. This amendment to IFRS 16 introduces guidance on the subsequent measurement of lease liabilities related to sale and leaseback transactions that qualify as a \"sale\" under the principles of IFRS 15, with greater impact when some or all of the lease payments are variable lease payments that do not depend on an index or a rate. When subsequently measuring lease liabilities, seller-lessees should determine \"lease payments\" and \"revised lease payments\" in such a way that they do not recognize gains/(losses) in relation to the right of use they retain. This amendment is retrospective. The Group did not early apply any of these standards in the financial statements for the financial year ended on 31 December 2023. No significant impacts are expected on the financial statements as a result of their adoption. The following standards, interpretations, amendments and revisions, with mandatory application in future financial years, have not, as of the date of approval of these financial statements, been endorsed by the European Union: \u2022 Amendments to IAS 7 and IFRS 7 - Disclosures: Supplier financing arrangements. These amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, aim to clarify the characteristics of a supplier financing arrangement and introduce additional disclosure requirements when such arrangements exist. The disclosure requirements are intended to help users of financial statements understand the effects of supplier financing arrangements on the entity's liabilities, cash flows and exposure to liquidity risk. The amendments come into force for the period beginning on or after January 1, 2024. Early adoption is permitted, but must be disclosed. \u2022 Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. This amendment aims to clarify how to assess the exchangeability of a currency, and how the exchange rate should be determined when it is not exchangeable for a long period. The amendment specifies that a currency should be considered exchangeable when an entity is able to obtain the other currency within a period that allows for normal administrative management, and through an exchange or market mechanism in which an exchange transaction creates enforceable rights and obligations. If a currency cannot be exchanged for another currency, an entity must estimate the exchange rate at the measurement date of the transaction. The objective is to determine the exchange rate that would be applicable on the measurement date for a similar transaction between market participants. The amendments also state that an entity may use an observable exchange rate without making any adjustment. The amendments come into force for the period beginning on or after January 1, 2025. Early adoption is permitted, however the transition requirements applied must be disclosed. These standards have not yet been endorsed by the European Union and, as such, were not applied by the Group in financial year ended on 31 December 2023. No significant impacts are expected on the financial statements as a result of their adoption. 2.2. Bases of Consolidation Controlled companies Controlled companies were consolidated by the full consolidation method. Control is deemed to exist when the Group is exposed or has rights, because of their involvement, to a variable return of the entity's activities, and has capacity to affect this return through the power over the entity. Namely, when the Company directly or indirectly holds a majority of the voting rights at a General Meeting of Shareholders or has the power to determine the financial and operating policies. In situations where the Company has, in substance, control of other entities created for a specific purpose, although it does not directly hold equity in them, such entities are consolidated by the full consolidation method. The entities in these situations are listed in Annex A). The interest of third parties in the equity and net profit of such companies\u2019 income presented separately in the consolidated statement of financial position and in the consolidated statement, respectively, under the item \u201cNon-controlling Interests\u201d (Note 24). The identifiable acquired assets and the liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date, irrespective of the existence of non-controlled interests. The excess of acquisition cost over the fair value of the Group\u2019s share of identifiable acquired assets and liabilities is stated in Goodwill. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the income statement in the period in which the acquisition occurs. The non-controlling interests are initially recognized as their proportion of the fair value of the identifiable assets and liabilities. On the acquisition of additional equity shares in companies already controlled by the Group, the difference between the share of capital acquired and the corresponding acquisition value is recognized directly in equity. When an increase in position in the capital of an associated company results in the acquisition of control, with the latter being included in the consolidated financial statements by the full consolidation method, the share of the fair values assigned to the assets and liabilities, corresponding to the percentages previously held, is stated in the income statement. The directly attributable transaction costs are recognized immediately in profit or loss. When the Group loses control over a controlled entity, the assets and liabilities of that entity, and any non-controlling interests and other components recognized in equity, are derecognized. Any resulting gain or loss is recognized in the income statement. Any interest retained in the entity is measured at fair value when control is lost. The results of companies acquired or sold during the year are included in the income statements from the date of obtaining control or until the date of disposal, respectively. Intercompany transactions, balances, unrealized gains on transactions and dividends distributed between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction shows evidence of impairment of the transferred asset. When necessary, adjustments are made to the financial statements of controlled companies in order to align their accounting policies with those of the Group. Jointly controlled companies A The classification of investments as jointly controlled companies is determined based on the existence of shareholder agreements, which show and regulate the joint control. Financial investments of jointly controlled companies (Annex C)) are stated by the equity method. Under this method, financial investments are adjusted periodically by an amount corresponding to the share in the net profits of jointly controlled companies, as a contra entry in \u201cLosses / (gains) of affiliated companies\u201d in the income statement before financial results and taxes. Direct changes in the post-acquisition equity of jointly controlled companies are recognized as the value of the shareholding as a contra entry in reserves, in equity. Additionally, financial investments may also be adjusted for recognition of impairment losses. Any excess of acquisition cost over the fair value of identifiable net assets and liabilities (goodwill) is recorded as part of the financial investment of jointly controlled companies and subject to impairment testing when there are indicators of loss of value. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the income statement in the period in which the acquisition occurs. Losses in jointly controlled companies, which exceed the investment made in them, are not recognized, except when the Group has entered into undertakings with that entity. Dividends received from these companies are recorded as a reduction in the value of the financial investments. Associated companies An associated company is a company in which the Group exercises significant influence through participation in decisions about its financial and operating policies, but in which does not have control or joint control. Any excess of the acquisition cost of a financial investment over the fair value of the identifiable net assets is recorded as goodwill and is added to the value of the financial investment and its recovery is reviewed annually or whenever there are indications of possible loss of value. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the statement of comprehensive income in the period in which the acquisition occurs. Financial investments in associated companies (Annex B)) are stated by the equity method. Under this method, financial investments are adjusted periodically by an amount corresponding to the share in the net profits of associated companies, as a contra entry in \u201cLosses / (gains) of affiliated companies\u201d in the income statement. Direct changes in the post-acquisition equity of associated companies are recognized as the value of the shareholding as a contra entry in reserves, in equity. Additionally, financial investments may also be adjusted for recognition of impairment losses. Losses in associated companies, which exceed the investment made in them, are not recognized, except when the Group has entered undertakings with that associated company. Dividends received from these companies are recorded as a reduction in the value of the financial investments. Holdings in entities without significant influence Investments made by the Group in entities where it does not have significant influence are initially recorded at cost and subsequently measured at fair value through profit or loss. These investments are presented under \"Other financial assets non-current\" in the statement of financial position and changes in fair value are recorded against \"Net losses / (gains) of affiliated companies\" in the income statement. Balances and transactions between Group companies Balances and transactions as well as unrealized gains between Group companies, and between them and the parent company, are eliminated in the consolidation. The part of unrealized gains arising from transactions with associated companies or jointly controlled companies attributable to the Group is eliminated in the consolidation. Unrealized losses are similarly eliminated except when they show evidence of impairment of the transferred asset. 2.3. Accounting policies 2.3.1. Segment reporting As stipulated in IFRS 8, the Group presents operating segments based on internally produced management information (Note 6). Operating segments are reported consistently with the internal management information model provided to the chief operating decision maker of the Group, who is responsible for allocating resources to the segment and for assessing its performance, and for taking strategic decisions. 2.3.2. Classification of the statement of financial position and income statements The Group presents assets and liabilities in the financial statements based in the current and non-current classification. An asset is classified as current when: \u2022 The asset is expected to be realized, sold or consumed in its normal operational cycle; \u2022 If the asset is held, essentially, for negotiation purposes; \u2022 The asset is expected to be realized 12 months after reported; \u2022 The asset is a cash or a cash equivalent, unless its trade or use is limited to settle a liability during, at least, 12 months after reporting; A liability is classified as current when: \u2022 The liability is expected to be settled in its normal operational cycle; \u2022 The liability is held, essentially, for negotiation purposes; \u2022 The liability is expected to be settled in a 12-month period after reported; \u2022 There is no unconditional right to differ the liability settlement during, at least, 12 months after reported. The remaining assets and liabilities of the Group are classified as non-current. Realizable assets and liabilities due in less than one year from the date of the statement of financial position are classified as current in assets and liabilities, respectively. In accordance with IAS 1, \"Integration costs\", \"Losses / (gains) on disposal of assets\" and \"Other non-recurring costs / (gains)\"reflect unusual costs and revenues, that should be disclosed separately from the usual cost and revenues lines, in order to avoid distortion of the financial information from regular operations and be consistent with the way the group's financial performance is analyzed and monitored by management. These unusual costs and revenues may not be comparable to similarly titled measures used by other companies. When determining whether an event or transaction is unusual, management considers both quantitative and qualitative factors. Examples of unusual costs and revenues are business restructuring programs and respective compensation; regulatory affairs and lawsuits; extraordinary impairment of assets due to the reduction of their recoverable amount, sale of non-current assets, among others. If costs and revenues meet these criteria, which are applied consistently from year to year, they are treated as unusual and presented in the specific lines above. 2.3.3. Tangible assets Tangible assets are stated at acquisition cost, less accumulated depreciation and impairment losses, when applicable. Acquisition cost includes, in addition to the purchase price of the asset: (i) costs directly attributable to the purchase; and (ii) the estimated costs of decommissioning and removal of the assets and restoration of the site, which in Group applies to the cinema operation business, telecommunication towers and offices (Note 8). Estimated losses resulting from the replacement of equipment before the end of its useful life due to technological obsolescence are recognized by a deduction, from the corresponding asset as a contra entry in profit and loss. The costs of current maintenance and repairs are recognized as a cost when they are incurred. Significant costs incurred on renovations or improvements to the asset are capitalized and depreciated over the corresponding estimated payback period when it is probable that there will be future economic benefits associated with the asset and when these can be measured reliably. The gains and losses from the disposal of tangible assets, determined by the difference between the sale value and the net book value, are recognized in the item \u201cLosses/ (gains) on disposal of assets\u201d. Depreciations Tangible assets are depreciated from the time they are completed or ready to be used. These assets, less their residual value, are depreciated by the straight-line method, in twelfths, from the month in which they become available for use, according to the useful life of the assets defined as their estimated utility. The depreciation rates used correspond to the following estimated useful lives: 2022 2023 (Years) (Years) Buildings and other constructions 2 - 50 2 - 50 Technical equipment: Network Installations and equipment 7 - 40 7 - 40 Terminal equipment 2 - 8 1 - 5 Other technical equipment 1 - 16 1 - 16 Transportation equipment 3 - 4 3 - 4 Administrative equipment 2 - 10 2 - 10 Other tangible assets 4 - 8 4 - 8 2.3.4. Non-current assets held for sale and discontinued operations The non-current assets (or discontinued operations) are classified as held for sale if the respective value is realizable through a sale transaction instead of its continued use. This situation is considered to happen only when: i) the sale is very likely to happen and the asset is immediately available to be sold in its current conditions, ii) the Company made the commitment to sell, and iii) the sale is expected to take place in a period of 12 months. In this case, the non-current assets are measured by the lower amount between accounting value, or the respective fair value deducted from the costs of the sale. The non-current assets held for sale and discontinued operations are measured at the lower of two: i) the accounting value and, ii) the fair value deducted from the costs of the sale. The costs of the sale are the incremental costs directly assigned to the disposal of the asset (or group to be disposed), excluding financial costs and income tax expenses. From the moment that tangible assets are considered to be \u201cheld for sale\u201d the inherent depreciation of those assets\u2019 ceases, and the assets are determined as non-current asset held for sale. A discontinued operation unit is a component of and entity that was disposed or is classified as held for sale and: \u2022 It represents an important line of business or geographical area separated from operating units; \u2022 It is an integrant part of a single coordinated plan to dispose an important line of business or geographical area separated from the operational units or; \u2022 It is a subsidiary acquired exclusively for resale. Discontinued operations are excluded from the continued operations results and are presented in separate as an amount of net income after taxes from discontinued operations on the financial statement of income by nature. 2.3.5. Intangible assets Intangible assets are stated at acquisition cost, less accumulated amortization and impairment losses, when applicable. Recognized only when they generate future economic benefits for the Group and when they can be measured reliably. Intangible assets consist mainly of goodwill, telecom and software licenses, content utilization rights and other contractual rights. Group companies periodically carry out an impairment assessment of intangible assets in-progress. This impairment assessment is also carried out whenever events or changes in circumstances indicate that the amount at which the asset is recorded may not be recoverable. When such indications exist, the Group calculates the recoverable value of the asset in order to determine the existence and extent of the impairment loss. Goodwill Goodwill represents the excess of acquisition cost over the net fair value of the assets, liabilities, and contingent liabilities of a subsidiary, jointly controlled company or associated company at the acquisition date, in accordance with IFRS 3. Goodwill is recorded as an asset and included in \u201cIntangible assets\u201d (Note 9) in the case of a controlled company or in the case in which the excess of cost has been originated by a merger, and in \u201cFinancial investments in group companies\u201d (Note 12) in the case of a jointly controlled company or an associated company. Goodwill is not amortized and is subject to impairment tests at least once a year, on a specified date, and whenever there are changes in the test\u2019s underlying assumptions at the date of the statement of financial position which may result in a possible loss of value. Any impairment loss is recorded immediately in the income statement in \u201cImpairment losses\u201d and is not liable to subsequent reversal. For the purposes of impairment tests, goodwill is attributed to the cash-generating units to which it is related (Note 9), which may correspond to the business segments in which the Group operates, or a lower level. Internally generated intangible assets Internally generated intangible assets, including expenditure on research, are expensed when they are incurred. Research and development costs are only recognized as assets when the technical capability to complete the intangible asset is demonstrated and when it is available for use or sale. Industrial property and other rights Assets classified under this item relate to the rights and licenses acquired under contract by the Group to third parties and used in realizing the Group's activities, and include: \u2022 Telecom licenses; \u2022 Software licenses; \u2022 Content utilization rights; \u2022 Other contractual rights . Software-as-a-Service (SaaS) agreements are service contracts in which NOS has the right to access a particular Cloud application/software for a specified period of time, contracted with the supplier. The costs incurred with the configuration, customization and ongoing access to the Cloud application/software are recognized as operating expenses when the services are received. Costs incurred with the development, improvement or modification of existing applications/software at NOS, even if interconnected with SaaS agreements, and which meet the recognition criteria, are recorded as intangible assets. The content exploration rights are recorded in the consolidated statement of financial position, as intangible assets, when the following conditions are fulfilled: (i) there is control over the content, (ii) the Company has the right to choose the way to explore the content, and (iii) it is available for exhibition. The conclusion of contracts relating to sports contents, which are not immediately available, originates rights that are initially classified as contractual commitments. In the specific case of broadcasting rights of sports competitions, these are recognized as assets when the necessary conditions to organize each sports competition are present, which occurs in the homologation date of the participating teams in the competition that is being held in the sports season to be initiated, by the organizing entity, taking into consideration that it is from that date that the conditions for the recognition of an asset are present, namely, the unequivocal attainment of the exploration rights of the games of the stated season. In this situation, the stated rights are recognized in the income statement in \u201cDepreciation, amortization, and impairment losses\u201d, by the linear method, by twelfths, starting from the beginning of the month in which they are available for use. Resulting from agreements concluded for the cession of the exclusive rights to exploit sports content, and as it is permitted by IAS 1, since 2017, NOS presents the net assets and liabilities of the values ceded to other operators, considering that this compensation best reflects the substance of the transactions. When the recognized intangible assets involve payments in periods above 1 year, the intangible asset corresponds to the present value of those payments. Amortization The useful lives of the intangible assets are classified as finite or indefinite. Intangible assets with finite useful lives are amortized over their useful lives, with an impairment analysis carried out whenever there are indications that the amount at which the intangible asset is mentioned in the financial statements may not be recovered. The amortization period and the amortization method of an intangible asset with a finite useful life are reviewed periodically. Any changes in the expected useful life or in the expected pattern of future consumption of the economic benefits incorporated in the asset, are considered in the modification over the period or method of amortization and, if verified, are treated as changes in accounting estimates. The amortization costs of intangible assets with finite lives are recognized in the income statement. The assets with finite useful life are amortized by the straight-line method, in twelfths, from the beginning of the month in which they become available for use. The amortization rates used correspond to the following estimated useful lives: 2022 2023 (Years) (Years) Telecom licenses 20 - 33 20 - 33 Software licenses 1 - 8 1 - 8 Period of the Period of the Content utilization rights contract contract Other 1 - 20 1 - 20 The intangible assets with indefinite useful lives are not amortized, and impairment assessments are performed annually. Accordingly, the useful life of an intangible asset that is not being amortized is periodically reviewed to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. If not, the change in the assessment of the useful life from indefinite to finite is accounted for as a change in an accounting estimate. An intangible asset is unrecognized in its disposal moment, or when no future economic benefits from its use or disposal are expected. The gain or loss related with an unrecognized intangible asset (determined as the difference between the net income of its disposal, if there is any, and the carrying amount of that same asset) is recognized in the financial statement of income by nature. 2.3.6. Contract costs This item corresponds to costs incurred in attracting customers and costs associated with fulfilling a contract that are capitalized whenever they meet all of the following criteria: \u2022 they are related to an existing contract or a specific future contract; \u2022 generate or increase resources that will be used in the future; \u2022 costs are expected to be recovered; and \u2022 they are not already covered by the scope of another standard, such as inventories, tangible or intangible assets. These costs are recognized for the period expected to fulfill the contract (2 to 4 years). The costs of attracting customers are essentially: \u2022 Commissions paid to third parties with the acquisition of new contracts / new customers; \u2022 Commissions paid to third parties for upgrading the services provided; \u2022 Commissions paid to third parties for renewal of loyalty of services and offers to customers; and \u2022 Several commissions with revenue collection. The costs associated with fulfilling the contracts are essentially: \u2022 Costs incurred with the portability of mobile / fixed numbers of other operators; \u2022 Variable costs, variables, incurred with the activation of services contracted by customers. 2.3.7. Impairment of non-current assets, excluding goodwill Group companies periodically carry out an impairment assessment of non-current assets. This impairment assessment is also carried out whenever events or changes in circumstances indicate that the amount at which the asset is recorded may not be recoverable. When such indications exist, the Group calculates the recoverable value of the asset to determine the existence and extent of the impairment loss. The recoverable value is estimated for each asset individually or, if that is not possible, assets are grouped at the lowest levels for which there are identifiable cash flows to the cash-generating unit to which the asset belongs. Each of the Group\u2019s businesses is a cash-generating unit, except for the assets allocated to the cinema exhibition business, which are grouped into regional cash-generating units. The recoverable amount is calculated as the higher of the net sale price and the current use value. The net sale price is the amount that would be obtained from the sale of the asset in a transaction between independent and knowledgeable entities, less the costs directly attributable to the sale. The current use value is the current value of the estimated future cash flows resulting from continued use of the asset or of the cash-generating unit. When the amount at which the asset is recorded exceeds its recoverable value, it is recognized as an impairment loss. The reversal of impairment losses recognized in previous years is recorded when there are indications that these losses no longer exist or have decreased. The reversal of impairment losses is recognized in the statement of comprehensive income in the year in which it occurs. However, an impairment loss can only be reversed up to the amount that would be recognized (net of amortization or depreciation) if no impairment loss had been recorded in previous years. 2.3.8. Financial assets Financial assets are recognized in the statement of financial position of the Group on the trade or contract date, which is the date on which the Group undertakes to purchase or sell the asset. Initially, apart from commercial accounts receivable, financial assets are recognized at fair value plus directly attributable transaction costs, except for assets at fair value through income in which transaction costs are immediately recognized in income. Trade accounts receivable, at the initial time, are recognized at their transaction price, as defined in IFRS 15. The financial assets are derecognized when: \u2022 the Group\u2019s contractual rights to receive their cash flows expire; \u2022 the Group has substantially transferred all the risks and benefits associated with their ownership; or \u2022 although it retains part but not substantially all of the risks and benefits associated with their ownership, the Group has transferred control of the assets. The financial assets and liabilities are offset and shown as a net value when, and only when, the Group has the right to offset the recognized amounts and intends to settle for the net value. The Group classifies its financial assets into the following categories: financial assets at fair value through profit or loss, financial assets measured at amortized cost, financial assets at fair value through other comprehensive income. Its classification depends on the entity's business model to manage the financial assets and the contractual characteristics in terms of the cash flows of the financial asset. Financial assets at fair value through profit and loss This category includes financial derivatives and equity instruments that the Group has not classified as financial assets through other comprehensive income at the time of initial recognition. This category also includes all financial instruments whose contractual cash flows are not exclusively capital and interest. Financial assets at fair value through results are presented in the financial statements at fair value, the net changes being known in the income statement. This category of assets includes derivative instruments and investments in listed companies for which the Company has not classified them as financial assets at fair value through other comprehensive income. Dividends from investments in listed companies are recognized as income in the income statement when the respective right of receipt is formalized. Gains and losses resulting from changes in the fair value of assets measured at fair value through profit or loss are recognized in results in the year in which they occur under \u201cLosses / (gains) on financial assets\u201d, including the income from interest and dividends. Financial assets at fair value through other comprehensive income Financial assets measured at fair value through other comprehensive income are those that are part of a business model whose objective is achieved through the collection of contractual cash flows and the sale of financial assets, being that these contractual cash flows are only capital and interest reimbursement on the capital in debt. Financial assets measured at amortized cost Financial assets measured at amortized cost are those that are included in a business model whose purpose is to hold financial assets in order to receive the contractual cashflows, being that these contractual cash flows are only capital reimbursement and interest payments on the capital in debt. Financial assets measured at amortized cost are subsequently measured using the effective tax rate method and subject to impairment. Income and costs are recognized in the income statement when the asset is derecognized, updated or an impairment is recognized over it. Financial assets measured at the Company's amortized cost include accounts receivable and loans granted to related parties. Cash and equivalents The amounts included in \u201cCash and cash equivalents\u201d correspond to the amounts of cash, bank deposits, term deposits and other investments with maturities of less than three months which may be immediately realizable and with a negligible risk of change of value. For the purposes of the statement of cash flows, \u201cCash and cash equivalents\u201d also includes bank overdrafts included in the statement of financial position under \u201cBorrowings\u201d (when applicable). 2.3.9. Financial liabilities and equity instruments Financial liabilities and equity instruments are classified according to their contractual substance irrespective of their legal form. Equity instruments are contracts that show a residual interest in the Group\u2019s assets after deducting the liabilities. The equity instruments issued by Group companies are recorded at the amount received, net of the costs incurred in their issue. Financial liabilities are recognized only when extinguished, i.e., when the obligation is settled, cancelled, or extinguished. In accordance with IFRS 9, financial liabilities are classified as subsequently measured at amortized cost, except for: \u2022 Financial liabilities at fair value through profit or loss. These liabilities, including derivatives that are liabilities, should subsequently be measured at fair value; \u2022 Financial liabilities that arise when a transfer of a financial asset does not meet the conditions for derecognition or when it is applied the continued involvement approach; \u2022 Financial guarantee contracts; \u2022 The commitments to grant a loan at a lower interest rate than the market; \u2022 The recognized contingent consideration by a buyer in a concentration of business activities to which IFRS 3 applies. Such contingent consideration shall be subsequently measured at fair value, with changes recognized in profit or loss. Financial liabilities of the Group include borrowings, accounts payable and derivative financial instruments. 2.3.10. Impairment of financial assets At the date of each financial position statement, the Group analyses and recognizes expected losses on its debt securities, loans and accounts receivable. The expected loss results from the difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive, discounted at the original effective interest rate. The objective of this impairment policy is to recognize expected credit losses over the respective duration of financial instruments that have undergone significant increases in credit risk since initial recognition, assessed on an individual or collective basis, considering all reasonable and sustainable information, including prospects. If, at the reporting date, the credit risk associated with a financial instrument has not increased significantly since the initial recognition, the Group measures the provision for losses relating to that financial instrument by an amount equivalent to the expected credit losses within a period of 12 months. For receivables and assets resulting from contracts under IFRS 15, the Group adopts the simplified approach when calculating expected credit losses. As a result, the Group does not monitor changes in credit risk, recognizing instead impairment losses based on the expected credit loss on each reporting date. The Group established a provisions\u2019 matrix where it presents an impairment loss criterion based on the history of credit losses, adjusted by specific prospective factors for the clients and the economic environment. 2.3.11. Derivative financial instruments Initial and subsequent recognition The Group uses derivative financial instruments, such as exchange rate forward contracts, interest rate swaps, to cover its exchange rate risks, interest, respectively. Such derivative financial instruments are initially recorded at fair value on the date the derivative is contracted and are subsequently measured at fair value. Derivatives are presented in assets when their fair value is positive and in liabilities when their fair value is negative. In terms of hedge accounting, hedges are classified as: \u2022 Fair value hedge when the purpose is to hedge the exposure to fair value changes of a registered asset or liability or an unregistered Groups\u2019 commitment; \u2022 Cash flow hedge when the purpose is to hedge the exposure to cash flow variability arising from a specific risk associated with the whole or a component of a registered asset or liability or an anticipated highly probable occurrence or exchange risk associated with an unregistered Groups\u2019 commitment; \u2022 Coverage of a net investment in a foreign operational unit. NOS Group uses derivative financial instruments with fair value and cash flow hedges. At the beginning of the hedge relationship, the Group formally designates and documents the hedging relationship for which hedge accounting is intended to apply as well as the management and strategy purpose of such hedge. The documentation includes the identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirement: \u2022 There is an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group hedges and the quantity of the hedging instrument that the Group actually uses to hedges that quantity of hedged item. Hedges that meet all the quantifying criteria for hedge accounting are accounted for, as described below: Fair value hedges The change in the fair value of a hedging instrument is recognized in the statement of profit or loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the statement of profit or loss. For fair value hedges relating to items carried at amortized cost, any adjustment to carrying value is amortized through profit or loss over the remaining term of the hedge using the EIR method. The EIR amortization may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognized, the unamortized fair value is recognized immediately in profit or loss. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with a corresponding gain or loss recognized in profit or loss. Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognized in OCI in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward contracts of: \u2022 currency contracts for its exposure to foreign currency risk in forecast transactions and firm commitments; \u2022 interest rates to cover the risk of volatility of the interest rates; \u2022 own shares contracts for its exposure to volatility in own shares to be distributed within the scope of share incentive scheme. The ineffective portion relating to foreign currency contracts is recognized as \u201cNet foreign exchange losses/(gains)\u201d, the ineffective portion relating to interest rates is recognized as \u201cFinancial costs\u201d and the ineffective portion relating to own shares contracts is recognized as \u201cWages and salaries\u201d. On the financial year ended on 31 December 2023, the Group did not change the recognition method. The amounts accumulated in OCI are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. This is not a reclassification adjustment and will not be recognized in OCI for the period. This also applies where the hedged forecast transaction of a non-financial asset or non-financial liability subsequently becomes a Group\u2019s commitment for which fair value hedge accounting is applied. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for depending on the nature of the underlying transaction as described above. 2.3.12. Inventories Inventories, which mainly include mobile phones, customer terminal equipment, DVDs, and content broadcasting rights, are valued at the lower of their cost or net realizable value. The acquisition cost includes the invoice price, freight, and insurance costs, using the Weighted Average Cost as the method of costing goods sold. Inventories are adjusted for technological obsolescence, as well as for the difference between the purchase cost and the net realizable value, whichever is the lower, and this reduction is recognized directly in the income statement. The net realizable value corresponds to the normal sale price less restocking costs and selling costs. The differences between the cost and the corresponding net realizable value of inventories, when this is less than the cost, are recorded as operating costs in \u201cCost of goods sold\u201d. Inventories in transit, since they are not available for consumption or sale, are separated out from other inventories and are valued at their specific acquisition cost. The signing of contracts related with sports content originates rights that are initially classified as contractual commitments. The content broadcasting rights are recorded in the consolidated statement of financial position, as Inventories, in the event of the nonexistence of full right over the way of exploration of the asset, by the respective value of cost or net realizable value, whenever it is lower, when programmatic content has been received and is available for exhibition or use, according to contractual conditions, without any production or change, given that the necessary conditions for the organization of each sports competition are present, which occurs in the homologation date of the participating teams in the competition that is being held in the sports season to be initiated, by the organizing entity. The stated rights are recognized in the income statement in \u201cDirect costs: Exhibition costs\u201d, on a systematic basis given the pattern of economic benefits obtained through their commercial exploration. No balances of content rights are registered in the Inventories caption. Due to the agreement between the three national operators of reciprocal availability, for several sports seasons (collaborative arrangement), of sports content (national and international) owned by them, (Note 43.2), NOS considered the recognition of the costs, excluding those divided by the remaining operators, on a systematic basis, given the pattern of economic benefits obtained through their commercial exploration. 2.3.13. Subsidies Subsidies are recognized at fair value when there is reasonable assurance that they will be received and that the Group companies will comply with the requirements for their award. Operating subsidies, mainly for employee training, are recognized in the statement of comprehensive income by deduction from the corresponding costs incurred. Investment subsidies, which were recorded as deferred income and recognized as income, from 2023 onwards, are deducted from tangible and intangible fixed assets to the extent of the associated expenses and are recognized in the income statement (depreciation and amortization) on a systematic and rational basis over the useful life of the asset. 2.3.14. Provisions and contingent liabilities Provisions are recognized when: \u2022 there is a present obligation arising from past events and it is likely that in settling that obligation, the expenditure of internal resources will be necessary; and \u2022 the amount or value of such obligation can be reasonably estimated. When one of the above conditions is not met, the Group discloses the events as a contingent liability unless the likelihood of an outflow of funds resulting from this contingency is remote, in which case they are not disclosed. Provisions for legal procedures taking place against the Group are made in accordance with the risk assessments carried out by the Group and by their legal advisers, based on success rates. Provisions for restructuring are only recognized when the Group has a detailed, formal plan, which identify the main features of the restructuring program, and after these facts have been reported to the entities involved. Provisions for dismantling costs, removal of assets and restoration of the site are recognized when the assets are installed, in line with the best estimates available at that date. The amount of the provisioned liability reflects the effects of the passage of time and the corresponding financial indexing is recognized in results as a financial cost. Obligations arising from onerous contracts are recorded and measured as provisions. An onerous contract exists when the Company is an integral part of a contract, whose compliance has associated costs directly associated with the contract (both incremental costs and an allocation of costs directly related to the contract) that exceed future economic benefits. Provisions for potential future operating losses are not covered. Contingent liabilities are not recognized in the financial statements, unless the exception provided under IFRS 3 business combination, and are disclosed whenever there is a good chance to shed resources including economic benefits. Contingent assets are not recognized in the financial statements, being disclosed when there is a likelihood of a future influx of financial resources. Provisions are reviewed and brought up to date at the date of the statement of financial position to reflect the best estimate at that time of the obligation concerned. 2.3.15. Rights of use and leases A lease is defined as a contract, or part of a contract, that transfers the right to use a good (the underlying asset) for a period in exchange for a value. At the beginning of each contract, it is evaluated and identified if it is or contains a lease. This assessment involves an exercise of judgement as to whether each contract depends on a specific asset if NOS obtains substantially all the economic benefits from the use of that asset and whether NOS has the right to control the use of the asset. All contracts that constitute a lease are accounted for based on the on-balance model. At the commencement date of the lease, NOS recognizes the liability related to lease payments (lease liability) and the asset representing the right to use the underlying asset during the lease period (the right of use or \"ROU\"). The cost of interest on the lease liability and the depreciation of the ROU are recognized separately. Lease liability is remeasured at the occurrence of certain events (such as a change in the lease period, a change in future payments that result from a change in the reference rate or rate used to determine such payments). This remeasurement of the lease liability is recognized as an adjustment in the ROU. The estimated costs of dismantling, removal of assets and restoration of the site related with leases are recognized in tangible assets with works carried out (Note 2.3.3). 2.3.15.1. Rights of use The Group recognizes the right to use the assets at the start date of the lease (that is, the date on which the underlying asset is available for use). The right to use the assets is recorded at acquisition cost, deducted from accumulated depreciation and impairment losses and adjusted for any new measurement of lease liabilities. The cost of the ROU of the assets includes the recognized amount of the lease liability, any direct costs incurred initially, and payments already made prior to the initial rental date, less any incentives received. Unless it is reasonably certain that the Group obtains ownership of the leased asset at the end of the lease term, the recognized right of use of the assets is depreciated on a straight-line basis over the shorter of its estimated useful life and the term of the lease. Rights of use are subject to impairment. The rights of used of assets are depreciated using the straight-line method by the shortest period between length of the contract and its expected useful life. If at the end of the leasing contract the asset is transferred to the company, or if the cost reflects the possibility of exercising the call option, the depreciation is calculated according to the estimated useful life of the asset. 2.3.15.2. Liabilities with leases At the start date of the lease, the Group recognizes the liabilities measured at the present value of the future payments to be made until the end of the lease. Lease payments include fixed payments (including fixed payments on the substance), deducted of any incentives to be received, variable payments, dependent on an index or rate, and expected amounts to be paid under residual value guarantees. The lease payments also include the exercise price of a call option if it is reasonably certain that the Group will exercise the option, and penalties for termination of the lease if it is reasonably certain that the Group will terminate the lease. Variable payments that do not depend on an index or a rate are recognized as an expense in the period in which the event giving rise to them occurs. To calculate the present value of the lease payments, the Group uses the incremental loan rate at the start date of the lease if the implied interest rate is not readily determinable. After the start date of the lease, the value of the lease liability is increased to reflect the increase in interest and reduces by the payments made. In addition, the book value of the lease liability is remeasured if there is a change, such as a change in the lease term, fixed payments or the purchase decision of the underlying asset. 2.3.16. Income tax NOS is covered by the special tax regime for groups of companies, which covers all the companies in which it directly or indirectly owns at least 75% of the share capital and which simultaneously are resident in Portugal and subject to Corporate Income Tax (IRC). The remaining subsidiaries not covered by the special tax regime for groups of companies are taxed individually based on their respective taxable incomes and the applicable tax rates. Income tax is stated in accordance with the IAS 12 criteria. In calculating the cost relating to income tax for the period, in addition to current tax, allowance is also made for the effect of deferred tax calculated in accordance with the liability method, taking into account the temporary differences resulting from the difference between the tax basis of assets and liabilities and their values as stated in the consolidated financial statements, and the tax losses carried forward at the date of the statement of financial position. The deferred income tax assets and liabilities were calculated based on the tax legislation currently in force or of legislation already published for future application. Deferred income tax assets are recognized for all the deductible temporary differences until it is likely that a taxable profit is obtained to which the deductible temporary difference may be used, unless the deferred income tax asset results from the initial recognition of an asset or liability in a transaction which: \u2022 Is not a concentration of business activities; \u2022 At the moment of the transaction, it does not affect neither the accounting profit nor the taxable profit (fiscal loss); \u2022 With respect to deductible temporary differences arising from investments in subsidiaries, branches and associates and interests in joint arrangements, deferred income tax assets are recognized only to the extent that the temporary difference will revert in the foreseeable future and taxable profit against which the temporary difference can be used will be available. As stipulated in the above standard, deferred income tax assets are recognized only when there is reasonable assurance that these may be used to reduce future taxable profit, or when there are deferred income tax liabilities whose reversal is expected to occur in the same period in which the deferred income tax assets are reversed. At the end of each period an assessment is made of deferred income tax assets, and these are adjusted in line with the likelihood of their future use. The amount of tax to be included, either in current tax or in deferred tax resulting from transactions or events recognized in equity accounts, is recorded directly under those items and does not affect the results for the period. In a business combination, the deferred tax benefits acquired are recognized as follows: \u2022 The deferred tax benefits acquired recognized in the measurement period of one year after the date of merger and that result from new information about facts and circumstances that existed at the date of acquisition are recorded against the goodwill-carrying amount related to the acquisition. If the goodwill-carrying amount is null, any remaining deferred tax benefits are recognized in the income statement. \u2022 All the other acquired deferred tax benefits performed are recognized in the income statement (when applicable, directly in shareholders' equity). Estimates to deal with uncertainties regarding the acceptance of a given tax treatment by the tax authorities are recognized as deferred tax liabilities. Pillar II The Council of the EU approved the Directive (EU) 2022/2523, of December 15, 2022 (\"Directive\"), on the guarantee of a worldwide minimum level of taxation for multinational enterprise groups and large domestic groups within the Union, commonly known as \"Pillar II\". Although Portugal has not met the deadline for transposing this Directive, it is estimated that this will happen in 2024. Considering the rules approved in the Directive and the best information available at the moment, NOS has carried out an assessment of the possible impacts of Pillar II for the NOS Group, and it is estimated that the group will benefit from the supplementary tax exclusion in the initial phase of international activity, provided for in Article 49 of the Directive, under the transitional regime, applicable for a period of 5 years (2024-2028). 2.3.17. Payment based in shares The benefits granted to employees under share purchase or share option incentive plans are recorded in accordance with the requirements of IFRS 2 \u2013 Share-based payments. In accordance with IFRS 2, since it is not possible to reliably estimate the fair value of the services received from employees, their value is measured by reference to the fair value of equity instruments in accordance with their share price at the grant date. The cost is recognized, linearly over the period in which the service is provided by employees, under the caption \u201cWages and salaries\u201d in the income statement, with the corresponding increase in \u201cOther reserves\u201d in equity. The accumulated cost recognized at the date of each statement of financial position up to the vesting reflects the best estimate of the number of own shares that will be vested, weighted by the tire elapse between the grant and the vesting. The impact on the income statement each year corresponds to the accumulated cost valuation between the beginning and the end of the year. In turn, benefits granted based on shares but paid in cash lead to the recognition of a liability valued at fair value at the date of the statement of financial position. 2.3.18. Equity Share issue premium Issue of shares corresponds to premiums from the issuance or capital increases. According to Portuguese law, share premiums follow the treatment given to the \"Legal reserve\", that is, the values are not distributable, except in case of liquidation, but can be used to absorb losses after having exhausted all other reserves and to increase share capital. Own shares The own shares are recorded at acquisition cost as a deduction from equity. Gains or losses on the sale of own shares are recorded under \"Other reserves\". Legal reserve Portuguese commercial legislation requires that at least 5% of annual net profit must be appropriated to a legal reserve until it represents at least 20% of the share capital. This reserve is not distributable, except in case of liquidation, but can be used to absorb losses, after having exhausted all other reserves and to increase share capital. Other reserves and accumulated earnings Reserves for plans of medium-term incentive According to IFRS 2 - \"Share-based payments\", the responsibility with the medium-term incentive plans settled by delivery of own shares is recorded as credit under \"Reservations for mid-term incentive plans\" and such reserve is not likely to be distributed or used to absorb losses. Hedging reserves Hedging reserve reflects the changes in fair value of derivative financial instruments as cash flow hedges that are considered effective, and they are not likely to be distributed or be used to absorb losses. Own shares reserves The \"Own shares reserves\u201d reflect the value of the shares acquired and follows the same legal regime as the legal reserve. Other reserves and Retained results This item includes the results available for distribution to shareholders and earnings per fair value in financial instruments increases, financial investments and investment properties, which, in accordance with paragraph 2 of article 32 of the CSC, will only be available for distribution when the elements or rights that originated them are sold, exercised, terminated, or settled. Under Portuguese law, the amount of distributable reserves is determined according to the individual financial statements of the company prepared in accordance with IFRS. In addition, the increases resulting from the application of fair value through equity components, including its application through the net profit can only be distributed when the elements that originated them are sold, exercised liquidated or when the end their use, in the case of tangible assets or intangible assets. Dividends The company recognizes the liability, as well as its impact over the equity, associated with the responsibility to distribute dividends when it is approved by the shareholders. 2.3.19. Revenue The main types of revenue of NOS subsidiaries are as follows: \u2022 Revenues of Communications Services: \u2022 Cable/Satellite television, fixed broadband and fixed voice: The revenues from services provided using the fibre optic cable network result from: o Basic channel subscription packages that can be sold in a bundle with fixed broadband/fixed voice services; o premium channel subscription packages and S-VOD; o terminal equipment rental; o consumption of content (VOD); o traffic and voice termination; o service activation; o sale of equipment, licensing and others; and o other additional services (ex: firewall, antivirus). \u2022 Mobile broadband and voice services: Revenues from mobile broadband Internet access services and mobile voice services result mainly from monthly subscriptions and/or usage of the Internet and voice service, as well as the traffic associated with the type chosen by the client. \u2022 Advertising revenue: Advertising revenues mainly derive from the attraction of advertising for Pay TV channels to which the Group has publicity rights and in cinemas. These revenues are recognized from when they are received, taken off any discounts given. \u2022 Film showings and distribution: Distribution revenue pertains to the distribution of films to film exhibitors not distributed by the Group, that are included in the film showings, whilst income from film showings mostly derive from cinema ticket sales and the product sales in the bars; the film showings revenue includes the revenue from ticket sales and bar sales respectively. \u2022 Revenue from distributing channel content: Revenue from distribution essentially includes the sale of DVDs, the sale of content and the distribution of television channels subscriptions to third parties and count from the time at which they are sold, shown, and made available for distribution to telecommunications operators, respectively. The television channels distribution by subscription to third parties consists in the transmission and retransmission of information, including, namely, the distribution of television emissions and radio broadcasting, owned and third partied owned, codified or not, as well as the addressed nature rendered services and data transmission. NOS is leading these activities since it: controls the channel exhibition, in its package of products disposes the power of pricing, the retribution corresponds to the service price and not to a mere commission and it is exposed to the credit risk of its customers. \u2022 Consultancy and datacenter management: information systems consultancy and datacenter management are the major services rendered by NOS Sistemas. \u2022 Insurance brokerage commissions: income from insurance sales commissions is obtained by NOS Media\u00e7\u00e3o de Seguros. \u2022 Intelligent Alarm: the revenues obtained with the NOS | Securitas Intelligent Alarm include security solutions for people and property, which combine the professional monitoring of the Securitas Alarm Center with NOS latest technology. The Group's revenue is based on the five-step model established by IFRS 15: \u2022 Identification of the contract with the customer; \u2022 Identification of performance obligations; \u2022 Determining the price of the transaction; \u2022 Allocation of the price of the transaction to the performance obligations; and \u2022 Recognition of revenue. Thus, at the beginning of each contract, the NOS Group evaluates the promised goods or services and identifies, as a performance obligation, every promise of transfer to the customer of any distinct good or service (or package of goods or services). These promises in customer contracts may be express or implied, provided such promises create a valid expectation in the client that the entity will transfer a good or service to the customer, based on the entity's published policies, specific statements or usual business practices. The NOS Group has internally defined that a performance obligation corresponds to the promise of delivery of a good or service that can be used in an isolated/separated way by the customer and on which there is a clear perception of this good or service by the customer among the available in each contract. The main performance obligations are summarized as Sales of Mobile Phones, Telephones, Hotspots, DVD's, Movie Tickets, Licensing and Other Equipment and the Services Rendered of Mobile Internet Services, Fixed Internet, Mobile Phone, Landline Phone, Television, Consulting, Cloud/ IT Services, distribution of audio-visual rights among others. The provision of Set-top-boxes, routers, modems and other terminal equipment at the customers' home and respective installation and activation services were considered by the group as not corresponding to a performance obligation, since they are necessary actions to fulfil the promised performance obligation. In determining and allocating the transaction price of each performance obligation, NOS used stand-alone prices of the promised products and services at the time of entering into the agreement with the customer to distribute the amount expected to be received under the contract. The recognition of revenue occurs at the time of performance of each performance obligation. Revenue from selling equipment is included when the buyer takes on the risks and advantages of taking possession of goods and the value of the benefits are reasonably quantified. Revenue from telecom services subscriptions (TV, internet, mobile and fixed voice services bundle subscription, individually or as a bundle) is recognized linearly over the subscription period. Revenue from equipment rental is recognized linearly over the rental agreement, except in the case of instalment sales, which are accounted as credit sales. The Group attributes to its customers loyalty points in each call or recharge, that might be exchanged, over a limited period, for discounts in equipment purchase. In each reporting period, NOS recognizes the current liability with discounts to be awarded in the future. This responsibility is calculated based on the amount of points awarded and not yet used, discounted from the estimate of points that will not be used (based on the history of use) and valued based on the offer available at each time for the use of points (specific catalog). The recognition of liability configures a deferred income (until the date on which the points are definitively converted into benefits), which is recognized at the time of the use of the discount, as a revenue accrual. Revenue related with traffic, roaming, data usage, audiovisual content, and others is recognized when the service is rendered. The Group also offers various personalized solutions, particularly to its corporate customers in telecom management, access, voice, and data transmission services. These personalized solutions are also recognized when the service is rendered. Unless demanded or allowed by IFRS, the compensation of revenues and costs is not performed, namely, when it reflects the nature of the transaction or other event. The compensation of revenues and costs is performed in the following situations: \u2022 When the gross inflows from economic benefits do not result in equity increases to the Group, i.e., the amount charged to the customer is equal to the amount delivered to the partner. This situation is applicable to the revenue obtained by the invoicing special services operators, in these cases the amounts charged on account of the capital are not revenue; and \u2022 When the counterpart is not a \u201ccustomer\u201d but a partner who shares the risks and benefits of developing a product or services in order for it to be commercialized. Thus, a counterpart of a contract will not be a customer if, for instance, the counterpart has hired from NOS to participate in an activity or process in which the parties in the contract share the risks and benefits instead of obtaining the Group\u2019s ordinary activities result. These cases are designated collaborative arrangements. This situation is applicable to revenues from operators affected by the reciprocal availability agreement regarding broadcasting rights of sports content. Discounts granted to customers related with loyalty programmes are allocated to the entire retention contract to which the customer is committed to. Therefore, the discount is recognized as the goods and services made available to the customer. Amounts that have not been invoiced for are included based on estimates. The differences between the estimated amounts and the actual amounts, which are normally immaterial, are recorded in the next financial year. The revenue from penalties is recognized in the \u201cOther income\u201d item upon receival. Interest revenue is recognized using the effective interest method, only when they generate future economic benefits. 2.3.20. Accruals A Group\u2019s revenues and costs are recognized in accordance with the accrual\u2019s principle, under which they are recognized as they are generated or incurred, regardless of when they are received or paid. The costs and revenues related to the current period and whose expenses and income will only occur in future periods are registered under \u201cAccounts receivable \u2013 trade\u201d, \u201cAccounts receivable \u2013 other\u201d, \u201cPrepaid expenses\u201d, \u201cAccrued expenses\u201d and \u201cDeferred income\u201d, as well as the expenses and income that have already occurred that relate to future periods, which will be recognized in each of those periods, for the corresponding amount. The costs related to the current period and whose expenses will only occur in future periods are registered under \u201cAccrued expenses\u201d when it is possible to estimate with certainty the related amount, as well as the timing of the expense\u2019s materialization. If uncertainty exists related to any of these aspects, the value is classified as Provisions (Note 2.3.14). 2.3.21. Assets, liabilities and transactions in foreign currencies Transactions in foreign currencies are converted into the functional currency at the exchange rate on the transactions dates. On each accounting date, outstanding balances (monetary items) are updated by applying the exchange rate prevailing on that date. The exchange rate differences in this update are recognized in the income statement for the year in which they were calculated in the item \"Losses / (gains) on exchange variations\". Exchange rate variations generated on monetary items, which constitute enlargement of the investment denominated in the functional currency of the Group or of the subsidiary in question, are recognized in equity. Exchange rate differences on non-monetary items are classified in \u201cOther reserves\u201d in equity. The financial statements of subsidiaries denominated in foreign currencies are converted at the following exchange rates: \u2022 The exchange rate obtaining on the date of the statement of financial position for the conversion of assets and liabilities; \u2022 The average exchange rate in the period for the conversion of items in the income statement, apart from cases of affiliated companies that are in a hyperinflationary economy; \u2022 The average exchange rate in the period, for the conversion of cash flows (in cases where the exchange rate approximates to the real rate, and for the remaining cash flows the rate of exchange at the date of the operations is used), apart from cases of affiliated companies that are in a hyperinflationary economy; \u2022 The historical exchange rate for the conversion of equity accounts. Exchange differences arising from the conversion into euros of the financial statements of subsidiaries denominated in foreign currencies are included in equity under \u201cOther reserves\u201d. In the last quarter of 2017, the Angolan economy was considered a hyperinflationary economy according to IAS 29 - Financial Reporting in Hyperinflationary Economies. This standard requires that the financial statements prepared in the currency of a hyperinflationary must be expressed in terms of the current measurement unit at the financial statements\u2019 preparation date. In summary, the general aspects that must be considered for the restatement of the individual financial statements are the following ones: \u2022 The monetary assets and liabilities are not amended because they are already updated to the current unit at the financial statements date; \u2022 The non-monetary assets and liabilities (that are still not expressed in terms of the current unit at the financial statements) are restated by the application of an index; \u2022 The effect of the inflation on the net monetary position of the subsidiaries companies is reflected in the income statement as a loss in the net monetary position. Additionally, according to IAS 21, the restatement of the consolidated financial statements is prohibited when the parent company does not operate in a hyperinflationary economy. The conversion coefficient that was used for the restatement of the individual financial statements of the subsidiaries in Angola was the Consumer Price Index (CPI), issued by the National Bank of Angola. In the last quarter of 2019, the Angolan economy was no longer considered a hyperinflationary economy. IAS 29 - Financial Reporting in Hyperinflationary Economies provides that \u201cwhen an economy ceases to be hyperinflationary, the company should treat the amounts expressed in the current unit of measurement at the end of the previous reporting period, as the basis for the carrying amounts in its statements subsequent financial statements\u201d. In this way, the adjustments / revaluations, carried out until the end of the classification as a hyperinflationary economy, are treated as a deemed cost and recognized in the same proportion as the assets that gave rise to it. On 31 December 2022 and 2023, assets and liabilities expressed in foreign currencies were converted into euros using the following exchange rates of such currencies against the euro, as published by the Bank of Portugal. 31-12-2022 31-12-2023 US Dollar 1.0666 1.1050 Angolan Kwanza 537.5664 930.9625 British Pound 0.8869 0.8691 Mozambican Metical 67.4500 69.8700 Canadian Dollar 1.4440 1.4642 Swiss Franc 0.9847 0.9260 Real 5.6386 5.3618 In the financial years ended on 31 December 2022 and 2023, the income statements of subsidiaries expressed in foreign currencies were converted to euros at the average exchange rates of the currencies of their countries of origin against the euro. The average exchange rates used are as follows: 12M 22 12M 23 Angolan Kwanza 476.0086 759.5493 Mozambican Metical 66.3800 68.4942 2.3.22. Financial charges and borrowings Financial charges related to borrowings are recognized as costs in accordance with the accrual\u2019s principle, except in the case of loans incurred (whether these are generic or specific) for the acquisition, construction or production of an asset that takes a substantial period (over one year) to be ready for use, which are capitalized in the acquisition cost of that asset. Costs from capitalized borrowings are determined having in consideration the amount of borrowing costs obtained that can be capitalized, according to the application of a capitalization rate over the expenses associated with that asset. The capitalization rate (aligned with NOS average financing rate) as well as with the costs to be capitalized are determined monthly, taking into consideration the monthly balance of eligible borrowings and the monthly amount of the asset in progress that qualifies. 2.3.23. Investment property Investment property mainly includes buildings held to generate rents rather than for use in the production or supply of goods or services, or for administrative purposes, or for sale in the ordinary course of business. These are measured initially at cost. Subsequently, the Group uses the cost model for the valuation of investment property since use of the fair value model would not result in material differences. An investment property is eliminated from the statement of financial position on disposal or when the investment property is taken permanently out of use and no financial benefit is expected from its disposal. 2.3.24. Fair value measurement The Group measures part of the financial assets, such as financial assets available for sale, and some of its non-financial assets, at fair value on the date of the financial statements. The fair value measurement assumes that the asset or liability is exchanged in an orderly transaction among market participants to sell the asset or transfer the liability at the measurement date under current market conditions. The fair value measurement is based on the assumption that the transaction to sell the asset or transfer the liability may occur: \u2022 On the main market of the assets and liabilities, or \u2022 In the absence of a primary market, it is assumed that the transaction occurs in the most advantageous market. This is what maximizes the amount that would be received for selling asset or minimizes the amount that would be paid to transfer the liability, after considering transaction costs and transport costs. Since different entities and businesses within a single entity can have access to different markets, the main or most advantageous market for the same asset or liability can vary from one entity to another, or even between businesses within the same entity, but it is assumed that they are accessible to the Group. The fair value measurement uses assumptions that market participant\u2019s use in defining price of the asset or liability, assuming that market participants would use the asset to maximize its value. The Group uses valuation techniques appropriate to the circumstances whenever there is information to measure the fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities measured at fair value or of which disclosure is mandatory, are rated on a fair value hierarchy, which ranks data in three levels to be used in the measurement at fair value, and detailed below: \u2022 Level 1 \u2013 Listed and unadjusted market prices, in active markets for identical assets or liabilities that the entity can access at the measurement date; \u2022 Level 2 - valuation techniques using inputs that aren\u2019t quoted, but which are directly or indirectly observable; \u2022 Level 3 - valuation techniques using inputs not based on observable market data, based on unobservable inputs. The fair value measurement is classified in the same fair value hierarchy level at the lowest level of input, which is significant to the measurement as a whole. 2.3.25. Assets and liabilities offsetting Financial assets and liabilities are offset and presented at the net amount when, and only when, the Group has the right to offset the recognized amounts and intends to settle for the net amount . 2.3.26. Employee benefits Personnel expenses are recognized when the service is rendered by employees independently of their date of payment. Here are some specificities: \u2022 Termination of employment. The benefits for termination of employment are due for payment when there is cessation of employment before the normal retirement date or when an employee voluntarily accepts to leave in exchange of these benefits. The Group recognizes these benefits when it can be shown to be committed to a termination of current employees according to a detailed formal plan for termination and there is no realistic possibility of withdrawal or these benefits are granted to encourage voluntary redundancy. When the benefits of cessation of employment are due more than 12 months after the balance sheet date, they are updated to their present value. \u2022 Holiday, holiday allowances, and bonuses. According to the labor law, employees are entitled to 22 days annual leave, as well as one month of holiday allowances, rights acquired in the year preceding payment. These liabilities of the Group are recorded when incurred, independently of the moment of payment, and are reflected under the item \"Accounts payable and other\". \u2022 Labor Compensation Fund (FCT) and the Labor Compensation Guarantee Fund (FGCT). Based on the publication of Law No. 70/2013 and subsequent regulation by Order No. 294-A / 2013, entered into force on 1 October the Labor Compensation Fund schemes (FCT) and the Guarantee Fund Compensation of Labor (FGCT). In this context, companies that hire a new employee are required to deduct a percentage of the respective salary for these two new funds (0.925% to 0.075% and the FCT for FGCT), in order to ensure, in the future, the partial payment the compensation for dismissal. Considering the characteristics of each Fund, the following is considered: o The monthly deliveries to FGCT, made by the employer are recognized as expense in the period to which they relate. o The monthly deliveries to FCT, made by the employer are recognized as a financial asset, in the caption \"Other non-current financial assets\u201d of the entity, measured at fair value with changes recognized in the respective results. With the publication of Law no. 13/2023, as of 1 May 2023, it is no longer mandatory to make payments corresponding to 0.925% of each worker's basic salary and seniority to the FCT, which has been converted into a closed accounting fund. According to the same law, the obligations relating to the FGCT corresponding to 0.075% are suspended for the duration of the Medium-Term Agreement for the improvement of incomes, wages and competitiveness, which is expected to run until 2026. 2.3.27. Statement of cash flows The statement of cash flows is prepared in accordance with the direct method. The Group classifies under \u201cCash and cash equivalents\u201d the assets with maturities of less than three months and for which the risk of change in value is negligible. For purposes of the statement of cash flows, the balance of cash and cash equivalents also include bank overdrafts included in the statement of financial position under \"Borrowings\". The statement of cash flows is divided into operating, investing, and financing activities. Operating activities include cash received from customers and payments to suppliers, staff and others related to operating activities. Under \"Other cash receipts / (payments) related with operating activity\" includes the amount received and subsequent payments related to assignments without recourse, coordinated by the Banco Comercial Portugu\u00eas and Caixa Geral de Dep\u00f3sitos, and these operations do not involve any change in the accounting treatment of the underlying receivables or in the relationship with their clients. The cash flows included in investing activities include acquisitions and disposals of investments in subsidiaries and cash received and payments arising from the purchase and sale of tangible and intangible assets, amongst others. Financing activities include cash received and payments relating to borrowings, the payment of interest and similar costs, finance leases, the purchase and sale of own shares and the payment of dividends. 2.3.28. Subsequent events Events occurring after the date of the statement of financial position, which provide additional information about conditions that existed at that date, are considered in the preparation of financial statements of the quarter. Events occurring after the date of the statement of financial position, which provide information on conditions that occur after that date, are disclosed in the notes to the financial statements, when they are materially relevant",
