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POLICIESGeneral informationNorwegian Air Shuttle ASA and its subsidiaries (\u2018Norwegian\u2019, \u2018the Group\u2019 or \u2018the Company\u2019) are alow-cost airline incorporated inNorwaynd headquartered at Fornebu outside of Oslo at the registered addressOksen\u00f8yveien 3, 1366 Lysaker, NorwayNorwegian Air Shuttle ASA is apublic limited liability companyand listed on the Oslo Stock Exchange.The consolidated financial statements of Norwegian Air Shuttle ASA for the year ended 31 December 2022 were authorized for issue by the Board of Directors on 26 April 2023. The annual general meeting, to be held 23 May 2023, has the power to amend and reissue the financial statements.Basis of preparationThe consolidated financial statements of Norwegian Air Shuttle ASA have beenprepared in accordance with the International Financial Reporting Standards (IFRS) and IFRIC interpretations, as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of December 31, 2022.The consolidated financial statements are prepared on the historical cost basis, with some exceptions, as detailed in the accounting policies setout below.In order to prepare financial statements in conformity withIFRS, it is necessary to apply certain critical accounting estimates. It also requires the Management to exercise its judgment when applying the Group\u2019s accounting policies. Areas involving a greater degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements aredisclosed below. See paragraph 1.23.The financial statements have been prepared on the goingconcern basis. New standards, amendments and interpretations that are adopted No changes in IFRS effective for the 2022 financial statements have had material impact this financial year, nor are any material impacts expected on future financial statements from standards issued but not yet effective. Basis of consolidation and equity accountingSubsidiariesSubsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferredto the Group.The Group\u2019s consolidated financial statements compriseNorwegian Air Shuttle ASA, and its subsidiaries, presented in Note 14 in the parent company financial statements. The acquisition method is applied when accounting for business combinations. Companies acquired or sold during the year are included in the consolidated financial statements from the date when control was achieved until the date when control ceased. The consideration that is transferred for the acquisition of a subsidiary consists of the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The transferred consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Acquired identifiable assets, liabilities and contingent liabilities assumed in a business combination are initially measured at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interests of the acquiree either at fair value, or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. The excess of the considerationtransferred and the amount of the non-controlling interestover the fair value of the Group\u2019s share of the identifiablenet assets acquired are recorded as goodwill. If, in the case of a bargain purchase, the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair valueof the net assets of the subsidiary acquired, the differenceis recognized directly in the income statement. All intra-Group balances, transactions and unrealized gainsand losses on transactions between Group companies are eliminated.Changes in ownershipThe Group considers transactions with non-controlling interests that do not result in loss of control, as transactions with equity owners of the Group. Any difference between considerations paid and the relevant share acquired from the carrying value of net assets are recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. When the Group ceases to consolidate or equity account for an investment because of loss of control, joint control or significant in\ufb02uence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. The fair value becomes the initial carrying amount for purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts of retained interest in the entity is remeasured to its fair value at the date when control ceased, with the change in carrying amount recognized in profit or loss. Thefair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassifiedto profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant in\ufb02uence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate. Dilutiongains and losses arising from investments in associates are recognized in the income statement.Other investmentsAll other investments are recognized in accordance withIFRS 9, Financial Instruments, and additional information are provided in Note 19.Foreign currency translationThe Group\u2019s presentation currency is Norwegian Krone (NOK). Norwegian Air Shuttle ASA\u2019s functional currency is NOK. Each entity of the Group determines its own functional currency and items that are included in the entities\u2019 financial statements are measured in that functional currency. For consolidation purposes, the results and financial position of all the Group\u2019s entities thathave a functional currency other than NOK are translated to the closing rate at the reporting date of each month. Income and expenses for each income statement are translated to the average exchange rate for the period, this being a reasonable approximation for estimating actual rate. Exchange differences are recognized in comprehensive income and specified separately in equity. Transactions in foreign currencies are initially recorded at the functional currency rate using the exchange rates prevailing on the dates of the transactions or valuation where items are re-estimated. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency exchange rate of the reporting date. Any differences are recognized in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translatedusing the exchange rates of the dates of the initial transactions.Foreign currency gains and losses on operating activities are recognized within operating profit. Foreign currency gains and losses on financing activities are recognized within net financial items.Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Any differences in exchange rates are recognized in other comprehensive income.Tangible assetsTangible assets including buildings are carried at historical cost, less accumulated depreciation and impairment losses. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation and impairment losses are derecognized. Any gain or loss on the sale or disposal is recognized in the income statement as other losses/ (gains)-net. The gross carrying amount of non-current assets is the purchase price, including duties/taxes and direct acquisition costs relating to making the non-current asset ready for its intended use. Subsequent costs, such as repair and maintenance costs, are normally recognized in profit or loss as incurred. When increased future economicbenefits are the result of verified repair and maintenancework, these costs will be recognized in the statement of financial position as additions to non-current assets. Borrowing costs are capitalized on qualifying assets.Non-current assets are depreciated on a straight-line basis or by airborne hours and cycles over the estimated useful life of the asset beginning when the asset is ready for its intended use. Residual values, where applicable, are reviewed annually against prevailing market rates at the reporting date for equivalently aged assets and depreciation rates adjusted accordingly on a prospective basis.The carrying value is reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. An aircraft is recognized as one or more components for depreciation purposes in order to consider different useful lives of the aircraft components. Depreciable components are defined as maintenance components. In accordance with official requirements, the aircraft must be maintained which means significant components must be changed after a specific number of \ufb02ights orairborne hours. These components are identified as twoheavy maintenance checks of the aircraft body, power restoration and life limited parts for the two engines on each aircraft, as well as maintenance on landing gears and APU. The maintenance and overhauls of these componentoccur on a defined interval, and the value is depreciated based on the number of take-offs or airborne hours until the next maintenance is conducted. Completed maintenance and overhaul are capitalized and depreciated until the next relevant maintenance and overhauls. The second aircraft component is defined as the remainder of the aircraft and depreciated over the estimated useful life, considered to be 25 years for the \ufb02eet in Norwegian. When estimating the future residual values at the end of the 25-year period, Norwegian reviews reports from two separate independent aircraft appraisers for each applicable aircraft type and year of build and sets the residual value to an average value of the two appraiser\u2019s reports. In cases where the Company has contracts to cover all significant maintenance of the aircraft, the aircraft may be depreciated as one single component. Rotable spare parts are carried as non-current assets and depreciated over their useful lives. The Group capitalizes prepayments on the purchase impairment are reviewed for a possible reversal of the impairment at each reporting date. Impairment losses on goodwill are not reversed.Financial assetsFinancial assets are classified according to the following categories: as measured at amortized cost, measured at fair value through profit or loss or measured at fair value through other comprehensive income. The classification depends on the characteristics of the financial assets and the purpose for which they were acquired. The Management determines the classification of its financialassets at initial recognition.Debt instruments that meet the following conditions are measured subsequently at amortized cost: the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash \ufb02ows; and the contractual terms of the financial asset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amountoutstanding.Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI): the financial asset is held within a business model whose objective is achieved by both collecting contractual cash \ufb02ows and selling the financial assets; and the contractual terms of the financialasset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding.By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the Group may at initial recognition irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met; and the Group may irrevocably designate a debt investment that meets the amortized cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.Financial assets are presented as current assets, unless See Note 1.7 for details of impairment testing of non-financial assets and Note 12 for additional details on intangible assets.Emission rights Any emission rights received from the respective countries\u2019 government agencies, without the need for payment of any consideration, are recognized at their nominal amounts, which in practice means that the intangible asset are valued at zero. A provision is not recognized in the balance sheet commensurate to the extent that emission rights used correspond to emission rights held. The provision is measured at the current market price with a corresponding cost in the statement of income commensurate to the extent emission rights used exceed the amount of emission rights held. Impairment of non-financial assetsIntangible assets with indefinite useful lives are not subjectto amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019sfair value less costs to sell and value in use. For the purpose of impairment testing, assets are grouped at the lowest levels of separately identifiable cash \ufb02ows (cash-generating units). The allocation is made to those cash-generating units that are expected to benefit from the assets. The Management has assessed the Group as one segment and the Group\u2019s total operations as its cash generating unit. The determination of cash generating units is based on how the Management operates and assesses the Group\u2019s performance, profit and cash \ufb02ow. The aircraft \ufb02eet is operated as one unit, and the route portfolio is administered and diversified as one unit generating the Group\u2019s profit and cash \ufb02ow, hence goodwill and other non-current assets are reallocated to the entire Group for the purpose of impairment testing. Non-current assets other than goodwill that have suffered contracts of aircraft. The prepayments are classified as tangible assets as presented in the statement of financial position. The prepayments include capitalized borrowing costs. At delivery of aircraft, the prepayments are includedin the acquisition costs of the aircraft. Depreciation periods and methods are assessed annually to ensure that they match the substance of non-current assets. Additional details on tangible assets are outlined in Note 13.Intangible assetsComputer softwareAcquired computer software licenses are capitalized based on the costs incurred to obtain and apply the specific software. These costs are amortized over their estimated useful lives.Costs which are directly associated with the development of identifiable software products controlled by the Group, and which are estimated to generate economic benefits, are recognized as intangible assets. These costs are amortized over their estimated useful lives. Goodwill and other intangible assetsGoodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.Other intangible assets are related to identifiable assets from business combinations and investments in other intangible assets.Intangible assets which are determined as having indefiniteuseful lives, are not amortized, but subject to annual impairment testing. The determination of indefinite useful lives is based on assessment by Management as to whether there is any foreseeable limit to the period over which the asset is expected to generate net cash in\ufb02ows for the entity.The full fair value of hedging derivatives is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months. It is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Tradingderivatives are classified as a current asset or liability.Hedge effectivenessHedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.Hedge ineffectiveness for jet fuel hedges can be related todifferent factors such as differences in the purchased fuel and hedged commodity, the hedge ratio of the hedging relationship being different from the ratio of the hedged item actually hedged and the quantity of the hedging instruments actually used for the hedge, the Group\u2019s and its counterparties\u2019 credit risks. The Group calculates ineffectiveness in its hedging relationships designated for hedge accounting based on own input from budget and cash \ufb02ow forecasts as well on external input from mark to market valuations from financial institutions.Hedge ineffectiveness in relation to fuel derivatives is negligible for 2022.InventoryInventory of spare parts are carried at the lower of acquisition cost and net realizable value. Cost is determined using the first in-first out (FIFO) method.Inventory is consumed during maintenance and overhaul ofthe aircraft and is expensed when consumed.TRADE RECEIVABLES Trade receivables are amounts due from customers for services performed and goods sold in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest and they are subsequently measured to their fair value at the end of each reporting period. Derivatives are only used for economic hedging purposes and not as speculative investments. The Group applies hedge accounting for these contracts. Where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit and loss. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other losses/(gains).At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash \ufb02ows of the hedging instruments are expected to offset changes in the cash \ufb02ows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions.The effective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in the cash \ufb02ow hedge reserve withinequity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, within other losses/ (gains). When forward contracts are used to hedge forecast transactions, the Group generally designates only the change in fair value of the forward contract related to the spot component as the hedging instrument. Gains or losses relating to the effective portion of the change in thespot component of the forward contracts are recognized in the cash \ufb02ow hedge reserve within equity. The change in the forward element of the contract that relates to the hedged item (\u2018aligned forward element\u2019) is recognized within OCI in the costs of hedging reserve within equity. In some cases, the entity may designate the full change in fairvalue of the forward contract (including forward points) as the hedging instrument. In such cases, the gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognized in the cash \ufb02ow hedge reserve within equity.maturity is greater than twelve months after the reporting date and Management intends to hold the investment longer than twelve months after the reporting date. Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.Impairment of financial assetsThe Group always recognizes lifetime expected credit losses (ECL) for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.For all other financial instruments, the Group recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12\u2011month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12\u2011month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within twelve months after the reporting date.Derivative financial instruments and hedging activitiesDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into, ProvisionsProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an out\ufb02ow of resources will be required to settle the obligation and the amount has been reliably estimated. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-taxrate that re\ufb02ects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Employee benefitsThe Group operates various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations.Defined benefit plansThe cost of providing benefits under defined benefit plansis determined using the projected unit credit actuarial valuation method. The past service cost is recognized as an expense on a straight-line basis over the average perioduntil the benefits are vested. If the benefits are alreadyvested immediately following the introduction of or changes to a pension plan, past service cost is recognized immediately.The defined benefit obligation is the aggregate of thepresent value of the defined benefit obligation andactuarial gains and losses not recognized reduced by past service costs not yet recognized and the fair value of plan assets out of which the obligations are to be settled directly. If such aggregate is negative, the asset is measured at the lower of such aggregate or at the aggregate of cumulative unrecognized net actuarial losses and past service cost and the present value of any loss, whereas all other financial liabilities are measured at amortized cost. Loans and other borrowings are recognized initially at fair value, net of transaction costs incurred. They are subsequently measured at amortized cost, whereas the difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.A substantial modification of the terms of an existing financial liability or a part of it is accounted for as an extinguishment of the original financial liability and recognition of a new financial liability. The modificationof the terms is assessed both from a quantitative and qualitative view. If the modification is assessed to be an extinguishment, the difference between the carrying amount of the financial liability and the consideration paid including liabilities assumed is recognized as gain or loss. Any cost or fees incurred are recognized as part of the gain or loss.For issued convertible debt, the Group assess at the time of issue if the compound financial instrument contains both a liability and an equity component. If so, the fair value of the instrument as a whole is allocated to its equityand liability components. After initial recognition, the liability component is measured at amortized cost. No gainor loss is recognized upon conversion. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.Trade payables are obligations to pay for goods or services purchased from suppliers in accordance with general course of business. Accounts payables are classified as current liabilities if payment is due within the next twelve months. Payables due after the next twelve months are classified as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.method, less provision for impairment.Receivables from credit card companies are classified as trade and other receivables in the statement of financial position.Cash and cash equivalentsCash and cash equivalents include cash in hand and in the bank, as well as short-term deposits with an original maturity of three months or less. Cash and cash equivalents in the statement of financial position include restricted funds from withheld employee tax, guarantees and deposits pledged as collateral to suppliers.The group holds investments in money market funds classified as cash and cash equivalents. These funds are highly liquid and readily convertible to a known amount of cash which is subject to an insignificant risk of changes in value. Investments not meeting these criteria are classifiedas financial assets measured at fair value through profitand loss.EquityShare capital comprises the number of shares multiplied by their nominal value and are classified as equity. Transaction costs directly attributable to an equity transaction are recognized directly in equity net of tax.When equity instruments are issued to a creditor to extinguish all or part of an existing liability, the equity instruments are recognized initially at fair value.The Group has issued Perpetual Bonds. The bonds are perpetual subordinated convertible bonds with no requirement for the Group to either pay instalments or interest. The holders of the bonds can only require repayment as a part of a liquidation and the conversion element is considered by itself to be an equity component.The Perpetual Bonds are therefore classified as equity.LiabilitiesFinancial liabilities are classified either as measured at amortized cost or as measured at fair value through profit or loss. Derivative instruments recognized as financial liabilities are being measured at fair value through profit orcarry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extentthat it is no longer probable that sufficient taxable profitwill be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred income tax assets and liabilities are measured at the tax rates that are expected in the year when the assetsare realized or when the liabilities are settled, based on tax rates (and tax laws) which have been enacted, or substantively enacted, at the reporting date.Deferred income tax assets and deferred income tax liabilities are offset to the extent that:the Group has a legal and enforceable right to offset the recognized amounts and;if deferred tax assets and tax liabilities relates to income tax from the same tax authorities and the same taxable entity in the Group, or if different taxable entities in the Group intend either to settle on a net basis, or to realize the asset and settle the liability simultaneously.Deferred income tax is provided based on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.Contingent assets and liabilitiesA contingent asset is not recognized in the annual financialstatements but disclosed in the notes where an in\ufb02ow of economic benefits is probable.Contingent liabilities are defined as possible obligations The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.Employee share purchase savings programBonus shares and employer\u2019s contribution are measured at fair value using the Black and Scholes option pricing model. Expenses for bonus shares are included in payroll expenses. The fair value of the bonus shares and the estimated employer\u2019s contribution are distributed as expenses over the expected period until settlement. Changes in estimates affecting employer\u2019s contributions are expensed over the remaining vested period. For further details see Note 21.Current and deferred income taxThe tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent it relates to items recognized in othercomprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income taxCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that re\ufb02ects uncertainty related to income taxes, if any. The tax rates and tax laws that are used to compute the amount are those which are enacted or substantively enacted at the reporting date.Deferred income taxDeferred income tax is determined by using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.Deferred income tax liabilities are recognized for all taxable temporary differences. Deferred income tax assetsare recognized for all deductible temporary differences, economic benefits available in the form of refunds from the plan or reductions in the future contributions to the plan.In addition, the Group participates in an early retirement plan (AFP) for all employees in Norway. The AFP pension plan is a multi-employer defined benefit plan. However,the plan is recognized in the income statement as a defined contribution plan as the plan\u2019s administrator has not allocated actuarial gains/losses to the members of the AFP pension plan at 31 December 2022.Provisions for pension costs are detailed in Note 22.Defined contribution plansIn addition to the defined benefit plan described above,the Group operates a defined contribution plan. A definedcontribution plan is a pension plan under which the Group pays fixed contributions to a separate entity. The Group has no legal or constructive obligations to pay further contributions should the fund not hold sufficient assets to pay all employees the benefits relating to employee servicein the current and prior periods. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.Share-based paymentsThe Group operates a number of equity-settled, share-based compensation plans under which the entity receivesservices from employees as consideration for equity instruments of the Group. The fair value of the employee services received in exchange for the grants of the optionsis recognized as an expense over the vesting period. The total amount to be expensed is determined by referring to the fair value of the options granted. The fair value of the options to be settled in equity instruments is estimated at the grant date. The fair value isdetermined by an external part by applying the Black and Scholes option-pricing model. The assumptions underlying the number of options expected to vest are adjusted to re\ufb02ect conditions prevailing at the reporting date. For further details see Note 21.cargo, expired CashPoints, and revenue from business activities in subsidiaries which are not airlines. Other airline revenues are recognized when the performance obligations have been satisfied through the rendering of services. Revenue from sales of Wi-Fi products and services comprises traffic fees. Revenue traffic fees are recognizedas revenue at the time of consumption. Customer loyalty program \u2013 Norwegian RewardThe Group runs a loyalty program: Norwegian Reward. Reward members earn the digital currency \u201cCashPoints\u201d. The program enables members to earn CashPoints as they \ufb02y with Norwegian, use the Bank Norwegian credit card and from making purchases of goods and services from more than 50 Reward partners. CashPoints can be used as full or partial payment for goods or services offered by theGroup.CashPoints are considered as a separate element of a sale with multiple elements. The portion of the price allocated to Cash Points is based on the stand-alone selling price. Revenue allocated to accrued cash points is deferred and recognized as a contract liability, taking into consideration estimated redemption rates. The contract liability is included in the line-item Trade and other payables in the consolidated statement of financial position. The CashPoint liability is derecognized and recognized as otherrevenue when the points expire. Unused CashPoints expire 24 months after the end of the calendar year in which the CashPoints were earned. Revenue and costs from issuing CashPoints to external partners in the loyalty program Reward are presented on a net basis.1.20 Leasing At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys considerations the Group does not recognize any financingelement in relation to ticket sales.Passenger revenue Passenger revenue is reported as traffic revenue when the air transport has been carried out and the performance obligations hence are satisfied. The value of sold tickets and which are still valid but not used by the reporting date (amounts sold in excess of revenue recognized) is reportedas air traffic settlement liability. This liability is reduced either when the Group or another airline completes the transportation or when the passenger requests a refund. Ancillary revenue Ancillary revenue comprises sales of ticket-related products and services, e.g. revenue from baggage sales, seating and premium upgrades. Most of the products and services do not have separate performance obligations but are associated with the performance obligation of the air transport and are hence recognized as revenue at the time of the transport. Between time of sale and time of transport such ancillary revenue items are reported as part of the air traffic settlement liability.Amounts paid by \u2018no-show\u2019 customers are recognized as revenue when the booked service is provided, and performance obligations are satisfied. \u2018No-show\u2019 customers with low fare tickets are not entitled to change \ufb02ights or seek refunds for other than taxes once a \ufb02ight has departed. 1.19.3 Contract costs Certain incremental distribution costs in relation to the pre-sale of tickets are capitalized between time of sale and time of the air transport taking place. As such distribution costs are incremental and correlated with ticket sales, experience data is collected on the size of the various elements of contract costs relative to the size of the revenue. Such experience data together with the size of air traffic settlement liabilities give basis for capitalization and amortization of the contract costs. 1.19.4 Other revenue Other revenue comprises third party revenue, such as arising from past events the existence of which depends on future events, or for which it is improbable that they will lead to an out\ufb02ow of resources, or which cannot be measured with sufficient reliability.Contingent liabilities are not recognized in the annual financial statements, but significant contingent liabilitiesare disclosed in the notes to the financial statements, with the exception of contingent liabilities where the probability of the liability occurring is remote. Revenue recognitionRevenue comprises the amounts that re\ufb02ect the consideration to which the entity expects to be entitled in exchange for goods and services promised to be transferred to customers in the general course of the Group\u2019s activities. Revenue is shown net of value-added tax and discounts. The Group recognizes revenue when the performance obligations in the contract with the customer are satisfied.Revenue from the airline business is generally associated with the performance obligation of the air transport taking place. Tickets are pre-sold up in advance of the air transport taking place. The Group receives payment at or shortly after time of sale, but such payments might be partly delayed until time of transport with any hold-back imposed by credit card acquirers for security reasons. Between time of sale and time of air transport, the amounts collected from the customers are presented as air traffic settlement liabilities. The value of the resulting air traffic settlement liabilities, less any taxes collected on behalf of authorities, represents the aggregate transactionprice of performance obligations not yet satisfied.Tickets can be purchased up to almost one year prior to the air transport taking place. The contracts with customers hence have a duration of less than one year and the corresponding air traffic settlement liabilities will always fall due within one year. Hence will also a financial year\u2019s reported revenue include the entire closing balance of the prior year\u2019s air traffic settlement liabilities.The time between ticket sale and time of the air transport taking place is less than one year and based on materiality When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.Obligations for costs to restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset.The Group presents right-of-use assets from aircraft and aircraft spare parts leases in \u2018Right-of-use aircraft, parts and installations\u2019 in the consolidated statement of financialposition. Right-of use assets from facility and equipment leases are presented as `Right-of-use buildings\u00b4 and \u00b4Right-of-use equipment\u00b4, respectively. Interest expense on the lease liability is presented as `Interest expense\u00b4 in the consolidated income statement. Depreciation of the right-of-use assets is presented under `Aircraft lease, depreciation and amortization\u00b4.For aircraft sale-leaseback transactions, the ROU asset is measured at the portion of the previous carrying amount of the asset that relates to the right of use retained by the seller-lessee. Gain or loss is recognized for the amount that relates to the rights transferred to the buyer-lessor. Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker who is responsible for allocating resources and assessing the performance of the operating segments. The chief operating decision maker has been identified as the Executive Management. The Group has one operating segment, which is low-cost air passenger travel. See Note 4 for further details.1.22 Events after the reporting dateNew information regarding the Group\u2019s positions at the reporting date is taken into account in the preparation of the annual financial statements. Events occurring after the The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to re\ufb02ect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following:fixed payments, including in-substance fixed payments;variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;amounts expected to be payable under a residual value guarantee; andthe exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs.The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability(using the effective interest method) and by reducing the carrying amount to re\ufb02ect the lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. the right to control the use of an identified asset, the Group assesses whether the contract involves the use of an identified asset. The asset is not identified if the lessorhas a substantive substitution right. The Group assesses further whether it has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period and whether it has the right to direct the use of the asset.The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases, except for aircraft leases, and leases of low-value assets, includingIT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 1.20.1 Measurement and presentation of right- of-use assets and lease liabilities As a lessee, the Group leases many assets including aircraft, aircraft spare parts, facilities and other equipment. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset re\ufb02ects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.If the price for CO2 emission allowances in 2022 had been 1 percent higher/lower with all other variables held constant, pre-tax profit and pre-tax equity effect for the year would have been NOK 5 million lower/higher (2021: NOK 0). In preparing these consolidated financial statements, the expected impacts of the climate related matters on the Group\u2019s results have been considered in Management\u2019s profitability and cash \ufb02ow forecasts, which are used in impairment testing of non-financial assets and evaluation of the recovery of deferred tax assets. The recoverability of those assets is considered not to be significantly affected by climate-related matters at the end of the reporting period.The Group expects the impact of climate-related matters on the estimated economic life of its \ufb02eet to be insignificant, as Management is not aware of such regulations at the balance sheet date that would directly prevent or limit the Group\u2019s ability to use its current \ufb02eet or any related assets.NOTE 2: FINANCIAL RISKThe Group\u2019s activities expose it to a variety of financial risks; market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group\u2019s overall financial risk management program focuses on changes and \ufb02uctuations in financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financialinstruments to hedge certain financial risk exposures.Financial risk management is carried out by a central Treasury department (Group Treasury), under policies approved by the Board of Directors. Group Treasury identifies, evaluates and hedges financial risk in close co-operation with the Group\u2019s operating units. The Board provides principles for overall risk management such as foreign currency risk, interest rate risk, credit risk, jet fuel price risk, use of derivative financial instruments and investment of excess liquidity. obligation at each reporting period. These estimates are subject to revision based on the outcome of tax audits anddiscussions with authorities that can take several years to conclude. See Note 10 for further details of tax positions.The Group has recognized a partial impairment reversal of NOK 2,099 million relating to predelivery payments (\u201cPDP\u201d)towards Boeing.Boeing has agreed to grant the Company a total credit of USD 215 million in relation to the predelivery payments previously made. Management assesses these credits to bere-instated PDP in relation to the new firm aircraft order rather than a future reduction of acquisition cost of the aircraft to be received. See Note 13 for further details.Related to the claim from the Norwegian Environment Agency for missing surrender of emission allowances for 2020, Management evaluates that the Group was unable to surrender allowances for emissions predating 18 November 2020 and does not accept the fine imposed by the authorities. At the end of 2022, the Group maintains a provision for emissions predating 18 November 2020 of NOK 15 million, corresponding to dividend of 5 percent introduced under the Reconstruction. No provision was made for the imposed penalty at year-end 2022. For further details see Note 28.Climate risks The Group is directly and indirectly exposed to climate risks. Extreme weather events due to climate changes could potentially lead to an increase in \ufb02ight cancelations, increased waiting time and cost such as fuel consumption and de-icing. Such events and the resulting delays and cancellations could also have a material adverse impact on the Group\u2019s financial performance as a consequence of changes in the public\u2019s willingness to travel by aircraft within Europe.Environmental regulations will increase the Group\u2019s cost base. In particular, three initiatives included in the EU\u2019s \u2018\u2018Fit for 55\u2019\u2019 legislative package are relevant for the aviation industry, such as the reform of emissions trading (EU-ETS), the mixing quota for sustainable aviation fuels and the proposed changes to CO2 taxes.reporting date which do not affect the Group\u2019s position at the reporting date, but which will affect the Group\u2019s position in the future, are disclosed if significant.Critical accounting estimates and judgmentsEstimates In preparing the consolidated financial statements, the Management is required to assess judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses. The critical judgments and key sources of estimation uncertainty that have been made in preparing the consolidated financial statements are detailed below. These judgments involve assumptions or estimates in light of future events that can differentiate from what is expected.The aircraft held under lease agreements are subject to specific redelivery conditions stated in the contracts as well as periodic maintenance programs as defined by the aircraft and engines manufacturers. To meet these requirements, the Group must conduct maintenance, both regularly and at the expiration of the leasing period. Provisions are made based on the estimated costs of overhauls and maintenance. In order to estimate these conditions, the Management must make assumptions regarding expected maintenance costs. Description of maintenance cost estimates are described in Note 23. Impairment testing has been performed for the Company\u2019snon-current assets. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates. See Note 13 for further details. 1.23.2 Significant judgments Deferred tax assets are recognized for all unused tax losses to the extent that taxable profits are probable. Deferred tax liabilities are recognized when an obligation has been incurred. Significant management judgment is required to determine the amounts of deferred tax assets that can be recognized, based on the anticipated timing and level of future taxable profits together with future tax planning strategies. Deferred tax liabilities that have been incurred are based on the best estimate of the likely For further details on derivative financial instruments and hedging activities, please refer to Note 1.9.Credit risk Credit risk is managed on a Group-wide basis. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to travel agencies and commercial customers, including outstandingreceivables and committed transactions. The utilization of credit limits is regularly monitored. The Group\u2019s policy is tomaintain credit sales at a minimum level. Sales to private customers are settled in cash or using major credit card companies.Credit risk related to bank defaults is closely monitored and partly offset by diversifying the Group\u2019s deposit portfolio. There is re-invoicing of maintenance costs on aircraft to leasing companies, and Norwegian regularly evaluates and assesses the value of these credits. See Note 19 for further disclosure on credit risk.Group\u2019s currency exposure on operating expenses. If NOK had weakened with 1 percent against USD with all other variables held constant, other comprehensive income would have been NOK 47 million lower (compared to NOK 123 million higher in 2021). 2.3 Cash \ufb02ow and fair value interest rate risk As the Group has interest-bearing debt, the Group\u2019s income and operating cash \ufb02ows are dependent on changes in the market interest rates. The Group\u2019s cash \ufb02owborrowings interest rate risk arises from \ufb02oating interest rate borrowings. Floating interest rate borrowings consist of a secured bond issue and a term facility. Borrowings issued at fixed rates expose the Group to fair value interestrate risk. Fixed interest rate borrowings consist of aircraft financing. Borrowings are denominated in USD and NOK.If the \ufb02oating interest rate in 2022 had been 1 percent higher/lower with all other variables held constant, pre-tax profit and pre-tax equity effect for the year would havebeen NOK 8 million lower/higher (2021: NOK 32 million). The Group measures borrowings at amortized cost. No changes in fair value of fixed rate interest rate borrowings would be accounted for. Fair value calculations of fixed interest rate borrowings are detailed in Note 3.2.4 Jet fuel prices Expenses for jet fuel represent a substantial part of the Group\u2019s operating costs, and \ufb02uctuations in jet fuel prices in\ufb02uence the projected cash \ufb02ows. The objective of the jet fuel price risk management policy is to safeguard against significant and sudden increases in jet fuel prices whilst retaining access to price reductions. The Group manages jet-fuel price risk using fuel derivatives. Management has a mandate to hedge up to 50 percent of its expected consumption over the next 12 rolling months and 25 percent for the period from 12 to 24 months in the future with forward contracts. At the end of 2022, the Group has hedged around 15 percent of its planned fuel consumption in 2023 at an average price of USD 891 per metric ton. All hedge contracts expire in 2023.Market risk Market risk is the risk of changes in market prices, such as foreign exchange rates, jet fuel prices and interest rates which will affect the Group\u2019s income or value of its holdings of financial instruments. Foreign exchange risk A substantial part of the Group\u2019s expenses is denominated in foreign currencies. The Group\u2019s leases, aircraft borrowings, maintenance, jet fuel and related expenses are mainly denominated in USD, and airplane operation expenses are partly denominated in EUR. The carrying amount of the Group\u2019s net investments in foreign entities and proceeds from these investments varies with changes in the foreign exchange rate. In order to reduce currency risk, the Group has a mandate to hedge its currency exposure for the following 12 months. Hedging can consist of forward currency contracts and \ufb02exible forwards.Exchange rate risk sensitivity analysis This analysis does not take into account correlation between currencies. Empirical studies confirm substantial diversification effect across the currencies that the Group is exposed to.Effects on net currency gains (losses) The Group is exposed to currency \ufb02uctuations on financialinstruments in the statement of financial position.If NOK had weakened by 1 percent against USD in 2022, with all other variables held constant, pre-tax profit effect would have been negative by NOK 12 million (compared to negative NOK 2 million in 2021), mainly as a result of foreign exchange losses/gains on receivables, payables andcash and cash equivalents. 2.2.3 Effects due to foreign exchange translations on other comprehensive income The Group has major investments in operations abroad, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group\u2019s foreign operations can be material, but the variances create a natural hedge against the Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The liquidity is affected by trading risks presented by current economic conditions in the aviation sector, particularly in relation to passenger volumes and yields and the associated profitability of individual routes. A portion of the Group\u2019s sales are paid for by the customers at the time of booking and Norwegian receive the actual payments from the credit card acquirers either at the time of sale or at the time of travel. Delayed payments from credit card companies vary between credit card acquirers. A reduction in credit lines with credit card acquirers might have an adverse effect on the Group\u2019s liquidity. The risk arising from receivables on credit card companies or credit card acquires are monitored closely. The Board of Directors has imposed an internal liquidity target which is closely monitored by the Management. Management monitors rolling forecasts of the Group\u2019s liquidity reserve, cash and cash equivalents (see Note 17) on the basis of expected cash \ufb02ows. The Group\u2019s liquidity management policy involves projecting cash \ufb02ows in major currencies andconsidering the level of liquid assets necessary to monitor liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans. The projected cash \ufb02ows are based on a detailed plan that covers a period for at least twelve months after the date of approval of these financial statements. In developing these forecasts, estimates and judgment are made to project revenue, costs and availability of different financing sources. Assessments are made of potential adverse effects from events outside the Group\u2019s control.The table below analyses the maturity profile of the Group\u2019s financial liabilities at thereporting date. The amounts disclosed are the contractual undiscounted cash \ufb02ows:Over NOK million Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 5 years5 yearsAt 31 December 2022Borrowings 198.5 283.6 2,097.6 2,290.7 347.6Trade and other payables 3,651.2 - - - -Lease liabilities 1,509.5 1,468.6 1,328.1 1,827.5 588.0Calculated interest on borrowings 53.3 44.2 35.5 46.7 16.1Derivative contracts - payments 21.7 - - - -Total financial liabilities 5,434.2 1,796.4 3,461.2 4,164.9 951.7Over NOK million Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 5 years5 yearsAt 31 December 2021Borrowings 181.1 220.2 233.8 4,297.4 458.2Trade and other payables 3,782.6 - - - -Lease liabilities 1,000.2 1,164.9 1,092.2 1,752.4 1,072.5Calculated interest on borrowings 34.4 46.3 39.8 58.7 35.3Total financial liabilities 4,998.4 1,431.4 1,365.8 6,108.5 1,566.0Fair value of borrowings All borrowings per 31 December 2022 and 2021 are measured at amortized cost. The fair value of current borrowings approximates their carrying amount. The NAS13 bonds issued in 2021 are traded in an active market.Thus, their fair value is based on quoted market prices on or close to the reporting date (level 1 in fair value measurement hierarchy). The fair value of other non-current borrowings is not exclusively determined based on observable market data (level 3 in fair value measurement hierarchy). Their fair value is based on cash \ufb02ows which are discounted using rates listed in Note 24.The maturity profile of borrowings is presented in note 2.6.The carrying amounts and fair values of the non-current borrowings are as follows:Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. Financial instruments in level 2 include forward contracts classified as derivatives. The fair value of forward commodity contracts is determined using mark to market values from financial institutions. Spot prices in the mark to market calculations are based on mid-prices as set be the financial institutions at the reporting date. Level 3 If one or more of the significant inputs are not based on observable market data, specific valuation techniques are applied. The Group had no financial instruments in this category at end of 2022 or 2021.The following table presents financial assets and liabilities measured at fair value at 31 December 2022:The Group had no financial instruments measured at fair value at end of 2021. 2.7Capital risk managementThe Group\u2019s capital management policy is to have a capital structure which meets the demands of operations, reduces cost of capital and complies with financial covenants and future investments planned by the Group. The Group will adjust debt and equity to maintain and secure an optimal capital structure by continuously monitoring the total equity level and the equity ratio of the Group. This ratio is calculated as equity divided by total assets as presented in the consolidated statement of financial position and consolidated statement of changes in equity. The equity ratios at 31 December were as follows:NOTE 3: FAIR VALUE ESTIMATIONFinancial instruments which are measured in the statement of financial position at fair value, require disclosures of fair value measurements by the following levels of fair value measurement hierarchy: Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices of the reporting date. A market is regarded as active if quoted prices are readily and regularly available and represent actual and regular occurring market transactions on an arm\u2019s length basis. The Group had no financial instruments in this category at end of 2022 or 2021. (NOK million) 2022 2021 Equity 4,203.4 3,2 69.6Total assets 22,669.6 18,825.4Equity ratio 18.5 % 17.4 %NOK million Level 1 Level 2 Level 3 TotalDerivative financial - 19.9 - 19.9assets, currentTotal assets at fair value - 19.9 - 19.9 through OCIDerivative financial - 21.7 - 21.7liabilities, currentTotal liabilities at fair - 21.7 - 21.7 value through OCI Carrying amount Fair value NOK million2022 2021 2022 2021Bond issue 447.4 575.0 391.0 415.4 Retained claims 2,739.3 2,524.9 2,739.3 2,594.5bondsTerm facility 134.5 134.9 134.5 145.1Aircraft financing 726.7 744.8 662.5 662.3 Other non-2.0 2.0 2.0 2.0current debtTotal 4,050.0 3,981.6 3,929.3 3,819.3 NOTE 4: SEGMENT AND REVENUE INFORMATIONExecutive Management reviews the Group\u2019s internal reporting to assess performance and allocate resources. Management has determined the operating segment based on these reports. Executive Management considers the business as one operating segment, which is low-cost air passenger travel. The Group\u2019s operating profit comes from airline-related activities and the Group\u2019s main revenue generating asset is its aircraft \ufb02eet, which is utilized across the Group\u2019s geographical segment.Performance is measured by the Executive Management based on the operating segment\u2019searnings before interests, tax, depreciation, amortization and aircraft lease (EBITDAR). Other information is measured in accordance with the financial statements.The table below shows revenues from low-cost air passenger travel which is split between passenger revenue, ancillary revenue, freight revenue and other revenue. Passenger related revenue per country is based on departure country of passenger journeys regardless of arrival country. Freight related revenue is based on departure country of freight services regardless of arrival country.Other revenue for 2022 includes mainly expired \u2018Norwegian Reward\u2019 CashPoints granted in2018 and 2019. NOK million 2022 2021By activity:Passenger transport 15,197.7 3,911.8 Ancillary revenue 2,870.0 941.5 Other revenue 801.6 214.5 Total operating revenue 18,869.3 5,067.8 NOK million 2022 2021By country:Norway 7,330.9 2,487.0 Spain 2,734.7 651.1 Denmark 2,154.3 575.8 Sweden 1,976.8 524.2 United Kingdom 829.8 91.1 Finland 645.3 122.0 France 500.8 104.8 Italy 479.1 66.3 Germany 270.1 47.5 Poland 214.3 46.2 Other 1,733.2 351.7 Total 18,869.3 5,067.8 Total outside of Norway 11,538.4 2,580.8 *) head count at 31.12.*)*)Man-labor years Man-labor years Head count Head count 2022 2021 2022 2021Cabin Crew 1,430 638 1,648 1,375Flight Deck Crew 785 330 1,008 774Non-crew 957 841 1,215 1,161Total 3,172 1,809 3,871 3,310Norway 1,966 1,282 2,156 2,111Spain 316 194 679 691United Kingdom 10 17 11 15Sweden 183 40 215 48Denmark 410 151 459 267Finland 133 7 162 29Ireland 9 22 9 12Latvia 145 94 180 137United States 0 1 0 0France 0 1 0 0Total 3,172 1,809 3,871 3,310NOTE 5: PAYROLL EXPENSES AND NUMBER OF EMPLOYEESPayroll expenses include hired crew personnel. Some employees are participants in defined pension plans. See Note 22 for details.NOK million 2022 2021Wages and salaries 2,120.5 1,608.0Social security tax 325.4 242.0Pension expenses 239.0 131.8Employee stock options 3.3 13.2Other benefits 140.7 89.9Hired operational personnel55.9 -Total 2,884.8 2,084.9NOTE 6: REMUNERATION OF THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENTPursuant to the Norwegian Public Limited Liability Companies Act, section 6-16 a, the Board presented the following statement regarding remuneration of Norwegian\u2019sManagement to the 2022 Annual General Meeting (AGM).The Nomination Committee proposed to keep the fee levelunchanged for the Chair of the board, Directors elected by the shareholders, and the Directors elected by and among the employees. Annual fee for serving as Chair and members of the Audit Committee were also proposed to keep unchanged. The Nomination Committee proposed an annual fee of NOK 75,000 for serving as the Chair of the Remuneration Committee, to be resolved in advance but paid in arrears after the annual general meeting the following year (2023). Further, the Nomination Committee proposed an extraordinary fee for the Chair of the Remuneration Committee of NOK 75,000 for the period from the annual general meeting in 2021 to the annual general meeting in 2022. This fee was paid after the AGM in 2022. All Nomination Committees proposals were approved by the AGM.The Executive remuneration in 2022 complied with the guidelines on remuneration approved by the AGM in 2022. Geir Karlsen\u2019s (CEO) base salary was adjusted upwards by 3.75 percent and Christoffer Sundby\u2019s base salary was adjusted upwards by 10 percent. No other Executives had their salary adjusted in 2022. No bonuses were paid out and no share options were exercised by the Executives in 2022. Geir Karlsen was paid NOK 1,500,000 in 2022 for serving as both CEO and CFO from July 2021 to May 2022. Remuneration governance - directive of remuneration of the CEO and the Executive Management The purpose of the remuneration of Executive Management in Norwegian is to stimulate a strong and lasting performance-oriented culture, enabling the Company to deliver on its strategy. The overallcompensation level should be competitive compared to comparable organizations. The Board of Directors determines the remuneration of the CEO and the guidelines for remuneration of Executive Management (\u201cExecutives\u201d). The grandfather principle applies for Executives, implying that the Chair of the Board approves remuneration for Executives other than the CEO. The remuneration of the Board and the Executives must not have negative effects on the Company, nor damage the reputation of the Company. Total remuneration made to Executives going forward will in part be aligned with Norwegian\u2019s performance.Principles for base salary The fixed salary should re\ufb02ect the Executive\u2019s area of responsibility and performance over time. Norwegian offers base salary levels which are competitive in the market in which the Company operates. Salaries are benchmarked against salary statistics provided by global third-party human resource organisations and related financial services consulting firmsShort-term incentive (STI) program Norwegian\u2019s short-term incentive program (STI) is an incentive program with a timeframe of one year. The STI is a global incentive program designed to recognise, and reward Executives for the contributions they make to enable the Company\u2019s to meet its financial and business targets. The objectives of the program are to,The target variable compensation for the CEO is 75 percent of the gross base salary. The maximum variable compensation is 127.5 percent of the gross base salary.Long-term incentives program Norwegian offers employees hired in a Scandinavian legal entity participation in a long-term incentive program (LTI) through an employee share savings plan. The objective of the LTI is to align and strengthen the interest of employees and shareholders and to remunerate for long-term commitment and value creation. Under this plan, Norwegian will match 50 percent of the employees\u2019 investment, limited up to NOK 6,000 per annum. Provided that the employee contributes NOK 12,000 annually, Norwegian\u2019s contribution will be NOK 6,000. The program has a one-year vesting period. If the shares are kept for two calendar years, the participants will be allocated bonus shares proportionate to their purchase. One bonus share will be earned for every tenth share allocated under this scheme.(i) clearly communicate to Executives the Company targets, (ii) communicate to the Executives how variable compensation is linked to the Company\u2019s performance, (iii) positively impact the organisation\u2019s ability to meet or exceed the Company\u2019s performance targets, (iv) encourage more cross-functional cooperation and a \u201cone Norwegian mind-set\u201d, and (v) improve the Company\u2019s ability to attract and retain employees.Share Option Plan The Board of Directors has established an annual share option plans for Management. It is the Company\u2019s view that the granting of share purchase options through option schemes are positive for long-term value creation of the Company. The intention of this plan is to (i) attract and retain employees whose service is important to the Company\u2019s success, (ii) motivate such employees to achieve long-term goals for the Company, (iii) provide incentive compensation opportunities to such employees which are competitive with those of other companies, and (iv) to secure that such employees\u2019 financial interest is aligned with the shareholders of the Company. The Board can offer share options to Executives and other key leading employees when shareholders have given the authority through an AGM to grant schemes in accordance with the following principlesThe options to be offered in the 3rd quarter at the latest and granted in September at the latest.The exercise price per share shall be the higher of NOK 13.50 and the average price of the NAS share on trading days during the first 10 calendar days afterpresentation of Norwegian\u2019s 1st quarter financial results plus 10 percent (rounded to the nearest NOK 0.01).1/3 of options granted can be exercised at the earliest after one, two, and three years respectively, and the options shall expire after seven years.If an employee leaves the Company, the non-vested options will forfeit. Outstanding options exercisable at the date of such termination shall be exercisable no later than the first exercise period thereafter.The shares reserved for all share plans may not exceed two percent of the Company\u2019s issued share capital.See Note 20 for further details on options held by members of the Executive Management. Severance pay The notice period for the CEO and the remaining ExecutiveManagement team is six months. The CEO severance pay is six months. EVP Product & Digital Development had six months base salary severance pay. Chief Marketing & Customer Officer has six months base salary severancepay. The employee is not entitled to a severance payment in the event he or she terminates the employment. The CEO and the CFO has a change of control clause in their employment contracts.Remuneration composition In addition to fixed and variable salary, other benefitssuch as insurance, newspaper, Internet and telephone may be granted. The total value of these benefits should be modest and only account to a limited portion of the combined remuneration package. Principles for company car and car allowance vary in accordance with local conditions.Executives participate in the same pension plans as other employees within the legal entity in which they are employed. Executives in the Norwegian entities participatein a defined contribution pension plan. The annual accrualfor 2022 was five percent of the annual base salary from 0 to 7.1 G and eight percent from 7.1 to 12 G. G is the base amount of Norwegian Social Security which in 2022 amounted to NOK 111,477. In addition, an early retirement scheme (AFP) is offered in Norway, with the right to retire at the age of 62. AFP is a multi-employer DB plan (accounted for as DC). AFP is market practice, regulated by collective bargaining agreements, and has a modest cost.The STI program described above was not effective for 2021, primarily due to the financial impact of COVID-19 on the Company. A retention incentive scheme was implemented to ensure continuity in Executives through the extraordinary times in the first half of 2021. 1) 3)4)NOK 1,000 FeeSalary Bonus Other benefitsPension expenseTotal compensationThe Board of DirectorsSvein Harald \u00d8ygard, Chair of the Board 1,100 - - - - 1,100Sondre Gravir 500 - - - - 500Ingrid Elvira Leisner 675 - - - - 675Lars Rahb\u00e6k Boilesen 575 - - - - 575Chris Browne (until 31 December 2022) 625 - - - - 6251)Eric Holm, elected by the employees150 - - - - 1501)Katrine Gundersen, elected by the employees150 - - - - 1501)Geir Olav \u00d8ien, elected by the employees (until April 2022)125 - - - - 1251,2)Torstein Hiorth Soland, elected by the employees (since June 2022)25 - - - - 25Total board of directors 3,925 - - - - 3,925 Executive Management 6,7)Geir Karlsen (Chief Executive Officer)- 6,215 - 155 99 6,469Anne-Sissel Sk\u00e5nvik (Chief Communications and Public Affairs Officer) - 2,026 - 155 99 2,280Magnus Thome Maursund (Chief Commercial Officer) - 2,098 - 161 99 2,358Adrian Dunne (Chief Operations Officer) - 3,031 - 152 258 3,441Christoffer Sundby (Chief Marketing and Customer Officer) - 3,237 - 155 117 3,509Tor-Arne Fosser (Executive Vice President Airline Products & Digital Development - 2,171 - 1,553 66 3,7905)until 31 August 2022)Knut Olav Irgens H\u00f8eg (Chief IT and Business Services Officer) - 2,331 - 155 111 2,597Guro H. Poulsen (Chief People Officer) - 2,028 - 155 111 2,294Tore Kristian Jenssen (Chief Asset Officer from 1 May 2022) - 1,819 - 101 155 2,075 8)Hans-J\u00f8rgen Wibstad (Chief Financial Officer from 9 May 2022) - 1,908 - 352 65 2,325Total executive management - 26,864 - 3,0941,18031,138Total Compensation year 20221) For the employee representatives in the Board of Directors, only their fee for serving on the Board of Directors fee is stated2) Employee representative elected in AGM 2022. Fee for period from AGM 2022 to AGM 2023 will be paid in 2023.3) Other benefits include company car/car allowance, insurance, telephone, internet, severance pay, etc. 4) Pension expense re\ufb02ects paid pension premium5) Other benefits include 6 months severance pay6) Geir Karlsen was awarded a one-time payment of NOK 1.5 million as a salary compensation for the period spent as both CEO and acting CFO from 1 July 2021 to 8 May 2022Bonus of NOK 5 million paid in 2020 has been reversed, of which the net amount after tax of NOK 2.5 million has been repaid by the employeeHans-J\u00f8rgen Wibstad received a sign on fee of NOK 250,000, inluded in Other benefits when he was appointed CFO in May 2022No share options were exercised by the Management in 2022.4,5)6) 2)3)NOK 1,000 FeeSalary Bonus Other benefitsPension expenseTotal compensationThe Board of DirectorsNiels Smedegaard, Chair of the Board (until the end of May 2021) 1,550 - - - - 1,550Svein Harald \u00d8ygard, Chair of the Board (since June 2021) 350 - - - - 350Sondre Gravir 500 - - - - 500Ingrid Elvira Leisner 675 - - - - 675Jaan Albrecht Binderberger (until the end of May 2021) 525 - - - - 525Lars Rahb\u00e6k Boilesen (since June 2021) 100 - - - - 100Chris Browne 500 - - - - 500Vibeke Hammer Madsen (until the end of May 2021) 400 - - - - 400Eric Holm, elected by the employees1) 150 - - - - 1501)Katrine Gundersen, elected by the employees150 - - - - 150 1)Geir Olav \u00d8yen, elected by the employees (until April 2022)150 - - - - 150Total board of directors 5,050 - - - - 5,050 Executive Management Geir Karlsen (Chief Executive Officer from 21 June 2021) - 4,875 11,000 153 89 16,117Anne-Sissel Sk\u00e5nvik (Executive Vice President Communications and Public Affairs) - 2,000 1,500 159 89 3,748Magnus Thome Maursund (Executive Vice President Network, Pricing & Optimisation) (since - 525 337 45 30 9378)October 2021) 8, 9)Adrian Dunne (Executive Vice President Operations) (joined August 2021)- 1,270 1,017 74 108 2,469Christoffer Sundby (Executive Vice President Marketing, Sales & Customer Care) - 3,000 2,250 151 89 5,490 7)Tor-Arne Fosser (Executive Vice President Airline Products & Digital Development)- 2,900 2,175 153 89 5,317Knut Olav Irgens H\u00f8eg (Executive Vice President IT & Business Services) - 2,300 1,725 153 89 4,267Guro H. Poulsen (Executive Vice President People) - 2,000 1,500 152 89 3,741Andrew Hodges (Executive Vice President Network, Pricing & Optimisation) (until October 2021) - 3,075 2,306 - 242 5,623Johan Gauermann (Interim Executive Vice President Operations) (until September 2021) - 1,795 1,593 - 561 3,949Jacob Schram (Chief Executive Officer until 21 June 2021) - 7,000 11,000 144 89 18,233Total executive management - 30,740 36,403 1,184 1,564 69,891Total Compensation year 20211) For the employee representatives in the Board of Directors, only their fee for serving on the Board of Directors fee is stated2) Other benefits include company car/car allowance, insurance, telephone, internet, severance pay, etc. 3) Pension expense re\ufb02ects paid pension premium4) Directors elected by the shareholders prior to the AGM of 2021 were granted an extraordinary fee of NOK 100,000 and the chair of the board NOK 1 million5) The shareholder elected Board members and the Chair of the Board were granted fees to buy shares in the Company. The shares cannot be sold until the shares have a value corresponding to an annual board fee, total NOK 500,000, or before resignation from the board6) A retention incentive scheme was implemented to ensure continuity in Executives through the extraordinary times in the first half of 2021 as described on previous pages (Note 6)7) Tor-Arne Fosser left the Management Group in April 20228) Pro rata9) Adrian Dunne received a sign on fee when he was appointed EVP COO in March 2021No share options were exercised by the Management in 2021.NOTE 7: OTHER OPERATING EXPENSESOther operating expenses are related to sales and distribution,the operating of systems, marketing, back office, consultants, and other costs not directly attributable to the operation of the aircraft \ufb02eet and related airline-specific costs. AUDIT REMUNERATIONNOK million 2022 2021Sales and distribution expenses 576.5 165.3 Other \ufb02ight operation expenses 617.5 323.0 General and administrative expenses 742.3 901.8 Total other operating expenses 1,936.2 1,390.2 NOK million excluding VAT 2022 2021Audit fee 11.3 10.5Other audit related services 0.8 0.7Other services 3.2 1.8Total 15.3 13.0NOK million 2022 2021Net losses/(gains) on financial assets at fair value through profit or loss - (5.3)Foreign exchange losses/(gains) on operating activities 128.8 (487.2)Losses/(gains) on asset sale (65.5) (269.9)Restructuring costs/(gain) - 24.9Other losses/(gains) (70.7) -Total (7.3) (737.5)NOTE 8: OTHER LOSSES / (GAINS) \u2013 NET Other losses/(gains) are mostly related to the extinguishment of trade payables in 2022. Gains from asset sale in 2022 and 2021 are related to the sale of slots at London Gatwick Airport. NOTE 9: OTHER FINANCIAL INCOME (EXPENSE)A net foreign exchange gain of NOK 2.2 million is recognized in 2022 (2021: NOK 210.9 million loss). Deposits in money market funds are classified as cash equivalents, as the original maturity of the deposits are 3 months or less. See note 17 for further information. See Note 3 for fair value estimation and Note 19 for further information concerning investments in financial assets. In 2021, the Company successfully completed its financial restructuring process. In total, the restructuring improved equity by NOK 13,723 million, of which NOK 5,341.0 million was recognized as restructuring effects and exchange rate differences on disposal of foreign operation in Other financial income (expense). The net income from restructuring in 2021 relates to the extinguishment and new issue of bonds, cram-down of trade and other payables, extinguishment of aircraft related debt as well as the extinguishment and re-instatement of borrowings and the derecognition of disposed and liquidated group entities.NOTE 10: TAXESThis year\u2019s tax expense consists of:NOK million 2022 2021Net foreign exchange (loss) or gain 2.2 (210.9)Return from investments in funds 71.4 - Restructuring effects - 5,711.5Financial gain/loss debt to equity conversion - 23.6Exchange rate differences on disposal of foreign operations 43.9 (370.5)Other financial items 4.0 176.9 Other financial income (expense) 121.6 5,330.5NOK million 2022 2021Profit before tax 1,046.4 1,876.0Expected tax expense (income) using nominal tax rate (22%) 230.2 412.7Tax effect of the following items:Non-deductible expenses/income 19. 7 (374.0)Adjustments from previous year 5.5 5.5Tax rate outside Norway other than 22% (189.6) 756.5Deferred tax asset not recognized/derecognized (24.8) (740.0)Other items - (55.0)Tax expense 41.0 5.5Effective tax rate 3.9 % 0.3 %The following table details net deferred tax liabilities (assets) at year end:NOK million 2022 2021Intangible assets (520.0) (522.3)Tangible assets 84.1 (3.3)Inventories (13.1) -Receivables (4.2) (5.9)Deferred gains/losses 486.9 572.4Other accruals (235.3) (37.8)Pensions (44.5) (45.4)Other temporary differences 61.1 (430.5)Loss carried forward (2,542.6) (3,154.1)Not recognized deferred tax 886.8 1,796.4Net deferred tax liabilities (assets) (1.840.8) (1.830.5)Recognized as deferred tax assets (1,900.7) (1,890.4)Recognized as deferred tax liabilities 59.9 59. 9Net deferred tax liabilities (assets) (1,840.8) (1,830.5)Loss carried forward per country: NOK million 2022 2021Norway (2,358.8) (2,484.6)Ireland (166.1) (651.1)Other (17.7) (19.3)Total (2,542.6) (3,154.1)77NOK million 2022 2021Tax payable 35.5 0.1Adjustments from previous year 5.5 5.4Income tax expense 41.05.5Reconciliation from nominal to effective tax rate:NOTE 11: EARNINGS PER SHAREBasic earnings per share calculations are based on the weighted average numberof common shares outstanding during the period, while diluted earnings per share calculations are performed using the average number of common shares and dilutive common shares equivalents outstanding during each periodStock options granted to employees are considered dilutive if they are \u201cin the money\u201d after vesting conditions is considered. None of the outstanding stock options granted to employees had dilutive effect at the end of 2022. For further details on outstanding stock options, please refer to Note 21.Deferred tax assets are based on unused tax loss carryforwards and temporary differences in assets and liabilities. The Group\u2019s deferred tax assets, and in particular the Group\u2019s unused tax losses, are substantial both in nominal terms and in relation to total equity. Deferred tax assets stemming from losses carried forward are mainly related to the discontinued long-haul operations and COVID-19 pandemic. Unused tax losses are recognized to the extent that taxable profits are probable. Significant managementjudgment is required to determine the amounts of deferred tax assets that can be recognized, based on the anticipated timing and level of future taxable profits together with future tax planning strategies. In situations where group companies have experienced recent losses, the Group will evaluate whether there are convincing other evidence supporting taxable profits and the future utilization of its carryforward losses.Convincing other evidence is considered for recognition of the deferred tax assets. The new focus on short haul markets and routes that have been profitable in the past, supports that there is convincing evidence that carry forward losses will be reversed with the current business model. The Group however acknowledges that there is some uncertainty inherent to forecasts for the future utilization of tax losses carried forward. Based on this uncertainty, the Group does not recognize deferred tax assets on the full amount of tax losses carried forward. Carryforward losses within Norwegian tax jurisdiction do not expire.Adjustments from previous years consists of differences in deferred tax positions betweenthe Group reporting last year and each company\u2019s tax reporting finalized later in 2022. Deferred tax liabilities and deferred tax assets are presented net to the extent that there is a legal right to settle current tax amounts on a net basis and the deferred tax amounts are levied by the same taxing authority. (NOK million) 2022 2021Profit attributable to the owners of the Company before PIK 1,005.5 1,870.5interest on perpetual bondsPayment-in-kind interest and interests paid on perpetual bonds 85.9 31.8recognized in equityProfit attributable to the owners of the Company after PIK interest 919.6 1,838.7Weighted average number of shares outstanding 929,579,566 522,786,820 Weighted average number of shares outstanding after dilution 1,125,497,085 698,547,559 Basic earnings per share (NOK) 0.99 3.52 Diluted earnings per share (NOK) 0.89 2.68 NOK million 2022 2021Recognized at 1 January (1,830.5) (1,316.2)Disposal of tax positions - sale of subsidiary - (508.4)Translation differences (10.3) (5.9)Recognized at 31 December (1,840.8) (1,830.5)2022 2021Number of shares outstanding 929,989,739 928,518,496Potential shares that might become dilutive in future periods Perpetual bond 194,950,792 195,801,049Potential number of shares outstanding after 1,124,940,531 1,124,319,545dilutionNOTE 12: INTANGIBLE ASSETSNOK million Software Goodwill Other intangible assets Total Acquisition costs 1 January 2021 550.8 104.2 53.8 708.8 Additions 8.7 - - 8.7 Translation difference acquisition cost - (10.2) - (10.2) Acquisition cost 31 December 2021 559.5 94.0 53.8 707.3 Acquisition costs 1 January 2022 559.5 94.0 53.8 707.3 Additions 19. 6 - - 19. 