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"s7_notes__6__17": {
"value": "2.1. The principles of presentation The consolidated financial statements of NOS were prepared in accordance with International Financial Reporting Standards (\"IAS/IFRS\") issued by the International Accounting Standards Board (\"IASB\") and Interpretations issued by the International Financial Reporting Interpretations Committee (\"IFRIC\") or by the former Standing Interpretations Committee (\"SIC\"), adopted by the European Union, effective January 1, 2023. The consolidated financial statements are presented in euros as this is the main currency of the Group's operations and all amounts are presented in thousands of euros, except when referred to the financial statements of subsidiaries located abroad were converted into euros in accordance with the accounting policies described in Note 2.3.21. The consolidated financial statements were prepared on a going concern basis from the ledgers and accounting records of the companies included in the consolidation (Annex A)), using the historical cost convention, adjusted when necessary for the valuation of financial assets and liabilities (including derivatives) at their fair value (Note 2.3.24). In preparing the consolidated financial statements in accordance with IFRS, the Board used estimates, assumptions, and critical judgments with impact on the value of assets and liabilities and the recognition of income and costs in each reporting period. Although these estimates were based on the best information available at the date of preparation of the consolidated financial statements, current and future results may differ from these estimates. The areas involving a higher element of judgment and estimates are described in Note 3. The Board of Directors is convinced that there are no material uncertainties that might question this assumption. An analysis was made that the Group has the necessary resources to continue its operations into the future, for a period of no less than 12 months from the reporting date. In the preparation and presentation of the consolidated financial statements, the NOS Group declares that it complies explicitly and without reservation with IAS/IFRS reporting standards and related SIC/IFRIC interpretations as approved by the European Union. Changes in accounting policies and disclosures The following standards, interpretations, amendments and revisions endorsed by the European Union have mandatory application for the first time in the financial year beginning on January 1, 2023: \u2022 IFRS 17 - Insurance Contracts. IFRS 17 replaces IFRS 4 and applies to all insurance contracts (i.e., life, non-life, direct insurance and reinsurance), regardless of the type of entity issuing them, as well as some guarantees and some financial instruments with discretionary participation characteristics. In general terms, IFRS 17 provides a more useful and consistent accounting model for insurance contracts for issuers. In contrast to the requirements of IFRS 4, which are based on previously adopted local accounting policies, IFRS 17 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. \u2022 Amendments to IFRS 17 - Insurance contracts - Initial application of IFRS 17 and IFRS 9 - Comparative information. This amendment to IFRS 17 refers to the presentation of comparative information for financial assets in the initial application of IFRS 17. The amendment adds a transition option that allows an entity to overlay the classification of a financial asset in the comparative period(s) presented on initial application of IFRS 17. The overlay allows all financial assets, including those held in relation to non-contract activities within the scope of IFRS 17, to be classified, instrument by instrument, in the comparative period(s) in a manner aligned with how the entity expects those assets to be classified on initial application of IFRS 9.. \u2022 Amendments to IAS 1 - Disclosure of accounting policies. These changes are intended to help an entity disclose 'material' accounting policies, previously referred to as 'significant' policies. However, due to the absence of this concept in the IFRS, it was decided to replace it with the concept of \"materiality\", a concept already known to users of financial statements. When assessing the materiality of accounting policies, the entity must consider not only the size of the transactions but also other events or conditions and their nature. \u2022 Amendments to IAS 8 - Definition of accounting estimates. The amendment clarifies the distinction between a change in accounting estimate, a change in accounting policy and the correction of errors. In addition, it clarifies how an entity uses measurement techniques and inputs to develop accounting estimates. \u2022 Amendments to IAS 12 - Deferred tax related to assets and liabilities arising from a single transaction. IAS 12 now requires an entity to recognize deferred tax when its initial recognition gives rise to equal amounts of taxable temporary differences and deductible temporary differences. However, it is a matter of professional judgment whether such deductions are attributable to the liability that is recognized in the financial statements or to the related asset. This is particularly important when determining the existence of temporary differences on initial recognition of the asset or liability, as the initial recognition exception does not apply to transactions that give rise to equal taxable and deductible temporary differences. Among the applicable transactions are the recording of (i) right-of-use assets and lease liabilities; (ii) provisions for dismantling, restoration or similar liabilities, and the corresponding amounts recognized as part of the cost of the related asset, when on the date of initial recognition, they are not relevant for tax purposes. This amendment applies retrospectively. \u2022 Amendments to IAS 12 - International Tax Reform - Second Pillar Model Rules. These changes come as part of the implementation of the OECD's Global Anti-Base Erosion (\"Globe\") rules, which may have significant impacts on the calculation of deferred taxes that are difficult to estimate at the time these changes were issued. These amendments introduce a temporary exception to the accounting of deferred taxes arising from the application of the model rules of the second pillar of the OECD, and additionally establish new specific disclosure requirements for the affected entities. These standards and amendments had no material impact on the Group's consolidated financial statements. The following standards, interpretations, amendments and revisions, with mandatory application in future financial years, have been endorsed by the European Union up to the date of approval of these financial statements: \u2022 Amendments to IAS 1 - Presentation of financial statements - Classification of current and non-current liabilities. This amendment aims to clarify the classification of liabilities as current or non-current balances depending on the rights an entity has to defer their payment at the end of each reporting period. The classification of liabilities is not affected by the entity's expectations (the assessment should determine whether a right exists but should not consider whether or not the entity will exercise that right), or by events occurring after the reporting date, such as non-compliance with a covenant. However, if the right to defer settlement for at least twelve months is subject to certain conditions being met after the balance sheet date, these criteria do not affect the right to defer settlement for the purpose of classifying a liability as current or non-current. This amendment also includes a new definition of \"settlement\" of a liability and is of retrospective application. \u2022 Amendments to IFRS 16 - Lease liabilities in sale and leaseback transactions. This amendment to IFRS 16 introduces guidance on the subsequent measurement of lease liabilities related to sale and leaseback transactions that qualify as a \"sale\" under the principles of IFRS 15, with greater impact when some or all of the lease payments are variable lease payments that do not depend on an index or a rate. When subsequently measuring lease liabilities, seller-lessees should determine \"lease payments\" and \"revised lease payments\" in such a way that they do not recognize gains/(losses) in relation to the right of use they retain. This amendment is retrospective. The Group did not early apply any of these standards in the financial statements for the financial year ended on 31 December 2023. No significant impacts are expected on the financial statements as a result of their adoption. The following standards, interpretations, amendments and revisions, with mandatory application in future financial years, have not, as of the date of approval of these financial statements, been endorsed by the European Union: \u2022 Amendments to IAS 7 and IFRS 7 - Disclosures: Supplier financing arrangements. These amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, aim to clarify the characteristics of a supplier financing arrangement and introduce additional disclosure requirements when such arrangements exist. The disclosure requirements are intended to help users of financial statements understand the effects of supplier financing arrangements on the entity's liabilities, cash flows and exposure to liquidity risk. The amendments come into force for the period beginning on or after January 1, 2024. Early adoption is permitted, but must be disclosed. \u2022 Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. This amendment aims to clarify how to assess the exchangeability of a currency, and how the exchange rate should be determined when it is not exchangeable for a long period. The amendment specifies that a currency should be considered exchangeable when an entity is able to obtain the other currency within a period that allows for normal administrative management, and through an exchange or market mechanism in which an exchange transaction creates enforceable rights and obligations. If a currency cannot be exchanged for another currency, an entity must estimate the exchange rate at the measurement date of the transaction. The objective is to determine the exchange rate that would be applicable on the measurement date for a similar transaction between market participants. The amendments also state that an entity may use an observable exchange rate without making any adjustment. The amendments come into force for the period beginning on or after January 1, 2025. Early adoption is permitted, however the transition requirements applied must be disclosed. These standards have not yet been endorsed by the European Union and, as such, were not applied by the Group in financial year ended on 31 December 2023. No significant impacts are expected on the financial statements as a result of their adoption.",
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"s7_notes__6__20-1": {
"value": "The consolidated financial statements of NOS were prepared in accordance with International Financial Reporting Standards (\"IAS/IFRS\") issued by the International Accounting Standards Board (\"IASB\") and Interpretations issued by the International Financial Reporting Interpretations Committee (\"IFRIC\") or by the former Standing Interpretations Committee (\"SIC\"), adopted by the European Union, effective January 1, 2023. The consolidated financial statements are presented in euros as this is the main currency of the Group's operations and all amounts are presented in thousands of euros, except when referred to the financial statements of subsidiaries located abroad were converted into euros in accordance with the accounting policies described in Note 2.3.21. The consolidated financial statements were prepared on a going concern basis from the ledgers and accounting records of the companies included in the consolidation (Annex A)), using the historical cost convention, adjusted when necessary for the valuation of financial assets and liabilities (including derivatives) at their fair value (Note 2.3.24).In the preparation and presentation of the consolidated financial statements, the NOS Group declares that it complies explicitly and without reservation with IAS/IFRS reporting standards and related SIC/IFRIC interpretations as approved by the European Union.",
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"s7_notes__6__22": {
"value": "The consolidated financial statements were prepared on a going concern basis from the ledgers and accounting records",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
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"s7_notes__6__23": {
"value": "The Board of Directors is convinced that there are no material uncertainties that might question this assumption. An analysis was made that the Group has the necessary resources to continue its operations into the future, for a period of no less than 12 months from the reporting date.",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__18": {
"value": "2.2. Bases of Consolidation Controlled companies Controlled companies were consolidated by the full consolidation method. Control is deemed to exist when the Group is exposed or has rights, because of their involvement, to a variable return of the entity's activities, and has capacity to affect this return through the power over the entity. Namely, when the Company directly or indirectly holds a majority of the voting rights at a General Meeting of Shareholders or has the power to determine the financial and operating policies. In situations where the Company has, in substance, control of other entities created for a specific purpose, although it does not directly hold equity in them, such entities are consolidated by the full consolidation method. The entities in these situations are listed in Annex A). The interest of third parties in the equity and net profit of such companies\u2019 income presented separately in the consolidated statement of financial position and in the consolidated statement, respectively, under the item \u201cNon-controlling Interests\u201d (Note 24). The identifiable acquired assets and the liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date, irrespective of the existence of non-controlled interests. The excess of acquisition cost over the fair value of the Group\u2019s share of identifiable acquired assets and liabilities is stated in Goodwill. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the income statement in the period in which the acquisition occurs. The non-controlling interests are initially recognized as their proportion of the fair value of the identifiable assets and liabilities. On the acquisition of additional equity shares in companies already controlled by the Group, the difference between the share of capital acquired and the corresponding acquisition value is recognized directly in equity. When an increase in position in the capital of an associated company results in the acquisition of control, with the latter being included in the consolidated financial statements by the full consolidation method, the share of the fair values assigned to the assets and liabilities, corresponding to the percentages previously held, is stated in the income statement. The directly attributable transaction costs are recognized immediately in profit or loss. When the Group loses control over a controlled entity, the assets and liabilities of that entity, and any non-controlling interests and other components recognized in equity, are derecognized. Any resulting gain or loss is recognized in the income statement. Any interest retained in the entity is measured at fair value when control is lost. The results of companies acquired or sold during the year are included in the income statements from the date of obtaining control or until the date of disposal, respectively. Intercompany transactions, balances, unrealized gains on transactions and dividends distributed between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction shows evidence of impairment of the transferred asset. When necessary, adjustments are made to the financial statements of controlled companies in order to align their accounting policies with those of the Group. Jointly controlled companies A The classification of investments as jointly controlled companies is determined based on the existence of shareholder agreements, which show and regulate the joint control. Financial investments of jointly controlled companies (Annex C)) are stated by the equity method. Under this method, financial investments are adjusted periodically by an amount corresponding to the share in the net profits of jointly controlled companies, as a contra entry in \u201cLosses / (gains) of affiliated companies\u201d in the income statement before financial results and taxes. Direct changes in the post-acquisition equity of jointly controlled companies are recognized as the value of the shareholding as a contra entry in reserves, in equity. Additionally, financial investments may also be adjusted for recognition of impairment losses. Any excess of acquisition cost over the fair value of identifiable net assets and liabilities (goodwill) is recorded as part of the financial investment of jointly controlled companies and subject to impairment testing when there are indicators of loss of value. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the income statement in the period in which the acquisition occurs. Losses in jointly controlled companies, which exceed the investment made in them, are not recognized, except when the Group has entered into undertakings with that entity. Dividends received from these companies are recorded as a reduction in the value of the financial investments. Associated companies An associated company is a company in which the Group exercises significant influence through participation in decisions about its financial and operating policies, but in which does not have control or joint control. Any excess of the acquisition cost of a financial investment over the fair value of the identifiable net assets is recorded as goodwill and is added to the value of the financial investment and its recovery is reviewed annually or whenever there are indications of possible loss of value. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the statement of comprehensive income in the period in which the acquisition occurs. Financial investments in associated companies (Annex B)) are stated by the equity method. Under this method, financial investments are adjusted periodically by an amount corresponding to the share in the net profits of associated companies, as a contra entry in \u201cLosses / (gains) of affiliated companies\u201d in the income statement. Direct changes in the post-acquisition equity of associated companies are recognized as the value of the shareholding as a contra entry in reserves, in equity. Additionally, financial investments may also be adjusted for recognition of impairment losses. Losses in associated companies, which exceed the investment made in them, are not recognized, except when the Group has entered undertakings with that associated company. Dividends received from these companies are recorded as a reduction in the value of the financial investments. Holdings in entities without significant influence Investments made by the Group in entities where it does not have significant influence are initially recorded at cost and subsequently measured at fair value through profit or loss. These investments are presented under \"Other financial assets non-current\" in the statement of financial position and changes in fair value are recorded against \"Net losses / (gains) of affiliated companies\" in the income statement. Balances and transactions between Group companies Balances and transactions as well as unrealized gains between Group companies, and between them and the parent company, are eliminated in the consolidation. The part of unrealized gains arising from transactions with associated companies or jointly controlled companies attributable to the Group is eliminated in the consolidation. Unrealized losses are similarly eliminated except when they show evidence of impairment of the transferred asset. ",
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"s7_notes__6__25": {
"value": "Controlled companies Controlled companies were consolidated by the full consolidation method. Control is deemed to exist when the Group is exposed or has rights, because of their involvement, to a variable return of the entity's activities, and has capacity to affect this return through the power over the entity. Namely, when the Company directly or indirectly holds a majority of the voting rights at a General Meeting of Shareholders or has the power to determine the financial and operating policies. In situations where the Company has, in substance, control of other entities created for a specific purpose, although it does not directly hold equity in them, such entities are consolidated by the full consolidation method. The entities in these situations are listed in Annex A). The interest of third parties in the equity and net profit of such companies\u2019 income presented separately in the consolidated statement of financial position and in the consolidated statement, respectively, under the item \u201cNon-controlling Interests\u201d (Note 24). The identifiable acquired assets and the liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date, irrespective of the existence of non-controlled interests. The excess of acquisition cost over the fair value of the Group\u2019s share of identifiable acquired assets and liabilities is stated in Goodwill. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the income statement in the period in which the acquisition occurs. The non-controlling interests are initially recognized as their proportion of the fair value of the identifiable assets and liabilities. On the acquisition of additional equity shares in companies already controlled by the Group, the difference between the share of capital acquired and the corresponding acquisition value is recognized directly in equity. When an increase in position in the capital of an associated company results in the acquisition of control, with the latter being included in the consolidated financial statements by the full consolidation method, the share of the fair values assigned to the assets and liabilities, corresponding to the percentages previously held, is stated in the income statement. The directly attributable transaction costs are recognized immediately in profit or loss. When the Group loses control over a controlled entity, the assets and liabilities of that entity, and any non-controlling interests and other components recognized in equity, are derecognized. Any resulting gain or loss is recognized in the income statement. Any interest retained in the entity is measured at fair value when control is lost. The results of companies acquired or sold during the year are included in the income statements from the date of obtaining control or until the date of disposal, respectively. Intercompany transactions, balances, unrealized gains on transactions and dividends distributed between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction shows evidence of impairment of the transferred asset. When necessary, adjustments are made to the financial statements of controlled companies in order to align their accounting policies with those of the Group.",
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"s7_notes__6__29-1": {
"value": "The identifiable acquired assets and the liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date, irrespective of the existence of non-controlled interests. The excess of acquisition cost over the fair value of the Group\u2019s share of identifiable acquired assets and liabilities is stated in Goodwill. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the income statement in the period in which the acquisition occurs. The non-controlling interests are initially recognized as their proportion of the fair value of the identifiable assets and liabilities. On the acquisition of additional equity shares in companies already controlled by the Group, the difference between the share of capital acquired and the corresponding acquisition value is recognized directly in equity. When an increase in position in the capital of an associated company results in the acquisition of control, with the latter being included in the consolidated financial statements by the full consolidation method, the share of the fair values assigned to the assets and liabilities, corresponding to the percentages previously held, is stated in the income statement. The directly attributable transaction costs are recognized immediately in profit or loss.Goodwill Goodwill represents the excess of acquisition cost over the net fair value of the assets, liabilities, and contingent liabilities of a subsidiary, jointly controlled company or associated company at the acquisition date, in accordance with IFRS 3. Goodwill is recorded as an asset and included in \u201cIntangible assets\u201d (Note 9) in the case of a controlled company or in the case in which the excess of cost has been originated by a merger, and in \u201cFinancial investments in group companies\u201d (Note 12) in the case of a jointly controlled company or an associated company. Goodwill is not amortized and is subject to impairment tests at least once a year, on a specified date, and whenever there are changes in the test\u2019s underlying assumptions at the date of the statement of financial position which may result in a possible loss of value. Any impairment loss is recorded immediately in the income statement in \u201cImpairment losses\u201d and is not liable to subsequent reversal. For the purposes of impairment tests, goodwill is attributed to the cash-generating units to which it is related (Note 9), which may correspond to the business segments in which the Group operates, or a lower level.In a business combination, the deferred tax benefits acquired are recognized as follows: \u2022 The deferred tax benefits acquired recognized in the measurement period of one year after the date of merger and that result from new information about facts and circumstances that existed at the date of acquisition are recorded against the goodwill-carrying amount related to the acquisition. If the goodwill-carrying amount is null, any remaining deferred tax benefits are recognized in the income statement. \u2022 All the other acquired deferred tax benefits performed are recognized in the income statement (when applicable, directly in shareholders' equity). Estimates to deal with uncertainties regarding the acceptance of a given tax treatment by the tax authorities are recognized as deferred tax liabilities",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__19-1": {
"value": "The identifiable acquired assets and the liabilities and contingent liabilities assumed in a business combination are measured initially at fair value at the acquisition date, irrespective of the existence of non-controlled interests. The excess of acquisition cost over the fair value of the Group\u2019s share of identifiable acquired assets and liabilities is stated in Goodwill. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the income statement in the period in which the acquisition occurs. The non-controlling interests are initially recognized as their proportion of the fair value of the identifiable assets and liabilities. On the acquisition of additional equity shares in companies already controlled by the Group, the difference between the share of capital acquired and the corresponding acquisition value is recognized directly in equity. When an increase in position in the capital of an associated company results in the acquisition of control, with the latter being included in the consolidated financial statements by the full consolidation method, the share of the fair values assigned to the assets and liabilities, corresponding to the percentages previously held, is stated in the income statement. The directly attributable transaction costs are recognized immediately in profit or loss.Controlled companies Controlled companies were consolidated by the full consolidation method. Control is deemed to exist when the Group is exposed or has rights, because of their involvement, to a variable return of the entity's activities, and has capacity to affect this return through the power over the entity. Namely, when the Company directly or indirectly holds a majority of the voting rights at a General Meeting of Shareholders or has the power to determine the financial and operating policies. In situations where the Company has, in substance, control of other entities created for a specific purpose, although it does not directly hold equity in them, such entities are consolidated by the full consolidation method. The entities in these situations are listed in Annex A). The interest of third parties in the equity and net profit of such companies\u2019 income presented separately in the consolidated statement of financial position and in the consolidated statement, respectively, under the item \u201cNon-controlling Interests\u201d (Note 24). When the Group loses control over a controlled entity, the assets and liabilities of that entity, and any non-controlling interests and other components recognized in equity, are derecognized. Any resulting gain or loss is recognized in the income statement. Any interest retained in the entity is measured at fair value when control is lost. The results of companies acquired or sold during the year are included in the income statements from the date of obtaining control or until the date of disposal, respectively. Intercompany transactions, balances, unrealized gains on transactions and dividends distributed between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction shows evidence of impairment of the transferred asset. When necessary, adjustments are made to the financial statements of controlled companies in order to align their accounting policies with those of the Group.In a business combination, the deferred tax benefits acquired are recognized as follows: \u2022 The deferred tax benefits acquired recognized in the measurement period of one year after the date of merger and that result from new information about facts and circumstances that existed at the date of acquisition are recorded against the goodwill-carrying amount related to the acquisition. If the goodwill-carrying amount is null, any remaining deferred tax benefits are recognized in the income statement. \u2022 All the other acquired deferred tax benefits performed are recognized in the income statement (when applicable, directly in shareholders' equity). Estimates to deal with uncertainties regarding the acceptance of a given tax treatment by the tax authorities are recognized as deferred tax liabilities",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__27-1": {
"value": "Jointly controlled companies A The classification of investments as jointly controlled companies is determined based on the existence of shareholder agreements, which show and regulate the joint control. Financial investments of jointly controlled companies (Annex C)) are stated by the equity method. Under this method, financial investments are adjusted periodically by an amount corresponding to the share in the net profits of jointly controlled companies, as a contra entry in \u201cLosses / (gains) of affiliated companies\u201d in the income statement before financial results and taxes. Direct changes in the post-acquisition equity of jointly controlled companies are recognized as the value of the shareholding as a contra entry in reserves, in equity. Additionally, financial investments may also be adjusted for recognition of impairment losses. Any excess of acquisition cost over the fair value of identifiable net assets and liabilities (goodwill) is recorded as part of the financial investment of jointly controlled companies and subject to impairment testing when there are indicators of loss of value. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the income statement in the period in which the acquisition occurs. Losses in jointly controlled companies, which exceed the investment made in them, are not recognized, except when the Group has entered into undertakings with that entity. Dividends received from these companies are recorded as a reduction in the value of the financial investments.Associated companies An associated company is a company in which the Group exercises significant influence through participation in decisions about its financial and operating policies, but in which does not have control or joint control. Any excess of the acquisition cost of a financial investment over the fair value of the identifiable net assets is recorded as goodwill and is added to the value of the financial investment and its recovery is reviewed annually or whenever there are indications of possible loss of value. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the statement of comprehensive income in the period in which the acquisition occurs. Financial investments in associated companies (Annex B)) are stated by the equity method. Under this method, financial investments are adjusted periodically by an amount corresponding to the share in the net profits of associated companies, as a contra entry in \u201cLosses / (gains) of affiliated companies\u201d in the income statement. Direct changes in the post-acquisition equity of associated companies are recognized as the value of the shareholding as a contra entry in reserves, in equity. Additionally, financial investments may also be adjusted for recognition of impairment losses. Losses in associated companies, which exceed the investment made in them, are not recognized, except when the Group has entered undertakings with that associated company. Dividends received from these companies are recorded as a reduction in the value of the financial investments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__26": {
"value": "Jointly controlled companies A The classification of investments as jointly controlled companies is determined based on the existence of shareholder agreements, which show and regulate the joint control. Financial investments of jointly controlled companies (Annex C)) are stated by the equity method. Under this method, financial investments are adjusted periodically by an amount corresponding to the share in the net profits of jointly controlled companies, as a contra entry in \u201cLosses / (gains) of affiliated companies\u201d in the income statement before financial results and taxes. Direct changes in the post-acquisition equity of jointly controlled companies are recognized as the value of the shareholding as a contra entry in reserves, in equity. Additionally, financial investments may also be adjusted for recognition of impairment losses. Any excess of acquisition cost over the fair value of identifiable net assets and liabilities (goodwill) is recorded as part of the financial investment of jointly controlled companies and subject to impairment testing when there are indicators of loss of value. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the income statement in the period in which the acquisition occurs. Losses in jointly controlled companies, which exceed the investment made in them, are not recognized, except when the Group has entered into undertakings with that entity. Dividends received from these companies are recorded as a reduction in the value of the financial investments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__30": {
"value": "Associated companies An associated company is a company in which the Group exercises significant influence through participation in decisions about its financial and operating policies, but in which does not have control or joint control. Any excess of the acquisition cost of a financial investment over the fair value of the identifiable net assets is recorded as goodwill and is added to the value of the financial investment and its recovery is reviewed annually or whenever there are indications of possible loss of value. When the acquisition cost is less than the fair value of the identified net assets, the difference is recorded as a gain in the statement of comprehensive income in the period in which the acquisition occurs. Financial investments in associated companies (Annex B)) are stated by the equity method. Under this method, financial investments are adjusted periodically by an amount corresponding to the share in the net profits of associated companies, as a contra entry in \u201cLosses / (gains) of affiliated companies\u201d in the income statement. Direct changes in the post-acquisition equity of associated companies are recognized as the value of the shareholding as a contra entry in reserves, in equity. Additionally, financial investments may also be adjusted for recognition of impairment losses. Losses in associated companies, which exceed the investment made in them, are not recognized, except when the Group has entered undertakings with that associated company. Dividends received from these companies are recorded as a reduction in the value of the financial investments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__31": {
"value": "2.3.1. Segment reporting As stipulated in IFRS 8, the Group presents operating segments based on internally produced management information (Note 6). Operating segments are reported consistently with the internal management information model provided to the chief operating decision maker of the Group, who is responsible for allocating resources to the segment and for assessing its performance, and for taking strategic decisions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "In accordance with IAS 1, \"Integration costs\", \"Losses / (gains) on disposal of assets\" and \"Other non-recurring costs / (gains)\"reflect unusual costs and revenues, that should be disclosed separately from the usual cost and revenues lines, in order to avoid distortion of the financial information from regular operations and be consistent with the way the group's financial performance is analyzed and monitored by management. These unusual costs and revenues may not be comparable to similarly titled measures used by other companies. When determining whether an event or transaction is unusual, management considers both quantitative and qualitative factors. Examples of unusual costs and revenues are business restructuring programs and respective compensation; regulatory affairs and lawsuits; extraordinary impairment of assets due to the reduction of their recoverable amount, sale of non-current assets, among others. If costs and revenues meet these criteria, which are applied consistently from year to year, they are treated as unusual and presented in the specific lines above. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "2.3.3. Tangible assets Tangible assets are stated at acquisition cost, less accumulated depreciation and impairment losses, when applicable. Acquisition cost includes, in addition to the purchase price of the asset: (i) costs directly attributable to the purchase; and (ii) the estimated costs of decommissioning and removal of the assets and restoration of the site, which in Group applies to the cinema operation business, telecommunication towers and offices (Note 8). Estimated losses resulting from the replacement of equipment before the end of its useful life due to technological obsolescence are recognized by a deduction, from the corresponding asset as a contra entry in profit and loss. The costs of current maintenance and repairs are recognized as a cost when they are incurred. Significant costs incurred on renovations or improvements to the asset are capitalized and depreciated over the corresponding estimated payback period when it is probable that there will be future economic benefits associated with the asset and when these can be measured reliably. The gains and losses from the disposal of tangible assets, determined by the difference between the sale value and the net book value, are recognized in the item \u201cLosses/ (gains) on disposal of assets\u201d. Depreciations Tangible assets are depreciated from the time they are completed or ready to be used. These assets, less their residual value, are depreciated by the straight-line method, in twelfths, from the month in which they become available for use, according to the useful life of the assets defined as their estimated utility. The depreciation rates used correspond to the following estimated useful lives: 2022 2023 (Years) (Years) Buildings and other constructions 2 - 50 2 - 50 Technical equipment: Network Installations and equipment 7 - 40 7 - 40 Terminal equipment 2 - 8 1 - 5 Other technical equipment 1 - 16 1 - 16 Transportation equipment 3 - 4 3 - 4 Administrative equipment 2 - 10 2 - 10 Other tangible assets 4 - 8 4 - 8 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__34": {
"value": "The costs of current maintenance and repairs are recognized as a cost when they are incurred. Significant costs incurred on renovations or improvements to the asset are capitalized and depreciated over the corresponding estimated payback period when it is probable that there will be future economic benefits associated with the asset and when these can be measured reliably.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__35": {
"value": "Depreciations Tangible assets are depreciated from the time they are completed or ready to be used. These assets, less their residual value, are depreciated by the straight-line method, in twelfths, from the month in which they become available for use, according to the useful life of the assets defined as their estimated utility. The depreciation rates used correspond to the following estimated useful lives: 2022 2023 (Years) (Years) Buildings and other constructions 2 - 50 2 - 50 Technical equipment: Network Installations and equipment 7 - 40 7 - 40 Terminal equipment 2 - 8 1 - 5 Other technical equipment 1 - 16 1 - 16 Transportation equipment 3 - 4 3 - 4 Administrative equipment 2 - 10 2 - 10 Other tangible assets 4 - 8 4 - 8 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "2.3.4. Non-current assets held for sale and discontinued operations The non-current assets (or discontinued operations) are classified as held for sale if the respective value is realizable through a sale transaction instead of its continued use. This situation is considered to happen only when: i) the sale is very likely to happen and the asset is immediately available to be sold in its current conditions, ii) the Company made the commitment to sell, and iii) the sale is expected to take place in a period of 12 months. In this case, the non-current assets are measured by the lower amount between accounting value, or the respective fair value deducted from the costs of the sale. The non-current assets held for sale and discontinued operations are measured at the lower of two: i) the accounting value and, ii) the fair value deducted from the costs of the sale. The costs of the sale are the incremental costs directly assigned to the disposal of the asset (or group to be disposed), excluding financial costs and income tax expenses. From the moment that tangible assets are considered to be \u201cheld for sale\u201d the inherent depreciation of those assets\u2019 ceases, and the assets are determined as non-current asset held for sale. A discontinued operation unit is a component of and entity that was disposed or is classified as held for sale and: \u2022 It represents an important line of business or geographical area separated from operating units; \u2022 It is an integrant part of a single coordinated plan to dispose an important line of business or geographical area separated from the operational units or; \u2022 It is a subsidiary acquired exclusively for resale. Discontinued operations are excluded from the continued operations results and are presented in separate as an amount of net income after taxes from discontinued operations on the financial statement of income by nature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__36": {
"value": "2.3.4. Non-current assets held for sale and discontinued operations The non-current assets (or discontinued operations) are classified as held for sale if the respective value is realizable through a sale transaction instead of its continued use. This situation is considered to happen only when: i) the sale is very likely to happen and the asset is immediately available to be sold in its current conditions, ii) the Company made the commitment to sell, and iii) the sale is expected to take place in a period of 12 months. In this case, the non-current assets are measured by the lower amount between accounting value, or the respective fair value deducted from the costs of the sale. The non-current assets held for sale and discontinued operations are measured at the lower of two: i) the accounting value and, ii) the fair value deducted from the costs of the sale. The costs of the sale are the incremental costs directly assigned to the disposal of the asset (or group to be disposed), excluding financial costs and income tax expenses. From the moment that tangible assets are considered to be \u201cheld for sale\u201d the inherent depreciation of those assets\u2019 ceases, and the assets are determined as non-current asset held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__38": {
"value": "A discontinued operation unit is a component of and entity that was disposed or is classified as held for sale and: \u2022 It represents an important line of business or geographical area separated from operating units; \u2022 It is an integrant part of a single coordinated plan to dispose an important line of business or geographical area separated from the operational units or; \u2022 It is a subsidiary acquired exclusively for resale. Discontinued operations are excluded from the continued operations results and are presented in separate as an amount of net income after taxes from discontinued operations on the financial statement of income by nature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__40-1": {
"value": "2.3.5. Intangible assets Intangible assets are stated at acquisition cost, less accumulated amortization and impairment losses, when applicable. Recognized only when they generate future economic benefits for the Group and when they can be measured reliably. Intangible assets consist mainly of goodwill, telecom and software licenses, content utilization rights and other contractual rights. Group companies periodically carry out an impairment assessment of intangible assets in-progress. This impairment assessment is also carried out whenever events or changes in circumstances indicate that the amount at which the asset is recorded may not be recoverable. When such indications exist, the Group calculates the recoverable value of the asset in order to determine the existence and extent of the impairment loss.Internally generated intangible assets Internally generated intangible assets, including expenditure on research, are expensed when they are incurred. Research and development costs are only recognized as assets when the technical capability to complete the intangible asset is demonstrated and when it is available for use or sale. Industrial property and other rights Assets classified under this item relate to the rights and licenses acquired under contract by the Group to third parties and used in realizing the Group's activities, and include: \u2022 Telecom licenses; \u2022 Software licenses; \u2022 Content utilization rights; \u2022 Other contractual rights . Software-as-a-Service (SaaS) agreements are service contracts in which NOS has the right to access a particular Cloud application/software for a specified period of time, contracted with the supplier. The costs incurred with the configuration, customization and ongoing access to the Cloud application/software are recognized as operating expenses when the services are received. Costs incurred with the development, improvement or modification of existing applications/software at NOS, even if interconnected with SaaS agreements, and which meet the recognition criteria, are recorded as intangible assets. The content exploration rights are recorded in the consolidated statement of financial position, as intangible assets, when the following conditions are fulfilled: (i) there is control over the content, (ii) the Company has the right to choose the way to explore the content, and (iii) it is available for exhibition. The conclusion of contracts relating to sports contents, which are not immediately available, originates rights that are initially classified as contractual commitments. In the specific case of broadcasting rights of sports competitions, these are recognized as assets when the necessary conditions to organize each sports competition are present, which occurs in the homologation date of the participating teams in the competition that is being held in the sports season to be initiated, by the organizing entity, taking into consideration that it is from that date that the conditions for the recognition of an asset are present, namely, the unequivocal attainment of the exploration rights of the games of the stated season. In this situation, the stated rights are recognized in the income statement in \u201cDepreciation, amortization, and impairment losses\u201d, by the linear method, by twelfths, starting from the beginning of the month in which they are available for use. Resulting from agreements concluded for the cession of the exclusive rights to exploit sports content, and as it is permitted by IAS 1, since 2017, NOS presents the net assets and liabilities of the values ceded to other operators, considering that this compensation best reflects the substance of the transactions. When the recognized intangible assets involve payments in periods above 1 year, the intangible asset corresponds to the present value of those payments. Amortization The useful lives of the intangible assets are classified as finite or indefinite. Intangible assets with finite useful lives are amortized over their useful lives, with an impairment analysis carried out whenever there are indications that the amount at which the intangible asset is mentioned in the financial statements may not be recovered. The amortization period and the amortization method of an intangible asset with a finite useful life are reviewed periodically. Any changes in the expected useful life or in the expected pattern of future consumption of the economic benefits incorporated in the asset, are considered in the modification over the period or method of amortization and, if verified, are treated as changes in accounting estimates. The amortization costs of intangible assets with finite lives are recognized in the income statement. The assets with finite useful life are amortized by the straight-line method, in twelfths, from the beginning of the month in which they become available for use. The amortization rates used correspond to the following estimated useful lives: 2022 2023 (Years) (Years) Telecom licenses 20 - 33 20 - 33 Software licenses 1 - 8 1 - 8 Period of the Period of the Content utilization rights contract contract Other 1 - 20 1 - 20 The intangible assets with indefinite useful lives are not amortized, and impairment assessments are performed annually. Accordingly, the useful life of an intangible asset that is not being amortized is periodically reviewed to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. If not, the change in the assessment of the useful life from indefinite to finite is accounted for as a change in an accounting estimate. An intangible asset is unrecognized in its disposal moment, or when no future economic benefits from its use or disposal are expected. The gain or loss related with an unrecognized intangible asset (determined as the difference between the net income of its disposal, if there is any, and the carrying amount of that same asset) is recognized in the financial statement of income by nature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__39": {
"value": "2.3.5. Intangible assets Intangible assets are stated at acquisition cost, less accumulated amortization and impairment losses, when applicable. Recognized only when they generate future economic benefits for the Group and when they can be measured reliably. Intangible assets consist mainly of goodwill, telecom and software licenses, content utilization rights and other contractual rights. Group companies periodically carry out an impairment assessment of intangible assets in-progress. This impairment assessment is also carried out whenever events or changes in circumstances indicate that the amount at which the asset is recorded may not be recoverable. When such indications exist, the Group calculates the recoverable value of the asset in order to determine the existence and extent of the impairment loss. Goodwill Goodwill represents the excess of acquisition cost over the net fair value of the assets, liabilities, and contingent liabilities of a subsidiary, jointly controlled company or associated company at the acquisition date, in accordance with IFRS 3. Goodwill is recorded as an asset and included in \u201cIntangible assets\u201d (Note 9) in the case of a controlled company or in the case in which the excess of cost has been originated by a merger, and in \u201cFinancial investments in group companies\u201d (Note 12) in the case of a jointly controlled company or an associated company. Goodwill is not amortized and is subject to impairment tests at least once a year, on a specified date, and whenever there are changes in the test\u2019s underlying assumptions at the date of the statement of financial position which may result in a possible loss of value. Any impairment loss is recorded immediately in the income statement in \u201cImpairment losses\u201d and is not liable to subsequent reversal. For the purposes of impairment tests, goodwill is attributed to the cash-generating units to which it is related (Note 9), which may correspond to the business segments in which the Group operates, or a lower level. Internally generated intangible assets Internally generated intangible assets, including expenditure on research, are expensed when they are incurred. Research and development costs are only recognized as assets when the technical capability to complete the intangible asset is demonstrated and when it is available for use or sale. Industrial property and other rights Assets classified under this item relate to the rights and licenses acquired under contract by the Group to third parties and used in realizing the Group's activities, and include: \u2022 Telecom licenses; \u2022 Software licenses; \u2022 Content utilization rights; \u2022 Other contractual rights . Software-as-a-Service (SaaS) agreements are service contracts in which NOS has the right to access a particular Cloud application/software for a specified period of time, contracted with the supplier. The costs incurred with the configuration, customization and ongoing access to the Cloud application/software are recognized as operating expenses when the services are received. Costs incurred with the development, improvement or modification of existing applications/software at NOS, even if interconnected with SaaS agreements, and which meet the recognition criteria, are recorded as intangible assets. The content exploration rights are recorded in the consolidated statement of financial position, as intangible assets, when the following conditions are fulfilled: (i) there is control over the content, (ii) the Company has the right to choose the way to explore the content, and (iii) it is available for exhibition. The conclusion of contracts relating to sports contents, which are not immediately available, originates rights that are initially classified as contractual commitments. In the specific case of broadcasting rights of sports competitions, these are recognized as assets when the necessary conditions to organize each sports competition are present, which occurs in the homologation date of the participating teams in the competition that is being held in the sports season to be initiated, by the organizing entity, taking into consideration that it is from that date that the conditions for the recognition of an asset are present, namely, the unequivocal attainment of the exploration rights of the games of the stated season. In this situation, the stated rights are recognized in the income statement in \u201cDepreciation, amortization, and impairment losses\u201d, by the linear method, by twelfths, starting from the beginning of the month in which they are available for use. Resulting from agreements concluded for the cession of the exclusive rights to exploit sports content, and as it is permitted by IAS 1, since 2017, NOS presents the net assets and liabilities of the values ceded to other operators, considering that this compensation best reflects the substance of the transactions. When the recognized intangible assets involve payments in periods above 1 year, the intangible asset corresponds to the present value of those payments. Amortization The useful lives of the intangible assets are classified as finite or indefinite. Intangible assets with finite useful lives are amortized over their useful lives, with an impairment analysis carried out whenever there are indications that the amount at which the intangible asset is mentioned in the financial statements may not be recovered. The amortization period and the amortization method of an intangible asset with a finite useful life are reviewed periodically. Any changes in the expected useful life or in the expected pattern of future consumption of the economic benefits incorporated in the asset, are considered in the modification over the period or method of amortization and, if verified, are treated as changes in accounting estimates. The amortization costs of intangible assets with finite lives are recognized in the income statement. The assets with finite useful life are amortized by the straight-line method, in twelfths, from the beginning of the month in which they become available for use. The amortization rates used correspond to the following estimated useful lives: 2022 2023 (Years) (Years) Telecom licenses 20 - 33 20 - 33 Software licenses 1 - 8 1 - 8 Period of the Period of the Content utilization rights contract contract Other 1 - 20 1 - 20 The intangible assets with indefinite useful lives are not amortized, and impairment assessments are performed annually. Accordingly, the useful life of an intangible asset that is not being amortized is periodically reviewed to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. If not, the change in the assessment of the useful life from indefinite to finite is accounted for as a change in an accounting estimate. An intangible asset is unrecognized in its disposal moment, or when no future economic benefits from its use or disposal are expected. The gain or loss related with an unrecognized intangible asset (determined as the difference between the net income of its disposal, if there is any, and the carrying amount of that same asset) is recognized in the financial statement of income by nature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "Goodwill Goodwill represents the excess of acquisition cost over the net fair value of the assets, liabilities, and contingent liabilities of a subsidiary, jointly controlled company or associated company at the acquisition date, in accordance with IFRS 3. Goodwill is recorded as an asset and included in \u201cIntangible assets\u201d (Note 9) in the case of a controlled company or in the case in which the excess of cost has been originated by a merger, and in \u201cFinancial investments in group companies\u201d (Note 12) in the case of a jointly controlled company or an associated company. Goodwill is not amortized and is subject to impairment tests at least once a year, on a specified date, and whenever there are changes in the test\u2019s underlying assumptions at the date of the statement of financial position which may result in a possible loss of value. Any impairment loss is recorded immediately in the income statement in \u201cImpairment losses\u201d and is not liable to subsequent reversal. For the purposes of impairment tests, goodwill is attributed to the cash-generating units to which it is related (Note 9), which may correspond to the business segments in which the Group operates, or a lower level.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__44": {
"value": "Internally generated intangible assets Internally generated intangible assets, including expenditure on research, are expensed when they are incurred. Research and development costs are only recognized as assets when the technical capability to complete the intangible asset is demonstrated and when it is available for use or sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__46-1": {
"value": "2.3.6. Contract costs This item corresponds to costs incurred in attracting customers and costs associated with fulfilling a contract that are capitalized whenever they meet all of the following criteria: \u2022 they are related to an existing contract or a specific future contract; \u2022 generate or increase resources that will be used in the future; \u2022 costs are expected to be recovered; and \u2022 they are not already covered by the scope of another standard, such as inventories, tangible or intangible assets. These costs are recognized for the period expected to fulfill the contract (2 to 4 years). The costs of attracting customers are essentially: \u2022 Commissions paid to third parties with the acquisition of new contracts / new customers; \u2022 Commissions paid to third parties for upgrading the services provided; \u2022 Commissions paid to third parties for renewal of loyalty of services and offers to customers; and \u2022 Several commissions with revenue collection. The costs associated with fulfilling the contracts are essentially: \u2022 Costs incurred with the portability of mobile / fixed numbers of other operators; \u2022 Variable costs, variables, incurred with the activation of services contracted by customers. 2.3.19. Revenue The main types of revenue of NOS subsidiaries are as follows: \u2022 Revenues of Communications Services: \u2022 Cable/Satellite television, fixed broadband and fixed voice: The revenues from services provided using the fibre optic cable network result from: o Basic channel subscription packages that can be sold in a bundle with fixed broadband/fixed voice services; o premium channel subscription packages and S-VOD; o terminal equipment rental; o consumption of content (VOD); o traffic and voice termination; o service activation; o sale of equipment, licensing and others; and o other additional services (ex: firewall, antivirus). \u2022 Mobile broadband and voice services: Revenues from mobile broadband Internet access services and mobile voice services result mainly from monthly subscriptions and/or usage of the Internet and voice service, as well as the traffic associated with the type chosen by the client. \u2022 Advertising revenue: Advertising revenues mainly derive from the attraction of advertising for Pay TV channels to which the Group has publicity rights and in cinemas. These revenues are recognized from when they are received, taken off any discounts given. \u2022 Film showings and distribution: Distribution revenue pertains to the distribution of films to film exhibitors not distributed by the Group, that are included in the film showings, whilst income from film showings mostly derive from cinema ticket sales and the product sales in the bars; the film showings revenue includes the revenue from ticket sales and bar sales respectively. \u2022 Revenue from distributing channel content: Revenue from distribution essentially includes the sale of DVDs, the sale of content and the distribution of television channels subscriptions to third parties and count from the time at which they are sold, shown, and made available for distribution to telecommunications operators, respectively. The television channels distribution by subscription to third parties consists in the transmission and retransmission of information, including, namely, the distribution of television emissions and radio broadcasting, owned and third partied owned, codified or not, as well as the addressed nature rendered services and data transmission. NOS is leading these activities since it: controls the channel exhibition, in its package of products disposes the power of pricing, the retribution corresponds to the service price and not to a mere commission and it is exposed to the credit risk of its customers. \u2022 Consultancy and datacenter management: information systems consultancy and datacenter management are the major services rendered by NOS Sistemas. \u2022 Insurance brokerage commissions: income from insurance sales commissions is obtained by NOS Media\u00e7\u00e3o de Seguros. \u2022 Intelligent Alarm: the revenues obtained with the NOS | Securitas Intelligent Alarm include security solutions for people and property, which combine the professional monitoring of the Securitas Alarm Center with NOS latest technology. The Group's revenue is based on the five-step model established by IFRS 15: \u2022 Identification of the contract with the customer; \u2022 Identification of performance obligations; \u2022 Determining the price of the transaction; \u2022 Allocation of the price of the transaction to the performance obligations; and \u2022 Recognition of revenue. Thus, at the beginning of each contract, the NOS Group evaluates the promised goods or services and identifies, as a performance obligation, every promise of transfer to the customer of any distinct good or service (or package of goods or services). These promises in customer contracts may be express or implied, provided such promises create a valid expectation in the client that the entity will transfer a good or service to the customer, based on the entity's published policies, specific statements or usual business practices. The NOS Group has internally defined that a performance obligation corresponds to the promise of delivery of a good or service that can be used in an isolated/separated way by the customer and on which there is a clear perception of this good or service by the customer among the available in each contract. The main performance obligations are summarized as Sales of Mobile Phones, Telephones, Hotspots, DVD's, Movie Tickets, Licensing and Other Equipment and the Services Rendered of Mobile Internet Services, Fixed Internet, Mobile Phone, Landline Phone, Television, Consulting, Cloud/ IT Services, distribution of audio-visual rights among others. The provision of Set-top-boxes, routers, modems and other terminal equipment at the customers' home and respective installation and activation services were considered by the group as not corresponding to a performance obligation, since they are necessary actions to fulfil the promised performance obligation. In determining and allocating the transaction price of each performance obligation, NOS used stand-alone prices of the promised products and services at the time of entering into the agreement with the customer to distribute the amount expected to be received under the contract. The recognition of revenue occurs at the time of performance of each performance obligation. Revenue from selling equipment is included when the buyer takes on the risks and advantages of taking possession of goods and the value of the benefits are reasonably quantified. Revenue from telecom services subscriptions (TV, internet, mobile and fixed voice services bundle subscription, individually or as a bundle) is recognized linearly over the subscription period. Revenue from equipment rental is recognized linearly over the rental agreement, except in the case of instalment sales, which are accounted as credit sales. The Group attributes to its customers loyalty points in each call or recharge, that might be exchanged, over a limited period, for discounts in equipment purchase. In each reporting period, NOS recognizes the current liability with discounts to be awarded in the future. This responsibility is calculated based on the amount of points awarded and not yet used, discounted from the estimate of points that will not be used (based on the history of use) and valued based on the offer available at each time for the use of points (specific catalog). The recognition of liability configures a deferred income (until the date on which the points are definitively converted into benefits), which is recognized at the time of the use of the discount, as a revenue accrual. Revenue related with traffic, roaming, data usage, audiovisual content, and others is recognized when the service is rendered. The Group also offers various personalized solutions, particularly to its corporate customers in telecom management, access, voice, and data transmission services. These personalized solutions are also recognized when the service is rendered. Unless demanded or allowed by IFRS, the compensation of revenues and costs is not performed, namely, when it reflects the nature of the transaction or other event. The compensation of revenues and costs is performed in the following situations: \u2022 When the gross inflows from economic benefits do not result in equity increases to the Group, i.e., the amount charged to the customer is equal to the amount delivered to the partner. This situation is applicable to the revenue obtained by the invoicing special services operators, in these cases the amounts charged on account of the capital are not revenue; and \u2022 When the counterpart is not a \u201ccustomer\u201d but a partner who shares the risks and benefits of developing a product or services in order for it to be commercialized. Thus, a counterpart of a contract will not be a customer if, for instance, the counterpart has hired from NOS to participate in an activity or process in which the parties in the contract share the risks and benefits instead of obtaining the Group\u2019s ordinary activities result. These cases are designated collaborative arrangements. This situation is applicable to revenues from operators affected by the reciprocal availability agreement regarding broadcasting rights of sports content. Discounts granted to customers related with loyalty programmes are allocated to the entire retention contract to which the customer is committed to. Therefore, the discount is recognized as the goods and services made available to the customer. Amounts that have not been invoiced for are included based on estimates. The differences between the estimated amounts and the actual amounts, which are normally immaterial, are recorded in the next financial year. The revenue from penalties is recognized in the \u201cOther income\u201d item upon receival. Interest revenue is recognized using the effective interest method, only when they generate future economic benefits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "2.3.6. Contract costs This item corresponds to costs incurred in attracting customers and costs associated with fulfilling a contract that are capitalized whenever they meet all of the following criteria: \u2022 they are related to an existing contract or a specific future contract; \u2022 generate or increase resources that will be used in the future; \u2022 costs are expected to be recovered; and \u2022 they are not already covered by the scope of another standard, such as inventories, tangible or intangible assets. These costs are recognized for the period expected to fulfill the contract (2 to 4 years). The costs of attracting customers are essentially: \u2022 Commissions paid to third parties with the acquisition of new contracts / new customers; \u2022 Commissions paid to third parties for upgrading the services provided; \u2022 Commissions paid to third parties for renewal of loyalty of services and offers to customers; and \u2022 Several commissions with revenue collection. The costs associated with fulfilling the contracts are essentially: \u2022 Costs incurred with the portability of mobile / fixed numbers of other operators; \u2022 Variable costs, variables, incurred with the activation of services contracted by customers. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "2.3.7. Impairment of non-current assets, excluding goodwill Group companies periodically carry out an impairment assessment of non-current assets. This impairment assessment is also carried out whenever events or changes in circumstances indicate that the amount at which the asset is recorded may not be recoverable. When such indications exist, the Group calculates the recoverable value of the asset to determine the existence and extent of the impairment loss. The recoverable value is estimated for each asset individually or, if that is not possible, assets are grouped at the lowest levels for which there are identifiable cash flows to the cash-generating unit to which the asset belongs. Each of the Group\u2019s businesses is a cash-generating unit, except for the assets allocated to the cinema exhibition business, which are grouped into regional cash-generating units. The recoverable amount is calculated as the higher of the net sale price and the current use value. The net sale price is the amount that would be obtained from the sale of the asset in a transaction between independent and knowledgeable entities, less the costs directly attributable to the sale. The current use value is the current value of the estimated future cash flows resulting from continued use of the asset or of the cash-generating unit. When the amount at which the asset is recorded exceeds its recoverable value, it is recognized as an impairment loss. The reversal of impairment losses recognized in previous years is recorded when there are indications that these losses no longer exist or have decreased. The reversal of impairment losses is recognized in the statement of comprehensive income in the year in which it occurs. However, an impairment loss can only be reversed up to the amount that would be recognized (net of amortization or depreciation) if no impairment loss had been recorded in previous years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__47-1": {
"value": "2.3.7. Impairment of non-current assets, excluding goodwill Group companies periodically carry out an impairment assessment of non-current assets. This impairment assessment is also carried out whenever events or changes in circumstances indicate that the amount at which the asset is recorded may not be recoverable. When such indications exist, the Group calculates the recoverable value of the asset to determine the existence and extent of the impairment loss. The recoverable value is estimated for each asset individually or, if that is not possible, assets are grouped at the lowest levels for which there are identifiable cash flows to the cash-generating unit to which the asset belongs. Each of the Group\u2019s businesses is a cash-generating unit, except for the assets allocated to the cinema exhibition business, which are grouped into regional cash-generating units. The recoverable amount is calculated as the higher of the net sale price and the current use value. The net sale price is the amount that would be obtained from the sale of the asset in a transaction between independent and knowledgeable entities, less the costs directly attributable to the sale. The current use value is the current value of the estimated future cash flows resulting from continued use of the asset or of the cash-generating unit. When the amount at which the asset is recorded exceeds its recoverable value, it is recognized as an impairment loss. The reversal of impairment losses recognized in previous years is recorded when there are indications that these losses no longer exist or have decreased. The reversal of impairment losses is recognized in the statement of comprehensive income in the year in which it occurs. However, an impairment loss can only be reversed up to the amount that would be recognized (net of amortization or depreciation) if no impairment loss had been recorded in previous years. 2.3.10. Impairment of financial assets At the date of each financial position statement, the Group analyses and recognizes expected losses on its debt securities, loans and accounts receivable. The expected loss results from the difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive, discounted at the original effective interest rate. The objective of this impairment policy is to recognize expected credit losses over the respective duration of financial instruments that have undergone significant increases in credit risk since initial recognition, assessed on an individual or collective basis, considering all reasonable and sustainable information, including prospects. If, at the reporting date, the credit risk associated with a financial instrument has not increased significantly since the initial recognition, the Group measures the provision for losses relating to that financial instrument by an amount equivalent to the expected credit losses within a period of 12 months. For receivables and assets resulting from contracts under IFRS 15, the Group adopts the simplified approach when calculating expected credit losses. As a result, the Group does not monitor changes in credit risk, recognizing instead impairment losses based on the expected credit loss on each reporting date. The Group established a provisions\u2019 matrix where it presents an impairment loss criterion based on the history of credit losses, adjusted by specific prospective factors for the clients and the economic environment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__53-1": {
"value": "2.3.8. Financial assets Financial assets are recognized in the statement of financial position of the Group on the trade or contract date, which is the date on which the Group undertakes to purchase or sell the asset. Initially, apart from commercial accounts receivable, financial assets are recognized at fair value plus directly attributable transaction costs, except for assets at fair value through income in which transaction costs are immediately recognized in income. Trade accounts receivable, at the initial time, are recognized at their transaction price, as defined in IFRS 15. The financial assets are derecognized when: \u2022 the Group\u2019s contractual rights to receive their cash flows expire; \u2022 the Group has substantially transferred all the risks and benefits associated with their ownership; or \u2022 although it retains part but not substantially all of the risks and benefits associated with their ownership, the Group has transferred control of the assets. The financial assets and liabilities are offset and shown as a net value when, and only when, the Group has the right to offset the recognized amounts and intends to settle for the net value. The Group classifies its financial assets into the following categories: financial assets at fair value through profit or loss, financial assets measured at amortized cost, financial assets at fair value through other comprehensive income. Its classification depends on the entity's business model to manage the financial assets and the contractual characteristics in terms of the cash flows of the financial asset. Financial assets at fair value through profit and loss This category includes financial derivatives and equity instruments that the Group has not classified as financial assets through other comprehensive income at the time of initial recognition. This category also includes all financial instruments whose contractual cash flows are not exclusively capital and interest. Financial assets at fair value through results are presented in the financial statements at fair value, the net changes being known in the income statement. This category of assets includes derivative instruments and investments in listed companies for which the Company has not classified them as financial assets at fair value through other comprehensive income. Dividends from investments in listed companies are recognized as income in the income statement when the respective right of receipt is formalized. Gains and losses resulting from changes in the fair value of assets measured at fair value through profit or loss are recognized in results in the year in which they occur under \u201cLosses / (gains) on financial assets\u201d, including the income from interest and dividends. Financial assets at fair value through other comprehensive income Financial assets measured at fair value through other comprehensive income are those that are part of a business model whose objective is achieved through the collection of contractual cash flows and the sale of financial assets, being that these contractual cash flows are only capital and interest reimbursement on the capital in debt. Financial assets measured at amortized cost Financial assets measured at amortized cost are those that are included in a business model whose purpose is to hold financial assets in order to receive the contractual cashflows, being that these contractual cash flows are only capital reimbursement and interest payments on the capital in debt. Financial assets measured at amortized cost are subsequently measured using the effective tax rate method and subject to impairment. Income and costs are recognized in the income statement when the asset is derecognized, updated or an impairment is recognized over it. Financial assets measured at the Company's amortized cost include accounts receivable and loans granted to related parties. Cash and equivalents The amounts included in \u201cCash and cash equivalents\u201d correspond to the amounts of cash, bank deposits, term deposits and other investments with maturities of less than three months which may be immediately realizable and with a negligible risk of change of value. For the purposes of the statement of cash flows, \u201cCash and cash equivalents\u201d also includes bank overdrafts included in the statement of financial position under \u201cBorrowings\u201d (when applicable).2.3.9. Financial liabilities and equity instruments Financial liabilities and equity instruments are classified according to their contractual substance irrespective of their legal form. Equity instruments are contracts that show a residual interest in the Group\u2019s assets after deducting the liabilities. The equity instruments issued by Group companies are recorded at the amount received, net of the costs incurred in their issue. Financial liabilities are recognized only when extinguished, i.e., when the obligation is settled, cancelled, or extinguished. In accordance with IFRS 9, financial liabilities are classified as subsequently measured at amortized cost, except for: \u2022 Financial liabilities at fair value through profit or loss. These liabilities, including derivatives that are liabilities, should subsequently be measured at fair value; \u2022 Financial liabilities that arise when a transfer of a financial asset does not meet the conditions for derecognition or when it is applied the continued involvement approach; \u2022 Financial guarantee contracts; \u2022 The commitments to grant a loan at a lower interest rate than the market; \u2022 The recognized contingent consideration by a buyer in a concentration of business activities to which IFRS 3 applies. Such contingent consideration shall be subsequently measured at fair value, with changes recognized in profit or loss. Financial liabilities of the Group include borrowings, accounts payable and derivative financial instruments. 2.3.10. Impairment of financial assets At the date of each financial position statement, the Group analyses and recognizes expected losses on its debt securities, loans and accounts receivable. The expected loss results from the difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive, discounted at the original effective interest rate. The objective of this impairment policy is to recognize expected credit losses over the respective duration of financial instruments that have undergone significant increases in credit risk since initial recognition, assessed on an individual or collective basis, considering all reasonable and sustainable information, including prospects. If, at the reporting date, the credit risk associated with a financial instrument has not increased significantly since the initial recognition, the Group measures the provision for losses relating to that financial instrument by an amount equivalent to the expected credit losses within a period of 12 months. For receivables and assets resulting from contracts under IFRS 15, the Group adopts the simplified approach when calculating expected credit losses. As a result, the Group does not monitor changes in credit risk, recognizing instead impairment losses based on the expected credit loss on each reporting date. The Group established a provisions\u2019 matrix where it presents an impairment loss criterion based on the history of credit losses, adjusted by specific prospective factors for the clients and the economic environment. 2.3.11. Derivative financial instruments Initial and subsequent recognition The Group uses derivative financial instruments, such as exchange rate forward contracts, interest rate swaps, to cover its exchange rate risks, interest, respectively. Such derivative financial instruments are initially recorded at fair value on the date the derivative is contracted and are subsequently measured at fair value. Derivatives are presented in assets when their fair value is positive and in liabilities when their fair value is negative. In terms of hedge accounting, hedges are classified as: \u2022 Fair value hedge when the purpose is to hedge the exposure to fair value changes of a registered asset or liability or an unregistered Groups\u2019 commitment; \u2022 Cash flow hedge when the purpose is to hedge the exposure to cash flow variability arising from a specific risk associated with the whole or a component of a registered asset or liability or an anticipated highly probable occurrence or exchange risk associated with an unregistered Groups\u2019 commitment; \u2022 Coverage of a net investment in a foreign operational unit. NOS Group uses derivative financial instruments with fair value and cash flow hedges. At the beginning of the hedge relationship, the Group formally designates and documents the hedging relationship for which hedge accounting is intended to apply as well as the management and strategy purpose of such hedge. The documentation includes the identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirement: \u2022 There is an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group hedges and the quantity of the hedging instrument that the Group actually uses to hedges that quantity of hedged item. Hedges that meet all the quantifying criteria for hedge accounting are accounted for, as described below: Fair value hedges The change in the fair value of a hedging instrument is recognized in the statement of profit or loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the statement of profit or loss. For fair value hedges relating to items carried at amortized cost, any adjustment to carrying value is amortized through profit or loss over the remaining term of the hedge using the EIR method. The EIR amortization may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognized, the unamortized fair value is recognized immediately in profit or loss. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with a corresponding gain or loss recognized in profit or loss. Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognized in OCI in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward contracts of: \u2022 currency contracts for its exposure to foreign currency risk in forecast transactions and firm commitments; \u2022 interest rates to cover the risk of volatility of the interest rates; \u2022 own shares contracts for its exposure to volatility in own shares to be distributed within the scope of share incentive scheme. The ineffective portion relating to foreign currency contracts is recognized as \u201cNet foreign exchange losses/(gains)\u201d, the ineffective portion relating to interest rates is recognized as \u201cFinancial costs\u201d and the ineffective portion relating to own shares contracts is recognized as \u201cWages and salaries\u201d. On the financial year ended on 31 December 2023, the Group did not change the recognition method. The amounts accumulated in OCI are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. This is not a reclassification adjustment and will not be recognized in OCI for the period. This also applies where the hedged forecast transaction of a non-financial asset or non-financial liability subsequently becomes a Group\u2019s commitment for which fair value hedge accounting is applied. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for depending on the nature of the underlying transaction as described above.2.3.25. Assets and liabilities offsetting Financial assets and liabilities are offset and presented at the net amount when, and only when, the Group has the right to offset the recognized amounts and intends to settle for the net amount . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__50-1": {
"value": "2.3.8. Financial assets Financial assets are recognized in the statement of financial position of the Group on the trade or contract date, which is the date on which the Group undertakes to purchase or sell the asset. Initially, apart from commercial accounts receivable, financial assets are recognized at fair value plus directly attributable transaction costs, except for assets at fair value through income in which transaction costs are immediately recognized in income. Trade accounts receivable, at the initial time, are recognized at their transaction price, as defined in IFRS 15. The financial assets are derecognized when: \u2022 the Group\u2019s contractual rights to receive their cash flows expire; \u2022 the Group has substantially transferred all the risks and benefits associated with their ownership; or \u2022 although it retains part but not substantially all of the risks and benefits associated with their ownership, the Group has transferred control of the assets. The financial assets and liabilities are offset and shown as a net value when, and only when, the Group has the right to offset the recognized amounts and intends to settle for the net value. The Group classifies its financial assets into the following categories: financial assets at fair value through profit or loss, financial assets measured at amortized cost, financial assets at fair value through other comprehensive income. Its classification depends on the entity's business model to manage the financial assets and the contractual characteristics in terms of the cash flows of the financial asset. Financial assets at fair value through profit and loss This category includes financial derivatives and equity instruments that the Group has not classified as financial assets through other comprehensive income at the time of initial recognition. This category also includes all financial instruments whose contractual cash flows are not exclusively capital and interest. Financial assets at fair value through results are presented in the financial statements at fair value, the net changes being known in the income statement. This category of assets includes derivative instruments and investments in listed companies for which the Company has not classified them as financial assets at fair value through other comprehensive income. Dividends from investments in listed companies are recognized as income in the income statement when the respective right of receipt is formalized. Gains and losses resulting from changes in the fair value of assets measured at fair value through profit or loss are recognized in results in the year in which they occur under \u201cLosses / (gains) on financial assets\u201d, including the income from interest and dividends. Financial assets at fair value through other comprehensive income Financial assets measured at fair value through other comprehensive income are those that are part of a business model whose objective is achieved through the collection of contractual cash flows and the sale of financial assets, being that these contractual cash flows are only capital and interest reimbursement on the capital in debt. Financial assets measured at amortized cost Financial assets measured at amortized cost are those that are included in a business model whose purpose is to hold financial assets in order to receive the contractual cashflows, being that these contractual cash flows are only capital reimbursement and interest payments on the capital in debt. Financial assets measured at amortized cost are subsequently measured using the effective tax rate method and subject to impairment. Income and costs are recognized in the income statement when the asset is derecognized, updated or an impairment is recognized over it. Financial assets measured at the Company's amortized cost include accounts receivable and loans granted to related parties. Cash and equivalents The amounts included in \u201cCash and cash equivalents\u201d correspond to the amounts of cash, bank deposits, term deposits and other investments with maturities of less than three months which may be immediately realizable and with a negligible risk of change of value. For the purposes of the statement of cash flows, \u201cCash and cash equivalents\u201d also includes bank overdrafts included in the statement of financial position under \u201cBorrowings\u201d (when applicable).2.3.10. Impairment of financial assets At the date of each financial position statement, the Group analyses and recognizes expected losses on its debt securities, loans and accounts receivable. The expected loss results from the difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive, discounted at the original effective interest rate. The objective of this impairment policy is to recognize expected credit losses over the respective duration of financial instruments that have undergone significant increases in credit risk since initial recognition, assessed on an individual or collective basis, considering all reasonable and sustainable information, including prospects. If, at the reporting date, the credit risk associated with a financial instrument has not increased significantly since the initial recognition, the Group measures the provision for losses relating to that financial instrument by an amount equivalent to the expected credit losses within a period of 12 months. For receivables and assets resulting from contracts under IFRS 15, the Group adopts the simplified approach when calculating expected credit losses. As a result, the Group does not monitor changes in credit risk, recognizing instead impairment losses based on the expected credit loss on each reporting date. The Group established a provisions\u2019 matrix where it presents an impairment loss criterion based on the history of credit losses, adjusted by specific prospective factors for the clients and the economic environment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "2.3.8. Financial assets Financial assets are recognized in the statement of financial position of the Group on the trade or contract date, which is the date on which the Group undertakes to purchase or sell the asset. Initially, apart from commercial accounts receivable, financial assets are recognized at fair value plus directly attributable transaction costs, except for assets at fair value through income in which transaction costs are immediately recognized in income. Trade accounts receivable, at the initial time, are recognized at their transaction price, as defined in IFRS 15. The financial assets are derecognized when: \u2022 the Group\u2019s contractual rights to receive their cash flows expire; \u2022 the Group has substantially transferred all the risks and benefits associated with their ownership; or \u2022 although it retains part but not substantially all of the risks and benefits associated with their ownership, the Group has transferred control of the assets. The financial assets and liabilities are offset and shown as a net value when, and only when, the Group has the right to offset the recognized amounts and intends to settle for the net value. The Group classifies its financial assets into the following categories: financial assets at fair value through profit or loss, financial assets measured at amortized cost, financial assets at fair value through other comprehensive income. Its classification depends on the entity's business model to manage the financial assets and the contractual characteristics in terms of the cash flows of the financial asset. Financial assets at fair value through profit and loss This category includes financial derivatives and equity instruments that the Group has not classified as financial assets through other comprehensive income at the time of initial recognition. This category also includes all financial instruments whose contractual cash flows are not exclusively capital and interest. Financial assets at fair value through results are presented in the financial statements at fair value, the net changes being known in the income statement. This category of assets includes derivative instruments and investments in listed companies for which the Company has not classified them as financial assets at fair value through other comprehensive income. Dividends from investments in listed companies are recognized as income in the income statement when the respective right of receipt is formalized. Gains and losses resulting from changes in the fair value of assets measured at fair value through profit or loss are recognized in results in the year in which they occur under \u201cLosses / (gains) on financial assets\u201d, including the income from interest and dividends. Financial assets at fair value through other comprehensive income Financial assets measured at fair value through other comprehensive income are those that are part of a business model whose objective is achieved through the collection of contractual cash flows and the sale of financial assets, being that these contractual cash flows are only capital and interest reimbursement on the capital in debt. Financial assets measured at amortized cost Financial assets measured at amortized cost are those that are included in a business model whose purpose is to hold financial assets in order to receive the contractual cashflows, being that these contractual cash flows are only capital reimbursement and interest payments on the capital in debt. Financial assets measured at amortized cost are subsequently measured using the effective tax rate method and subject to impairment. Income and costs are recognized in the income statement when the asset is derecognized, updated or an impairment is recognized over it. Financial assets measured at the Company's amortized cost include accounts receivable and loans granted to related parties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__57": {
"value": "Financial assets at fair value through profit and loss This category includes financial derivatives and equity instruments that the Group has not classified as financial assets through other comprehensive income at the time of initial recognition. This category also includes all financial instruments whose contractual cash flows are not exclusively capital and interest. Financial assets at fair value through results are presented in the financial statements at fair value, the net changes being known in the income statement. This category of assets includes derivative instruments and investments in listed companies for which the Company has not classified them as financial assets at fair value through other comprehensive income. Dividends from investments in listed companies are recognized as income in the income statement when the respective right of receipt is formalized. Gains and losses resulting from changes in the fair value of assets measured at fair value through profit or loss are recognized in results in the year in which they occur under \u201cLosses / (gains) on financial assets\u201d, including the income from interest and dividends. Financial assets at fair value through other comprehensive income Financial assets measured at fair value through other comprehensive income are those that are part of a business model whose objective is achieved through the collection of contractual cash flows and the sale of financial assets, being that these contractual cash flows are only capital and interest reimbursement on the capital in debt.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__58": {
"value": "2.3.9. Financial liabilities and equity instruments Financial liabilities and equity instruments are classified according to their contractual substance irrespective of their legal form. Equity instruments are contracts that show a residual interest in the Group\u2019s assets after deducting the liabilities. The equity instruments issued by Group companies are recorded at the amount received, net of the costs incurred in their issue. Financial liabilities are recognized only when extinguished, i.e., when the obligation is settled, cancelled, or extinguished. In accordance with IFRS 9, financial liabilities are classified as subsequently measured at amortized cost, except for: \u2022 Financial liabilities at fair value through profit or loss. These liabilities, including derivatives that are liabilities, should subsequently be measured at fair value; \u2022 Financial liabilities that arise when a transfer of a financial asset does not meet the conditions for derecognition or when it is applied the continued involvement approach; \u2022 Financial guarantee contracts; \u2022 The commitments to grant a loan at a lower interest rate than the market; \u2022 The recognized contingent consideration by a buyer in a concentration of business activities to which IFRS 3 applies. Such contingent consideration shall be subsequently measured at fair value, with changes recognized in profit or loss. Financial liabilities of the Group include borrowings, accounts payable and derivative financial instruments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__59-1": {
"value": "2.3.10. Impairment of financial assets At the date of each financial position statement, the Group analyses and recognizes expected losses on its debt securities, loans and accounts receivable. The expected loss results from the difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive, discounted at the original effective interest rate. The objective of this impairment policy is to recognize expected credit losses over the respective duration of financial instruments that have undergone significant increases in credit risk since initial recognition, assessed on an individual or collective basis, considering all reasonable and sustainable information, including prospects. If, at the reporting date, the credit risk associated with a financial instrument has not increased significantly since the initial recognition, the Group measures the provision for losses relating to that financial instrument by an amount equivalent to the expected credit losses within a period of 12 months. For receivables and assets resulting from contracts under IFRS 15, the Group adopts the simplified approach when calculating expected credit losses. As a result, the Group does not monitor changes in credit risk, recognizing instead impairment losses based on the expected credit loss on each reporting date. The Group established a provisions\u2019 matrix where it presents an impairment loss criterion based on the history of credit losses, adjusted by specific prospective factors for the clients and the economic environment. 38. Depreciation, amortization and impairment losses In the financial years ended on 31 December 2022 and 2023, this item was composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Tangible assets Buildings and other constructions 1,644 10,801 3,853 12,758 Basic equipment 63,785 200,375 50,474 187,989 Transportation equipment - 1 - 1 Tools and dies 13 59 52 102 Administrative equipment 179 3,082 876 3,784 Other tangible assets 108 389 108 534 65,729 214,707 55,363 205,168 Intangible assets Industrial property and other rights 27,012 104,507 28,750 110,971 27,012 104,507 28,750 110,971 Contract costs Contract costs 24,447 97,985 24,526 98,127 24,447 97,985 24,526 98,127 Rights of use Rights of use 18,139 63,672 15,142 69,360 18,139 63,672 15,142 69,360 Investiment property Investment property 4 16 3 12 4 16 3 12 135,331 480,887 123,784 483,638 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__62": {
"value": "2.3.11. Derivative financial instruments Initial and subsequent recognition The Group uses derivative financial instruments, such as exchange rate forward contracts, interest rate swaps, to cover its exchange rate risks, interest, respectively. Such derivative financial instruments are initially recorded at fair value on the date the derivative is contracted and are subsequently measured at fair value. Derivatives are presented in assets when their fair value is positive and in liabilities when their fair value is negative. In terms of hedge accounting, hedges are classified as: \u2022 Fair value hedge when the purpose is to hedge the exposure to fair value changes of a registered asset or liability or an unregistered Groups\u2019 commitment; \u2022 Cash flow hedge when the purpose is to hedge the exposure to cash flow variability arising from a specific risk associated with the whole or a component of a registered asset or liability or an anticipated highly probable occurrence or exchange risk associated with an unregistered Groups\u2019 commitment; \u2022 Coverage of a net investment in a foreign operational unit. NOS Group uses derivative financial instruments with fair value and cash flow hedges. At the beginning of the hedge relationship, the Group formally designates and documents the hedging relationship for which hedge accounting is intended to apply as well as the management and strategy purpose of such hedge. The documentation includes the identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirement: \u2022 There is an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group hedges and the quantity of the hedging instrument that the Group actually uses to hedges that quantity of hedged item. Hedges that meet all the quantifying criteria for hedge accounting are accounted for, as described below: Fair value hedges The change in the fair value of a hedging instrument is recognized in the statement of profit or loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the statement of profit or loss. For fair value hedges relating to items carried at amortized cost, any adjustment to carrying value is amortized through profit or loss over the remaining term of the hedge using the EIR method. The EIR amortization may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognized, the unamortized fair value is recognized immediately in profit or loss. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with a corresponding gain or loss recognized in profit or loss. Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognized in OCI in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward contracts of: \u2022 currency contracts for its exposure to foreign currency risk in forecast transactions and firm commitments; \u2022 interest rates to cover the risk of volatility of the interest rates; \u2022 own shares contracts for its exposure to volatility in own shares to be distributed within the scope of share incentive scheme. The ineffective portion relating to foreign currency contracts is recognized as \u201cNet foreign exchange losses/(gains)\u201d, the ineffective portion relating to interest rates is recognized as \u201cFinancial costs\u201d and the ineffective portion relating to own shares contracts is recognized as \u201cWages and salaries\u201d. On the financial year ended on 31 December 2023, the Group did not change the recognition method. The amounts accumulated in OCI are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. This is not a reclassification adjustment and will not be recognized in OCI for the period. This also applies where the hedged forecast transaction of a non-financial asset or non-financial liability subsequently becomes a Group\u2019s commitment for which fair value hedge accounting is applied. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for depending on the nature of the underlying transaction as described above.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__61": {
"value": "2.3.11. Derivative financial instruments Initial and subsequent recognition The Group uses derivative financial instruments, such as exchange rate forward contracts, interest rate swaps, to cover its exchange rate risks, interest, respectively. Such derivative financial instruments are initially recorded at fair value on the date the derivative is contracted and are subsequently measured at fair value. Derivatives are presented in assets when their fair value is positive and in liabilities when their fair value is negative. In terms of hedge accounting, hedges are classified as: \u2022 Fair value hedge when the purpose is to hedge the exposure to fair value changes of a registered asset or liability or an unregistered Groups\u2019 commitment; \u2022 Cash flow hedge when the purpose is to hedge the exposure to cash flow variability arising from a specific risk associated with the whole or a component of a registered asset or liability or an anticipated highly probable occurrence or exchange risk associated with an unregistered Groups\u2019 commitment; \u2022 Coverage of a net investment in a foreign operational unit. NOS Group uses derivative financial instruments with fair value and cash flow hedges. At the beginning of the hedge relationship, the Group formally designates and documents the hedging relationship for which hedge accounting is intended to apply as well as the management and strategy purpose of such hedge. The documentation includes the identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirement: \u2022 There is an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group hedges and the quantity of the hedging instrument that the Group actually uses to hedges that quantity of hedged item. Hedges that meet all the quantifying criteria for hedge accounting are accounted for, as described below: Fair value hedges The change in the fair value of a hedging instrument is recognized in the statement of profit or loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the statement of profit or loss. For fair value hedges relating to items carried at amortized cost, any adjustment to carrying value is amortized through profit or loss over the remaining term of the hedge using the EIR method. The EIR amortization may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognized, the unamortized fair value is recognized immediately in profit or loss. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with a corresponding gain or loss recognized in profit or loss. Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognized in OCI in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward contracts of: \u2022 currency contracts for its exposure to foreign currency risk in forecast transactions and firm commitments; \u2022 interest rates to cover the risk of volatility of the interest rates; \u2022 own shares contracts for its exposure to volatility in own shares to be distributed within the scope of share incentive scheme. The ineffective portion relating to foreign currency contracts is recognized as \u201cNet foreign exchange losses/(gains)\u201d, the ineffective portion relating to interest rates is recognized as \u201cFinancial costs\u201d and the ineffective portion relating to own shares contracts is recognized as \u201cWages and salaries\u201d. On the financial year ended on 31 December 2023, the Group did not change the recognition method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__60": {
"value": "2.3.11. Derivative financial instruments Initial and subsequent recognition The Group uses derivative financial instruments, such as exchange rate forward contracts, interest rate swaps, to cover its exchange rate risks, interest, respectively. Such derivative financial instruments are initially recorded at fair value on the date the derivative is contracted and are subsequently measured at fair value. Derivatives are presented in assets when their fair value is positive and in liabilities when their fair value is negative. In terms of hedge accounting, hedges are classified as: \u2022 Fair value hedge when the purpose is to hedge the exposure to fair value changes of a registered asset or liability or an unregistered Groups\u2019 commitment; \u2022 Cash flow hedge when the purpose is to hedge the exposure to cash flow variability arising from a specific risk associated with the whole or a component of a registered asset or liability or an anticipated highly probable occurrence or exchange risk associated with an unregistered Groups\u2019 commitment; \u2022 Coverage of a net investment in a foreign operational unit. NOS Group uses derivative financial instruments with fair value and cash flow hedges. At the beginning of the hedge relationship, the Group formally designates and documents the hedging relationship for which hedge accounting is intended to apply as well as the management and strategy purpose of such hedge. The documentation includes the identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirement: \u2022 There is an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship; and \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group hedges and the quantity of the hedging instrument that the Group actually uses to hedges that quantity of hedged item. Hedges that meet all the quantifying criteria for hedge accounting are accounted for, as described below: Fair value hedges The change in the fair value of a hedging instrument is recognized in the statement of profit or loss. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the statement of profit or loss. For fair value hedges relating to items carried at amortized cost, any adjustment to carrying value is amortized through profit or loss over the remaining term of the hedge using the EIR method. The EIR amortization may begin as soon as an adjustment exists and no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. If the hedged item is derecognized, the unamortized fair value is recognized immediately in profit or loss. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with a corresponding gain or loss recognized in profit or loss. Cash flow hedges The effective portion of the gain or loss on the hedging instrument is recognized in OCI in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item. The Group uses forward contracts of: \u2022 currency contracts for its exposure to foreign currency risk in forecast transactions and firm commitments; \u2022 interest rates to cover the risk of volatility of the interest rates; \u2022 own shares contracts for its exposure to volatility in own shares to be distributed within the scope of share incentive scheme. The ineffective portion relating to foreign currency contracts is recognized as \u201cNet foreign exchange losses/(gains)\u201d, the ineffective portion relating to interest rates is recognized as \u201cFinancial costs\u201d and the ineffective portion relating to own shares contracts is recognized as \u201cWages and salaries\u201d. On the financial year ended on 31 December 2023, the Group did not change the recognition method. The amounts accumulated in OCI are accounted for, depending on the nature of the underlying hedged transaction. If the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged asset or liability. This is not a reclassification adjustment and will not be recognized in OCI for the period. This also applies where the hedged forecast transaction of a non-financial asset or non-financial liability subsequently becomes a Group\u2019s commitment for which fair value hedge accounting is applied. For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the same period or periods during which the hedged cash flows affect profit or loss. If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount will be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for depending on the nature of the underlying transaction as described above.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__63": {
"value": "2.3.12. Inventories Inventories, which mainly include mobile phones, customer terminal equipment, DVDs, and content broadcasting rights, are valued at the lower of their cost or net realizable value. The acquisition cost includes the invoice price, freight, and insurance costs, using the Weighted Average Cost as the method of costing goods sold. Inventories are adjusted for technological obsolescence, as well as for the difference between the purchase cost and the net realizable value, whichever is the lower, and this reduction is recognized directly in the income statement. The net realizable value corresponds to the normal sale price less restocking costs and selling costs. The differences between the cost and the corresponding net realizable value of inventories, when this is less than the cost, are recorded as operating costs in \u201cCost of goods sold\u201d. Inventories in transit, since they are not available for consumption or sale, are separated out from other inventories and are valued at their specific acquisition cost. The signing of contracts related with sports content originates rights that are initially classified as contractual commitments. The content broadcasting rights are recorded in the consolidated statement of financial position, as Inventories, in the event of the nonexistence of full right over the way of exploration of the asset, by the respective value of cost or net realizable value, whenever it is lower, when programmatic content has been received and is available for exhibition or use, according to contractual conditions, without any production or change, given that the necessary conditions for the organization of each sports competition are present, which occurs in the homologation date of the participating teams in the competition that is being held in the sports season to be initiated, by the organizing entity. The stated rights are recognized in the income statement in \u201cDirect costs: Exhibition costs\u201d, on a systematic basis given the pattern of economic benefits obtained through their commercial exploration. No balances of content rights are registered in the Inventories caption. Due to the agreement between the three national operators of reciprocal availability, for several sports seasons (collaborative arrangement), of sports content (national and international) owned by them, (Note 43.2), NOS considered the recognition of the costs, excluding those divided by the remaining operators, on a systematic basis, given the pattern of economic benefits obtained through their commercial exploration.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__64": {
"value": "2.3.13. Subsidies Subsidies are recognized at fair value when there is reasonable assurance that they will be received and that the Group companies will comply with the requirements for their award. Operating subsidies, mainly for employee training, are recognized in the statement of comprehensive income by deduction from the corresponding costs incurred. Investment subsidies, which were recorded as deferred income and recognized as income, from 2023 onwards, are deducted from tangible and intangible fixed assets to the extent of the associated expenses and are recognized in the income statement (depreciation and amortization) on a systematic and rational basis over the useful life of the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "2.3.14. Provisions and contingent liabilities Provisions are recognized when: \u2022 there is a present obligation arising from past events and it is likely that in settling that obligation, the expenditure of internal resources will be necessary; and \u2022 the amount or value of such obligation can be reasonably estimated. When one of the above conditions is not met, the Group discloses the events as a contingent liability unless the likelihood of an outflow of funds resulting from this contingency is remote, in which case they are not disclosed. Provisions for legal procedures taking place against the Group are made in accordance with the risk assessments carried out by the Group and by their legal advisers, based on success rates. Provisions for restructuring are only recognized when the Group has a detailed, formal plan, which identify the main features of the restructuring program, and after these facts have been reported to the entities involved. Provisions for dismantling costs, removal of assets and restoration of the site are recognized when the assets are installed, in line with the best estimates available at that date. The amount of the provisioned liability reflects the effects of the passage of time and the corresponding financial indexing is recognized in results as a financial cost. Obligations arising from onerous contracts are recorded and measured as provisions. An onerous contract exists when the Company is an integral part of a contract, whose compliance has associated costs directly associated with the contract (both incremental costs and an allocation of costs directly related to the contract) that exceed future economic benefits. Provisions for potential future operating losses are not covered. Contingent liabilities are not recognized in the financial statements, unless the exception provided under IFRS 3 business combination, and are disclosed whenever there is a good chance to shed resources including economic benefits. Contingent assets are not recognized in the financial statements, being disclosed when there is a likelihood of a future influx of financial resources. Provisions are reviewed and brought up to date at the date of the statement of financial position to reflect the best estimate at that time of the obligation concerned.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__66": {
"value": "Provisions for dismantling costs, removal of assets and restoration of the site are recognized when the assets are installed, in line with the best estimates available at that date. The amount of the provisioned liability reflects the effects of the passage of time and the corresponding financial indexing is recognized in results as a financial cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__67": {
"value": "Contingent liabilities are not recognized in the financial statements, unless the exception provided under IFRS 3 business combination, and are disclosed whenever there is a good chance to shed resources including economic benefits. Contingent assets are not recognized in the financial statements, being disclosed when there is a likelihood of a future influx of financial resources.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "2.3.15. Rights of use and leases A lease is defined as a contract, or part of a contract, that transfers the right to use a good (the underlying asset) for a period in exchange for a value. At the beginning of each contract, it is evaluated and identified if it is or contains a lease. This assessment involves an exercise of judgement as to whether each contract depends on a specific asset if NOS obtains substantially all the economic benefits from the use of that asset and whether NOS has the right to control the use of the asset. All contracts that constitute a lease are accounted for based on the on-balance model. At the commencement date of the lease, NOS recognizes the liability related to lease payments (lease liability) and the asset representing the right to use the underlying asset during the lease period (the right of use or \"ROU\"). The cost of interest on the lease liability and the depreciation of the ROU are recognized separately. Lease liability is remeasured at the occurrence of certain events (such as a change in the lease period, a change in future payments that result from a change in the reference rate or rate used to determine such payments). This remeasurement of the lease liability is recognized as an adjustment in the ROU. The estimated costs of dismantling, removal of assets and restoration of the site related with leases are recognized in tangible assets with works carried out (Note 2.3.3). 2.3.15.1. Rights of use The Group recognizes the right to use the assets at the start date of the lease (that is, the date on which the underlying asset is available for use). The right to use the assets is recorded at acquisition cost, deducted from accumulated depreciation and impairment losses and adjusted for any new measurement of lease liabilities. The cost of the ROU of the assets includes the recognized amount of the lease liability, any direct costs incurred initially, and payments already made prior to the initial rental date, less any incentives received. Unless it is reasonably certain that the Group obtains ownership of the leased asset at the end of the lease term, the recognized right of use of the assets is depreciated on a straight-line basis over the shorter of its estimated useful life and the term of the lease. Rights of use are subject to impairment. The rights of used of assets are depreciated using the straight-line method by the shortest period between length of the contract and its expected useful life. If at the end of the leasing contract the asset is transferred to the company, or if the cost reflects the possibility of exercising the call option, the depreciation is calculated according to the estimated useful life of the asset. 2.3.15.2. Liabilities with leases At the start date of the lease, the Group recognizes the liabilities measured at the present value of the future payments to be made until the end of the lease. Lease payments include fixed payments (including fixed payments on the substance), deducted of any incentives to be received, variable payments, dependent on an index or rate, and expected amounts to be paid under residual value guarantees. The lease payments also include the exercise price of a call option if it is reasonably certain that the Group will exercise the option, and penalties for termination of the lease if it is reasonably certain that the Group will terminate the lease. Variable payments that do not depend on an index or a rate are recognized as an expense in the period in which the event giving rise to them occurs. To calculate the present value of the lease payments, the Group uses the incremental loan rate at the start date of the lease if the implied interest rate is not readily determinable. After the start date of the lease, the value of the lease liability is increased to reflect the increase in interest and reduces by the payments made. In addition, the book value of the lease liability is remeasured if there is a change, such as a change in the lease term, fixed payments or the purchase decision of the underlying asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__70": {
"value": "2.3.16. Income tax NOS is covered by the special tax regime for groups of companies, which covers all the companies in which it directly or indirectly owns at least 75% of the share capital and which simultaneously are resident in Portugal and subject to Corporate Income Tax (IRC). The remaining subsidiaries not covered by the special tax regime for groups of companies are taxed individually based on their respective taxable incomes and the applicable tax rates. Income tax is stated in accordance with the IAS 12 criteria. In calculating the cost relating to income tax for the period, in addition to current tax, allowance is also made for the effect of deferred tax calculated in accordance with the liability method, taking into account the temporary differences resulting from the difference between the tax basis of assets and liabilities and their values as stated in the consolidated financial statements, and the tax losses carried forward at the date of the statement of financial position. The deferred income tax assets and liabilities were calculated based on the tax legislation currently in force or of legislation already published for future application. Deferred income tax assets are recognized for all the deductible temporary differences until it is likely that a taxable profit is obtained to which the deductible temporary difference may be used, unless the deferred income tax asset results from the initial recognition of an asset or liability in a transaction which: \u2022 Is not a concentration of business activities; \u2022 At the moment of the transaction, it does not affect neither the accounting profit nor the taxable profit (fiscal loss); \u2022 With respect to deductible temporary differences arising from investments in subsidiaries, branches and associates and interests in joint arrangements, deferred income tax assets are recognized only to the extent that the temporary difference will revert in the foreseeable future and taxable profit against which the temporary difference can be used will be available. As stipulated in the above standard, deferred income tax assets are recognized only when there is reasonable assurance that these may be used to reduce future taxable profit, or when there are deferred income tax liabilities whose reversal is expected to occur in the same period in which the deferred income tax assets are reversed. At the end of each period an assessment is made of deferred income tax assets, and these are adjusted in line with the likelihood of their future use. The amount of tax to be included, either in current tax or in deferred tax resulting from transactions or events recognized in equity accounts, is recorded directly under those items and does not affect the results for the period. In a business combination, the deferred tax benefits acquired are recognized as follows: \u2022 The deferred tax benefits acquired recognized in the measurement period of one year after the date of merger and that result from new information about facts and circumstances that existed at the date of acquisition are recorded against the goodwill-carrying amount related to the acquisition. If the goodwill-carrying amount is null, any remaining deferred tax benefits are recognized in the income statement. \u2022 All the other acquired deferred tax benefits performed are recognized in the income statement (when applicable, directly in shareholders' equity). Estimates to deal with uncertainties regarding the acceptance of a given tax treatment by the tax authorities are recognized as deferred tax liabilities. Pillar II The Council of the EU approved the Directive (EU) 2022/2523, of December 15, 2022 (\"Directive\"), on the guarantee of a worldwide minimum level of taxation for multinational enterprise groups and large domestic groups within the Union, commonly known as \"Pillar II\". Although Portugal has not met the deadline for transposing this Directive, it is estimated that this will happen in 2024. Considering the rules approved in the Directive and the best information available at the moment, NOS has carried out an assessment of the possible impacts of Pillar II for the NOS Group, and it is estimated that the group will benefit from the supplementary tax exclusion in the initial phase of international activity, provided for in Article 49 of the Directive, under the transitional regime, applicable for a period of 5 years (2024-2028). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__71": {