6 Translation difference acquisition cost - - - -Acquisition costs 31 December 2022 579.2 94.0 53.8 726.9 Accumulated amortization 1 January 2021 507.9 - - 507.9 Amortization 19.2 - - 19.2 Accumulated amortization 31 December 2021 527.1 - - 527.1 Accumulated amortization 1 January 2022 527.1 - - 527.1 Amortization 10.7 - - 10.7 Accumulated amortization 31 December 2022 537.9 - - 537.9 Book value at 31 December 2021 32.5 94.0 53.8 180.2 Book value at 31 December 2022 41.3 94.0 53.8 189.1 Useful life 3-5 years Indefinite Indefinite Amortization plan Straight-line None None Capitalized software is related to external consulting fees for the development of Norwegian\u2019s own systems for bookings and ticket-less travels, various sales portals, back office and maintenance system. These costs are amortized over their estimated useful lives (three to five years). Other intangible assets and goodwill are related to the purchase of FlyNordic in Sweden July 2007 and purchase of slots at London Gatwick airport in 2017. Other intangible assets from business combinations consist of estimated fair value of Brand name, charter operations, slots and the Air Operating Certificate. Other intangible assets also consist of intellectual property rights that are related to purchases of internet domains. The Group has developed international web portals in major markets. Goodwill, slots, and intellectual property rights are determined to have indefinite useful lives and are not amortized. Slots and intellectual property rights do not expire over time, as long as the Management has the intention to continue using the assets. For impairment testing, please refer to Note 13. NOTE 13: TANGIBLE ASSETSNOK million Buildings Aircraft, parts and installations on leased aircraft Prepayment on aircraft orders Equipment and fixtures Total Acquisition cost 1 January 2021 289.3 12,362.9 - 602.7 13,255.0 Additions - 5.6 - 15.0 20.7 Translation difference acquisition cost - (802.2) - - (802.2) Disposals - (9,136.6) - (29.5) (9,166.1)Acquisition costs 31 December 2021 289.3 2,429.8 - 588.3 3,307.4 Acquisition costs 1 January 2022 289.3 2,429.8 - 588.3 3,307.4 Additions 0.4 20.3 825.6 26.6 872.8 Translation difference acquisition cost - 185.3 12.6 7.8 205.7Reversal of impairment loss - - 2,099.4 - 2,099.4Disposals (5.6) - - (49.8) (55.4)Acquisition costs 31 December 2022 284.1 2,635.4 2,937.5 572.8 6,429.8 Accumulated depreciation 1 January 2021 36.9 6,233.2 - 439.5 6, 709.5 Depreciation 5.7 212.7 - 26.8 245.2 Depreciation disposals - (5,045.8) - (13.6) (5,059.4)Foreign currency translation - 9.0 - - 9.0Accumulated depreciation 31 December 2021 42.6 1,409.1 - 452.6 1,904.2 Accumulated depreciation 1 January 2022 42.6 1,409.1 - 452.6 1,904.2 Depreciation 5.8 73.2 - 35.6 114.6 Depreciation disposals - - - (30.6) (30.6)Foreign currency translation - 65.5 - - 65.0Accumulated depreciation 31 December 2022 48.4 1,547.9 - 457.6 2,053.0 Book value 31 December 2021 246.7 1,020.7 - 135.6 1,403.0 Book value 31 December 2022 235.6 1,087.5 2,937.5 115.2 4,376.0 Aircraft At 31 December 2022, the Group had a total \ufb02eet of 70 aircraft of which four are owned (2021: four owned aircraft). The Group did not redeliver any owned Boeing 737-800 in 2022 (2021: 26). The residual value is NOK 247 million (2021: NOK 221 million) in total for all owned aircraft and deducted from the depreciable amount of the body of the aircraft. To determine the residual value, the Group has a process of internal assessment along with the use of an external and independent appraiser providing estimates on future value based on aircraft type and year of build. The economic life expectancy of the body of the aircraft is 25 years and the economic life of the owned aircraft is 25 years less the age of the aircraft at time of purchase. Aircraft are owned by companies with USD as functional currency. The values presented in NOK in the consolidated statement of financial position, include effects from currency translation. Prepayments Prepayments for ordered aircraft amounted to NOK 2,937 million and relate to the purchase order of 50 Boeing 737 MAX 8 aircraft. The group recognized a partial impairment reversal of NOK 2,099.4 million in the secondquarter relating to predelivery payments (\u201cPDP\u201d) towards Boeing. Prepayments for the ordered aircraft are pledged as securities, additional details in Note 18. The PDP to Boeing are unsecured. Installations on leased aircraft The installations on the leased aircraft include cabin interior modifications and other improvements to the aircraft after lease commencement. The capitalized value is depreciated over the remainder of the aircraft lease, which is between 2-9 years. Linear depreciation is applied,and residual value is NOK 0. Spare parts Spare parts consist of rotable parts for the aircraft and aredepreciated over their useful life. The useful life of spare parts ranges between 5-8 years. Straight-line depreciationis applied, and 25 percent of the acquisition cost is calculated as residual value. Buildings Buildings consist mainly of a hangar at Gardermoen airport. It was constructed in 2014. The hangar is estimated to have a useful life of 50 years and is depreciated linear over useful economic life. Residual value is NOK 0. Equipment and fixtures Equipment and fixtures consist of IT hardware, purchased software, vehicles and other equipment. Impairment test of tangible and intangible assets The Group reviews assets for impairment testing at each reporting date and whenever there are indications of impairment. The CGU is tested for recoverable amount of the CGU\u2019s assets based on value in use, with expected future cash \ufb02ows in accordance with the Group\u2019s current management approved business plans for the upcoming four years. Cash\ufb02ows beyond the forecast period have been projected in accordance with management\u2019s long-term growth assumptions. The impairment test is consistent with the one used previous periods, but with business plans adjusted and adapted to the current market situation. The impairment test carried out does not result in any impairment of the CGU\u2019s intangible or tangible assets.Key assumptions used in the calculation are growth rates, operating costs, terminal value and discount rate. Cash \ufb02ows beyond the four-year period are extrapolated with a long-term growth rate. Estimated cash \ufb02ows and discount rate are after tax. Discount rate The cash \ufb02ows are discounted using the expected long-term weighted average cost of capital (WACC). The applied after-tax discount rate is 10.5 percent (2021: 8.75 percent). The cost of the Group\u2019s debt and equity capital, weighted accordingly to re\ufb02ect its capital structure, gives the Group\u2019s weighted average cost of capital. The WACC rates which are used to discount future cash \ufb02ows are based on market risk free interest rates adjusted for in\ufb02ation differentials and include the debt premium, market risk premium, gearing corporate tax rate and asset beta. An increase of the discount rate of five percentage point will not result in impairment of the CGU\u2019s intangible or tangible assets. Growth rates The basis for calculating future growth rate is in accordance with the Group\u2019s current management approved business plans for the upcoming four years Operating costs The operating costs are calculated based in accordance with the Group\u2019s current management approved business plans for the upcoming four years. Terminal value A growth rate of 0 percent is used in calculating cash \ufb02ow beyond the four-year period. Sensitivity On 31 December 2022, the Group\u2019s value in use was significantly higher than the carrying amount of its non-current assets. A sensitivity analysis has been performed, to determine if a reasonable change in key assumptions would cause the carrying amount to exceed the recoverable amount. Neither a reduction in the estimated revenue by five percent, an increase in the operating costsby five percent, nor an increase in WACC after tax by fivepercentage points, all other assumptions held constant, would lead to an impairment loss of the \ufb02eet. Impairment reversal of prepayments to aircraft manufacturers The Group has recognized a partial impairment reversal of NOK 2,099.4 million relating to predelivery payments (\u201cPDP\u201d) towards Boeing. In 2020, PDP balances were impaired by NOK 4,121 million, due to uncertain recoverability of PDP assets related to aircraft purchase agreements. After negotiations with Boeing in relation to a new aircraft purchase agreement dated 22 June 2022, Boeing has confirmed that USD 215 million will be compensated by re-instating USD 200 million for aircraft and USD 15 million advanced payment credit memorandum, confirming future goods and services are already paid for. Controls have been performed to ensure reliability in the measurement of the reinstated PDPs and the advance credit memorandum.Management has gathered external valuation report for the aircrafts being ordered. The valuation report confirms the market value based transaction price for the aircraft. Management has also assessed the value of the credit memorandum and concluded that the market value is at least USD 15 million in relation to a future purchase of goods from Boeing. NOTE 14: LEASESAt the end of 2022, the Group leased 66 (2021: 55) aircraft. The lease agreements on the Boeing 737 aircraft last between two and nine years from the date of NOK million Right-of-use aircraft, parts and installations Right-of-use buildings Right-of-use equipment Total right-of-use assets Acquisition cost 1 January 2021 5,658.9 296.8 0.1 5,955.7 Additions 5,575.0 42.5 - 5,617.5 Translation difference acquisition cost 561.8 (12.1) - 549.6Terminations (5,658.9) (10.1) (0.1) (5,669.1)Acquisition costs 31 December 2021 6,136.7 317.1 - 6,453.7 Acquisition costs 1 January 2022 6,136.7 317.1 - 6,453.7 Additions 977.9 1.6 - 979.5 Translation difference acquisition cost 740.6 3.0 - 743.6Terminations - (5.4) - (5.4)Acquisition costs 31 December 2022 7,855.2 316.4 - 8,171.5 Accumulated depreciation 1 January 2021 2,867.6 80.4 0.1 2,948.1 Depreciation 832.0 37.1 - 869.1 Depreciation terminations (2,867.6 - (0.1) (2,867.7)Foreign currency translation 152.1 (12.4) - 139. 7Accumulated depreciation 31 December 2021 984.1 105.1 - 1,089.4 Accumulated depreciation 1 January 2022 984.1 105.1 - 1,089.4 Depreciation 1230.3 30.2 - 1,260.4Foreign currency translation 118.8 1.0 - 119.8 Accumulated depreciation 31 December 2022 2,333.2 136.3 - 2,469.5 Book value 31 December 2021 5,152.6 212.0 - 5,364.6 Book value 31 December 2022 5,522.0 180.1 - 5,702.1 agreement. There are no options to extend the aircraft lease agreements. The Group cannot readily determine the interest rate implicit in the leases entered into in 2022. In the recognition of the new leases in 2022, the Group uses its incremental borrowing rate (IBR) to measure its lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group estimates the IBR using observable inputs, such as market interest rates, when available and is required to make certain entity-specific estimates. The weighted average IBR applied in discountingfuture lease payments for lease agreements entered into in 2022 is 7.7 percent.All new aircraft lease agreements entered into in 2022 contain a \u201cPower-by-the-hour\u201d clause (\u201cPBH\u201d or \u201cPBH-clause\u201d). These clauses contain a fixed minimum lease payment between zero and 25 percent of the agreed monthly lease rates and a variable rate (\u201cPBH\u201d) from 1 November 2022 until 31 March 2023. During these periods, the Group pays the fixed minimum lease payment and a variable rate per \ufb02ight hour operated on the leased aircraft, with a maximum total lease rate not exceeding the agreed monthly lease rates.Lease liabilities are recognized based on the fixed minimum lease payments. Outside of the PBH-periods, theminimum lease payments are equal to the contractually agreed lease rates. Lease payments during the PBH-period which exceed the fixed minimum lease payments, are recognized as variable lease payments and expensed when they occur and presented under \u201cAircraft lease, depreciation and amortization\u201d in the consolidated incomestatement. Variable PBH lease payments for aircraft leases in 2022 amounted to NOK 126.5 million (2021: 136.5).The Group did not realize any gains or losses from sale-leaseback transactions in 2022 (2021: NOK 163.4 million loss), presented as restructuring effect in \u201cOther financial income (expense)\u201d. For the aircraft on sale-leaseback, expected variable lease payments during the PBH-period are included in the measurement of the lease liability and treated as down-payments on the respective lease liabilities.Lease liabilitiesMaturity profiles of nominal minimum lease payments are presented in Note 2.6. In 2022, the Group had short-term and/or leases of low-value items for cars and 14 properties in Oslo, Barcelona and Riga, in addition to properties in other bases. The Group has elected not to recognize right-of-use assets and lease liabilities for these leases. Instead, the rental payments are expensed when they occur. NOK million 2022 2021Opening balance 5,212.7 3,351.1 Additions 901.2 4,937.7 Terminations (7,7) (3,116.4)Accrued interest expense 329.5 226.8 Interest paid (329.5) (226.8)Payment of lease liabilities (891.4) (52.1)Currency differences 621.9 92.6Lease liabilities 31 December 5,836.8 5,212.7 Due within one year \u2013 current 1,190.6 777.9 Due after one year \u2013 non 4,646.2 4,434.8 currentThe following amounts are recognized in the income statement:Total lease payments for all leasing contracts equals NOK 1,419.0 million for the financial year 2022. As of 31 December 2022, there are no significant future potential lease payments that are not included in the leaseobligations as a result of extension or purchase options. NOK million 2022 2021Expenses relating to short-53.7 11.0 term leasesExpenses relating to low-0.1 0.5 value leasesVariable lease payments 143.2 183.2 Total197.1 194.7 NOTE 15: TRADE AND OTHER RECEIVABLESSpecifications of receivablesDue dates, nominal value of receivablesFair value of trade and other receivables*) Discount rate 2.5 percent (2021: 2.5 percent). Provision for bad debtOverdue trade receivableProvisions for bad debt relates to trade receivables. The provisions for bad debts on trade receivables relate to overdue trade receivables that are not impaired at 31 December. Impairment losses on trade receivables and other receivables are presented as net impairment losses included in the line item \u201cother operating expenses\u201d. Subsequent recoveries of amounts previously written off are credited against the same line item. Non-interest-bearing deposits are measured at amortized cost in the statement of financial position. Deposits d using theprevailing exchange rates on the reporting date.NOTE 16: INVENTORYThe Group has not recognized any expenses for obsolete parts in 2022 (2021: NOK 131 million).NOTE 17: CASH AND CASH EQUIVALENTS Cash and cash equivalentsDeposits in money market funds are classified as cashequivalents, as the original maturity of the deposits are 3 months or less. At 31 December 2022, the interest terms of the main cash deposits in folio accounts for the two cash pools are 1 month NIBOR +0.05 percent p.a. and NOWA +0.05 percent p.a. NOK million 2022 2021Cash in bank and demand deposit 5,214.9 4,672.9Cash equivalents 2,544.0 3,021.9Total 7,759.0 7,694.8NOK million 2022 2021Trade receivables 187.8 97.5Credit card receivables 988.2 1,443.0Deposits 513.5 176.0Reimbursements claims maintenance (5.5)costs 2.2 Other claims 405.2 146.0Sum trade and other receivables 2,096.8 1,857.1Prepaid costs 382.4 326.3Public duty debt 133.1 83.0Prepayments to employees3.5 6.0Prepaid rent 22.4 -Prepayments 541.4 415.3Total 2,638.2 2,272.4Maximum credit risk 2,096.8 1,857.1NOK million 2022 2021Within one year 2,240.4 2,180.2After one year 464.8 119.9Total 2,705.1 2,300.1NOK million 2022 2021Due within one year 2,184.8 2,152.9After one year *) 453.4 119.5Total 2,638.2 2,272.4NOK million 2022 2021Balance 1 January 27.3 35.4Receivables written off during the year 2.9 (16.0)Increase in provisions 17.1 17.5Unused amounts reversed (11.5) (9.6)Balance 31 December 35.7 27.3NOK million 2022 2021Overdue less than 1 month 205.4 202.5Overdue 1-2 months 13.0 7.2Overdue 2-3 months 4.2 40.3Overdue over 3 months 0.9 85.2Total 223.5 335.2NOK million 2022 2021Consumables 81.3 16.3Total 81.3 16.3The Group has pledged the following assets:Pledge of the shareholding by NAS Eire Invest AS in Norwegian Air Norway AS. Pledged Account (including both present and future credit balances, any interest and any commission payable thereon). The above pledges of the shareholding by in Norwegian Air Norway AS and the pledged account are not shown in the table below as these assets do not have a book value in the Group. Book value of assets pledged as security and guaranteesNOTE 19: FINANCIAL INSTRUMENTSFinancial Instruments by category*) Prepayments not included in trade and other receivables was NOK 541.4 million in 2022 and NOK 415.3 million in 2021.Restricted cashBank guarantees are granted for leasing liabilities for aircraft, suppliers of fuel and handling services, as well as airport charges from airports and governments. Cash proceeds from sale of slots is classified as restricted as it can only be used to buy new slots, or make repayments on the NAS13 bond. There is also a guarantee/deposit in place to secure a pension program. Restricted cash is included in the line item Cash and cash equivalents in the statement of financial position. Unrestricted cash at 31 December 2022 was NOK 6,606.2 million.NOTE 18: ASSETS PLEDGED AS COLLATERALS AND GUARANTEES Liabilities secured by pledgeOwned aircraft are pledged as collateral to the providers of the relevant financing for the aircraft. The Group provides guarantees to the benefit of lenders. The Group has not issued any guarantees for third parties.NOK million 2022 2021Guarantees for leases and credits from suppliers 302.0 270.5Safety deposits on defined benefit plan 340.3 329.9Slots proceeds 316.9 237.8Taxes withheld 69.2 61.3Fuel hedge pledged account 81.8 -Dividend claims 42.5 -Total 1 152.8 899.5NOK million 2022 2021Prepayment and aircraft 4,020.0 1,030.8 Total 4,020.0 1,030.8 NOK million 2022 2021Bond issue 569.2 700.0 Aircraft financing 803.4 802.9Total 1,372.6 1,502.9 Financial Financial assets at Financial assets assets at fair value through at fair value NOK millionamortized cost profit or loss through OCI Total Assets as per balance sheetInvestments in financial assets 3.7 - - 3.7 Derivative financial - - 19.9 19. 9instrumentsTrade and other receivables *) 2,096.8 - - 2,096.8 Cash and cash equivalents 7,759.0 - - 7, 759.0 Total 2022 9,859.5 - 19.9 9,859.5 Assets as per balance sheetInvestments in financial assets 3.7 - - 3.7 Trade and other receivables *) 1,857.1 - - 1,857.1 Cash and cash equivalents 7,694.8 - - 7,694.8 Total 2021 9,555.6 - - 9,555.6 Investments in financial assets consist of an investment in shares of Norwegian Block Exchange AS. Changes in the share price of Norwegian Block Exchange AS are not re\ufb02ected as a change in fair value in profit or loss due to immateriality of the investment. *) Public duties and liabilities from customer loyalty program not included in trade and other payables was NOK 1,383.8 million in 2022 and NOK 2,428.2 million in 2021.See Note 24 for details related to borrowings.Credit quality of financial assetsInvestments in financial assetsDerivative financial instrumentsTrading derivatives are classified as current or non-current assets or liabilities depending on the maturity profile and net value of individual forward contracts. NOK million 2022 20211 January 3.7 3.7 31 December 3.7 3.7 Current portion - - Financial liabilities Financial liabilities Financial liabilities at fair value through at fair value NOK millionat amortized cost profit or loss through OCI Total Liabilities per balance sheetBorrowings 4,248.5 - - 4,248.5Lease liabilities 5,836.8 - - 5,836.8Trade and other 2,267.4 - - 2,267.4payables *)Derivative - - 21.7 21.7financial instrumentsTotal 2022 12,352.7 - 21.7 12,374.3 Borrowings 4,164.6 - 4,164.6 4,164.6Lease liabilities 5,212.7 - 5,212.7 5,212.7Trade and other 1,354.4 - 1,354.4 1,354.4payables *)Total 2021 10,731.7 - 10,731.7 10,731.7 NOK million 2022 2021Trade receivablesCounterparties with external credit rating A or better 988.2 1,443.0 Counterparties without external credit rating 1,108.6 414.1 Total trade receivables 2,096.8 1,857.1 Cash and cash equivalentsA+ or better 3,196.9 4,672.9 BBB + 4,562.0 3,021.9 Total cash and cash equivalents 7,759.0 7,694.8 2022 2021NOK million Assets Liabilities Assets Liabilities Forward commodities contracts 19.9 21.7 - - Total 19.9 21.7 - - Current portion 19.9 21.7 - - Forward commodity contracts designated as cash flow hedgesForward commodity contracts relate to jet fuel derivatives. The net fair value of the outstanding forward commodities contracts at 31 December 2022 was negative NOK 1.8 million (2021: NOK 0). At 31 December 2022, the Group had secured 132,600 metric tons jet fuel (2021: none) through forward contracts. Fuel derivatives are categorized as financial assets or financial liabilities at fair valuethrough OCI and are measured at fair value at each reporting date. Number of Share NOK millionordinary shares Share capital Premium Total 1 January 2021 39, 749, 366 397.7 18,805.1 19,202.7 Capital reduction 19.02.2021 - (393.5) - (393.5)Share issue 22.02.2021 485,054 0.0 41.0 41.0Share issue 19.03.2021 135,875 0.0 51.3 51.4Share issue 30.03.2021 113,108 0.0 42.7 42.8Share issue 03.05.2021 1,569,069 0.2 592.5 592.7Share issue 25.05.2021 256,696 0.0 72.8 72.8Share issue 26.05.2021 658,945,686 65.9 4,059.1 4,125.0Share issue 11.06.2021 4,474,787 0.4 40.9 41.3Share issue 25.06.2021 1,605,727 0.2 14.7 14.8Share issue 27.07.2021 94,961,294 9.5 812.0 821.5Share issue 09.09.2021 125,038,910 12.5 1,069.0 1,081.5Share issue 03.11.2021 292,439 0.0 2.7 2.7Share issue 01.12.2021 890,485 0.1 8.1 8.2Transaction costs - - (187.6) (187.6)31 December 2021 928,518,496 92.9 25,424.3 25,517.2 All issued shares are fully paid with a par value of NOK 0.1 per share (2021: NOK 0.1 per share). There is only one category of shares, and all shares have equal rights. For information about employee share options, see Note 21.On 16 February 2022, the company announced conversion notices from bondholders representing NOK 4 million Early Conversion Bonds, with the issue of 425,985 new shares.On 8 March 2022, the company announced conversion notices from bondholders representing NOK 2 million Early Conversion Bonds, with the issue of 212,992 new shares. On 10 May 2022, the company announced conversion notices from bondholders representing NOK 6 million Early Conversion Bonds, with the issue of 638,977 new shares.On 24 June 2022, the company announced conversion notices from bondholders representing NOK 1,8 million Early Conversion Bonds, with the issue of 193,289 new shares.All transactions resulted in a total of 929,989,739 shares as of 31 December 2022.NOTE 20: EQUITY AND SHAREHOLDER INFORMATIONShares and share issues:Description of items recognized Other comprehensive income:Currency translation differencesNet NOK 13.7 million has been booked as exchange rate differences under comprehensive income in 2022 (2021: NOK 147.1 million). The exchange differences arise from translating the subsidiaries from functional currency to presentation currency and from disposal of foreign operations. Actuarial gains and lossesDuring 2022, NOK 6.8 million in actuarial loss arising from defined benefit pension planswas recognised in other comprehensive income (2021: NOK 14.1 million in actuarial gain). Number of NOK millionordinary shares Share capital Share Premium Total 1 January 2022 928,518,496 92.9 25,424.3 25,517.2Share issue 16.02.2022 425,985 0.0 3.9 3.9Share issue 08.03.2022 212,992 0.0 1.9 2.0Share issue 10.05.2022 638,977 0.1 5.8 5.9Share issue 24.06.2022 193,289 0.0 1.8 1.831 December 2022 929,989,739 93.0 25,437.7 25,530.7The largest shareholders at 31 December 2022 were: Voting Name Country Shares Ownership rights Geveran Trading Company, Ltd. Cyprus 133,430,512 14.3% 14.3%Sundt AS Norway 106,103,198 11.4% 11.4%Folketrygdfondet Norway 46,651,798 5.0% 5.0%Ballyfin Aviation Limited Ireland 31,472,703 3.4% 3.4%Silver Point Capital, L.P. United States 30,478,125 3.3% 3.3%Nordnet Bank AB. Norway 30,070,165 3.2% 3.2%Keskin\u00e4inen el\u00e4kevakuutusyhti\u00f6 Varma Finland 27,500,000 3.0% 3.0%Handelsbanken Kapitalf\u00f6rvaltning AB Sweden 27,313,039 2.9% 2.9%Avanza Bank AB Sweden 24,680,156 2.7% 2.7%Contrarian Capital Management, LLC United States 17,708,189 1.9% 1.9%DNB Asset Management AS Norway 16,151,037 1.7% 1.7%Morgan Stanley & Co. International Plc United Kingdom 12,663,237 1.4% 1.4%KLP Fondsforvaltning AS Norway 12,493,863 1.3% 1.3%BlackRock Institutional Trust United States 10,635,493 1.1% 1.1%Company, N.A.Svelland Capital (UK) Ltd United Kingdom 9,427,617 1.0% 1.0%Swedbank AB Sweden 9,390,819 1.0% 1.0%Nordea Funds Oy Finland 9,339, 3 01 1.0% 1.0%BofA Global Research (UK) United Kingdom 8,748,839 0.9% 0.9%Brumm AS Norway 8,285,480 0.9% 0.9%HSBC Trinkaus & Burkhardt AG Germany 7,107,742 0.8% 0.8%Other 350,338,426 37.7% 37.7%Total number of shares929,989,739 100.0 % 100.0 % Voting Name Country Shares Ownership rights Geveran Trading Company, Ltd. Cyprus 134,123,801 14.4% 14.4%Sundt AS Norway 124,003,198 13.4% 13.4%Folketrygdfondet Norway 60,165,405 6.5% 6.5%DNB Asset Management AS Norway 59,068,682 6.4% 6.4%Davy Stockbrokers Ireland 31,840,332 3.4% 3.4%Keskin\u00e4inen el\u00e4kevakuutusyhti\u00f6 Varma Finland 27,500,000 3.0% 3.0%Nordnet Bank AB. Norway 26,773,193 2.9% 2.9%Silver Point Capital, L.P. United States 26,489,130 2.9% 2.9%Centerbridge Partners, L.P. United States 22,480,439 2.4% 2.4%Avanza Bank AB Sweden 22,176,441 2.4% 2.4%Contrarian Capital Management, LLC United States 18,304,923 2.0% 2.0%Handelsbanken Asset Management Sweden 17,861,186 1.9% 1.9%Ludvig Lorentzen AS Norway 11,249,305 1.2% 1.2%Nordea Funds Oy Finland 11,161,001 1.2% 1.2%KLP Forsikring Norway 10,288,769 1.1% 1.1%Brumm AS Norway 10,000,942 1.1% 1.1%Swedbank AB Sweden 9,657,707 1.0% 1.0%Arctic Fund Management AS Norway 8,723,966 0.9% 0.9%BofA Global Research (UK) United 7,423,879 0.8% 0.8%KingdomCitibank N.A. Private Bank United States 6,698,455 0.7% 0.7%Other282,527,74230.4% 30.4%Total number of shares928,518,496 100.0 % 100.0 %The largest shareholders at 31 December 2021 were:Shares directly or indirectly held by members of the Boards of Directors, Chief Executive Officer and Executive Management at 31 December 2022Including shares held by related parties. 2) Left 31.12.2022, shareholding could be lower at year-end1)Name Title SharesSvein Harald \u00d8ygard Chair 1,834,281Lars Rahb\u00e6k Boilesen Board Member 578,424Ingrid Leisner Board Member 22,927Sondre Gravir Board Member 39,0522)Chris BrowneBoard Member 16,402Torstein Hiorth Soland Board Member - Employee representative -Katrine Gundersen Board Member - Employee representative -Eric Holm Board Member - Employee representative 2,893Geir Karlsen Chief Executive Officer 651,478Hans-J\u00f8rgen Wibstad Chief Financial Officer 70,000Magnus Thome Maursund Chief Commercial Officer 2,634Christoffer Sundby Chief Marketing and Customer Officer 335,943Guro Halvorsen Poulsen Chief People Officer 236,808Anne-Sissel Sk\u00e5nvik Chief Communications and Public Affairs Officer 50,095Knut Olav Irgens H\u00f8eg Chief IT and Business Services Officer 239,84 6Adrian Dunne Chief Operations Officer 243,019Tore Jenssen Chief Asset Officer -Options directly held by the Chief Executive Officer and members of Executive Management:Issued in 2018 2019 2021 2022Strike price (NOK) 4,300 4,300 10.10 13.50Name Title Expiry 2025 2026 2026-2029 2029 TotalGeir Karlsen Chief Executive Officer 500 4,500 1,000,000 792,548 1,797,548Hans-J\u00f8rgen Wibstad Chief Financial Officer 422,692 422,692Magnus Thome Maursund Chief Commercial Officer 184,927 184,927Christoffer Sundby Chief Marketing and Customer Officer 232,480 232,480Guro Halvorsen Poulsen Chief People Officer 140,897 140,897Anne-Sissel Sk\u00e5nvik Chief Communications and Public Affairs Officer 200 500 105,673 106,373Knut Olav Irgens H\u00f8eg Chief IT and Business Services Officer 162,032 162,032Adrian Dunne Chief Operations Officer 268,536 268,536Tore Jenssen Chief Asset Officer 200 1,500 190,211 191,911Specification of other reservesSee also consolidated statement of changes in equity for overview of total changes in equity. Other paid-in equity Other paid-in equity amounts to NOK 717.8 million at 31 December 2022 (2021: NOK 714.4 million). Changes in 2022relate to stock option expenses. Perpetual bonds As a part of the restructuring in May 2021, the parent company issued Convertible Perpetual Bonds for the nominal amount of NOK 1,875 million. There is no maturity or instalments in the bonds agreement. Conversion price is fixed at NOK 9.39 for each share. The bonds accrue Payment-in-Kind (\u201cPIK\u201d) interest with NIBOR plus a margin of 2.5-9.5 percent, increasing over the life of the bonds, but no obligation to make any payments for the accrued interest. Accrued interest is convertible at similar terms asthe principal. The holders of the bonds can only require repayment as a part of a liquidation and the conversion element is considered by itself an equity component, OCI associated Translation NOK millioncompanies differences Hedging Total 1 January 2021 0.1 112.7 - 112.8 Translation differences - 147.1 - 147.1 31 December 2021 0.1 259.8 - 259.9 Translation differences (0.1) 13.7 - 13.7 Net movements in cash-\ufb02ow hedge reserve - - (1.8) (1.8)31 December 2022 - 273.7 (1.8) 271.8 hence the whole instrument is considered and classified asequity.The equity increase upon initial recognition was NOK 1,875 million less transaction costs. The nominal amount is considered as fair value at initial recognition. Nominal amount outstanding at the end of 2022 is NOK 1,800.3 million (2021: NOK 1,808 million). The perpetual bonds have a dilutive effect on diluted earnings per share, see Note 11.NOTE 21: OPTIONS 2022 Program According to the share option plan adopted on 25.05.2022by the Annual General Meeting of Norwegian Air Shuttle ASA, 2,499,996 options were granted to 9 executives on 30 September 2022, with a strike price of NOK 13.50 per share. 1/3 of options granted can be exercised at the earliest after 1, 2, and 3 years respectively, and the optionsshall expire after 7 years. 2021 Program The share option program was not effectuated in 2021. Upon appointment as CEO 21 June 2021, Geir Karlsen was awarded 1,000,000 options with \u00bc of the options vest on 21 June 2022, \u00bc vest on 21 June 2023, \u00bc vest on 21 June 2024, and \u00bc vest on 21 June 2025. Options expire four years after the vesting date and the strike price is NOK 10.10. 2019 Program On 7 May 2019 the Annual General Meeting of Norwegian Air Shuttle ASA adopted a share option program limited to 12,000 share options. 12,000 options under this program were granted to 10 executives in May 2019. Options may be exercised at the earliest in 2022, and any remaining options in 2026 at the latest. The exercise price is NOK 4,300, which was the average price of the NAS share on trading days the first 10 calendar days after presentation of Norwegian\u2019s 1st quarter 2019 financial results, plus 15%. On 20 November 2019 6,000 additional options were granted to 2 executives. 2019 program is adjusted for the reverse share split. Strike price is multiplied by 100 and thenumber of outstanding options is divided by 100.On 31 December 2022 there were 9,500 outstanding share options under this plan. 2018 Program On 8 May 2018 the Annual General Meeting of Norwegian Air Shuttle ASA adopted a share option program limited to 4,000 share options. 3,800 options under this program were granted to 11 executives in September 2018. Options may be exercised at the earliest in 2021, and any remaining options in 2025 at the latest. The exercise price was NOK 27,800, which was the average price of the NAS share on trading days the first 10 calendar days after presentation ofNorwegian\u2019s 2nd quarter 2018 financial results, plus 15%.To maintain the incentive of the plan, the Board approved an adjustment to the strike price from NOK 27,800.00 to NOK 4,300.00 on 24 September 2019. 2018 program is adjusted for the reverse share split. Strike price is multiplied by 100 and the number of outstanding options isdivided by 100. On 31 December 2022 there were 1,000 outstanding share options with strike price NOK 4,300.00 and 800 outstanding share options with strike price NOK 27,800.00.Outstanding options from 2022 and 2021 programsThe average fair value of the options granted during 2022 was 3.1894 per option (2021: 7.6435). The fair value at grantdate is independently determined using Black & Scholes option model. The calculations are based on the following assumptions:Share savings program Norwegian offers employees hired in a Scandinavian legal entity participation in an employee share savings plan. The objective of the plan is to align and strengthen employee and shareholder\u2019s interests and remunerate for long-term commitment and value creation.Under this plan, Norwegian will match 50% of the individuals\u2019 investment, limited to NOK 6,000 per annum. Provided that the employee contributes NOK 12,000 annually, Norwegian\u2019s contribution is NOK 6,000. The grant has a one-year vesting period. If shares are kept for two Average 2022 Average 2021 exerc. shares exerc. price shares price Outstanding 1 January 1,014,300 89.12 15,800 5,489.87 Granted 2,499,996 13.50 1,000,000 10.10 Forfeited (3,000) 4,300 (1,500) 4,300 Outstanding 31 December 3,511,296 31.68 1,014,300 89.12 calendar years, the participants will be allocated bonus shares proportionate to their purchase. One bonus share will be earned for every tenth share allocated under this scheme. The fair value of the bonus shares is measured at the grant date using the Black & Scholes option-pricing model. The fair value of the bonus shares and the corresponding estimated social security cost are expensed as personnel costs over the vesting period. Changes in estimated social security costs are expensed over the remaining vesting period. Total share savings program expense in 2022 amounted to NOK 1.6 million (2021: NOK 1.8 million).NOTE 22: PENSIONSThe Group operated defined contribution plans in Norway, Denmark, Sweden, Finland, Ireland, UK, Spain and Latvia, and defined benefit plans in Norway.Defined contribution plan The defined contribution plans require that the Grouppays premiums to public or private administrative pension plans on a mandatory, contractual or voluntary basis. The Group has no further obligations once these premiums are paid. The premiums are accounted for as personnel expenses as soon as they are incurred. Pre-paid premiums are accounted for as an asset to the extent that future benefits can be determined as plausible. Defined contribution plans comply with local Pension legislation.Pension expenses on defined contribution plans are NOK 207.7 million in 2022 (2021: NOK 98.8 million). Defined benefit plan As per 31 December 2022, 424 employees were active members (2021: 426) and 68 were on pension retirement (2021: 70). The related pension liability is recognized at NOK 202.3 million (2021: 206.2 million). The pension plans are in compliance with the OccupationalPensions Act and actuarial calculations comply with IAS 19. The mortality and disability estimates are based on up-to-date mortality tables K2013 BE.Assumptions 2022 2021Share price on grant date 7.254 10.10Strike price per option 13.50 10.10Volatility 0.55 0.78Lifetime 7 5-8Risk-free interest rate 2.96-3.29 0.38-1.47 Funded NOK million 2022 2021Pension expenseNet present value of benefits earned 23.7 25.6Net interest on the net defined benefit 3.5 3.1liabilityAdministrative expenses 0.2 0.2Social security tax 3.9 4.1Net pension expense defined benefit plans 31.3 32.9Pension expense on defined contribution 188.3 87.9plansSocial security tax 19.4 11.0Total pension expense 239.0 131.8The net pension liability was based on several assumptions. The discount rate was based on covered bonds. The pension liability\u2019s average duration was 16 years. Wage adjustments, pension adjustments and the expected increase in state pensions were based on the Accountancy foundations pension assumption, and an expected long-term in\ufb02ation rate of 2.0 percent.Change in present value of defined benefit liability:Gross pension liability 1 January 458.1 443.4Current service costs 27.6 29.6Interest cost 8.6 6.6Actuarial gains/losses 13.9 (13.3)Benefits paid (4.9) (3.5)Social security on payments to plan (4.9) (4.8)Gross pension liability 31 December 498.4 458.1Change in fair value of plan assets:Fair value of pension assets 1 January 251.9 215.6Expected return 4.9 3.3Actuarial gains/losses 7.1 0.8Contributions paid 39.7 38.6Benefits paid (2.6) (1.7)Social security on payments to plan (4.9) (4.8)Fair value of plan assets 31 December 296.0 251.9Net pension liability 202.3 206.2Net recognized pension liability 31 December 202.3 206.2 2022 2021Actual return on pension funds 3.00 % 4.00 %Expected contribution to be paid next year 45.2 43.7The Group\u2019s pension fund was invested in the following instruments (at 30 September 2022 and 2021):Historical information2022 2021Discount rate 3.00 % 1.90 %Expected return on pension funds 0-1.90 % 0-1.90 %Wage adjustments 3.50 % 2.75 %Increase of social security base amount (G) 3.25 % 2.50 %Future pension increase 1.50 % 0.00 %Average turnover 0-8.00 % 0-8.00 %2022 2021Equity 10.2 % 9.7 %Bonds 14.6 % 19.6 %Money market funds 4.2 % 10.6 %Hold-to maturity bonds 38.1 % 26.7 %Real estate 11.0 % 13.6 %Various 21.9 % 19.8 %NOK million 2022 2021 2020 2019 2018Present value of defined benefit obligation 498.4 458.1 443.4 365.9 293.1Fair value of plan assets 296.0 251.9 215.6 188.3 146.6 Deficit/(surplus) in the plan 202.3 206.2 227.8 177.6 146.5 Experience adjustments on plan liabilities 13.9 (13.3) 44.9 44.3 (1.9)Experience adjustments on plan assets 7.1 0.8 2.9 2.0 0.6 NOTE 23: PROVISIONS AND OTHER LONG-TERM LIABILITIES Periodic maintenance on leased aircraftFor aircraft held under lease agreements, Norwegian is contractually committed to either return the aircraft in a certain condition or to compensate the lessor based on the actual condition of the airframe, engines, and life-limited parts upon return. In addition, during the lease term the Group is obliged to follow the maintenance program as defined by the aircraft manufacturers. In order to fulfil the conditions of the lease and maintenance obligations, in the form of major airframe overhaul, engine maintenance checks, and restitution of major life-limited parts, the Group is required to perform these obligations during the period of the lease and upon return of the aircraft to the lessor. The estimated maintenance costs areaccrued and charged to profit or loss over the lease term for this contractual obligation, based on the estimated current cost of the major airframe overhaul, engine maintenance checks and restitution of major life-limited parts, calculated by either reference to the number of hours \ufb02own or cycles operated since last maintenance event or since the aircraft was new, or the age of the aircraft.The estimated costs of overhauls and maintenance are based on the Group\u2019s maintenance program, the Group\u2019s and industry experience, and contractual and catalog prices. Changes in estimated maintenance event costs over time are charged to the income statement as incurred with reference to number of hours \ufb02own or cycles operated during the period since the last maintenance event or since the aircraft was new. Additional provisions are also set to meet specific redelivery conditions if these are deemed to be other or higher than the estimated maintenance costs. The Group\u2019s aircraft leases are typically between two and nine years in length, and several of the maintenance events will occur within the leasing period.For some of the leases, the Group is invoiced by the lessor for Maintenance Reserve Contribution (MRC), which is reclaimable at time of actual maintenance event, or forfeited if the maintenance event occurs after leasing period ends. Paid and unclaimed MRC is offset against the accumulated accrual balances in the Statement of Financial Position. For these lease contracts, the accrual and charge to the income statement is based on the larger of the Maintenance Reserve Contribution and the estimated maintenance cost. In the case of lease extension, estimates on maintenance costs will be revised.Parts of the periodic maintenance will be conducted in 2023, and NOK 201.3 million is classified as a current liability for periodic maintenance (2021: NOK 131.7 million). The current part of periodic maintenance is estimated based on the planned maintenance in 2023. Other items in the table above consist of currency effects, credits received from service suppliers and other adjustments.NOTE 24: BORROWINGS Term facility Interest rate of NIBOR and a margin of 2 percent. The termfacility is denominated in NOK and matures on 12 April 2027. The coupon is 3-Months NIBOR + 2.00 percent. The facility is repaid in quarterly instalments of NOK 9.3 million from 1 June 2023. Retained claims bonds No interest payments. The effective interest rate is 9.4 percent. The bond issue is denominated in NOK and 50 percent each mature on 30 September 2025 and 30 September 2026. Aircraft financing Fixed interest rates between 4.1 and 4.8 percent. The borrowings mature quarterly after the delivery of aircraft. The aircraft financing is denominated in USD. Bond issue Interest rate of NIBOR and a margin of 2 percent. The bond issue is denominated in NOK and repayable in five yearly instalments until its maturity on 26 May 2026.Nominal value at 31 December 2022NOK million 2022 2021Opening balance 937.0 2,501.7 Provisions charged to the income 1,112.9 523.2 statementMaintenance services performed (125.7) (74.5)and invoices receivedRestructuring effects - (1,720.4)Other items 161.0 (293,1)Closing balance 2,085.2 937.0 Classified as current liabilities 201.3 131.7 Classified as non-current 1,883.9 805.3 provision Unamortized Effective Nominal effective Book interest NOK millionValue interest cost value rate Aircraft financing 810.0 (6.6) 803.4 4.7 %Term facility 134.5 - 134.5 5.3 %Bond issue 569.2 - 569.2 0.9 %Retained claims bonds 3,705.4 (966.1) 2,739.3 9.4 %Other non-current debt 2.0 - 2.0 0.0 %Total 5,221.2 (972.7) 4,248.5 Nominal value at 31 December 2021Effective interest rate during 2022, recognized as financial items (Note 9) and capitalized borrowing costs (Note 13), is 6.4 percent (2021: 4.1 percent). For information on the fair value of borrowings please refer to Note 3.Classification of borrowingsUnamortized Effective Nominal effective Book interest NOK millionValue interest costvalue rate Aircraft financing 810.4 (7.5) 802.9 4.7 %Term facility 134.9 - 134.9 3.9 %Bond issue 700.0 - 700.0 0.9 %Retained claims bonds 3,750.0 (1,225.1) 2,524.9 9.4 %Other non-current debt 2.0 - 2.0 0.0 %Total 5,397.2 (1,232.5) 4,164.7 NOK million 2022 2021Non-currentAircraft financing 726.7 744.8Term facility 134.5 134.9Bond issue 447.4 575.0Retained claims bonds 2,739.3 2,524.9Other non-current debt 2.0 2.0Total 4,050.0 3,981.6 Cash and non-cash changes in total borrowingsChanges in total borrowings over a period consist of both cash effects (disbursements and repayments) and non-cash effects (conversion- and reconstruction effects, amortization and currency translation effects). The following is the changes in the Group\u2019s borrowings stemming from cash effects and non-cash effects:The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:Financial covenants on borrowingsBond issue (NAS13)The bonds are secured by a pledge of the shareholding by NAS Eire Invest AS in Norwegian Air Norway AS and via a pledged account, see Note 18.No indebtedness and minimum liquidity of USD 2 million in Norwegian Air Norway ASNo dividend paymentTerm facilityNo dividend paymentRetained claims bondsNo dividend paymentAircraft