"value": "Deferred income tax assets are recognized for all the deductible temporary differences until it is likely that a taxable profit is obtained to which the deductible temporary difference may be used, unless the deferred income tax asset results from the initial recognition of an asset or liability in a transaction which: \u2022 Is not a concentration of business activities; \u2022 At the moment of the transaction, it does not affect neither the accounting profit nor the taxable profit (fiscal loss); \u2022 With respect to deductible temporary differences arising from investments in subsidiaries, branches and associates and interests in joint arrangements, deferred income tax assets are recognized only to the extent that the temporary difference will revert in the foreseeable future and taxable profit against which the temporary difference can be used will be available. As stipulated in the above standard, deferred income tax assets are recognized only when there is reasonable assurance that these may be used to reduce future taxable profit, or when there are deferred income tax liabilities whose reversal is expected to occur in the same period in which the deferred income tax assets are reversed. At the end of each period an assessment is made of deferred income tax assets, and these are adjusted in line with the likelihood of their future use. The amount of tax to be included, either in current tax or in deferred tax resulting from transactions or events recognized in equity accounts, is recorded directly under those items and does not affect the results for the period. In a business combination, the deferred tax benefits acquired are recognized as follows: \u2022 The deferred tax benefits acquired recognized in the measurement period of one year after the date of merger and that result from new information about facts and circumstances that existed at the date of acquisition are recorded against the goodwill-carrying amount related to the acquisition. If the goodwill-carrying amount is null, any remaining deferred tax benefits are recognized in the income statement. \u2022 All the other acquired deferred tax benefits performed are recognized in the income statement (when applicable, directly in shareholders' equity). Estimates to deal with uncertainties regarding the acceptance of a given tax treatment by the tax authorities are recognized as deferred tax liabilities. Pillar II The Council of the EU approved the Directive (EU) 2022/2523, of December 15, 2022 (\"Directive\"), on the guarantee of a worldwide minimum level of taxation for multinational enterprise groups and large domestic groups within the Union, commonly known as \"Pillar II\". Although Portugal has not met the deadline for transposing this Directive, it is estimated that this will happen in 2024. Considering the rules approved in the Directive and the best information available at the moment, NOS has carried out an assessment of the possible impacts of Pillar II for the NOS Group, and it is estimated that the group will benefit from the supplementary tax exclusion in the initial phase of international activity, provided for in Article 49 of the Directive, under the transitional regime, applicable for a period of 5 years (2024-2028). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__73": {
"value": "2.3.17. Payment based in shares The benefits granted to employees under share purchase or share option incentive plans are recorded in accordance with the requirements of IFRS 2 \u2013 Share-based payments. In accordance with IFRS 2, since it is not possible to reliably estimate the fair value of the services received from employees, their value is measured by reference to the fair value of equity instruments in accordance with their share price at the grant date. The cost is recognized, linearly over the period in which the service is provided by employees, under the caption \u201cWages and salaries\u201d in the income statement, with the corresponding increase in \u201cOther reserves\u201d in equity. The accumulated cost recognized at the date of each statement of financial position up to the vesting reflects the best estimate of the number of own shares that will be vested, weighted by the tire elapse between the grant and the vesting. The impact on the income statement each year corresponds to the accumulated cost valuation between the beginning and the end of the year. In turn, benefits granted based on shares but paid in cash lead to the recognition of a liability valued at fair value at the date of the statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__74": {
"value": "Own shares The own shares are recorded at acquisition cost as a deduction from equity. Gains or losses on the sale of own shares are recorded under \"Other reserves\".",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__75": {
"value": "Dividends The company recognizes the liability, as well as its impact over the equity, associated with the responsibility to distribute dividends when it is approved by the shareholders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__78": {
"value": "Discounts granted to customers related with loyalty programmes are allocated to the entire retention contract to which the customer is committed to. Therefore, the discount is recognized as the goods and services made available to the customer.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__77": {
"value": "Discounts granted to customers related with loyalty programmes are allocated to the entire retention contract to which the customer is committed to. Therefore, the discount is recognized as the goods and services made available to the customer.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__79": {
"value": "2.3.21. Assets, liabilities and transactions in foreign currencies Transactions in foreign currencies are converted into the functional currency at the exchange rate on the transactions dates. On each accounting date, outstanding balances (monetary items) are updated by applying the exchange rate prevailing on that date. The exchange rate differences in this update are recognized in the income statement for the year in which they were calculated in the item \"Losses / (gains) on exchange variations\". Exchange rate variations generated on monetary items, which constitute enlargement of the investment denominated in the functional currency of the Group or of the subsidiary in question, are recognized in equity. Exchange rate differences on non-monetary items are classified in \u201cOther reserves\u201d in equity. The financial statements of subsidiaries denominated in foreign currencies are converted at the following exchange rates: \u2022 The exchange rate obtaining on the date of the statement of financial position for the conversion of assets and liabilities; \u2022 The average exchange rate in the period for the conversion of items in the income statement, apart from cases of affiliated companies that are in a hyperinflationary economy; \u2022 The average exchange rate in the period, for the conversion of cash flows (in cases where the exchange rate approximates to the real rate, and for the remaining cash flows the rate of exchange at the date of the operations is used), apart from cases of affiliated companies that are in a hyperinflationary economy; \u2022 The historical exchange rate for the conversion of equity accounts. Exchange differences arising from the conversion into euros of the financial statements of subsidiaries denominated in foreign currencies are included in equity under \u201cOther reserves\u201d. In the last quarter of 2017, the Angolan economy was considered a hyperinflationary economy according to IAS 29 - Financial Reporting in Hyperinflationary Economies. This standard requires that the financial statements prepared in the currency of a hyperinflationary must be expressed in terms of the current measurement unit at the financial statements\u2019 preparation date. In summary, the general aspects that must be considered for the restatement of the individual financial statements are the following ones: \u2022 The monetary assets and liabilities are not amended because they are already updated to the current unit at the financial statements date; \u2022 The non-monetary assets and liabilities (that are still not expressed in terms of the current unit at the financial statements) are restated by the application of an index; \u2022 The effect of the inflation on the net monetary position of the subsidiaries companies is reflected in the income statement as a loss in the net monetary position. Additionally, according to IAS 21, the restatement of the consolidated financial statements is prohibited when the parent company does not operate in a hyperinflationary economy. The conversion coefficient that was used for the restatement of the individual financial statements of the subsidiaries in Angola was the Consumer Price Index (CPI), issued by the National Bank of Angola. In the last quarter of 2019, the Angolan economy was no longer considered a hyperinflationary economy. IAS 29 - Financial Reporting in Hyperinflationary Economies provides that \u201cwhen an economy ceases to be hyperinflationary, the company should treat the amounts expressed in the current unit of measurement at the end of the previous reporting period, as the basis for the carrying amounts in its statements subsequent financial statements\u201d. In this way, the adjustments / revaluations, carried out until the end of the classification as a hyperinflationary economy, are treated as a deemed cost and recognized in the same proportion as the assets that gave rise to it. On 31 December 2022 and 2023, assets and liabilities expressed in foreign currencies were converted into euros using the following exchange rates of such currencies against the euro, as published by the Bank of Portugal. 31-12-2022 31-12-2023 US Dollar 1.0666 1.1050 Angolan Kwanza 537.5664 930.9625 British Pound 0.8869 0.8691 Mozambican Metical 67.4500 69.8700 Canadian Dollar 1.4440 1.4642 Swiss Franc 0.9847 0.9260 Real 5.6386 5.3618 In the financial years ended on 31 December 2022 and 2023, the income statements of subsidiaries expressed in foreign currencies were converted to euros at the average exchange rates of the currencies of their countries of origin against the euro. The average exchange rates used are as follows: 12M 22 12M 23 Angolan Kwanza 476.0086 759.5493 Mozambican Metical 66.3800 68.4942 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__80": {
"value": "2.3.22. Financial charges and borrowings Financial charges related to borrowings are recognized as costs in accordance with the accrual\u2019s principle, except in the case of loans incurred (whether these are generic or specific) for the acquisition, construction or production of an asset that takes a substantial period (over one year) to be ready for use, which are capitalized in the acquisition cost of that asset. Costs from capitalized borrowings are determined having in consideration the amount of borrowing costs obtained that can be capitalized, according to the application of a capitalization rate over the expenses associated with that asset. The capitalization rate (aligned with NOS average financing rate) as well as with the costs to be capitalized are determined monthly, taking into consideration the monthly balance of eligible borrowings and the monthly amount of the asset in progress that qualifies. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__81": {
"value": "2.3.23. Investment property Investment property mainly includes buildings held to generate rents rather than for use in the production or supply of goods or services, or for administrative purposes, or for sale in the ordinary course of business. These are measured initially at cost. Subsequently, the Group uses the cost model for the valuation of investment property since use of the fair value model would not result in material differences. An investment property is eliminated from the statement of financial position on disposal or when the investment property is taken permanently out of use and no financial benefit is expected from its disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__82": {
"value": "2.3.24. Fair value measurement The Group measures part of the financial assets, such as financial assets available for sale, and some of its non-financial assets, at fair value on the date of the financial statements. The fair value measurement assumes that the asset or liability is exchanged in an orderly transaction among market participants to sell the asset or transfer the liability at the measurement date under current market conditions. The fair value measurement is based on the assumption that the transaction to sell the asset or transfer the liability may occur: \u2022 On the main market of the assets and liabilities, or \u2022 In the absence of a primary market, it is assumed that the transaction occurs in the most advantageous market. This is what maximizes the amount that would be received for selling asset or minimizes the amount that would be paid to transfer the liability, after considering transaction costs and transport costs. Since different entities and businesses within a single entity can have access to different markets, the main or most advantageous market for the same asset or liability can vary from one entity to another, or even between businesses within the same entity, but it is assumed that they are accessible to the Group. The fair value measurement uses assumptions that market participant\u2019s use in defining price of the asset or liability, assuming that market participants would use the asset to maximize its value. The Group uses valuation techniques appropriate to the circumstances whenever there is information to measure the fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities measured at fair value or of which disclosure is mandatory, are rated on a fair value hierarchy, which ranks data in three levels to be used in the measurement at fair value, and detailed below: \u2022 Level 1 \u2013 Listed and unadjusted market prices, in active markets for identical assets or liabilities that the entity can access at the measurement date; \u2022 Level 2 - valuation techniques using inputs that aren\u2019t quoted, but which are directly or indirectly observable; \u2022 Level 3 - valuation techniques using inputs not based on observable market data, based on unobservable inputs. The fair value measurement is classified in the same fair value hierarchy level at the lowest level of input, which is significant to the measurement as a whole.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__84": {
"value": "2.3.25. Assets and liabilities offsetting Financial assets and liabilities are offset and presented at the net amount when, and only when, the Group has the right to offset the recognized amounts and intends to settle for the net amount . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__85": {
"value": "2.3.26. Employee benefits Personnel expenses are recognized when the service is rendered by employees independently of their date of payment. Here are some specificities: \u2022 Termination of employment. The benefits for termination of employment are due for payment when there is cessation of employment before the normal retirement date or when an employee voluntarily accepts to leave in exchange of these benefits. The Group recognizes these benefits when it can be shown to be committed to a termination of current employees according to a detailed formal plan for termination and there is no realistic possibility of withdrawal or these benefits are granted to encourage voluntary redundancy. When the benefits of cessation of employment are due more than 12 months after the balance sheet date, they are updated to their present value. \u2022 Holiday, holiday allowances, and bonuses. According to the labor law, employees are entitled to 22 days annual leave, as well as one month of holiday allowances, rights acquired in the year preceding payment. These liabilities of the Group are recorded when incurred, independently of the moment of payment, and are reflected under the item \"Accounts payable and other\". \u2022 Labor Compensation Fund (FCT) and the Labor Compensation Guarantee Fund (FGCT). Based on the publication of Law No. 70/2013 and subsequent regulation by Order No. 294-A / 2013, entered into force on 1 October the Labor Compensation Fund schemes (FCT) and the Guarantee Fund Compensation of Labor (FGCT). In this context, companies that hire a new employee are required to deduct a percentage of the respective salary for these two new funds (0.925% to 0.075% and the FCT for FGCT), in order to ensure, in the future, the partial payment the compensation for dismissal. Considering the characteristics of each Fund, the following is considered: o The monthly deliveries to FGCT, made by the employer are recognized as expense in the period to which they relate. o The monthly deliveries to FCT, made by the employer are recognized as a financial asset, in the caption \"Other non-current financial assets\u201d of the entity, measured at fair value with changes recognized in the respective results. With the publication of Law no. 13/2023, as of 1 May 2023, it is no longer mandatory to make payments corresponding to 0.925% of each worker's basic salary and seniority to the FCT, which has been converted into a closed accounting fund. According to the same law, the obligations relating to the FGCT corresponding to 0.075% are suspended for the duration of the Medium-Term Agreement for the improvement of incomes, wages and competitiveness, which is expected to run until 2026.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__86": {
"value": "2.3.27. Statement of cash flows The statement of cash flows is prepared in accordance with the direct method. The Group classifies under \u201cCash and cash equivalents\u201d the assets with maturities of less than three months and for which the risk of change in value is negligible. For purposes of the statement of cash flows, the balance of cash and cash equivalents also include bank overdrafts included in the statement of financial position under \"Borrowings\". The statement of cash flows is divided into operating, investing, and financing activities. Operating activities include cash received from customers and payments to suppliers, staff and others related to operating activities. Under \"Other cash receipts / (payments) related with operating activity\" includes the amount received and subsequent payments related to assignments without recourse, coordinated by the Banco Comercial Portugu\u00eas and Caixa Geral de Dep\u00f3sitos, and these operations do not involve any change in the accounting treatment of the underlying receivables or in the relationship with their clients. The cash flows included in investing activities include acquisitions and disposals of investments in subsidiaries and cash received and payments arising from the purchase and sale of tangible and intangible assets, amongst others. Financing activities include cash received and payments relating to borrowings, the payment of interest and similar costs, finance leases, the purchase and sale of own shares and the payment of dividends.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__87": {
"value": "The Group classifies under \u201cCash and cash equivalents\u201d the assets with maturities of less than three months and for which the risk of change in value is negligible.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__89": {
"value": "3.1. Relevant accounting estimates The preparation of consolidated financial statements requires the Group's management to make judgments and estimates that affect the statement of financial position and the reported results. These estimates are based on the best information and knowledge about past and/or present events and on the operations that the Company considers it may implement in the future. However, at the date of completion of such operations, their results may differ from these estimates. Changes to these estimates that occur after the date of approval of the consolidated financial statements will be corrected in the income statement in a prospective manner, in accordance with IAS 8 - \"Accounting Policies, Changes in Accounting Estimates and Errors\". The estimates and assumptions that imply a greater risk of giving rise to a material adjustment in assets and liabilities are described below: Entities included in the consolidation perimeter To determine the entities to be included in the consolidation perimeter, the Group assesses the extent to which it is exposed, or has rights, to variability in return from its involvement with that entity and can take possession of them through the power it holds over this entity. The decision that an entity must be consolidated by the Group requires the use of judgment, estimates, and assumptions to determine the extent to which the Group is exposed to return variability and the ability to take possession of them through its power. Other assumptions and estimates could lead to the Group's consolidation perimeter being different, with direct impact on the consolidated financial statements. Impairment of non-current assets, excluding goodwill The determination of a possible impairment loss can be triggered by the occurrence of various events, such as the availability of future financing, the cost of capital or other market, economic and legal changes or changes with an adverse effect on the technological environment, many of which are beyond the Group's control. The identification and assessment of impairment indicators, the estimation of future cash flows, and the calculation of the recoverable value of assets involve a high degree of judgment by the Board. Impairment of goodwillGoodwill is annually subject to impairment tests or whenever there are indications of a possible loss of value, according to the criteria referred on Note 9. The recoverable values of the cash-generating units to which goodwill is allocated are determined based on the calculation of current use values. These calculations require the use of estimates by management. Tangible and intangible assetsThe life of an asset is the period during which the Company expects that an asset will be available for use and this should be reviewed at least at the end of each financial year. The determination of the useful lives of assets, the amortization/depreciation method to be applied, and the estimated losses resulting from the replacement of equipment before the end of its useful life due to technological obsolescence is crucial in determining the amount of amortization/depreciation to be recognized in the consolidated income statement each period. These three parameters are defined using management's best estimates for the assets and businesses concerned and taking account of the practices adopted by companies in the sectors in which the Group operates. The capitalized costs with the audiovisual content distribution rights acquired for commercialization in the various windows of exhibition are amortized over the period of exploration of the respective contracts. Additionally, these assets are subject to impairment tests whenever there are indications of changes in the pattern generation of future revenue underlying each contract. The residual value, the useful life and the depreciation methods are periodically revised by the various companies of the Group and prospectively adjusted, if appropriated. Rights of use The Group determines the end of the lease as the non-cancelable part of the lease term, together with any periods covered by an option to extend the lease if it is reasonably certain that it will be exercised, or any periods covered by an option to terminate the lease agreement, if it is reasonably certain that it will not be exercised. The Group has the option, under some of its lease agreements, to lease its assets for additional periods. NOS assesses the reasonableness of exercising the option to renew the contract. That is, NOS considers all the relevant factors that create an economic incentive for exercising the renewal. After the start date, the Group re-evaluates the termination of the contract if there is a significant event or changes in circumstances that are under control and affect its ability to exercise (or not exercise) the renewal option (a change in strategy of business). Provisions The Group periodically reviews any obligations arising from past events, which should be recognized or disclosed. The subjectivity involved in determining the probability and amount of internal resources required to meet obligations may give rise to significant adjustments, either due to changes in the assumptions made, or due to the future recognition of provisions previously disclosed as contingent liabilities.Deferred income tax assets Deferred income tax assets are recognized only when there is strong assurance that there will be future taxable income available to use the temporary differences or when there are deferred tax liabilities whose reversal is expected in the same period in which the deferred tax assets are reversed. The assessment of deferred income tax assets is undertaken by management at the end of each period taking account of the expected future performance of the Group.Expected credit losses The credit risk on the balances of accounts receivable is assessed at each reporting date, using a collection matrix based on the historical past collections adjusted from the future expectation of collections evolution, to determine the uncollectability rate. The expected credit losses of the accounts receivable are thus adjusted for the assessment made, which may differ from the effective risk that will incurred in the future. Fair value of financial assets and liabilities When the fair value of an asset or liabilities is calculated, on an active market, the respective market price is used. When there is no active market, which is the case with some of the Group's financial assets and liabilities, valuation techniques generally accepted in the market, based on market assumptions, are used. The Group applies evaluation techniques for unlisted financial instruments, such as derivatives, financial instruments at fair value and instruments measured at amortized cost. The most frequently used valorization models are models of discounted cash flows and option models, which incorporate, for example, interest rate and market volatility curves. For certain types of more complex derivatives, more advanced valuation models are used containing assumptions and data that are not directly observable in the market, for which the Group uses internal estimates and assumptions.",
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"s7_notes__6__88": {
"value": "3.1. Relevant accounting estimates The preparation of consolidated financial statements requires the Group's management to make judgments and estimates that affect the statement of financial position and the reported results. These estimates are based on the best information and knowledge about past and/or present events and on the operations that the Company considers it may implement in the future. However, at the date of completion of such operations, their results may differ from these estimates. Changes to these estimates that occur after the date of approval of the consolidated financial statements will be corrected in the income statement in a prospective manner, in accordance with IAS 8 - \"Accounting Policies, Changes in Accounting Estimates and Errors\". The estimates and assumptions that imply a greater risk of giving rise to a material adjustment in assets and liabilities are described below: Entities included in the consolidation perimeter To determine the entities to be included in the consolidation perimeter, the Group assesses the extent to which it is exposed, or has rights, to variability in return from its involvement with that entity and can take possession of them through the power it holds over this entity. The decision that an entity must be consolidated by the Group requires the use of judgment, estimates, and assumptions to determine the extent to which the Group is exposed to return variability and the ability to take possession of them through its power. Other assumptions and estimates could lead to the Group's consolidation perimeter being different, with direct impact on the consolidated financial statements. Impairment of non-current assets, excluding goodwill The determination of a possible impairment loss can be triggered by the occurrence of various events, such as the availability of future financing, the cost of capital or other market, economic and legal changes or changes with an adverse effect on the technological environment, many of which are beyond the Group's control. The identification and assessment of impairment indicators, the estimation of future cash flows, and the calculation of the recoverable value of assets involve a high degree of judgment by the Board. Impairment of goodwillGoodwill is annually subject to impairment tests or whenever there are indications of a possible loss of value, according to the criteria referred on Note 9. The recoverable values of the cash-generating units to which goodwill is allocated are determined based on the calculation of current use values. These calculations require the use of estimates by management. Tangible and intangible assetsThe life of an asset is the period during which the Company expects that an asset will be available for use and this should be reviewed at least at the end of each financial year. The determination of the useful lives of assets, the amortization/depreciation method to be applied, and the estimated losses resulting from the replacement of equipment before the end of its useful life due to technological obsolescence is crucial in determining the amount of amortization/depreciation to be recognized in the consolidated income statement each period. These three parameters are defined using management's best estimates for the assets and businesses concerned and taking account of the practices adopted by companies in the sectors in which the Group operates. The capitalized costs with the audiovisual content distribution rights acquired for commercialization in the various windows of exhibition are amortized over the period of exploration of the respective contracts. Additionally, these assets are subject to impairment tests whenever there are indications of changes in the pattern generation of future revenue underlying each contract. The residual value, the useful life and the depreciation methods are periodically revised by the various companies of the Group and prospectively adjusted, if appropriated. Rights of use The Group determines the end of the lease as the non-cancelable part of the lease term, together with any periods covered by an option to extend the lease if it is reasonably certain that it will be exercised, or any periods covered by an option to terminate the lease agreement, if it is reasonably certain that it will not be exercised. The Group has the option, under some of its lease agreements, to lease its assets for additional periods. NOS assesses the reasonableness of exercising the option to renew the contract. That is, NOS considers all the relevant factors that create an economic incentive for exercising the renewal. After the start date, the Group re-evaluates the termination of the contract if there is a significant event or changes in circumstances that are under control and affect its ability to exercise (or not exercise) the renewal option (a change in strategy of business). Provisions The Group periodically reviews any obligations arising from past events, which should be recognized or disclosed. The subjectivity involved in determining the probability and amount of internal resources required to meet obligations may give rise to significant adjustments, either due to changes in the assumptions made, or due to the future recognition of provisions previously disclosed as contingent liabilities.Deferred income tax assets Deferred income tax assets are recognized only when there is strong assurance that there will be future taxable income available to use the temporary differences or when there are deferred tax liabilities whose reversal is expected in the same period in which the deferred tax assets are reversed. The assessment of deferred income tax assets is undertaken by management at the end of each period taking account of the expected future performance of the Group.Expected credit losses The credit risk on the balances of accounts receivable is assessed at each reporting date, using a collection matrix based on the historical past collections adjusted from the future expectation of collections evolution, to determine the uncollectability rate. The expected credit losses of the accounts receivable are thus adjusted for the assessment made, which may differ from the effective risk that will incurred in the future. Fair value of financial assets and liabilities When the fair value of an asset or liabilities is calculated, on an active market, the respective market price is used. When there is no active market, which is the case with some of the Group's financial assets and liabilities, valuation techniques generally accepted in the market, based on market assumptions, are used. The Group applies evaluation techniques for unlisted financial instruments, such as derivatives, financial instruments at fair value and instruments measured at amortized cost. The most frequently used valorization models are models of discounted cash flows and option models, which incorporate, for example, interest rate and market volatility curves. For certain types of more complex derivatives, more advanced valuation models are used containing assumptions and data that are not directly observable in the market, for which the Group uses internal estimates and assumptions.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__90": {
"value": "3.2. Errors, estimates, and changes to accounting policies During the financial years ended 31 December 2022 and 2023 no material errors, estimates or changes in accounting policies were recognized in relation to prior years. On 31 December 2022, a reclassification of estimates to address uncertainties regarding the acceptance of a particular tax treatment by the Tax Administration was made from Taxes payable to deferred tax liabilities in the amount of \u20ac42.6 million (Note 16).",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__92": {
"value": "4. Financial Risk Policies Management 4.1. Financial Risk Management The Group's activities are exposed to a variety of financial risk factors: credit risk, liquidity risk and market risk. The Group's Board of Directors takes responsibility for defining the principles for risk management and policies covering specific areas such as: exchange rate risk, interest rate risk, credit risk, the use of derivatives and other non-derivative financial instruments, and the investment of excess liquidity. A) Credit Risk Credit risk is essentially related to the risk of a counterparty defaulting on its contractual obligations, resulting in a financial loss to the Group. The Group is subject to credit risk in its operating and treasury activities. The credit risk associated with operations is mainly related to receivables from services provided to customers (Notes 13 and 18). This risk is monitored on a regular business basis, and the aim of management is to: i) limit the credit granted to customers, considering the average collection period of each customer; ii) monitor the evolution of the level of credit granted; and iii) perform impairment analyses of accounts receivable on a regular basis. The classification of a customer as being in default takes into account the particularity of each customer, business/segment and amounts involved. In the majority of segments, a customer is considered to be in default if the debt is overdue for more than 180 days. In the residential segment, the main segment, NOS has as a restriction measure, the blocking of the services provided after 50 days of maturity without receipt. The Group does not face any significant credit risk with any particular customer, insofar as the accounts receivable derive from a large number of customers from a wide range of businesses. The adjustments for expected credit losses on accounts receivable are calculated considering: i) the risk profile of the customer, depending on whether it is a residential or corporate customer; ii) the average collection period, which differs from business to business; iii) the customer's financial condition; and iv) the future prospects for collection. Given the dispersion of customers it is not necessary to consider an additional adjustment for credit risk, besides the expected credit losses already recorded in accounts receivable - customers and accounts receivable - other. On a regular basis, doubtful debts, overdue for more than 24 months and with total impairment loss recorded, are derecognized, after all collection procedures considered adequate for credit recovery have been exhausted or frustrated. The following table represents the Group's maximum exposure to credit risk, as of 31 December 2022 and 2023, without taking into account any collateral held or other credit enhancements. For assets in the statement of financial position, the defined exposure is based on their carrying amount on the face of the statement of financial position. 31-12-2022 31-12-2023 Accounts receivable trade - current (Note 18) 229,636 272,749 Accounts receivable other - non-current (Note 13) 4,758 4,364 Accounts receivable other - current (Note 13) 4,667 4,085 Cash and cash equivalents (Note 22) 14,198 17,271 Total financial assets 253,259 298,469 Accounts receivable \u2013 customers The Group's exposure to credit risk is attributable mainly to the accounts receivable related to its operating activity. The amounts presented in the statement of financial position are net of expected credit losses that were estimated by the Group, in accordance with its experience and based on the economic environment evaluation. The Board of Directors believes that the carrying amounts of accounts receivable are similar to its fair value. On 31 December 2022 and 2023, the ageing of the trade receivables - trade receivables is as follows: 31-12-2022 31-12-2023 Not overdue 123,367 157,010 0 to 90 days 39,633 57,803 90 to 180 days 23,468 18,608 180 to 360 days 25,828 27,019 Over 360 days 231,922 225,650 Accounts receivable 444,218 486,090 Not overdue (5,909) (11,016) 0 to 90 days (6,179) (11,696) 90 to 180 days (12,588) (9,232) 180 to 360 days (14,980) (18,240) Over 360 days (174,926) (163,157) Expected credit losses (214,582) (213,341) Total accounts receivable 229,636 272,749 Credit risk monitoring is performed on a continuous basis and can be summarized as follows: \u2022 Regular customers are analyzed on an aggregate basis (homogeneous group) and the expected credit losses are calculated through the use of a collection\u2019s matrix, which is based on past collections adjusted for the expected future evolution of collections, to determine the uncollectability rate; \u2022 The balances of operators, agents and others are analyzed individually and the expected credit losses are calculated taking into consideration the age of each balance, the existence of claims, the current financial situation of each third party and the future expectation of receiving the respective amounts due.Cash and cash equivalents The guarantees and collaterals existing for some operators and agents are not material. The quality of the Group's credit risk, on 31 December 2022 and 2023, associated with this type of assets (Cash and Cash Equivalents except cash value), whose counterparties are financial institutions, is detailed as follows: 31-12-2022 31-12-2023 A 42 60 A- 5,834 4,791 BBB+ 3,871 4,709 BBB- 1,084 674 BBB - 5,536 BB+ 2,016 - B+ 1 1 B- 1,244 1,419 without rating 106 81 Total 14,198 17,271 The ratings information was taken from Reuters, based on the ratings assigned by the three main rating agencies (Standard & Poor's, Moody's and Fitch).",
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"s7_notes__6__91-1": {
"value": "4. Financial Risk Policies Management 4.1. Financial Risk Management The Group's activities are exposed to a variety of financial risk factors: credit risk, liquidity risk and market risk. The Group's Board of Directors takes responsibility for defining the principles for risk management and policies covering specific areas such as: exchange rate risk, interest rate risk, credit risk, the use of derivatives and other non-derivative financial instruments, and the investment of excess liquidity. A) Credit Risk Credit risk is essentially related to the risk of a counterparty defaulting on its contractual obligations, resulting in a financial loss to the Group. The Group is subject to credit risk in its operating and treasury activities. The credit risk associated with operations is mainly related to receivables from services provided to customers (Notes 13 and 18). This risk is monitored on a regular business basis, and the aim of management is to: i) limit the credit granted to customers, considering the average collection period of each customer; ii) monitor the evolution of the level of credit granted; and iii) perform impairment analyses of accounts receivable on a regular basis. The classification of a customer as being in default takes into account the particularity of each customer, business/segment and amounts involved. In the majority of segments, a customer is considered to be in default if the debt is overdue for more than 180 days. In the residential segment, the main segment, NOS has as a restriction measure, the blocking of the services provided after 50 days of maturity without receipt. The Group does not face any significant credit risk with any particular customer, insofar as the accounts receivable derive from a large number of customers from a wide range of businesses. The adjustments for expected credit losses on accounts receivable are calculated considering: i) the risk profile of the customer, depending on whether it is a residential or corporate customer; ii) the average collection period, which differs from business to business; iii) the customer's financial condition; and iv) the future prospects for collection. Given the dispersion of customers it is not necessary to consider an additional adjustment for credit risk, besides the expected credit losses already recorded in accounts receivable - customers and accounts receivable - other. On a regular basis, doubtful debts, overdue for more than 24 months and with total impairment loss recorded, are derecognized, after all collection procedures considered adequate for credit recovery have been exhausted or frustrated. The following table represents the Group's maximum exposure to credit risk, as of 31 December 2022 and 2023, without taking into account any collateral held or other credit enhancements. For assets in the statement of financial position, the defined exposure is based on their carrying amount on the face of the statement of financial position. 31-12-2022 31-12-2023 Accounts receivable trade - current (Note 18) 229,636 272,749 Accounts receivable other - non-current (Note 13) 4,758 4,364 Accounts receivable other - current (Note 13) 4,667 4,085 Cash and cash equivalents (Note 22) 14,198 17,271 Total financial assets 253,259 298,469 Accounts receivable \u2013 customers The Group's exposure to credit risk is attributable mainly to the accounts receivable related to its operating activity. The amounts presented in the statement of financial position are net of expected credit losses that were estimated by the Group, in accordance with its experience and based on the economic environment evaluation. The Board of Directors believes that the carrying amounts of accounts receivable are similar to its fair value. On 31 December 2022 and 2023, the ageing of the trade receivables - trade receivables is as follows: 31-12-2022 31-12-2023 Not overdue 123,367 157,010 0 to 90 days 39,633 57,803 90 to 180 days 23,468 18,608 180 to 360 days 25,828 27,019 Over 360 days 231,922 225,650 Accounts receivable 444,218 486,090 Not overdue (5,909) (11,016) 0 to 90 days (6,179) (11,696) 90 to 180 days (12,588) (9,232) 180 to 360 days (14,980) (18,240) Over 360 days (174,926) (163,157) Expected credit losses (214,582) (213,341) Total accounts receivable 229,636 272,749 Credit risk monitoring is performed on a continuous basis and can be summarized as follows: \u2022 Regular customers are analyzed on an aggregate basis (homogeneous group) and the expected credit losses are calculated through the use of a collection\u2019s matrix, which is based on past collections adjusted for the expected future evolution of collections, to determine the uncollectability rate; \u2022 The balances of operators, agents and others are analyzed individually and the expected credit losses are calculated taking into consideration the age of each balance, the existence of claims, the current financial situation of each third party and the future expectation of receiving the respective amounts due.Cash and cash equivalents The guarantees and collaterals existing for some operators and agents are not material. The quality of the Group's credit risk, on 31 December 2022 and 2023, associated with this type of assets (Cash and Cash Equivalents except cash value), whose counterparties are financial institutions, is detailed as follows: 31-12-2022 31-12-2023 A 42 60 A- 5,834 4,791 BBB+ 3,871 4,709 BBB- 1,084 674 BBB - 5,536 BB+ 2,016 - B+ 1 1 B- 1,244 1,419 without rating 106 81 Total 14,198 17,271 The ratings information was taken from Reuters, based on the ratings assigned by the three main rating agencies (Standard & Poor's, Moody's and Fitch). B) Liquidity risk Prudent management of liquidity risk implies maintaining an adequate level of cash and cash equivalents to meet the assumed responsibilities, associated to the negotiation of credit lines with financial institutions. Under the adopted model, the Group has: b.1) Commercial paper programmes used of \u20ac668.6 million, of which \u20ac42.6 million issued under programmes without underwriting. The total amount contracted under firm underwriting programmes is 925 million euros, corresponding to seventeen programmes, with seven banking institutions, 825 million of which bear interest at market rates and 100 million are issued at fixed rates. b.2) Bonds by private and direct offer in the amount of 425 million euros. Based on estimated cash flows and taking into consideration the compliance with any covenants normally existing in loans payable, management regularly monitors the forecasts of the Group's liquidity reserve, including the amounts of unused credit lines, the amounts of cash and cash equivalents. Covenants From the loans obtained (excluding financial leases), besides being subject to the Group's compliance with its obligations (operational, legal and fiscal) 100% of them are subject to Cross default and Pari Passu, 96% to Negative Pledge clauses and 71% are subject to Ownership clauses. Additionally, about 19% of the total loans obtained require that consolidated net financial debt does not exceed up to 3 times EBITDA after consolidated lease payments, around 4% require that consolidated net financial debt does not exceed up to 3.5 times EBITDA after consolidated lease payments, around 15% require that consolidated net financial debt does not exceed up to 4 times EBITDA after payment of consolidated leases, around 6% require that consolidated net financial debt does not exceed up to 4.5 times EBITDA after payment of consolidated leases, and around 7% require that consolidated net financial debt does not exceed up to 5 times EBITDA after payment of consolidated leases. Net Financial Debt = Loans - Leasings - Cash and Cash Equivalents EBITDA = Operating profit + Depreciation, amortization and impairment losses + Restructuring costs + Losses / (gains) on disposal of assets + Other non-recurrent costs / (gains) EBITDA after lease payments = EBITDA - lease payments (principal and interest) The table below shows the Group's liabilities by contractual residual maturity intervals. The amounts shown in the table are the contractual undiscounted cash flows payable in the future and including the interest at which these liabilities are being remunerated. 31-12-2022 31-12-2023 Between Between Less than Over 5 Less than Over 1 and 5 To ta l 1 and 5 To ta l 1 year years 1 year 5 years years years Borrowings: Bond issue 302,943 289,467 - 592,410 78,743 349,008 - 427,751 Commercial paper 42,889 364,992 - 407,881 69,278 600,809 - 670,087 Bank overdrafts 7,136 - - 7,136 9,668 - - 9,668 Financial leases 74,485 214,269 341,453 630,207 79,379 190,875 356,208 626,462 Accounts payable - trade 253,355 - - 253,355 243,991 - - 243,991 Accounts receivable - trade 53,789 9,618 32,510 95,917 50,349 5,460 39,266 95,075 Derivatives financial instruments 397 - - 397 441 1,036 - 1,477 To ta l 734,994 878,346 373,963 1,987,303 531,849 1,147,188 395,475 2,074,512 C) Market risk Exchange market risk Exchange rate risk is mainly related to exposure resulting from payments made to suppliers of terminal equipment and producers of audiovisual content for the Pay TV and audiovisual businesses, respectively. The commercial transactions between the Group and these suppliers are mainly denominated in US dollars. Considering the balance of accounts payable resulting from transactions denominated in a currency different from the Group's functional currency, the Group contracts or may contract financial instruments, namely short-term foreign currency forwards, in order to hedge the risk associated with these balances (Note 21). The Group has investments in foreign entities whose assets and liabilities are exposed to exchange rate variations (the Group has two subsidiaries in Mozambique, Lusomundo Mo\u00e7ambique and Mstar, whose functional currency is the Metical and two in Angola, Finstar and ZAP Media whose functional currency is the Kwanza). The Group has not adopted any policy of hedging the risk of exchange rate variations of these companies on the Group's cash flows in foreign currency. A sensitivity analysis was performed considering a 10% strengthening or weakening of the functional currencies of the various financial investments on 31 December 2023. Thus, the value of the financial investments would decrease by 2,410 thousand euros (2022: 3,248 thousand euros) or increase by 2,946 thousand euros (2022: 3,982 thousand euros), respectively, with the counterpart of these variations being recorded in equity. In this sensitivity analysis, gains or losses that financial investments would recognize resulting from currency fluctuations are not considered. The table below shows the Group's exposure to exchange rate risk at 31 December 2022 and 2023, based on the figures in the statement of financial position of the Group's financial assets and liabilities (amounts expressed in local currency): 31-12-2022 US dollar British pound Metical Assets Accounts receivable - trade 4,383 - - Accounts receivable - other 1 1 - Tax receivable - - 651 Cash and cash equivalents - - 6,911 Total assets 4,384 1 7,562 Liabilities Accounts payable - trade 7,943 (5) 35 Accounts payable - other 117 1 2 Total liabilities 8,060 (4) 37 Net (3,676) 5 7,525 31-12-2023 US dollar British pound Metical Assets Accounts receivable - trade 6,911 - - Accounts receivable - other 2 2 - Tax receivable 40 1 13 Cash and cash equivalents 6,953 3 13 Total assets Liabilities 5,025 - - Accounts payable - trade 146 6 - Accounts payable - other 5,171 6 - Total liabilities 1,782 (3) 13 NOS uses a sensitivity analysis technique that measures the estimated changes in results and equity of an immediate strengthening or weakening of the Euro against other currencies in the rates applied on 31 December 2023, for each class of financial instruments, holding other variables constant. This analysis is for illustrative purposes only, as in practice exchange rates rarely change in isolation. The sensitivity analysis was performed using a strengthening or weakening of the Euro by 10% in all exchange rates. In such case, profits before taxes would have increased by 179 thousand euros (2022: increased by 307 thousand euros) or decreased by 146 thousand euros (2022: decreased by 375 thousand euros), respectively. D) Interest rate risk The risk of interest rate fluctuation can result in a cash flow risk or a fair value risk, depending on whether variable or fixed interest rates have been negotiated. The Group's borrowings (with the exception of the public bond issue of 100 million euros and the contracted leases) have variable interest rates, which exposes the Group to cash flow interest rate risk. The Group has adopted policy of hedging risk with interest rate swaps to hedge future interest payments on Bond loans and other borrowings (Note 25). The NOS Group uses the sensitivity analysis technique, which measures the expected impacts on results and equity of an immediate increase or decrease of 0.25% (25 basis points) in market interest rates, for the rates applying at the date of the statement of position for each class of financial instrument, with all other variables constant. This analysis is for illustrative purposes only, as in practice market rates rarely change in isolation. The sensitivity analysis is based on the following assumptions: \u2022 Changes in market interest rates affect interest income or interest expense of variable financial instruments; \u2022 Changes in market interest rates only affect interest income or expense in relation to financial instruments with fixed interest rates if these are recognized at fair value; \u2022 Changes in market interest rates affect the fair value of derivative financial instruments and other financial assets and liabilities; Changes in the fair value of derivative financial instruments and other financial assets and liabilities are estimated by discounting future cash flows from current net values, using market rates at the year end. Under these assumptions, a 0.25% increase or decrease in market interest rates for unhedged or floating rate loans as of 31 December 2023 would result in an increase or decrease in annual profit before tax of approximately \u20ac1.7 million or \u20ac1.8 million, respectively (2022: \u20ac1.4 million). Regarding the interest rate swaps contracted, the sensitivity analysis that measures the estimated impacts of an immediate increase or decrease of 0.25% (25 basis points) in market interest rates, results in changes, compared to the current fair value of the instruments of more than 79 thousand euros (2022: approximately more 183 thousand euros) and less 69 thousand euros (2022: approximately less 167 thousand euros). 4.2. Capital risk management The objective of capital risk management is to safeguard the continuity of the Group's operations, with an adequate return to shareholders and generating benefits for all stakeholders. The NOS Group's policy is to contract loans with financial entities, mostly at the level of the parent company, NOS, which in turn grants loans to its subsidiaries and associates. In the case of joint ventures, which contract financing in their own name, NOS participates in the contract process and is the guarantor for repayment of the loan. This policy aims to optimize the capital structure with a view to greater tax efficiency and reducing the average cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amounts of dividends to be distributed to shareholders, issue new shares, dispose of assets to reduce liabilities or launch share buyback programmes. As applied by other entities operating in the market in which the Group's operations are carried out, the Group manages capital on the basis of the net financial debt/EBITDA ratio. Net financial debt is calculated as the total of current and non-current borrowings, excluding finance leases related to contracts for the acquisition of capacity utilization rights and other long-term contracts, less cash and cash equivalents, less cash and cash equivalents. The internal ratio set as a target is a debt level below 3 times EBITDA. 31-12-2022 31-12-2023 Financial debt (Note 25) 1,007,427 1,107,507 Cash and cash equivalents (Note 22) (15,215) (18,158) Total financial debt 992,212 1,089,349 financial leases (Note 25) 630,207 626,462 Total net debt 1,622,419 1,715,811 (1)EBITDA 651,060 716,669 (2)EBITDA after leasing payments 547,727 603,200 Net financial debt / EBITDA after leasing payments 1.81 1.81 Net debt / EBITDA 2.49 2.39 (1) EBITDA = Operating Result + Depreciation, Amortization and Impairment Losses + Restructuring Costs + Losses/(Gains) on disposals of assets + Other Costs/(Gains) Non-Recurring (2) EBITDA after leasings payments = EBITDA \u2013 Leasings payments (Capital and Interest) Estimated fair value 31-12-2022 Level 1 Level 2 Level 3 Total Assets Other financial assets non-current (Note 15) - - 5,248 5,248 Interest rate derivatives (Note 20) - 10,947 - 10,947 Exchange rate derivatives (Note 21) - 302 - 302 - 11,249 5,248 16,497 Liabilities Exchange rate derivatives (Note 21) - 397 - 397 - 397 - 397 31-12-2023 Level 1 Level 2 Level 3 Total Assets Other financial assets non-current (Note 15) - - 6,028 6,028 Interest rate derivatives (Note 21) - 5,386 - 5,386 Exchange rate derivatives (Note 21) - 197 - 197 - 5,583 6,028 11,611 Liabilities Interest rate derivatives (Note 21) - 1,036 - 1,036 Exchange rate derivatives (Note 21) - 441 - 441 - 1,477 - 1,477 The levels of the fair value hierarchy, as established by IFRS 13 - Fair value measurement, are defined as follows: \u2022 Level 1 - Financial instruments valued based on quotations in active markets to which the Company has access. This category includes securities valued based on executable prices (with immediate liquidity) published by external sources. \u2022 Level 2 - Financial instruments whose valuation is based on directly or indirectly observable data in active markets. This category includes securities valued based on bids provided by external entities and internal valuation techniques that use only observable market data. \u2022 Level 3 - All financial instruments valued at fair value that do not fall into levels 1 and 2. Assets available for sale were valued using the discounted cash flow method (level 3). The calculation of the fair value of interest rate swap derivatives was based on an estimate of discounted future cash flows, using the estimated market interest rate curve calculated by the entities with which the swaps were contracted (level 2). The fair value of forward rate agreement derivatives is calculated based on the spot exchange rate (level 2).7. Financial assets and liabilities classified in accordance with the IFRS 9 \u2013 financial instruments The accounting policies set out in IFRS 9 for financial instruments were applied to the following items: 31-12-2022 Total Non-Financial Financial financial financial Derivatives Total assets liabilities assets and assets and liabilities liabilities Assets Other financial assets non-current (Note 15) 5,248 - - 5,248 - 5,248 Derivative financial instruments (Note 21) - 11,249 - 11,249 - 11,249 Accounts receivable - trade (Note 18) 319,441 - - 319,441 - 319,441 Accounts receivable - other (Note 13) 9,425 - - 9,425 11,965 21,390 Cash and cash equivalents (Note 22) 15,215 - - 15,215 - 15,215 Total financial assets 349,329 11,249 - 360,578 11,965 372,543 Liabilities Borrowings (Note 25) - - 1,637,634 1,637,634 - 1,637,634 Derivative financial instruments (Note 21) - 397 - 397 - 397 Accounts payable - trade (Note 29) - - 253,355 253,355 - 253,355 Accounts payable - other (Note 30) - - 95,725 95,725 192 95,917 Accrued expenses (Note 27) - - 212,430 212,430 - 212,430 Total financial liabilities - 397 2,199,144 2,199,541 192 2,199,733 31-12-2023 Total Non-Financial Financial financial financial Derivatives Total assets liabilities assets and assets and liabilities liabilities Assets Other financial assets non-current (Note 15) 6,028 - - 6,028 - 6,028 Derivative financial instruments (Note 21) - 5,583 - 5,583 - 5,583 Accounts receivable - trade (Note 18) 363,692 - - 363,692 - 363,692 Accounts receivable - other (Note 13) 8,449 - - 8,449 11,597 20,046 Cash and cash equivalents (Note 22) 18,158 - - 18,158 - 18,158 Total financial assets 396,327 5,583 - 401,910 11,597 413,507 Liabilities Borrowings (Note 25) - - 1,733,969 1,733,969 - 1,733,969 Derivative financial instruments (Note 21) - 1,477 - 1,477 - 1,477 Accounts payable - trade (Note 29) - - 243,991 243,991 - 243,991 Accounts payable - other (Note 30) - - 94,871 94,871 204 95,075 Accrued expenses (Note 27) - - 203,943 203,943 - 203,943 Total financial liabilities - 1,477 2,276,774 2,278,251 204 2,278,455 Considering its nature, the balances of the amounts to be paid and received to/from state and other public entities were considered outside the scope of IFRS 7. Also, the captions of \u201cPrepaid expenses\u201d and \u201cDeferred income\u201d were not included in this note, as the nature of such balances are not included in the scope of IFRS 7. The Board of Directors believes that the fair value of the breakdown of financial instruments recorded at amortized cost or registered at the present value of the payments does not differ significantly from their book value. This decision is based in the contractual terms of each financial instrument.13. Accounts receivable - others On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Current Non-current Current Non-current Accounts receivable 5,646 5,640 4,322 4,392 Advances to suppliers 11,965 - 11,597 - 17,611 5,640 15,919 4,392 Impairments of other receivables (979) (882) (237) (28) 16,632 4,758 15,682 4,364 On 31 December 2023, this item corresponds predominantly to: \u2022 Short-term loans, medium and long-term loans from Group and interests' receivable; and \u2022 Associated companies, the amount receivable of 1.65 million euros from the sale of NOS International Carrier Services; Additionally, on 31 December 2023, advances to suppliers correspond predominantly to amounts paid under soccer rights contracts and other operating costs. The summary of movements in impairment of other receivable in other accounts receivable is as follows: 12M 22 12M 23 As of January 1 1,524 1,861 Increases (Note 36) 231 94 Reductions (Note 37) - (854) Utilizations, transfers and others 106 (836) As of December 31 1,861 26515. Other non-current financial assets On 31 December 2022 and 2023, this caption is composed as follows: 31-12-2022 31-12-2023 TechTransfer Fund 1,415 1,355 Didimo 963 1,415 Seems Possible 800 1,200 Reckon.ai 500 854 MindProber 500 500 SkillAugment 300 175 Others 770 529 5,248 6,028 During the year ended on 31 December 2022, NOS reinforced its investment in the start-up Reckon.ai and invested in the start-up Didimo, which develops 3D digital avatars based on photographs, in the start-up MindProber, which has developed a pioneering platform capable of measuring the emotional impact that multimedia content has on consumers and in the start-up SkillAugment (KIT-AR), which develops solutions using emerging technologies such as augmented reality and artificial intelligence. During the year ended on 31 December 2023, NOS reinforced its investment in the TechTransfer Fund, in the company Reckon.ai and in the company Seems Possible. During the same period, impairments were recorded on the valuations of the TechTransfer Fund and the company SkillAugmented, in the amounts of 81 thousand euros and 125 thousand euros, respectively.18. Accounts receivables \u2013 Trade On 31 December 2022 and 2023, this item was as follows : 31-12-2022 31-12-2023 Trade receivables 444,218 486,090 Unbilled revenues 89,805 90,943 534,023 577,033 Impairment of trade receivable (214,582) (213,341) 319,441 363,692 The amounts to be invoiced correspond mainly to the value of contractual obligations already met or partially met and whose invoicing will occur subsequently. The movements occurred in impairment adjustments were as follows: 12M 22 12M 23 As of January 1 197,628 214,582 Increases and decreases (Note 36) 19,333 11,941 Penalties 18,365 25,639 Utilizations / Others (20,744) (38,821) As of December 31 214,582 213,341 Penalties correspond to the invoiced penalties, in the period, for which the full expected credit losses are registered, and the register was made by deduction from the respective revenue.21. Derivative financial instruments Interest rate derivatives On 31 December 2023, NOS have 3 interest rate swaps in a total amount of 180 million euros (31 December 2022: 180 million euros) and 9 zero cost collars, amounting a total of 377.5 million euros, contracted in 2023. Exchange rate derivatives At the date of the statement of the financial position there are foreign currency forwards open worth 19,916 thousand euros (31 December 2022: 41,147 thousand euros). 31-12-2022 Notional Assets Liabilities Current Non-current Current Non-current Interest rate derivatives 180,000 - 10,947 - - Exchange rate derivatives 41,147 - 302 397 - 221,147 - 11,249 397 - 31-12-2023 Assets Liabilities Notional Current Non-current Current Non-current Interest rate derivatives 557,500 - 5,386 - 1,036 Exchange rate derivatives 20,331 - 197 441 - 577,416 - 5,583 441 1,036 Movements during the financial year ended on 31 December 2022 and 2023 were as follows: 31-12-2021 Income Capital 31-12-2022 Fair value interest rate derivatives (10) - 10,957 10,947 Fair value exchange rate derivatives 313 (157) (251) (95) Fair value equity swaps (218) 32 186 - Derivatives 85 (125) 10,892 10,852 Deferred income tax liabilities (116) 26 (2,397) (2,487) Deferred income tax assets 76 12 (38) 50 Deferred income tax (40) 38 (2,435) (2,437) 45 (87) 8,457 8,415 31-12-2022 Income Capital 31-12-2023 Fair value interest rate derivatives 10,947 - (6,597) 4,350 Fair value exchange rate derivatives (95) (35) (114) (244) Derivatives 10,852 (35) (6,711) 4,106 Deferred income tax liabilities (2,487) - 1,220 (1,267) Deferred income tax assets 50 11 297 358 Deferred income tax (2,437) 11 1,517 (909) 8,415 (24) (5,194) 3,197 25. Borrowings On 31 December 2022 and 2023, the composition of borrowings was as follows: 31-12-2022 31-12-2023 Current Non-current Current Non-current Loans - nominal value 350,136 655,000 152,268 951,000 Debenture loan 300,000 290,000 75,000 350,000 Commercial paper 43,000 365,000 67,600 601,000 Bank overdrafts 7,136 - 9,668 - Loans - accruals and deferrals 2,832 (541) 5,421 (1,183) Loans - amortized cost 352,968 654,459 157,689 949,817 Leases 74,485 555,722 79,379 547,083 427,453 1,210,181 237,069 1,496,900 During the financial year ended on 31 December 2023, the average cost of debt of the used lines was approximately 3.4% (2022: 1.2%). The average global financing cost (used and unused lines) during the financial year ended on 31 December 2023 was approximately 3.5% (2022: 1.3%). On 31 December 2023 there is no default in terms of capital, interest, conditions for redemption on loans payable or other commitments. 25.1. Debenture loans On 31 December 2023, NOS has a total amount of 425 million euros of bonds issued: \u2022 A bond loan in the amount 50 million euros placed by Caixa Geral de Dep\u00f3sitos in July 2019 and maturing in July 2024. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount 25 million euros placed by Medio Banca in July 2019 and maturing in July 2024. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount of 15 million euros placed by BPI in July 2021 and maturing in July 2026.The loan bears interest at a variable rate, indexed to the Euribor and paid on a quarterly basis. \u2022 A bond loan in the amount of 75 million euros placed by Caixa Geral de Dep\u00f3sitos in March 2022 and maturing in March 2027. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount of 75 million euros placed by BPI in July 2022 and maturing in March 2027. The loan bears interest at variable rates, indexed to Euribor and paid quarterly. \u2022 A bond loan in the amount 50 million euros placed by BPI in April 2023 and maturing in January 2028. The loan bears interest at variable rates, indexed to Euribor and paid quarterly. \u2022 A bond loan in the amount 75 million euros placed by Caixa Geral de Dep\u00f3sitos in April 2023 and maturing in April 2028. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount of 60 million euros placed by BPI in December 2023 and maturing in June 2025. The loan bears interest at variable rates, indexed to Euribor and paid every semi-annually. On 31 December 2023, an amount of 2,751 thousand euros, corresponding to interest and commissions, was added to this amount and recorded in the item \u201cLoans - accruals and deferrals\u201d. 25.2. Commercial paper On 31 December 2023, the Company has borrowings of 668 million euros in the form of commercial paper of which \u20ac42.6 million issued under programmes without underwriting. The total amount contracted, under underwriting securities, is of 925 million euros, corresponding to 17 programmes, with 7 banks, 825 million euros of which bear interest at market rates and 100 million euros are issued in fixed rate. Commercial paper programmes with maturities over one-year totaling 825 million euros (of which 668.5 million euros have been used as of 31 December 2023), since the Company can renew unilaterally current issues on or before the programmes\u2019 maturity dates and because they are underwritten by the organizer. As such, this amount, although having a current maturity, it was classified as non-current for presentation purposes in the financial position statement. On 31 December 2023 an amount of 1,487 thousand euros, corresponding to interest and commissions, was deducted to this amount, and recorded in the item \u201cLoans - accruals and deferrals\u201d. 25.3. Leases AOn 31 December 2022 and 2023, the leases refer mainly to rental agreements for telecommunications towers, movie theaters, equipment, shops and vehicles, exclusive acquisition of satellite capacity and rights to use distribution network capacity. The movements in lease liabilities for the financial years ended on 31 December 2022 and 2023 are as follows: Rights of use Interest 31-12-2021 Payments Others 31-12-2022 (Note 11) (Note 41) Telecommunications towers and 378,750 132,145 22,774 (50,108) - 483,561 rooftops Movie theatres 32,736 6,001 382 (9,755) - 29,364 Transponders 32,046 1,965 1,470 (6,825) - 28,656 Equipment 39,286 16,919 499 (17,624) - 39,080 Buildings 22,052 13,858 328 (9,407) - 26,831 Fibre optic rental 7,250 (9) 43 (2,725) - 4,559 Stores 5,660 3,102 64 (3,553) - 5,273 Others 16,225 2,098 367 (5,807) - 12,883 534,005 176,079 25,927 (105,804) - 630,207 Rights of use Interest 31-12-2022 Payments Others 31-12-2023 (Note 11) (Note 41) Telecommunications towers and 483,561 30,203 26,575 (61,626) 1,505 480,218 rooftops Movie theatres 29,364 16,652 1,016 (9,846) - 37,186 Transponders28,656 383 1,151 (11,838) - 18,352 Equipment 39,080 22,020 837 (15,782) (9,511) 36,644 Buildings 26,831 3,418 583 (6,864) 5,867 29,835 Fibre optic rental 4,559 4 121 (3,189) 969 2,464 Stores 5,273 6,508 219 (3,765) - 8,235 Others 12,883 3,540 476 (4,541) 1,170 13,528 630,207 82,728 30,978 (117,451) - 626,462 Leases \u2013 payments 31-12-2022 31-12-2023 Until 1 year 120,515 111,908 Between 1 and 5 year 305,011 296,689 Over 5 years 420,531 391,690 846,057 800,287 Future financial costs (leases) (215,850) (173,825) Present value of lease liabilities 630,207 626,462 Leases \u2013 present value 31-12-2022 31-12-2023 Until 1 year 74,485 79,379 Between 1 and 5 years 214,269 190,875 Over 5 years 341,453 356,208 630,207 626,462 29. Accounts payable \u2013 trade On 31 December 2023, accounts payable to suppliers and other entities, amounting to 244 million euros (December 31, 2022: 253 million euros), correspond to amounts payable arising from the company's operating activities.30. Accounts payable \u2013 others On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Non-current Contractual rights 42,128 44,726 42,128 44,726 Current Fixed assets suppliers 47,437 34,701 Contractual rights 1,934 2,881 Advances from customers 191 204 Advances on investment subsidies - 7,470 Others 4,227 5,093 53,789 50,349 95,917 95,075 The caption Contractual Rights refers to the liability to be settled over 20 years, related with the contractual right acquired with the agreement celebrated between NOS Comunica\u00e7\u00f5es, S.A., NOS Technology S.A., and Vodafone Portugal, Comunica\u00e7\u00f5es Pessoais, S.A with the aim of sharing mobile support network infrastructures (passive infrastructure such as towers and masts) and active mobile network (active radio equipment such as antennas, amplifiers and other equipment), as disclosed to the market on 22 October 2020. ",
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"s7_notes__6__94-1": {
"value": "A) Credit Risk Credit risk is essentially related to the risk of a counterparty defaulting on its contractual obligations, resulting in a financial loss to the Group. The Group is subject to credit risk in its operating and treasury activities. The credit risk associated with operations is mainly related to receivables from services provided to customers (Notes 13 and 18). This risk is monitored on a regular business basis, and the aim of management is to: i) limit the credit granted to customers, considering the average collection period of each customer; ii) monitor the evolution of the level of credit granted; and iii) perform impairment analyses of accounts receivable on a regular basis. The classification of a customer as being in default takes into account the particularity of each customer, business/segment and amounts involved. In the majority of segments, a customer is considered to be in default if the debt is overdue for more than 180 days. In the residential segment, the main segment, NOS has as a restriction measure, the blocking of the services provided after 50 days of maturity without receipt. The Group does not face any significant credit risk with any particular customer, insofar as the accounts receivable derive from a large number of customers from a wide range of businesses. The adjustments for expected credit losses on accounts receivable are calculated considering: i) the risk profile of the customer, depending on whether it is a residential or corporate customer; ii) the average collection period, which differs from business to business; iii) the customer's financial condition; and iv) the future prospects for collection. Given the dispersion of customers it is not necessary to consider an additional adjustment for credit risk, besides the expected credit losses already recorded in accounts receivable - customers and accounts receivable - other. On a regular basis, doubtful debts, overdue for more than 24 months and with total impairment loss recorded, are derecognized, after all collection procedures considered adequate for credit recovery have been exhausted or frustrated. The following table represents the Group's maximum exposure to credit risk, as of 31 December 2022 and 2023, without taking into account any collateral held or other credit enhancements. For assets in the statement of financial position, the defined exposure is based on their carrying amount on the face of the statement of financial position. 31-12-2022 31-12-2023 Accounts receivable trade - current (Note 18) 229,636 272,749 Accounts receivable other - non-current (Note 13) 4,758 4,364 Accounts receivable other - current (Note 13) 4,667 4,085 Cash and cash equivalents (Note 22) 14,198 17,271 Total financial assets 253,259 298,469 Accounts receivable \u2013 customers The Group's exposure to credit risk is attributable mainly to the accounts receivable related to its operating activity. The amounts presented in the statement of financial position are net of expected credit losses that were estimated by the Group, in accordance with its experience and based on the economic environment evaluation. The Board of Directors believes that the carrying amounts of accounts receivable are similar to its fair value. On 31 December 2022 and 2023, the ageing of the trade receivables - trade receivables is as follows: 31-12-2022 31-12-2023 Not overdue 123,367 157,010 0 to 90 days 39,633 57,803 90 to 180 days 23,468 18,608 180 to 360 days 25,828 27,019 Over 360 days 231,922 225,650 Accounts receivable 444,218 486,090 Not overdue (5,909) (11,016) 0 to 90 days (6,179) (11,696) 90 to 180 days (12,588) (9,232) 180 to 360 days (14,980) (18,240) Over 360 days (174,926) (163,157) Expected credit losses (214,582) (213,341) Total accounts receivable 229,636 272,749 Credit risk monitoring is performed on a continuous basis and can be summarized as follows: \u2022 Regular customers are analyzed on an aggregate basis (homogeneous group) and the expected credit losses are calculated through the use of a collection\u2019s matrix, which is based on past collections adjusted for the expected future evolution of collections, to determine the uncollectability rate; \u2022 The balances of operators, agents and others are analyzed individually and the expected credit losses are calculated taking into consideration the age of each balance, the existence of claims, the current financial situation of each third party and the future expectation of receiving the respective amounts due.Cash and cash equivalents The guarantees and collaterals existing for some operators and agents are not material. The quality of the Group's credit risk, on 31 December 2022 and 2023, associated with this type of assets (Cash and Cash Equivalents except cash value), whose counterparties are financial institutions, is detailed as follows: 31-12-2022 31-12-2023 A 42 60 A- 5,834 4,791 BBB+ 3,871 4,709 BBB- 1,084 674 BBB - 5,536 BB+ 2,016 - B+ 1 1 B- 1,244 1,419 without rating 106 81 Total 14,198 17,271 The ratings information was taken from Reuters, based on the ratings assigned by the three main rating agencies (Standard & Poor's, Moody's and Fitch).13. Accounts receivable - others On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Current Non-current Current Non-current Accounts receivable 5,646 5,640 4,322 4,392 Advances to suppliers 11,965 - 11,597 - 17,611 5,640 15,919 4,392 Impairments of other receivables (979) (882) (237) (28) 16,632 4,758 15,682 4,364 On 31 December 2023, this item corresponds predominantly to: \u2022 Short-term loans, medium and long-term loans from Group and interests' receivable; and \u2022 Associated companies, the amount receivable of 1.65 million euros from the sale of NOS International Carrier Services; Additionally, on 31 December 2023, advances to suppliers correspond predominantly to amounts paid under soccer rights contracts and other operating costs. The summary of movements in impairment of other receivable in other accounts receivable is as follows: 12M 22 12M 23 As of January 1 1,524 1,861 Increases (Note 36) 231 94 Reductions (Note 37) - (854) Utilizations, transfers and others 106 (836) As of December 31 1,861 26518. Accounts receivables \u2013 Trade On 31 December 2022 and 2023, this item was as follows : 31-12-2022 31-12-2023 Trade receivables 444,218 486,090 Unbilled revenues 89,805 90,943 534,023 577,033 Impairment of trade receivable (214,582) (213,341) 319,441 363,692 The amounts to be invoiced correspond mainly to the value of contractual obligations already met or partially met and whose invoicing will occur subsequently. The movements occurred in impairment adjustments were as follows: 12M 22 12M 23 As of January 1 197,628 214,582 Increases and decreases (Note 36) 19,333 11,941 Penalties 18,365 25,639 Utilizations / Others (20,744) (38,821) As of December 31 214,582 213,341 Penalties correspond to the invoiced penalties, in the period, for which the full expected credit losses are registered, and the register was made by deduction from the respective revenue.",
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"s7_notes__6__93": {
"value": "A) Credit Risk Credit risk is essentially related to the risk of a counterparty defaulting on its contractual obligations, resulting in a financial loss to the Group. The Group is subject to credit risk in its operating and treasury activities. The credit risk associated with operations is mainly related to receivables from services provided to customers (Notes 13 and 18). This risk is monitored on a regular business basis, and the aim of management is to: i) limit the credit granted to customers, considering the average collection period of each customer; ii) monitor the evolution of the level of credit granted; and iii) perform impairment analyses of accounts receivable on a regular basis. The classification of a customer as being in default takes into account the particularity of each customer, business/segment and amounts involved. In the majority of segments, a customer is considered to be in default if the debt is overdue for more than 180 days. In the residential segment, the main segment, NOS has as a restriction measure, the blocking of the services provided after 50 days of maturity without receipt. The Group does not face any significant credit risk with any particular customer, insofar as the accounts receivable derive from a large number of customers from a wide range of businesses. The adjustments for expected credit losses on accounts receivable are calculated considering: i) the risk profile of the customer, depending on whether it is a residential or corporate customer; ii) the average collection period, which differs from business to business; iii) the customer's financial condition; and iv) the future prospects for collection. Given the dispersion of customers it is not necessary to consider an additional adjustment for credit risk, besides the expected credit losses already recorded in accounts receivable - customers and accounts receivable - other. On a regular basis, doubtful debts, overdue for more than 24 months and with total impairment loss recorded, are derecognized, after all collection procedures considered adequate for credit recovery have been exhausted or frustrated. The following table represents the Group's maximum exposure to credit risk, as of 31 December 2022 and 2023, without taking into account any collateral held or other credit enhancements. For assets in the statement of financial position, the defined exposure is based on their carrying amount on the face of the statement of financial position. 31-12-2022 31-12-2023 Accounts receivable trade - current (Note 18) 229,636 272,749 Accounts receivable other - non-current (Note 13) 4,758 4,364 Accounts receivable other - current (Note 13) 4,667 4,085 Cash and cash equivalents (Note 22) 14,198 17,271 Total financial assets 253,259 298,469 Accounts receivable \u2013 customers The Group's exposure to credit risk is attributable mainly to the accounts receivable related to its operating activity. The amounts presented in the statement of financial position are net of expected credit losses that were estimated by the Group, in accordance with its experience and based on the economic environment evaluation. The Board of Directors believes that the carrying amounts of accounts receivable are similar to its fair value. On 31 December 2022 and 2023, the ageing of the trade receivables - trade receivables is as follows: 31-12-2022 31-12-2023 Not overdue 123,367 157,010 0 to 90 days 39,633 57,803 90 to 180 days 23,468 18,608 180 to 360 days 25,828 27,019 Over 360 days 231,922 225,650 Accounts receivable 444,218 486,090 Not overdue (5,909) (11,016) 0 to 90 days (6,179) (11,696) 90 to 180 days (12,588) (9,232) 180 to 360 days (14,980) (18,240) Over 360 days (174,926) (163,157) Expected credit losses (214,582) (213,341) Total accounts receivable 229,636 272,749 Credit risk monitoring is performed on a continuous basis and can be summarized as follows: \u2022 Regular customers are analyzed on an aggregate basis (homogeneous group) and the expected credit losses are calculated through the use of a collection\u2019s matrix, which is based on past collections adjusted for the expected future evolution of collections, to determine the uncollectability rate; \u2022 The balances of operators, agents and others are analyzed individually and the expected credit losses are calculated taking into consideration the age of each balance, the existence of claims, the current financial situation of each third party and the future expectation of receiving the respective amounts due.Cash and cash equivalents The guarantees and collaterals existing for some operators and agents are not material. The quality of the Group's credit risk, on 31 December 2022 and 2023, associated with this type of assets (Cash and Cash Equivalents except cash value), whose counterparties are financial institutions, is detailed as follows: 31-12-2022 31-12-2023 A 42 60 A- 5,834 4,791 BBB+ 3,871 4,709 BBB- 1,084 674 BBB - 5,536 BB+ 2,016 - B+ 1 1 B- 1,244 1,419 without rating 106 81 Total 14,198 17,271 The ratings information was taken from Reuters, based on the ratings assigned by the three main rating agencies (Standard & Poor's, Moody's and Fitch).",
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},
"s7_notes__6__95": {
"value": "B) Liquidity risk Prudent management of liquidity risk implies maintaining an adequate level of cash and cash equivalents to meet the assumed responsibilities, associated to the negotiation of credit lines with financial institutions. Under the adopted model, the Group has: b.1) Commercial paper programmes used of \u20ac668.6 million, of which \u20ac42.6 million issued under programmes without underwriting. The total amount contracted under firm underwriting programmes is 925 million euros, corresponding to seventeen programmes, with seven banking institutions, 825 million of which bear interest at market rates and 100 million are issued at fixed rates. b.2) Bonds by private and direct offer in the amount of 425 million euros. Based on estimated cash flows and taking into consideration the compliance with any covenants normally existing in loans payable, management regularly monitors the forecasts of the Group's liquidity reserve, including the amounts of unused credit lines, the amounts of cash and cash equivalents. Covenants From the loans obtained (excluding financial leases), besides being subject to the Group's compliance with its obligations (operational, legal and fiscal) 100% of them are subject to Cross default and Pari Passu, 96% to Negative Pledge clauses and 71% are subject to Ownership clauses. Additionally, about 19% of the total loans obtained require that consolidated net financial debt does not exceed up to 3 times EBITDA after consolidated lease payments, around 4% require that consolidated net financial debt does not exceed up to 3.5 times EBITDA after consolidated lease payments, around 15% require that consolidated net financial debt does not exceed up to 4 times EBITDA after payment of consolidated leases, around 6% require that consolidated net financial debt does not exceed up to 4.5 times EBITDA after payment of consolidated leases, and around 7% require that consolidated net financial debt does not exceed up to 5 times EBITDA after payment of consolidated leases. Net Financial Debt = Loans - Leasings - Cash and Cash Equivalents EBITDA = Operating profit + Depreciation, amortization and impairment losses + Restructuring costs + Losses / (gains) on disposal of assets + Other non-recurrent costs / (gains) EBITDA after lease payments = EBITDA - lease payments (principal and interest) The table below shows the Group's liabilities by contractual residual maturity intervals. The amounts shown in the table are the contractual undiscounted cash flows payable in the future and including the interest at which these liabilities are being remunerated. 31-12-2022 31-12-2023 Between Between Less than Over 5 Less than Over 1 and 5 To ta l 1 and 5 To ta l 1 year years 1 year 5 years years years Borrowings: Bond issue 302,943 289,467 - 592,410 78,743 349,008 - 427,751 Commercial paper 42,889 364,992 - 407,881 69,278 600,809 - 670,087 Bank overdrafts 7,136 - - 7,136 9,668 - - 9,668 Financial leases 74,485 214,269 341,453 630,207 79,379 190,875 356,208 626,462 Accounts payable - trade 253,355 - - 253,355 243,991 - - 243,991 Accounts receivable - trade 53,789 9,618 32,510 95,917 50,349 5,460 39,266 95,075 Derivatives financial instruments 397 - - 397 441 1,036 - 1,477 To ta l 734,994 878,346 373,963 1,987,303 531,849 1,147,188 395,475 2,074,512 ",
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"s7_notes__6__96": {
"value": "C) Market risk Exchange market risk Exchange rate risk is mainly related to exposure resulting from payments made to suppliers of terminal equipment and producers of audiovisual content for the Pay TV and audiovisual businesses, respectively. The commercial transactions between the Group and these suppliers are mainly denominated in US dollars. Considering the balance of accounts payable resulting from transactions denominated in a currency different from the Group's functional currency, the Group contracts or may contract financial instruments, namely short-term foreign currency forwards, in order to hedge the risk associated with these balances (Note 21). The Group has investments in foreign entities whose assets and liabilities are exposed to exchange rate variations (the Group has two subsidiaries in Mozambique, Lusomundo Mo\u00e7ambique and Mstar, whose functional currency is the Metical and two in Angola, Finstar and ZAP Media whose functional currency is the Kwanza). The Group has not adopted any policy of hedging the risk of exchange rate variations of these companies on the Group's cash flows in foreign currency. A sensitivity analysis was performed considering a 10% strengthening or weakening of the functional currencies of the various financial investments on 31 December 2023. Thus, the value of the financial investments would decrease by 2,410 thousand euros (2022: 3,248 thousand euros) or increase by 2,946 thousand euros (2022: 3,982 thousand euros), respectively, with the counterpart of these variations being recorded in equity. In this sensitivity analysis, gains or losses that financial investments would recognize resulting from currency fluctuations are not considered. The table below shows the Group's exposure to exchange rate risk at 31 December 2022 and 2023, based on the figures in the statement of financial position of the Group's financial assets and liabilities (amounts expressed in local currency): 31-12-2022 US dollar British pound Metical Assets Accounts receivable - trade 4,383 - - Accounts receivable - other 1 1 - Tax receivable - - 651 Cash and cash equivalents - - 6,911 Total assets 4,384 1 7,562 Liabilities Accounts payable - trade 7,943 (5) 35 Accounts payable - other 117 1 2 Total liabilities 8,060 (4) 37 Net (3,676) 5 7,525 31-12-2023 US dollar British pound Metical Assets Accounts receivable - trade 6,911 - - Accounts receivable - other 2 2 - Tax receivable 40 1 13 Cash and cash equivalents 6,953 3 13 Total assets Liabilities 5,025 - - Accounts payable - trade 146 6 - Accounts payable - other 5,171 6 - Total liabilities 1,782 (3) 13 NOS uses a sensitivity analysis technique that measures the estimated changes in results and equity of an immediate strengthening or weakening of the Euro against other currencies in the rates applied on 31 December 2023, for each class of financial instruments, holding other variables constant. This analysis is for illustrative purposes only, as in practice exchange rates rarely change in isolation. The sensitivity analysis was performed using a strengthening or weakening of the Euro by 10% in all exchange rates. In such case, profits before taxes would have increased by 179 thousand euros (2022: increased by 307 thousand euros) or decreased by 146 thousand euros (2022: decreased by 375 thousand euros), respectively. ",
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"s7_notes__6__97": {
"value": "4.2. Capital risk management The objective of capital risk management is to safeguard the continuity of the Group's operations, with an adequate return to shareholders and generating benefits for all stakeholders. The NOS Group's policy is to contract loans with financial entities, mostly at the level of the parent company, NOS, which in turn grants loans to its subsidiaries and associates. In the case of joint ventures, which contract financing in their own name, NOS participates in the contract process and is the guarantor for repayment of the loan. This policy aims to optimize the capital structure with a view to greater tax efficiency and reducing the average cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amounts of dividends to be distributed to shareholders, issue new shares, dispose of assets to reduce liabilities or launch share buyback programmes. As applied by other entities operating in the market in which the Group's operations are carried out, the Group manages capital on the basis of the net financial debt/EBITDA ratio. Net financial debt is calculated as the total of current and non-current borrowings, excluding finance leases related to contracts for the acquisition of capacity utilization rights and other long-term contracts, less cash and cash equivalents, less cash and cash equivalents. The internal ratio set as a target is a debt level below 3 times EBITDA. 31-12-2022 31-12-2023 Financial debt (Note 25) 1,007,427 1,107,507 Cash and cash equivalents (Note 22) (15,215) (18,158) Total financial debt 992,212 1,089,349 financial leases (Note 25) 630,207 626,462 Total net debt 1,622,419 1,715,811 (1)EBITDA 651,060 716,669 (2)EBITDA after leasing payments 547,727 603,200 Net financial debt / EBITDA after leasing payments 1.81 1.81 Net debt / EBITDA 2.49 2.39 (1) EBITDA = Operating Result + Depreciation, Amortization and Impairment Losses + Restructuring Costs + Losses/(Gains) on disposals of assets + Other Costs/(Gains) Non-Recurring (2) EBITDA after leasings payments = EBITDA \u2013 Leasings payments (Capital and Interest) Estimated fair value 31-12-2022 Level 1 Level 2 Level 3 Total Assets Other financial assets non-current (Note 15) - - 5,248 5,248 Interest rate derivatives (Note 20) - 10,947 - 10,947 Exchange rate derivatives (Note 21) - 302 - 302 - 11,249 5,248 16,497 Liabilities Exchange rate derivatives (Note 21) - 397 - 397 - 397 - 397 31-12-2023 Level 1 Level 2 Level 3 Total Assets Other financial assets non-current (Note 15) - - 6,028 6,028 Interest rate derivatives (Note 21) - 5,386 - 5,386 Exchange rate derivatives (Note 21) - 197 - 197 - 5,583 6,028 11,611 Liabilities Interest rate derivatives (Note 21) - 1,036 - 1,036 Exchange rate derivatives (Note 21) - 441 - 441 - 1,477 - 1,477 The levels of the fair value hierarchy, as established by IFRS 13 - Fair value measurement, are defined as follows: \u2022 Level 1 - Financial instruments valued based on quotations in active markets to which the Company has access. This category includes securities valued based on executable prices (with immediate liquidity) published by external sources. \u2022 Level 2 - Financial instruments whose valuation is based on directly or indirectly observable data in active markets. This category includes securities valued based on bids provided by external entities and internal valuation techniques that use only observable market data. \u2022 Level 3 - All financial instruments valued at fair value that do not fall into levels 1 and 2. Assets available for sale were valued using the discounted cash flow method (level 3). The calculation of the fair value of interest rate swap derivatives was based on an estimate of discounted future cash flows, using the estimated market interest rate curve calculated by the entities with which the swaps were contracted (level 2). The fair value of forward rate agreement derivatives is calculated based on the spot exchange rate (level 2).",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__99": {
"value": "Estimated fair value 31-12-2022 Level 1 Level 2 Level 3 Total Assets Other financial assets non-current (Note 15) - - 5,248 5,248 Interest rate derivatives (Note 20) - 10,947 - 10,947 Exchange rate derivatives (Note 21) - 302 - 302 - 11,249 5,248 16,497 Liabilities Exchange rate derivatives (Note 21) - 397 - 397 - 397 - 397 31-12-2023 Level 1 Level 2 Level 3 Total Assets Other financial assets non-current (Note 15) - - 6,028 6,028 Interest rate derivatives (Note 21) - 5,386 - 5,386 Exchange rate derivatives (Note 21) - 197 - 197 - 5,583 6,028 11,611 Liabilities Interest rate derivatives (Note 21) - 1,036 - 1,036 Exchange rate derivatives (Note 21) - 441 - 441 - 1,477 - 1,477 The levels of the fair value hierarchy, as established by IFRS 13 - Fair value measurement, are defined as follows: \u2022 Level 1 - Financial instruments valued based on quotations in active markets to which the Company has access. This category includes securities valued based on executable prices (with immediate liquidity) published by external sources. \u2022 Level 2 - Financial instruments whose valuation is based on directly or indirectly observable data in active markets. This category includes securities valued based on bids provided by external entities and internal valuation techniques that use only observable market data. \u2022 Level 3 - All financial instruments valued at fair value that do not fall into levels 1 and 2. Assets available for sale were valued using the discounted cash flow method (level 3). The calculation of the fair value of interest rate swap derivatives was based on an estimate of discounted future cash flows, using the estimated market interest rate curve calculated by the entities with which the swaps were contracted (level 2). The fair value of forward rate agreement derivatives is calculated based on the spot exchange rate (level 2).",
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"s7_notes__6__98": {
"value": "Estimated fair value 31-12-2022 Level 1 Level 2 Level 3 Total Assets Other financial assets non-current (Note 15) - - 5,248 5,248 Interest rate derivatives (Note 20) - 10,947 - 10,947 Exchange rate derivatives (Note 21) - 302 - 302 - 11,249 5,248 16,497 Liabilities Exchange rate derivatives (Note 21) - 397 - 397 - 397 - 397 31-12-2023 Level 1 Level 2 Level 3 Total Assets Other financial assets non-current (Note 15) - - 6,028 6,028 Interest rate derivatives (Note 21) - 5,386 - 5,386 Exchange rate derivatives (Note 21) - 197 - 197 - 5,583 6,028 11,611 Liabilities Interest rate derivatives (Note 21) - 1,036 - 1,036 Exchange rate derivatives (Note 21) - 441 - 441 - 1,477 - 1,477 The levels of the fair value hierarchy, as established by IFRS 13 - Fair value measurement, are defined as follows: \u2022 Level 1 - Financial instruments valued based on quotations in active markets to which the Company has access. This category includes securities valued based on executable prices (with immediate liquidity) published by external sources. \u2022 Level 2 - Financial instruments whose valuation is based on directly or indirectly observable data in active markets. This category includes securities valued based on bids provided by external entities and internal valuation techniques that use only observable market data. \u2022 Level 3 - All financial instruments valued at fair value that do not fall into levels 1 and 2. Assets available for sale were valued using the discounted cash flow method (level 3). The calculation of the fair value of interest rate swap derivatives was based on an estimate of discounted future cash flows, using the estimated market interest rate curve calculated by the entities with which the swaps were contracted (level 2). The fair value of forward rate agreement derivatives is calculated based on the spot exchange rate (level 2).",
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"s7_notes__6__100": {
"value": "6. Segment reporting The business segments are as follows: \u2022 Telco \u2013 TV, Internet (fixed and mobile) and voice (fixed and mobile) services rendered and includes the following companies: NOS Technology, Per-mar, Sont\u00e1ria, NOS SGPS, NOS A\u00e7ores, NOS Property, NOS Madeira, NOS SA, NOS Audio- Sales and Distribution, Teliz Holding, NOS Sistemas, NOS Sistemas Espa\u00f1a, NOS Inova\u00e7\u00e3o, NOS Internacional SGPS, NOS Corporate Center, NOS Wholesale, Fundo NOS 5G, Dualgrid, NOS Media\u00e7\u00e3o de Seguros, Ten Twenty One and CEiiA. \u2022 Audiovisual \u2013 the supply of video production services and sales, cinema exhibition and distribution and the acquisition/negotiation of Pay TV and VOD (video-on-demand) rights and includes the following companies: NOS Audiovisuais, NOS Cinemas, Lusomundo Mo\u00e7ambique, Lda (\"Lusomundo Mo\u00e7ambique\"), Lusomundo Imobili\u00e1ria 2, S.A. (\"Lusomundo Imobili\u00e1ria 2\"), Lusomundo Sociedade de Investimentos Imobili\u00e1rios, SGPS, S.A. (\u201cLusomundo SII\u201d), Empracine \u2013 Empresa Promotora de Atividades Cinematogr\u00e1ficas, Lda (\u201cEmpracine\u201d), NOS Audio SGPS and Dreamia S.L. Assets and liabilities by segment on 31 December 2022 and 2023 are shown below: 31-12-2022 Telco Audiovisuals Eliminations Group Assets Non - current assets: Tangible assets 1,098,022 9,030 - 1,107,052 Intangible assets 1,117,022 92,536 - 1,209,558 Contract costs 160,594 - - 160,594 Rights of use 270,493 27,230 - 297,723 Investments in jointly controlled companies and associated companies 122,712 46,256 (130,007) 38,961 Accounts receivable - other 43,569 3,082 (41,893) 4,758 Deferred income tax assets 81,545 8,009 - 89,554 Other non-current assets 16,917 463 - 17,380 Total non - current assets 2,910,874 186,606 (171,900) 2,925,580 Current assets: Inventories 66,657 566 - 67,223 Account receivables 391,650 47,390 (42,872) 396,168 Prepaid expenses 50,891 1,721 (380) 52,232 Other current assets 4,788 2,118 - 6,906 Cash and cash equivalents 14,265 950 - 15,215 Total current assets 528,251 52,745 (43,252) 537,744 Total assets 3,439,125 239,351 (215,152) 3,463,324 Shareholder's equity Share capital 855,168 48,917 (48,917) 855,168 Capital issued premium 4,202 - - 4,202 Own shares (15,968) - - (15,968) Legal reserve 1,030 1,989 (1,989) 1,030 Other reserves and accumulated earnings 7,998 37,897 (68,809) (22,914) Net income 216,203 18,207 (9,836) 224,574 Equity before non - controlling interests 1,068,633 107,010 (129,551) 1,046,092 Non-controlling interests 6,251 - - 6,251 Total equity 1,074,884 107,010 (129,551) 1,052,343 Liabilities Non - current liabilities: Borrowings 1,188,142 63,931 (41,892) 1,210,181 Provisions 73,656 7,611 - 81,267 Other non-current liabilities 44,952 - - 44,952 Deferred income tax liabilities 49,296 829 - 50,125 Total non - current liabilities 1,356,046 72,371 (41,892) 1,386,525 Current liabilities: Borrowings 433,941 17,185 (23,673) 427,453 Accounts payable 305,870 17,086 (15,812) 307,144 Tax payable 37,485 1,357 - 38,842 Accrued expenses 199,001 17,274 (3,845) 212,430 Other current liabilities 31,898 7,068 (379) 38,587 Total current liabilities 1,008,195 59,970 (43,709) 1,024,456 Total liabilities 2,364,241 132,341 (85,601) 2,410,981 Total liabilities and shareholder\u00b4s equity 3,439,125 239,351 (215,152) 3,463,324 31-12-2023 Telco Audiovisuals Eliminations Group Assets Non - current assets: Tangible assets 1,084,379 9,205 - 1,093,584 Intangible assets 1,114,748 93,198 - 1,207,946 Contract costs 158,406 - - 158,406 Rights of use 272,228 34,862 - 307,090 Investments in jointly controlled companies and associated companies 144,077 45,224 (159,861) 29,440 Accounts receivable - other 13,076 3,173 (11,885) 4,364 Deferred income tax assets 74,775 7,131 - 81,906 Other non-current assets 11,720 291 - 12,011 Total non - current assets 2,873,409 193,084 (171,746) 2,894,747 Current assets: Inventories 47,607 608 - 48,215 Account receivables 415,253 51,225 (40,093) 426,385 Prepaid expenses 43,278 1,525 (378) 44,425 Other current assets 35,027 2,023 - 37,050 Cash and cash equivalents 17,359 799 - 18,158 Total current assets 558,524 56,180 (40,471) 574,233 Total assets 3,431,933 249,264 (212,217) 3,468,980 Shareholder's equity Share capital 855,168 78,925 (78,925) 855,168 Capital issued premium 4,202 - - 4,202 Own shares (15,059) - - (15,059) Legal reserve 4,374 2,697 (2,697) 4,374 Other reserves and accumulated earnings (22,388) 49,319 (68,509) (41,578) Net income 171,661 18,608 (9,274) 180,995 Equity before non - controlling interests 997,958 149,549 (159,405) 988,102 Non-controlling interests 6,585 - - 6,585 Total equity 1,004,543 149,549 (159,405) 994,687 Liabilities Non - current liabilities: Borrowings 1,468,909 39,875 (11,884) 1,496,900 Provisions 73,182 6,972 - 80,154 Other non-current liabilities 45,762 - - 45,762 Deferred income tax liabilities 47,998 1,509 - 49,507 Total non - current liabilities 1,635,851 48,356 (11,884) 1,672,323 Current liabilities: Borrowings 249,176 9,942 (22,049) 237,069 Accounts payable 291,055 16,726 (13,441) 294,340 Tax payable 22,186 1,027 - 23,213 Accrued expenses 190,993 18,010 (5,060) 203,943 Other current liabilities 38,129 5,654 (378) 43,405 Total current liabilities 791,539 51,359 (40,928) 801,970 Total liabilities 2,427,390 99,715 (52,812) 2,474,293 Total liabilities and shareholder\u00b4s equity 3,431,933 249,264 (212,217) 3,468,980 The results by segment and investments in tangible and intangible assets, contract costs and rights of use for the financial years ended on 31 December 2022 and 2023 are shown below: Telco Audiovisuals Eliminations Group thththth 4 quarter 22 12M 22 4 quarter 22 12M 22 4 quarter 22 12M 22 4quarter 22 12M 22 Revenues: Services rendered 339,200 1,325,968 23,838 82,372 (12,740) (45,599) 350,298 1,362,741 Sales 34,440 115,823 3,952 12,404 (73) (183) 38,319 128,044 Other operating revenues 8,308 29,153 735 1,672 (151) (603) 8,892 30,222 381,948 1,470,944 28,525 96,448 (12,964) (46,385) 397,509 1,521,007 Costs, losses and gains: Wages and salaries 19,621 75,262 3,244 10,640 (4) (4) 22,861 85,898 Direct costs 100,936 356,738 5,978 18,695 (7,842) (30,414) 99,072 345,019 Costs of products sold 33,770 111,836 952 2,761 (12) (35) 34,710 114,562 Marketing and advertising 19,136 43,774 801 2,870 (3,031) (11,896) 16,906 34,748 Support services 24,995 83,718 476 2,619 (504) (2,871) 24,967 83,466 Supplies and external services 36,449 147,282 2,844 9,121 (1,571) (1,165) 37,722 155,238 Other operating losses / (gains) 99 596 64 202 - - 163 798 Taxes 8,147 34,858 31 127 - - 8,178 34,985 Provisions and adjustments 2,041 15,998 (50) (765) - - 1,991 15,233 245,194 870,062 14,340 46,270 (12,964) (46,385) 246,570 869,947 EBITDA 136,754 600,882 14,185 50,178 - - 150,939 651,060 Depreciation, amortization and impairment losses 128,563 452,126 6,768 28,761 - - 135,331 480,887 Other losses / (gains), net (23,748) (100,488) 95 453 - - (23,653) (100,035) Income before losses / (gains) participated companies, financial results and taxes 31,939 249,244 7,322 20,964 - - 39,261 270,208 Net losses / (gains) of affiliated companies (5,890) (22,798) 742 675 - - (5,148) (22,123) Financial costs 8,847 31,437 (803) 141 - - 8,044 31,578 Net foreign exchange losses / (gains) 675 298 (51) (74) - - 624 224 Net losses / (gains) on financial assets 4 (7,278) 299 (2,455) (297) 9,836 6 103 Net other financial expenses / (income) 773 3,296 5 23 - - 778 3,319 4,409 4,955 192 (1,690) (297) 9,836 4,304 13,101 Income before taxes 27,530 244,289 7,130 22,654 297 (9,836) 34,957 257,107 Income taxes (198) 28,216 1,885 4,447 - - 1,687 32,663 Net income 27,728 216,073 5,245 18,207 297 (9,836) 33,270 224,444 Capex 198,698 596,866 13,523 28,948 - - 212,221 625,814 EBITDA - Capex (61,944) 4,016 662 21,230 - - (61,282) 25,246 Telco Audiovisuals Eliminations Group th thth th 4quarter 23 12M 23 4 quarter 23 12M 23 4quarter 23 12M 23 4quarter 23 12M 23 Revenues: Services rendered 360,686 1,404,144 18,377 81,633 (8,790) (33,790) 370,273 1,451,987 Sales 33,450 100,161 3,466 16,393 (72) (277) 36,844 116,277 Other operating revenues 7,037 28,440 399 1,410 (210) (660) 7,226 29,190 401,173 1,532,745 22,242 99,436 (9,072) (34,727) 414,343 1,597,454 Costs, losses and gains: Wages and salaries 18,178 78,633 3,214 11,576 (1) (3) 21,391 90,206 Direct costs 99,434 357,052 4,399 22,377 (6,424) (25,038) 97,409 354,391 Costs of products sold 37,497 100,659 820 3,778 (10) (26) 38,307 104,411 Marketing and advertising 20,456 47,157 1,067 4,185 (3,464) (12,382) 18,059 38,960 Support services 24,119 91,885 1,008 3,060 (1,075) (3,311) 24,052 91,634 Supplies and external services 37,264 141,866 1,373 5,630 1,902 6,033 40,539 153,529 Other operating losses / (gains) 232 797 139 259 - - 371 1,056 Taxes 8,840 35,616 30 97 - - 8,870 35,713 Provisions and adjustments 1,904 11,477 (194) (592) - - 1,710 10,885 247,924 865,142 11,856 50,370 (9,072) (34,727) 250,708 880,785 EBITDA 153,249 667,603 10,386 49,066 - - 163,635 716,669 Depreciation, amortization and impairment losses 115,954 455,504 7,830 28,134 - - 123,784 483,638 Other losses / (gains), net (32,385) (31,601) 100 420 - - (32,285) (31,181) Income before losses / (gains) participated companies, financial results and taxes 69,680 243,700 2,456 20,512 - - 72,136 264,212 Net losses / (gains) of affiliated companies (908) (5,908) 626 827 - - (282) (5,081) Financial costs 19,194 63,389 509 1,904 - - 19,703 65,293 Net foreign exchange losses / (gains) 124 79 25 9 - - 149 88 Net losses / (gains) on financial assets 921 (5,766) (3,287) (3,291) 2,238 9,274 (128) 217 Net other financial expenses / (income) 859 3,586 9 21 - - 868 3,607 20,190 55,380 (2,118) (530) 2,238 9,274 20,310 64,124 Income before taxes 49,490 188,320 4,574 21,042 (2,238) (9,274) 51,826 200,088 Income taxes (2,686) 16,320 (410) 2,434 - - (3,096) 18,754 Net income 52,176 172,000 4,984 18,608 (2,238) (9,274) 54,922 181,334 Capex 108,715 438,206 7,248 36,638 - - 115,963 474,844 EBITDA - Capex 44,534 229,397 3,138 12,428 - - 47,672 241,825 EBITDA = Operational Result + Depreciation, amortization and impairment losses + Restructuring costs + Losses / (gains) on sale of assets + Other losses / (gains) non-recurrent CAPEX = Increases in tangible and intangible assets, contract costs and rights of use Transactions between segments are performed on market terms and conditions in a comparable way to transactions performed with third parties. On 31 December 2023, fully consolidated foreign companies represent less than 1% of assets (at 31 December 2022: less than 1%) and their turnover is less than 0.1% of consolidated turnover. ",
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},
"s7_notes__6__102": {
"value": "8. Tangible assets In the financial years ended on 31 December 2022 and 2023, the movements in this item were as follows: Disposals and Transfers 31-12-2021 Increases 31-12-2022 write-offs and others Acquisition cost Lands 796 - (277) - 519 Buildings and other constructions 276,320 1,140 (46,115) 32,914 264,259 Basic equipment 2,765,157 48,038 (106,233) 202,213 2,909,175 Transportation equipment 514 - - - 514 Tools and dies 1,596 - 11 - 1,607 Administrative equipment 195,035 1,460 (2,769) 2,195 195,921 Other tangible assets 43,864 139 (90) 249 44,162 Tangible assets in-progress 41,226 231,250 5,414 (224,452) 53,438 3,324,508 282,027 (150,059) 13,119 3,469,595 Accumulated depreciation and impairment losses Buildings and other constructions 180,308 10,801 (31,615) 24 159,518 Basic equipment 1,872,564 200,375 (101,234) (31) 1,971,674 Transportation equipment 513 1 - - 514 Tools and dies 1,479 59 (10) - 1,528 Administrative equipment 185,182 3,082 (2,766) 152 185,650 Other tangible assets 43,362 388 (105) 14 43,659 2,283,408 214,706 (135,730) 159 2,362,543 1,041,100 67,321 (14,329) 12,960 1,107,052 Disposals and Transfers 31-12-2022 Increases 31-12-2023 write-offs and others Acquisition cost Lands 519 - - - 519 Buildings and other constructions 264,259 (715) (9,564) 27,686 281,666 Basic equipment 2,909,175 48,154 (231,008) 202,136 2,928,457 Transportation equipment 514 - - (2) 512 Tools and dies 1,607 - (5) 86 1,688 Administrative equipment 195,921 1,346 (4,485) (45,711) 147,071 Other tangible assets 44,162 139 (48) 323 44,576 Tangible assets in-progress 53,438 130,176 - (137,674) 45,940 3,469,595 179,100 (245,110) 46,844 3,450,429 Accumulated depreciation and impairment losses Buildings and other constructions 159,518 12,758 (9,564) (19,036) 143,676 Basic equipment 1,971,674 187,989 (231,008) 98,823 2,027,478 Transportation equipment 514 1 - (4) 511 Tools and dies 1,528 102 (5) (640) 985 Administrative equipment 185,650 3,784 (4,439) (44,955) 140,040 Other tangible assets 43,659 534 (48) 10 44,155 2,362,543 205,168 (245,064) 34,198 2,356,845 1,107,052 (26,068) (46) 12,646 1,093,584 In the year ended on 31 December 2022, the net amount of \"Disposals and write-offs\" corresponds predominantly to the sale of a portfolio of 293 mobile sites, with NOS receiving 163.6 million euros for the transaction, giving rise to a gain of 100.6 million euros, recognized under the heading Losses / (gains) on disposal of assets. In the year ended on 31 December 2023, the net amount of \"Disposals and write-offs\" corresponds predominantly to the sale of infrastructure and equipment replaced by newer generations and models, for approximately 1 million euros. The net amount of \"Transfers and Other\" corresponds predominantly to the transfer of assets from \"Intangible Assets\" (Note 9). On 31 December 2023, the net value of tangible assets is composed mainly by basic equipment, namely: \u2022 Network and telecommunications infrastructure (fibre optic network and cabling, network equipment, and other equipment) in the amount of 807.5 million euros (31 December 2022: 831.8 million euros); \u2022 Terminal equipment installed on client premises, included under Basic equipment, amounts to 93.5 million euros (31 December 2022: 105.7 million euros). Tangible and intangible assets include interests and other financial expenses incurred directly related to the construction of certain tangible or intangible assets in progress. On 31 December 2023, total net value of these costs amounted to 9.3 million euros (31 December 2022: 13.6 million euros). The amount of interest capitalized in the financial year on 31 December 2023 was null (31 December 2022: 1.1 million euros). On 31 December 2022 and 2023, the value of commitments to third parties relating to investments to be made was as follows: 31-12-2022 31-12-2023 Network investments 64,220 94,197 Information systems investments 2,555 7,236 66,775 101,433 During the year ended on 31 December 2023, the Company carried out an impairment analysis (see assumptions in Note 9) of the fixed assets allocated to cinema exhibition. Given the range of influence of each complex, the cinemas were grouped as cash-generating units on a regional basis for purposes of impairment testing. The regional cash generating units are Lisbon, Porto, Coimbra, Aveiro, Viseu and the cinemas dispersed throughout the remaining regions of the country are considered individual cash generating units. In these impairment tests, a discount rate (before taxes) of 9.8% and a perpetuity growth rate of 2.0% were considered. From this analysis did not result any recognition of impairment losses. Sensitivity analyses were performed to variations in discount rates and revenue growth of approximately 10% and to a perpetuity growth rate of 0%, from which no additional impairment losses were recognized.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__103": {
"value": "Tangible and intangible assets include interests and other financial expenses incurred directly related to the construction of certain tangible or intangible assets in progress. On 31 December 2023, total net value of these costs amounted to 9.3 million euros (31 December 2022: 13.6 million euros). The amount of interest capitalized in the financial year on 31 December 2023 was null (31 December 2022: 1.1 million euros)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__105": {
"value": "9. Intangible assets In the financial years ended on 31 December 2022 and 2023, the movements in this item were as follows: Disposals and Transfers 31-12-2021 Increases 31-12-2022 write-offs and others Acquisition cost Industrial property and other rights 1,981,959 13,730 (357) 107,848 2,103,180 Goodwill 641,400 - - - 641,400 Intangible assets in-progress 39,861 108,264 - (120,908) 27,217 2,663,220 121,994 (357) (13,060) 2,771,797 Accumulated amortization and impairment losses Industrial property and other rights 1,456,166 104,507 (357) (409) 1,559,907 Intangible assets in-progress 2,023 - - 309 2,332 1,458,189 104,507 (357) (100) 1,562,239 1,205,031 17,487 - (12,960) 1,209,558 Disposals and Transfers 31-12-2022 Increases 31-12-2023 write-offs and others Acquisition cost Industrial property and other rights 2,103,180 24,710 (659) (25,744) 2,101,487 Goodwill641,400 217 - (217) 641,400 Intangible assets in-progress 27,217 92,150 - (92,177) 27,190 2,771,797 117,077 (659) (118,138) 2,770,077 Accumulated amortization and impairment losses Industrial property and other rights 1,559,907 110,971 (659) (109,070) 1,561,149 Intangible assets in-progress 2,332 - - (1,350) 982 1,562,239 110,971 (659) (110,420) 1,562,131 1,209,558 6,106 - (7,718) 1,207,946 The amount of \u201cTransfers and Others\u201d corresponds, mainly, to the transfer of assets to \u201cTangible assets\" (Note 8). On 31 December 2023, the item \"Industrial property and other rights\" includes mainly: \u2022 A net amount of 135.6 million euros (31 December 2022: 143.2 million euros) corresponding to the acquisition of frequency usage rights in 5G bands and other relevant bands (100MHz in the 3.6GHz band and 2x10MHz in the 700MHz band, also acquiring 2x5MHz in the 2100MHz band and 2x2MHz in the 900MHz band); \u2022 A net amount of 77.5 million euros (31 December 2022: 85.8 million euros) mainly related to the investment, net of amortization, made in the development of the UMTS network by NOS SA, including: o 24.5 million euros (31 December 2022: 27.2 million euros) related to the license; o 8.2 million euros (31 December 2022: 9.1 million euros) related to the agreement signed in 2002 between Oni Way and the other three mobile telecommunication operators with activity in Portugal; o 2.5 million euros (31 December 2022: 2.8 million euros) related to the Share Capital of \u201cFunda\u00e7\u00e3o para as Comunica\u00e7\u00f5es M\u00f3veis\u2019\u2019, established in 2007, under an agreement entered with \u201cMinist\u00e9rio das Obras P\u00fablicas, Transportes e Comunica\u00e7\u00f5es\u201d and the three mobile telecommunication operators in Portugal; o 35.9 million euros (31 December 2022: 39.7 million euros) related with the program \u201cIniciativas E\u201d; and o the net amount of 4.2 million euros (31 December 2022: 4.7 million euros) corresponding to the valuation of the license in the fair value allocation process resulting from the merger; \u2022 A net amount of 67.7 million euros (31 December 2022: 71.4 million euros) corresponding to the current value of future payments related with the acquisition of rights of use for frequencies (spectrum) bands of 800 MHz, 1800 MHz, 2600 MHz, which will be used to develop 4th generation services (LTE - Long Term Evolution) and a net amount of 2.4 million euros (31 December 2022: 2.5 million euros) corresponding to the valuation of the license in the fair value allocation process resulting from the merger; \u2022 A net amount of 175 million euros related with software development (31 December 2022: 173 million euros); \u2022 A net amount of 16.3 million euros (31 December 2022: 15.7 million euros) corresponding to the future rights to use movies and series. Increases in the financial year ended on 31 December 2023 correspond mainly to the acquisition of movies and television series usage rights, for an amount of 17 million euros, and acquisition and development of software and other assets, for an amount of 95.6 million euros. On 31 December 2022 and 2023 intangible assets in progress are broken down as follows (amounts in thousands of euros): 31-12-2022 31-12-2023 Nature 16,534 16,111 Development of information systems (i) 5,877 6,843 Rights of use of films and series (ii) 2,474 3,614 Others 24,885 26,208 i. Information Systems Development refers to costs with external companies and work for the company itself, related with information systems development projects, both for the telecommunications network and for internal business and administrative systems, not yet concluded or in operation. ii. The film and series royalties correspond to films and series that have not yet started their exploitation. Impairment tests on goodwill Goodwill was allocated to the cash-generating units of each reportable segment, as follows: 31-12-2022 31-12-2023 Telco 564,799 564,799 Audiovisuals 76,601 76,601 641,400 641,400 In 2023 impairment tests were performed based on assessments in accordance with the discounted cash flow method, which corroborate the recoverability of the book value of the Goodwill. The amounts in these assessments are based on the historical performances and forecast growth of the businesses and their markets, incorporated in medium/long term approved plans. These estimates are based on the following assumptions: Audiovisuals Segment Telco NOS NOS Segment Audiovisuals Cinemas Discount rate (before taxes) 6.5% 9.1% 9.8% Assessment period 5 year 5 years 5 years EBITDA growth (2023-28)* 0.0% -3.8% 3.4% Perpetuity growth rate 2.0% 2.0% 2.0% * EBITDA = Operating Income + Depreciation, Amortization and Impairment Losses + Restructuring Costs + Losses / (Gains) on disposal of assets + Other Costs / (Gains) Non-Recurring (CAGR - average 5 years) In the Telco segment, the assumptions used are based on past performance, evolution of the number of customers, expected development of regulated tariffs, current market conditions, and expectations of future development. In the cinema segment, the most affected segment by COVID-19, strong EBITDA growth is justified on the prospect of a recovery in activity to levels close to those pre-pandemic. The number of years specified in the impairment tests depends on the degree of maturity of the several businesses and markets and were determined based on the most appropriate criterion for the valuation of each cash-generating unit. Sensitivity analyses were performed to variations in the discount rate and growth rate in the perpetuity of the various reported segments, of 1 percentage point and 0.4 percentage points, respectively. In the telecommunications segment, sensitivity analysis was also performed to variations in the operational indicators RGU (Revenue Generating Unit), ARPU (Average Revenue per User), EBITDA and CAPEX, in perpetuity, of approximately 5%. In the cinema segment, sensitivity analysis was conducted on variations in the projected number of tickets sold, average revenue per ticket, EBITDA and CAPEX, in perpetuity, of approximately 5%. These simulations did not result in the need to reinforce impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__104": {
"value": "9. Intangible assets In the financial years ended on 31 December 2022 and 2023, the movements in this item were as follows: Disposals and Transfers 31-12-2021 Increases 31-12-2022 write-offs and others Acquisition cost Industrial property and other rights 1,981,959 13,730 (357) 107,848 2,103,180 Goodwill 641,400 - - - 641,400 Intangible assets in-progress 39,861 108,264 - (120,908) 27,217 2,663,220 121,994 (357) (13,060) 2,771,797 Accumulated amortization and impairment losses Industrial property and other rights 1,456,166 104,507 (357) (409) 1,559,907 Intangible assets in-progress 2,023 - - 309 2,332 1,458,189 104,507 (357) (100) 1,562,239 1,205,031 17,487 - (12,960) 1,209,558 Disposals and Transfers 31-12-2022 Increases 31-12-2023 write-offs and others Acquisition cost Industrial property and other rights 2,103,180 24,710 (659) (25,744) 2,101,487 Goodwill641,400 217 - (217) 641,400 Intangible assets in-progress 27,217 92,150 - (92,177) 27,190 2,771,797 117,077 (659) (118,138) 2,770,077 Accumulated amortization and impairment losses Industrial property and other rights 1,559,907 110,971 (659) (109,070) 1,561,149 Intangible assets in-progress 2,332 - - (1,350) 982 1,562,239 110,971 (659) (110,420) 1,562,131 1,209,558 6,106 - (7,718) 1,207,946 The amount of \u201cTransfers and Others\u201d corresponds, mainly, to the transfer of assets to \u201cTangible assets\" (Note 8). On 31 December 2023, the item \"Industrial property and other rights\" includes mainly: \u2022 A net amount of 135.6 million euros (31 December 2022: 143.2 million euros) corresponding to the acquisition of frequency usage rights in 5G bands and other relevant bands (100MHz in the 3.6GHz band and 2x10MHz in the 700MHz band, also acquiring 2x5MHz in the 2100MHz band and 2x2MHz in the 900MHz band); \u2022 A net amount of 77.5 million euros (31 December 2022: 85.8 million euros) mainly related to the investment, net of amortization, made in the development of the UMTS network by NOS SA, including: o 24.5 million euros (31 December 2022: 27.2 million euros) related to the license; o 8.2 million euros (31 December 2022: 9.1 million euros) related to the agreement signed in 2002 between Oni Way and the other three mobile telecommunication operators with activity in Portugal; o 2.5 million euros (31 December 2022: 2.8 million euros) related to the Share Capital of \u201cFunda\u00e7\u00e3o para as Comunica\u00e7\u00f5es M\u00f3veis\u2019\u2019, established in 2007, under an agreement entered with \u201cMinist\u00e9rio das Obras P\u00fablicas, Transportes e Comunica\u00e7\u00f5es\u201d and the three mobile telecommunication operators in Portugal; o 35.9 million euros (31 December 2022: 39.7 million euros) related with the program \u201cIniciativas E\u201d; and o the net amount of 4.2 million euros (31 December 2022: 4.7 million euros) corresponding to the valuation of the license in the fair value allocation process resulting from the merger; \u2022 A net amount of 67.7 million euros (31 December 2022: 71.4 million euros) corresponding to the current value of future payments related with the acquisition of rights of use for frequencies (spectrum) bands of 800 MHz, 1800 MHz, 2600 MHz, which will be used to develop 4th generation services (LTE - Long Term Evolution) and a net amount of 2.4 million euros (31 December 2022: 2.5 million euros) corresponding to the valuation of the license in the fair value allocation process resulting from the merger; \u2022 A net amount of 175 million euros related with software development (31 December 2022: 173 million euros); \u2022 A net amount of 16.3 million euros (31 December 2022: 15.7 million euros) corresponding to the future rights to use movies and series. Increases in the financial year ended on 31 December 2023 correspond mainly to the acquisition of movies and television series usage rights, for an amount of 17 million euros, and acquisition and development of software and other assets, for an amount of 95.6 million euros. On 31 December 2022 and 2023 intangible assets in progress are broken down as follows (amounts in thousands of euros): 31-12-2022 31-12-2023 Nature 16,534 16,111 Development of information systems (i) 5,877 6,843 Rights of use of films and series (ii) 2,474 3,614 Others 24,885 26,208 i. Information Systems Development refers to costs with external companies and work for the company itself, related with information systems development projects, both for the telecommunications network and for internal business and administrative systems, not yet concluded or in operation. ii. The film and series royalties correspond to films and series that have not yet started their exploitation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__106": {
"value": "Impairment tests on goodwill Goodwill was allocated to the cash-generating units of each reportable segment, as follows: 31-12-2022 31-12-2023 Telco 564,799 564,799 Audiovisuals 76,601 76,601 641,400 641,400 In 2023 impairment tests were performed based on assessments in accordance with the discounted cash flow method, which corroborate the recoverability of the book value of the Goodwill. The amounts in these assessments are based on the historical performances and forecast growth of the businesses and their markets, incorporated in medium/long term approved plans. These estimates are based on the following assumptions: Audiovisuals Segment Telco NOS NOS Segment Audiovisuals Cinemas Discount rate (before taxes) 6.5% 9.1% 9.8% Assessment period 5 year 5 years 5 years EBITDA growth (2023-28)* 0.0% -3.8% 3.4% Perpetuity growth rate 2.0% 2.0% 2.0% * EBITDA = Operating Income + Depreciation, Amortization and Impairment Losses + Restructuring Costs + Losses / (Gains) on disposal of assets + Other Costs / (Gains) Non-Recurring (CAGR - average 5 years) In the Telco segment, the assumptions used are based on past performance, evolution of the number of customers, expected development of regulated tariffs, current market conditions, and expectations of future development. In the cinema segment, the most affected segment by COVID-19, strong EBITDA growth is justified on the prospect of a recovery in activity to levels close to those pre-pandemic. The number of years specified in the impairment tests depends on the degree of maturity of the several businesses and markets and were determined based on the most appropriate criterion for the valuation of each cash-generating unit. Sensitivity analyses were performed to variations in the discount rate and growth rate in the perpetuity of the various reported segments, of 1 percentage point and 0.4 percentage points, respectively. In the telecommunications segment, sensitivity analysis was also performed to variations in the operational indicators RGU (Revenue Generating Unit), ARPU (Average Revenue per User), EBITDA and CAPEX, in perpetuity, of approximately 5%. In the cinema segment, sensitivity analysis was conducted on variations in the projected number of tickets sold, average revenue per ticket, EBITDA and CAPEX, in perpetuity, of approximately 5%. These simulations did not result in the need to reinforce impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__107-1": {
"value": "10. Contract costs In the financial years ended on 31 December 2022 and 2023, the movements in this item were as follows: 31-12-2021 Increases 31-12-2022 Acquisition cost Cost of attracting customers 556,967 66,505 623,472 Costs of fulfilling customer contracts 256,884 29,956 286,840 813,851 96,461 910,312 Accumulated amortizations and impairment losses Cost of attracting customers 457,570 64,580 522,150 Costs of fulfilling customer contracts 194,163 33,405 227,568 651,733 97,985 749,718 162,118 (1,524) 160,594 31-12-2022 Increases 31-12-2023 Acquisition cost Cost of attracting customers 623,472 66,129 689,601 Costs of fulfilling customer contracts 286,840 29,810 316,650 910,312 95,939 1,006,251 Accumulated amortizations and impairment losses Cost of attracting customers 522,150 65,775 587,925 Costs of fulfilling customer contracts 227,568 32,352 259,920 749,718 98,127 847,845 160,594 (2,188) 158,406 Contract costs refers to commissions paid to third parties and other costs related to raising customers\u2019 loyalty contracts, including portability costs. These costs are amortized, systematically and consistently, with the transfer to customers of goods or services to which the asset is related (between 2 and 4 years).19. Contract assets On 31 December 2023, the contract assets, in the amount of 47 million euros (31 December 2022: 60.1 million euros), correspond to discounts, attributed to customers at the time of the sale of equipment (included in the telecommunications packages) and which are allocated to monthly fees / services rendered, within the scope of the allocation of credits to different types of performance obligations, according to IFRS 15. These assets are deferred, at the time of sale of the equipment, and recognized over the contract period (service rendered). 28. Deferred income On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Current Non-current Current Non-current Advanced billing i) 37,844 - 42,964 - Investment grants ii) 346 2,824 - - 38,190 2,824 42,964 - i. This item relates mainly to the billing of Pay TV services regarding the following month to the report period and amounts received from NOS Comunica\u00e7\u00f5es, SA customers, related with the recharges of mobile phones and purchase of telecommunications minutes yet unused. ii. This item relates mainly to the deferral of income on the implicit subsidy from obtaining a loan, which has since been fully paid off, from the EIB at interest rates below market values. In the year ended December 31, 2023, this amount was reclassified, in accordance with the change in the way subsidies are accounted for, disclosed in Note 2.3.13.31. Operational Revenue Consolidated operating revenues, for financial years ended on 31 December 2022 and 2023, were as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Services rendered: Communications service revenues i 322,859 1,276,828 344,379 1,351,252 Revenue distribution and cinematographic exhibition ii 11,377 35,539 9,262 45,449 Receitas de publicidade iii 6,578 19,883 7,521 21,734 Advertising revenue iii 7,815 25,767 6,021 23,678 Production and distribution of content and channels iv 1,669 4,724 3,090 9,874 350,298 1,362,741 370,273 1,451,987 Sales: Telco v 34,500 115,771 33,436 100,117 Audiovisuals and cinema exhibition vi 3,819 12,273 3,408 16,160 38,319 128,044 36,844 116,277 Other operating revenues: Telco 8,756 29,150 7,241 28,440 Audiovisuals and cinema exhibition 136 1,072 (15) 750 8,892 30,222 7,226 29,190 397,509 1,521,007 414,343 1,597,454 These operating revenues are shown net of inter-company eliminations. i. This item mainly includes revenue relating to: (a) basic channel subscription packages that can be sold in a bundle with fixed broadband/fixed voice services; (b) premium channel subscription packages and S-VOD; (c) terminal equipment rental; (d) consumption of content (VOD); (e) traffic and mobile and fixed voice termination; (f) service activation; (g) mobile broadband access; and (h) other additional services (ex: firewall, antivirus) and services rendered related to datacenter management and consulting services in IT. ii. This item mainly includes (a) box office revenue at the NOS Cinemas, and (b) revenue relating to film distribution to other cinema exhibitors in Portugal. iii. This item includes advertising revenues on television channels and NOS cinemas. iv. This item includes revenues related to production of audiovisual content, thought the compilation of acquired contents, and distribution of channels, essentially TVCines. v. Revenue relating to the sale of terminal equipment, telephones, and mobile phones. vi. This item mainly includes sales of bar products by NOS Cinemas and DVD sales. This item includes earned income related with non-compliances and contractual penalties, as well as other supplementary income of diverse natures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__108": {
"value": "11. Rights of use In the financial years ended on 31 December 2022 and 2023, the movements in this item were as follows : Disposals and Transfers 31-12-2021 Increases 31-12-2022 write-offs and others Acquisition cost Telecommunications towers and rooftops 142,921 81,398 - - 224,319 Movie theatres 118,322 6,001 - - 124,323 Transponders 91,787 1,965 - - 93,752 Equipments 149,061 16,919 (70) - 165,910 Buildings 77,480 13,858 (3) - 91,335 Fibre optic rental 40,146 (9) - - 40,137 Stores 21,445 3,102 - - 24,547 Others 41,321 2,098 (4) - 43,415 682,483 125,332 (77) - 807,738 Accumulated amortizations and impairment losses - Telecommunications towers and rooftops 56,137 13,813 - - 69,950 Movie theatres 89,550 7,772 - - 97,322 Transponders68,380 6,172 - - 74,552 Equipments 102,784 16,424 (70) - 119,138 Buildings 58,411 7,743 (3) - 66,151 Fibre optic rental 32,019 3,049 - - 35,068 Stores 16,585 3,289 - - 19,874 Others 22,554 5,410 (4) - 27,960 446,420 63,672 (77) - 510,015 236,063 61,660 - - 297,723 Disposals and Transfers 31-12-2022 Increases 31-12-2023 write-offs and others Acquisition cost Telecommunications towers and rooftops 224,319 30,203 - (4,022) 250,500 Movie theatres 124,323 16,652 - - 140,975 Transponders93,752 383 - - 94,135 Equipments 165,910 22,020 - - 187,931 Buildings 91,335 3,418 - - 94,753 Fibre optic rental 40,137 4 - - 40,141 Stores 24,547 6,508 - - 31,055 Others 43,415 3,540 - 15 46,970 807,738 82,728 - (4,007) 886,460 Accumulated amortizations and impairment losses Telecommunications towers and rooftops 69,950 17,170 - - 87,120 Movie theatres 97,322 9,024 - - 106,346 Transponders74,552 6,520 - - 81,072 Equipments 119,138 16,470 - - 135,608 Buildings 66,151 8,455 - - 74,606 Fibre optic rental 35,068 3,053 - - 38,121 Stores 19,874 3,694 - - 23,568 Others 27,960 4,974 - (5) 32,929 510,015 69,360 - (5) 579,370 297,723 13,368 - (4,002) 307,090 The item Rights of Use refers to assets associated with lease contracts which are depreciated over the duration of the respective contract, except for equipment leases with a purchase option which are depreciated over the estimated period of use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__113-1": {