financingAircraft financing does not include covenant requirements. Aircraft in the Group are financed with guarantees by either the parent company and/or by export credit agencies. Owned aircraft are pledged as collateral. For more information on assets pledged as collateral, see Note 18.CurrentAircraft financing 76.6 58.1Bond issue 121.8 125.0Total 198.5 183.1Total borrowings4,248.5 4,164.7NOK million 2022 2021Opening balance total borrowings 4,164.6 24,431.1Repayment (218.4) (408.7)Cash changes (218.4) (408.7)Conversion- and reconstruction effects (14.5) (19,660.6)Net amortization effects 226.6 387.7Currency translation effects 90.1 (584.9)Non-cash changes 302.2 (19,857.7)Closing balance total borrowings 4,248.5 4,164.6 NOK million 2022 2021USD 803.4 802.9 NOK 3,445.1 3,361.8 Total 4,248.5 4,164.7 NOTE 25: TRADE AND OTHER PAYABLESThe current payables and provisions are non-interest bearing and are due within the next twelve months. Accrued expenses are related to goods and services delivered and not invoiced to the Group in 2022 and emission allowances to be surrendered in 2023. NOTE 26: AIR TRAFFIC SETTLEMENT LIABILITIES Air traffic settlement liabilities increased from NOK 1,324.2million on 31 December 2021 to NOK 2,548.5 million on 31 December 2022. The increase is related to a lower level of bookings in 2021 due to travel restrictions and an increased pre-sale volume towards the end of 2022.NOTE 27: RELATED PARTY TRANSACTIONS See Note 6 for details on key Management compensations and Note 21 for shares and options held directly or indirectly by members of the Board of Directors, the CEO and the Executive Management.No loans or guarantees have been issued to related partiesin 2022 or 2021. No transactions were carried out with related parties. Transactions between Group companies have been eliminated in the consolidated financial statements anddo not represent related party transactions. See Notes 24 Related Parties and 14 Investment in Subsidiaries in the financial statements of Norwegian Air Shuttle ASA for further details.NOTE 28: CONTINGENCIES AND LEGAL CLAIMS The Group is involved in various claims and legal proceedings arising in the ordinary course of business. These claims relate to, but are not limited to, the Group\u2019s business practices, employment matters, and tax matters. Provisions have been recognized for such matters in accordance with probable and quantifiable loss risks. On 21 September 2021, the Norwegian Environment Agencyconcluded in an administrative ruling that the cram down of claims in the Examinership and Reconstruction does not apply to the Group\u2019s obligation to surrender emission allowances under EU ETS (see Section 9.6.2 \u201cEnvironmentalregulations\u201d) for emissions predating 18 November 2020. The contemplated market value of such allowances is approximately NOK 330 million at year-end 2022. The Reconstructor determined that the Reconstruction appliesto the Group\u2019s obligation to surrender emission allowancesas a different view would have given preference to the EU ETS regime, which the current insolvency legislation does not facilitate. Therefore, the Group was unable to comply with the Norwegian Environment Agency\u2019s demand of the Group surrendering emissions allowances. The lack of compliance caused the Norwegian Environment Agency to impose a penalty of approximately NOK 400 million on the Group. The Group appealed the decision, but on 16 December 2022 the Ministry of Climate and Environment decided to uphold the Norwegian Environment Agency\u2019s decision. The Group, supported by its advisors and the Reconstructor, are of the view that the Group\u2019s obligation to surrender emission allowances for emissions pre-dating 18 November 2020 can be settled by paying dividend of 5 percent introduced under the Reconstruction and the decision to impose a penalty of NOK 400 million is invalid. On this basis, the Group filed a statement of claim to Oslo NOK million 2022 2021Accrued vacation pay 223.6 125.4 Accrued airport and transportation 155.1 83.6 taxesAccrued expenses 958.7 467.0 Trade payables 529.8 321.0 Public duties 132.5 121.7 Current provisions for MRC (Note 23) 201.3 131.7 Cashpoint liabilities 1,251.3 2,306.5Other current provisions 198.8 225.6 Total 3,651.2 3,782.6 District Court on 9 January 2023. The trial is expected to be scheduled in the fourth quarter of 2023. The legal issue concerning treatment of emission allowances in insolvency has never been tried in court before. As a consequence of the Reconstruction, the amount corresponding to the contemplated market value of such allowances was crammed down and the Group has made a provision of NOK 15 million at year-end. The Group has paid the ETS penalty fee in 2023 and will seek a return of this amount plus interest following a final conclusion.For further details see Note 30.NOTE 29: COMMITMENTS The Group has aircraft purchase commitments at the end of 2022 with an estimated contractual amount, included estimated cost escalation, of NOK 28.6 billion (2021: zero). The amount of the total commitments is subject to changes in USD/NOK currency rates, delivery schedules and other adjustments of the purchase price. Such adjustments include aircraft equipment which can be added or taken out from the order up until delivery and in\ufb02ationary adjustments to the extent not mitigated by agreement with the manufacturer. Therefore, the exact purchase price for each individual aircraft is not known until approximately nine months prior to delivery.See table below for estimated capital expenditure over theyears 2023 to 2028.For details on commitments for aircraft leases, see Note 14.NOK billion 2022 20212023 0.1 -2025 5.5 -2026 8.4 -2027 8.7 -2028 5.9 -Total 28.6 -e-fuel plant in Mosj\u00f8en, Norway. The plant will produce sustainable aviation fuels (SAF). The partnership is estimated to secure approximately 20 percent of Norwegian\u2019s total demand for SAF until 2030. In addition, Norwegian will invest more than NOK 50 million for a minority equity stake in the companyThere have been no other material events subsequent to the reporting period that might have a significant effect onthe consolidated financial statements for 2022.NOTE 30: EVENTS AFTER THE REPORTING PERIOD On 30 January 2023, Norwegian announced a buy-back with an aggregated nominal value of NOK 412.5 million of the zero-coupon senior unsecured NOK 3,714,318,301 Retained Claims Bonds maturing 30.09.2026 (ISIN: 0010996457) at a price of 72.50 percent of par value. On 3 February 2023, Norwegian announced an additional buy-back with an aggregated nominal value of NOK 72.2 million of the aforementioned Retained Claims Bonds at a price of72.50 per cent of par value.On 6 February 2023, Norwegian announced that it has signed a Letter of Intent (LOI) with Air Lease Corporation (ALC) to lease six Boeing 737 MAX 8 aircraft which are in addition to three 737 MAX 8 aircraft Norwegian previously agreed to lease from ALC of which one has already been delivered to Norwegian. The aircraft are to be delivered in short time to Norwegian and ahead of the summer 2023 season.On 17 February 2023, Norwegian announced the conversion of New Capital Perpetual bonds whereby new share capital was registered. The Company received conversion notices from bondholders representing NOK 15,000,000 Early Conversion Bonds, which pursuant to standard terms set out in the bond terms are convertible into 1,597,444 new shares in the Company. On 2 March 2023, Norwegian paid the ETS penalty fee amount of close to NOK 400 million. Payment was made after the authorities had notified the Company that suspension of payment would not be granted. The Company disagrees with the authorities\u2019 decision to enforce payment prior to a conclusion being reached through legal proceedings given the principled nature of the matter. The Company will seek a return of this amount plus interest following a final conclusion. See Note 28 for further details. On 24 April, Norwegian announced a landmark partnership with Norsk e-Fuel to build the world\u2019s first full scale ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1-2": { "value": "NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESGeneral informationNorwegian Air Shuttle ASA and its subsidiaries (\u2018Norwegian\u2019, \u2018the Group\u2019 or \u2018the Company\u2019) are alow-cost airline incorporated inNorwaynd headquartered at Fornebu outside of Oslo at the registered addressOksen\u00f8yveien 3, 1366 Lysaker, NorwayNorwegian Air Shuttle ASA is apublic limited liability companyand listed on the Oslo Stock Exchange.The consolidated financial statements of Norwegian Air Shuttle ASA for the year ended 31 December 2022 were authorized for issue by the Board of Directors on 26 April 2023. The annual general meeting, to be held 23 May 2023, has the power to amend and reissue the financial statements.Basis of preparationThe consolidated financial statements of Norwegian Air Shuttle ASA have beenprepared in accordance with the International Financial Reporting Standards (IFRS) and IFRIC interpretations, as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of December 31, 2022.The consolidated financial statements are prepared on the historical cost basis, with some exceptions, as detailed in the accounting policies setout below.In order to prepare financial statements in conformity withIFRS, it is necessary to apply certain critical accounting estimates. It also requires the Management to exercise its judgment when applying the Group\u2019s accounting policies. Areas involving a greater degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements aredisclosed below. See paragraph 1.23.The financial statements have been prepared on the goingconcern basis. New standards, amendments and interpretations that are adopted No changes in IFRS effective for the 2022 financial statements have had material impact this financial year, nor are any material impacts expected on future financial statements from standards issued but not yet effective. Basis of consolidation and equity accountingSubsidiariesSubsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferredto the Group.The Group\u2019s consolidated financial statements compriseNorwegian Air Shuttle ASA, and its subsidiaries, presented in Note 14 in the parent company financial statements. The acquisition method is applied when accounting for business combinations. Companies acquired or sold during the year are included in the consolidated financial statements from the date when control was achieved until the date when control ceased. The consideration that is transferred for the acquisition of a subsidiary consists of the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The transferred consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Acquired identifiable assets, liabilities and contingent liabilities assumed in a business combination are initially measured at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interests of the acquiree either at fair value, or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. The excess of the considerationtransferred and the amount of the non-controlling interestover the fair value of the Group\u2019s share of the identifiablenet assets acquired are recorded as goodwill. If, in the case of a bargain purchase, the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair valueof the net assets of the subsidiary acquired, the differenceis recognized directly in the income statement. All intra-Group balances, transactions and unrealized gainsand losses on transactions between Group companies are eliminated.Changes in ownershipThe Group considers transactions with non-controlling interests that do not result in loss of control, as transactions with equity owners of the Group. Any difference between considerations paid and the relevant share acquired from the carrying value of net assets are recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. When the Group ceases to consolidate or equity account for an investment because of loss of control, joint control or significant in\ufb02uence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. The fair value becomes the initial carrying amount for purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts of retained interest in the entity is remeasured to its fair value at the date when control ceased, with the change in carrying amount recognized in profit or loss. Thefair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassifiedto profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant in\ufb02uence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate. Dilutiongains and losses arising from investments in associates are recognized in the income statement.Other investmentsAll other investments are recognized in accordance withIFRS 9, Financial Instruments, and additional information are provided in Note 19.Foreign currency translationThe Group\u2019s presentation currency is Norwegian Krone (NOK). Norwegian Air Shuttle ASA\u2019s functional currency is NOK. Each entity of the Group determines its own functional currency and items that are included in the entities\u2019 financial statements are measured in that functional currency. For consolidation purposes, the results and financial position of all the Group\u2019s entities thathave a functional currency other than NOK are translated to the closing rate at the reporting date of each month. Income and expenses for each income statement are translated to the average exchange rate for the period, this being a reasonable approximation for estimating actual rate. Exchange differences are recognized in comprehensive income and specified separately in equity. Transactions in foreign currencies are initially recorded at the functional currency rate using the exchange rates prevailing on the dates of the transactions or valuation where items are re-estimated. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency exchange rate of the reporting date. Any differences are recognized in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translatedusing the exchange rates of the dates of the initial transactions.Foreign currency gains and losses on operating activities are recognized within operating profit. Foreign currency gains and losses on financing activities are recognized within net financial items.Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Any differences in exchange rates are recognized in other comprehensive income.Tangible assetsTangible assets including buildings are carried at historical cost, less accumulated depreciation and impairment losses. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation and impairment losses are derecognized. Any gain or loss on the sale or disposal is recognized in the income statement as other losses/ (gains)-net. The gross carrying amount of non-current assets is the purchase price, including duties/taxes and direct acquisition costs relating to making the non-current asset ready for its intended use. Subsequent costs, such as repair and maintenance costs, are normally recognized in profit or loss as incurred. When increased future economicbenefits are the result of verified repair and maintenancework, these costs will be recognized in the statement of financial position as additions to non-current assets. Borrowing costs are capitalized on qualifying assets.Non-current assets are depreciated on a straight-line basis or by airborne hours and cycles over the estimated useful life of the asset beginning when the asset is ready for its intended use. Residual values, where applicable, are reviewed annually against prevailing market rates at the reporting date for equivalently aged assets and depreciation rates adjusted accordingly on a prospective basis.The carrying value is reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. An aircraft is recognized as one or more components for depreciation purposes in order to consider different useful lives of the aircraft components. Depreciable components are defined as maintenance components. In accordance with official requirements, the aircraft must be maintained which means significant components must be changed after a specific number of \ufb02ights orairborne hours. These components are identified as twoheavy maintenance checks of the aircraft body, power restoration and life limited parts for the two engines on each aircraft, as well as maintenance on landing gears and APU. The maintenance and overhauls of these componentoccur on a defined interval, and the value is depreciated based on the number of take-offs or airborne hours until the next maintenance is conducted. Completed maintenance and overhaul are capitalized and depreciated until the next relevant maintenance and overhauls. The second aircraft component is defined as the remainder of the aircraft and depreciated over the estimated useful life, considered to be 25 years for the \ufb02eet in Norwegian. When estimating the future residual values at the end of the 25-year period, Norwegian reviews reports from two separate independent aircraft appraisers for each applicable aircraft type and year of build and sets the residual value to an average value of the two appraiser\u2019s reports. In cases where the Company has contracts to cover all significant maintenance of the aircraft, the aircraft may be depreciated as one single component. Rotable spare parts are carried as non-current assets and depreciated over their useful lives. The Group capitalizes prepayments on the purchase impairment are reviewed for a possible reversal of the impairment at each reporting date. Impairment losses on goodwill are not reversed.Financial assetsFinancial assets are classified according to the following categories: as measured at amortized cost, measured at fair value through profit or loss or measured at fair value through other comprehensive income. The classification depends on the characteristics of the financial assets and the purpose for which they were acquired. The Management determines the classification of its financialassets at initial recognition.Debt instruments that meet the following conditions are measured subsequently at amortized cost: the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash \ufb02ows; and the contractual terms of the financial asset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amountoutstanding.Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI): the financial asset is held within a business model whose objective is achieved by both collecting contractual cash \ufb02ows and selling the financial assets; and the contractual terms of the financialasset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding.By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the Group may at initial recognition irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met; and the Group may irrevocably designate a debt investment that meets the amortized cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.Financial assets are presented as current assets, unless See Note 1.7 for details of impairment testing of non-financial assets and Note 12 for additional details on intangible assets.Emission rights Any emission rights received from the respective countries\u2019 government agencies, without the need for payment of any consideration, are recognized at their nominal amounts, which in practice means that the intangible asset are valued at zero. A provision is not recognized in the balance sheet commensurate to the extent that emission rights used correspond to emission rights held. The provision is measured at the current market price with a corresponding cost in the statement of income commensurate to the extent emission rights used exceed the amount of emission rights held. Impairment of non-financial assetsIntangible assets with indefinite useful lives are not subjectto amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019sfair value less costs to sell and value in use. For the purpose of impairment testing, assets are grouped at the lowest levels of separately identifiable cash \ufb02ows (cash-generating units). The allocation is made to those cash-generating units that are expected to benefit from the assets. The Management has assessed the Group as one segment and the Group\u2019s total operations as its cash generating unit. The determination of cash generating units is based on how the Management operates and assesses the Group\u2019s performance, profit and cash \ufb02ow. The aircraft \ufb02eet is operated as one unit, and the route portfolio is administered and diversified as one unit generating the Group\u2019s profit and cash \ufb02ow, hence goodwill and other non-current assets are reallocated to the entire Group for the purpose of impairment testing. Non-current assets other than goodwill that have suffered contracts of aircraft. The prepayments are classified as tangible assets as presented in the statement of financial position. The prepayments include capitalized borrowing costs. At delivery of aircraft, the prepayments are includedin the acquisition costs of the aircraft. Depreciation periods and methods are assessed annually to ensure that they match the substance of non-current assets. Additional details on tangible assets are outlined in Note 13.Intangible assetsComputer softwareAcquired computer software licenses are capitalized based on the costs incurred to obtain and apply the specific software. These costs are amortized over their estimated useful lives.Costs which are directly associated with the development of identifiable software products controlled by the Group, and which are estimated to generate economic benefits, are recognized as intangible assets. These costs are amortized over their estimated useful lives. Goodwill and other intangible assetsGoodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.Other intangible assets are related to identifiable assets from business combinations and investments in other intangible assets.Intangible assets which are determined as having indefiniteuseful lives, are not amortized, but subject to annual impairment testing. The determination of indefinite useful lives is based on assessment by Management as to whether there is any foreseeable limit to the period over which the asset is expected to generate net cash in\ufb02ows for the entity.The full fair value of hedging derivatives is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months. It is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Tradingderivatives are classified as a current asset or liability.Hedge effectivenessHedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.Hedge ineffectiveness for jet fuel hedges can be related todifferent factors such as differences in the purchased fuel and hedged commodity, the hedge ratio of the hedging relationship being different from the ratio of the hedged item actually hedged and the quantity of the hedging instruments actually used for the hedge, the Group\u2019s and its counterparties\u2019 credit risks. The Group calculates ineffectiveness in its hedging relationships designated for hedge accounting based on own input from budget and cash \ufb02ow forecasts as well on external input from mark to market valuations from financial institutions.Hedge ineffectiveness in relation to fuel derivatives is negligible for 2022.InventoryInventory of spare parts are carried at the lower of acquisition cost and net realizable value. Cost is determined using the first in-first out (FIFO) method.Inventory is consumed during maintenance and overhaul ofthe aircraft and is expensed when consumed.TRADE RECEIVABLES Trade receivables are amounts due from customers for services performed and goods sold in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest and they are subsequently measured to their fair value at the end of each reporting period. Derivatives are only used for economic hedging purposes and not as speculative investments. The Group applies hedge accounting for these contracts. Where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit and loss. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other losses/(gains).At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash \ufb02ows of the hedging instruments are expected to offset changes in the cash \ufb02ows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions.The effective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in the cash \ufb02ow hedge reserve withinequity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, within other losses/ (gains). When forward contracts are used to hedge forecast transactions, the Group generally designates only the change in fair value of the forward contract related to the spot component as the hedging instrument. Gains or losses relating to the effective portion of the change in thespot component of the forward contracts are recognized in the cash \ufb02ow hedge reserve within equity. The change in the forward element of the contract that relates to the hedged item (\u2018aligned forward element\u2019) is recognized within OCI in the costs of hedging reserve within equity. In some cases, the entity may designate the full change in fairvalue of the forward contract (including forward points) as the hedging instrument. In such cases, the gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognized in the cash \ufb02ow hedge reserve within equity.maturity is greater than twelve months after the reporting date and Management intends to hold the investment longer than twelve months after the reporting date. Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.Impairment of financial assetsThe Group always recognizes lifetime expected credit losses (ECL) for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.For all other financial instruments, the Group recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12\u2011month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12\u2011month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within twelve months after the reporting date.Derivative financial instruments and hedging activitiesDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into, ProvisionsProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an out\ufb02ow of resources will be required to settle the obligation and the amount has been reliably estimated. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-taxrate that re\ufb02ects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Employee benefitsThe Group operates various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations.Defined benefit plansThe cost of providing benefits under defined benefit plansis determined using the projected unit credit actuarial valuation method. The past service cost is recognized as an expense on a straight-line basis over the average perioduntil the benefits are vested. If the benefits are alreadyvested immediately following the introduction of or changes to a pension plan, past service cost is recognized immediately.The defined benefit obligation is the aggregate of thepresent value of the defined benefit obligation andactuarial gains and losses not recognized reduced by past service costs not yet recognized and the fair value of plan assets out of which the obligations are to be settled directly. If such aggregate is negative, the asset is measured at the lower of such aggregate or at the aggregate of cumulative unrecognized net actuarial losses and past service cost and the present value of any loss, whereas all other financial liabilities are measured at amortized cost. Loans and other borrowings are recognized initially at fair value, net of transaction costs incurred. They are subsequently measured at amortized cost, whereas the difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.A substantial modification of the terms of an existing financial liability or a part of it is accounted for as an extinguishment of the original financial liability and recognition of a new financial liability. The modificationof the terms is assessed both from a quantitative and qualitative view. If the modification is assessed to be an extinguishment, the difference between the carrying amount of the financial liability and the consideration paid including liabilities assumed is recognized as gain or loss. Any cost or fees incurred are recognized as part of the gain or loss.For issued convertible debt, the Group assess at the time of issue if the compound financial instrument contains both a liability and an equity component. If so, the fair value of the instrument as a whole is allocated to its equityand liability components. After initial recognition, the liability component is measured at amortized cost. No gainor loss is recognized upon conversion. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.Trade payables are obligations to pay for goods or services purchased from suppliers in accordance with general course of business. Accounts payables are classified as current liabilities if payment is due within the next twelve months. Payables due after the next twelve months are classified as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.method, less provision for impairment.Receivables from credit card companies are classified as trade and other receivables in the statement of financial position.Cash and cash equivalentsCash and cash equivalents include cash in hand and in the bank, as well as short-term deposits with an original maturity of three months or less. Cash and cash equivalents in the statement of financial position include restricted funds from withheld employee tax, guarantees and deposits pledged as collateral to suppliers.The group holds investments in money market funds classified as cash and cash equivalents. These funds are highly liquid and readily convertible to a known amount of cash which is subject to an insignificant risk of changes in value. Investments not meeting these criteria are classifiedas financial assets measured at fair value through profitand loss.EquityShare capital comprises the number of shares multiplied by their nominal value and are classified as equity. Transaction costs directly attributable to an equity transaction are recognized directly in equity net of tax.When equity instruments are issued to a creditor to extinguish all or part of an existing liability, the equity instruments are recognized initially at fair value.The Group has issued Perpetual Bonds. The bonds are perpetual subordinated convertible bonds with no requirement for the Group to either pay instalments or interest. The holders of the bonds can only require repayment as a part of a liquidation and the conversion element is considered by itself to be an equity component.The Perpetual Bonds are therefore classified as equity.LiabilitiesFinancial liabilities are classified either as measured at amortized cost or as measured at fair value through profit or loss. Derivative instruments recognized as financial liabilities are being measured at fair value through profit orcarry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extentthat it is no longer probable that sufficient taxable profitwill be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred income tax assets and liabilities are measured at the tax rates that are expected in the year when the assetsare realized or when the liabilities are settled, based on tax rates (and tax laws) which have been enacted, or substantively enacted, at the reporting date.Deferred income tax assets and deferred income tax liabilities are offset to the extent that:the Group has a legal and enforceable right to offset the recognized amounts and;if deferred tax assets and tax liabilities relates to income tax from the same tax authorities and the same taxable entity in the Group, or if different taxable entities in the Group intend either to settle on a net basis, or to realize the asset and settle the liability simultaneously.Deferred income tax is provided based on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.Contingent assets and liabilitiesA contingent asset is not recognized in the annual financialstatements but disclosed in the notes where an in\ufb02ow of economic benefits is probable.Contingent liabilities are defined as possible obligations The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.Employee share purchase savings programBonus shares and employer\u2019s contribution are measured at fair value using the Black and Scholes option pricing model. Expenses for bonus shares are included in payroll expenses. The fair value of the bonus shares and the estimated employer\u2019s contribution are distributed as expenses over the expected period until settlement. Changes in estimates affecting employer\u2019s contributions are expensed over the remaining vested period. For further details see Note 21.Current and deferred income taxThe tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent it relates to items recognized in othercomprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income taxCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that re\ufb02ects uncertainty related to income taxes, if any. The tax rates and tax laws that are used to compute the amount are those which are enacted or substantively enacted at the reporting date.Deferred income taxDeferred income tax is determined by using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.Deferred income tax liabilities are recognized for all taxable temporary differences. Deferred income tax assetsare recognized for all deductible temporary differences, economic benefits available in the form of refunds from the plan or reductions in the future contributions to the plan.In addition, the Group participates in an early retirement plan (AFP) for all employees in Norway. The AFP pension plan is a multi-employer defined benefit plan. However,the plan is recognized in the income statement as a defined contribution plan as the plan\u2019s administrator has not allocated actuarial gains/losses to the members of the AFP pension plan at 31 December 2022.Provisions for pension costs are detailed in Note 22.Defined contribution plansIn addition to the defined benefit plan described above,the Group operates a defined contribution plan. A definedcontribution plan is a pension plan under which the Group pays fixed contributions to a separate entity. The Group has no legal or constructive obligations to pay further contributions should the fund not hold sufficient assets to pay all employees the benefits relating to employee servicein the current and prior periods. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.Share-based paymentsThe Group operates a number of equity-settled, share-based compensation plans under which the entity receivesservices from employees as consideration for equity instruments of the Group. The fair value of the employee services received in exchange for the grants of the optionsis recognized as an expense over the vesting period. The total amount to be expensed is determined by referring to the fair value of the options granted. The fair value of the options to be settled in equity instruments is estimated at the grant date. The fair value isdetermined by an external part by applying the Black and Scholes option-pricing model. The assumptions underlying the number of options expected to vest are adjusted to re\ufb02ect conditions prevailing at the reporting date. For further details see Note 21.cargo, expired CashPoints, and revenue from business activities in subsidiaries which are not airlines. Other airline revenues are recognized when the performance obligations have been satisfied through the rendering of services. Revenue from sales of Wi-Fi products and services comprises traffic fees. Revenue traffic fees are recognizedas revenue at the time of consumption. Customer loyalty program \u2013 Norwegian RewardThe Group runs a loyalty program: Norwegian Reward. Reward members earn the digital currency \u201cCashPoints\u201d. The program enables members to earn CashPoints as they \ufb02y with Norwegian, use the Bank Norwegian credit card and from making purchases of goods and services from more than 50 Reward partners. CashPoints can be used as full or partial payment for goods or services offered by theGroup.CashPoints are considered as a separate element of a sale with multiple elements. The portion of the price allocated to Cash Points is based on the stand-alone selling price. Revenue allocated to accrued cash points is deferred and recognized as a contract liability, taking into consideration estimated redemption rates. The contract liability is included in the line-item Trade and other payables in the consolidated statement of financial position. The CashPoint liability is derecognized and recognized as otherrevenue when the points expire. Unused CashPoints expire 24 months after the end of the calendar year in which the CashPoints were earned. Revenue and costs from issuing CashPoints to external partners in the loyalty program Reward are presented on a net basis.1.20 Leasing At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys considerations the Group does not recognize any financingelement in relation to ticket sales.Passenger revenue Passenger revenue is reported as traffic revenue when the air transport has been carried out and the performance obligations hence are satisfied. The value of sold tickets and which are still valid but not used by the reporting date (amounts sold in excess of revenue recognized) is reportedas air traffic settlement liability. This liability is reduced either when the Group or another airline completes the transportation or when the passenger requests a refund. Ancillary revenue Ancillary revenue comprises sales of ticket-related products and services, e.g. revenue from baggage sales, seating and premium upgrades. Most of the products and services do not have separate performance obligations but are associated with the performance obligation of the air transport and are hence recognized as revenue at the time of the transport. Between time of sale and time of transport such ancillary revenue items are reported as part of the air traffic settlement liability.Amounts paid by \u2018no-show\u2019 customers are recognized as revenue when the booked service is provided, and performance obligations are satisfied. \u2018No-show\u2019 customers with low fare tickets are not entitled to change \ufb02ights or seek refunds for other than taxes once a \ufb02ight has departed. 1.19.3 Contract costs Certain incremental distribution costs in relation to the pre-sale of tickets are capitalized between time of sale and time of the air transport taking place. As such distribution costs are incremental and correlated with ticket sales, experience data is collected on the size of the various elements of contract costs relative to the size of the revenue. Such experience data together with the size of air traffic settlement liabilities give basis for capitalization and amortization of the contract costs. 