"value": "12. Investments in jointly controlled companies and associated companies On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Investments \u2013 equity method Finstar* 32,811 22,812 Dreamia 2,347 1,544 Mstar 3,023 3,698 Other companies 780 1,386 38,961 29,440 * Consolidated from Finstar and ZAP Media Movements in \u201cInvestments in jointly controlled companies and associated companies\u201d in the financial year ended on 31 December 2022 and 2023 were as follows: 12M 22 12M 23 As of January 1 17,016 38,961 Gains / (losses) of exercise (Note 37) 22,123 4,227 Bright City acquisition (Note 5) - 255 CEiiA acquisition (Note 5) - 150 Big Picture 2 Films disposal (Note 5) - (50) Dividends received Mstar - (622) Changes in equity (178) (13,481) As of December 31 38,961 29,440 Amounts related to changes in equity of the companies registered by the equity method of consolidation are mainly related to foreign exchange impacts of the investment in currencies other than euro. The assets, liabilities and results of the jointly controlled companies and associated companies in the financial year ended on 31 December 2022 and 2023, are as follows: 31-12-2022 Non-Non-Current Current Entity current current Equity Revenue Net income % Held assets liabilities assets liabilities Sport TV* 84,507 99,229 71 159,280 24,385 208,331 12,080 25.00% Dreamia 876 16,985 6,924 6,066 4,871 16,568 (1,272) 50.00% Finstar 77,697 199,314 - 167,640 109,371 339,309 68,907 30.00% Mstar 1,064 16,336 - 9,009 8,391 30,665 2,927 30.00% Upstar 976 20,089 - 18,873 2,192 21,423 920 30.00% Big Picture 2 Films 770 893 522 780 361 3,270 (172) 20.00% Dualgrid 6 267 - 176 97 516 38 50.00% Dreamia S.L. 14,967 1,126 6,363 2,302 7,428 2,213 (9) 50.00% 180,863 354,239 13,880 364,126 157,096 622,295 83,419 31-12-2023 Non-Non-Current Current Entity current current Equity Revenue Net income % Held assets liabilities assets liabilities Sport TV* 81,581 47,757 48 106,093 23,197 192,206 (1,188) 25.00% Dreamia 963 12,952 7,146 4,029 2,740 17,229 (2,132) 50.00% Finstar 44,144 130,496 - 98,622 76,018 205,495 12,176 30.00% Mstar 871 22,476 - 13,355 9,992 27,591 5,796 30.00% Upstar 1,420 18,377 - 15,672 4,125 17,467 1,339 30.00% Dualgrid 4 258 - 174 88 575 7 50.00% Dreamia S.L. 15,190 1,156 6,551 2,319 7,476 2,307 47 50.00% BrightCity S.A. 61 1,015 - 894 182 1,388 7 50.00% CEiiA** 24,809 28,080 13,475 34,731 4,683 21,813 (2,859) 16.20% 169,043 262,567 27,220 275,889 128,501 486,071 13,193 *Sport TV's annual reporting period is from July 1 to June 30 (in line with the soccer season), so in the accounts presented in the tables above, revenues and net income correspond to the figures for the 12-month reporting period in each of the financial years. ** The amounts presented correspond to the year ending 31 December 2022. Indicators presented in the tables above do not include consolidated adjustments which were considered when determining the Group's interest in the results, assets and liabilities of jointly controlled and associated companies. In the financial year ended on 31 December 2023, the assets, liabilities and results of jointly controlled company ZAP Media (100% held by Finstar) are: 31-12-2023 Non-current Current Non-current Current Entity Equity Revenues Net income assets assets liabilities liabilities ZAP Media 17,306 7,957 - 14,836 10,427 34,881 1,506 The differences between the individual accounts (prepared in accordance with Angolan regulations) and the Finstar Group (Finstar + ZAP Media) correspond, predominantly, to the annulment of balances and transactions between the companies and the adjustment because the companies were in a hyperinflationary economy from 2017 to September 2019 (IAS 29). The Group has several controls regarding the reporting process of its jointly controlled and associated companies. The amounts included in the reported financial statements are subject to audit in cases where it is legally required. In the remaining cases and in those where the audit has not been completed, specific review procedures are carried out by the Group. The Board of Directors believes that the seizure of assets to Mrs. Isabel dos Santos, in the specific case of the shares held by her in Finstar, ZAP Media, Mstar and Upstar (where she holds 70% of the capital), does not change the control profile, in this case joint control as defined in IFRS 11.50. Annexes A. Companies included in the consolidation by the full consolidation method Percentage of ownershipCompanyHeadquarterMain activityShareholderEffective Direct Effective31-12-202231-12-2023 31-12-2023NOS, SGPS, S.A. (Holding) Lisbon Management of investments - - - -Invest and support the development of companies that aim to commercialize technologies and Fundo de Capital de Risco N5G (a) LisbonNOS 100% 100% 100%products that result from scientific and technological researchEmpracine - Empresa Promotora de Lisbon Movies exhibition Lusomundo SII 100% 100% 100%Atividades Cinematogr\u00e1ficas, Lda.Lusomundo - Sociedade de investimentos Lisbon Management of Real Estate NOS 100% 100% 100%imobili\u00e1rios SGPS, SALusomundo Imobili\u00e1ria 2, S.A. Lisbon Management of Real Estate Lusomundo SII 100% 100% 100%NOS + NOS Lusomundo Mo\u00e7ambique, Lda. (b) Maputo Movies exhibition and commercialization of other public events100% 100% 100%CinemasNOS NOS Sistemas, S.A. Lisbon Rendering of consulting services in the area of information systems100% 100% 100%Comunica\u00e7\u00f5esNOS NOS Sistemas Espa\u00f1a, S.L. Madrid Rendering of consulting services in the area of information systems100% 100% 100%Comunica\u00e7\u00f5esDistribution of television by cable and satellite and operation of telecommunications services in NOS NOS A\u00e7ores Comunica\u00e7\u00f5es, S.A. Ponta Delgada84% 84% 84%the Azores areaComunica\u00e7\u00f5esManagement of investments participations in other companies as an indirect form of economic NOS Audiovisuais, SGPS, S.A. LisbonNOS 100% 100% 100%activityManagement of investments participations in other companies as an indirect form of economic NOS Property, S.A. LisbonNOS 100% 100% 100%activityImplementation, operation, exploitation and offer of networks and rendering services of NOS Comunica\u00e7\u00f5es, S.A. Lisbonelectronic comunications and related resources; offer and commercialisation of products and NOS 100% 100% 100%equipments of electronic communicationsService rendered of business support and management and administration consultancy NOS Corporate Center, S.A. Lisbonservices, including accounting, logistics, administrative, financial, tax, human resources NOS 100% 100% 100%services and any other services that are subsequent or related to previous ac tivitiesAchievement and promotion of scientific activities and research and development as well as the demonstration, dissemination, technology transfer and formation in the fields of services NOS Inova\u00e7\u00e3o, S.A. MatosinhosNOS 100% 100% 100%and information systems and fixed solutions and last generation mobile, television, internet, voice and data, and licensing and engineering services and consultancyManagement of investments participations in other companies as an indirect form of economic NOS Internacional, SGPS, S.A. LisbonNOS 100% 100% 100%activityNOS Audiovisuais NOS Lusomundo Audiovisuais, S.A. Lisbon Import, distribution, commercialization and production of audiovisual products100% 100% 100%SGPSNOS Lusomundo Cinemas , S.A. Lisbon Movies exhibition and commercialization of other public events NOS 100% 100% 100%Movies distribution, editing, distribution, commercialization and production of audiovisual NOS Audio - Sales and Distribution, S.A. LisbonNOS 100% 100% 100%productsDistribution of television by cable and satellite and operation of telecommunications services in NOS NOS Madeira Comunica\u00e7\u00f5es, S.A. Funchal78% 78% 78%the Madeira areaComunica\u00e7\u00f5esNOS Media\u00e7\u00e3o de Seguros, S.A. Lisbon Insurance distribution and related activities NOS 100% 100% 100%NOS TECHNOLOGY \u2013 Concep\u00e7\u00e3o, Design, construction, management and exploitation of electronic communications networks NOS Constru\u00e7\u00e3o e Gest\u00e3o de Redes de Matosinhosand their equipment and infrastructure, management of technologic assets and rendering of 100% 100% 100%Comunica\u00e7\u00f5esComunica\u00e7\u00f5es, S.A. ('Artis')related servicesTrade, service rendered and exploitation of wholesale offerings of national and international NOS Wholesale, S.A. Lisbonelectronic communications services and related services, namely information and NOS SA 0% 100% 100%communication technology servicesPer-Mar \u2013 Sociedade de Constru\u00e7\u00f5es, Lisbon Purchase, sale, renting and operation of property and commercial establishments NOS SA 100% 100% 100S.A. ('Per-Mar')Realisation of urbanisation and building construction, planning, urban management, studies, Sont\u00e1ria - Empreendimentos Imobili\u00e1rios, NOS Lisbonconstruction and property management, buy and sale of properties and resale of purchased for 100% 100% 100%S.A. ('Sont\u00e1ria')Comunica\u00e7\u00f5esthat purposeTeliz Holding, S.A. (d) Lisbon Management of group financing activities NOS 100% 100% 100%Provision of engineering and consulting services in the area of information technology, Ten Twenty One, S.A LisbonNOS - 100% 100%communications and electronics(a) NOS SGPS: 27,50%; NOS Sistemas: 20,00%; NOS Internacional SGPS: 20,00%; NOS Audiovisuais SGPS: 22,50%; NOS Cinemas: 10,00%(b) NOS SGPS: 90%; NOS Lusomundo Cinemas: 10%(c) Company constituted in February 2023B. Associated companies Percentage of ownershipCompanyHeadquarterMain activityShareholderEffective Direct Effective31-12-202231-12-2023 31-12-2023Big Picture 2 Films, S.A. (a) Oeiras Import, distribution, commercialization and production of audiovisual products NOS Audiovisuais 20.00% 0.00% 0.00%Big Picture 2 Films, Big Picture Films, S.L. Madrid Distribution and commercialization of movies20.00% 0.00% 0.00%S.A.Conception, production, realization and commercialization of sports programs for Sport TV Portugal, S.A. Lisbontelebroadcasting, purchase and resale of the rights to broadcast sports programs for NOS 25% 25% 25%television and provision of publicity services(a) Alienated in Jun-23.C. Jointly controlled companies Percentage of ownershipCompanyHeadquarterMain activityShareholderEffective Direct Effective31-12-202231-12-2023 31-12-2023Dreamia Servicios de Televisi\u00f3n, S.L. (a) Madrid Management of investments NOS Audiovisuais 50.00% 50.00% 50.00%Conception, production, realization and commercialization of audiovisual contents Dreamia - Servi\u00e7os de Televis\u00e3o, S.A. LisbonDreamia SL 50.00% 100.00% 50.00%and provision of publicity servicesFINSTAR - Sociedade de Investimentos e Luanda Distribution of television by satellite, operation of telecommunications services Teliz Holding S.A. 30.00% 30.00% 30.00%Participa\u00e7\u00f5es, S.A.Electronic communications services provider, production, commercialization, Upstar Comunica\u00e7\u00f5es S.A. Vendas NovasNOS 30.00% 30.00% 30.00%broadcasting and distribution of audiovisual contentsProjects development and activities in the areas of entertainment, telecommunications and related technologies, the production and distribution of the ZAP Media S.A. LuandaFINSTAR 30.00% 100.00% 30.00%contents and the design, implementation and operation of infrastructure and related facilitiesSatellite television signal distribution, operation and provision of telecommunications NOS + NOS MSTAR, SA (b) Maputo30.00% 30.00% 30.00%servicesComunica\u00e7\u00f5esRendering of technical, administrative and financial consultancy services to telecommunications companies, planning and management of telecommunications NOS Dualgrid - Gest\u00e3o de Redes Partilhas, S.A. Lisbon50.00% 50.00% 50.00%networks and any other activities that are complementary, subsidiary or accessory Comunica\u00e7\u00f5esto those referred to in the previous numbersCreation and development of technologies to improve electrical, lighting, communications, information systems management or other infrastructures; trade and provision of services for the better management of available resources with an environmental, economic and social impact, including, but not limited to, the supply, installation and maintenance of electrical equipment and electric ity NOS BrightCity S.A. Maiadistribution networks, the assembly, installation and maintenance of lighting and 0.00%50.00% 50.00%Comunica\u00e7\u00f5essignaling systems and equipment, the optimized management of parking spaces and road traffic, the management of water consumption, the supply, installation and management of c ommunications networks, data processing, technical support, maintenance and other information technology services, as well as any other ancillary or complementary activities.(a) At 3 October 2020, NOS Lusomundo Audiovisuais acquired 1,500 shares of Dreamia Servicios de Televisi\u00f3n, S.L.(b) NOS SGPS: 29,40%; NOS Comunica\u00e7\u00f5es: 0,60%.Financial investments whose participation is less than 50% were considered as joint arrangements due to shareholder agreements that confer joint control. D. Companies in which NOS does not have significant influence Percentage of ownershipCompanyHeadquarterMain activityShareholderEffective Direct Effective31-12-202231-12-2023 31-12-2023Research applied to different areas associated with digital transformation to Associa\u00e7\u00e3o Laborat\u00f3rio Colaborativo em Guimar\u00e3esencourage cooperation between R&D units, educational institutions and the NOS Inova\u00e7\u00e3o 4.92% 4.92% 4.92%Transforma\u00e7\u00e3o Digital - DTX productive sectorDevelops, implements and operates innovative products and systems, together with CEiiA - Centro de Engenharia e Matosinhosits partners, for mobility industries such as aeronautics, automobiles, oceans and NOS 0% 16.20% 16.20%Desenvolvimento (b)space.DIDIMO has developed a platform that allows the generation, in about 60 seconds, Didimo Inc. (c) DoverFundo NOS 5G 0.00% 0.00% 0. 00%of 3D digital ava tars based on photographs.DIDIMO has developed a platform that allows the generation, in about 60 seconds, Didimo SA (c) PortoFundo NOS 5G 0.00% 0.00% 0. 00%of 3D digital ava tars based on photographs.Invest and support the development of companies that aim to commercialize Fundo TechTransfer LisbonNOS Inova\u00e7\u00e3o 3.90% 3.90% 3.90%technologies and products that result from scientific and technological researchLusit\u00e2nia Vida - Companhia de Seguros, S.A Lisbon Insurance services NOS 0. 03% 0.03% 0.03%(\"Lusit\u00e2nia Vida\")Lusit\u00e2nia - Companhia de Seguros, S.A LisbonInsurance services NOS 0. 02% 0.02% 0.02%(\"Lusit\u00e2nia Seguros\")The company aims to measure the emotional impact that multimedia content has Mindprober Bragaon consumers, through wearables tha t monitor biometric da ta suc h as sweat or Fundo NOS 5G 2.09% 2.09% 2.09%heartbeat acceleration.RK. AI - Servi\u00e7os de Processamento de Activities related to information and computer technologies, images and data Imagens e An\u00e1lise de Dados, S.A. PortoFundo NOS 5G 11.76% 11.76% 11.76%processing and analysis, hosting and related activities and IT consulting(Reckon.ai)Data processing activities, information domiciliation and related activities, namely in Seems Possible, Lda. (Knock Healthcare) (a) PortoFundo NOS 5G 0.00% 0.00% 0. 00%the health area.Conception, design, methodology development, programming, editing, testing, Fundo NOS 5G + support and maintenance of software, online web platforms and virtual and SkillAugment, Lda (KIT-AR) (a) AveiroFundo 0.00% 0.00% 0.00%augmented reality systems, with machine learning and artificial intelligence TechTransfercapabilities, in industrial and business environments.(a) The investment in the entity was in convertible debt, so the interest is 0%.(b) NOS SGPS subscribed to 150 units of CEiiA - Centro de Engenharia e Desenvolvimento, giving it a 16.2% stake.(c) The NOS 5G Fund only holds 1 share in each entity, representing 0.0% of the capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__112-1": {
"value": "12. Investments in jointly controlled companies and associated companies On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Investments \u2013 equity method Finstar* 32,811 22,812 Dreamia 2,347 1,544 Mstar 3,023 3,698 Other companies 780 1,386 38,961 29,440 * Consolidated from Finstar and ZAP Media Movements in \u201cInvestments in jointly controlled companies and associated companies\u201d in the financial year ended on 31 December 2022 and 2023 were as follows: 12M 22 12M 23 As of January 1 17,016 38,961 Gains / (losses) of exercise (Note 37) 22,123 4,227 Bright City acquisition (Note 5) - 255 CEiiA acquisition (Note 5) - 150 Big Picture 2 Films disposal (Note 5) - (50) Dividends received Mstar - (622) Changes in equity (178) (13,481) As of December 31 38,961 29,440 Amounts related to changes in equity of the companies registered by the equity method of consolidation are mainly related to foreign exchange impacts of the investment in currencies other than euro. The assets, liabilities and results of the jointly controlled companies and associated companies in the financial year ended on 31 December 2022 and 2023, are as follows: 31-12-2022 Non-Non-Current Current Entity current current Equity Revenue Net income % Held assets liabilities assets liabilities Sport TV* 84,507 99,229 71 159,280 24,385 208,331 12,080 25.00% Dreamia 876 16,985 6,924 6,066 4,871 16,568 (1,272) 50.00% Finstar 77,697 199,314 - 167,640 109,371 339,309 68,907 30.00% Mstar 1,064 16,336 - 9,009 8,391 30,665 2,927 30.00% Upstar 976 20,089 - 18,873 2,192 21,423 920 30.00% Big Picture 2 Films 770 893 522 780 361 3,270 (172) 20.00% Dualgrid 6 267 - 176 97 516 38 50.00% Dreamia S.L. 14,967 1,126 6,363 2,302 7,428 2,213 (9) 50.00% 180,863 354,239 13,880 364,126 157,096 622,295 83,419 31-12-2023 Non-Non-Current Current Entity current current Equity Revenue Net income % Held assets liabilities assets liabilities Sport TV* 81,581 47,757 48 106,093 23,197 192,206 (1,188) 25.00% Dreamia 963 12,952 7,146 4,029 2,740 17,229 (2,132) 50.00% Finstar 44,144 130,496 - 98,622 76,018 205,495 12,176 30.00% Mstar 871 22,476 - 13,355 9,992 27,591 5,796 30.00% Upstar 1,420 18,377 - 15,672 4,125 17,467 1,339 30.00% Dualgrid 4 258 - 174 88 575 7 50.00% Dreamia S.L. 15,190 1,156 6,551 2,319 7,476 2,307 47 50.00% BrightCity S.A. 61 1,015 - 894 182 1,388 7 50.00% CEiiA** 24,809 28,080 13,475 34,731 4,683 21,813 (2,859) 16.20% 169,043 262,567 27,220 275,889 128,501 486,071 13,193 *Sport TV's annual reporting period is from July 1 to June 30 (in line with the soccer season), so in the accounts presented in the tables above, revenues and net income correspond to the figures for the 12-month reporting period in each of the financial years. ** The amounts presented correspond to the year ending 31 December 2022. Indicators presented in the tables above do not include consolidated adjustments which were considered when determining the Group's interest in the results, assets and liabilities of jointly controlled and associated companies. In the financial year ended on 31 December 2023, the assets, liabilities and results of jointly controlled company ZAP Media (100% held by Finstar) are: 31-12-2023 Non-current Current Non-current Current Entity Equity Revenues Net income assets assets liabilities liabilities ZAP Media 17,306 7,957 - 14,836 10,427 34,881 1,506 The differences between the individual accounts (prepared in accordance with Angolan regulations) and the Finstar Group (Finstar + ZAP Media) correspond, predominantly, to the annulment of balances and transactions between the companies and the adjustment because the companies were in a hyperinflationary economy from 2017 to September 2019 (IAS 29). The Group has several controls regarding the reporting process of its jointly controlled and associated companies. The amounts included in the reported financial statements are subject to audit in cases where it is legally required. In the remaining cases and in those where the audit has not been completed, specific review procedures are carried out by the Group. The Board of Directors believes that the seizure of assets to Mrs. Isabel dos Santos, in the specific case of the shares held by her in Finstar, ZAP Media, Mstar and Upstar (where she holds 70% of the capital), does not change the control profile, in this case joint control as defined in IFRS 11.C. Jointly controlled companies Percentage of ownershipCompanyHeadquarterMain activityShareholderEffective Direct Effective31-12-202231-12-2023 31-12-2023Dreamia Servicios de Televisi\u00f3n, S.L. (a) Madrid Management of investments NOS Audiovisuais 50.00% 50.00% 50.00%Conception, production, realization and commercialization of audiovisual contents Dreamia - Servi\u00e7os de Televis\u00e3o, S.A. LisbonDreamia SL 50.00% 100.00% 50.00%and provision of publicity servicesFINSTAR - Sociedade de Investimentos e Luanda Distribution of television by satellite, operation of telecommunications services Teliz Holding S.A. 30.00% 30.00% 30.00%Participa\u00e7\u00f5es, S.A.Electronic communications services provider, production, commercialization, Upstar Comunica\u00e7\u00f5es S.A. Vendas NovasNOS 30.00% 30.00% 30.00%broadcasting and distribution of audiovisual contentsProjects development and activities in the areas of entertainment, telecommunications and related technologies, the production and distribution of the ZAP Media S.A. LuandaFINSTAR 30.00% 100.00% 30.00%contents and the design, implementation and operation of infrastructure and related facilitiesSatellite television signal distribution, operation and provision of telecommunications NOS + NOS MSTAR, SA (b) Maputo30.00% 30.00% 30.00%servicesComunica\u00e7\u00f5esRendering of technical, administrative and financial consultancy services to telecommunications companies, planning and management of telecommunications NOS Dualgrid - Gest\u00e3o de Redes Partilhas, S.A. Lisbon50.00% 50.00% 50.00%networks and any other activities that are complementary, subsidiary or accessory Comunica\u00e7\u00f5esto those referred to in the previous numbersCreation and development of technologies to improve electrical, lighting, communications, information systems management or other infrastructures; trade and provision of services for the better management of available resources with an environmental, economic and social impact, including, but not limited to, the supply, installation and maintenance of electrical equipment and electric ity NOS BrightCity S.A. Maiadistribution networks, the assembly, installation and maintenance of lighting and 0.00%50.00% 50.00%Comunica\u00e7\u00f5essignaling systems and equipment, the optimized management of parking spaces and road traffic, the management of water consumption, the supply, installation and management of c ommunications networks, data processing, technical support, maintenance and other information technology services, as well as any other ancillary or complementary activities.(a) At 3 October 2020, NOS Lusomundo Audiovisuais acquired 1,500 shares of Dreamia Servicios de Televisi\u00f3n, S.L.(b) NOS SGPS: 29,40%; NOS Comunica\u00e7\u00f5es: 0,60%.Financial investments whose participation is less than 50% were considered as joint arrangements due to shareholder agreements that confer joint control.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__111-1": {
"value": "12. Investments in jointly controlled companies and associated companies On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Investments \u2013 equity method Finstar* 32,811 22,812 Dreamia 2,347 1,544 Mstar 3,023 3,698 Other companies 780 1,386 38,961 29,440 * Consolidated from Finstar and ZAP Media Movements in \u201cInvestments in jointly controlled companies and associated companies\u201d in the financial year ended on 31 December 2022 and 2023 were as follows: 12M 22 12M 23 As of January 1 17,016 38,961 Gains / (losses) of exercise (Note 37) 22,123 4,227 Bright City acquisition (Note 5) - 255 CEiiA acquisition (Note 5) - 150 Big Picture 2 Films disposal (Note 5) - (50) Dividends received Mstar - (622) Changes in equity (178) (13,481) As of December 31 38,961 29,440 Amounts related to changes in equity of the companies registered by the equity method of consolidation are mainly related to foreign exchange impacts of the investment in currencies other than euro. The assets, liabilities and results of the jointly controlled companies and associated companies in the financial year ended on 31 December 2022 and 2023, are as follows: 31-12-2022 Non-Non-Current Current Entity current current Equity Revenue Net income % Held assets liabilities assets liabilities Sport TV* 84,507 99,229 71 159,280 24,385 208,331 12,080 25.00% Dreamia 876 16,985 6,924 6,066 4,871 16,568 (1,272) 50.00% Finstar 77,697 199,314 - 167,640 109,371 339,309 68,907 30.00% Mstar 1,064 16,336 - 9,009 8,391 30,665 2,927 30.00% Upstar 976 20,089 - 18,873 2,192 21,423 920 30.00% Big Picture 2 Films 770 893 522 780 361 3,270 (172) 20.00% Dualgrid 6 267 - 176 97 516 38 50.00% Dreamia S.L. 14,967 1,126 6,363 2,302 7,428 2,213 (9) 50.00% 180,863 354,239 13,880 364,126 157,096 622,295 83,419 31-12-2023 Non-Non-Current Current Entity current current Equity Revenue Net income % Held assets liabilities assets liabilities Sport TV* 81,581 47,757 48 106,093 23,197 192,206 (1,188) 25.00% Dreamia 963 12,952 7,146 4,029 2,740 17,229 (2,132) 50.00% Finstar 44,144 130,496 - 98,622 76,018 205,495 12,176 30.00% Mstar 871 22,476 - 13,355 9,992 27,591 5,796 30.00% Upstar 1,420 18,377 - 15,672 4,125 17,467 1,339 30.00% Dualgrid 4 258 - 174 88 575 7 50.00% Dreamia S.L. 15,190 1,156 6,551 2,319 7,476 2,307 47 50.00% BrightCity S.A. 61 1,015 - 894 182 1,388 7 50.00% CEiiA** 24,809 28,080 13,475 34,731 4,683 21,813 (2,859) 16.20% 169,043 262,567 27,220 275,889 128,501 486,071 13,193 *Sport TV's annual reporting period is from July 1 to June 30 (in line with the soccer season), so in the accounts presented in the tables above, revenues and net income correspond to the figures for the 12-month reporting period in each of the financial years. ** The amounts presented correspond to the year ending 31 December 2022. Indicators presented in the tables above do not include consolidated adjustments which were considered when determining the Group's interest in the results, assets and liabilities of jointly controlled and associated companies. In the financial year ended on 31 December 2023, the assets, liabilities and results of jointly controlled company ZAP Media (100% held by Finstar) are: 31-12-2023 Non-current Current Non-current Current Entity Equity Revenues Net income assets assets liabilities liabilities ZAP Media 17,306 7,957 - 14,836 10,427 34,881 1,506 The differences between the individual accounts (prepared in accordance with Angolan regulations) and the Finstar Group (Finstar + ZAP Media) correspond, predominantly, to the annulment of balances and transactions between the companies and the adjustment because the companies were in a hyperinflationary economy from 2017 to September 2019 (IAS 29). The Group has several controls regarding the reporting process of its jointly controlled and associated companies. The amounts included in the reported financial statements are subject to audit in cases where it is legally required. In the remaining cases and in those where the audit has not been completed, specific review procedures are carried out by the Group. The Board of Directors believes that the seizure of assets to Mrs. Isabel dos Santos, in the specific case of the shares held by her in Finstar, ZAP Media, Mstar and Upstar (where she holds 70% of the capital), does not change the control profile, in this case joint control as defined in IFRS 11.B. Associated companies Percentage of ownershipCompanyHeadquarterMain activityShareholderEffective Direct Effective31-12-202231-12-2023 31-12-2023Big Picture 2 Films, S.A. (a) Oeiras Import, distribution, commercialization and production of audiovisual products NOS Audiovisuais 20.00% 0.00% 0.00%Big Picture 2 Films, Big Picture Films, S.L. Madrid Distribution and commercialization of movies20.00% 0.00% 0.00%S.A.Conception, production, realization and commercialization of sports programs for Sport TV Portugal, S.A. Lisbontelebroadcasting, purchase and resale of the rights to broadcast sports programs for NOS 25% 25% 25%television and provision of publicity services(a) Alienated in Jun-23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__110-1": {
"value": "12. Investments in jointly controlled companies and associated companies On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Investments \u2013 equity method Finstar* 32,811 22,812 Dreamia 2,347 1,544 Mstar 3,023 3,698 Other companies 780 1,386 38,961 29,440 * Consolidated from Finstar and ZAP Media Movements in \u201cInvestments in jointly controlled companies and associated companies\u201d in the financial year ended on 31 December 2022 and 2023 were as follows: 12M 22 12M 23 As of January 1 17,016 38,961 Gains / (losses) of exercise (Note 37) 22,123 4,227 Bright City acquisition (Note 5) - 255 CEiiA acquisition (Note 5) - 150 Big Picture 2 Films disposal (Note 5) - (50) Dividends received Mstar - (622) Changes in equity (178) (13,481) As of December 31 38,961 29,440 Amounts related to changes in equity of the companies registered by the equity method of consolidation are mainly related to foreign exchange impacts of the investment in currencies other than euro. The assets, liabilities and results of the jointly controlled companies and associated companies in the financial year ended on 31 December 2022 and 2023, are as follows: 31-12-2022 Non-Non-Current Current Entity current current Equity Revenue Net income % Held assets liabilities assets liabilities Sport TV* 84,507 99,229 71 159,280 24,385 208,331 12,080 25.00% Dreamia 876 16,985 6,924 6,066 4,871 16,568 (1,272) 50.00% Finstar 77,697 199,314 - 167,640 109,371 339,309 68,907 30.00% Mstar 1,064 16,336 - 9,009 8,391 30,665 2,927 30.00% Upstar 976 20,089 - 18,873 2,192 21,423 920 30.00% Big Picture 2 Films 770 893 522 780 361 3,270 (172) 20.00% Dualgrid 6 267 - 176 97 516 38 50.00% Dreamia S.L. 14,967 1,126 6,363 2,302 7,428 2,213 (9) 50.00% 180,863 354,239 13,880 364,126 157,096 622,295 83,419 31-12-2023 Non-Non-Current Current Entity current current Equity Revenue Net income % Held assets liabilities assets liabilities Sport TV* 81,581 47,757 48 106,093 23,197 192,206 (1,188) 25.00% Dreamia 963 12,952 7,146 4,029 2,740 17,229 (2,132) 50.00% Finstar 44,144 130,496 - 98,622 76,018 205,495 12,176 30.00% Mstar 871 22,476 - 13,355 9,992 27,591 5,796 30.00% Upstar 1,420 18,377 - 15,672 4,125 17,467 1,339 30.00% Dualgrid 4 258 - 174 88 575 7 50.00% Dreamia S.L. 15,190 1,156 6,551 2,319 7,476 2,307 47 50.00% BrightCity S.A. 61 1,015 - 894 182 1,388 7 50.00% CEiiA** 24,809 28,080 13,475 34,731 4,683 21,813 (2,859) 16.20% 169,043 262,567 27,220 275,889 128,501 486,071 13,193 *Sport TV's annual reporting period is from July 1 to June 30 (in line with the soccer season), so in the accounts presented in the tables above, revenues and net income correspond to the figures for the 12-month reporting period in each of the financial years. ** The amounts presented correspond to the year ending 31 December 2022. Indicators presented in the tables above do not include consolidated adjustments which were considered when determining the Group's interest in the results, assets and liabilities of jointly controlled and associated companies. In the financial year ended on 31 December 2023, the assets, liabilities and results of jointly controlled company ZAP Media (100% held by Finstar) are: 31-12-2023 Non-current Current Non-current Current Entity Equity Revenues Net income assets assets liabilities liabilities ZAP Media 17,306 7,957 - 14,836 10,427 34,881 1,506 The differences between the individual accounts (prepared in accordance with Angolan regulations) and the Finstar Group (Finstar + ZAP Media) correspond, predominantly, to the annulment of balances and transactions between the companies and the adjustment because the companies were in a hyperinflationary economy from 2017 to September 2019 (IAS 29). The Group has several controls regarding the reporting process of its jointly controlled and associated companies. The amounts included in the reported financial statements are subject to audit in cases where it is legally required. In the remaining cases and in those where the audit has not been completed, specific review procedures are carried out by the Group. The Board of Directors believes that the seizure of assets to Mrs. Isabel dos Santos, in the specific case of the shares held by her in Finstar, ZAP Media, Mstar and Upstar (where she holds 70% of the capital), does not change the control profile, in this case joint control as defined in IFRS 11.37. Losses / (gains) of affiliated companies, net In financial years ended on 31 December 2022 and 2023, this item was composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Equity method (Note 12) Dreamia 740 641 627 806 Finstar (3,975) (20,672) (566) (2,945) Mstar (321) (876) (342) (1,331) Upstar (270) (276) 54 (580) Others (1,322) (940) (205) (177) (5,148) (22,123) (432) (4,227) Others (Note 13) - - - (854) (5,148) (22,123) (432) (5,081)B. Associated companies Percentage of ownershipCompanyHeadquarterMain activityShareholderEffective Direct Effective31-12-202231-12-2023 31-12-2023Big Picture 2 Films, S.A. (a) Oeiras Import, distribution, commercialization and production of audiovisual products NOS Audiovisuais 20.00% 0.00% 0.00%Big Picture 2 Films, Big Picture Films, S.L. Madrid Distribution and commercialization of movies20.00% 0.00% 0.00%S.A.Conception, production, realization and commercialization of sports programs for Sport TV Portugal, S.A. Lisbontelebroadcasting, purchase and resale of the rights to broadcast sports programs for NOS 25% 25% 25%television and provision of publicity services(a) Alienated in Jun-23.C. Jointly controlled companies Percentage of ownershipCompanyHeadquarterMain activityShareholderEffective Direct Effective31-12-202231-12-2023 31-12-2023Dreamia Servicios de Televisi\u00f3n, S.L. (a) Madrid Management of investments NOS Audiovisuais 50.00% 50.00% 50.00%Conception, production, realization and commercialization of audiovisual contents Dreamia - Servi\u00e7os de Televis\u00e3o, S.A. LisbonDreamia SL 50.00% 100.00% 50.00%and provision of publicity servicesFINSTAR - Sociedade de Investimentos e Luanda Distribution of television by satellite, operation of telecommunications services Teliz Holding S.A. 30.00% 30.00% 30.00%Participa\u00e7\u00f5es, S.A.Electronic communications services provider, production, commercialization, Upstar Comunica\u00e7\u00f5es S.A. Vendas NovasNOS 30.00% 30.00% 30.00%broadcasting and distribution of audiovisual contentsProjects development and activities in the areas of entertainment, telecommunications and related technologies, the production and distribution of the ZAP Media S.A. LuandaFINSTAR 30.00% 100.00% 30.00%contents and the design, implementation and operation of infrastructure and related facilitiesSatellite television signal distribution, operation and provision of telecommunications NOS + NOS MSTAR, SA (b) Maputo30.00% 30.00% 30.00%servicesComunica\u00e7\u00f5esRendering of technical, administrative and financial consultancy services to telecommunications companies, planning and management of telecommunications NOS Dualgrid - Gest\u00e3o de Redes Partilhas, S.A. Lisbon50.00% 50.00% 50.00%networks and any other activities that are complementary, subsidiary or accessory Comunica\u00e7\u00f5esto those referred to in the previous numbersCreation and development of technologies to improve electrical, lighting, communications, information systems management or other infrastructures; trade and provision of services for the better management of available resources with an environmental, economic and social impact, including, but not limited to, the supply, installation and maintenance of electrical equipment and electric ity NOS BrightCity S.A. Maiadistribution networks, the assembly, installation and maintenance of lighting and 0.00%50.00% 50.00%Comunica\u00e7\u00f5essignaling systems and equipment, the optimized management of parking spaces and road traffic, the management of water consumption, the supply, installation and management of c ommunications networks, data processing, technical support, maintenance and other information technology services, as well as any other ancillary or complementary activities.(a) At 3 October 2020, NOS Lusomundo Audiovisuais acquired 1,500 shares of Dreamia Servicios de Televisi\u00f3n, S.L.(b) NOS SGPS: 29,40%; NOS Comunica\u00e7\u00f5es: 0,60%.Financial investments whose participation is less than 50% were considered as joint arrangements due to shareholder agreements that confer joint control.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__109-1": {
"value": "12. Investments in jointly controlled companies and associated companies On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Investments \u2013 equity method Finstar* 32,811 22,812 Dreamia 2,347 1,544 Mstar 3,023 3,698 Other companies 780 1,386 38,961 29,440 * Consolidated from Finstar and ZAP Media Movements in \u201cInvestments in jointly controlled companies and associated companies\u201d in the financial year ended on 31 December 2022 and 2023 were as follows: 12M 22 12M 23 As of January 1 17,016 38,961 Gains / (losses) of exercise (Note 37) 22,123 4,227 Bright City acquisition (Note 5) - 255 CEiiA acquisition (Note 5) - 150 Big Picture 2 Films disposal (Note 5) - (50) Dividends received Mstar - (622) Changes in equity (178) (13,481) As of December 31 38,961 29,440 Amounts related to changes in equity of the companies registered by the equity method of consolidation are mainly related to foreign exchange impacts of the investment in currencies other than euro. The assets, liabilities and results of the jointly controlled companies and associated companies in the financial year ended on 31 December 2022 and 2023, are as follows: 31-12-2022 Non-Non-Current Current Entity current current Equity Revenue Net income % Held assets liabilities assets liabilities Sport TV* 84,507 99,229 71 159,280 24,385 208,331 12,080 25.00% Dreamia 876 16,985 6,924 6,066 4,871 16,568 (1,272) 50.00% Finstar 77,697 199,314 - 167,640 109,371 339,309 68,907 30.00% Mstar 1,064 16,336 - 9,009 8,391 30,665 2,927 30.00% Upstar 976 20,089 - 18,873 2,192 21,423 920 30.00% Big Picture 2 Films 770 893 522 780 361 3,270 (172) 20.00% Dualgrid 6 267 - 176 97 516 38 50.00% Dreamia S.L. 14,967 1,126 6,363 2,302 7,428 2,213 (9) 50.00% 180,863 354,239 13,880 364,126 157,096 622,295 83,419 31-12-2023 Non-Non-Current Current Entity current current Equity Revenue Net income % Held assets liabilities assets liabilities Sport TV* 81,581 47,757 48 106,093 23,197 192,206 (1,188) 25.00% Dreamia 963 12,952 7,146 4,029 2,740 17,229 (2,132) 50.00% Finstar 44,144 130,496 - 98,622 76,018 205,495 12,176 30.00% Mstar 871 22,476 - 13,355 9,992 27,591 5,796 30.00% Upstar 1,420 18,377 - 15,672 4,125 17,467 1,339 30.00% Dualgrid 4 258 - 174 88 575 7 50.00% Dreamia S.L. 15,190 1,156 6,551 2,319 7,476 2,307 47 50.00% BrightCity S.A. 61 1,015 - 894 182 1,388 7 50.00% CEiiA** 24,809 28,080 13,475 34,731 4,683 21,813 (2,859) 16.20% 169,043 262,567 27,220 275,889 128,501 486,071 13,193 *Sport TV's annual reporting period is from July 1 to June 30 (in line with the soccer season), so in the accounts presented in the tables above, revenues and net income correspond to the figures for the 12-month reporting period in each of the financial years. ** The amounts presented correspond to the year ending 31 December 2022. Indicators presented in the tables above do not include consolidated adjustments which were considered when determining the Group's interest in the results, assets and liabilities of jointly controlled and associated companies. In the financial year ended on 31 December 2023, the assets, liabilities and results of jointly controlled company ZAP Media (100% held by Finstar) are: 31-12-2023 Non-current Current Non-current Current Entity Equity Revenues Net income assets assets liabilities liabilities ZAP Media 17,306 7,957 - 14,836 10,427 34,881 1,506 The differences between the individual accounts (prepared in accordance with Angolan regulations) and the Finstar Group (Finstar + ZAP Media) correspond, predominantly, to the annulment of balances and transactions between the companies and the adjustment because the companies were in a hyperinflationary economy from 2017 to September 2019 (IAS 29). The Group has several controls regarding the reporting process of its jointly controlled and associated companies. The amounts included in the reported financial statements are subject to audit in cases where it is legally required. In the remaining cases and in those where the audit has not been completed, specific review procedures are carried out by the Group. The Board of Directors believes that the seizure of assets to Mrs. Isabel dos Santos, in the specific case of the shares held by her in Finstar, ZAP Media, Mstar and Upstar (where she holds 70% of the capital), does not change the control profile, in this case joint control as defined in IFRS 11.A. Companies included in the consolidation by the full consolidation method Percentage of ownershipCompanyHeadquarterMain activityShareholderEffective Direct Effective31-12-202231-12-2023 31-12-2023NOS, SGPS, S.A. (Holding) Lisbon Management of investments - - - -Invest and support the development of companies that aim to commercialize technologies and Fundo de Capital de Risco N5G (a) LisbonNOS 100% 100% 100%products that result from scientific and technological researchEmpracine - Empresa Promotora de Lisbon Movies exhibition Lusomundo SII 100% 100% 100%Atividades Cinematogr\u00e1ficas, Lda.Lusomundo - Sociedade de investimentos Lisbon Management of Real Estate NOS 100% 100% 100%imobili\u00e1rios SGPS, SALusomundo Imobili\u00e1ria 2, S.A. Lisbon Management of Real Estate Lusomundo SII 100% 100% 100%NOS + NOS Lusomundo Mo\u00e7ambique, Lda. (b) Maputo Movies exhibition and commercialization of other public events100% 100% 100%CinemasNOS NOS Sistemas, S.A. Lisbon Rendering of consulting services in the area of information systems100% 100% 100%Comunica\u00e7\u00f5esNOS NOS Sistemas Espa\u00f1a, S.L. Madrid Rendering of consulting services in the area of information systems100% 100% 100%Comunica\u00e7\u00f5esDistribution of television by cable and satellite and operation of telecommunications services in NOS NOS A\u00e7ores Comunica\u00e7\u00f5es, S.A. Ponta Delgada84% 84% 84%the Azores areaComunica\u00e7\u00f5esManagement of investments participations in other companies as an indirect form of economic NOS Audiovisuais, SGPS, S.A. LisbonNOS 100% 100% 100%activityManagement of investments participations in other companies as an indirect form of economic NOS Property, S.A. LisbonNOS 100% 100% 100%activityImplementation, operation, exploitation and offer of networks and rendering services of NOS Comunica\u00e7\u00f5es, S.A. Lisbonelectronic comunications and related resources; offer and commercialisation of products and NOS 100% 100% 100%equipments of electronic communicationsService rendered of business support and management and administration consultancy NOS Corporate Center, S.A. Lisbonservices, including accounting, logistics, administrative, financial, tax, human resources NOS 100% 100% 100%services and any other services that are subsequent or related to previous ac tivitiesAchievement and promotion of scientific activities and research and development as well as the demonstration, dissemination, technology transfer and formation in the fields of services NOS Inova\u00e7\u00e3o, S.A. MatosinhosNOS 100% 100% 100%and information systems and fixed solutions and last generation mobile, television, internet, voice and data, and licensing and engineering services and consultancyManagement of investments participations in other companies as an indirect form of economic NOS Internacional, SGPS, S.A. LisbonNOS 100% 100% 100%activityNOS Audiovisuais NOS Lusomundo Audiovisuais, S.A. Lisbon Import, distribution, commercialization and production of audiovisual products100% 100% 100%SGPSNOS Lusomundo Cinemas , S.A. Lisbon Movies exhibition and commercialization of other public events NOS 100% 100% 100%Movies distribution, editing, distribution, commercialization and production of audiovisual NOS Audio - Sales and Distribution, S.A. LisbonNOS 100% 100% 100%productsDistribution of television by cable and satellite and operation of telecommunications services in NOS NOS Madeira Comunica\u00e7\u00f5es, S.A. Funchal78% 78% 78%the Madeira areaComunica\u00e7\u00f5esNOS Media\u00e7\u00e3o de Seguros, S.A. Lisbon Insurance distribution and related activities NOS 100% 100% 100%NOS TECHNOLOGY \u2013 Concep\u00e7\u00e3o, Design, construction, management and exploitation of electronic communications networks NOS Constru\u00e7\u00e3o e Gest\u00e3o de Redes de Matosinhosand their equipment and infrastructure, management of technologic assets and rendering of 100% 100% 100%Comunica\u00e7\u00f5esComunica\u00e7\u00f5es, S.A. ('Artis')related servicesTrade, service rendered and exploitation of wholesale offerings of national and international NOS Wholesale, S.A. Lisbonelectronic communications services and related services, namely information and NOS SA 0% 100% 100%communication technology servicesPer-Mar \u2013 Sociedade de Constru\u00e7\u00f5es, Lisbon Purchase, sale, renting and operation of property and commercial establishments NOS SA 100% 100% 100S.A. ('Per-Mar')Realisation of urbanisation and building construction, planning, urban management, studies, Sont\u00e1ria - Empreendimentos Imobili\u00e1rios, NOS Lisbonconstruction and property management, buy and sale of properties and resale of purchased for 100% 100% 100%S.A. ('Sont\u00e1ria')Comunica\u00e7\u00f5esthat purposeTeliz Holding, S.A. (d) Lisbon Management of group financing activities NOS 100% 100% 100%Provision of engineering and consulting services in the area of information technology, Ten Twenty One, S.A LisbonNOS - 100% 100%communications and electronics(a) NOS SGPS: 27,50%; NOS Sistemas: 20,00%; NOS Internacional SGPS: 20,00%; NOS Audiovisuais SGPS: 22,50%; NOS Cinemas: 10,00%(b) NOS SGPS: 90%; NOS Lusomundo Cinemas: 10%(c) Company constituted in February 2023",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__114-1": {
"value": "13. Accounts receivable - others On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Current Non-current Current Non-current Accounts receivable 5,646 5,640 4,322 4,392 Advances to suppliers 11,965 - 11,597 - 17,611 5,640 15,919 4,392 Impairments of other receivables (979) (882) (237) (28) 16,632 4,758 15,682 4,364 On 31 December 2023, this item corresponds predominantly to: \u2022 Short-term loans, medium and long-term loans from Group and interests' receivable; and \u2022 Associated companies, the amount receivable of 1.65 million euros from the sale of NOS International Carrier Services; Additionally, on 31 December 2023, advances to suppliers correspond predominantly to amounts paid under soccer rights contracts and other operating costs. The summary of movements in impairment of other receivable in other accounts receivable is as follows: 12M 22 12M 23 As of January 1 1,524 1,861 Increases (Note 36) 231 94 Reductions (Note 37) - (854) Utilizations, transfers and others 106 (836) As of December 31 1,861 26518. Accounts receivables \u2013 Trade On 31 December 2022 and 2023, this item was as follows : 31-12-2022 31-12-2023 Trade receivables 444,218 486,090 Unbilled revenues 89,805 90,943 534,023 577,033 Impairment of trade receivable (214,582) (213,341) 319,441 363,692 The amounts to be invoiced correspond mainly to the value of contractual obligations already met or partially met and whose invoicing will occur subsequently. The movements occurred in impairment adjustments were as follows: 12M 22 12M 23 As of January 1 197,628 214,582 Increases and decreases (Note 36) 19,333 11,941 Penalties 18,365 25,639 Utilizations / Others (20,744) (38,821) As of December 31 214,582 213,341 Penalties correspond to the invoiced penalties, in the period, for which the full expected credit losses are registered, and the register was made by deduction from the respective revenue.",
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"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__117": {
"value": "14. Taxes payable and receivable On 31 December 2022 and 2023, these items were composed as follows: 31-12-2022 31-12-2023 Receivable Payable Receivable Payable Non-current Debt regularization 369 - 51 - 369 - 51 - Current Value-added tax (VAT) 6,484 21,891 5,971 19,291 Income taxes - 13,070 31,063 - Personnel income tax witholdings - 1,883 - 1,715 Social Security contributions - 1,865 - 2,056 Others 422 133 16 151 6,906 38,842 37,050 23,213 7,275 38,842 37,101 23,213 On 31 December 2022 and 2023, the amounts of CIT (Corporate Income Tax) receivable and payable were composed as follows: 31-12-2022 31-12-2023 Estimated current tax on income (45,776) (19,011) Payments on account 30,596 48,129 Withholding income taxes 966 1,011 Others 1,144 934 (13,070) 31,063 ",
"dimensions": {
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"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__119-1": {
"value": "15. Other non-current financial assets On 31 December 2022 and 2023, this caption is composed as follows: 31-12-2022 31-12-2023 TechTransfer Fund 1,415 1,355 Didimo 963 1,415 Seems Possible 800 1,200 Reckon.ai 500 854 MindProber 500 500 SkillAugment 300 175 Others 770 529 5,248 6,028 During the year ended on 31 December 2022, NOS reinforced its investment in the start-up Reckon.ai and invested in the start-up Didimo, which develops 3D digital avatars based on photographs, in the start-up MindProber, which has developed a pioneering platform capable of measuring the emotional impact that multimedia content has on consumers and in the start-up SkillAugment (KIT-AR), which develops solutions using emerging technologies such as augmented reality and artificial intelligence. During the year ended on 31 December 2023, NOS reinforced its investment in the TechTransfer Fund, in the company Reckon.ai and in the company Seems Possible. During the same period, impairments were recorded on the valuations of the TechTransfer Fund and the company SkillAugmented, in the amounts of 81 thousand euros and 125 thousand euros, respectively.D. Companies in which NOS does not have significant influence Percentage of ownershipCompanyHeadquarterMain activityShareholderEffective Direct Effective31-12-202231-12-2023 31-12-2023Research applied to different areas associated with digital transformation to Associa\u00e7\u00e3o Laborat\u00f3rio Colaborativo em Guimar\u00e3esencourage cooperation between R&D units, educational institutions and the NOS Inova\u00e7\u00e3o 4.92% 4.92% 4.92%Transforma\u00e7\u00e3o Digital - DTX productive sectorDevelops, implements and operates innovative products and systems, together with CEiiA - Centro de Engenharia e Matosinhosits partners, for mobility industries such as aeronautics, automobiles, oceans and NOS 0% 16.20% 16.20%Desenvolvimento (b)space.DIDIMO has developed a platform that allows the generation, in about 60 seconds, Didimo Inc. (c) DoverFundo NOS 5G 0.00% 0.00% 0. 00%of 3D digital ava tars based on photographs.DIDIMO has developed a platform that allows the generation, in about 60 seconds, Didimo SA (c) PortoFundo NOS 5G 0.00% 0.00% 0. 00%of 3D digital ava tars based on photographs.Invest and support the development of companies that aim to commercialize Fundo TechTransfer LisbonNOS Inova\u00e7\u00e3o 3.90% 3.90% 3.90%technologies and products that result from scientific and technological researchLusit\u00e2nia Vida - Companhia de Seguros, S.A Lisbon Insurance services NOS 0. 03% 0.03% 0.03%(\"Lusit\u00e2nia Vida\")Lusit\u00e2nia - Companhia de Seguros, S.A LisbonInsurance services NOS 0. 02% 0.02% 0.02%(\"Lusit\u00e2nia Seguros\")The company aims to measure the emotional impact that multimedia content has Mindprober Bragaon consumers, through wearables tha t monitor biometric da ta suc h as sweat or Fundo NOS 5G 2.09% 2.09% 2.09%heartbeat acceleration.RK. AI - Servi\u00e7os de Processamento de Activities related to information and computer technologies, images and data Imagens e An\u00e1lise de Dados, S.A. PortoFundo NOS 5G 11.76% 11.76% 11.76%processing and analysis, hosting and related activities and IT consulting(Reckon.ai)Data processing activities, information domiciliation and related activities, namely in Seems Possible, Lda. (Knock Healthcare) (a) PortoFundo NOS 5G 0.00% 0.00% 0. 00%the health area.Conception, design, methodology development, programming, editing, testing, Fundo NOS 5G + support and maintenance of software, online web platforms and virtual and SkillAugment, Lda (KIT-AR) (a) AveiroFundo 0.00% 0.00% 0.00%augmented reality systems, with machine learning and artificial intelligence TechTransfercapabilities, in industrial and business environments.(a) The investment in the entity was in convertible debt, so the interest is 0%.(b) NOS SGPS subscribed to 150 units of CEiiA - Centro de Engenharia e Desenvolvimento, giving it a 16.2% stake.(c) The NOS 5G Fund only holds 1 share in each entity, representing 0.0% of the capital.",
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"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__118": {
"value": "15. Other non-current financial assets On 31 December 2022 and 2023, this caption is composed as follows: 31-12-2022 31-12-2023 TechTransfer Fund 1,415 1,355 Didimo 963 1,415 Seems Possible 800 1,200 Reckon.ai 500 854 MindProber 500 500 SkillAugment 300 175 Others 770 529 5,248 6,028 During the year ended on 31 December 2022, NOS reinforced its investment in the start-up Reckon.ai and invested in the start-up Didimo, which develops 3D digital avatars based on photographs, in the start-up MindProber, which has developed a pioneering platform capable of measuring the emotional impact that multimedia content has on consumers and in the start-up SkillAugment (KIT-AR), which develops solutions using emerging technologies such as augmented reality and artificial intelligence. During the year ended on 31 December 2023, NOS reinforced its investment in the TechTransfer Fund, in the company Reckon.ai and in the company Seems Possible. During the same period, impairments were recorded on the valuations of the TechTransfer Fund and the company SkillAugmented, in the amounts of 81 thousand euros and 125 thousand euros, respectively.",
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"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__122": {
"value": "16. Income tax expense NOS and its subsidiaries are subject to IRC - Corporate Income Tax - at the rate of 21% on taxable amount (taxable profit less eventual tax losses subject to deduction), plus IRC surcharge at the maximum rate of 1.5% on taxable profit, giving an aggregate rate of approximately 22.5%. Additionally, following the introduction of austerity measures approved by Law 66-B/2012 of 31 December, and respective addendum published by Law 114/2017 of 29 December, this rate was raised by 3% and will be applied to the company\u2019s taxable profit between 1.5 million euros and 7.5 million euros, by 5% to the company\u2019s taxable profit which exceeds 7.5 million euros, and by 9% to the company\u2019s taxable profit above 35 million euros. In the calculation of taxable income, amounts, which are not fiscally allowable, are added to or subtracted from the book results. These differences between accounting income and taxable income may be of a temporary or permanent nature. NOS is taxed in accordance with the Special Regime for Taxation of Corporate Groups, which covers the companies in which it directly or indirectly holds at least 75% of their share capital and which fulfil the requirements of Article 69 of the IRC Code. The companies covered by the Special Regime for Taxation of Corporate Groups in 2023 are: \u2022 NOS SGPS (parent company) \u2022 Empracine \u2022 Lusomundo Imobili\u00e1ria \u2022 Lusomundo SII \u2022 NOS A\u00e7ores \u2022 NOS Audiovisuais \u2022 NOS Audiovisuais SGPS \u2022 NOS Cinemas \u2022 NOS Comunica\u00e7\u00f5es \u2022 NOS Inova\u00e7\u00e3o \u2022 NOS Internacional SGPS \u2022 NOS Audio \u2013 Sales and Distribution \u2022 NOS Madeira \u2022 NOS Media\u00e7\u00e3o de Seguros \u2022 NOS Sistemas \u2022 NOS Technology \u2022 NOS Wholesale \u2022 NOS Corporate Center \u2022 NOS Property \u2022 Per-mar \u2022 Sont\u00e1ria \u2022 Teliz Under current legislation, tax declarations are subject to review and correction by tax authorities for a period of four years, except when tax losses have occurred or tax benefits have been obtained, whose term, in these cases, matches the deadline to use them. It should be noted that in the event of inspections, appeals, or disputes in progress, these periods might be extended or suspended. The Board of Directors of NOS, based on information from its tax advisers, believes that these and any other revisions and corrections to these tax declarations, as well as other contingencies of a fiscal nature, will not have a significant effect on the consolidated financial statements as at 31 December 2023. A) Deferred tax NOS and its associated companies have reported deferred tax relating to temporary differences between the taxable basis and the book amounts of assets and liabilities, and tax losses carried forward at the date of the statement of financial position. The movements in deferred tax assets and liabilities for the financial year ended on 31 December 2022 and 2023 were as follows: Income 31-12-2021 Equity 31-12-2022 (Note B) Deferred income taxes assets Impairment of other receivable 6,531 2,757 - 9,288 Inventories 2,539 40 - 2,579 Other provisions and adjustments 46,613 (1,987) - 44,626 Intragroup gains 20,892 5,959 - 26,851 Assets recognized under application of IFRS 16 4,739 1,421 - 6,160 Derivatives 76 12 (38) 50 81,390 8,202 (38) 89,554 Deferred income taxes liabilities Tax litigation 42,167 451 - 42,618 Revaluations of assets as part of the allocation of fair value to the assets 2,429 (194) - 2,235 acquired in the merger Derivatives 116 (26) 2,397 2,487 Others 2,614 171 - 2,785 47,326 402 2,397 50,125 Net deferred tax 34,064 7,800 (2,435) 39,429 Income 31-12-2022 Equity 31-12-2023 (Note B) Deferred income taxes assets Impairment of other receivable 9,288 (2,079) - 7,209 Inventories 2,579 1,874 - 4,453 Other provision and adjustments 44,626 (3,657) - 40,969 Intragroup gains 26,851 (7,329) - 19,522 Assets recognized under application of IFRS 16 6,160 3,235 - 9,395 Derivatives 50 11 297 358 89,554 (7,945) 297 81,906 Deferred income taxes liabilities Tax litigation 42,618 1,391 - 44,009 Revaluations of assets as part of the allocation of fair value to the assets 2,235 126 - 2,361 acquired in the merger Derivatives 2,487 - (1,220) 1,267 Others 2,785 (915) - 1,870 50,125 602 (1,220) 49,507 Net deferred tax 39,429 (8,547) 1,517 32,399 On 31 December 2023, the deferred tax assets related to the other provisions and adjustments are mainly due: \u2022 impairments and acceleration of amortizations beyond the acceptable fiscally and other adjustments in fixed tangible assets and intangible assets, amounted to 25.6 million euros (31 December 2022: 31.2 million euros); and \u2022 other provisions amounted to 15.4 million euros (31 December 2022: 8.6 million euros). In the financial year ended on 31 December 2023, the item \u201cTax litigation\u201d includes liabilities, related to ongoing tax processes, of which highlights: \u2022 Future credits transferred: for the financial year ended on 31 December 2010, NOS SA was notified of the Report of Tax Inspection, when it is considered that the increase, when calculating the taxable profit for the year 2008 of the amount of 100 million euros, with respect to initial price of future credits transferred to securitization, is inappropriate. Given the principle of periodization of taxable income, NOS SA was subsequently notified of the improper deduction of the amount of 20 million euros in the calculation of taxable income between 2009 and 2013. Given that the increase made in 2008 was not accepted due to not complying with Article 18 of the CIRC, also in the years following, the deduction corresponding to credits generated in that year, will eliminate the calculation of taxable income, to meet the annual amortization hired as part of the operation (20 million per year for 5 years). NOS SA challenged the decisions regarding the 2009 to 2013 fiscal year and will appeal for the judicial review in due time the decision regarding the 2008 to 2013 fiscal year. Regarding the year 2008, the Administrative and Fiscal Court of Porto has already decided unfavorably, in March 2014. The company has appealed. In March 2021, NOS SA was notified of the dismissal issued by the Court of Appeal. Not accepting the decision, NOS filed a Review Appeal with the Supreme Administrative Court, pending, in this regard, the issuance of the respective admissibility order. In May 2022, NOS was notified of the decision which did not admit the review appeal. An appeal has been filed against the Constitutional Court with suspensive effects on the transit of that non-admission decision. In addition to that appeal, an application was lodged in the file for recognition of the invalidity of the decision, for lack of reasoning. Both applications were rejected and the means of reaction in the case relating to 2008 have been exhausted. The same outcome can be expected in the cases relating to 2009 to 2013. \u2022 Supplementary Capital: the fiscal authorities believe that NOS SA has broken the principle of full competition under the terms of (1) of Article 58 of the Corporate Tax Code (CIRC) \u2013 currently Article 63 \u2013, by granting supplementary capital to its subsidiary NOS, without having been remunerated at a market interest rate. In consequence, it has been notified, with regard to the years 2004, 2005, 2006 and 2007 of corrections to the determination of its taxable income in the total amount of 20.5 million euros. NOS SA contested the decision with regard to all the above-mentioned years. As for the year 2004, the Court has decided favorably. This decision is concluded (favorably), originating a reversal of provisions, in 2016, in the amount of 1.3 million euros plus interest. As for the years 2006 and 2007, the Porto Fiscal and Administrative Court has already decided unfavorably. As for the year 2005, the Court decided favorably, having been concretized by the Tax Authorities, which meant the provision reversal of one million euros, in 2018. At the end of 2023, it was concluded that the remaining open provision should be reversed, given the conviction that the processes still underway will be successful. The revaluations of assets refer to the appreciation of telecommunications licenses and other assets at the merger of Group companies . On 31 December 2023, deferred tax assets were not recognized for an amount of 0.4 million euros, corresponding mainly to tax incentives and losses. Deferred tax assets were recognized when it is probable that taxable profits will occur in future that may be used to absorb tax losses or deductible tax differences. This assessment was based on the business plans of the Group\u2019s companies, which are regularly revised and updated. On 31 December 2023, the tax rate used to calculate the deferred tax assets relating to tax losses carried forward was 21% (2022: 21%). In the case of temporary differences, the rate used was 22.5% (2022: 22.5%) increased to a maximum of 6.3% (2022: 6.3%) of state surcharge when the taxation of temporary differences in the estimated period of application of the state surcharge was perceived as likely. Tax benefits, related to deductions from taxable income, are considered 100%, and in some cases, their full acceptance is conditional upon the approval of the authorities that grants such tax benefits. Under the terms of Article 88 of the IRC Code, the Company is subject to autonomous taxation on a series of charges at the rates set out in that Article. With the State Budget for 2023, tax losses no longer have a time limit for being carried forward, but there will be a limitation on their deduction up to 65% of the taxable profit generated. B) Effective tax rate reconciliation In the financial year ended on 31 December 2022 and 2023, the reconciliation between the nominal and effective rates of tax was as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Income before taxes 34,957 257,107 51,826 200,088 Statutory tax rate 22.5% 22.5% 22.5% 22.5% Estimated tax 7,865 57,849 11,661 45,020 Permanent differences (5,387) (17,373) (1,107) (2,079) Tax benefits (1,717) (11,601) (10,979) (25,501) State surcharge 1,519 9,458 10 6,440 Autonomous taxation 154 630 148 586 Others (747) (6,300) (2,829) (5,712) Income taxes 1,687 32,663 (3,096) 18,754 Effective Income tax rate 4.8% 12.7% -6.0% 9.4% Income tax 6,699 40,463 (13,681) 10,207 Deferred tax (5,012) (7,800) 10,585 8,547 1,687 32,663 (3,096) 18,754 On 31 December 2022 and 2023, the permanent differences were composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Equity method (Note 37) (5,148) (22,123) (432) (5,081) Capital gains (17,497) (54,702) (3,674) (3,674) Others (1,298) (388) (813) (485) (23,943) (77,213) (4,919) (9,240) 22.5% 22.5% 22.5% 22.5% (5,387) (17,373) (1,107) (2,079) In the financial year ended on 31 December 2022, the capital gains heading refers predominantly to capital gains generated from the sale of mobile sites, taxed at 50%, resulting from the reinvestment of the realizable value of assets held for more than one year. Additionally, the amount registered as fiscal benefits relates to the register of deferred taxes and the use of tax benefits for which there was no record of deferred taxes: SIFIDE (Business Research and Development Tax Incentives System), a tax benefit introduced by Law 40/2005 of 3 August; fiscal benefit \u2013 RFAI (Investment Tax Incentive Regime) introduced by Law 10/2009 of 10 March; fiscal benefit of Incentive to Capitalization of Companies (ICE) \u2013 introduced by the Law 20/2023 of 17 May; and provisions for used tax incentives.",
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},
"s7_notes__6__121": {
"value": "16. Income tax expense NOS and its subsidiaries are subject to IRC - Corporate Income Tax - at the rate of 21% on taxable amount (taxable profit less eventual tax losses subject to deduction), plus IRC surcharge at the maximum rate of 1.5% on taxable profit, giving an aggregate rate of approximately 22.5%. Additionally, following the introduction of austerity measures approved by Law 66-B/2012 of 31 December, and respective addendum published by Law 114/2017 of 29 December, this rate was raised by 3% and will be applied to the company\u2019s taxable profit between 1.5 million euros and 7.5 million euros, by 5% to the company\u2019s taxable profit which exceeds 7.5 million euros, and by 9% to the company\u2019s taxable profit above 35 million euros. In the calculation of taxable income, amounts, which are not fiscally allowable, are added to or subtracted from the book results. These differences between accounting income and taxable income may be of a temporary or permanent nature. NOS is taxed in accordance with the Special Regime for Taxation of Corporate Groups, which covers the companies in which it directly or indirectly holds at least 75% of their share capital and which fulfil the requirements of Article 69 of the IRC Code. The companies covered by the Special Regime for Taxation of Corporate Groups in 2023 are: \u2022 NOS SGPS (parent company) \u2022 Empracine \u2022 Lusomundo Imobili\u00e1ria \u2022 Lusomundo SII \u2022 NOS A\u00e7ores \u2022 NOS Audiovisuais \u2022 NOS Audiovisuais SGPS \u2022 NOS Cinemas \u2022 NOS Comunica\u00e7\u00f5es \u2022 NOS Inova\u00e7\u00e3o \u2022 NOS Internacional SGPS \u2022 NOS Audio \u2013 Sales and Distribution \u2022 NOS Madeira \u2022 NOS Media\u00e7\u00e3o de Seguros \u2022 NOS Sistemas \u2022 NOS Technology \u2022 NOS Wholesale \u2022 NOS Corporate Center \u2022 NOS Property \u2022 Per-mar \u2022 Sont\u00e1ria \u2022 Teliz Under current legislation, tax declarations are subject to review and correction by tax authorities for a period of four years, except when tax losses have occurred or tax benefits have been obtained, whose term, in these cases, matches the deadline to use them. It should be noted that in the event of inspections, appeals, or disputes in progress, these periods might be extended or suspended. The Board of Directors of NOS, based on information from its tax advisers, believes that these and any other revisions and corrections to these tax declarations, as well as other contingencies of a fiscal nature, will not have a significant effect on the consolidated financial statements as at 31 December 2023. A) Deferred tax NOS and its associated companies have reported deferred tax relating to temporary differences between the taxable basis and the book amounts of assets and liabilities, and tax losses carried forward at the date of the statement of financial position. The movements in deferred tax assets and liabilities for the financial year ended on 31 December 2022 and 2023 were as follows: Income 31-12-2021 Equity 31-12-2022 (Note B) Deferred income taxes assets Impairment of other receivable 6,531 2,757 - 9,288 Inventories 2,539 40 - 2,579 Other provisions and adjustments 46,613 (1,987) - 44,626 Intragroup gains 20,892 5,959 - 26,851 Assets recognized under application of IFRS 16 4,739 1,421 - 6,160 Derivatives 76 12 (38) 50 81,390 8,202 (38) 89,554 Deferred income taxes liabilities Tax litigation 42,167 451 - 42,618 Revaluations of assets as part of the allocation of fair value to the assets 2,429 (194) - 2,235 acquired in the merger Derivatives 116 (26) 2,397 2,487 Others 2,614 171 - 2,785 47,326 402 2,397 50,125 Net deferred tax 34,064 7,800 (2,435) 39,429 Income 31-12-2022 Equity 31-12-2023 (Note B) Deferred income taxes assets Impairment of other receivable 9,288 (2,079) - 7,209 Inventories 2,579 1,874 - 4,453 Other provision and adjustments 44,626 (3,657) - 40,969 Intragroup gains 26,851 (7,329) - 19,522 Assets recognized under application of IFRS 16 6,160 3,235 - 9,395 Derivatives 50 11 297 358 89,554 (7,945) 297 81,906 Deferred income taxes liabilities Tax litigation 42,618 1,391 - 44,009 Revaluations of assets as part of the allocation of fair value to the assets 2,235 126 - 2,361 acquired in the merger Derivatives 2,487 - (1,220) 1,267 Others 2,785 (915) - 1,870 50,125 602 (1,220) 49,507 Net deferred tax 39,429 (8,547) 1,517 32,399 On 31 December 2023, the deferred tax assets related to the other provisions and adjustments are mainly due: \u2022 impairments and acceleration of amortizations beyond the acceptable fiscally and other adjustments in fixed tangible assets and intangible assets, amounted to 25.6 million euros (31 December 2022: 31.2 million euros); and \u2022 other provisions amounted to 15.4 million euros (31 December 2022: 8.6 million euros). In the financial year ended on 31 December 2023, the item \u201cTax litigation\u201d includes liabilities, related to ongoing tax processes, of which highlights: \u2022 Future credits transferred: for the financial year ended on 31 December 2010, NOS SA was notified of the Report of Tax Inspection, when it is considered that the increase, when calculating the taxable profit for the year 2008 of the amount of 100 million euros, with respect to initial price of future credits transferred to securitization, is inappropriate. Given the principle of periodization of taxable income, NOS SA was subsequently notified of the improper deduction of the amount of 20 million euros in the calculation of taxable income between 2009 and 2013. Given that the increase made in 2008 was not accepted due to not complying with Article 18 of the CIRC, also in the years following, the deduction corresponding to credits generated in that year, will eliminate the calculation of taxable income, to meet the annual amortization hired as part of the operation (20 million per year for 5 years). NOS SA challenged the decisions regarding the 2009 to 2013 fiscal year and will appeal for the judicial review in due time the decision regarding the 2008 to 2013 fiscal year. Regarding the year 2008, the Administrative and Fiscal Court of Porto has already decided unfavorably, in March 2014. The company has appealed. In March 2021, NOS SA was notified of the dismissal issued by the Court of Appeal. Not accepting the decision, NOS filed a Review Appeal with the Supreme Administrative Court, pending, in this regard, the issuance of the respective admissibility order. In May 2022, NOS was notified of the decision which did not admit the review appeal. An appeal has been filed against the Constitutional Court with suspensive effects on the transit of that non-admission decision. In addition to that appeal, an application was lodged in the file for recognition of the invalidity of the decision, for lack of reasoning. Both applications were rejected and the means of reaction in the case relating to 2008 have been exhausted. The same outcome can be expected in the cases relating to 2009 to 2013. \u2022 Supplementary Capital: the fiscal authorities believe that NOS SA has broken the principle of full competition under the terms of (1) of Article 58 of the Corporate Tax Code (CIRC) \u2013 currently Article 63 \u2013, by granting supplementary capital to its subsidiary NOS, without having been remunerated at a market interest rate. In consequence, it has been notified, with regard to the years 2004, 2005, 2006 and 2007 of corrections to the determination of its taxable income in the total amount of 20.5 million euros. NOS SA contested the decision with regard to all the above-mentioned years. As for the year 2004, the Court has decided favorably. This decision is concluded (favorably), originating a reversal of provisions, in 2016, in the amount of 1.3 million euros plus interest. As for the years 2006 and 2007, the Porto Fiscal and Administrative Court has already decided unfavorably. As for the year 2005, the Court decided favorably, having been concretized by the Tax Authorities, which meant the provision reversal of one million euros, in 2018. At the end of 2023, it was concluded that the remaining open provision should be reversed, given the conviction that the processes still underway will be successful. The revaluations of assets refer to the appreciation of telecommunications licenses and other assets at the merger of Group companies . On 31 December 2023, deferred tax assets were not recognized for an amount of 0.4 million euros, corresponding mainly to tax incentives and losses. Deferred tax assets were recognized when it is probable that taxable profits will occur in future that may be used to absorb tax losses or deductible tax differences. This assessment was based on the business plans of the Group\u2019s companies, which are regularly revised and updated. On 31 December 2023, the tax rate used to calculate the deferred tax assets relating to tax losses carried forward was 21% (2022: 21%). In the case of temporary differences, the rate used was 22.5% (2022: 22.5%) increased to a maximum of 6.3% (2022: 6.3%) of state surcharge when the taxation of temporary differences in the estimated period of application of the state surcharge was perceived as likely. Tax benefits, related to deductions from taxable income, are considered 100%, and in some cases, their full acceptance is conditional upon the approval of the authorities that grants such tax benefits. Under the terms of Article 88 of the IRC Code, the Company is subject to autonomous taxation on a series of charges at the rates set out in that Article. With the State Budget for 2023, tax losses no longer have a time limit for being carried forward, but there will be a limitation on their deduction up to 65% of the taxable profit generated. B) Effective tax rate reconciliation In the financial year ended on 31 December 2022 and 2023, the reconciliation between the nominal and effective rates of tax was as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Income before taxes 34,957 257,107 51,826 200,088 Statutory tax rate 22.5% 22.5% 22.5% 22.5% Estimated tax 7,865 57,849 11,661 45,020 Permanent differences (5,387) (17,373) (1,107) (2,079) Tax benefits (1,717) (11,601) (10,979) (25,501) State surcharge 1,519 9,458 10 6,440 Autonomous taxation 154 630 148 586 Others (747) (6,300) (2,829) (5,712) Income taxes 1,687 32,663 (3,096) 18,754 Effective Income tax rate 4.8% 12.7% -6.0% 9.4% Income tax 6,699 40,463 (13,681) 10,207 Deferred tax (5,012) (7,800) 10,585 8,547 1,687 32,663 (3,096) 18,754 On 31 December 2022 and 2023, the permanent differences were composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Equity method (Note 37) (5,148) (22,123) (432) (5,081) Capital gains (17,497) (54,702) (3,674) (3,674) Others (1,298) (388) (813) (485) (23,943) (77,213) (4,919) (9,240) 22.5% 22.5% 22.5% 22.5% (5,387) (17,373) (1,107) (2,079) In the financial year ended on 31 December 2022, the capital gains heading refers predominantly to capital gains generated from the sale of mobile sites, taxed at 50%, resulting from the reinvestment of the realizable value of assets held for more than one year. Additionally, the amount registered as fiscal benefits relates to the register of deferred taxes and the use of tax benefits for which there was no record of deferred taxes: SIFIDE (Business Research and Development Tax Incentives System), a tax benefit introduced by Law 40/2005 of 3 August; fiscal benefit \u2013 RFAI (Investment Tax Incentive Regime) introduced by Law 10/2009 of 10 March; fiscal benefit of Incentive to Capitalization of Companies (ICE) \u2013 introduced by the Law 20/2023 of 17 May; and provisions for used tax incentives.",
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}
},
"s7_notes__6__123": {
"value": "17. Inventories On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Inventories Telco 75,818 63,317 Audiovisuals 566 608 76,384 63,925 Impairment of inventories Telco (9,161) (15,710) (9,161) (15,710) 67,223 48,215 The movements occurred in impairment adjustments were as follows: 12M 22 12M 23 As of January 1 8,935 9,161 Increase and decrease - Cost of products sold (Note 34) 1,817 7,771 Utilizations / Others (1,591) (1,222) As of December 1 9,161 15,710 ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__128": {
"value": "20. Prepaid expenses On 31 December 2022 and 2023, this item was composed as follow: 31-12-2022 31-12-2023 Costs related to specific corporate projects 10,941 14,248 Programming costs i) 21,091 9,617 Costs of litigation procedure activity ii) 5,591 2,707 Repair and maintenance 1,875 1,817 Insurance 1,333 1,450 Advertising 132 374 Others iii) 11,269 14,212 52,232 44,425 i. Programming costs correspond to costs inherent to the availability of channels, namely fixed fees, billed in advance. This cost is recognized in the period in which the channel is made available and transmitted, and recognized as a programming cost, in the Consolidated Income Statement. ii. Deferred costs related to collection actions correspond to services paid in advance to external entities as part of the processes for recovering customer debts / collection actions. These costs are recognized as the service is provided. iii. \u201cOthers\u201d includes deferred costs, mainly related to expenses to be recognized from various supplies and external services, such as specialized works, maintenance and repair work and others, billed in advance by suppliers (quarterly or annual billing), the respective expense being recognized in the income statement as the service is provided. The increase in this item results mainly from expenses paid in advance at the beginning of each year in respect of the current year.",
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"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__130": {
"value": "21. Derivative financial instruments Interest rate derivatives On 31 December 2023, NOS have 3 interest rate swaps in a total amount of 180 million euros (31 December 2022: 180 million euros) and 9 zero cost collars, amounting a total of 377.5 million euros, contracted in 2023. Exchange rate derivatives At the date of the statement of the financial position there are foreign currency forwards open worth 19,916 thousand euros (31 December 2022: 41,147 thousand euros). 31-12-2022 Notional Assets Liabilities Current Non-current Current Non-current Interest rate derivatives 180,000 - 10,947 - - Exchange rate derivatives 41,147 - 302 397 - 221,147 - 11,249 397 - 31-12-2023 Assets Liabilities Notional Current Non-current Current Non-current Interest rate derivatives 557,500 - 5,386 - 1,036 Exchange rate derivatives 20,331 - 197 441 - 577,416 - 5,583 441 1,036 Movements during the financial year ended on 31 December 2022 and 2023 were as follows: 31-12-2021 Income Capital 31-12-2022 Fair value interest rate derivatives (10) - 10,957 10,947 Fair value exchange rate derivatives 313 (157) (251) (95) Fair value equity swaps (218) 32 186 - Derivatives 85 (125) 10,892 10,852 Deferred income tax liabilities (116) 26 (2,397) (2,487) Deferred income tax assets 76 12 (38) 50 Deferred income tax (40) 38 (2,435) (2,437) 45 (87) 8,457 8,415 31-12-2022 Income Capital 31-12-2023 Fair value interest rate derivatives 10,947 - (6,597) 4,350 Fair value exchange rate derivatives (95) (35) (114) (244) Derivatives 10,852 (35) (6,711) 4,106 Deferred income tax liabilities (2,487) - 1,220 (1,267) Deferred income tax assets 50 11 297 358 Deferred income tax (2,437) 11 1,517 (909) 8,415 (24) (5,194) 3,197 ",
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"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__132": {
"value": "22. Cash and cash equivalents On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Cash 1,017 887 Current deposits - 9,785 Term deposits 14,198 7,486 Cash and cash equivalents 15,215 18,158 Bank overdrafts (Note 25) 7,136 9,668 Cash and cash equivalents for the purposes of the Cash Flow Statement 8,079 8,490 On 31 December 2023, the \u201cTerm deposits\u201d have maturity of less than 10 days and bear interest at market rates. On 31 December 2022 and 2023, there are 5.6 million euros and 4.5 million euros, respectively, recorded in the item \"Current deposits\" and \"Term deposits\" whose use is restricted, because they are held by the Capital Fund NOS 5G, subscribed by NOS.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__131": {
"value": "22. Cash and cash equivalents On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Cash 1,017 887 Current deposits - 9,785 Term deposits 14,198 7,486 Cash and cash equivalents 15,215 18,158 Bank overdrafts (Note 25) 7,136 9,668 Cash and cash equivalents for the purposes of the Cash Flow Statement 8,079 8,490 On 31 December 2023, the \u201cTerm deposits\u201d have maturity of less than 10 days and bear interest at market rates. On 31 December 2022 and 2023, there are 5.6 million euros and 4.5 million euros, respectively, recorded in the item \"Current deposits\" and \"Term deposits\" whose use is restricted, because they are held by the Capital Fund NOS 5G, subscribed by NOS.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__133": {
"value": "23. Shareholder\u2019s equity 23.1. Share capital On 31 December 2022 and 2023, the share capital of NOS was 855,167,890.80 euros, respectively. On 31 December 2023, the share capital is represented by 515,161,380 shares registered book-entry shares, with a nominal value of 1.66 euro each (2022: 1.66 euro each). The main shareholders as of 31 December 2022 and 2023 are: 31-12-2022 31-12-2023 Number of % Share Number of % Share shares capital shares capital Sonaecom, SGPS, S.A. 134,322,268 26.07% 192,527,188 37.37% ZOPT, SGPS, SA 134,322,269 26.07% 134,322,269 26.07% Mubadala Investment Company 25,758,569 5.00% 25,758,569 5.00% Sonae, SGPS, S.A. 55,524,516 10.78% - 0.00% Total 349,927,622 67.93% 352,608,026 68.45% According to paragraphs b) and c) of number 1 of article 20\u00ba and article 21\u00ba of the Portuguese Securities Code, a qualified shareholding of 26.07% of the share capital and voting rights of NOS, SGPS, S.A. as calculated in the terms of article 20\u00ba of the Portuguese Securities Code, is attributable to the following companies: \u2022 Sonaecom and, consequently, to all entities in a control relationship with Sonaecom, SGPS, S.A., namely Sontel, BV and Sonae, SGPS, S.A., directly or indirectly controlled by Efanor Investimentos, SGPS, S.A., also as a result of the mentioned control relationship (as per announcements made to the CMVM by Sonae and Sonaecom on July 21, 2023). As of 29 November 2017, Efanor Investimentos SGPS, S.A. ceased to be a controlling shareholder under the terms and for the purposes of articles 20 and 21 of the Portuguese Securities Code. \u2022 ZOPT - This qualified holding is attributable to the companies Kento Holding Limited (\u201cKento\u201d), BV, as well as to Mrs. Isabel dos Santos, being (i) Kento and Unitel International directly and indirectly controlled by Mrs. Isabel dos Santos; (ii) a ZOPT, a society controlled by Kento Holding Limited, Unitel International Holdings, BV. 23.2. Capital issued premium On 27 August 2013, following the completion of the merger between ZON and Optimus SGPS, the Company's share capital was increased by 856,404,278 euros, corresponding to the total number of issued shares (206,064,552 shares), based on the closing market price of 27 August 2013. The capital increase is detailed as follows: \u2022 share capital in the amount of 2,060,646 euros; \u2022 premium for issue of shares in the amount of 854,343,632 euros. Additionally, the premium for issue of shares was deducted for an amount of 125 thousand euros related to costs with the respective capital increase. On 21 April 2022, was approved in the Annual General Meeting of shareholders of NOS SGPS, an increase of share capital, by incorporation of share premium, in the amount of 850,016,277.00, through the increase of the nominal value of the total shares representing the share capital in the amount of \u20ac1.65. The nominal value of each share is now \u20ac1.66. As of 31 December 2023, the amount of share issue premium is 4,202,356 euros (2022: 4,202,356 euros). The capital issued premium is subject to the same rules as for legal reserves and can only be used: \u2022 To cover part of the losses on the balance of the year that cannot be covered by other reserves; \u2022 To cover part of the losses carried forward from the previous year that cannot be covered by the net income of the year or by other reserves; \u2022 To increase the share capital. 23.3. Own shares Company law regarding own shares requires the establishment of a non-distributable reserve of an amount equal to the purchase price of such shares, which becomes frozen until the shares are disposed of or distributed. In addition, the applicable accounting rules determine that gains or losses on the disposal of own shares are stated in reserves. On 31 December 2023 there were 3,736,403 own shares, representing 0.7253% of share capital (31 December 2022: 4,008,391 own shares, representing 0.7781% of the share capital). The movements occurred in the financial year ended on 31 December 2022 and 2023 were as follows: Quantity Value Balance as of 1 January 2022 3,002,427 12,353 Acquisition of own shares 1,868,129 7,087 Distribution of own shares - share incentive scheme (791,257) (3,186) Distribution of own shares - other remunerations (70,908) (286) Balance as of 31 December 2022 4,008,391 15,968 Balance as of 1 January 2023 4,008,391 15,968 Acquisition of own shares 1,234,638 5,171 Distribution of own shares - share incentive scheme (1,479,000) (5,970) Distribution of own shares - other remunerations (27,626) (110) Balance as of 31 December 2023 3,736,403 15,059 23.4 Reserves Legal reserve Company law and NOS Articles of Association establish that at least 5% of the Company\u2019s annual net profit must be used to build up the legal reserve until it corresponds to 20% of the share capital. This reserve cannot be distributed except in the event of liquidation of the company, but it may be used to absorb losses after all other reserves have been exhausted, or for incorporation in the share capital. Other reserves Under Portuguese law, the amount of distributable reserves is determined according to the individual financial statements of the company prepared in accordance with IAS / IFRS. Thus, on 31 December 2023 NOS had reserves, which by their nature are considered distributable for an amount of approximately 176.4 million euros, not including the net income. Dividends The General Meeting of Shareholders held on 21 April 2022 approved the Board of Directors' proposal to pay an ordinary dividend per share of \u20ac0.278, in the amount of \u20ac143,215 thousand. The dividend attributable to own shares amounted to approximately 858 thousand euros. The dividend was paid on 9 May 2022. The General Meeting of Shareholders held on 5 April 2023 approved the Board of Directors' proposal to pay an ordinary dividend per share of \u20ac0.430, in the amount of \u20ac221,519 thousand. The dividend attributable to own shares amounted to approximately 1,532 thousand euros. The dividend was paid on 21 April 2023. ",
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"s7_notes__6__134": {
"value": "23.1. Share capital On 31 December 2022 and 2023, the share capital of NOS was 855,167,890.80 euros, respectively. On 31 December 2023, the share capital is represented by 515,161,380 shares registered book-entry shares, with a nominal value of 1.66 euro each (2022: 1.66 euro each). The main shareholders as of 31 December 2022 and 2023 are: 31-12-2022 31-12-2023 Number of % Share Number of % Share shares capital shares capital Sonaecom, SGPS, S.A. 134,322,268 26.07% 192,527,188 37.37% ZOPT, SGPS, SA 134,322,269 26.07% 134,322,269 26.07% Mubadala Investment Company 25,758,569 5.00% 25,758,569 5.00% Sonae, SGPS, S.A. 55,524,516 10.78% - 0.00% Total 349,927,622 67.93% 352,608,026 68.45% According to paragraphs b) and c) of number 1 of article 20\u00ba and article 21\u00ba of the Portuguese Securities Code, a qualified shareholding of 26.07% of the share capital and voting rights of NOS, SGPS, S.A. as calculated in the terms of article 20\u00ba of the Portuguese Securities Code, is attributable to the following companies: \u2022 Sonaecom and, consequently, to all entities in a control relationship with Sonaecom, SGPS, S.A., namely Sontel, BV and Sonae, SGPS, S.A., directly or indirectly controlled by Efanor Investimentos, SGPS, S.A., also as a result of the mentioned control relationship (as per announcements made to the CMVM by Sonae and Sonaecom on July 21, 2023). As of 29 November 2017, Efanor Investimentos SGPS, S.A. ceased to be a controlling shareholder under the terms and for the purposes of articles 20 and 21 of the Portuguese Securities Code. \u2022 ZOPT - This qualified holding is attributable to the companies Kento Holding Limited (\u201cKento\u201d), BV, as well as to Mrs. Isabel dos Santos, being (i) Kento and Unitel International directly and indirectly controlled by Mrs. Isabel dos Santos; (ii) a ZOPT, a society controlled by Kento Holding Limited, Unitel International Holdings, BV. ",
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"s7_notes__6__135": {
"value": "23.3. Own shares Company law regarding own shares requires the establishment of a non-distributable reserve of an amount equal to the purchase price of such shares, which becomes frozen until the shares are disposed of or distributed. In addition, the applicable accounting rules determine that gains or losses on the disposal of own shares are stated in reserves. On 31 December 2023 there were 3,736,403 own shares, representing 0.7253% of share capital (31 December 2022: 4,008,391 own shares, representing 0.7781% of the share capital). The movements occurred in the financial year ended on 31 December 2022 and 2023 were as follows: Quantity Value Balance as of 1 January 2022 3,002,427 12,353 Acquisition of own shares 1,868,129 7,087 Distribution of own shares - share incentive scheme (791,257) (3,186) Distribution of own shares - other remunerations (70,908) (286) Balance as of 31 December 2022 4,008,391 15,968 Balance as of 1 January 2023 4,008,391 15,968 Acquisition of own shares 1,234,638 5,171 Distribution of own shares - share incentive scheme (1,479,000) (5,970) Distribution of own shares - other remunerations (27,626) (110) Balance as of 31 December 2023 3,736,403 15,059 ",
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"s7_notes__6__136": {
"value": "23.4 Reserves Legal reserve Company law and NOS Articles of Association establish that at least 5% of the Company\u2019s annual net profit must be used to build up the legal reserve until it corresponds to 20% of the share capital. This reserve cannot be distributed except in the event of liquidation of the company, but it may be used to absorb losses after all other reserves have been exhausted, or for incorporation in the share capital. Other reserves Under Portuguese law, the amount of distributable reserves is determined according to the individual financial statements of the company prepared in accordance with IAS / IFRS. Thus, on 31 December 2023 NOS had reserves, which by their nature are considered distributable for an amount of approximately 176.4 million euros, not including the net income. Dividends The General Meeting of Shareholders held on 21 April 2022 approved the Board of Directors' proposal to pay an ordinary dividend per share of \u20ac0.278, in the amount of \u20ac143,215 thousand. The dividend attributable to own shares amounted to approximately 858 thousand euros. The dividend was paid on 9 May 2022. The General Meeting of Shareholders held on 5 April 2023 approved the Board of Directors' proposal to pay an ordinary dividend per share of \u20ac0.430, in the amount of \u20ac221,519 thousand. The dividend attributable to own shares amounted to approximately 1,532 thousand euros. The dividend was paid on 21 April 2023. ",
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"s7_notes__6__137": {
"value": "Dividends The General Meeting of Shareholders held on 21 April 2022 approved the Board of Directors' proposal to pay an ordinary dividend per share of \u20ac0.278, in the amount of \u20ac143,215 thousand. The dividend attributable to own shares amounted to approximately 858 thousand euros. The dividend was paid on 9 May 2022. The General Meeting of Shareholders held on 5 April 2023 approved the Board of Directors' proposal to pay an ordinary dividend per share of \u20ac0.430, in the amount of \u20ac221,519 thousand. The dividend attributable to own shares amounted to approximately 1,532 thousand euros. The dividend was paid on 21 April 2023. ",
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"s7_notes__6__138": {
"value": "0.278",
"decimals": 3,
"dimensions": {
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},
"s7_notes__6__140": {
"value": "24. Non-controlling interests The movements of the non-controlling interests occurred during the financial year ended on 31 December 2022 and 2023 and the results attributable to non-controlling interests for the year are as follows: Attributable 31-12-2021 Others 31-12-2022 profits NOS Madeira 5,289 142 1 5,432 NOS A\u00e7ores 1,090 (272) 1 819 6,379 (130) 2 6,251 Attributable 31-12-2022 Others 31-12-2023 profits NOS Madeira 5,432 578 (4) 6,006 NOS A\u00e7ores 819 (239) (1) 579 6,251 339 (5) 6,585",
"dimensions": {
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"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__143": {
"value": "25. Borrowings On 31 December 2022 and 2023, the composition of borrowings was as follows: 31-12-2022 31-12-2023 Current Non-current Current Non-current Loans - nominal value 350,136 655,000 152,268 951,000 Debenture loan 300,000 290,000 75,000 350,000 Commercial paper 43,000 365,000 67,600 601,000 Bank overdrafts 7,136 - 9,668 - Loans - accruals and deferrals 2,832 (541) 5,421 (1,183) Loans - amortized cost 352,968 654,459 157,689 949,817 Leases 74,485 555,722 79,379 547,083 427,453 1,210,181 237,069 1,496,900 During the financial year ended on 31 December 2023, the average cost of debt of the used lines was approximately 3.4% (2022: 1.2%). The average global financing cost (used and unused lines) during the financial year ended on 31 December 2023 was approximately 3.5% (2022: 1.3%). On 31 December 2023 there is no default in terms of capital, interest, conditions for redemption on loans payable or other commitments. 25.1. Debenture loans On 31 December 2023, NOS has a total amount of 425 million euros of bonds issued: \u2022 A bond loan in the amount 50 million euros placed by Caixa Geral de Dep\u00f3sitos in July 2019 and maturing in July 2024. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount 25 million euros placed by Medio Banca in July 2019 and maturing in July 2024. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount of 15 million euros placed by BPI in July 2021 and maturing in July 2026.The loan bears interest at a variable rate, indexed to the Euribor and paid on a quarterly basis. \u2022 A bond loan in the amount of 75 million euros placed by Caixa Geral de Dep\u00f3sitos in March 2022 and maturing in March 2027. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount of 75 million euros placed by BPI in July 2022 and maturing in March 2027. The loan bears interest at variable rates, indexed to Euribor and paid quarterly. \u2022 A bond loan in the amount 50 million euros placed by BPI in April 2023 and maturing in January 2028. The loan bears interest at variable rates, indexed to Euribor and paid quarterly. \u2022 A bond loan in the amount 75 million euros placed by Caixa Geral de Dep\u00f3sitos in April 2023 and maturing in April 2028. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount of 60 million euros placed by BPI in December 2023 and maturing in June 2025. The loan bears interest at variable rates, indexed to Euribor and paid every semi-annually. On 31 December 2023, an amount of 2,751 thousand euros, corresponding to interest and commissions, was added to this amount and recorded in the item \u201cLoans - accruals and deferrals\u201d. 25.2. Commercial paper On 31 December 2023, the Company has borrowings of 668 million euros in the form of commercial paper of which \u20ac42.6 million issued under programmes without underwriting. The total amount contracted, under underwriting securities, is of 925 million euros, corresponding to 17 programmes, with 7 banks, 825 million euros of which bear interest at market rates and 100 million euros are issued in fixed rate. Commercial paper programmes with maturities over one-year totaling 825 million euros (of which 668.5 million euros have been used as of 31 December 2023), since the Company can renew unilaterally current issues on or before the programmes\u2019 maturity dates and because they are underwritten by the organizer. As such, this amount, although having a current maturity, it was classified as non-current for presentation purposes in the financial position statement. On 31 December 2023 an amount of 1,487 thousand euros, corresponding to interest and commissions, was deducted to this amount, and recorded in the item \u201cLoans - accruals and deferrals\u201d. 25.3. Leases AOn 31 December 2022 and 2023, the leases refer mainly to rental agreements for telecommunications towers, movie theaters, equipment, shops and vehicles, exclusive acquisition of satellite capacity and rights to use distribution network capacity. The movements in lease liabilities for the financial years ended on 31 December 2022 and 2023 are as follows: Rights of use Interest 31-12-2021 Payments Others 31-12-2022 (Note 11) (Note 41) Telecommunications towers and 378,750 132,145 22,774 (50,108) - 483,561 rooftops Movie theatres 32,736 6,001 382 (9,755) - 29,364 Transponders 32,046 1,965 1,470 (6,825) - 28,656 Equipment 39,286 16,919 499 (17,624) - 39,080 Buildings 22,052 13,858 328 (9,407) - 26,831 Fibre optic rental 7,250 (9) 43 (2,725) - 4,559 Stores 5,660 3,102 64 (3,553) - 5,273 Others 16,225 2,098 367 (5,807) - 12,883 534,005 176,079 25,927 (105,804) - 630,207 Rights of use Interest 31-12-2022 Payments Others 31-12-2023 (Note 11) (Note 41) Telecommunications towers and 483,561 30,203 26,575 (61,626) 1,505 480,218 rooftops Movie theatres 29,364 16,652 1,016 (9,846) - 37,186 Transponders28,656 383 1,151 (11,838) - 18,352 Equipment 39,080 22,020 837 (15,782) (9,511) 36,644 Buildings 26,831 3,418 583 (6,864) 5,867 29,835 Fibre optic rental 4,559 4 121 (3,189) 969 2,464 Stores 5,273 6,508 219 (3,765) - 8,235 Others 12,883 3,540 476 (4,541) 1,170 13,528 630,207 82,728 30,978 (117,451) - 626,462 Leases \u2013 payments 31-12-2022 31-12-2023 Until 1 year 120,515 111,908 Between 1 and 5 year 305,011 296,689 Over 5 years 420,531 391,690 846,057 800,287 Future financial costs (leases) (215,850) (173,825) Present value of lease liabilities 630,207 626,462 Leases \u2013 present value 31-12-2022 31-12-2023 Until 1 year 74,485 79,379 Between 1 and 5 years 214,269 190,875 Over 5 years 341,453 356,208 630,207 626,462 ",
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"s7_notes__6__142": {
"value": "25. Borrowings On 31 December 2022 and 2023, the composition of borrowings was as follows: 31-12-2022 31-12-2023 Current Non-current Current Non-current Loans - nominal value 350,136 655,000 152,268 951,000 Debenture loan 300,000 290,000 75,000 350,000 Commercial paper 43,000 365,000 67,600 601,000 Bank overdrafts 7,136 - 9,668 - Loans - accruals and deferrals 2,832 (541) 5,421 (1,183) Loans - amortized cost 352,968 654,459 157,689 949,817 Leases 74,485 555,722 79,379 547,083 427,453 1,210,181 237,069 1,496,900 During the financial year ended on 31 December 2023, the average cost of debt of the used lines was approximately 3.4% (2022: 1.2%). The average global financing cost (used and unused lines) during the financial year ended on 31 December 2023 was approximately 3.5% (2022: 1.3%). On 31 December 2023 there is no default in terms of capital, interest, conditions for redemption on loans payable or other commitments. 25.1. Debenture loans On 31 December 2023, NOS has a total amount of 425 million euros of bonds issued: \u2022 A bond loan in the amount 50 million euros placed by Caixa Geral de Dep\u00f3sitos in July 2019 and maturing in July 2024. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount 25 million euros placed by Medio Banca in July 2019 and maturing in July 2024. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount of 15 million euros placed by BPI in July 2021 and maturing in July 2026.The loan bears interest at a variable rate, indexed to the Euribor and paid on a quarterly basis. \u2022 A bond loan in the amount of 75 million euros placed by Caixa Geral de Dep\u00f3sitos in March 2022 and maturing in March 2027. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount of 75 million euros placed by BPI in July 2022 and maturing in March 2027. The loan bears interest at variable rates, indexed to Euribor and paid quarterly. \u2022 A bond loan in the amount 50 million euros placed by BPI in April 2023 and maturing in January 2028. The loan bears interest at variable rates, indexed to Euribor and paid quarterly. \u2022 A bond loan in the amount 75 million euros placed by Caixa Geral de Dep\u00f3sitos in April 2023 and maturing in April 2028. The loan bears interest at variable rates, indexed to Euribor and paid semi-annually. \u2022 A bond loan in the amount of 60 million euros placed by BPI in December 2023 and maturing in June 2025. The loan bears interest at variable rates, indexed to Euribor and paid every semi-annually. On 31 December 2023, an amount of 2,751 thousand euros, corresponding to interest and commissions, was added to this amount and recorded in the item \u201cLoans - accruals and deferrals\u201d. 25.2. Commercial paper On 31 December 2023, the Company has borrowings of 668 million euros in the form of commercial paper of which \u20ac42.6 million issued under programmes without underwriting. The total amount contracted, under underwriting securities, is of 925 million euros, corresponding to 17 programmes, with 7 banks, 825 million euros of which bear interest at market rates and 100 million euros are issued in fixed rate. Commercial paper programmes with maturities over one-year totaling 825 million euros (of which 668.5 million euros have been used as of 31 December 2023), since the Company can renew unilaterally current issues on or before the programmes\u2019 maturity dates and because they are underwritten by the organizer. As such, this amount, although having a current maturity, it was classified as non-current for presentation purposes in the financial position statement. On 31 December 2023 an amount of 1,487 thousand euros, corresponding to interest and commissions, was deducted to this amount, and recorded in the item \u201cLoans - accruals and deferrals\u201d. 25.3. Leases AOn 31 December 2022 and 2023, the leases refer mainly to rental agreements for telecommunications towers, movie theaters, equipment, shops and vehicles, exclusive acquisition of satellite capacity and rights to use distribution network capacity. The movements in lease liabilities for the financial years ended on 31 December 2022 and 2023 are as follows: Rights of use Interest 31-12-2021 Payments Others 31-12-2022 (Note 11) (Note 41) Telecommunications towers and 378,750 132,145 22,774 (50,108) - 483,561 rooftops Movie theatres 32,736 6,001 382 (9,755) - 29,364 Transponders 32,046 1,965 1,470 (6,825) - 28,656 Equipment 39,286 16,919 499 (17,624) - 39,080 Buildings 22,052 13,858 328 (9,407) - 26,831 Fibre optic rental 7,250 (9) 43 (2,725) - 4,559 Stores 5,660 3,102 64 (3,553) - 5,273 Others 16,225 2,098 367 (5,807) - 12,883 534,005 176,079 25,927 (105,804) - 630,207 Rights of use Interest 31-12-2022 Payments Others 31-12-2023 (Note 11) (Note 41) Telecommunications towers and 483,561 30,203 26,575 (61,626) 1,505 480,218 rooftops Movie theatres 29,364 16,652 1,016 (9,846) - 37,186 Transponders28,656 383 1,151 (11,838) - 18,352 Equipment 39,080 22,020 837 (15,782) (9,511) 36,644 Buildings 26,831 3,418 583 (6,864) 5,867 29,835 Fibre optic rental 4,559 4 121 (3,189) 969 2,464 Stores 5,273 6,508 219 (3,765) - 8,235 Others 12,883 3,540 476 (4,541) 1,170 13,528 630,207 82,728 30,978 (117,451) - 626,462 Leases \u2013 payments 31-12-2022 31-12-2023 Until 1 year 120,515 111,908 Between 1 and 5 year 305,011 296,689 Over 5 years 420,531 391,690 846,057 800,287 Future financial costs (leases) (215,850) (173,825) Present value of lease liabilities 630,207 626,462 Leases \u2013 present value 31-12-2022 31-12-2023 Until 1 year 74,485 79,379 Between 1 and 5 years 214,269 190,875 Over 5 years 341,453 356,208 630,207 626,462 ",
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"s7_notes__6__145-1": {
"value": "26. Provisions On 31 December 2022 and 2023, the provisions were as follows: 31-12-2022 31-12-2023 Litigation and other - i) 32,158 30,345 Dismantling and removal of assets - ii) 22,294 22,254 Contingent liabilities - iii) 22,908 22,908 Contingencies - other - iv) 3,907 4,647 81,267 80,154 i. On 31 December 2023, the amount under the item \"Litigation and other\" corresponds to provisions to cover the legal and others claims in-progress; ii. The amount under the item \"Dismantling and removal of assets \"refers to the estimated future costs discounted to the present value, related with the termination of the use of the space where there are telecommunication towers and cinemas; iii. The amount in the item \"Contingent liabilities\" refers to several provisions recorded for present but not likely obligations, related to the merger by incorporation of Optimus SGPS, namely: a) Extraordinary contribution toward the fund for the compensation of the net costs of the universal service of electronic communications (CLSU): The Extraordinary contribution toward the fund for the compensation of the net costs of the universal service of electronic communications (CLSU) is legislated in Articles 17 to 22 of Law no 35/2012, of 23 August. From 1995 until June 2014, MEO, SA (former PTC) was the sole provider for the universal service of electronic communications, having been designated administratively by the government, i.e. without a formal contest procedure led by the government for that effect, which constitutes an illegality, by the way acknowledged by the European Court of Justice who, through its decision taken in June 2014, condemned the Portuguese State to pay a fine of 3 million euros for illegally designating MEO. In accordance with Article 18 of the abovementioned Law 35/2012, of 23 August, the net costs incurred by the operator responsible for providing the universal service, approved by ANACOM, must be shared between other companies who provide, in national territory public communication networks and publicly accessible electronic communications services. NOS is therefore within the scope of this extraordinary contribution given that MEO has being requesting the payment of CLSU to the compensation fund of the several periods during which it was responsible for providing the services. In accordance with law, the compensation fund can be activated to compensate the net costs of the electronic communications universal service, relative to the period before the designation of the provider by tender, whenever, cumulatively (i) there are net costs, considered excessive, the amount of which is approved by ANACOM, following an audit to their preliminary calculation and support documents, which are provided by the universal service provider, and (ii) the universal service provider requester the Government compensation for the net costs approved under the terms previously mentioned. Therefore: \u2013 In 2013, ANACOM deliberated to approve the final results of the CLSU audit presented by MEO, relative to the period from 2007 to 2009, in a total amount of 66.8 million euros, a decision that was contested by the Company. In January 2015, ANACOM issued the settlement notes in the amount of 18.6 million euros related to NOS, SA, NOS Madeira and NOS A\u00e7ores which were contested by NOS and for which a bail was presented by NOS SGPS (Note 44) to avoid Tax Execution Proceedings. The guarantees have been accepted by ANACOM. \u2013 In 2014, ANACOM deliberated to approve the final results of the CLSU audit by MEO, relative to the period from 2010 to 2011, in a total amount of 47.1 million euros, a decision also contested by NOS. In February 2016, ANACOM issued the settlement notes in the amount of 13 million euros, related to NOS, SA, NOS Madeira and NOS A\u00e7ores which were also contested and for which it was before also presented bail by NOS SGPS in order to avoid the promotion of respective tax enforcement processes. The guarantees that have been accepted by ANACOM. \u2013 In 2015, ANACOM deliberated to approve the final results of the audit to CLSU presented by MEO relative to the period from 2012 to 2013, in the amount of 26 million euros and 20 million euros, respectively, and as the others, it was contested by NOS. In December 2016, the notices of settlement were issued relating to NOS, SA, NOS Madeira and NOS A\u00e7ores, corresponding to that period, in the amount of 13.6 million euros which were contested by NOS and for which guarantees have been already presented by NOS SGPS in order to avoid the promotion of the respective proceedings of tax execution. The guarantees were also accepted by ANACOM. \u2013 In 2016, ANACOM approved the results of the audit to the CLSU presented by MEO related with the period between January and June 2014, for an amount of 7.7 million euros that was contested by NOS, in standard terms. \u2013 In 2017, NOS, SA, NOS Madeira and NOS A\u00e7ores were notified of the decision of ANACOM concerning the entities that are obliged to contribute toward the compensation fund and the setting of the values of contributions corresponding to CLSU that must be compensated and relating to the months of 2014 in which MEO still remained as provider of the Universal Service, which establishes for all these companies a contribution around 2.4 million euros. In December 2017, the settlement notes relating to NOS, SA, NOS Madeira and NOS A\u00e7ores, concerning that period, were issued in the amount of approximately 2.4 million euros, which were challenged by NOS and for which guarantees have also been presented by NOS SGPS, in order to avoid the promotion of their tax enforcement procedures. The guarantees were also accepted by ANACOM. It is the opinion of the Board of Directors of NOS that these extraordinary contributions to Universal Service (not designated through a tender procedure) flagrantly violate the Directive of Universal Service. Moreover, considering the existing legal framework since NOS began its activity, the request of payment of the extraordinary contribution violates the principle of the protection of confidence, recognized on a legal and constitutional level in Portuguese domestic law. For these reasons, NOS has judicially challenged either the approval of audit results of the universal service net cost related with the pre-contest period as well as the liquidation of each and every extraordinary contribution that may be required. In September 2021, the Lisbon Administrative Circle Court ruled as unfounded the action regarding the administrative challenge of the results of the CLSU 2007-2009 audit, which NOS appealed in October 2021. The Board of Directors is convinced it will be successful in both challenges and appeals undertaken; iv. The amount under the caption \"Contingencies - other\" refers to provisions for risks related to miscellaneous events/disputes of various kinds, the settlement of which may result in outflows of cash, and other likely liabilities related to several transactions from previous periods, and whose outflow of cash is probable, namely, costs charged to the current period or previous years, for which it is not possible to estimate reliably the time of occurrence of the expense. During the financial year ended on 31 December 2022, movements in provisions were as follows: 31-12-2021 Increases Decreases Others 31-12-2022 Litigation and other 32,468 4,202 (4,512) - 32,158 Financial investments 1,075 - (1,075) - - Dismantling and removal of assets 22,326 500 (1,158) 626 22,294 Contingent liabilities 23,707 - (799) - 22,908 Contingencies - other 2,940 3,794 (62) (2,765) 3,907 82,516 8,496 (7,606) (2,139) 81,267 During the financial year ended on 31 December 2023, movements in provisions were as follows: 31-12-2022 Increases Decreases Others 31-12-2023 Litigation and other 32,158 5,141 (3,743) (3,211) 30,345 Financial investments - - - - - Dismantling and removal of assets 22,294 836 (67) (809) 22,254 Contingent liabilities 22,908 - - - 22,908 Contingencies - other 3,907 3,590 - (2,850) 4,647 81,267 9,567 (3,810) (6,870) 80,154 During the financial year ended on 31 December 2022 and 2023, the increases refer mainly to compensation to employees, provisions for legal and other claims plus interests and charges, and the decreases refer mainly to the reassessment and prescription of several legal contingencies. The movements recorded in \u201cOthers\u201d, under the heading \u201cContingencies - other\u201d correspond, predominantly, to compensations to employees. The net movements for the financial years ended on 31 December 2022 and 2023 reflected in the income statement under Provisions were as follows: 12M 22 12M 23 Provisions and adjustments (Note 36) (1,603) (1,161) Losses / (gains) of affiliated companies, net (Note 37) (1,075) - Other losses / (gains) non-recurrent (Note 39) 3,786 3,590 Interests - dismantling (658) 769 Other 440 2,559 Increases and decreases in provisions 890 5,75746. Legal actions and contingent assets and liabilities 46.1. Legal actions with regulators and Competition Authority (AdC) i. NOS SA, NOS A\u00e7ores and NOS Madeira brought actions for judicial review of ANACOM\u2019s decisions in respect of the payment of the Annual Fee of Activity (for 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022) as Electronic Communications Services Networks Supplier, and furthermore the refund of the amounts that meanwhile were paid within the scope of the mentioned acts of settlement was requested. Also NOS Wholesale brought action for judicial review of ANACOM\u2019s decision in respect of payment of the Annual Fee of Activity for 2020, 2021 and 2022. The settlement amounts are, respectively, as follows: a) NOS SA: 2009: 1,861 thousand euros, 2010: 3,808 thousand euros, 2011: 6,049 thousand euros, 2012: 6,283 thousand euros, 2013: 7,270 thousand euros, 2014: 7,426 thousand euros, 2015: 7,253 thousand euros, 2016: 8,242 thousand euros, 2017: 9,099 thousand euros, 2018: 10,303 thousand euros, 2019: 10,169 thousand euros; 2020: 10,184 thousand euros, 2021: 9,653 thousand euros and 2022: 9,850 thousand euros. b) NOS A\u00e7ores: 2009: 29 thousand euros, 2010: 60 thousand euros, 2011: 95 thousand euros, 2012: 95 thousand euros, 2013: 104 thousand euros, 2014: 107 thousand euros, 2015: 98 thousand euros, 2016: 105 thousand euros, 2017: 104 thousand euros, 2018: 111 thousand euros, 2019: 107 thousand euros, 2020: 120 thousand euros, 2021: 123 thousand euros and 2022: 123 thousand euros. c) NOS Madeira: 2009: 40 thousand euros, 2010: 83 thousand euros, 2011: 130 thousand euros, 2012: 132 thousand euros, 2013: 149 thousand euros, 2014:165 thousand euros, 2015: 161 thousand euros, 2016: 177 thousand euros, 2017: 187 thousand euros, 2018: 205 thousand euros, 2019: 195 thousand euros, 2020: 202 thousand euros, 2021: 223 thousand euros and 2022: 235 thousand euros. d) NOS Wholesale: 2020: 36 thousand euros, 2021: 110 thousand euros and 2022: 90 thousand euros. This fee is a percentage decided annually by ANACOM (in 2009 it was 0.5826%) of operators\u2019 electronic communications revenues. The appeals invoke: i) unconstitutionality and illegality, related to the inclusion in the cost accounting of ANACOM of the provisions made by the latter, due to judicial proceedings against the latter (including these appeals of the activity rate) and ii) that only revenues from the electronic communications business per se, subject to regulation by ANACOM, should be considered for the purposes of the application of the percentage and the calculation of the fee payable, and that revenues from television content should be excluded. Judgments have been handed down in more than two dozen cases on the matter, which ANACOM has appealed to the Central Administrative Court and/or the Constitutional Court, pending the outcome of the cases. In the second and third quarters of 2023, the Constitutional Court ruled, in more than a dozen separate cases, that Ordinance 1473-B/2008, of December 17, which regulates the determination of fees due for the exercise of the activity of provider of electronic communications networks and services, is unconstitutional, and ordered ANACOM to refund the amount unduly charged. In the year ended on 31 December 2023, a profit of 38.5 million euros was recognized as a result of the favorable decisions in the Constitutional Court, and 15.6 million euros were received (Note 40). The remaining process are awaiting final judgment/decision. ii. During the first quarter of 2017, NOS was notified by ANACOM of the initiation of an infraction process related to communications of prices update at the end of 2016, beginning of 2017. In the end of the last trimester of 2020, ANACOM notified NOS of the accusation, with the practice of 4 very severe offences and 1 severe offence related, respectively, with i) the non-communication to customers of the right to rescind the contract with no charges, as a result of prices changes, with (ii and iii) the supposed non-communication of pricing update and with (iv) the adequate advance and, yet, (v) the lack of information to be communicated to ANACOM. However, ANACOM did not present any value for a fine, except in relation to the with severe offence. In this case, ANACOM gave NOS the possibility to settle the fine by the minimum, in the amount of 13 thousand euros, which NOS did. NOS presented its written defense on 29 January 2021. NOS was notified, in November 2022, of ANACOM's decision that condemned NOS to pay a fine of 5.2 million euros. NOS has challenged the decision in court, and, in June 2023, the court reduced the amount of the fine imposed on NOS to \u20ac4.2 million. NOS appealed this decision to the Court of Appeal. iii. On 17 July 2020, NOS was notified by the AdC of an illegality note (accusation) related to digital marketing without a google search engine, which accuses the operators MEO, NOS, NOWO and Vodafone of concertation, for a period ranging from between 2010 and 2018, failing to identify a concrete fine. It is not possible, at this moment, to estimate the value of an eventual fine. NOS presented its written defense to the Portuguese Competition Authority (AdC) and an appeal to the Lisbon Court of Appeal, where it challenged the nullity of the obtained evidence. In July 2022, the Lisbon Court of Appeal confirmed NOS position pending further developments. Is the Board of Directors' conviction, taking into account the elements it knows, that will be able to demonstrate the various arguments in favor of its defense. iv. On 15 December 2021, NOS was notified by the Portuguese Competition Authority (AdC) of an illegality note (accusation) related to advertising service practices in automatic recordings, which accuses NOS, other operators and a consultant of concertation behavior in the television recordings advertising market. NOS presented its written defense and subsequently challenged the nullity of the taking of evidence. At the time, it is not possible to estimate whether there will be an acquittal or conviction and, in the case of the latter, the amount of a possible fine. Further developments on the AdC's decision are awaited. It is the conviction of the Board of Directors, taking into account the elements it knows, that it will be able to demonstrate the various arguments in favor of its defense. 46.2. Tax authorities During the course of the 2003 to 2023 financial years, some companies of the NOS Group were the subject of tax inspections for the 2001 to 2021 financial years. Following these inspections, NOS SGPS, as the controlling company of the Tax Group, and companies not covered by Tax Group, were notified of the corrections made to the Group's tax losses, to VAT and stamp tax and to make the payments related to the corrections made to the above exercises. The total amount of the notifications unpaid is about 38 million euros, added interest, and charges. These settlement notes, which totally were contested, are the respective lawsuits in progress. Based on the advice obtained from the process representatives and tax consultants, the Board of Directors maintains the belief in a favorable outcome, which is why these proceedings are maintained in court. However, in accordance with the principle of prudence, an assessment of the group's level of exposure to these proceedings is made periodically, in the light of the evolution of case law, and consequently the provisions recorded for this purpose are adjusted. The Group provided the guarantees demanded by the Tax Authorities, related to these processes, according reference in Note 43. 46.3. Actions by MEO against NOS SA, NOS Madeira and NOS A\u00e7ores and by NOS SA against MEO In 2011, MEO brought against NOS SA, in the Judicial Court of Lisbon, a claim for the compensation of 10.3 million of Euros, as compensation for alleged unauthorized portability of NOS SA in the period between March 2009 and July 2011. NOS SA contested, and the Court ordered an expert opinion, meanwhile, deemed without effect. The discussion and trial hearing took place in the first quarter of 2016, being the rendered in September of the same year, which considered the action to be partially justified, based not on the occurrence of improper portability, which the Court has determined to restrict itself to those which do not correspond to the will of the proprietor. In that regard, it sentenced NOS to the payment of approximately 5.3 million euros to MEO, a decision of which NOS appealed to the Lisbon Court of Appeal. MEO, on the other hand, was satisfied with the decision and did not appeal against the part of the sentence that acquitted NOS. This Court, in the first quarter of 2018, upheld the decision of the Court of First Instance, except for interests, in which it gave reason to the claims of NOS, in the sense that interests should be counted from the citation to the action and not from the due date of the invoices. NOS filed an extraordinary appeal with the Supreme Court of Justice (SCJ), that appeal which found that the facts established were insufficient to resolve on the substance of the case. Consequently, the SCJ ordered that the court under appeal should amplify the facts. The case was transferred to the Court of First Instance and in November 2019, this, granted the parties the possibility of requesting the production of supplementary evidence on the subject of the extension, with NOS requesting an expert examination and the repetition of testimonial evidence. In February 2020, the Court determined the need to obtain new evidence, which requires the analysis of the information relating to all portabilities that serve as the basis for the process, determining the carrying out of expert evidence for that purpose. The appointment of the expert occurred on October 2021. In December 2022, the expert asked to be relieved of his duties because he felt that the qualified non-judicial verification was unfeasible in view of the volume of documentation to be analyzed, having the court determined in April 2023, that, in view of the expert's request, the trial should be limited to the submission of written pleadings. The parties submitted their written pleadings in June and NOS, in addition, filed an autonomous appeal against that order, on the grounds that the court's decision violated the STJ judgment. In July 2023, even though no additional evidence had been produced as determined by the STJ, the Court handed down a new decision ordering NOS to pay 5.3 million euros. This decision has already been appealed to the Lisbon Court of Appeal. Further developments are awaited. In 2011, NOS SA brought an action in Lisbon Judicial Court against MEO, claiming payment of 22.4 million euros, for damages suffered by NOS SA, arising from violations of the Portability Regulation by MEO, in particular, the large number of unjustified refusals of portability requests by MEO in the period between February 2008 and February 2011. The court declared the performance of expert evidence of technical nature and an economic-financial survey, which were completed in February 2016 and June 2018, respectively. MEO argued for the nullity of the expert economic-financial report, which was dismissed. After the trial, in May 2022, the court partially agreed with NOS, condemning MEO to pay 7.9 million euros, a decision challenged by MEO and NOS by filing appeals in October 2022. At the end of March 2023, the Lisbon Court of Appeal revoked the initial decision and ordered the expansion of the facts, which will entail new trial sessions. It is the understanding of the Board of Directors, corroborated by the attorneys accompanying the process, that it is, in formal and substantive terms, likely that NOS SA will be able to win the lawsuit, due to MEO already having been convicted for the same offences by ANACOM. 46.4. Action brought by DECO In March 2018, NOS was notified of a lawsuit brought by DECO against NOS, MEO and NOWO, in which a declaration of nullity of the obligation to pay the price increases imposed on customers at the end of 2016 is requested. In April and May 2018, the operators, including NOS, lodged a defense. The action\u2019s value has been fixed at EUR 60,000. After the discussion and trial sessions were held in 2022, NOS filed an appeal against the court decision that dispensed with the production of testimonial evidence, which was upheld by the Lisbon Court of Appeal. The parties are now waiting for the discussion and trial sessions to be scheduled. Board of Directors is convinced that the arguments used by the author are not justified, which is why it is believed that the outcome of the proceeding should not result in significant impacts for the Group's financial statements. 46.5. Action brought by Citizens Voice In November 2022, NOS was served with a lawsuit filed by Citizens Voice - Consumer Advocacy Association (\"Citizens Voice\"), where a set of requests related to the automatic activation of pre-defined volumes of mobile data, once the data volume included in the monthly fee contracted by customers has been exhausted. Citizens Voice requests more specifically (i) the judicial declaration of the illegality of this practice for understanding that violates a set of national and European rules, (ii) the recognition of the right of customers to refuse to contract these services, (iii) the return of amounts paid on this basis over the past years by NOS customers, as well as (iv) the payment of compensation in the amount of 100 euros to each customer for alleged moral damages resulting from that practice. In December 2022 NOS presented its response invoking the illegitimacy of Citizens Voice to present the action, namely by the existence of a profit interest, and furthermore defending the lawfulness of the practice and its total transparency and clarity for the respective customers. The Board of Directors is convinced that the arguments used by the plaintiff are unfounded, reason why it is believed that the outcome of the process will not result in significant impacts for the Group's financial statements. 46.6. Interconnection tariffs On 31 December 2023, accounts receivable and accounts payable include 37,139,253 euros and 43,475,093 euros, respectively, resulting from a dispute between the subsidiary NOS SA and, essentially, the operator MEO \u2013 Servi\u00e7os de Comunica\u00e7\u00e3o e Multim\u00e9dia, S.A. (previously named TMN \u2013 Telecomunica\u00e7\u00f5es M\u00f3veis Nacionais, S.A.), in relation to the non-definition of interconnection tariffs of 2001. In what concerns to that dispute with MEO, the result was totally favorable to NOS S.A., having already become final. In March 2021, MEO filed a new lawsuit against NOS, in which it claimed the price of interconnection services between TMN and Optimus for 2001 at 55$00 (\u20ac 0.2743) per minute. After NOS presented its defense contesting MEO's petition, a preliminary hearing was held and, by court decision, NOS was acquitted of the case. MEO filed an appeal against the decision, which was dismissed, and in February 2023 filed a new appeal to the STJ where NOS presented reply to allegations. Further developments of the process are awaited, being the understanding of the Board of Directors, supported by the lawyers who monitor the process, that there is, in substantive terms, a good chance that NOS SA can win the action.",
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"value": "26. Provisions On 31 December 2022 and 2023, the provisions were as follows: 31-12-2022 31-12-2023 Litigation and other - i) 32,158 30,345 Dismantling and removal of assets - ii) 22,294 22,254 Contingent liabilities - iii) 22,908 22,908 Contingencies - other - iv) 3,907 4,647 81,267 80,154 i. On 31 December 2023, the amount under the item \"Litigation and other\" corresponds to provisions to cover the legal and others claims in-progress; ii. The amount under the item \"Dismantling and removal of assets \"refers to the estimated future costs discounted to the present value, related with the termination of the use of the space where there are telecommunication towers and cinemas; iii. The amount in the item \"Contingent liabilities\" refers to several provisions recorded for present but not likely obligations, related to the merger by incorporation of Optimus SGPS, namely: a) Extraordinary contribution toward the fund for the compensation of the net costs of the universal service of electronic communications (CLSU): The Extraordinary contribution toward the fund for the compensation of the net costs of the universal service of electronic communications (CLSU) is legislated in Articles 17 to 22 of Law no 35/2012, of 23 August. From 1995 until June 2014, MEO, SA (former PTC) was the sole provider for the universal service of electronic communications, having been designated administratively by the government, i.e. without a formal contest procedure led by the government for that effect, which constitutes an illegality, by the way acknowledged by the European Court of Justice who, through its decision taken in June 2014, condemned the Portuguese State to pay a fine of 3 million euros for illegally designating MEO. In accordance with Article 18 of the abovementioned Law 35/2012, of 23 August, the net costs incurred by the operator responsible for providing the universal service, approved by ANACOM, must be shared between other companies who provide, in national territory public communication networks and publicly accessible electronic communications services. NOS is therefore within the scope of this extraordinary contribution given that MEO has being requesting the payment of CLSU to the compensation fund of the several periods during which it was responsible for providing the services. In accordance with law, the compensation fund can be activated to compensate the net costs of the electronic communications universal service, relative to the period before the designation of the provider by tender, whenever, cumulatively (i) there are net costs, considered excessive, the amount of which is approved by ANACOM, following an audit to their preliminary calculation and support documents, which are provided by the universal service provider, and (ii) the universal service provider requester the Government compensation for the net costs approved under the terms previously mentioned. Therefore: \u2013 In 2013, ANACOM deliberated to approve the final results of the CLSU audit presented by MEO, relative to the period from 2007 to 2009, in a total amount of 66.8 million euros, a decision that was contested by the Company. In January 2015, ANACOM issued the settlement notes in the amount of 18.6 million euros related to NOS, SA, NOS Madeira and NOS A\u00e7ores which were contested by NOS and for which a bail was presented by NOS SGPS (Note 44) to avoid Tax Execution Proceedings. The guarantees have been accepted by ANACOM. \u2013 In 2014, ANACOM deliberated to approve the final results of the CLSU audit by MEO, relative to the period from 2010 to 2011, in a total amount of 47.1 million euros, a decision also contested by NOS. In February 2016, ANACOM issued the settlement notes in the amount of 13 million euros, related to NOS, SA, NOS Madeira and NOS A\u00e7ores which were also contested and for which it was before also presented bail by NOS SGPS in order to avoid the promotion of respective tax enforcement processes. The guarantees that have been accepted by ANACOM. \u2013 In 2015, ANACOM deliberated to approve the final results of the audit to CLSU presented by MEO relative to the period from 2012 to 2013, in the amount of 26 million euros and 20 million euros, respectively, and as the others, it was contested by NOS. In December 2016, the notices of settlement were issued relating to NOS, SA, NOS Madeira and NOS A\u00e7ores, corresponding to that period, in the amount of 13.6 million euros which were contested by NOS and for which guarantees have been already presented by NOS SGPS in order to avoid the promotion of the respective proceedings of tax execution. The guarantees were also accepted by ANACOM. \u2013 In 2016, ANACOM approved the results of the audit to the CLSU presented by MEO related with the period between January and June 2014, for an amount of 7.7 million euros that was contested by NOS, in standard terms. \u2013 In 2017, NOS, SA, NOS Madeira and NOS A\u00e7ores were notified of the decision of ANACOM concerning the entities that are obliged to contribute toward the compensation fund and the setting of the values of contributions corresponding to CLSU that must be compensated and relating to the months of 2014 in which MEO still remained as provider of the Universal Service, which establishes for all these companies a contribution around 2.4 million euros. In December 2017, the settlement notes relating to NOS, SA, NOS Madeira and NOS A\u00e7ores, concerning that period, were issued in the amount of approximately 2.4 million euros, which were challenged by NOS and for which guarantees have also been presented by NOS SGPS, in order to avoid the promotion of their tax enforcement procedures. The guarantees were also accepted by ANACOM. It is the opinion of the Board of Directors of NOS that these extraordinary contributions to Universal Service (not designated through a tender procedure) flagrantly violate the Directive of Universal Service. Moreover, considering the existing legal framework since NOS began its activity, the request of payment of the extraordinary contribution violates the principle of the protection of confidence, recognized on a legal and constitutional level in Portuguese domestic law. For these reasons, NOS has judicially challenged either the approval of audit results of the universal service net cost related with the pre-contest period as well as the liquidation of each and every extraordinary contribution that may be required. In September 2021, the Lisbon Administrative Circle Court ruled as unfounded the action regarding the administrative challenge of the results of the CLSU 2007-2009 audit, which NOS appealed in October 2021. The Board of Directors is convinced it will be successful in both challenges and appeals undertaken; iv. The amount under the caption \"Contingencies - other\" refers to provisions for risks related to miscellaneous events/disputes of various kinds, the settlement of which may result in outflows of cash, and other likely liabilities related to several transactions from previous periods, and whose outflow of cash is probable, namely, costs charged to the current period or previous years, for which it is not possible to estimate reliably the time of occurrence of the expense. During the financial year ended on 31 December 2022, movements in provisions were as follows: 31-12-2021 Increases Decreases Others 31-12-2022 Litigation and other 32,468 4,202 (4,512) - 32,158 Financial investments 1,075 - (1,075) - - Dismantling and removal of assets 22,326 500 (1,158) 626 22,294 Contingent liabilities 23,707 - (799) - 22,908 Contingencies - other 2,940 3,794 (62) (2,765) 3,907 82,516 8,496 (7,606) (2,139) 81,267 During the financial year ended on 31 December 2023, movements in provisions were as follows: 31-12-2022 Increases Decreases Others 31-12-2023 Litigation and other 32,158 5,141 (3,743) (3,211) 30,345 Financial investments - - - - - Dismantling and removal of assets 22,294 836 (67) (809) 22,254 Contingent liabilities 22,908 - - - 22,908 Contingencies - other 3,907 3,590 - (2,850) 4,647 81,267 9,567 (3,810) (6,870) 80,154 During the financial year ended on 31 December 2022 and 2023, the increases refer mainly to compensation to employees, provisions for legal and other claims plus interests and charges, and the decreases refer mainly to the reassessment and prescription of several legal contingencies. The movements recorded in \u201cOthers\u201d, under the heading \u201cContingencies - other\u201d correspond, predominantly, to compensations to employees. The net movements for the financial years ended on 31 December 2022 and 2023 reflected in the income statement under Provisions were as follows: 12M 22 12M 23 Provisions and adjustments (Note 36) (1,603) (1,161) Losses / (gains) of affiliated companies, net (Note 37) (1,075) - Other losses / (gains) non-recurrent (Note 39) 3,786 3,590 Interests - dismantling (658) 769 Other 440 2,559 Increases and decreases in provisions 890 5,757",
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"s7_notes__6__146": {
"value": "27. Accrued expenses On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Current Invoices to be issued by operators i) 39,314 43,161 Investments in tangible and intangible assets 40,116 30,778 Vacation pay and bonuses 24,320 24,956 Professional services 16,306 20,580 Advertising 15,084 19,591 Costs related to specific projects of business customers 30,494 16,475 Content and film rights 13,205 13,412 Programming services 11,779 9,278 Energy and water 5,495 6,168 Energy and water 5,198 5,349 Costs of litigation procedure activity 4,033 4,108 Maintenance and repair 1,699 2,664 Other accrued expenses 5,387 7,423 212,430 203,943 i) Invoices to be issued by operators correspond predominantly to interconnection costs for international traffic and for the use of roaming services not yet billed.",
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"s7_notes__6__149": {
"value": "28. Deferred income On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Current Non-current Current Non-current Advanced billing i) 37,844 - 42,964 - Investment grants ii) 346 2,824 - - 38,190 2,824 42,964 - i. This item relates mainly to the billing of Pay TV services regarding the following month to the report period and amounts received from NOS Comunica\u00e7\u00f5es, SA customers, related with the recharges of mobile phones and purchase of telecommunications minutes yet unused. ii. This item relates mainly to the deferral of income on the implicit subsidy from obtaining a loan, which has since been fully paid off, from the EIB at interest rates below market values. In the year ended December 31, 2023, this amount was reclassified, in accordance with the change in the way subsidies are accounted for, disclosed in Note 2.3.13.",
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},
"s7_notes__6__147": {
"value": "28. Deferred income On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Current Non-current Current Non-current Advanced billing i) 37,844 - 42,964 - Investment grants ii) 346 2,824 - - 38,190 2,824 42,964 - i. This item relates mainly to the billing of Pay TV services regarding the following month to the report period and amounts received from NOS Comunica\u00e7\u00f5es, SA customers, related with the recharges of mobile phones and purchase of telecommunications minutes yet unused. ii. This item relates mainly to the deferral of income on the implicit subsidy from obtaining a loan, which has since been fully paid off, from the EIB at interest rates below market values. In the year ended December 31, 2023, this amount was reclassified, in accordance with the change in the way subsidies are accounted for, disclosed in Note 2.3.13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__151-1": {
"value": "29. Accounts payable \u2013 trade On 31 December 2023, accounts payable to suppliers and other entities, amounting to 244 million euros (December 31, 2022: 253 million euros), correspond to amounts payable arising from the company's operating activities.30. Accounts payable \u2013 others On 31 December 2022 and 2023, this item was composed as follows: 31-12-2022 31-12-2023 Non-current Contractual rights 42,128 44,726 42,128 44,726 Current Fixed assets suppliers 47,437 34,701 Contractual rights 1,934 2,881 Advances from customers 191 204 Advances on investment subsidies - 7,470 Others 4,227 5,093 53,789 50,349 95,917 95,075 The caption Contractual Rights refers to the liability to be settled over 20 years, related with the contractual right acquired with the agreement celebrated between NOS Comunica\u00e7\u00f5es, S.A., NOS Technology S.A., and Vodafone Portugal, Comunica\u00e7\u00f5es Pessoais, S.A with the aim of sharing mobile support network infrastructures (passive infrastructure such as towers and masts) and active mobile network (active radio equipment such as antennas, amplifiers and other equipment), as disclosed to the market on 22 October 2020. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__155": {
"value": "31. Operational Revenue Consolidated operating revenues, for financial years ended on 31 December 2022 and 2023, were as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Services rendered: Communications service revenues i 322,859 1,276,828 344,379 1,351,252 Revenue distribution and cinematographic exhibition ii 11,377 35,539 9,262 45,449 Receitas de publicidade iii 6,578 19,883 7,521 21,734 Advertising revenue iii 7,815 25,767 6,021 23,678 Production and distribution of content and channels iv 1,669 4,724 3,090 9,874 350,298 1,362,741 370,273 1,451,987 Sales: Telco v 34,500 115,771 33,436 100,117 Audiovisuals and cinema exhibition vi 3,819 12,273 3,408 16,160 38,319 128,044 36,844 116,277 Other operating revenues: Telco 8,756 29,150 7,241 28,440 Audiovisuals and cinema exhibition 136 1,072 (15) 750 8,892 30,222 7,226 29,190 397,509 1,521,007 414,343 1,597,454 These operating revenues are shown net of inter-company eliminations. i. This item mainly includes revenue relating to: (a) basic channel subscription packages that can be sold in a bundle with fixed broadband/fixed voice services; (b) premium channel subscription packages and S-VOD; (c) terminal equipment rental; (d) consumption of content (VOD); (e) traffic and mobile and fixed voice termination; (f) service activation; (g) mobile broadband access; and (h) other additional services (ex: firewall, antivirus) and services rendered related to datacenter management and consulting services in IT. ii. This item mainly includes (a) box office revenue at the NOS Cinemas, and (b) revenue relating to film distribution to other cinema exhibitors in Portugal. iii. This item includes advertising revenues on television channels and NOS cinemas. iv. This item includes revenues related to production of audiovisual content, thought the compilation of acquired contents, and distribution of channels, essentially TVCines. v. Revenue relating to the sale of terminal equipment, telephones, and mobile phones. vi. This item mainly includes sales of bar products by NOS Cinemas and DVD sales. This item includes earned income related with non-compliances and contractual penalties, as well as other supplementary income of diverse natures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__156": {