1.19.4 Other revenue Other revenue comprises third party revenue, such as arising from past events the existence of which depends on future events, or for which it is improbable that they will lead to an out\ufb02ow of resources, or which cannot be measured with sufficient reliability.Contingent liabilities are not recognized in the annual financial statements, but significant contingent liabilitiesare disclosed in the notes to the financial statements, with the exception of contingent liabilities where the probability of the liability occurring is remote. Revenue recognitionRevenue comprises the amounts that re\ufb02ect the consideration to which the entity expects to be entitled in exchange for goods and services promised to be transferred to customers in the general course of the Group\u2019s activities. Revenue is shown net of value-added tax and discounts. The Group recognizes revenue when the performance obligations in the contract with the customer are satisfied.Revenue from the airline business is generally associated with the performance obligation of the air transport taking place. Tickets are pre-sold up in advance of the air transport taking place. The Group receives payment at or shortly after time of sale, but such payments might be partly delayed until time of transport with any hold-back imposed by credit card acquirers for security reasons. Between time of sale and time of air transport, the amounts collected from the customers are presented as air traffic settlement liabilities. The value of the resulting air traffic settlement liabilities, less any taxes collected on behalf of authorities, represents the aggregate transactionprice of performance obligations not yet satisfied.Tickets can be purchased up to almost one year prior to the air transport taking place. The contracts with customers hence have a duration of less than one year and the corresponding air traffic settlement liabilities will always fall due within one year. Hence will also a financial year\u2019s reported revenue include the entire closing balance of the prior year\u2019s air traffic settlement liabilities.The time between ticket sale and time of the air transport taking place is less than one year and based on materiality When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.Obligations for costs to restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset.The Group presents right-of-use assets from aircraft and aircraft spare parts leases in \u2018Right-of-use aircraft, parts and installations\u2019 in the consolidated statement of financialposition. Right-of use assets from facility and equipment leases are presented as `Right-of-use buildings\u00b4 and \u00b4Right-of-use equipment\u00b4, respectively. Interest expense on the lease liability is presented as `Interest expense\u00b4 in the consolidated income statement. Depreciation of the right-of-use assets is presented under `Aircraft lease, depreciation and amortization\u00b4.For aircraft sale-leaseback transactions, the ROU asset is measured at the portion of the previous carrying amount of the asset that relates to the right of use retained by the seller-lessee. Gain or loss is recognized for the amount that relates to the rights transferred to the buyer-lessor. Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker who is responsible for allocating resources and assessing the performance of the operating segments. The chief operating decision maker has been identified as the Executive Management. The Group has one operating segment, which is low-cost air passenger travel. See Note 4 for further details.1.22 Events after the reporting dateNew information regarding the Group\u2019s positions at the reporting date is taken into account in the preparation of the annual financial statements. Events occurring after the The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to re\ufb02ect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following:fixed payments, including in-substance fixed payments;variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;amounts expected to be payable under a residual value guarantee; andthe exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs.The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability(using the effective interest method) and by reducing the carrying amount to re\ufb02ect the lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. the right to control the use of an identified asset, the Group assesses whether the contract involves the use of an identified asset. The asset is not identified if the lessorhas a substantive substitution right. The Group assesses further whether it has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period and whether it has the right to direct the use of the asset.The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases, except for aircraft leases, and leases of low-value assets, includingIT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 1.20.1 Measurement and presentation of right- of-use assets and lease liabilities As a lessee, the Group leases many assets including aircraft, aircraft spare parts, facilities and other equipment. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset re\ufb02ects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.obligation at each reporting period. These estimates are subject to revision based on the outcome of tax audits anddiscussions with authorities that can take several years to conclude. See Note 10 for further details of tax positions.The Group has recognized a partial impairment reversal of NOK 2,099 million relating to predelivery payments (\u201cPDP\u201d)towards Boeing.Boeing has agreed to grant the Company a total credit of USD 215 million in relation to the predelivery payments previously made. Management assesses these credits to bere-instated PDP in relation to the new firm aircraft order rather than a future reduction of acquisition cost of the aircraft to be received. See Note 13 for further details.Related to the claim from the Norwegian Environment Agency for missing surrender of emission allowances for 2020, Management evaluates that the Group was unable to surrender allowances for emissions predating 18 November 2020 and does not accept the fine imposed by the authorities. At the end of 2022, the Group maintains a provision for emissions predating 18 November 2020 of NOK 15 million, corresponding to dividend of 5 percent introduced under the Reconstruction. No provision was made for the imposed penalty at year-end 2022. For further details see Note 28.reporting date which do not affect the Group\u2019s position at the reporting date, but which will affect the Group\u2019s position in the future, are disclosed if significant.Critical accounting estimates and judgmentsEstimates In preparing the consolidated financial statements, the Management is required to assess judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses. The critical judgments and key sources of estimation uncertainty that have been made in preparing the consolidated financial statements are detailed below. These judgments involve assumptions or estimates in light of future events that can differentiate from what is expected.The aircraft held under lease agreements are subject to specific redelivery conditions stated in the contracts as well as periodic maintenance programs as defined by the aircraft and engines manufacturers. To meet these requirements, the Group must conduct maintenance, both regularly and at the expiration of the leasing period. Provisions are made based on the estimated costs of overhauls and maintenance. In order to estimate these conditions, the Management must make assumptions regarding expected maintenance costs. Description of maintenance cost estimates are described in Note 23. Impairment testing has been performed for the Company\u2019snon-current assets. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates. See Note 13 for further details. 1.23.2 Significant judgments Deferred tax assets are recognized for all unused tax losses to the extent that taxable profits are probable. Deferred tax liabilities are recognized when an obligation has been incurred. Significant management judgment is required to determine the amounts of deferred tax assets that can be recognized, based on the anticipated timing and level of future taxable profits together with future tax planning strategies. Deferred tax liabilities that have been incurred are based on the best estimate of the likely e-fuel plant in Mosj\u00f8en, Norway. The plant will produce sustainable aviation fuels (SAF). The partnership is estimated to secure approximately 20 percent of Norwegian\u2019s total demand for SAF until 2030. In addition, Norwegian will invest more than NOK 50 million for a minority equity stake in the companyThere have been no other material events subsequent to the reporting period that might have a significant effect onthe consolidated financial statements for 2022.NOTE 30: EVENTS AFTER THE REPORTING PERIOD On 30 January 2023, Norwegian announced a buy-back with an aggregated nominal value of NOK 412.5 million of the zero-coupon senior unsecured NOK 3,714,318,301 Retained Claims Bonds maturing 30.09.2026 (ISIN: 0010996457) at a price of 72.50 percent of par value. On 3 February 2023, Norwegian announced an additional buy-back with an aggregated nominal value of NOK 72.2 million of the aforementioned Retained Claims Bonds at a price of72.50 per cent of par value.On 6 February 2023, Norwegian announced that it has signed a Letter of Intent (LOI) with Air Lease Corporation (ALC) to lease six Boeing 737 MAX 8 aircraft which are in addition to three 737 MAX 8 aircraft Norwegian previously agreed to lease from ALC of which one has already been delivered to Norwegian. The aircraft are to be delivered in short time to Norwegian and ahead of the summer 2023 season.On 17 February 2023, Norwegian announced the conversion of New Capital Perpetual bonds whereby new share capital was registered. The Company received conversion notices from bondholders representing NOK 15,000,000 Early Conversion Bonds, which pursuant to standard terms set out in the bond terms are convertible into 1,597,444 new shares in the Company. On 2 March 2023, Norwegian paid the ETS penalty fee amount of close to NOK 400 million. Payment was made after the authorities had notified the Company that suspension of payment would not be granted. The Company disagrees with the authorities\u2019 decision to enforce payment prior to a conclusion being reached through legal proceedings given the principled nature of the matter. The Company will seek a return of this amount plus interest following a final conclusion. See Note 28 for further details. On 24 April, Norwegian announced a landmark partnership with Norsk e-Fuel to build the world\u2019s first full scale ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-3-2": { "value": "General informationNorwegian Air Shuttle ASA and its subsidiaries (\u2018Norwegian\u2019, \u2018the Group\u2019 or \u2018the Company\u2019) are alow-cost airline incorporated inNorwaynd headquartered at Fornebu outside of Oslo at the registered addressOksen\u00f8yveien 3, 1366 Lysaker, NorwayNorwegian Air Shuttle ASA is apublic limited liability companyand listed on the Oslo Stock Exchange.The consolidated financial statements of Norwegian Air Shuttle ASA for the year ended 31 December 2022 were authorized for issue by the Board of Directors on 26 April 2023. The annual general meeting, to be held 23 May 2023, has the power to amend and reissue the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f56506": { "value": "Norwegian Air Shuttle ASA ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f56507": { "value": "Norwegian Air Shuttle ASA ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f56508": { "value": "Norwegian Air Shuttle ASA ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-7-3": { "value": "low-cost airline ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f56553": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f56554": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f56583": { "value": "Oksen\u00f8yveien 3, 1366 Lysaker, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f56584": { "value": "Oksen\u00f8yveien 3, 1366 Lysaker, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f56607": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-25-2": { "value": "Basis of preparationThe consolidated financial statements of Norwegian Air Shuttle ASA have beenprepared in accordance with the International Financial Reporting Standards (IFRS) and IFRIC interpretations, as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of December 31, 2022.The consolidated financial statements are prepared on the historical cost basis, with some exceptions, as detailed in the accounting policies setout below.In order to prepare financial statements in conformity withIFRS, it is necessary to apply certain critical accounting estimates. It also requires the Management to exercise its judgment when applying the Group\u2019s accounting policies. Areas involving a greater degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements aredisclosed below. See paragraph 1.23.The financial statements have been prepared on the goingconcern basis. New standards, amendments and interpretations that are adopted No changes in IFRS effective for the 2022 financial statements have had material impact this financial year, nor are any material impacts expected on future financial statements from standards issued but not yet effective. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-28-3": { "value": "prepared in accordance with the International Financial Reporting Standards (IFRS) and IFRIC interpretations, as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of December 31, 2022.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-53-2": { "value": "Basis of consolidation and equity accountingSubsidiariesSubsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferredto the Group.The Group\u2019s consolidated financial statements compriseNorwegian Air Shuttle ASA, and its subsidiaries, presented in Note 14 in the parent company financial statements. The acquisition method is applied when accounting for business combinations. Companies acquired or sold during the year are included in the consolidated financial statements from the date when control was achieved until the date when control ceased. The consideration that is transferred for the acquisition of a subsidiary consists of the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The transferred consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Acquired identifiable assets, liabilities and contingent liabilities assumed in a business combination are initially measured at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interests of the acquiree either at fair value, or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. The excess of the considerationtransferred and the amount of the non-controlling interestover the fair value of the Group\u2019s share of the identifiablenet assets acquired are recorded as goodwill. If, in the case of a bargain purchase, the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair valueof the net assets of the subsidiary acquired, the differenceis recognized directly in the income statement. All intra-Group balances, transactions and unrealized gainsand losses on transactions between Group companies are eliminated.Changes in ownershipThe Group considers transactions with non-controlling interests that do not result in loss of control, as transactions with equity owners of the Group. Any difference between considerations paid and the relevant share acquired from the carrying value of net assets are recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. When the Group ceases to consolidate or equity account for an investment because of loss of control, joint control or significant in\ufb02uence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. The fair value becomes the initial carrying amount for purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts of retained interest in the entity is remeasured to its fair value at the date when control ceased, with the change in carrying amount recognized in profit or loss. Thefair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassifiedto profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant in\ufb02uence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate. Dilutiongains and losses arising from investments in associates are recognized in the income statement.Other investmentsAll other investments are recognized in accordance withIFRS 9, Financial Instruments, and additional information are provided in Note 19.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-54-4": { "value": "SubsidiariesSubsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferredto the Group.The Group\u2019s consolidated financial statements compriseNorwegian Air Shuttle ASA, and its subsidiaries, presented in Note 14 in the parent company financial statements. The acquisition method is applied when accounting for business combinations. Companies acquired or sold during the year are included in the consolidated financial statements from the date when control was achieved until the date when control ceased. The consideration that is transferred for the acquisition of a subsidiary consists of the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The transferred consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Acquired identifiable assets, liabilities and contingent liabilities assumed in a business combination are initially measured at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any non-controlling interests of the acquiree either at fair value, or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s identifiable net assets. The excess of the considerationtransferred and the amount of the non-controlling interestover the fair value of the Group\u2019s share of the identifiablenet assets acquired are recorded as goodwill. If, in the case of a bargain purchase, the total of consideration transferred, non-controlling interest recognized and previously held interest measured is less than the fair valueof the net assets of the subsidiary acquired, the differenceis recognized directly in the income statement. All intra-Group balances, transactions and unrealized gainsand losses on transactions between Group companies are eliminated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-98-4": { "value": "The Group considers transactions with non-controlling interests that do not result in loss of control, as transactions with equity owners of the Group. Any difference between considerations paid and the relevant share acquired from the carrying value of net assets are recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-132-4": { "value": "Other investmentsAll other investments are recognized in accordance withIFRS 9, Financial Instruments, and additional information are provided in Note 19.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-136-3": { "value": "Foreign currency translationThe Group\u2019s presentation currency is Norwegian Krone (NOK). Norwegian Air Shuttle ASA\u2019s functional currency is NOK. Each entity of the Group determines its own functional currency and items that are included in the entities\u2019 financial statements are measured in that functional currency. For consolidation purposes, the results and financial position of all the Group\u2019s entities thathave a functional currency other than NOK are translated to the closing rate at the reporting date of each month. Income and expenses for each income statement are translated to the average exchange rate for the period, this being a reasonable approximation for estimating actual rate. Exchange differences are recognized in comprehensive income and specified separately in equity. Transactions in foreign currencies are initially recorded at the functional currency rate using the exchange rates prevailing on the dates of the transactions or valuation where items are re-estimated. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency exchange rate of the reporting date. Any differences are recognized in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translatedusing the exchange rates of the dates of the initial transactions.Foreign currency gains and losses on operating activities are recognized within operating profit. Foreign currency gains and losses on financing activities are recognized within net financial items.Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Any differences in exchange rates are recognized in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-171-3": { "value": "Tangible assetsTangible assets including buildings are carried at historical cost, less accumulated depreciation and impairment losses. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation and impairment losses are derecognized. Any gain or loss on the sale or disposal is recognized in the income statement as other losses/ (gains)-net. The gross carrying amount of non-current assets is the purchase price, including duties/taxes and direct acquisition costs relating to making the non-current asset ready for its intended use. Subsequent costs, such as repair and maintenance costs, are normally recognized in profit or loss as incurred. When increased future economicbenefits are the result of verified repair and maintenancework, these costs will be recognized in the statement of financial position as additions to non-current assets. Borrowing costs are capitalized on qualifying assets.Non-current assets are depreciated on a straight-line basis or by airborne hours and cycles over the estimated useful life of the asset beginning when the asset is ready for its intended use. Residual values, where applicable, are reviewed annually against prevailing market rates at the reporting date for equivalently aged assets and depreciation rates adjusted accordingly on a prospective basis.The carrying value is reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. An aircraft is recognized as one or more components for depreciation purposes in order to consider different useful lives of the aircraft components. Depreciable components are defined as maintenance components. In accordance with official requirements, the aircraft must be maintained which means significant components must be changed after a specific number of \ufb02ights orairborne hours. These components are identified as twoheavy maintenance checks of the aircraft body, power restoration and life limited parts for the two engines on each aircraft, as well as maintenance on landing gears and APU. The maintenance and overhauls of these componentoccur on a defined interval, and the value is depreciated based on the number of take-offs or airborne hours until the next maintenance is conducted. Completed maintenance and overhaul are capitalized and depreciated until the next relevant maintenance and overhauls. The second aircraft component is defined as the remainder of the aircraft and depreciated over the estimated useful life, considered to be 25 years for the \ufb02eet in Norwegian. When estimating the future residual values at the end of the 25-year period, Norwegian reviews reports from two separate independent aircraft appraisers for each applicable aircraft type and year of build and sets the residual value to an average value of the two appraiser\u2019s reports. In cases where the Company has contracts to cover all significant maintenance of the aircraft, the aircraft may be depreciated as one single component. Rotable spare parts are carried as non-current assets and depreciated over their useful lives. The Group capitalizes prepayments on the purchase contracts of aircraft. The prepayments are classified as tangible assets as presented in the statement of financial position. The prepayments include capitalized borrowing costs. At delivery of aircraft, the prepayments are includedin the acquisition costs of the aircraft. Depreciation periods and methods are assessed annually to ensure that they match the substance of non-current assets. Additional details on tangible assets are outlined in Note 13.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-231-3": { "value": "impairment are reviewed for a possible reversal of the impairment at each reporting date. Impairment losses on goodwill are not reversed.Impairment of non-financial assetsIntangible assets with indefinite useful lives are not subjectto amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019sfair value less costs to sell and value in use. For the purpose of impairment testing, assets are grouped at the lowest levels of separately identifiable cash \ufb02ows (cash-generating units). The allocation is made to those cash-generating units that are expected to benefit from the assets. The Management has assessed the Group as one segment and the Group\u2019s total operations as its cash generating unit. The determination of cash generating units is based on how the Management operates and assesses the Group\u2019s performance, profit and cash \ufb02ow. The aircraft \ufb02eet is operated as one unit, and the route portfolio is administered and diversified as one unit generating the Group\u2019s profit and cash \ufb02ow, hence goodwill and other non-current assets are reallocated to the entire Group for the purpose of impairment testing. Non-current assets other than goodwill that have suffered ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-234-3": { "value": "Financial assetsFinancial assets are classified according to the following categories: as measured at amortized cost, measured at fair value through profit or loss or measured at fair value through other comprehensive income. The classification depends on the characteristics of the financial assets and the purpose for which they were acquired. The Management determines the classification of its financialassets at initial recognition.Debt instruments that meet the following conditions are measured subsequently at amortized cost: the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash \ufb02ows; and the contractual terms of the financial asset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amountoutstanding.Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI): the financial asset is held within a business model whose objective is achieved by both collecting contractual cash \ufb02ows and selling the financial assets; and the contractual terms of the financialasset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding.By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the Group may at initial recognition irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if certain criteria are met; and the Group may irrevocably designate a debt investment that meets the amortized cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.Financial assets are presented as current assets, unless maturity is greater than twelve months after the reporting date and Management intends to hold the investment longer than twelve months after the reporting date. Financial assets and liabilities are offset, and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.Impairment of financial assetsThe Group always recognizes lifetime expected credit losses (ECL) for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.For all other financial instruments, the Group recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12\u2011month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12\u2011month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within twelve months after the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-244-2": { "value": "Debt instruments that meet the following conditions are measured subsequently at amortized cost: the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash \ufb02ows; and the contractual terms of the financial asset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amountoutstanding.Debt instruments that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI): the financial asset is held within a business model whose objective is achieved by both collecting contractual cash \ufb02ows and selling the financial assets; and the contractual terms of the financialasset give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-272-3": { "value": "See Note 1.7 for details of impairment testing of non-financial assets and Note 12 for additional details on intangible assets.Emission rights Any emission rights received from the respective countries\u2019 government agencies, without the need for payment of any consideration, are recognized at their nominal amounts, which in practice means that the intangible asset are valued at zero. A provision is not recognized in the balance sheet commensurate to the extent that emission rights used correspond to emission rights held. The provision is measured at the current market price with a corresponding cost in the statement of income commensurate to the extent emission rights used exceed the amount of emission rights held. Intangible assetsComputer softwareAcquired computer software licenses are capitalized based on the costs incurred to obtain and apply the specific software. These costs are amortized over their estimated useful lives.Costs which are directly associated with the development of identifiable software products controlled by the Group, and which are estimated to generate economic benefits, are recognized as intangible assets. These costs are amortized over their estimated useful lives. Goodwill and other intangible assetsGoodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.Other intangible assets are related to identifiable assets from business combinations and investments in other intangible assets.Intangible assets which are determined as having indefiniteuseful lives, are not amortized, but subject to annual impairment testing. The determination of indefinite useful lives is based on assessment by Management as to whether there is any foreseeable limit to the period over which the asset is expected to generate net cash in\ufb02ows for the entity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-275-4": { "value": "Emission rights Any emission rights received from the respective countries\u2019 government agencies, without the need for payment of any consideration, are recognized at their nominal amounts, which in practice means that the intangible asset are valued at zero. A provision is not recognized in the balance sheet commensurate to the extent that emission rights used correspond to emission rights held. The provision is measured at the current market price with a corresponding cost in the statement of income commensurate to the extent emission rights used exceed the amount of emission rights held. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-323-4": { "value": "Computer softwareAcquired computer software licenses are capitalized based on the costs incurred to obtain and apply the specific software. These costs are amortized over their estimated useful lives.Costs which are directly associated with the development of identifiable software products controlled by the Group, and which are estimated to generate economic benefits, are recognized as intangible assets. These costs are amortized over their estimated useful lives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-352-3": { "value": "The full fair value of hedging derivatives is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months. It is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Tradingderivatives are classified as a current asset or liability.Hedge effectivenessHedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.Hedge ineffectiveness for jet fuel hedges can be related todifferent factors such as differences in the purchased fuel and hedged commodity, the hedge ratio of the hedging relationship being different from the ratio of the hedged item actually hedged and the quantity of the hedging instruments actually used for the hedge, the Group\u2019s and its counterparties\u2019 credit risks. The Group calculates ineffectiveness in its hedging relationships designated for hedge accounting based on own input from budget and cash \ufb02ow forecasts as well on external input from mark to market valuations from financial institutions.Hedge ineffectiveness in relation to fuel derivatives is negligible for 2022.and they are subsequently measured to their fair value at the end of each reporting period. Derivatives are only used for economic hedging purposes and not as speculative investments. The Group applies hedge accounting for these contracts. Where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit and loss. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other losses/(gains).At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash \ufb02ows of the hedging instruments are expected to offset changes in the cash \ufb02ows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions.The effective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in the cash \ufb02ow hedge reserve withinequity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, within other losses/ (gains). When forward contracts are used to hedge forecast transactions, the Group generally designates only the change in fair value of the forward contract related to the spot component as the hedging instrument. Gains or losses relating to the effective portion of the change in thespot component of the forward contracts are recognized in the cash \ufb02ow hedge reserve within equity. The change in the forward element of the contract that relates to the hedged item (\u2018aligned forward element\u2019) is recognized within OCI in the costs of hedging reserve within equity. In some cases, the entity may designate the full change in fairvalue of the forward contract (including forward points) as the hedging instrument. In such cases, the gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognized in the cash \ufb02ow hedge reserve within equity.Derivative financial instruments and hedging activitiesDerivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into, ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-352-4": { "value": "The full fair value of hedging derivatives is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than 12 months. It is classified as a current asset or liability when the remaining maturity of the hedged item is less than 12 months. Tradingderivatives are classified as a current asset or liability.and they are subsequently measured to their fair value at the end of each reporting period. Derivatives are only used for economic hedging purposes and not as speculative investments. The Group applies hedge accounting for these contracts. Where derivatives do not meet the hedge accounting criteria, they are classified as \u201cheld for trading\u201d for accounting purposes and are accounted for at fair value through profit and loss. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other losses/(gains).At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash \ufb02ows of the hedging instruments are expected to offset changes in the cash \ufb02ows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions.The effective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognized in the cash \ufb02ow hedge reserve withinequity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, within other losses/ (gains). When forward contracts are used to hedge forecast transactions, the Group generally designates only the change in fair value of the forward contract related to the spot component as the hedging instrument. Gains or losses relating to the effective portion of the change in thespot component of the forward contracts are recognized in the cash \ufb02ow hedge reserve within equity. The change in the forward element of the contract that relates to the hedged item (\u2018aligned forward element\u2019) is recognized within OCI in the costs of hedging reserve within equity. In some cases, the entity may designate the full change in fairvalue of the forward contract (including forward points) as the hedging instrument. In such cases, the gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognized in the cash \ufb02ow hedge reserve within equity.Derivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into, ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-358-4": { "value": "Hedge effectivenessHedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.Hedge ineffectiveness for jet fuel hedges can be related todifferent factors such as differences in the purchased fuel and hedged commodity, the hedge ratio of the hedging relationship being different from the ratio of the hedged item actually hedged and the quantity of the hedging instruments actually used for the hedge, the Group\u2019s and its counterparties\u2019 credit risks. The Group calculates ineffectiveness in its hedging relationships designated for hedge accounting based on own input from budget and cash \ufb02ow forecasts as well on external input from mark to market valuations from financial institutions.Hedge ineffectiveness in relation to fuel derivatives is negligible for 2022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-377-3": { "value": "InventoryInventory of spare parts are carried at the lower of acquisition cost and net realizable value. Cost is determined using the first in-first out (FIFO) method.Inventory is consumed during maintenance and overhaul ofthe aircraft and is expensed when consumed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-383-3": { "value": "TRADE RECEIVABLES Trade receivables are amounts due from customers for services performed and goods sold in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.Receivables from credit card companies are classified as trade and other receivables in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-444-4": { "value": "Impairment of financial assetsThe Group always recognizes lifetime expected credit losses (ECL) for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.For all other financial instruments, the Group recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12\u2011month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12\u2011month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within twelve months after the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-472-3": { "value": "ProvisionsProvisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an out\ufb02ow of resources will be required to settle the obligation and the amount has been reliably estimated. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-taxrate that re\ufb02ects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-490-3": { "value": "Employee benefitsThe Group operates various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations.Defined benefit plansThe cost of providing benefits under defined benefit plansis determined using the projected unit credit actuarial valuation method. The past service cost is recognized as an expense on a straight-line basis over the average perioduntil the benefits are vested. If the benefits are alreadyvested immediately following the introduction of or changes to a pension plan, past service cost is recognized immediately.The defined benefit obligation is the aggregate of thepresent value of the defined benefit obligation andactuarial gains and losses not recognized reduced by past service costs not yet recognized and the fair value of plan assets out of which the obligations are to be settled directly. If such aggregate is negative, the asset is measured at the lower of such aggregate or at the aggregate of cumulative unrecognized net actuarial losses and past service cost and the present value of any The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.Employee share purchase savings programBonus shares and employer\u2019s contribution are measured at fair value using the Black and Scholes option pricing model. Expenses for bonus shares are included in payroll expenses. The fair value of the bonus shares and the estimated employer\u2019s contribution are distributed as expenses over the expected period until settlement. Changes in estimates affecting employer\u2019s contributions are expensed over the remaining vested period. For further details see Note 21.economic benefits available in the form of refunds from the plan or reductions in the future contributions to the plan.In addition, the Group participates in an early retirement plan (AFP) for all employees in Norway. The AFP pension plan is a multi-employer defined benefit plan. However,the plan is recognized in the income statement as a defined contribution plan as the plan\u2019s administrator has not allocated actuarial gains/losses to the members of the AFP pension plan at 31 December 2022.Provisions for pension costs are detailed in Note 22.Defined contribution plansIn addition to the defined benefit plan described above,the Group operates a defined contribution plan. A definedcontribution plan is a pension plan under which the Group pays fixed contributions to a separate entity. The Group has no legal or constructive obligations to pay further contributions should the fund not hold sufficient assets to pay all employees the benefits relating to employee servicein the current and prior periods. The contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available.Share-based paymentsThe Group operates a number of equity-settled, share-based compensation plans under which the entity receivesservices from employees as consideration for equity instruments of the Group. The fair value of the employee services received in exchange for the grants of the optionsis recognized as an expense over the vesting period. The total amount to be expensed is determined by referring to the fair value of the options granted. The fair value of the options to be settled in equity instruments is estimated at the grant date. The fair value isdetermined by an external part by applying the Black and Scholes option-pricing model. The assumptions underlying the number of options expected to vest are adjusted to re\ufb02ect conditions prevailing at the reporting date. For further details see Note 21.