"value": "32. Wages and salaries In the financial years ended on 31 December 2022 and 2023, this item was composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Remuneration 16,591 63,899 14,946 67,064 Social taxes 4,208 17,088 4,595 18,363 Social benefits 516 2,041 451 2,050 Other 1,546 2,870 1,398 2,729 22,861 85,898 21,390 90,206 In the financial years ended on 31 December 2022 and 2023, the average number of employees of the companies included in the consolidation was 2,386 and 2,454, respectively. On 31 December 2023, the number of employees of the companies included in the consolidation was 2,480 employees. The costs of compensations paid to employees, since they are non-recurring costs, are recorded in the item \u201cRestructuring costs\u201d (Note 39).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__157": {
"value": "In the financial years ended on 31 December 2022 and 2023, the average number of employees of the companies included in the consolidation was 2,386 and 2,454, respectively. On 31 December 2023, the number of employees of the companies included in the consolidation was 2,480 employees.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__158-1": {
"value": "33. Direct costs In the financial years ended on 31 December 2022 and 2023, this item was composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Exhibition costs 49,953 188,232 46,706 185,923 Traffic costs 21,118 73,427 20,896 75,031 Costs related to corporate customers services 17,607 51,711 19,218 58,347 Capacity costs 5,599 17,991 5,402 20,564 Shared advertising revenues 4,795 13,658 5,187 14,526 99,072 345,019 97,409 354,39135. Support services and supplies and external services In the financial years ended on 31 December 2022 and 2023, this item was composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Support services: Administrative support and others 9,309 32,475 10,395 38,861 Call centers and customer support 10,607 34,758 9,312 35,389 Information systems 5,051 16,233 4,345 17,384 24,967 83,466 24,052 91,634 Supplies and external services: Maintenance and repair 12,070 46,935 13,496 55,193 Leasing of ducts and poles 7,013 27,838 6,628 26,315 Electricity 7,199 29,097 5,403 17,382 Professional services 3,152 11,249 2,436 9,015 Installation and removal of terminal equipment 1,377 5,281 1,701 5,785 Travel and accommodation 909 2,780 985 3,569 Communications 95 3,117 552 2,617 Other supplies and external services 5,907 28,941 9,338 33,653 37,722 155,238 40,539 153,529 During the financial year ended on 31 December 2022, given the application of IFRS 16, (practical expedient to consider the changes / concessions related to COVID-19 as not being a modification to the lease) discounts from rents were recognized, on the item \u201cOther Supplies and external services\u201d, in the amount of approximately 2.5 million euros.36. Provisions and adjustments In the financial years ended on 31 December 2022 and 2023, these items were composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Provisions (Note 26) (1,513) (1,603) 194 (1,161) Impairment of account receivables - trade (Note 18) 6,166 19,333 1,513 11,941 Impairment of account receivables - others (Note 13) 66 231 - 94 Others (2,728) (2,728) 3 11 1,991 15,233 1,710 10,885 40. Other losses / (gains) non-recurrent, net In the financial years ended on 31 December 2022 and 2023, the other non-recurring costs / (gains) was composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Gains: Legal processes 7 6,345 38,529 38,529 Others 415 415 - - 422 6,760 38,529 38,529 Costs: Others 207 3,147 3,994 4,594 207 3,147 3,994 4,594 Total (215) (3,613) (34,535) (33,935) In the financial year ended on 31 December 2022, an income/amount receivable of 6.3 million euros was estimated, resulting from favorable decisions in lawsuits brought by the company. This amount was received on October 7, 2022. In the financial year ended on 31 December 2023, an income of 38.5 million euros was recognized, resulting from favorable decisions in the Constitutional Court in proceedings brought by the company related to the settlement of the Activity Tax (Note 46). As of December 31, 2023, NOS had already received 15.6 million euros from these decisions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__161": {
"value": "34. Cost of products sold In the financial years ended on 31 December 2022 and 2023, this item was composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Costs of products sold 34,093 112,745 32,036 96,640 Increases / (decreases) in inventories impairments (Note 17) 617 1,817 6,271 7,771 34,710 114,562 38,307 104,411 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__164": {
"value": "38. Depreciation, amortization and impairment losses In the financial years ended on 31 December 2022 and 2023, this item was composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Tangible assets Buildings and other constructions 1,644 10,801 3,853 12,758 Basic equipment 63,785 200,375 50,474 187,989 Transportation equipment - 1 - 1 Tools and dies 13 59 52 102 Administrative equipment 179 3,082 876 3,784 Other tangible assets 108 389 108 534 65,729 214,707 55,363 205,168 Intangible assets Industrial property and other rights 27,012 104,507 28,750 110,971 27,012 104,507 28,750 110,971 Contract costs Contract costs 24,447 97,985 24,526 98,127 24,447 97,985 24,526 98,127 Rights of use Rights of use 18,139 63,672 15,142 69,360 18,139 63,672 15,142 69,360 Investiment property Investment property 4 16 3 12 4 16 3 12 135,331 480,887 123,784 483,638 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__168": {
"value": "41. Financing costs and other financials expenses / (income), net In the financial years ended on 31 December 2022 and 2023, financing costs and other financial expenses / (income) were composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Financing costs: Interest expense: Borrowings 3,541 10,303 14,365 39,342 Finance leases 7,274 25,927 7,969 30,978 Derivatives 36 60 - 50 Others (442) 720 (258) 2,492 10,409 37,010 22,076 72,862 Interest earned: Interest on late payments (865) (3,455) (963) (3,511) Derivatives - - (1,186) (3,099) Others (1,500) (1,977) (224) (959) (2,365) (5,432) (2,373) (7,569) Total 8,044 31,578 19,703 65,293 Net other financial expenses /(income): Comissions and guarantees 656 2,917 755 3,015 Others 122 402 113 592 778 3,319 868 3,607",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__167": {
"value": "41. Financing costs and other financials expenses / (income), net In the financial years ended on 31 December 2022 and 2023, financing costs and other financial expenses / (income) were composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Financing costs: Interest expense: Borrowings 3,541 10,303 14,365 39,342 Finance leases 7,274 25,927 7,969 30,978 Derivatives 36 60 - 50 Others (442) 720 (258) 2,492 10,409 37,010 22,076 72,862 Interest earned: Interest on late payments (865) (3,455) (963) (3,511) Derivatives - - (1,186) (3,099) Others (1,500) (1,977) (224) (959) (2,365) (5,432) (2,373) (7,569) Total 8,044 31,578 19,703 65,293 Net other financial expenses /(income): Comissions and guarantees 656 2,917 755 3,015 Others 122 402 113 592 778 3,319 868 3,607",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__166": {
"value": "41. Financing costs and other financials expenses / (income), net In the financial years ended on 31 December 2022 and 2023, financing costs and other financial expenses / (income) were composed as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Financing costs: Interest expense: Borrowings 3,541 10,303 14,365 39,342 Finance leases 7,274 25,927 7,969 30,978 Derivatives 36 60 - 50 Others (442) 720 (258) 2,492 10,409 37,010 22,076 72,862 Interest earned: Interest on late payments (865) (3,455) (963) (3,511) Derivatives - - (1,186) (3,099) Others (1,500) (1,977) (224) (959) (2,365) (5,432) (2,373) (7,569) Total 8,044 31,578 19,703 65,293 Net other financial expenses /(income): Comissions and guarantees 656 2,917 755 3,015 Others 122 402 113 592 778 3,319 868 3,607",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__169": {
"value": "42. Net earnings per share Earnings per share for the financial year ended on 31 December 2022 and 2023 were calculated as follows: thth4 quarter 22 12M 22 4 quarter 23 12M 23 Consolidated net income attributable to shareholders 33,293 224,574 54,675 180,995 Number of ordinary shares outstanding during the period (weighted 511,152,989 511,538,616 511,424,977 511,392,858 average) Basic earnings per share - euros 0.07 0.44 0.11 0.35 Diluted earnings per share - euros 0.07 0.44 0.11 0.35 In the above periods, there were no diluting effects on net earnings per share, so the diluted earnings per share are equal to the basic earnings per share. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493004DM8FGIY6QKF37",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__171-1": {
"value": "43. Guarantees and financial undertakings 43.1 Guarantees On 31 December 2022 and 2023, the Group had furnished sureties, guarantees, and comfort letters in favour of third parties corresponding to the following situations: 31-12-2022 31-12-2023 Tax authorities i 33,155 33,392 Others ii 13,757 15,763 46,912 49,155 i. On 31 December 2022 and 2023, this amount relates to guarantees demanded by the tax authorities in connection with tax proceedings contested by the Company and its subsidiaries (Note 46). ii. On 31 December 2022 and 2023, this amount mainly relates to guarantees provided in connection with Municipal Wayleave Tax proceedings and guarantees provided to cinema owners, and bank guarantees given to providers of satellite capacity renting services. During the first quarterly of 2015, 2016, 2017 and 2018, and following the settlement notes to CLSU 2007-2009, 2010-2011, 2012-2013 and 2014, respectively, NOS constituted guarantees in favour of the Universal Service Compensation Fund in the amount of 23.6 million euros, 16.7 million euros, 17.5 million euros and 3.0 million euros, respectively, in order to prevent the introduction of tax enforcement proceedings in order to enforce recovery of the amounts paid. In addition to the guarantees required by the tax authorities, sureties were set up for the current fiscal processes, which NOS was a surety for NOS SA for an amount of 14.1 million euros. 43.2 Other undertakings Assignment agreements football broadcast rights In December 2015, NOS signed a contract with Sport Lisboa e Benfica - Futebol SAD and Benfica TV, SA of television rights of home matches of football NOS\u2019 league, broadcasting rights and distribution of Benfica TV Channel. The contract began in 2016/2017 sports season, had an initial duration of three years, and might be renewed by decision of either party up to a total of 10 sports seasons, with the overall financial consideration reaching the amount of 400 million euros, divided into progressive annual amounts. Also in December 2015, NOS signed a contract with Sporting Clube de Portugal - Futebol SAD and Sporting and Communication Platforms, S.A. for the assignment of the following rights: 1) TV broadcasting rights and multimedia home games of Sporting SAD; 2) The right to explore the static and virtual advertising at Stadium Jos\u00e9 Alvalade; 3) The right of transmission and distribution of Sporting TV Channel; 4) The right to be its main sponsor. The contract will last 10 seasons, concerning the rights indicated in 1) and 2) above, starting in July 2018, 12 seasons in the case of the rights stated in 3) starting in July 2017 and 12 and a half seasons in the case of the rights mentioned in 4) beginning in January 2016, with the overall financial consideration amounting to 446 million euros, divided into progressive annual amounts. Also in December 2015, NOS SA has signed contracts regarding the television rights of home senior team football games with the following sports clubs: 1) Associa\u00e7\u00e3o Acad\u00e9mica de Coimbra \u2013 Organismo Aut\u00f3nomo de Futebol, SDUQ, Lda 2) Os Belenenses Sociedade Desportiva Futebol, SAD 3) Clube Desportivo Nacional Futebol, SAD 4) Futebol Clube de Arouca \u2013 Futebol, SDUQ, Lda 5) Futebol Clube de Pa\u00e7os de Ferreira, SDUQ, Lda 6) Mar\u00edtimo da Madeira Futebol, SAD 7) Sporting Clube de Braga \u2013 Futebol, SAD 8) Vit\u00f3ria Futebol Clube, SAD The contracts began in the 2019/2020 sports season and last up to 7 seasons, apart from the contract with Sporting Clube de Braga - Futebol, SAD which lasts 9 seasons. In May 2016, NOS and Vodafone have agreed on reciprocal availability, for several sports seasons, of sports content (national and international) owned by the companies, in order to assure to both companies, directly by the assigning party or indirectly through the transfer to third party content distribution channels or models, the availability of broadcasting rights of the sports clubs home football games, as well as the broadcasting and distribution rights of sports and sports clubs channels, whose rights are owned by each of the companies in each moment. The agreement came into force from the beginning of the sports season 16/17, assuring access to Benfica\u2019s channel and Benfica\u2019s home football games to NOS\u2019 and Vodafone\u2019s clients, independent from the channel where these football games are broadcast. Considering that the contract signed allowed for the possibility of extending the agreement to the other operators, in July 2016 MEO and Cabovis\u00e3o joined the agreement, ending the lack of availability of Porto Canal in the NOS\u2019s channel grid, assuring that every Pay TV client can have access to every relevant sports content, regardless of which operator they use. Following the agreement signed with the remaining operators, which is being made directly in some cases and through channel yield to third parties in others, as a counterpart of the reciprocal provision of rights, the global costs are shared according with retailer telecommunications revenues and Pay TV market shares. The estimated cash flows are estimated as follows: Seasons 2023/24 Following Estimated cash-flows with the contract signed by NOS with the sports entities* 104.4 352.6 NOS estimated cash-flows for the contracts signed by NOS (net amounts charged to the operators) and 49.2 201.0 for the contracts signed by the remaining operators * Includes direct broadcasts of games and channels, advertising and others. Considering that, following the celebrated agreements with the remaining operators, the risks and benefits associated to contracts with teams are shared amongst the operators, the agreement was considered a collaborative agreement. For this reason, the revenue (with operators) is compensated with the expenses with teams. Network sharing contract with Vodafone ANOS and Vodafone Portugal celebrated on 29 September 2017 an agreement of infrastructure development and sharing with a nationwide scope. This partnership allows the two Operators providing their commercial offers under a shared network at the beginning of 2018. The agreement covers the reciprocal sharing of dark fibre in approximately 2.6 million of homes in which each of the entities shares with the other one an equivalent investment value, in other words, they share similar goods. It is assumed that both companies retain full autonomy, independence, and confidentiality concerning the design of the commercial offers, the management of the customers\u2019 database and the choice of technological solutions they might decide to implement, that did not originate any impact on the consolidated financial statements (according to IAS 16, this exchange of similar non-monetary assets will be presented on a net basis). The partnership has also been extended to mobile infrastructure sharing where it is agreed a minimum sharing of 200 mobile towers. Celebrated agreements regarding the sharing of mobile network support infrastructure On 22 October 2020, NOS Comunica\u00e7\u00f5es S.A. and NOS Technology, on the one hand, and Vodafone Portugal, Comunica\u00e7\u00f5es Pessoais, S.A., on the other hand, celebrated a set of agreements regarding the sharing of mobile network support infrastructure (passive infrastructures such as towers and poles) and active mobile network elements (active radio equipment such as antennas, amplifiers and remaining equipment).These agreements have the following characteristics: a) the agreements have a nationwide scope with diverse geographical application according to the higher or lower level of population density. In higher density geographies, typically larger urban areas, the parties will pursue synergies by sharing support infrastructure. In lower density areas, typically rural and interior locations, in addition to shared use of support infrastructure, the parties will also share active mobile network. b) the agreements focus on assets currently held, or that may be held by each party in the future, and on existing 2G, 3G and 4G technology. Incorporation of 5G technology in these agreements will depend on each to deploy this technology. c) the agreements do not encompass spectrum sharing between the operators and each party will maintain exclusive strategic control of its networks, thus ensuring full competitive, strategic and commercial independence and the ability to differentiate in terms of customer service and provision. Each party retains the ability to develop its mobile communications network independently. These agreements will enable NOS to invest more efficiently by capturing value through synergies. NOS will also be able to deploy its mobile network faster and in a more environmentally responsible way, thus benefitting customers and remaining stakeholders. Sharing of mobile infrastructure represents an important contribution towards greater geographical cohesion and digital inclusion, both of which are essential to the sustainable development of the country.46. Legal actions and contingent assets and liabilities 46.1. Legal actions with regulators and Competition Authority (AdC) i. NOS SA, NOS A\u00e7ores and NOS Madeira brought actions for judicial review of ANACOM\u2019s decisions in respect of the payment of the Annual Fee of Activity (for 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022) as Electronic Communications Services Networks Supplier, and furthermore the refund of the amounts that meanwhile were paid within the scope of the mentioned acts of settlement was requested. Also NOS Wholesale brought action for judicial review of ANACOM\u2019s decision in respect of payment of the Annual Fee of Activity for 2020, 2021 and 2022. The settlement amounts are, respectively, as follows: a) NOS SA: 2009: 1,861 thousand euros, 2010: 3,808 thousand euros, 2011: 6,049 thousand euros, 2012: 6,283 thousand euros, 2013: 7,270 thousand euros, 2014: 7,426 thousand euros, 2015: 7,253 thousand euros, 2016: 8,242 thousand euros, 2017: 9,099 thousand euros, 2018: 10,303 thousand euros, 2019: 10,169 thousand euros; 2020: 10,184 thousand euros, 2021: 9,653 thousand euros and 2022: 9,850 thousand euros. b) NOS A\u00e7ores: 2009: 29 thousand euros, 2010: 60 thousand euros, 2011: 95 thousand euros, 2012: 95 thousand euros, 2013: 104 thousand euros, 2014: 107 thousand euros, 2015: 98 thousand euros, 2016: 105 thousand euros, 2017: 104 thousand euros, 2018: 111 thousand euros, 2019: 107 thousand euros, 2020: 120 thousand euros, 2021: 123 thousand euros and 2022: 123 thousand euros. c) NOS Madeira: 2009: 40 thousand euros, 2010: 83 thousand euros, 2011: 130 thousand euros, 2012: 132 thousand euros, 2013: 149 thousand euros, 2014:165 thousand euros, 2015: 161 thousand euros, 2016: 177 thousand euros, 2017: 187 thousand euros, 2018: 205 thousand euros, 2019: 195 thousand euros, 2020: 202 thousand euros, 2021: 223 thousand euros and 2022: 235 thousand euros. d) NOS Wholesale: 2020: 36 thousand euros, 2021: 110 thousand euros and 2022: 90 thousand euros. This fee is a percentage decided annually by ANACOM (in 2009 it was 0.5826%) of operators\u2019 electronic communications revenues. The appeals invoke: i) unconstitutionality and illegality, related to the inclusion in the cost accounting of ANACOM of the provisions made by the latter, due to judicial proceedings against the latter (including these appeals of the activity rate) and ii) that only revenues from the electronic communications business per se, subject to regulation by ANACOM, should be considered for the purposes of the application of the percentage and the calculation of the fee payable, and that revenues from television content should be excluded. Judgments have been handed down in more than two dozen cases on the matter, which ANACOM has appealed to the Central Administrative Court and/or the Constitutional Court, pending the outcome of the cases. In the second and third quarters of 2023, the Constitutional Court ruled, in more than a dozen separate cases, that Ordinance 1473-B/2008, of December 17, which regulates the determination of fees due for the exercise of the activity of provider of electronic communications networks and services, is unconstitutional, and ordered ANACOM to refund the amount unduly charged. In the year ended on 31 December 2023, a profit of 38.5 million euros was recognized as a result of the favorable decisions in the Constitutional Court, and 15.6 million euros were received (Note 40). The remaining process are awaiting final judgment/decision. ii. During the first quarter of 2017, NOS was notified by ANACOM of the initiation of an infraction process related to communications of prices update at the end of 2016, beginning of 2017. In the end of the last trimester of 2020, ANACOM notified NOS of the accusation, with the practice of 4 very severe offences and 1 severe offence related, respectively, with i) the non-communication to customers of the right to rescind the contract with no charges, as a result of prices changes, with (ii and iii) the supposed non-communication of pricing update and with (iv) the adequate advance and, yet, (v) the lack of information to be communicated to ANACOM. However, ANACOM did not present any value for a fine, except in relation to the with severe offence. In this case, ANACOM gave NOS the possibility to settle the fine by the minimum, in the amount of 13 thousand euros, which NOS did. NOS presented its written defense on 29 January 2021. NOS was notified, in November 2022, of ANACOM's decision that condemned NOS to pay a fine of 5.2 million euros. NOS has challenged the decision in court, and, in June 2023, the court reduced the amount of the fine imposed on NOS to \u20ac4.2 million. NOS appealed this decision to the Court of Appeal. iii. On 17 July 2020, NOS was notified by the AdC of an illegality note (accusation) related to digital marketing without a google search engine, which accuses the operators MEO, NOS, NOWO and Vodafone of concertation, for a period ranging from between 2010 and 2018, failing to identify a concrete fine. It is not possible, at this moment, to estimate the value of an eventual fine. NOS presented its written defense to the Portuguese Competition Authority (AdC) and an appeal to the Lisbon Court of Appeal, where it challenged the nullity of the obtained evidence. In July 2022, the Lisbon Court of Appeal confirmed NOS position pending further developments. Is the Board of Directors' conviction, taking into account the elements it knows, that will be able to demonstrate the various arguments in favor of its defense. iv. On 15 December 2021, NOS was notified by the Portuguese Competition Authority (AdC) of an illegality note (accusation) related to advertising service practices in automatic recordings, which accuses NOS, other operators and a consultant of concertation behavior in the television recordings advertising market. NOS presented its written defense and subsequently challenged the nullity of the taking of evidence. At the time, it is not possible to estimate whether there will be an acquittal or conviction and, in the case of the latter, the amount of a possible fine. Further developments on the AdC's decision are awaited. It is the conviction of the Board of Directors, taking into account the elements it knows, that it will be able to demonstrate the various arguments in favor of its defense. 46.2. Tax authorities During the course of the 2003 to 2023 financial years, some companies of the NOS Group were the subject of tax inspections for the 2001 to 2021 financial years. Following these inspections, NOS SGPS, as the controlling company of the Tax Group, and companies not covered by Tax Group, were notified of the corrections made to the Group's tax losses, to VAT and stamp tax and to make the payments related to the corrections made to the above exercises. The total amount of the notifications unpaid is about 38 million euros, added interest, and charges. These settlement notes, which totally were contested, are the respective lawsuits in progress. Based on the advice obtained from the process representatives and tax consultants, the Board of Directors maintains the belief in a favorable outcome, which is why these proceedings are maintained in court. However, in accordance with the principle of prudence, an assessment of the group's level of exposure to these proceedings is made periodically, in the light of the evolution of case law, and consequently the provisions recorded for this purpose are adjusted. The Group provided the guarantees demanded by the Tax Authorities, related to these processes, according reference in Note 43. 46.3. Actions by MEO against NOS SA, NOS Madeira and NOS A\u00e7ores and by NOS SA against MEO In 2011, MEO brought against NOS SA, in the Judicial Court of Lisbon, a claim for the compensation of 10.3 million of Euros, as compensation for alleged unauthorized portability of NOS SA in the period between March 2009 and July 2011. NOS SA contested, and the Court ordered an expert opinion, meanwhile, deemed without effect. The discussion and trial hearing took place in the first quarter of 2016, being the rendered in September of the same year, which considered the action to be partially justified, based not on the occurrence of improper portability, which the Court has determined to restrict itself to those which do not correspond to the will of the proprietor. In that regard, it sentenced NOS to the payment of approximately 5.3 million euros to MEO, a decision of which NOS appealed to the Lisbon Court of Appeal. MEO, on the other hand, was satisfied with the decision and did not appeal against the part of the sentence that acquitted NOS. This Court, in the first quarter of 2018, upheld the decision of the Court of First Instance, except for interests, in which it gave reason to the claims of NOS, in the sense that interests should be counted from the citation to the action and not from the due date of the invoices. NOS filed an extraordinary appeal with the Supreme Court of Justice (SCJ), that appeal which found that the facts established were insufficient to resolve on the substance of the case. Consequently, the SCJ ordered that the court under appeal should amplify the facts. The case was transferred to the Court of First Instance and in November 2019, this, granted the parties the possibility of requesting the production of supplementary evidence on the subject of the extension, with NOS requesting an expert examination and the repetition of testimonial evidence. In February 2020, the Court determined the need to obtain new evidence, which requires the analysis of the information relating to all portabilities that serve as the basis for the process, determining the carrying out of expert evidence for that purpose. The appointment of the expert occurred on October 2021. In December 2022, the expert asked to be relieved of his duties because he felt that the qualified non-judicial verification was unfeasible in view of the volume of documentation to be analyzed, having the court determined in April 2023, that, in view of the expert's request, the trial should be limited to the submission of written pleadings. The parties submitted their written pleadings in June and NOS, in addition, filed an autonomous appeal against that order, on the grounds that the court's decision violated the STJ judgment. In July 2023, even though no additional evidence had been produced as determined by the STJ, the Court handed down a new decision ordering NOS to pay 5.3 million euros. This decision has already been appealed to the Lisbon Court of Appeal. Further developments are awaited. In 2011, NOS SA brought an action in Lisbon Judicial Court against MEO, claiming payment of 22.4 million euros, for damages suffered by NOS SA, arising from violations of the Portability Regulation by MEO, in particular, the large number of unjustified refusals of portability requests by MEO in the period between February 2008 and February 2011. The court declared the performance of expert evidence of technical nature and an economic-financial survey, which were completed in February 2016 and June 2018, respectively. MEO argued for the nullity of the expert economic-financial report, which was dismissed. After the trial, in May 2022, the court partially agreed with NOS, condemning MEO to pay 7.9 million euros, a decision challenged by MEO and NOS by filing appeals in October 2022. At the end of March 2023, the Lisbon Court of Appeal revoked the initial decision and ordered the expansion of the facts, which will entail new trial sessions. It is the understanding of the Board of Directors, corroborated by the attorneys accompanying the process, that it is, in formal and substantive terms, likely that NOS SA will be able to win the lawsuit, due to MEO already having been convicted for the same offences by ANACOM. 46.4. Action brought by DECO In March 2018, NOS was notified of a lawsuit brought by DECO against NOS, MEO and NOWO, in which a declaration of nullity of the obligation to pay the price increases imposed on customers at the end of 2016 is requested. In April and May 2018, the operators, including NOS, lodged a defense. The action\u2019s value has been fixed at EUR 60,000. After the discussion and trial sessions were held in 2022, NOS filed an appeal against the court decision that dispensed with the production of testimonial evidence, which was upheld by the Lisbon Court of Appeal. The parties are now waiting for the discussion and trial sessions to be scheduled. Board of Directors is convinced that the arguments used by the author are not justified, which is why it is believed that the outcome of the proceeding should not result in significant impacts for the Group's financial statements. 46.5. Action brought by Citizens Voice In November 2022, NOS was served with a lawsuit filed by Citizens Voice - Consumer Advocacy Association (\"Citizens Voice\"), where a set of requests related to the automatic activation of pre-defined volumes of mobile data, once the data volume included in the monthly fee contracted by customers has been exhausted. Citizens Voice requests more specifically (i) the judicial declaration of the illegality of this practice for understanding that violates a set of national and European rules, (ii) the recognition of the right of customers to refuse to contract these services, (iii) the return of amounts paid on this basis over the past years by NOS customers, as well as (iv) the payment of compensation in the amount of 100 euros to each customer for alleged moral damages resulting from that practice. In December 2022 NOS presented its response invoking the illegitimacy of Citizens Voice to present the action, namely by the existence of a profit interest, and furthermore defending the lawfulness of the practice and its total transparency and clarity for the respective customers. The Board of Directors is convinced that the arguments used by the plaintiff are unfounded, reason why it is believed that the outcome of the process will not result in significant impacts for the Group's financial statements. 46.6. Interconnection tariffs On 31 December 2023, accounts receivable and accounts payable include 37,139,253 euros and 43,475,093 euros, respectively, resulting from a dispute between the subsidiary NOS SA and, essentially, the operator MEO \u2013 Servi\u00e7os de Comunica\u00e7\u00e3o e Multim\u00e9dia, S.A. (previously named TMN \u2013 Telecomunica\u00e7\u00f5es M\u00f3veis Nacionais, S.A.), in relation to the non-definition of interconnection tariffs of 2001. In what concerns to that dispute with MEO, the result was totally favorable to NOS S.A., having already become final. In March 2021, MEO filed a new lawsuit against NOS, in which it claimed the price of interconnection services between TMN and Optimus for 2001 at 55$00 (\u20ac 0.2743) per minute. After NOS presented its defense contesting MEO's petition, a preliminary hearing was held and, by court decision, NOS was acquitted of the case. MEO filed an appeal against the decision, which was dismissed, and in February 2023 filed a new appeal to the STJ where NOS presented reply to allegations. Further developments of the process are awaited, being the understanding of the Board of Directors, supported by the lawyers who monitor the process, that there is, in substantive terms, a good chance that NOS SA can win the action.",
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"value": "43. Guarantees and financial undertakings 43.1 Guarantees On 31 December 2022 and 2023, the Group had furnished sureties, guarantees, and comfort letters in favour of third parties corresponding to the following situations: 31-12-2022 31-12-2023 Tax authorities i 33,155 33,392 Others ii 13,757 15,763 46,912 49,155 i. On 31 December 2022 and 2023, this amount relates to guarantees demanded by the tax authorities in connection with tax proceedings contested by the Company and its subsidiaries (Note 46). ii. On 31 December 2022 and 2023, this amount mainly relates to guarantees provided in connection with Municipal Wayleave Tax proceedings and guarantees provided to cinema owners, and bank guarantees given to providers of satellite capacity renting services. During the first quarterly of 2015, 2016, 2017 and 2018, and following the settlement notes to CLSU 2007-2009, 2010-2011, 2012-2013 and 2014, respectively, NOS constituted guarantees in favour of the Universal Service Compensation Fund in the amount of 23.6 million euros, 16.7 million euros, 17.5 million euros and 3.0 million euros, respectively, in order to prevent the introduction of tax enforcement proceedings in order to enforce recovery of the amounts paid. In addition to the guarantees required by the tax authorities, sureties were set up for the current fiscal processes, which NOS was a surety for NOS SA for an amount of 14.1 million euros. 43.2 Other undertakings Assignment agreements football broadcast rights In December 2015, NOS signed a contract with Sport Lisboa e Benfica - Futebol SAD and Benfica TV, SA of television rights of home matches of football NOS\u2019 league, broadcasting rights and distribution of Benfica TV Channel. The contract began in 2016/2017 sports season, had an initial duration of three years, and might be renewed by decision of either party up to a total of 10 sports seasons, with the overall financial consideration reaching the amount of 400 million euros, divided into progressive annual amounts. Also in December 2015, NOS signed a contract with Sporting Clube de Portugal - Futebol SAD and Sporting and Communication Platforms, S.A. for the assignment of the following rights: 1) TV broadcasting rights and multimedia home games of Sporting SAD; 2) The right to explore the static and virtual advertising at Stadium Jos\u00e9 Alvalade; 3) The right of transmission and distribution of Sporting TV Channel; 4) The right to be its main sponsor. The contract will last 10 seasons, concerning the rights indicated in 1) and 2) above, starting in July 2018, 12 seasons in the case of the rights stated in 3) starting in July 2017 and 12 and a half seasons in the case of the rights mentioned in 4) beginning in January 2016, with the overall financial consideration amounting to 446 million euros, divided into progressive annual amounts. Also in December 2015, NOS SA has signed contracts regarding the television rights of home senior team football games with the following sports clubs: 1) Associa\u00e7\u00e3o Acad\u00e9mica de Coimbra \u2013 Organismo Aut\u00f3nomo de Futebol, SDUQ, Lda 2) Os Belenenses Sociedade Desportiva Futebol, SAD 3) Clube Desportivo Nacional Futebol, SAD 4) Futebol Clube de Arouca \u2013 Futebol, SDUQ, Lda 5) Futebol Clube de Pa\u00e7os de Ferreira, SDUQ, Lda 6) Mar\u00edtimo da Madeira Futebol, SAD 7) Sporting Clube de Braga \u2013 Futebol, SAD 8) Vit\u00f3ria Futebol Clube, SAD The contracts began in the 2019/2020 sports season and last up to 7 seasons, apart from the contract with Sporting Clube de Braga - Futebol, SAD which lasts 9 seasons. In May 2016, NOS and Vodafone have agreed on reciprocal availability, for several sports seasons, of sports content (national and international) owned by the companies, in order to assure to both companies, directly by the assigning party or indirectly through the transfer to third party content distribution channels or models, the availability of broadcasting rights of the sports clubs home football games, as well as the broadcasting and distribution rights of sports and sports clubs channels, whose rights are owned by each of the companies in each moment. The agreement came into force from the beginning of the sports season 16/17, assuring access to Benfica\u2019s channel and Benfica\u2019s home football games to NOS\u2019 and Vodafone\u2019s clients, independent from the channel where these football games are broadcast. Considering that the contract signed allowed for the possibility of extending the agreement to the other operators, in July 2016 MEO and Cabovis\u00e3o joined the agreement, ending the lack of availability of Porto Canal in the NOS\u2019s channel grid, assuring that every Pay TV client can have access to every relevant sports content, regardless of which operator they use. Following the agreement signed with the remaining operators, which is being made directly in some cases and through channel yield to third parties in others, as a counterpart of the reciprocal provision of rights, the global costs are shared according with retailer telecommunications revenues and Pay TV market shares. The estimated cash flows are estimated as follows: Seasons 2023/24 Following Estimated cash-flows with the contract signed by NOS with the sports entities* 104.4 352.6 NOS estimated cash-flows for the contracts signed by NOS (net amounts charged to the operators) and 49.2 201.0 for the contracts signed by the remaining operators * Includes direct broadcasts of games and channels, advertising and others. Considering that, following the celebrated agreements with the remaining operators, the risks and benefits associated to contracts with teams are shared amongst the operators, the agreement was considered a collaborative agreement. For this reason, the revenue (with operators) is compensated with the expenses with teams. Network sharing contract with Vodafone ANOS and Vodafone Portugal celebrated on 29 September 2017 an agreement of infrastructure development and sharing with a nationwide scope. This partnership allows the two Operators providing their commercial offers under a shared network at the beginning of 2018. The agreement covers the reciprocal sharing of dark fibre in approximately 2.6 million of homes in which each of the entities shares with the other one an equivalent investment value, in other words, they share similar goods. It is assumed that both companies retain full autonomy, independence, and confidentiality concerning the design of the commercial offers, the management of the customers\u2019 database and the choice of technological solutions they might decide to implement, that did not originate any impact on the consolidated financial statements (according to IAS 16, this exchange of similar non-monetary assets will be presented on a net basis). The partnership has also been extended to mobile infrastructure sharing where it is agreed a minimum sharing of 200 mobile towers. Celebrated agreements regarding the sharing of mobile network support infrastructure On 22 October 2020, NOS Comunica\u00e7\u00f5es S.A. and NOS Technology, on the one hand, and Vodafone Portugal, Comunica\u00e7\u00f5es Pessoais, S.A., on the other hand, celebrated a set of agreements regarding the sharing of mobile network support infrastructure (passive infrastructures such as towers and poles) and active mobile network elements (active radio equipment such as antennas, amplifiers and remaining equipment).These agreements have the following characteristics: a) the agreements have a nationwide scope with diverse geographical application according to the higher or lower level of population density. In higher density geographies, typically larger urban areas, the parties will pursue synergies by sharing support infrastructure. In lower density areas, typically rural and interior locations, in addition to shared use of support infrastructure, the parties will also share active mobile network. b) the agreements focus on assets currently held, or that may be held by each party in the future, and on existing 2G, 3G and 4G technology. Incorporation of 5G technology in these agreements will depend on each to deploy this technology. c) the agreements do not encompass spectrum sharing between the operators and each party will maintain exclusive strategic control of its networks, thus ensuring full competitive, strategic and commercial independence and the ability to differentiate in terms of customer service and provision. Each party retains the ability to develop its mobile communications network independently. These agreements will enable NOS to invest more efficiently by capturing value through synergies. NOS will also be able to deploy its mobile network faster and in a more environmentally responsible way, thus benefitting customers and remaining stakeholders. Sharing of mobile infrastructure represents an important contribution towards greater geographical cohesion and digital inclusion, both of which are essential to the sustainable development of the country.",
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"value": "45. Related parties 45.1. Balances and transactions between related parties Transactions and balances between NOS and companies of the NOS Group were eliminated in the consolidation process and are not subject to disclosure in this note. The balances on 31 December 2022 and 2023 and transactions in the financial period ended on 31 December 2022 and 2023 between NOS Group and its associated companies, joint ventures and other related parties are as follows:Balances on 31 December de 2022 Balances on 31 December 2022 Accounts Accounts receivables and payable and Borrowings prepaid deferred income expenses Associated companies 26,212 12,775 - (1)Big Picture 2 Films5 67 - Sport TV 26,207 12,708 - Jointly controlled companies 14,224 1,116 3,082 Dreamia S.A. 2,409 410 - Dreamia Servicios de Televisi\u00f3n, S.L. 102 - 3,082 Finstar 11,261 73 - Upstar 299 405 - ZAP Media 142 142 - MSTAR 11 - - DUALGRID - 86 - Other related parties 10,253 3,506 - Banco BIC Portugu\u00eas, S.A. 199 - - Cascaishopping- Centro Comercial, S.A. 75 152 - Centro Colombo- Centro Comercial, S.A. 296 522 - Centro Vasco da Gama-Centro Comercial,S.A. 699 819 - Maiashopping- Centro Comercial, S.A. 76 102 - MC Shared Services, S.A. 1,667 - - Modelo Continente Hipermercados,S.A. 1,577 38 - Norteshopping-Centro Comercial, S.A. 351 360 - SC-Consultadoria, S.A. 341 - - Sierra Portugal, S.A. 299 131 - Universo, IME, S.A. 110 - - Worten-Equipamento para o Lar,S.A. 3,318 1,275 - Other related parties 1,245 107 - 50,689 17,397 3,082 Transactions in the financial year ended on 31 December 2022 31-12-2022 Supplies and Services rendered external Interest gains services Associated companies 63,570 77,842 - (1) Big Picture 2 Films80 2,031 - (2) Sport TV63,490 75,811 - Jointly controlled companies 15,308 224 92 Finstar 9,790 - - Upstar 24 128 - Dreamia Servicios de Televisi\u00f3n, S.L. - - 102 Dreamia S.A. 5,494 (175) (10) DUALGRID - 271 - Other related parties 28,145 11,731 - Arr\u00e1bidashopping- Centro Comercial, S.A. 6 106 - Banco Bic Portugu\u00eas, S.A. 1,838 - - Capwatt Services, S.A. 187 - - Cascaishopping- Centro Comercial, S.A. 13 781 - Centro Colombo- Centro Comercial, S.A. 18 1,864 - Centro Vasco da Gama-Centro Comercial, S.A. 14 835 - Continente Hipermercados, S.A. 477 30 - Cosmos - Viagens e Turismo, S.A. - 211 - Fashion Division, S.A. 299 - - Gaiashopping I- Centro Comercial, S.A. 11 360 - Insco Insular de Hipermercados, S.A. 174 39 - Irm\u00e3os Vila Nova III - Imobili\u00e1ria, S.A. 161 - - Maiashopping- Centro Comercial, S.A. 10 217 - MC Shared Services, S.A. 2,927 - - (5)MDS Corretor de Seguros, S.A.1,475 - - Modalfa-Com\u00e9rcio e Servi\u00e7os,S.A. 531 - - Modelo - Dist.de Mat. de Constru\u00e7\u00e3o,S.A. 137 - - Modelo Continente Hipermercados,S.A. 5,952 196 - Norteshopping-Centro Comercial, S.A. 14 1,360 - (6)Olivedesportos- Publicidade Televis\u00e3o e Media S.A.12 1,110 - Pharmacontinente - Sa\u00fade e Higiene, S.A. 372 - - P\u00fablico-Comunica\u00e7\u00e3o Social,S.A. 124 6 - . (7)S21SEC Portug-Cyber Security Services, S.A54 2,392 - SC-Consultadoria, S.A. 882 - - (4)SDSR \u2013 Sports Division SR, S.A.212 - - SFS, Gest\u00e3o e Consultoria, S.A. 14 300 - Sierra Portugal, S.A. 2,059 245 - Solinca Classic, S.A. 365 - - Sonae Arauco Portugal, S.A. 280 41 - Sonaecom \u2013 Servi\u00e7os Partilhados, S.A. 166 - - Troiaverde-Expl.Hoteleira Imob., S.A. 111 60 - (7)UNITEL S.a.r.l.159 169 - Universo, IME, S.A. 347 - - Worten-Equipamento para o Lar, S.A. 6,872 753 - ZIPPY \u2013 Com\u00e9rcio e Distribui\u00e7\u00e3o, S.A. 200 - - Other related parties 1,672 656 - 107,023 89,797 92 Balances on 31 December de 2023 Balances on 31 December 2023 Accounts receivables Accounts payable and prepaid Borrowings and deferred income expenses Associated companies 13,550 7,289 - Sport TV 13,550 7,289 - Jointly controlled companies 14,366 1,813 3,298 Dreamia S.A. 1,453 1,428 - Dreamia Servicios de Televisi\u00f3n, S.L. 105 - 3,173 DUALGRID - 88 - Finstar 13,280 (40) - Mstar (467) - - Upstar (17) 237 - (3) Bright City S.A.11 100 125 Other related parties 7,181 1,678 - Banco Bic Portugu\u00eas, S.A. 204 - - Capwatt Services, S.A. 109 - - Centro Colombo Centro Comercial, S.A. 153 27 - Centro Vasco da Gama-Centro Comercial, S.A. 80 139 - Gaiashopping I- Centro Comercial, S.A. 98 497 - Modelo Continente Hipermercados, S.A. 1,104 49 - Norteshopping Centro Comercial, S.A. 499 417 - Universo IME, S.A. 398 - - SFS, Gest\u00e3o e Consultoria, S.A. 5 265 - Sierra Portugal, S.A. 435 (1) - Sonae Investment Management-S.T., SGPS, S.A. 121 - - MC Shared Services, S.A. 639 5 - The Editory Collections Hotel, S.A. 143 - - Worten - Equipamento para o Lar, S.A. 1,971 192 - Other related parties 1,221 87 - 35,097 10,780 3,298 Transactions in the financial year ended on 31 December 2023 31-12-2023 Supplies and Services rendered Interest gains external services Associated companies 52,016 66,715 - (1) Big Picture 2 Films15 934 - (2) Sport TV52,001 65,781 - Jointly controlled companies 13,204 361 96 Dreamia Servicios de Televisi\u00f3n, S.L. - - 94 Dreamia S.A. 4,890 (162) - Finstar 8,275 - - Mstar - 11 - Upstar 26 119 - DUALGRID 1 287 - (3) Bright City S.A.13 105 2 Other related parties 27,977 9,311 - Adira \u2013 Metal Forming Solutions, S.A. 130 - - Arr\u00e1bidashopping - Centro Comercial, S.A. 11 189 - Banco Bic Portugu\u00eas, S.A. 1,866 - - Capwatt Services, S.A. 249 - - Cascaishopping Centro Comercial, S.A. 12 1,035 - Centro Colombo Centro Comercial, S.A. 19 1,999 - Centro Vasco da Gama Centro Comercial, S.A. 13 1,107 - Continente Hipermercados, S.A. 488 37 - Esta\u00e7\u00e3o Viana - Centro Comercial, S.A. 9 100 - Fashion Division, S.A. 563 - - Gaiashopping I Centro Comercial, S.A. 10 716 - Grupo Habit Analytics - 135 - Insco Insular de Hipermercados, S.A. 164 42 - Irm\u00e3os Vila Nova III, S.A. 214 - - Maiashopping Centro Comercial, S.A. 9 194 - Modalfa - Com\u00e9rcio e Servi\u00e7os, S.A. 331 - - Modelo Continente Hipermercados, S.A. 5,577 156 - Norteshopping Centro Comercial, S.A. 16 1,717 - Parque Atl\u00e2ntico \u2013hopping - C.C., S.A. 8 104 - Pharmacontinente - Sa\u00fade e Higiene, S.A. 397 - - P\u00fablico-Comunica\u00e7\u00e3o Social,S.A. 116 7 - SC - Sociedade de Consultoria, S.A. 573 - - . (4)SDSR - Sports Division SR, S.A171 - - Universo IME, S.A. 817 - - SFS, Gest\u00e3o e Consultoria, S.A. 21 336 - Sierra Portugal, S.A. 1,686 83 - Solinca Classic, S.A. 413 - - Sonae Arauco Portugal, S.A. 271 85 - Sonae Investment Management-S.T., SGPS, S.A. 179 - - MC Shared Services, S.A. 3,463 1 - The Editory Collections Hotel, S.A. 242 - - Aqualuz Tr\u00f3ia, S.A. 112 - - Worten - Equipamento para o Lar, SA 8,032 905 - Other related parties 1,791 363 - 93,197 76,387 96 (1) Company ceased to be a related party in June 2023, due to the disposal of the shareholding in the company. (2) In the financial year ended on 31 December 2023, the amount related to Sales and Services Rendered includes about 49.8 million euros (31 December 2022: 62 million euros), which are not recorded in the consolidated accounts under Sales and Services Rendered, since it is related to the agreement celebrated with the operators, which configures a sharing of costs and benefits, therefore the compensation of the revenue is made with the expenses with the clubs (Note 43.2). (3) Stake acquired in September 2023. (4) Company ceased to be a related party in October 2023. (5) Company ceased to be a related party in December 2022. (6) Company ceased to be a related party in April 2022. (7) Company ceased to be a related party in December 2022. The Company regularly performs transactions and signs contracts with several parties within the NOS Group. Such transactions were performed on normal market terms for similar transactions, as part of the contracting companies' current activity. Due to the large number of low value related parties\u2019 balances and transactions, it was grouped in the heading \"Other related parties\" the balances and transactions with entities whose amounts are less than 100 thousand euros. 45.2. Remuneration of key management members Remuneration paid to managers and other key members of NOS Management (Managers) for the financial years ended on 31 December 2022 and 2023 were as follows: 12M 22 12M 23 Compensation 3,393 3,614 Profit sharing 1,290 1,467 Share plans assigned 1,290 1,467 5,972 6,548 The average number of key management members in 2023 is 15 (2022: 16). The Corporate Governance Report includes more detailed information about NOS' remuneration policy. The Company considers as Managers the members of the Board of Directors.",
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"value": "45.2. Remuneration of key management members Remuneration paid to managers and other key members of NOS Management (Managers) for the financial years ended on 31 December 2022 and 2023 were as follows: 12M 22 12M 23 Compensation 3,393 3,614 Profit sharing 1,290 1,467 Share plans assigned 1,290 1,467 5,972 6,548 The average number of key management members in 2023 is 15 (2022: 16). The Corporate Governance Report includes more detailed information about NOS' remuneration policy. The Company considers as Managers the members of the Board of Directors.",
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"value": "45.3. Fees and auditors\u2019 services Information concerning fees and services rendered by auditors is described on note 47 of the Corporate Governance Report.",
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"s7_notes__6__175": {
"value": "46. Legal actions and contingent assets and liabilities 46.1. Legal actions with regulators and Competition Authority (AdC) i. NOS SA, NOS A\u00e7ores and NOS Madeira brought actions for judicial review of ANACOM\u2019s decisions in respect of the payment of the Annual Fee of Activity (for 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022) as Electronic Communications Services Networks Supplier, and furthermore the refund of the amounts that meanwhile were paid within the scope of the mentioned acts of settlement was requested. Also NOS Wholesale brought action for judicial review of ANACOM\u2019s decision in respect of payment of the Annual Fee of Activity for 2020, 2021 and 2022. The settlement amounts are, respectively, as follows: a) NOS SA: 2009: 1,861 thousand euros, 2010: 3,808 thousand euros, 2011: 6,049 thousand euros, 2012: 6,283 thousand euros, 2013: 7,270 thousand euros, 2014: 7,426 thousand euros, 2015: 7,253 thousand euros, 2016: 8,242 thousand euros, 2017: 9,099 thousand euros, 2018: 10,303 thousand euros, 2019: 10,169 thousand euros; 2020: 10,184 thousand euros, 2021: 9,653 thousand euros and 2022: 9,850 thousand euros. b) NOS A\u00e7ores: 2009: 29 thousand euros, 2010: 60 thousand euros, 2011: 95 thousand euros, 2012: 95 thousand euros, 2013: 104 thousand euros, 2014: 107 thousand euros, 2015: 98 thousand euros, 2016: 105 thousand euros, 2017: 104 thousand euros, 2018: 111 thousand euros, 2019: 107 thousand euros, 2020: 120 thousand euros, 2021: 123 thousand euros and 2022: 123 thousand euros. c) NOS Madeira: 2009: 40 thousand euros, 2010: 83 thousand euros, 2011: 130 thousand euros, 2012: 132 thousand euros, 2013: 149 thousand euros, 2014:165 thousand euros, 2015: 161 thousand euros, 2016: 177 thousand euros, 2017: 187 thousand euros, 2018: 205 thousand euros, 2019: 195 thousand euros, 2020: 202 thousand euros, 2021: 223 thousand euros and 2022: 235 thousand euros. d) NOS Wholesale: 2020: 36 thousand euros, 2021: 110 thousand euros and 2022: 90 thousand euros. This fee is a percentage decided annually by ANACOM (in 2009 it was 0.5826%) of operators\u2019 electronic communications revenues. The appeals invoke: i) unconstitutionality and illegality, related to the inclusion in the cost accounting of ANACOM of the provisions made by the latter, due to judicial proceedings against the latter (including these appeals of the activity rate) and ii) that only revenues from the electronic communications business per se, subject to regulation by ANACOM, should be considered for the purposes of the application of the percentage and the calculation of the fee payable, and that revenues from television content should be excluded. Judgments have been handed down in more than two dozen cases on the matter, which ANACOM has appealed to the Central Administrative Court and/or the Constitutional Court, pending the outcome of the cases. In the second and third quarters of 2023, the Constitutional Court ruled, in more than a dozen separate cases, that Ordinance 1473-B/2008, of December 17, which regulates the determination of fees due for the exercise of the activity of provider of electronic communications networks and services, is unconstitutional, and ordered ANACOM to refund the amount unduly charged. In the year ended on 31 December 2023, a profit of 38.5 million euros was recognized as a result of the favorable decisions in the Constitutional Court, and 15.6 million euros were received (Note 40). The remaining process are awaiting final judgment/decision. ii. During the first quarter of 2017, NOS was notified by ANACOM of the initiation of an infraction process related to communications of prices update at the end of 2016, beginning of 2017. In the end of the last trimester of 2020, ANACOM notified NOS of the accusation, with the practice of 4 very severe offences and 1 severe offence related, respectively, with i) the non-communication to customers of the right to rescind the contract with no charges, as a result of prices changes, with (ii and iii) the supposed non-communication of pricing update and with (iv) the adequate advance and, yet, (v) the lack of information to be communicated to ANACOM. However, ANACOM did not present any value for a fine, except in relation to the with severe offence. In this case, ANACOM gave NOS the possibility to settle the fine by the minimum, in the amount of 13 thousand euros, which NOS did. NOS presented its written defense on 29 January 2021. NOS was notified, in November 2022, of ANACOM's decision that condemned NOS to pay a fine of 5.2 million euros. NOS has challenged the decision in court, and, in June 2023, the court reduced the amount of the fine imposed on NOS to \u20ac4.2 million. NOS appealed this decision to the Court of Appeal. iii. On 17 July 2020, NOS was notified by the AdC of an illegality note (accusation) related to digital marketing without a google search engine, which accuses the operators MEO, NOS, NOWO and Vodafone of concertation, for a period ranging from between 2010 and 2018, failing to identify a concrete fine. It is not possible, at this moment, to estimate the value of an eventual fine. NOS presented its written defense to the Portuguese Competition Authority (AdC) and an appeal to the Lisbon Court of Appeal, where it challenged the nullity of the obtained evidence. In July 2022, the Lisbon Court of Appeal confirmed NOS position pending further developments. Is the Board of Directors' conviction, taking into account the elements it knows, that will be able to demonstrate the various arguments in favor of its defense. iv. On 15 December 2021, NOS was notified by the Portuguese Competition Authority (AdC) of an illegality note (accusation) related to advertising service practices in automatic recordings, which accuses NOS, other operators and a consultant of concertation behavior in the television recordings advertising market. NOS presented its written defense and subsequently challenged the nullity of the taking of evidence. At the time, it is not possible to estimate whether there will be an acquittal or conviction and, in the case of the latter, the amount of a possible fine. Further developments on the AdC's decision are awaited. It is the conviction of the Board of Directors, taking into account the elements it knows, that it will be able to demonstrate the various arguments in favor of its defense. 46.2. Tax authorities During the course of the 2003 to 2023 financial years, some companies of the NOS Group were the subject of tax inspections for the 2001 to 2021 financial years. Following these inspections, NOS SGPS, as the controlling company of the Tax Group, and companies not covered by Tax Group, were notified of the corrections made to the Group's tax losses, to VAT and stamp tax and to make the payments related to the corrections made to the above exercises. The total amount of the notifications unpaid is about 38 million euros, added interest, and charges. These settlement notes, which totally were contested, are the respective lawsuits in progress. Based on the advice obtained from the process representatives and tax consultants, the Board of Directors maintains the belief in a favorable outcome, which is why these proceedings are maintained in court. However, in accordance with the principle of prudence, an assessment of the group's level of exposure to these proceedings is made periodically, in the light of the evolution of case law, and consequently the provisions recorded for this purpose are adjusted. The Group provided the guarantees demanded by the Tax Authorities, related to these processes, according reference in Note 43. 46.3. Actions by MEO against NOS SA, NOS Madeira and NOS A\u00e7ores and by NOS SA against MEO In 2011, MEO brought against NOS SA, in the Judicial Court of Lisbon, a claim for the compensation of 10.3 million of Euros, as compensation for alleged unauthorized portability of NOS SA in the period between March 2009 and July 2011. NOS SA contested, and the Court ordered an expert opinion, meanwhile, deemed without effect. The discussion and trial hearing took place in the first quarter of 2016, being the rendered in September of the same year, which considered the action to be partially justified, based not on the occurrence of improper portability, which the Court has determined to restrict itself to those which do not correspond to the will of the proprietor. In that regard, it sentenced NOS to the payment of approximately 5.3 million euros to MEO, a decision of which NOS appealed to the Lisbon Court of Appeal. MEO, on the other hand, was satisfied with the decision and did not appeal against the part of the sentence that acquitted NOS. This Court, in the first quarter of 2018, upheld the decision of the Court of First Instance, except for interests, in which it gave reason to the claims of NOS, in the sense that interests should be counted from the citation to the action and not from the due date of the invoices. NOS filed an extraordinary appeal with the Supreme Court of Justice (SCJ), that appeal which found that the facts established were insufficient to resolve on the substance of the case. Consequently, the SCJ ordered that the court under appeal should amplify the facts. The case was transferred to the Court of First Instance and in November 2019, this, granted the parties the possibility of requesting the production of supplementary evidence on the subject of the extension, with NOS requesting an expert examination and the repetition of testimonial evidence. In February 2020, the Court determined the need to obtain new evidence, which requires the analysis of the information relating to all portabilities that serve as the basis for the process, determining the carrying out of expert evidence for that purpose. The appointment of the expert occurred on October 2021. In December 2022, the expert asked to be relieved of his duties because he felt that the qualified non-judicial verification was unfeasible in view of the volume of documentation to be analyzed, having the court determined in April 2023, that, in view of the expert's request, the trial should be limited to the submission of written pleadings. The parties submitted their written pleadings in June and NOS, in addition, filed an autonomous appeal against that order, on the grounds that the court's decision violated the STJ judgment. In July 2023, even though no additional evidence had been produced as determined by the STJ, the Court handed down a new decision ordering NOS to pay 5.3 million euros. This decision has already been appealed to the Lisbon Court of Appeal. Further developments are awaited. In 2011, NOS SA brought an action in Lisbon Judicial Court against MEO, claiming payment of 22.4 million euros, for damages suffered by NOS SA, arising from violations of the Portability Regulation by MEO, in particular, the large number of unjustified refusals of portability requests by MEO in the period between February 2008 and February 2011. The court declared the performance of expert evidence of technical nature and an economic-financial survey, which were completed in February 2016 and June 2018, respectively. MEO argued for the nullity of the expert economic-financial report, which was dismissed. After the trial, in May 2022, the court partially agreed with NOS, condemning MEO to pay 7.9 million euros, a decision challenged by MEO and NOS by filing appeals in October 2022. At the end of March 2023, the Lisbon Court of Appeal revoked the initial decision and ordered the expansion of the facts, which will entail new trial sessions. It is the understanding of the Board of Directors, corroborated by the attorneys accompanying the process, that it is, in formal and substantive terms, likely that NOS SA will be able to win the lawsuit, due to MEO already having been convicted for the same offences by ANACOM. 46.4. Action brought by DECO In March 2018, NOS was notified of a lawsuit brought by DECO against NOS, MEO and NOWO, in which a declaration of nullity of the obligation to pay the price increases imposed on customers at the end of 2016 is requested. In April and May 2018, the operators, including NOS, lodged a defense. The action\u2019s value has been fixed at EUR 60,000. After the discussion and trial sessions were held in 2022, NOS filed an appeal against the court decision that dispensed with the production of testimonial evidence, which was upheld by the Lisbon Court of Appeal. The parties are now waiting for the discussion and trial sessions to be scheduled. Board of Directors is convinced that the arguments used by the author are not justified, which is why it is believed that the outcome of the proceeding should not result in significant impacts for the Group's financial statements. 46.5. Action brought by Citizens Voice In November 2022, NOS was served with a lawsuit filed by Citizens Voice - Consumer Advocacy Association (\"Citizens Voice\"), where a set of requests related to the automatic activation of pre-defined volumes of mobile data, once the data volume included in the monthly fee contracted by customers has been exhausted. Citizens Voice requests more specifically (i) the judicial declaration of the illegality of this practice for understanding that violates a set of national and European rules, (ii) the recognition of the right of customers to refuse to contract these services, (iii) the return of amounts paid on this basis over the past years by NOS customers, as well as (iv) the payment of compensation in the amount of 100 euros to each customer for alleged moral damages resulting from that practice. In December 2022 NOS presented its response invoking the illegitimacy of Citizens Voice to present the action, namely by the existence of a profit interest, and furthermore defending the lawfulness of the practice and its total transparency and clarity for the respective customers. The Board of Directors is convinced that the arguments used by the plaintiff are unfounded, reason why it is believed that the outcome of the process will not result in significant impacts for the Group's financial statements. 46.6. Interconnection tariffs On 31 December 2023, accounts receivable and accounts payable include 37,139,253 euros and 43,475,093 euros, respectively, resulting from a dispute between the subsidiary NOS SA and, essentially, the operator MEO \u2013 Servi\u00e7os de Comunica\u00e7\u00e3o e Multim\u00e9dia, S.A. (previously named TMN \u2013 Telecomunica\u00e7\u00f5es M\u00f3veis Nacionais, S.A.), in relation to the non-definition of interconnection tariffs of 2001. In what concerns to that dispute with MEO, the result was totally favorable to NOS S.A., having already become final. In March 2021, MEO filed a new lawsuit against NOS, in which it claimed the price of interconnection services between TMN and Optimus for 2001 at 55$00 (\u20ac 0.2743) per minute. After NOS presented its defense contesting MEO's petition, a preliminary hearing was held and, by court decision, NOS was acquitted of the case. MEO filed an appeal against the decision, which was dismissed, and in February 2023 filed a new appeal to the STJ where NOS presented reply to allegations. Further developments of the process are awaited, being the understanding of the Board of Directors, supported by the lawyers who monitor the process, that there is, in substantive terms, a good chance that NOS SA can win the action.",
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"s7_notes__6__178": {
"value": "47. Share incentive scheme On 23 April 2014, the General Meeting approved the Regulation on Short and Medium-Term Variable Remuneration, which establishes the terms of the Share Incentive Scheme (\"NOS Plan\"). This plan aimed at more senior employees with the vesting taking place three years being awarded, assuming that the employee is still with the company during that period. On 31 December 2023, the unvested plans are: Number of shares Plan NOS Plan 2021 1,426,069 Plan 2022 1,164,196 Plan 2023 1,038,600 During the financial year ended on 31 December 2023, the movements that occurred in the plans are detailed as follows: NOS NOS NOS NOS Total Plan 2020 Plan 2021 Plan 2022 Plan 2023 Balance as at 31 December 2022 1,459,370 1,320,809 1,079,152 - 3,859,331 Movements in the period: Awarded - - - 1,040,472 1,040,472 Vested (1,458,712) (11,380) (8,908) - (1,479,000) (1)Cancelled/Elapsed/Corrected (658) 116,640 93,952 (1,872) 208,062 Balance as at 31 December 2023 - 1,426,069 1,164,196 1,038,600 3,628,865 (1) Refers mainly to correction made for dividends paid, exit of employees not entitled to the vesting of shares and other adjustments resulting from the way the shares are vested. The share plans costs are recognized over the year between the awarding and vesting date of those shares. The responsibility is calculated taking into consideration the share price at award date of each plan, for plans settled in shares, or at the closing date, for plans settled in cash. The responsibility is recorded in Reserves and Accrued Expenses, respectively. As of 31 December 2023, the outstanding responsibility related to these plans is 7,099 thousand euros and is recorded in Reserves. The costs recognized in previous years and in the financial year ended on 31 December 2023, and its liabilities are as follows: Total Costs recognized in previous years related to plans as at 31 December 2022 6,675 Costs of plans vested in the period (4,670) Costs incured in the period and others 5,094 Total cost of the plans 7,099",
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"value": "ZOPT, SGPS, SA",
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"value": "49. Subsequent events Financing In January 2024, NOS contracted 100 million euros with Caixa Geral de Dep\u00f3sitos, split between a bond loan and a commercial paper program, indexed to sustainability objectives, maturing in 2026. Network sharing contract with Vodafone In January 2024, NOS and Vodafone Portugal signed an agreement for the development and reciprocal sharing of dark fibre that will cover around 1.1 million homes nationwide. With this agreement and considering the agreement with the same object already signed between the parties in 2017 (Note 43.2), NOS and Vodafone Portugal will now share fibre access in around 3.9 million homes. The partnership implies sharing an equivalent amount of investment and assumes that the two companies maintain total autonomy in the design of commercial offers, as well as in the choice of technological solutions they decide to implement. The companies are also guaranteed total independence in the management of their customer base, as well as confidentiality in the processing of consumer information. As of the date of approval of this document, there have been no other relevant subsequent events that merit disclosure in this report.",
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