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-513-3": { "value": "loss, whereas all other financial liabilities are measured at amortized cost. Loans and other borrowings are recognized initially at fair value, net of transaction costs incurred. They are subsequently measured at amortized cost, whereas the difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.A substantial modification of the terms of an existing financial liability or a part of it is accounted for as an extinguishment of the original financial liability and recognition of a new financial liability. The modificationof the terms is assessed both from a quantitative and qualitative view. If the modification is assessed to be an extinguishment, the difference between the carrying amount of the financial liability and the consideration paid including liabilities assumed is recognized as gain or loss. Any cost or fees incurred are recognized as part of the gain or loss.For issued convertible debt, the Group assess at the time of issue if the compound financial instrument contains both a liability and an equity component. If so, the fair value of the instrument as a whole is allocated to its equityand liability components. After initial recognition, the liability component is measured at amortized cost. No gainor loss is recognized upon conversion. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.Trade payables are obligations to pay for goods or services purchased from suppliers in accordance with general course of business. Accounts payables are classified as current liabilities if payment is due within the next twelve months. Payables due after the next twelve months are classified as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.LiabilitiesFinancial liabilities are classified either as measured at amortized cost or as measured at fair value through profit or loss. Derivative instruments recognized as financial liabilities are being measured at fair value through profit or", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-513-4": { "value": "loss, whereas all other financial liabilities are measured at amortized cost. Financial liabilities are classified either as measured at amortized cost or as measured at fair value through profit or loss. Derivative instruments recognized as financial liabilities are being measured at fair value through profit or", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-558-3": { "value": "Cash and cash equivalentsCash and cash equivalents include cash in hand and in the bank, as well as short-term deposits with an original maturity of three months or less. Cash and cash equivalents in the statement of financial position include restricted funds from withheld employee tax, guarantees and deposits pledged as collateral to suppliers.The group holds investments in money market funds classified as cash and cash equivalents. These funds are highly liquid and readily convertible to a known amount of cash which is subject to an insignificant risk of changes in value. Investments not meeting these criteria are classifiedas financial assets measured at fair value through profitand loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-562-4": { "value": "Cash and cash equivalents in the statement of financial position include restricted funds from withheld employee tax, guarantees and deposits pledged as collateral to suppliers.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-573-3": { "value": "EquityShare capital comprises the number of shares multiplied by their nominal value and are classified as equity. Transaction costs directly attributable to an equity transaction are recognized directly in equity net of tax.When equity instruments are issued to a creditor to extinguish all or part of an existing liability, the equity instruments are recognized initially at fair value.The Group has issued Perpetual Bonds. The bonds are perpetual subordinated convertible bonds with no requirement for the Group to either pay instalments or interest. The holders of the bonds can only require repayment as a part of a liquidation and the conversion element is considered by itself to be an equity component.The Perpetual Bonds are therefore classified as equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-593-3": { "value": "carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extentthat it is no longer probable that sufficient taxable profitwill be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.Deferred income tax assets and liabilities are measured at the tax rates that are expected in the year when the assetsare realized or when the liabilities are settled, based on tax rates (and tax laws) which have been enacted, or substantively enacted, at the reporting date.Deferred income tax assets and deferred income tax liabilities are offset to the extent that:the Group has a legal and enforceable right to offset the recognized amounts and;if deferred tax assets and tax liabilities relates to income tax from the same tax authorities and the same taxable entity in the Group, or if different taxable entities in the Group intend either to settle on a net basis, or to realize the asset and settle the liability simultaneously.Deferred income tax is provided based on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.Current and deferred income taxThe tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent it relates to items recognized in othercomprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income taxCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that re\ufb02ects uncertainty related to income taxes, if any. The tax rates and tax laws that are used to compute the amount are those which are enacted or substantively enacted at the reporting date.Deferred income taxDeferred income tax is determined by using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.Deferred income tax liabilities are recognized for all taxable temporary differences. Deferred income tax assetsare recognized for all deductible temporary differences, ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-627-3": { "value": "Contingent assets and liabilitiesA contingent asset is not recognized in the annual financialstatements but disclosed in the notes where an in\ufb02ow of economic benefits is probable.Contingent liabilities are defined as possible obligations arising from past events the existence of which depends on future events, or for which it is improbable that they will lead to an out\ufb02ow of resources, or which cannot be measured with sufficient reliability.Contingent liabilities are not recognized in the annual financial statements, but significant contingent liabilitiesare disclosed in the notes to the financial statements, with the exception of contingent liabilities where the probability of the liability occurring is remote. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-632-4": { "value": "The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.Employee share purchase savings programBonus shares and employer\u2019s contribution are measured at fair value using the Black and Scholes option pricing model. Expenses for bonus shares are included in payroll expenses. The fair value of the bonus shares and the estimated employer\u2019s contribution are distributed as expenses over the expected period until settlement. Changes in estimates affecting employer\u2019s contributions are expensed over the remaining vested period. For further details see Note 21.Share-based paymentsThe Group operates a number of equity-settled, share-based compensation plans under which the entity receivesservices from employees as consideration for equity instruments of the Group. The fair value of the employee services received in exchange for the grants of the optionsis recognized as an expense over the vesting period. The total amount to be expensed is determined by referring to the fair value of the options granted. The fair value of the options to be settled in equity instruments is estimated at the grant date. The fair value isdetermined by an external part by applying the Black and Scholes option-pricing model. The assumptions underlying the number of options expected to vest are adjusted to re\ufb02ect conditions prevailing at the reporting date. For further details see Note 21.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-653-4": { "value": "Current income taxCurrent income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that re\ufb02ects uncertainty related to income taxes, if any. The tax rates and tax laws that are used to compute the amount are those which are enacted or substantively enacted at the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-711-3": { "value": "cargo, expired CashPoints, and revenue from business activities in subsidiaries which are not airlines. Other airline revenues are recognized when the performance obligations have been satisfied through the rendering of services. Revenue from sales of Wi-Fi products and services comprises traffic fees. Revenue traffic fees are recognizedas revenue at the time of consumption. Customer loyalty program \u2013 Norwegian RewardThe Group runs a loyalty program: Norwegian Reward. Reward members earn the digital currency \u201cCashPoints\u201d. The program enables members to earn CashPoints as they \ufb02y with Norwegian, use the Bank Norwegian credit card and from making purchases of goods and services from more than 50 Reward partners. CashPoints can be used as full or partial payment for goods or services offered by theGroup.CashPoints are considered as a separate element of a sale with multiple elements. The portion of the price allocated to Cash Points is based on the stand-alone selling price. Revenue allocated to accrued cash points is deferred and recognized as a contract liability, taking into consideration estimated redemption rates. The contract liability is included in the line-item Trade and other payables in the consolidated statement of financial position. The CashPoint liability is derecognized and recognized as otherrevenue when the points expire. Unused CashPoints expire 24 months after the end of the calendar year in which the CashPoints were earned. Revenue and costs from issuing CashPoints to external partners in the loyalty program Reward are presented on a net basis.considerations the Group does not recognize any financingelement in relation to ticket sales.Passenger revenue Passenger revenue is reported as traffic revenue when the air transport has been carried out and the performance obligations hence are satisfied. The value of sold tickets and which are still valid but not used by the reporting date (amounts sold in excess of revenue recognized) is reportedas air traffic settlement liability. This liability is reduced either when the Group or another airline completes the transportation or when the passenger requests a refund. Ancillary revenue Ancillary revenue comprises sales of ticket-related products and services, e.g. revenue from baggage sales, seating and premium upgrades. Most of the products and services do not have separate performance obligations but are associated with the performance obligation of the air transport and are hence recognized as revenue at the time of the transport. Between time of sale and time of transport such ancillary revenue items are reported as part of the air traffic settlement liability.Amounts paid by \u2018no-show\u2019 customers are recognized as revenue when the booked service is provided, and performance obligations are satisfied. \u2018No-show\u2019 customers with low fare tickets are not entitled to change \ufb02ights or seek refunds for other than taxes once a \ufb02ight has departed. 1.19.3 Contract costs Certain incremental distribution costs in relation to the pre-sale of tickets are capitalized between time of sale and time of the air transport taking place. As such distribution costs are incremental and correlated with ticket sales, experience data is collected on the size of the various elements of contract costs relative to the size of the revenue. Such experience data together with the size of air traffic settlement liabilities give basis for capitalization and amortization of the contract costs. 1.19.4 Other revenue Other revenue comprises third party revenue, such as Revenue recognitionRevenue comprises the amounts that re\ufb02ect the consideration to which the entity expects to be entitled in exchange for goods and services promised to be transferred to customers in the general course of the Group\u2019s activities. Revenue is shown net of value-added tax and discounts. The Group recognizes revenue when the performance obligations in the contract with the customer are satisfied.Revenue from the airline business is generally associated with the performance obligation of the air transport taking place. Tickets are pre-sold up in advance of the air transport taking place. The Group receives payment at or shortly after time of sale, but such payments might be partly delayed until time of transport with any hold-back imposed by credit card acquirers for security reasons. Between time of sale and time of air transport, the amounts collected from the customers are presented as air traffic settlement liabilities. The value of the resulting air traffic settlement liabilities, less any taxes collected on behalf of authorities, represents the aggregate transactionprice of performance obligations not yet satisfied.Tickets can be purchased up to almost one year prior to the air transport taking place. The contracts with customers hence have a duration of less than one year and the corresponding air traffic settlement liabilities will always fall due within one year. Hence will also a financial year\u2019s reported revenue include the entire closing balance of the prior year\u2019s air traffic settlement liabilities.The time between ticket sale and time of the air transport taking place is less than one year and based on materiality ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-719-4": { "value": "Customer loyalty program \u2013 Norwegian RewardThe Group runs a loyalty program: Norwegian Reward. Reward members earn the digital currency \u201cCashPoints\u201d. The program enables members to earn CashPoints as they \ufb02y with Norwegian, use the Bank Norwegian credit card and from making purchases of goods and services from more than 50 Reward partners. CashPoints can be used as full or partial payment for goods or services offered by theGroup.CashPoints are considered as a separate element of a sale with multiple elements. The portion of the price allocated to Cash Points is based on the stand-alone selling price. Revenue allocated to accrued cash points is deferred and recognized as a contract liability, taking into consideration estimated redemption rates. The contract liability is included in the line-item Trade and other payables in the consolidated statement of financial position. The CashPoint liability is derecognized and recognized as otherrevenue when the points expire. Unused CashPoints expire 24 months after the end of the calendar year in which the CashPoints were earned. Revenue and costs from issuing CashPoints to external partners in the loyalty program Reward are presented on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-744-3": { "value": "1.20 Leasing At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.Obligations for costs to restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset.The Group presents right-of-use assets from aircraft and aircraft spare parts leases in \u2018Right-of-use aircraft, parts and installations\u2019 in the consolidated statement of financialposition. Right-of use assets from facility and equipment leases are presented as `Right-of-use buildings\u00b4 and \u00b4Right-of-use equipment\u00b4, respectively. Interest expense on the lease liability is presented as `Interest expense\u00b4 in the consolidated income statement. Depreciation of the right-of-use assets is presented under `Aircraft lease, depreciation and amortization\u00b4.For aircraft sale-leaseback transactions, the ROU asset is measured at the portion of the previous carrying amount of the asset that relates to the right of use retained by the seller-lessee. Gain or loss is recognized for the amount that relates to the rights transferred to the buyer-lessor. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to re\ufb02ect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following:fixed payments, including in-substance fixed payments;variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;amounts expected to be payable under a residual value guarantee; andthe exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.Variable rents that do not depend on an index or rate are not included in the measurement the lease liability and the right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers those payments occurs.The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability(using the effective interest method) and by reducing the carrying amount to re\ufb02ect the lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. the right to control the use of an identified asset, the Group assesses whether the contract involves the use of an identified asset. The asset is not identified if the lessorhas a substantive substitution right. The Group assesses further whether it has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period and whether it has the right to direct the use of the asset.The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases, except for aircraft leases, and leases of low-value assets, includingIT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 1.20.1 Measurement and presentation of right- of-use assets and lease liabilities As a lessee, the Group leases many assets including aircraft, aircraft spare parts, facilities and other equipment. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset re\ufb02ects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-857-3": { "value": "Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker who is responsible for allocating resources and assessing the performance of the operating segments. The chief operating decision maker has been identified as the Executive Management. The Group has one operating segment, which is low-cost air passenger travel. See Note 4 for further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-866-2": { "value": "1.22 Events after the reporting dateNew information regarding the Group\u2019s positions at the reporting date is taken into account in the preparation of the annual financial statements. Events occurring after the reporting date which do not affect the Group\u2019s position at the reporting date, but which will affect the Group\u2019s position in the future, are disclosed if significant.e-fuel plant in Mosj\u00f8en, Norway. The plant will produce sustainable aviation fuels (SAF). The partnership is estimated to secure approximately 20 percent of Norwegian\u2019s total demand for SAF until 2030. In addition, Norwegian will invest more than NOK 50 million for a minority equity stake in the companyThere have been no other material events subsequent to the reporting period that might have a significant effect onthe consolidated financial statements for 2022.NOTE 30: EVENTS AFTER THE REPORTING PERIOD On 30 January 2023, Norwegian announced a buy-back with an aggregated nominal value of NOK 412.5 million of the zero-coupon senior unsecured NOK 3,714,318,301 Retained Claims Bonds maturing 30.09.2026 (ISIN: 0010996457) at a price of 72.50 percent of par value. On 3 February 2023, Norwegian announced an additional buy-back with an aggregated nominal value of NOK 72.2 million of the aforementioned Retained Claims Bonds at a price of72.50 per cent of par value.On 6 February 2023, Norwegian announced that it has signed a Letter of Intent (LOI) with Air Lease Corporation (ALC) to lease six Boeing 737 MAX 8 aircraft which are in addition to three 737 MAX 8 aircraft Norwegian previously agreed to lease from ALC of which one has already been delivered to Norwegian. The aircraft are to be delivered in short time to Norwegian and ahead of the summer 2023 season.On 17 February 2023, Norwegian announced the conversion of New Capital Perpetual bonds whereby new share capital was registered. The Company received conversion notices from bondholders representing NOK 15,000,000 Early Conversion Bonds, which pursuant to standard terms set out in the bond terms are convertible into 1,597,444 new shares in the Company. On 2 March 2023, Norwegian paid the ETS penalty fee amount of close to NOK 400 million. Payment was made after the authorities had notified the Company that suspension of payment would not be granted. The Company disagrees with the authorities\u2019 decision to enforce payment prior to a conclusion being reached through legal proceedings given the principled nature of the matter. The Company will seek a return of this amount plus interest following a final conclusion. See Note 28 for further details. On 24 April, Norwegian announced a landmark partnership with Norsk e-Fuel to build the world\u2019s first full scale ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-954-2": { "value": "If the price for CO2 emission allowances in 2022 had been 1 percent higher/lower with all other variables held constant, pre-tax profit and pre-tax equity effect for the year would have been NOK 5 million lower/higher (2021: NOK 0). In preparing these consolidated financial statements, the expected impacts of the climate related matters on the Group\u2019s results have been considered in Management\u2019s profitability and cash \ufb02ow forecasts, which are used in impairment testing of non-financial assets and evaluation of the recovery of deferred tax assets. The recoverability of those assets is considered not to be significantly affected by climate-related matters at the end of the reporting period.The Group expects the impact of climate-related matters on the estimated economic life of its \ufb02eet to be insignificant, as Management is not aware of such regulations at the balance sheet date that would directly prevent or limit the Group\u2019s ability to use its current \ufb02eet or any related assets.Climate risks The Group is directly and indirectly exposed to climate risks. Extreme weather events due to climate changes could potentially lead to an increase in \ufb02ight cancelations, increased waiting time and cost such as fuel consumption and de-icing. Such events and the resulting delays and cancellations could also have a material adverse impact on the Group\u2019s financial performance as a consequence of changes in the public\u2019s willingness to travel by aircraft within Europe.Environmental regulations will increase the Group\u2019s cost base. In particular, three initiatives included in the EU\u2019s \u2018\u2018Fit for 55\u2019\u2019 legislative package are relevant for the aviation industry, such as the reform of emissions trading (EU-ETS), the mixing quota for sustainable aviation fuels and the proposed changes to CO2 taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-975-2": { "value": "NOTE 2: FINANCIAL RISKThe Group\u2019s activities expose it to a variety of financial risks; market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group\u2019s overall financial risk management program focuses on changes and \ufb02uctuations in financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financialinstruments to hedge certain financial risk exposures.Financial risk management is carried out by a central Treasury department (Group Treasury), under policies approved by the Board of Directors. Group Treasury identifies, evaluates and hedges financial risk in close co-operation with the Group\u2019s operating units. The Board provides principles for overall risk management such as foreign currency risk, interest rate risk, credit risk, jet fuel price risk, use of derivative financial instruments and investment of excess liquidity. For further details on derivative financial instruments and hedging activities, please refer to Note 1.9.Credit risk Credit risk is managed on a Group-wide basis. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to travel agencies and commercial customers, including outstandingreceivables and committed transactions. The utilization of credit limits is regularly monitored. The Group\u2019s policy is tomaintain credit sales at a minimum level. Sales to private customers are settled in cash or using major credit card companies.Credit risk related to bank defaults is closely monitored and partly offset by diversifying the Group\u2019s deposit portfolio. There is re-invoicing of maintenance costs on aircraft to leasing companies, and Norwegian regularly evaluates and assesses the value of these credits. See Note 19 for further disclosure on credit risk.Group\u2019s currency exposure on operating expenses. If NOK had weakened with 1 percent against USD with all other variables held constant, other comprehensive income would have been NOK 47 million lower (compared to NOK 123 million higher in 2021). 2.3 Cash \ufb02ow and fair value interest rate risk As the Group has interest-bearing debt, the Group\u2019s income and operating cash \ufb02ows are dependent on changes in the market interest rates. The Group\u2019s cash \ufb02owborrowings interest rate risk arises from \ufb02oating interest rate borrowings. Floating interest rate borrowings consist of a secured bond issue and a term facility. Borrowings issued at fixed rates expose the Group to fair value interestrate risk. Fixed interest rate borrowings consist of aircraft financing. Borrowings are denominated in USD and NOK.If the \ufb02oating interest rate in 2022 had been 1 percent higher/lower with all other variables held constant, pre-tax profit and pre-tax equity effect for the year would havebeen NOK 8 million lower/higher (2021: NOK 32 million). The Group measures borrowings at amortized cost. No changes in fair value of fixed rate interest rate borrowings would be accounted for. Fair value calculations of fixed interest rate borrowings are detailed in Note 3.2.4 Jet fuel prices Expenses for jet fuel represent a substantial part of the Group\u2019s operating costs, and \ufb02uctuations in jet fuel prices in\ufb02uence the projected cash \ufb02ows. The objective of the jet fuel price risk management policy is to safeguard against significant and sudden increases in jet fuel prices whilst retaining access to price reductions. The Group manages jet-fuel price risk using fuel derivatives. Management has a mandate to hedge up to 50 percent of its expected consumption over the next 12 rolling months and 25 percent for the period from 12 to 24 months in the future with forward contracts. At the end of 2022, the Group has hedged around 15 percent of its planned fuel consumption in 2023 at an average price of USD 891 per metric ton. All hedge contracts expire in 2023.Market risk Market risk is the risk of changes in market prices, such as foreign exchange rates, jet fuel prices and interest rates which will affect the Group\u2019s income or value of its holdings of financial instruments. Foreign exchange risk A substantial part of the Group\u2019s expenses is denominated in foreign currencies. The Group\u2019s leases, aircraft borrowings, maintenance, jet fuel and related expenses are mainly denominated in USD, and airplane operation expenses are partly denominated in EUR. The carrying amount of the Group\u2019s net investments in foreign entities and proceeds from these investments varies with changes in the foreign exchange rate. In order to reduce currency risk, the Group has a mandate to hedge its currency exposure for the following 12 months. Hedging can consist of forward currency contracts and \ufb02exible forwards.Exchange rate risk sensitivity analysis This analysis does not take into account correlation between currencies. Empirical studies confirm substantial diversification effect across the currencies that the Group is exposed to.Effects on net currency gains (losses) The Group is exposed to currency \ufb02uctuations on financialinstruments in the statement of financial position.If NOK had weakened by 1 percent against USD in 2022, with all other variables held constant, pre-tax profit effect would have been negative by NOK 12 million (compared to negative NOK 2 million in 2021), mainly as a result of foreign exchange losses/gains on receivables, payables andcash and cash equivalents. 2.2.3 Effects due to foreign exchange translations on other comprehensive income The Group has major investments in operations abroad, whose net assets are exposed to foreign currency translation risk. Currency exposure arising from the net assets of the Group\u2019s foreign operations can be material, but the variances create a natural hedge against the Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The liquidity is affected by trading risks presented by current economic conditions in the aviation sector, particularly in relation to passenger volumes and yields and the associated profitability of individual routes. A portion of the Group\u2019s sales are paid for by the customers at the time of booking and Norwegian receive the actual payments from the credit card acquirers either at the time of sale or at the time of travel. Delayed payments from credit card companies vary between credit card acquirers. A reduction in credit lines with credit card acquirers might have an adverse effect on the Group\u2019s liquidity. The risk arising from receivables on credit card companies or credit card acquires are monitored closely. The Board of Directors has imposed an internal liquidity target which is closely monitored by the Management. Management monitors rolling forecasts of the Group\u2019s liquidity reserve, cash and cash equivalents (see Note 17) on the basis of expected cash \ufb02ows. The Group\u2019s liquidity management policy involves projecting cash \ufb02ows in major currencies andconsidering the level of liquid assets necessary to monitor liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans. The projected cash \ufb02ows are based on a detailed plan that covers a period for at least twelve months after the date of approval of these financial statements. In developing these forecasts, estimates and judgment are made to project revenue, costs and availability of different financing sources. Assessments are made of potential adverse effects from events outside the Group\u2019s control.The table below analyses the maturity profile of the Group\u2019s financial liabilities at thereporting date. The amounts disclosed are the contractual undiscounted cash \ufb02ows:Over NOK million Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 5 years5 yearsAt 31 December 2022Borrowings 198.5 283.6 2,097.6 2,290.7 347.6Trade and other payables 3,651.2 - - - -Lease liabilities 1,509.5 1,468.6 1,328.1 1,827.5 588.0Calculated interest on borrowings 53.3 44.2 35.5 46.7 16.1Derivative contracts - payments 21.7 - - - -Total financial liabilities 5,434.2 1,796.4 3,461.2 4,164.9 951.7Over NOK million Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 5 years5 yearsAt 31 December 2021Borrowings 181.1 220.2 233.8 4,297.4 458.2Trade and other payables 3,782.6 - - - -Lease liabilities 1,000.2 1,164.9 1,092.2 1,752.4 1,072.5Calculated interest on borrowings 34.4 46.3 39.8 58.7 35.3Total financial liabilities 4,998.4 1,431.4 1,365.8 6,108.5 1,566.02.7Capital risk managementThe Group\u2019s capital management policy is to have a capital structure which meets the demands of operations, reduces cost of capital and complies with financial covenants and future investments planned by the Group. The Group will adjust debt and equity to maintain and secure an optimal capital structure by continuously monitoring the total equity level and the equity ratio of the Group. This ratio is calculated as equity divided by total assets as presented in the consolidated statement of financial position and consolidated statement of changes in equity. The equity ratios at 31 December were as follows:(NOK million) 2022 2021 Equity 4,203.4 3,2 69.6Total assets 22,669.6 18,825.4Equity ratio 18.5 % 17.4 %", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-994-2": { "value": "obligation at each reporting period. These estimates are subject to revision based on the outcome of tax audits anddiscussions with authorities that can take several years to conclude. See Note 10 for further details of tax positions.The Group has recognized a partial impairment reversal of NOK 2,099 million relating to predelivery payments (\u201cPDP\u201d)towards Boeing.Boeing has agreed to grant the Company a total credit of USD 215 million in relation to the predelivery payments previously made. Management assesses these credits to bere-instated PDP in relation to the new firm aircraft order rather than a future reduction of acquisition cost of the aircraft to be received. See Note 13 for further details.Related to the claim from the Norwegian Environment Agency for missing surrender of emission allowances for 2020, Management evaluates that the Group was unable to surrender allowances for emissions predating 18 November 2020 and does not accept the fine imposed by the authorities. At the end of 2022, the Group maintains a provision for emissions predating 18 November 2020 of NOK 15 million, corresponding to dividend of 5 percent introduced under the Reconstruction. No provision was made for the imposed penalty at year-end 2022. For further details see Note 28.Critical accounting estimates and judgmentsEstimates In preparing the consolidated financial statements, the Management is required to assess judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses. The critical judgments and key sources of estimation uncertainty that have been made in preparing the consolidated financial statements are detailed below. These judgments involve assumptions or estimates in light of future events that can differentiate from what is expected.The aircraft held under lease agreements are subject to specific redelivery conditions stated in the contracts as well as periodic maintenance programs as defined by the aircraft and engines manufacturers. To meet these requirements, the Group must conduct maintenance, both regularly and at the expiration of the leasing period. Provisions are made based on the estimated costs of overhauls and maintenance. In order to estimate these conditions, the Management must make assumptions regarding expected maintenance costs. Description of maintenance cost estimates are described in Note 23. Impairment testing has been performed for the Company\u2019snon-current assets. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of estimates. See Note 13 for further details. 1.23.2 Significant judgments Deferred tax assets are recognized for all unused tax losses to the extent that taxable profits are probable. Deferred tax liabilities are recognized when an obligation has been incurred. Significant management judgment is required to determine the amounts of deferred tax assets that can be recognized, based on the anticipated timing and level of future taxable profits together with future tax planning strategies. Deferred tax liabilities that have been incurred are based on the best estimate of the likely ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1077-3": { "value": "Credit risk Credit risk is managed on a Group-wide basis. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to travel agencies and commercial customers, including outstandingreceivables and committed transactions. The utilization of credit limits is regularly monitored. The Group\u2019s policy is tomaintain credit sales at a minimum level. Sales to private customers are settled in cash or using major credit card companies.Credit risk related to bank defaults is closely monitored and partly offset by diversifying the Group\u2019s deposit portfolio. There is re-invoicing of maintenance costs on aircraft to leasing companies, and Norwegian regularly evaluates and assesses the value of these credits. See Note 19 for further disclosure on credit risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1174-3": { "value": "Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The liquidity is affected by trading risks presented by current economic conditions in the aviation sector, particularly in relation to passenger volumes and yields and the associated profitability of individual routes. A portion of the Group\u2019s sales are paid for by the customers at the time of booking and Norwegian receive the actual payments from the credit card acquirers either at the time of sale or at the time of travel. Delayed payments from credit card companies vary between credit card acquirers. A reduction in credit lines with credit card acquirers might have an adverse effect on the Group\u2019s liquidity. The risk arising from receivables on credit card companies or credit card acquires are monitored closely. The Board of Directors has imposed an internal liquidity target which is closely monitored by the Management. Management monitors rolling forecasts of the Group\u2019s liquidity reserve, cash and cash equivalents (see Note 17) on the basis of expected cash \ufb02ows. The Group\u2019s liquidity management policy involves projecting cash \ufb02ows in major currencies andconsidering the level of liquid assets necessary to monitor liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans. The projected cash \ufb02ows are based on a detailed plan that covers a period for at least twelve months after the date of approval of these financial statements. In developing these forecasts, estimates and judgment are made to project revenue, costs and availability of different financing sources. Assessments are made of potential adverse effects from events outside the Group\u2019s control.The table below analyses the maturity profile of the Group\u2019s financial liabilities at thereporting date. The amounts disclosed are the contractual undiscounted cash \ufb02ows:Over NOK million Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 5 years5 yearsAt 31 December 2022Borrowings 198.5 283.6 2,097.6 2,290.7 347.6Trade and other payables 3,651.2 - - - -Lease liabilities 1,509.5 1,468.6 1,328.1 1,827.5 588.0Calculated interest on borrowings 53.3 44.2 35.5 46.7 16.1Derivative contracts - payments 21.7 - - - -Total financial liabilities 5,434.2 1,796.4 3,461.2 4,164.9 951.7Over NOK million Less than 1 year Between 1 and 2 years Between 2 and 3 years Between 3 and 5 years5 yearsAt 31 December 2021Borrowings 181.1 220.2 233.8 4,297.4 458.2Trade and other payables 3,782.6 - - - -Lease liabilities 1,000.2 1,164.9 1,092.2 1,752.4 1,072.5Calculated interest on borrowings 34.4 46.3 39.8 58.7 35.3Total financial liabilities 4,998.4 1,431.4 1,365.8 6,108.5 1,566.0", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1204-2": { "value": "Fair value of borrowings All borrowings per 31 December 2022 and 2021 are measured at amortized cost. The fair value of current borrowings approximates their carrying amount. The NAS13 bonds issued in 2021 are traded in an active market.Thus, their fair value is based on quoted market prices on or close to the reporting date (level 1 in fair value measurement hierarchy). The fair value of other non-current borrowings is not exclusively determined based on observable market data (level 3 in fair value measurement hierarchy). Their fair value is based on cash \ufb02ows which are discounted using rates listed in Note 24.The maturity profile of borrowings is presented in note 2.6.The carrying amounts and fair values of the non-current borrowings are as follows:Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. Financial instruments in level 2 include forward contracts classified as derivatives. The fair value of forward commodity contracts is determined using mark to market values from financial institutions. Spot prices in the mark to market calculations are based on mid-prices as set be the financial institutions at the reporting date. Level 3 If one or more of the significant inputs are not based on observable market data, specific valuation techniques are applied. The Group had no financial instruments in this category at end of 2022 or 2021.The following table presents financial assets and liabilities measured at fair value at 31 December 2022:The Group had no financial instruments measured at fair value at end of 2021. NOTE 3: FAIR VALUE ESTIMATIONFinancial instruments which are measured in the statement of financial position at fair value, require disclosures of fair value measurements by the following levels of fair value measurement hierarchy: Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices of the reporting date. A market is regarded as active if quoted prices are readily and regularly available and represent actual and regular occurring market transactions on an arm\u2019s length basis. The Group had no financial instruments in this category at end of 2022 or 2021. NOK million Level 1 Level 2 Level 3 TotalDerivative financial - 19.9 - 19.9assets, currentTotal assets at fair value - 19.9 - 19.9 through OCIDerivative financial - 21.7 - 21.7liabilities, currentTotal liabilities at fair - 21.7 - 21.7 value through OCI Carrying amount Fair value NOK million2022 2021 2022 2021Bond issue 447.4 575.0 391.0 415.4 Retained claims 2,739.3 2,524.9 2,739.3 2,594.5bondsTerm facility 134.5 134.9 134.5 145.1Aircraft financing 726.7 744.8 662.5 662.3 Other non-2.0 2.0 2.0 2.0current debtTotal 4,050.0 3,981.6 3,929.3 3,819.3 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1219-3": { "value": "Level 2 The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. Financial instruments in level 2 include forward contracts classified as derivatives. The fair value of forward commodity contracts is determined using mark to market values from financial institutions. Spot prices in the mark to market calculations are based on mid-prices as set be the financial institutions at the reporting date. Level 3 If one or more of the significant inputs are not based on observable market data, specific valuation techniques are applied. The Group had no financial instruments in this category at end of 2022 or 2021.Financial instruments which are measured in the statement of financial position at fair value, require disclosures of fair value measurements by the following levels of fair value measurement hierarchy: Level 1 The fair value of financial instruments traded in active markets is based on quoted market prices of the reporting date. A market is regarded as active if quoted prices are readily and regularly available and represent actual and regular occurring market transactions on an arm\u2019s length basis. The Group had no financial instruments in this category at end of 2022 or 2021. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1273-2": { "value": "NOTE 4: SEGMENT AND REVENUE INFORMATIONExecutive Management reviews the Group\u2019s internal reporting to assess performance and allocate resources. Management has determined the operating segment based on these reports. Executive Management considers the business as one operating segment, which is low-cost air passenger travel. The Group\u2019s operating profit comes from airline-related activities and the Group\u2019s main revenue generating asset is its aircraft \ufb02eet, which is utilized across the Group\u2019s geographical segment.Performance is measured by the Executive Management based on the operating segment\u2019searnings before interests, tax, depreciation, amortization and aircraft lease (EBITDAR). Other information is measured in accordance with the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1273-3": { "value": "NOTE 4: SEGMENT AND REVENUE INFORMATIONExecutive Management reviews the Group\u2019s internal reporting to assess performance and allocate resources. Management has determined the operating segment based on these reports. Executive Management considers the business as one operating segment, which is low-cost air passenger travel. The Group\u2019s operating profit comes from airline-related activities and the Group\u2019s main revenue generating asset is its aircraft \ufb02eet, which is utilized across the Group\u2019s geographical segment.Performance is measured by the Executive Management based on the operating segment\u2019searnings before interests, tax, depreciation, amortization and aircraft lease (EBITDAR). Other information is measured in accordance with the financial statements.The table below shows revenues from low-cost air passenger travel which is split between passenger revenue, ancillary revenue, freight revenue and other revenue. Passenger related revenue per country is based on departure country of passenger journeys regardless of arrival country. Freight related revenue is based on departure country of freight services regardless of arrival country.Other revenue for 2022 includes mainly expired \u2018Norwegian Reward\u2019 CashPoints granted in2018 and 2019. NOK million 2022 2021By activity:Passenger transport 15,197.7 3,911.8 Ancillary revenue 2,870.0 941.5 Other revenue 801.6 214.5 Total operating revenue 18,869.3 5,067.8 NOK million 2022 2021By country:Norway 7,330.9 2,487.0 Spain 2,734.7 651.1 Denmark 2,154.3 575.8 Sweden 1,976.8 524.2 United Kingdom 829.8 91.1 Finland 645.3 122.0 France 500.8 104.8 Italy 479.1 66.3 Germany 270.1 47.5 Poland 214.3 46.2 Other 1,733.2 351.7 Total 18,869.3 5,067.8 Total outside of Norway 11,538.4 2,580.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1293-2": { "value": "*) head count at 31.12.*)*)Man-labor years Man-labor years Head count Head count 2022 2021 2022 2021Cabin Crew 1,430 638 1,648 1,375Flight Deck Crew 785 330 1,008 774Non-crew 957 841 1,215 1,161Total 3,172 1,809 3,871 3,310Norway 1,966 1,282 2,156 2,111Spain 316 194 679 691United Kingdom 10 17 11 15Sweden 183 40 215 48Denmark 410 151 459 267Finland 133 7 162 29Ireland 9 22 9 12Latvia 145 94 180 137United States 0 1 0 0France 0 1 0 0Total 3,172 1,809 3,871 3,310NOTE 5: PAYROLL EXPENSES AND NUMBER OF EMPLOYEESPayroll expenses include hired crew personnel. Some employees are participants in defined pension plans. See Note 22 for details.NOK million 2022 2021Wages and salaries 2,120.5 1,608.0Social security tax 325.4 242.0Pension expenses 239.0 131.8Employee stock options 3.3 13.2Other benefits 140.7 89.9Hired operational personnel55.9 -Total 2,884.8 2,084.9NOTE 22: PENSIONSThe Group operated defined contribution plans in Norway, Denmark, Sweden, Finland, Ireland, UK, Spain and Latvia, and defined benefit plans in Norway.Defined contribution plan The defined contribution plans require that the Grouppays premiums to public or private administrative pension plans on a mandatory, contractual or voluntary basis. The Group has no further obligations once these premiums are paid. The premiums are accounted for as personnel expenses as soon as they are incurred. Pre-paid premiums are accounted for as an asset to the extent that future benefits can be determined as plausible. Defined contribution plans comply with local Pension legislation.Pension expenses on defined contribution plans are NOK 207.7 million in 2022 (2021: NOK 98.8 million). Defined benefit plan As per 31 December 2022, 424 employees were active members (2021: 426) and 68 were on pension retirement (2021: 70). The related pension liability is recognized at NOK 202.3 million (2021: 206.2 million). The pension plans are in compliance with the OccupationalPensions Act and actuarial calculations comply with IAS 19. The mortality and disability estimates are based on up-to-date mortality tables K2013 BE. Funded NOK million 2022 2021Pension expenseNet present value of benefits earned 23.7 25.6Net interest on the net defined benefit 3.5 3.1liabilityAdministrative expenses 0.2 0.2Social security tax 3.9 4.1Net pension expense defined benefit plans 31.3 32.9Pension expense on defined contribution 188.3 87.9plansSocial security tax 19.4 11.0Total pension expense 239.0 131.8The net pension liability was based on several assumptions. The discount rate was based on covered bonds. The pension liability\u2019s average duration was 16 years. Wage adjustments, pension adjustments and the expected increase in state pensions were based on the Accountancy foundations pension assumption, and an expected long-term in\ufb02ation rate of 2.0 percent.Change in present value of defined benefit liability:Gross pension liability 1 January 458.1 443.4Current service costs 27.6 29.6Interest cost 8.6 6.6Actuarial gains/losses 13.9 (13.3)Benefits paid (4.9) (3.5)Social security on payments to plan (4.9) (4.8)Gross pension liability 31 December 498.4 458.1Change in fair value of plan assets:Fair value of pension assets 1 January 251.9 215.6Expected return 4.9 3.3Actuarial gains/losses 7.1 0.8Contributions paid 39.7 38.6Benefits paid (2.6) (1.7)Social security on payments to plan (4.9) (4.8)Fair value of plan assets 31 December 296.0 251.9Net pension liability 202.3 206.2Net recognized pension liability 31 December 202.3 206.2 2022 2021Actual return on pension funds 3.00 % 4.00 %Expected contribution to be paid next year 45.2 43.7The Group\u2019s pension fund was invested in the following instruments (at 30 September 2022 and 2021):Historical information2022 2021Discount rate 3.00 % 1.90 %Expected return on pension funds 0-1.90 % 0-1.90 %Wage adjustments 3.50 % 2.75 %Increase of social security base amount (G) 3.25 % 2.50 %Future pension increase 1.50 % 0.00 %Average turnover 0-8.00 % 0-8.00 %2022 2021Equity 10.2 % 9.7 %Bonds 14.6 % 19.6 %Money market funds 4.2 % 10.6 %Hold-to maturity bonds 38.1 % 26.7 %Real estate 11.0 % 13.6 %Various 21.9 % 19.8 %NOK million 2022 2021 2020 2019 2018Present value of defined benefit obligation 498.4 458.1 443.4 365.9 293.1Fair value of plan assets 296.0 251.9 215.6 188.3 146.6 Deficit/(surplus) in the plan 202.3 206.2 227.8 177.6 146.5 Experience adjustments on plan liabilities 13.9 (13.3) 44.9 44.3 (1.9)Experience adjustments on plan assets 7.1 0.8 2.9 2.0 0.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1300-2": { "value": "NOTE 6: REMUNERATION OF THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENTPursuant to the Norwegian Public Limited Liability Companies Act, section 6-16 a, the Board presented the following statement regarding remuneration of Norwegian\u2019sManagement to the 2022 Annual General Meeting (AGM).The Nomination Committee proposed to keep the fee levelunchanged for the Chair of the board, Directors elected by the shareholders, and the Directors elected by and among the employees. Annual fee for serving as Chair and members of the Audit Committee were also proposed to keep unchanged. The Nomination Committee proposed an annual fee of NOK 75,000 for serving as the Chair of the Remuneration Committee, to be resolved in advance but paid in arrears after the annual general meeting the following year (2023). Further, the Nomination Committee proposed an extraordinary fee for the Chair of the Remuneration Committee of NOK 75,000 for the period from the annual general meeting in 2021 to the annual general meeting in 2022. This fee was paid after the AGM in 2022. All Nomination Committees proposals were approved by the AGM.The Executive remuneration in 2022 complied with the guidelines on remuneration approved by the AGM in 2022. Geir Karlsen\u2019s (CEO) base salary was adjusted upwards by 3.75 percent and Christoffer Sundby\u2019s base salary was adjusted upwards by 10 percent. No other Executives had their salary adjusted in 2022. No bonuses were paid out and no share options were exercised by the Executives in 2022. Geir Karlsen was paid NOK 1,500,000 in 2022 for serving as both CEO and CFO from July 2021 to May 2022. Remuneration governance - directive of remuneration of the CEO and the Executive Management The purpose of the remuneration of Executive Management in Norwegian is to stimulate a strong and lasting performance-oriented culture, enabling the Company to deliver on its strategy. The overallcompensation level should be competitive compared to comparable organizations. The Board of Directors determines the remuneration of the CEO and the guidelines for remuneration of Executive Management (\u201cExecutives\u201d). The grandfather principle applies for Executives, implying that the Chair of the Board approves remuneration for Executives other than the CEO. The remuneration of the Board and the Executives must not have negative effects on the Company, nor damage the reputation of the Company. Total remuneration made to Executives going forward will in part be aligned with Norwegian\u2019s performance.Principles for base salary The fixed salary should re\ufb02ect the Executive\u2019s area of responsibility and performance over time. Norwegian offers base salary levels which are competitive in the market in which the Company operates. Salaries are benchmarked against salary statistics provided by global third-party human resource organisations and related financial services consulting firmsShort-term incentive (STI) program Norwegian\u2019s short-term incentive program (STI) is an incentive program with a timeframe of one year. The STI is a global incentive program designed to recognise, and reward Executives for the contributions they make to enable the Company\u2019s to meet its financial and business targets. The objectives of the program are to,The target variable compensation for the CEO is 75 percent of the gross base salary. The maximum variable compensation is 127.5 percent of the gross base salary.Long-term incentives program Norwegian offers employees hired in a Scandinavian legal entity participation in a long-term incentive program (LTI) through an employee share savings plan. The objective of the LTI is to align and strengthen the interest of employees and shareholders and to remunerate for long-term commitment and value creation. Under this plan, Norwegian will match 50 percent of the employees\u2019 investment, limited up to NOK 6,000 per annum. Provided that the employee contributes NOK 12,000 annually, Norwegian\u2019s contribution will be NOK 6,000. The program has a one-year vesting period. If the shares are kept for two calendar years, the participants will be allocated bonus shares proportionate to their purchase. One bonus share will be earned for every tenth share allocated under this scheme.(i) clearly communicate to Executives the Company targets, (ii) communicate to the Executives how variable compensation is linked to the Company\u2019s performance, (iii) positively impact the organisation\u2019s ability to meet or exceed the Company\u2019s performance targets, (iv) encourage more cross-functional cooperation and a \u201cone Norwegian mind-set\u201d, and (v) improve the Company\u2019s ability to attract and retain employees.Share Option Plan The Board of Directors has established an annual share option plans for Management. It is the Company\u2019s view that the granting of share purchase options through option schemes are positive for long-term value creation of the Company. The intention of this plan is to (i) attract and retain employees whose service is important to the Company\u2019s success, (ii) motivate such employees to achieve long-term goals for the Company, (iii) provide incentive compensation opportunities to such employees which are competitive with those of other companies, and (iv) to secure that such employees\u2019 financial interest is aligned with the shareholders of the Company. The Board can offer share options to Executives and other key leading employees when shareholders have given the authority through an AGM to grant schemes in accordance with the following principlesThe options to be offered in the 3rd quarter at the latest and granted in September at the latest.The exercise price per share shall be the higher of NOK 13.50 and the average price of the NAS share on trading days during the first 10 calendar days afterpresentation of Norwegian\u2019s 1st quarter financial results plus 10 percent (rounded to the nearest NOK 0.01).1/3 of options granted can be exercised at the earliest after one, two, and three years respectively, and the options shall expire after seven years.If an employee leaves the Company, the non-vested options will forfeit. Outstanding options exercisable at the date of such termination shall be exercisable no later than the first exercise period thereafter.The shares reserved for all share plans may not exceed two percent of the Company\u2019s issued share capital.See Note 20 for further details on options held by members of the Executive Management. Severance pay The notice period for the CEO and the remaining ExecutiveManagement team is six months. The CEO severance pay is six months. EVP Product & Digital Development had six months base salary severance pay. Chief Marketing & Customer Officer has six months base salary severancepay. The employee is not entitled to a severance payment in the event he or she terminates the employment. The CEO and the CFO has a change of control clause in their employment contracts.Remuneration composition In addition to fixed and variable salary, other benefitssuch as insurance, newspaper, Internet and telephone may be granted. The total value of these benefits should be modest and only account to a limited portion of the combined remuneration package. Principles for company car and car allowance vary in accordance with local conditions.Executives participate in the same pension plans as other employees within the legal entity in which they are employed. Executives in the Norwegian entities participatein a defined contribution pension plan. The annual accrualfor 2022 was five percent of the annual base salary from 0 to 7.1 G and eight percent from 7.1 to 12 G. G is the base amount of Norwegian Social Security which in 2022 amounted to NOK 111,477. In addition, an early retirement scheme (AFP) is offered in Norway, with the right to retire at the age of 62. AFP is a multi-employer DB plan (accounted for as DC). AFP is market practice, regulated by collective bargaining agreements, and has a modest cost.The STI program described above was not effective for 2021, primarily due to the financial impact of COVID-19 on the Company. A retention incentive scheme was implemented to ensure continuity in Executives through the extraordinary times in the first half of 2021. 1) 3)4)NOK 1,000 FeeSalary Bonus Other benefitsPension expenseTotal compensationThe Board of DirectorsSvein Harald \u00d8ygard, Chair of the Board 1,100 - - - - 1,100Sondre Gravir 500 - - - - 500Ingrid Elvira Leisner 675 - - - - 675Lars Rahb\u00e6k Boilesen 575 - - - - 575Chris Browne (until 31 December 2022) 625 - - - - 6251)Eric Holm, elected by the employees150 - - - - 1501)Katrine Gundersen, elected by the employees150 - - - - 1501)Geir Olav \u00d8ien, elected by the employees (until April 2022)125 - - - - 1251,2)Torstein Hiorth Soland, elected by the employees (since June 2022)25 - - - - 25Total board of directors 3,925 - - - - 3,925 Executive Management 6,7)Geir Karlsen (Chief Executive Officer)- 6,215 - 155 99 6,469Anne-Sissel Sk\u00e5nvik (Chief Communications and Public Affairs Officer) - 2,026 - 155 99 2,280Magnus Thome Maursund (Chief Commercial Officer) - 2,098 - 161 99 2,358Adrian Dunne (Chief Operations Officer) - 3,031 - 152 258 3,441Christoffer Sundby (Chief Marketing and Customer Officer) - 3,237 - 155 117 3,509Tor-Arne Fosser (Executive Vice President Airline Products & Digital Development - 2,171 - 1,553 66 3,7905)until 31 August 2022)Knut Olav Irgens H\u00f8eg (Chief IT and Business Services Officer) - 2,331 - 155 111 2,597Guro H. Poulsen (Chief People Officer) - 2,028 - 155 111 2,294Tore Kristian Jenssen (Chief Asset Officer from 1 May 2022) - 1,819 - 101 155 2,075 8)Hans-J\u00f8rgen Wibstad (Chief Financial Officer from 9 May 2022) - 1,908 - 352 65 2,325Total executive management - 26,864 - 3,0941,18031,138Total Compensation year 20221) For the employee representatives in the Board of Directors, only their fee for serving on the Board of Directors fee is stated2) Employee representative elected in AGM 2022. Fee for period from AGM 2022 to AGM 2023 will be paid in 2023.3) Other benefits include company car/car allowance, insurance, telephone, internet, severance pay, etc. 4) Pension expense re\ufb02ects paid pension premium5) Other benefits include 6 months severance pay6) Geir Karlsen was awarded a one-time payment of NOK 1.5 million as a salary compensation for the period spent as both CEO and acting CFO from 1 July 2021 to 8 May 2022Bonus of NOK 5 million paid in 2020 has been reversed, of which the net amount after tax of NOK 2.5 million has been repaid by the employeeHans-J\u00f8rgen Wibstad received a sign on fee of NOK 250,000, inluded in Other benefits when he was appointed CFO in May 2022No share options were exercised by the Management in 2022.4,5)6) 2)3)NOK 1,000 FeeSalary Bonus Other benefitsPension expenseTotal compensationThe Board of DirectorsNiels Smedegaard, Chair of the Board (until the end of May 2021) 1,550 - - - - 1,550Svein Harald \u00d8ygard, Chair of the Board (since June 2021) 350 - - - - 350Sondre Gravir 500 - - - - 500Ingrid Elvira Leisner 675 - - - - 675Jaan Albrecht Binderberger (until the end of May 2021) 525 - - - - 525Lars Rahb\u00e6k Boilesen (since June 2021) 100 - - - - 100Chris Browne 500 - - - - 500Vibeke Hammer Madsen (until the end of May 2021) 400 - - - - 400Eric Holm, elected by the employees1) 150 - - - - 1501)Katrine Gundersen, elected by the employees150 - - - - 150 1)Geir Olav \u00d8yen, elected by the employees (until April 2022)150 - - - - 150Total board of directors 5,050 - - - - 5,050 Executive Management Geir Karlsen (Chief Executive Officer from 21 June 2021) - 4,875 11,000 153 89 16,117Anne-Sissel Sk\u00e5nvik (Executive Vice President Communications and Public Affairs) - 2,000 1,500 159 89 3,748Magnus Thome Maursund (Executive Vice President Network, Pricing & Optimisation) (since - 525 337 45 30 9378)October 2021) 8, 9)Adrian Dunne (Executive Vice President Operations) (joined August 2021)- 1,270 1,017 74 108 2,469Christoffer Sundby (Executive Vice President Marketing, Sales & Customer Care) - 3,000 2,250 151 89 5,490 7)Tor-Arne Fosser (Executive Vice President Airline Products & Digital Development)- 2,900 2,175 153 89 5,317Knut Olav Irgens H\u00f8eg (Executive Vice President IT & Business Services) - 2,300 1,725 153 89 4,267Guro H. Poulsen (Executive Vice President People) - 2,000 1,500 152 89 3,741Andrew Hodges (Executive Vice President Network, Pricing & Optimisation) (until October 2021) - 3,075 2,306 - 242 5,623Johan Gauermann (Interim Executive Vice President Operations) (until September 2021) - 1,795 1,593 - 561 3,949Jacob Schram (Chief Executive Officer until 21 June 2021) - 7,000 11,000 144 89 18,233Total executive management - 30,740 36,403 1,184 1,564 69,891Total Compensation year 20211) For the employee representatives in the Board of Directors, only their fee for serving on the Board of Directors fee is stated2) Other benefits include company car/car allowance, insurance, telephone, internet, severance pay, etc. 3) Pension expense re\ufb02ects paid pension premium4) Directors elected by the shareholders prior to the AGM of 2021 were granted an extraordinary fee of NOK 100,000 and the chair of the board NOK 1 million5) The shareholder elected Board members and the Chair of the Board were granted fees to buy shares in the Company. The shares cannot be sold until the shares have a value corresponding to an annual board fee, total NOK 500,000, or before resignation from the board6) A retention incentive scheme was implemented to ensure continuity in Executives through the extraordinary times in the first half of 2021 as described on previous pages (Note 6)7) Tor-Arne Fosser left the Management Group in April 20228) Pro rata9) Adrian Dunne received a sign on fee when he was appointed EVP COO in March 2021No share options were exercised by the Management in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1491-2": { "value": "NOTE 7: OTHER OPERATING EXPENSESOther operating expenses are related to sales and distribution,the operating of systems, marketing, back office, consultants, and other costs not directly attributable to the operation of the aircraft \ufb02eet and related airline-specific costs. AUDIT REMUNERATIONNOK million 2022 2021Sales and distribution expenses 576.5 165.3 Other \ufb02ight operation expenses 617.5 323.0 General and administrative expenses 742.3 901.8 Total other operating expenses 1,936.2 1,390.2 NOK million excluding VAT 2022 2021Audit fee 11.3 10.5Other audit related services 0.8 0.7Other services 3.2 1.8Total 15.3 13.0", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1496-3": { "value": "AUDIT REMUNERATIONNOK million excluding VAT 2022 2021Audit fee 11.3 10.5Other audit related services 0.8 0.7Other services 3.2 1.8Total 15.3 13.0", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1499-2": { "value": "NOK million 2022 2021Net losses/(gains) on financial assets at fair value through profit or loss - (5.3)Foreign exchange losses/(gains) on operating activities 128.8 (487.2)Losses/(gains) on asset sale (65.5) (269.9)Restructuring costs/(gain) - 24.9Other losses/(gains) (70.7) -Total (7.3) (737.5)NOTE 8: OTHER LOSSES / (GAINS) \u2013 NET Other losses/(gains) are mostly related to the extinguishment of trade payables in 2022. Gains from asset sale in 2022 and 2021 are related to the sale of slots at London Gatwick Airport. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1504-2": { "value": "NOTE 9: OTHER FINANCIAL INCOME (EXPENSE)A net foreign exchange gain of NOK 2.2 million is recognized in 2022 (2021: NOK 210.9 million loss). Deposits in money market funds are classified as cash equivalents, as the original maturity of the deposits are 3 months or less. See note 17 for further information. See Note 3 for fair value estimation and Note 19 for further information concerning investments in financial assets. In 2021, the Company successfully completed its financial restructuring process. In total, the restructuring improved equity by NOK 13,723 million, of which NOK 5,341.0 million was recognized as restructuring effects and exchange rate differences on disposal of foreign operation in Other financial income (expense). The net income from restructuring in 2021 relates to the extinguishment and new issue of bonds, cram-down of trade and other payables, extinguishment of aircraft related debt as well as the extinguishment and re-instatement of borrowings and the derecognition of disposed and liquidated group entities.NOK million 2022 2021Net foreign exchange (loss) or gain 2.2 (210.9)Return from investments in funds 71.4 - Restructuring effects - 5,711.5Financial gain/loss debt to equity conversion - 23.6Exchange rate differences on disposal of foreign operations 43.9 (370.5)Other financial items 4.0 176.9 Other financial income (expense) 121.6 5,330.5", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1519-2": { "value": "NOTE 10: TAXESThis year\u2019s tax expense consists of:NOK million 2022 2021Profit before tax 1,046.4 1,876.0Expected tax expense (income) using nominal tax rate (22%) 230.2 412.7Tax effect of the following items:Non-deductible expenses/income 19. 7 (374.0)Adjustments from previous year 5.5 5.5Tax rate outside Norway other than 22% (189.6) 756.5Deferred tax asset not recognized/derecognized (24.8) (740.0)Other items - (55.0)Tax expense 41.0 5.5Effective tax rate 3.9 % 0.3 %NOK million 2022 2021Tax payable 35.5 0.1Adjustments from previous year 5.5 5.4Income tax expense 41.05.5Reconciliation from nominal to effective tax rate:", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1523-2": { "value": "The following table details net deferred tax liabilities (assets) at year end:NOK million 2022 2021Intangible assets (520.0) (522.3)Tangible assets 84.1 (3.3)Inventories (13.1) -Receivables (4.2) (5.9)Deferred gains/losses 486.9 572.4Other accruals (235.3) (37.8)Pensions (44.5) (45.4)Other temporary differences 61.1 (430.5)Loss carried forward (2,542.6) (3,154.1)Not recognized deferred tax 886.8 1,796.4Net deferred tax liabilities (assets) (1.840.8) (1.830.5)Recognized as deferred tax assets (1,900.7) (1,890.4)Recognized as deferred tax liabilities 59.9 59. 9Net deferred tax liabilities (assets) (1,840.8) (1,830.5)Loss carried forward per country: NOK million 2022 2021Norway (2,358.8) (2,484.6)Ireland (166.1) (651.1)Other (17.7) (19.3)Total (2,542.6) (3,154.1)77Deferred tax assets are based on unused tax loss carryforwards and temporary differences in assets and liabilities. The Group\u2019s deferred tax assets, and in particular the Group\u2019s unused tax losses, are substantial both in nominal terms and in relation to total equity. Deferred tax assets stemming from losses carried forward are mainly related to the discontinued long-haul operations and COVID-19 pandemic. Unused tax losses are recognized to the extent that taxable profits are probable. Significant managementjudgment is required to determine the amounts of deferred tax assets that can be recognized, based on the anticipated timing and level of future taxable profits together with future tax planning strategies. In situations where group companies have experienced recent losses, the Group will evaluate whether there are convincing other evidence supporting taxable profits and the future utilization of its carryforward losses.Convincing other evidence is considered for recognition of the deferred tax assets. The new focus on short haul markets and routes that have been profitable in the past, supports that there is convincing evidence that carry forward losses will be reversed with the current business model. The Group however acknowledges that there is some uncertainty inherent to forecasts for the future utilization of tax losses carried forward. Based on this uncertainty, the Group does not recognize deferred tax assets on the full amount of tax losses carried forward. Carryforward losses within Norwegian tax jurisdiction do not expire.Adjustments from previous years consists of differences in deferred tax positions betweenthe Group reporting last year and each company\u2019s tax reporting finalized later in 2022. Deferred tax liabilities and deferred tax assets are presented net to the extent that there is a legal right to settle current tax amounts on a net basis and the deferred tax amounts are levied by the same taxing authority.NOK million 2022 2021Recognized at 1 January (1,830.5) (1,316.2)Disposal of tax positions - sale of subsidiary - (508.4)Translation differences (10.3) (5.9)Recognized at 31 December (1,840.8) (1,830.5)", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1527-2": { "value": "NOTE 11: EARNINGS PER SHAREBasic earnings per share calculations are based on the weighted average numberof common shares outstanding during the period, while diluted earnings per share calculations are performed using the average number of common shares and dilutive common shares equivalents outstanding during each periodStock options granted to employees are considered dilutive if they are \u201cin the money\u201d after vesting conditions is considered. None of the outstanding stock options granted to employees had dilutive effect at the end of 2022. For further details on outstanding stock options, please refer to Note 21. (NOK million) 2022 2021Profit attributable to the owners of the Company before PIK 1,005.5 1,870.5interest on perpetual bondsPayment-in-kind interest and interests paid on perpetual bonds 85.9 31.8recognized in equityProfit attributable to the owners of the Company after PIK interest 919.6 1,838.7Weighted average number of shares outstanding 929,579,566 522,786,820 Weighted average number of shares outstanding after dilution 1,125,497,085 698,547,559 Basic earnings per share (NOK) 0.99 3.52 Diluted earnings per share (NOK) 0.89 2.68 2022 2021Number of shares outstanding 929,989,739 928,518,496Potential shares that might become dilutive in future periods Perpetual bond 194,950,792 195,801,049Potential number of shares outstanding after 1,124,940,531 1,124,319,545dilution", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1528-3": { "value": "Basic earnings per share calculations are based on the weighted average numberof common shares outstanding during the period, while diluted earnings per share calculations are performed using the average number of common shares and dilutive common shares equivalents outstanding during each periodStock options granted to employees are considered dilutive if they are \u201cin the money\u201d after vesting conditions is considered. None of the outstanding stock options granted to employees had dilutive effect at the end of 2022. For further details on outstanding stock options, please refer to Note 21.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1566-2": { "value": "NOTE 12: INTANGIBLE ASSETSNOK million Software Goodwill Other intangible assets Total Acquisition costs 1 January 2021 550.8 104.2 53.8 708.8 Additions 8.7 - - 8.7 Translation difference acquisition cost - (10.2) - (10.2) Acquisition cost 31 December 2021 559.5 94.0 53.8 707.3 Acquisition costs 1 January 2022 559.5 94.0 53.8 707.3 Additions 19. 6 - - 19. 6 Translation difference acquisition cost - - - -Acquisition costs 31 December 2022 579.2 94.0 53.8 726.9 Accumulated amortization 1 January 2021 507.9 - - 507.9 Amortization 19.2 - - 19.2 Accumulated amortization 31 December 2021 527.1 - - 527.1 Accumulated amortization 1 January 2022 527.1 - - 527.1 Amortization 10.7 - - 10.7 Accumulated amortization 31 December 2022 537.9 - - 537.9 Book value at 31 December 2021 32.5 94.0 53.8 180.2 Book value at 31 December 2022 41.3 94.0 53.8 189.1 Useful life 3-5 years Indefinite Indefinite Amortization plan Straight-line None None Capitalized software is related to external consulting fees for the development of Norwegian\u2019s own systems for bookings and ticket-less travels, various sales portals, back office and maintenance system. These costs are amortized over their estimated useful lives (three to five years). Other intangible assets and goodwill are related to the purchase of FlyNordic in Sweden July 2007 and purchase of slots at London Gatwick airport in 2017. Other intangible assets from business combinations consist of estimated fair value of Brand name, charter operations, slots and the Air Operating Certificate. Other intangible assets also consist of intellectual property rights that are related to purchases of internet domains. The Group has developed international web portals in major markets. Goodwill, slots, and intellectual property rights are determined to have indefinite useful lives and are not amortized. Slots and intellectual property rights do not expire over time, as long as the Management has the intention to continue using the assets. For impairment testing, please refer to Note 13. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1582-2": { "value": "NOTE 13: TANGIBLE ASSETSNOK million Buildings Aircraft, parts and installations on leased aircraft Prepayment on aircraft orders Equipment and fixtures Total Acquisition cost 1 January 2021 289.3 12,362.9 - 602.7 13,255.0 Additions - 5.6 - 15.0 20.7 Translation difference acquisition cost - (802.2) - - (802.2) Disposals - (9,136.6) - (29.5) (9,166.1)Acquisition costs 31 December 2021 289.3 2,429.8 - 588.3 3,307.4 Acquisition costs 1 January 2022 289.3 2,429.8 - 588.3 3,307.4 Additions 0.4 20.3 825.6 26.6 872.8 Translation difference acquisition cost - 185.3 12.6 7.8 205.7Reversal of impairment loss - - 2,099.4 - 2,099.4Disposals (5.6) - - (49.8) (55.4)Acquisition costs 31 December 2022 284.1 2,635.4 2,937.5 572.8 6,429.8 Accumulated depreciation 1 January 2021 36.9 6,233.2 - 439.5 6, 709.5 Depreciation 5.7 212.7 - 26.8 245.2 Depreciation disposals - (5,045.8) - (13.6) (5,059.4)Foreign currency translation - 9.0 - - 9.0Accumulated depreciation 31 December 2021 42.6 1,409.1 - 452.6 1,904.2 Accumulated depreciation 1 January 2022 42.6 1,409.1 - 452.6 1,904.2 Depreciation 5.8 73.2 - 35.6 114.6 Depreciation disposals - - - (30.6) (30.6)Foreign currency translation - 65.5 - - 65.0Accumulated depreciation 31 December 2022 48.4 1,547.9 - 457.6 2,053.0 Book value 31 December 2021 246.7 1,020.7 - 135.6 1,403.0 Book value 31 December 2022 235.6 1,087.5 2,937.5 115.2 4,376.0 Aircraft At 31 December 2022, the Group had a total \ufb02eet of 70 aircraft of which four are owned (2021: four owned aircraft). The Group did not redeliver any owned Boeing 737-800 in 2022 (2021: 26). The residual value is NOK 247 million (2021: NOK 221 million) in total for all owned aircraft and deducted from the depreciable amount of the body of the aircraft. To determine the residual value, the Group has a process of internal assessment along with the use of an external and independent appraiser providing estimates on future value based on aircraft type and year of build. The economic life expectancy of the body of the aircraft is 25 years and the economic life of the owned aircraft is 25 years less the age of the aircraft at time of purchase. Aircraft are owned by companies with USD as functional currency. The values presented in NOK in the consolidated statement of financial position, include effects from currency translation. Prepayments Prepayments for ordered aircraft amounted to NOK 2,937 million and relate to the purchase order of 50 Boeing 737 MAX 8 aircraft. The group recognized a partial impairment reversal of NOK 2,099.4 million in the secondquarter relating to predelivery payments (\u201cPDP\u201d) towards Boeing. Prepayments for the ordered aircraft are pledged as securities, additional details in Note 18. The PDP to Boeing are unsecured. Installations on leased aircraft The installations on the leased aircraft include cabin interior modifications and other improvements to the aircraft after lease commencement. The capitalized value is depreciated over the remainder of the aircraft lease, which is between 2-9 years. Linear depreciation is applied,and residual value is NOK 0. Spare parts Spare parts consist of rotable parts for the aircraft and aredepreciated over their useful life. The useful life of spare parts ranges between 5-8 years. Straight-line depreciationis applied, and 25 percent of the acquisition cost is calculated as residual value. Buildings Buildings consist mainly of a hangar at Gardermoen airport. It was constructed in 2014. The hangar is estimated to have a useful life of 50 years and is depreciated linear over useful economic life. Residual value is NOK 0. Equipment and fixtures Equipment and fixtures consist of IT hardware, purchased software, vehicles and other equipment. Impairment test of tangible and intangible assets The Group reviews assets for impairment testing at each reporting date and whenever there are indications of impairment. The CGU is tested for recoverable amount of the CGU\u2019s assets based on value in use, with expected future cash \ufb02ows in accordance with the Group\u2019s current management approved business plans for the upcoming four years. Cash\ufb02ows beyond the forecast period have been projected in accordance with management\u2019s long-term growth assumptions. The impairment test is consistent with the one used previous periods, but with business plans adjusted and adapted to the current market situation. The impairment test carried out does not result in any impairment of the CGU\u2019s intangible or tangible assets.Key assumptions used in the calculation are growth rates, operating costs, terminal value and discount rate. Cash \ufb02ows beyond the four-year period are extrapolated with a long-term growth rate. Estimated cash \ufb02ows and discount rate are after tax. Discount rate The cash \ufb02ows are discounted using the expected long-term weighted average cost of capital (WACC). The applied after-tax discount rate is 10.5 percent (2021: 8.75 percent). The cost of the Group\u2019s debt and equity capital, weighted accordingly to re\ufb02ect its capital structure, gives the Group\u2019s weighted average cost of capital. The WACC rates which are used to discount future cash \ufb02ows are based on market risk free interest rates adjusted for in\ufb02ation differentials and include the debt premium, market risk premium, gearing corporate tax rate and asset beta. An increase of the discount rate of five percentage point will not result in impairment of the CGU\u2019s intangible or tangible assets. Growth rates The basis for calculating future growth rate is in accordance with the Group\u2019s current management approved business plans for the upcoming four years Operating costs The operating costs are calculated based in accordance with the Group\u2019s current management approved business plans for the upcoming four years. Terminal value A growth rate of 0 percent is used in calculating cash \ufb02ow beyond the four-year period. Sensitivity On 31 December 2022, the Group\u2019s value in use was significantly higher than the carrying amount of its non-current assets. A sensitivity analysis has been performed, to determine if a reasonable change in key assumptions would cause the carrying amount to exceed the recoverable amount. Neither a reduction in the estimated revenue by five percent, an increase in the operating costsby five percent, nor an increase in WACC after tax by fivepercentage points, all other assumptions held constant, would lead to an impairment loss of the \ufb02eet. Impairment reversal of prepayments to aircraft manufacturers The Group has recognized a partial impairment reversal of NOK 2,099.4 million relating to predelivery payments (\u201cPDP\u201d) towards Boeing. In 2020, PDP balances were impaired by NOK 4,121 million, due to uncertain recoverability of PDP assets related to aircraft purchase agreements. After negotiations with Boeing in relation to a new aircraft purchase agreement dated 22 June 2022, Boeing has confirmed that USD 215 million will be compensated by re-instating USD 200 million for aircraft and USD 15 million advanced payment credit memorandum, confirming future goods and services are already paid for. Controls have been performed to ensure reliability in the measurement of the reinstated PDPs and the advance credit memorandum.Management has gathered external valuation report for the aircrafts being ordered. The valuation report confirms the market value based transaction price for the aircraft. Management has also assessed the value of the credit memorandum and concluded that the market value is at least USD 15 million in relation to a future purchase of goods from Boeing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1733-2": { "value": "NOTE 14: LEASESAt the end of 2022, the Group leased 66 (2021: 55) aircraft. The lease agreements on the Boeing 737 aircraft last between two and nine years from the date of NOK million Right-of-use aircraft, parts and installations Right-of-use buildings Right-of-use equipment Total right-of-use assets Acquisition cost 1 January 2021 5,658.9 296.8 0.1 5,955.7 Additions 5,575.0 42.5 - 5,617.5 Translation difference acquisition cost 561.8 (12.1) - 549.6Terminations (5,658.9) (10.1) (0.1) (5,669.1)Acquisition costs 31 December 2021 6,136.7 317.1 - 6,453.7 Acquisition costs 1 January 2022 6,136.7 317.1 - 6,453.7 Additions 977.9 1.6 - 979.5 Translation difference acquisition cost 740.6 3.0 - 743.6Terminations - (5.4) - (5.4)Acquisition costs 31 December 2022 7,855.2 316.4 - 8,171.5 Accumulated depreciation 1 January 2021 2,867.6 80.4 0.1 2,948.1 Depreciation 832.0 37.1 - 869.1 Depreciation terminations (2,867.6 - (0.1) (2,867.7)Foreign currency translation 152.1 (12.4) - 139. 7Accumulated depreciation 31 December 2021 984.1 105.1 - 1,089.4 Accumulated depreciation 1 January 2022 984.1 105.1 - 1,089.4 Depreciation 1230.3 30.2 - 1,260.4Foreign currency translation 118.8 1.0 - 119.8 Accumulated depreciation 31 December 2022 2,333.2 136.3 - 2,469.5 Book value 31 December 2021 5,152.6 212.0 - 5,364.6 Book value 31 December 2022 5,522.0 180.1 - 5,702.1 agreement. There are no options to extend the aircraft lease agreements. The Group cannot readily determine the interest rate implicit in the leases entered into in 2022. In the recognition of the new leases in 2022, the Group uses its incremental borrowing rate (IBR) to measure its lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group estimates the IBR using observable inputs, such as market interest rates, when available and is required to make certain entity-specific estimates. The weighted average IBR applied in discountingfuture lease payments for lease agreements entered into in 2022 is 7.7 percent.All new aircraft lease agreements entered into in 2022 contain a \u201cPower-by-the-hour\u201d clause (\u201cPBH\u201d or \u201cPBH-clause\u201d). These clauses contain a fixed minimum lease payment between zero and 25 percent of the agreed monthly lease rates and a variable rate (\u201cPBH\u201d) from 1 November 2022 until 31 March 2023. During these periods, the Group pays the fixed minimum lease payment and a variable rate per \ufb02ight hour operated on the leased aircraft, with a maximum total lease rate not exceeding the agreed monthly lease rates.Lease liabilities are recognized based on the fixed minimum lease payments. Outside of the PBH-periods, theminimum lease payments are equal to the contractually agreed lease rates. Lease payments during the PBH-period which exceed the fixed minimum lease payments, are recognized as variable lease payments and expensed when they occur and presented under \u201cAircraft lease, depreciation and amortization\u201d in the consolidated incomestatement. Variable PBH lease payments for aircraft leases in 2022 amounted to NOK 126.5 million (2021: 136.5).The Group did not realize any gains or losses from sale-leaseback transactions in 2022 (2021: NOK 163.4 million loss), presented as restructuring effect in \u201cOther financial income (expense)\u201d. For the aircraft on sale-leaseback, expected variable lease payments during the PBH-period are included in the measurement of the lease liability and treated as down-payments on the respective lease liabilities.Lease liabilitiesMaturity profiles of nominal minimum lease payments are presented in Note 2.6. In 2022, the Group had short-term and/or leases of low-value items for cars and 14 properties in Oslo, Barcelona and Riga, in addition to properties in other bases. The Group has elected not to recognize right-of-use assets and lease liabilities for these leases. Instead, the rental payments are expensed when they occur. NOK million 2022 2021Opening balance 5,212.7 3,351.1 Additions 901.2 4,937.7 Terminations (7,7) (3,116.4)Accrued interest expense 329.5 226.8 Interest paid (329.5) (226.8)Payment of lease liabilities (891.4) (52.1)Currency differences 621.9 92.6Lease liabilities 31 December 5,836.8 5,212.7 Due within one year \u2013 current 1,190.6 777.9 Due after one year \u2013 non 4,646.2 4,434.8 currentThe following amounts are recognized in the income statement:Total lease payments for all leasing contracts equals NOK 1,419.0 million for the financial year 2022. As of 31 December 2022, there are no significant future potential lease payments that are not included in the leaseobligations as a result of extension or purchase options. NOK million 2022 2021Expenses relating to short-53.7 11.0 term leasesExpenses relating to low-0.1 0.5 value leasesVariable lease payments 143.2 183.2 Total197.1 194.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1801-2": { "value": "NOTE 15: TRADE AND OTHER RECEIVABLESSpecifications of receivablesDue dates, nominal value of receivablesFair value of trade and other receivables*) Discount rate 2.5 percent (2021: 2.5 percent). Provision for bad debtOverdue trade receivableProvisions for bad debt relates to trade receivables. The provisions for bad debts on trade receivables relate to overdue trade receivables that are not impaired at 31 December. Impairment losses on trade receivables and other receivables are presented as net impairment losses included in the line item \u201cother operating expenses\u201d. Subsequent recoveries of amounts previously written off are credited against the same line item. Non-interest-bearing deposits are measured at amortized cost in the statement of financial position. Deposits d using theprevailing exchange rates on the reporting date.NOK million 2022 2021Trade receivables 187.8 97.5Credit card receivables 988.2 1,443.0Deposits 513.5 176.0Reimbursements claims maintenance (5.5)costs 2.2 Other claims 405.2 146.0Sum trade and other receivables 2,096.8 1,857.1Prepaid costs 382.4 326.3Public duty debt 133.1 83.0Prepayments to employees3.5 6.0Prepaid rent 22.4 -Prepayments 541.4 415.3Total 2,638.2 2,272.4Maximum credit risk 2,096.8 1,857.1NOK million 2022 2021Within one year 2,240.4 2,180.2After one year 464.8 119.9Total 2,705.1 2,300.1NOK million 2022 2021Due within one year 2,184.8 2,152.9After one year *) 453.4 119.5Total 2,638.2 2,272.4NOK million 2022 2021Balance 1 January 27.3 35.4Receivables written off during the year 2.9 (16.0)Increase in provisions 17.1 17.5Unused amounts reversed (11.5) (9.6)Balance 31 December 35.7 27.3NOK million 2022 2021Overdue less than 1 month 205.4 202.5Overdue 1-2 months 13.0 7.2Overdue 2-3 months 4.2 40.3Overdue over 3 months 0.9 85.2Total 223.5 335.2", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1820-2": { "value": "NOTE 16: INVENTORYThe Group has not recognized any expenses for obsolete parts in 2022 (2021: NOK 131 million).NOK million 2022 2021Consumables 81.3 16.3Total 81.3 16.3", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1823-2": { "value": "NOTE 17: CASH AND CASH EQUIVALENTS Cash and cash equivalentsDeposits in money market funds are classified as cashequivalents, as the original maturity of the deposits are 3 months or less. At 31 December 2022, the interest terms of the main cash deposits in folio accounts for the two cash pools are 1 month NIBOR +0.05 percent p.a. and NOWA +0.05 percent p.a. NOK million 2022 2021Cash in bank and demand deposit 5,214.9 4,672.9Cash equivalents 2,544.0 3,021.9Total 7,759.0 7,694.8Restricted cashBank guarantees are granted for leasing liabilities for aircraft, suppliers of fuel and handling services, as well as airport charges from airports and governments. Cash proceeds from sale of slots is classified as restricted as it can only be used to buy new slots, or make repayments on the NAS13 bond. There is also a guarantee/deposit in place to secure a pension program. Restricted cash is included in the line item Cash and cash equivalents in the statement of financial position. Unrestricted cash at 31 December 2022 was NOK 6,606.2 million.NOK million 2022 2021Guarantees for leases and credits from suppliers 302.0 270.5Safety deposits on defined benefit plan 340.3 329.9Slots proceeds 316.9 237.8Taxes withheld 69.2 61.3Fuel hedge pledged account 81.8 -Dividend claims 42.5 -Total 1 152.8 899.5", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1838-2": { "value": "The Group has pledged the following assets:Pledge of the shareholding by NAS Eire Invest AS in Norwegian Air Norway AS. Pledged Account (including both present and future credit balances, any interest and any commission payable thereon). The above pledges of the shareholding by in Norwegian Air Norway AS and the pledged account are not shown in the table below as these assets do not have a book value in the Group. Book value of assets pledged as security and guaranteesNOTE 18: ASSETS PLEDGED AS COLLATERALS AND GUARANTEES Liabilities secured by pledgeOwned aircraft are pledged as collateral to the providers of the relevant financing for the aircraft. The Group provides guarantees to the benefit of lenders. The Group has not issued any guarantees for third parties.NOK million 2022 2021Prepayment and aircraft 4,020.0 1,030.8 Total 4,020.0 1,030.8 NOK million 2022 2021Bond issue 569.2 700.0 Aircraft financing 803.4 802.9Total 1,372.6 1,502.9", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1846-2": { "value": "NOTE 19: FINANCIAL INSTRUMENTSFinancial Instruments by category*) Prepayments not included in trade and other receivables was NOK 541.4 million in 2022 and NOK 415.3 million in 2021. Financial Financial assets at Financial assets assets at fair value through at fair value NOK millionamortized cost profit or loss through OCI Total Assets as per balance sheetInvestments in financial assets 3.7 - - 3.7 Derivative financial - - 19.9 19. 9instrumentsTrade and other receivables *) 2,096.8 - - 2,096.8 Cash and cash equivalents 7,759.0 - - 7, 759.0 Total 2022 9,859.5 - 19.9 9,859.5 Assets as per balance sheetInvestments in financial assets 3.7 - - 3.7 Trade and other receivables *) 1,857.1 - - 1,857.1 Cash and cash equivalents 7,694.8 - - 7,694.8 Total 2021 9,555.6 - - 9,555.6 Investments in financial assets consist of an investment in shares of Norwegian Block Exchange AS. Changes in the share price of Norwegian Block Exchange AS are not re\ufb02ected as a change in fair value in profit or loss due to immateriality of the investment. *) Public duties and liabilities from customer loyalty program not included in trade and other payables was NOK 1,383.8 million in 2022 and NOK 2,428.2 million in 2021.See Note 24 for details related to borrowings.Credit quality of financial assetsInvestments in financial assetsDerivative financial instrumentsTrading derivatives are classified as current or non-current assets or liabilities depending on the maturity profile and net value of individual forward contracts. NOK million 2022 20211 January 3.7 3.7 31 December 3.7 3.7 Current portion - - Financial liabilities Financial liabilities Financial liabilities at fair value through at fair value NOK millionat amortized cost profit or loss through OCI Total Liabilities per balance sheetBorrowings 4,248.5 - - 4,248.5Lease liabilities 5,836.8 - - 5,836.8Trade and other 2,267.4 - - 2,267.4payables *)Derivative - - 21.7 21.7financial instrumentsTotal 2022 12,352.7 - 21.7 12,374.3 Borrowings 4,164.6 - 4,164.6 4,164.6Lease liabilities 5,212.7 - 5,212.7 5,212.7Trade and other 1,354.4 - 1,354.4 1,354.4payables *)Total 2021 10,731.7 - 10,731.7 10,731.7 NOK million 2022 2021Trade receivablesCounterparties with external credit rating A or better 988.2 1,443.0 Counterparties without external credit rating 1,108.6 414.1 Total trade receivables 2,096.8 1,857.1 Cash and cash equivalentsA+ or better 3,196.9 4,672.9 BBB + 4,562.0 3,021.9 Total cash and cash equivalents 7,759.0 7,694.8 2022 2021NOK million Assets Liabilities Assets Liabilities Forward commodities contracts 19.9 21.7 - - Total 19.9 21.7 - - Current portion 19.9 21.7 - - Forward commodity contracts designated as cash flow hedgesForward commodity contracts relate to jet fuel derivatives. The net fair value of the outstanding forward commodities contracts at 31 December 2022 was negative NOK 1.8 million (2021: NOK 0). At 31 December 2022, the Group had secured 132,600 metric tons jet fuel (2021: none) through forward contracts. Fuel derivatives are categorized as financial assets or financial liabilities at fair valuethrough OCI and are measured at fair value at each reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1850-3": { "value": "Restricted cashBank guarantees are granted for leasing liabilities for aircraft, suppliers of fuel and handling services, as well as airport charges from airports and governments. Cash proceeds from sale of slots is classified as restricted as it can only be used to buy new slots, or make repayments on the NAS13 bond. There is also a guarantee/deposit in place to secure a pension program. Restricted cash is included in the line item Cash and cash equivalents in the statement of financial position. Unrestricted cash at 31 December 2022 was NOK 6,606.2 million.NOK million 2022 2021Guarantees for leases and credits from suppliers 302.0 270.5Safety deposits on defined benefit plan 340.3 329.9Slots proceeds 316.9 237.8Taxes withheld 69.2 61.3Fuel hedge pledged account 81.8 -Dividend claims 42.5 -Total 1 152.8 899.5", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1877-3": { "value": "Derivative financial instrumentsTrading derivatives are classified as current or non-current assets or liabilities depending on the maturity profile and net value of individual forward contracts. 2022 2021NOK million Assets Liabilities Assets Liabilities Forward commodities contracts 19.9 21.7 - - Total 19.9 21.7 - - Current portion 19.9 21.7 - - Forward commodity contracts designated as cash flow hedgesForward commodity contracts relate to jet fuel derivatives. The net fair value of the outstanding forward commodities contracts at 31 December 2022 was negative NOK 1.8 million (2021: NOK 0). At 31 December 2022, the Group had secured 132,600 metric tons jet fuel (2021: none) through forward contracts. Fuel derivatives are categorized as financial assets or financial liabilities at fair valuethrough OCI and are measured at fair value at each reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1891-2": { "value": " Number of Share NOK millionordinary shares Share capital Premium Total 1 January 2021 39, 749, 366 397.7 18,805.1 19,202.7 Capital reduction 19.02.2021 - (393.5) - (393.5)Share issue 22.02.2021 485,054 0.0 41.0 41.0Share issue 19.03.2021 135,875 0.0 51.3 51.4Share issue 30.03.2021 113,108 0.0 42.7 42.8Share issue 03.05.2021 1,569,069 0.2 592.5 592.7Share issue 25.05.2021 256,696 0.0 72.8 72.8Share issue 26.05.2021 658,945,686 65.9 4,059.1 4,125.0Share issue 11.06.2021 4,474,787 0.4 40.9 41.3Share issue 25.06.2021 1,605,727 0.2 14.7 14.8Share issue 27.07.2021 94,961,294 9.5 812.0 821.5Share issue 09.09.2021 125,038,910 12.5 1,069.0 1,081.5Share issue 03.11.2021 292,439 0.0 2.7 2.7Share issue 01.12.2021 890,485 0.1 8.1 8.2Transaction costs - - (187.6) (187.6)31 December 2021 928,518,496 92.9 25,424.3 25,517.2 All issued shares are fully paid with a par value of NOK 0.1 per share (2021: NOK 0.1 per share). There is only one category of shares, and all shares have equal rights. For information about employee share options, see Note 21.On 16 February 2022, the company announced conversion notices from bondholders representing NOK 4 million Early Conversion Bonds, with the issue of 425,985 new shares.On 8 March 2022, the company announced conversion notices from bondholders representing NOK 2 million Early Conversion Bonds, with the issue of 212,992 new shares. On 10 May 2022, the company announced conversion notices from bondholders representing NOK 6 million Early Conversion Bonds, with the issue of 638,977 new shares.On 24 June 2022, the company announced conversion notices from bondholders representing NOK 1,8 million Early Conversion Bonds, with the issue of 193,289 new shares.All transactions resulted in a total of 929,989,739 shares as of 31 December 2022.NOTE 20: EQUITY AND SHAREHOLDER INFORMATIONShares and share issues:Description of items recognized Other comprehensive income:Currency translation differencesNet NOK 13.7 million has been booked as exchange rate differences under comprehensive income in 2022 (2021: NOK 147.1 million). The exchange differences arise from translating the subsidiaries from functional currency to presentation currency and from disposal of foreign operations. Actuarial gains and lossesDuring 2022, NOK 6.8 million in actuarial loss arising from defined benefit pension planswas recognised in other comprehensive income (2021: NOK 14.1 million in actuarial gain). Number of NOK millionordinary shares Share capital Share Premium Total 1 January 2022 928,518,496 92.9 25,424.3 25,517.2Share issue 16.02.2022 425,985 0.0 3.9 3.9Share issue 08.03.2022 212,992 0.0 1.9 2.0Share issue 10.05.2022 638,977 0.1 5.8 5.9Share issue 24.06.2022 193,289 0.0 1.8 1.831 December 2022 929,989,739 93.0 25,437.7 25,530.7The largest shareholders at 31 December 2022 were: Voting Name Country Shares Ownership rights Geveran Trading Company, Ltd. Cyprus 133,430,512 14.3% 14.3%Sundt AS Norway 106,103,198 11.4% 11.4%Folketrygdfondet Norway 46,651,798 5.0% 5.0%Ballyfin Aviation Limited Ireland 31,472,703 3.4% 3.4%Silver Point Capital, L.P. United States 30,478,125 3.3% 3.3%Nordnet Bank AB. Norway 30,070,165 3.2% 3.2%Keskin\u00e4inen el\u00e4kevakuutusyhti\u00f6 Varma Finland 27,500,000 3.0% 3.0%Handelsbanken Kapitalf\u00f6rvaltning AB Sweden 27,313,039 2.9% 2.9%Avanza Bank AB Sweden 24,680,156 2.7% 2.7%Contrarian Capital Management, LLC United States 17,708,189 1.9% 1.9%DNB Asset Management AS Norway 16,151,037 1.7% 1.7%Morgan Stanley & Co. International Plc United Kingdom 12,663,237 1.4% 1.4%KLP Fondsforvaltning AS Norway 12,493,863 1.3% 1.3%BlackRock Institutional Trust United States 10,635,493 1.1% 1.1%Company, N.A.Svelland Capital (UK) Ltd United Kingdom 9,427,617 1.0% 1.0%Swedbank AB Sweden 9,390,819 1.0% 1.0%Nordea Funds Oy Finland 9,339, 3 01 1.0% 1.0%BofA Global Research (UK) United Kingdom 8,748,839 0.9% 0.9%Brumm AS Norway 8,285,480 0.9% 0.9%HSBC Trinkaus & Burkhardt AG Germany 7,107,742 0.8% 0.8%Other 350,338,426 37.7% 37.7%Total number of shares929,989,739 100.0 % 100.0 % Voting Name Country Shares Ownership rights Geveran Trading Company, Ltd. Cyprus 134,123,801 14.4% 14.4%Sundt AS Norway 124,003,198 13.4% 13.4%Folketrygdfondet Norway 60,165,405 6.5% 6.5%DNB Asset Management AS Norway 59,068,682 6.4% 6.4%Davy Stockbrokers Ireland 31,840,332 3.4% 3.4%Keskin\u00e4inen el\u00e4kevakuutusyhti\u00f6 Varma Finland 27,500,000 3.0% 3.0%Nordnet Bank AB. Norway 26,773,193 2.9% 2.9%Silver Point Capital, L.P. United States 26,489,130 2.9% 2.9%Centerbridge Partners, L.P. United States 22,480,439 2.4% 2.4%Avanza Bank AB Sweden 22,176,441 2.4% 2.4%Contrarian Capital Management, LLC United States 18,304,923 2.0% 2.0%Handelsbanken Asset Management Sweden 17,861,186 1.9% 1.9%Ludvig Lorentzen AS Norway 11,249,305 1.2% 1.2%Nordea Funds Oy Finland 11,161,001 1.2% 1.2%KLP Forsikring Norway 10,288,769 1.1% 1.1%Brumm AS Norway 10,000,942 1.1% 1.1%Swedbank AB Sweden 9,657,707 1.0% 1.0%Arctic Fund Management AS Norway 8,723,966 0.9% 0.9%BofA Global Research (UK) United 7,423,879 0.8% 0.8%KingdomCitibank N.A. Private Bank United States 6,698,455 0.7% 0.7%Other282,527,74230.4% 30.4%Total number of shares928,518,496 100.0 % 100.0 %The largest shareholders at 31 December 2021 were:Shares directly or indirectly held by members of the Boards of Directors, Chief Executive Officer and Executive Management at 31 December 2022Including shares held by related parties. 2) Left 31.12.2022, shareholding could be lower at year-end1)Name Title SharesSvein Harald \u00d8ygard Chair 1,834,281Lars Rahb\u00e6k Boilesen Board Member 578,424Ingrid Leisner Board Member 22,927Sondre Gravir Board Member 39,0522)Chris BrowneBoard Member 16,402Torstein Hiorth Soland Board Member - Employee representative -Katrine Gundersen Board Member - Employee representative -Eric Holm Board Member - Employee representative 2,893Geir Karlsen Chief Executive Officer 651,478Hans-J\u00f8rgen Wibstad Chief Financial Officer 70,000Magnus Thome Maursund Chief Commercial Officer 2,634Christoffer Sundby Chief Marketing and Customer Officer 335,943Guro Halvorsen Poulsen Chief People Officer 236,808Anne-Sissel Sk\u00e5nvik Chief Communications and Public Affairs Officer 50,095Knut Olav Irgens H\u00f8eg Chief IT and Business Services Officer 239,84 6Adrian Dunne Chief Operations Officer 243,019Tore Jenssen Chief Asset Officer -Options directly held by the Chief Executive Officer and members of Executive Management:Issued in 2018 2019 2021 2022Strike price (NOK) 4,300 4,300 10.10 13.50Name Title Expiry 2025 2026 2026-2029 2029 TotalGeir Karlsen Chief Executive Officer 500 4,500 1,000,000 792,548 1,797,548Hans-J\u00f8rgen Wibstad Chief Financial Officer 422,692 422,692Magnus Thome Maursund Chief Commercial Officer 184,927 184,927Christoffer Sundby Chief Marketing and Customer Officer 232,480 232,480Guro Halvorsen Poulsen Chief People Officer 140,897 140,897Anne-Sissel Sk\u00e5nvik Chief Communications and Public Affairs Officer 200 500 105,673 106,373Knut Olav Irgens H\u00f8eg Chief IT and Business Services Officer 162,032 162,032Adrian Dunne Chief Operations Officer 268,536 268,536Tore Jenssen Chief Asset Officer 200 1,500 190,211 191,911Specification of other reservesSee also consolidated statement of changes in equity for overview of total changes in equity. Other paid-in equity Other paid-in equity amounts to NOK 717.8 million at 31 December 2022 (2021: NOK 714.4 million). Changes in 2022relate to stock option expenses. Perpetual bonds As a part of the restructuring in May 2021, the parent company issued Convertible Perpetual Bonds for the nominal amount of NOK 1,875 million. There is no maturity or instalments in the bonds agreement. Conversion price is fixed at NOK 9.39 for each share. The bonds accrue Payment-in-Kind (\u201cPIK\u201d) interest with NIBOR plus a margin of 2.5-9.5 percent, increasing over the life of the bonds, but no obligation to make any payments for the accrued interest. Accrued interest is convertible at similar terms asthe principal. The holders of the bonds can only require repayment as a part of a liquidation and the conversion element is considered by itself an equity component, OCI associated Translation NOK millioncompanies differences Hedging Total 1 January 2021 0.1 112.7 - 112.8 Translation differences - 147.1 - 147.1 31 December 2021 0.1 259.8 - 259.9 Translation differences (0.1) 13.7 - 13.7 Net movements in cash-\ufb02ow hedge reserve - - (1.8) (1.8)31 December 2022 - 273.7 (1.8) 271.8 hence the whole instrument is considered and classified asequity.The equity increase upon initial recognition was NOK 1,875 million less transaction costs. The nominal amount is considered as fair value at initial recognition. Nominal amount outstanding at the end of 2022 is NOK 1,800.3 million (2021: NOK 1,808 million). The perpetual bonds have a dilutive effect on diluted earnings per share, see Note 11.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1961-2": { "value": "NOTE 21: OPTIONS 2022 Program According to the share option plan adopted on 25.05.2022by the Annual General Meeting of Norwegian Air Shuttle ASA, 2,499,996 options were granted to 9 executives on 30 September 2022, with a strike price of NOK 13.50 per share. 1/3 of options granted can be exercised at the earliest after 1, 2, and 3 years respectively, and the optionsshall expire after 7 years. 2021 Program The share option program was not effectuated in 2021. Upon appointment as CEO 21 June 2021, Geir Karlsen was awarded 1,000,000 options with \u00bc of the options vest on 21 June 2022, \u00bc vest on 21 June 2023, \u00bc vest on 21 June 2024, and \u00bc vest on 21 June 2025. Options expire four years after the vesting date and the strike price is NOK 10.10. 2019 Program On 7 May 2019 the Annual General Meeting of Norwegian Air Shuttle ASA adopted a share option program limited to 12,000 share options. 12,000 options under this program were granted to 10 executives in May 2019. Options may be exercised at the earliest in 2022, and any remaining options in 2026 at the latest. The exercise price is NOK 4,300, which was the average price of the NAS share on trading days the first 10 calendar days after presentation of Norwegian\u2019s 1st quarter 2019 financial results, plus 15%. On 20 November 2019 6,000 additional options were granted to 2 executives. 2019 program is adjusted for the reverse share split. Strike price is multiplied by 100 and thenumber of outstanding options is divided by 100.On 31 December 2022 there were 9,500 outstanding share options under this plan. 2018 Program On 8 May 2018 the Annual General Meeting of Norwegian Air Shuttle ASA adopted a share option program limited to 4,000 share options. 3,800 options under this program were granted to 11 executives in September 2018. Options may be exercised at the earliest in 2021, and any remaining options in 2025 at the latest. The exercise price was NOK 27,800, which was the average price of the NAS share on trading days the first 10 calendar days after presentation ofNorwegian\u2019s 2nd quarter 2018 financial results, plus 15%.To maintain the incentive of the plan, the Board approved an adjustment to the strike price from NOK 27,800.00 to NOK 4,300.00 on 24 September 2019. 2018 program is adjusted for the reverse share split. Strike price is multiplied by 100 and the number of outstanding options isdivided by 100. On 31 December 2022 there were 1,000 outstanding share options with strike price NOK 4,300.00 and 800 outstanding share options with strike price NOK 27,800.00.Outstanding options from 2022 and 2021 programsThe average fair value of the options granted during 2022 was 3.1894 per option (2021: 7.6435). The fair value at grantdate is independently determined using Black & Scholes option model. The calculations are based on the following assumptions:Share savings program Norwegian offers employees hired in a Scandinavian legal entity participation in an employee share savings plan. The objective of the plan is to align and strengthen employee and shareholder\u2019s interests and remunerate for long-term commitment and value creation.Under this plan, Norwegian will match 50% of the individuals\u2019 investment, limited to NOK 6,000 per annum. Provided that the employee contributes NOK 12,000 annually, Norwegian\u2019s contribution is NOK 6,000. The grant has a one-year vesting period. If shares are kept for two Average 2022 Average 2021 exerc. shares exerc. price shares price Outstanding 1 January 1,014,300 89.12 15,800 5,489.87 Granted 2,499,996 13.50 1,000,000 10.10 Forfeited (3,000) 4,300 (1,500) 4,300 Outstanding 31 December 3,511,296 31.68 1,014,300 89.12 calendar years, the participants will be allocated bonus shares proportionate to their purchase. One bonus share will be earned for every tenth share allocated under this scheme. The fair value of the bonus shares is measured at the grant date using the Black & Scholes option-pricing model. The fair value of the bonus shares and the corresponding estimated social security cost are expensed as personnel costs over the vesting period. Changes in estimated social security costs are expensed over the remaining vesting period. Total share savings program expense in 2022 amounted to NOK 1.6 million (2021: NOK 1.8 million).Assumptions 2022 2021Share price on grant date 7.254 10.10Strike price per option 13.50 10.10Volatility 0.55 0.78Lifetime 7 5-8Risk-free interest rate 2.96-3.29 0.38-1.47", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2092-2": { "value": "NOTE 23: PROVISIONS AND OTHER LONG-TERM LIABILITIES Periodic maintenance on leased aircraftFor aircraft held under lease agreements, Norwegian is contractually committed to either return the aircraft in a certain condition or to compensate the lessor based on the actual condition of the airframe, engines, and life-limited parts upon return. In addition, during the lease term the Group is obliged to follow the maintenance program as defined by the aircraft manufacturers. In order to fulfil the conditions of the lease and maintenance obligations, in the form of major airframe overhaul, engine maintenance checks, and restitution of major life-limited parts, the Group is required to perform these obligations during the period of the lease and upon return of the aircraft to the lessor. The estimated maintenance costs areaccrued and charged to profit or loss over the lease term for this contractual obligation, based on the estimated current cost of the major airframe overhaul, engine maintenance checks and restitution of major life-limited parts, calculated by either reference to the number of hours \ufb02own or cycles operated since last maintenance event or since the aircraft was new, or the age of the aircraft.The estimated costs of overhauls and maintenance are based on the Group\u2019s maintenance program, the Group\u2019s and industry experience, and contractual and catalog prices. Changes in estimated maintenance event costs over time are charged to the income statement as incurred with reference to number of hours \ufb02own or cycles operated during the period since the last maintenance event or since the aircraft was new. Additional provisions are also set to meet specific redelivery conditions if these are deemed to be other or higher than the estimated maintenance costs. The Group\u2019s aircraft leases are typically between two and nine years in length, and several of the maintenance events will occur within the leasing period.For some of the leases, the Group is invoiced by the lessor for Maintenance Reserve Contribution (MRC), which is reclaimable at time of actual maintenance event, or forfeited if the maintenance event occurs after leasing period ends. Paid and unclaimed MRC is offset against the accumulated accrual balances in the Statement of Financial Position. For these lease contracts, the accrual and charge to the income statement is based on the larger of the Maintenance Reserve Contribution and the estimated maintenance cost. In the case of lease extension, estimates on maintenance costs will be revised.Parts of the periodic maintenance will be conducted in 2023, and NOK 201.3 million is classified as a current liability for periodic maintenance (2021: NOK 131.7 million). The current part of periodic maintenance is estimated based on the planned maintenance in 2023. Other items in the table above consist of currency effects, credits received from service suppliers and other adjustments.NOK million 2022 2021Opening balance 937.0 2,501.7 Provisions charged to the income 1,112.9 523.2 statementMaintenance services performed (125.7) (74.5)and invoices receivedRestructuring effects - (1,720.4)Other items 161.0 (293,1)Closing balance 2,085.2 937.0 Classified as current liabilities 201.3 131.7 Classified as non-current 1,883.9 805.3 provision", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2150-2": { "value": "NOTE 24: BORROWINGS Term facility Interest rate of NIBOR and a margin of 2 percent. The termfacility is denominated in NOK and matures on 12 April 2027. The coupon is 3-Months NIBOR + 2.00 percent. The facility is repaid in quarterly instalments of NOK 9.3 million from 1 June 2023. Retained claims bonds No interest payments. The effective interest rate is 9.4 percent. The bond issue is denominated in NOK and 50 percent each mature on 30 September 2025 and 30 September 2026. Aircraft financing Fixed interest rates between 4.1 and 4.8 percent. The borrowings mature quarterly after the delivery of aircraft. The aircraft financing is denominated in USD. Bond issue Interest rate of NIBOR and a margin of 2 percent. The bond issue is denominated in NOK and repayable in five yearly instalments until its maturity on 26 May 2026.Nominal value at 31 December 2022 Unamortized Effective Nominal effective Book interest NOK millionValue interest cost value rate Aircraft financing 810.0 (6.6) 803.4 4.7 %Term facility 134.5 - 134.5 5.3 %Bond issue 569.2 - 569.2 0.9 %Retained claims bonds 3,705.4 (966.1) 2,739.3 9.4 %Other non-current debt 2.0 - 2.0 0.0 %Total 5,221.2 (972.7) 4,248.5 Nominal value at 31 December 2021Effective interest rate during 2022, recognized as financial items (Note 9) and capitalized borrowing costs (Note 13), is 6.4 percent (2021: 4.1 percent). For information on the fair value of borrowings please refer to Note 3.Classification of borrowingsUnamortized Effective Nominal effective Book interest NOK millionValue interest costvalue rate Aircraft financing 810.4 (7.5) 802.9 4.7 %Term facility 134.9 - 134.9 3.9 %Bond issue 700.0 - 700.0 0.9 %Retained claims bonds 3,750.0 (1,225.1) 2,524.9 9.4 %Other non-current debt 2.0 - 2.0 0.0 %Total 5,397.2 (1,232.5) 4,164.7 NOK million 2022 2021Non-currentAircraft financing 726.7 744.8Term facility 134.5 134.9Bond issue 447.4 575.0Retained claims bonds 2,739.3 2,524.9Other non-current debt 2.0 2.0Total 4,050.0 3,981.6 Cash and non-cash changes in total borrowingsChanges in total borrowings over a period consist of both cash effects (disbursements and repayments) and non-cash effects (conversion- and reconstruction effects, amortization and currency translation effects). The following is the changes in the Group\u2019s borrowings stemming from cash effects and non-cash effects:The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies:Financial covenants on borrowingsBond issue (NAS13)The bonds are secured by a pledge of the shareholding by NAS Eire Invest AS in Norwegian Air Norway AS and via a pledged account, see Note 18.No indebtedness and minimum liquidity of USD 2 million in Norwegian Air Norway ASNo dividend paymentTerm facilityNo dividend paymentRetained claims bondsNo dividend paymentAircraft financingAircraft financing does not include covenant requirements. Aircraft in the Group are financed with guarantees by either the parent company and/or by export credit agencies. Owned aircraft are pledged as collateral. For more information on assets pledged as collateral, see Note 18.CurrentAircraft financing 76.6 58.1Bond issue 121.8 125.0Total 198.5 183.1Total borrowings4,248.5 4,164.7NOK million 2022 2021Opening balance total borrowings 4,164.6 24,431.1Repayment (218.4) (408.7)Cash changes (218.4) (408.7)Conversion- and reconstruction effects (14.5) (19,660.6)Net amortization effects 226.6 387.7Currency translation effects 90.1 (584.9)Non-cash changes 302.2 (19,857.7)Closing balance total borrowings 4,248.5 4,164.6 NOK million 2022 2021USD 803.4 802.9 NOK 3,445.1 3,361.8 Total 4,248.5 4,164.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2217-2": { "value": "NOTE 25: TRADE AND OTHER PAYABLESThe current payables and provisions are non-interest bearing and are due within the next twelve months. Accrued expenses are related to goods and services delivered and not invoiced to the Group in 2022 and emission allowances to be surrendered in 2023. NOK million 2022 2021Accrued vacation pay 223.6 125.4 Accrued airport and transportation 155.1 83.6 taxesAccrued expenses 958.7 467.0 Trade payables 529.8 321.0 Public duties 132.5 121.7 Current provisions for MRC (Note 23) 201.3 131.7 Cashpoint liabilities 1,251.3 2,306.5Other current provisions 198.8 225.6 Total 3,651.2 3,782.6 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2223-2": { "value": "NOTE 26: AIR TRAFFIC SETTLEMENT LIABILITIES Air traffic settlement liabilities increased from NOK 1,324.2million on 31 December 2021 to NOK 2,548.5 million on 31 December 2022. The increase is related to a lower level of bookings in 2021 due to travel restrictions and an increased pre-sale volume towards the end of 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2231-2": { "value": "NOTE 27: RELATED PARTY TRANSACTIONS See Note 6 for details on key Management compensations and Note 21 for shares and options held directly or indirectly by members of the Board of Directors, the CEO and the Executive Management.No loans or guarantees have been issued to related partiesin 2022 or 2021. No transactions were carried out with related parties. Transactions between Group companies have been eliminated in the consolidated financial statements anddo not represent related party transactions. See Notes 24 Related Parties and 14 Investment in Subsidiaries in the financial statements of Norwegian Air Shuttle ASA for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2246-2": { "value": "NOTE 28: CONTINGENCIES AND LEGAL CLAIMS The Group is involved in various claims and legal proceedings arising in the ordinary course of business. These claims relate to, but are not limited to, the Group\u2019s business practices, employment matters, and tax matters. Provisions have been recognized for such matters in accordance with probable and quantifiable loss risks. On 21 September 2021, the Norwegian Environment Agencyconcluded in an administrative ruling that the cram down of claims in the Examinership and Reconstruction does not apply to the Group\u2019s obligation to surrender emission allowances under EU ETS (see Section 9.6.2 \u201cEnvironmentalregulations\u201d) for emissions predating 18 November 2020. The contemplated market value of such allowances is approximately NOK 330 million at year-end 2022. The Reconstructor determined that the Reconstruction appliesto the Group\u2019s obligation to surrender emission allowancesas a different view would have given preference to the EU ETS regime, which the current insolvency legislation does not facilitate. Therefore, the Group was unable to comply with the Norwegian Environment Agency\u2019s demand of the Group surrendering emissions allowances. The lack of compliance caused the Norwegian Environment Agency to impose a penalty of approximately NOK 400 million on the Group. The Group appealed the decision, but on 16 December 2022 the Ministry of Climate and Environment decided to uphold the Norwegian Environment Agency\u2019s decision. The Group, supported by its advisors and the Reconstructor, are of the view that the Group\u2019s obligation to surrender emission allowances for emissions pre-dating 18 November 2020 can be settled by paying dividend of 5 percent introduced under the Reconstruction and the decision to impose a penalty of NOK 400 million is invalid. On this basis, the Group filed a statement of claim to Oslo District Court on 9 January 2023. The trial is expected to be scheduled in the fourth quarter of 2023. The legal issue concerning treatment of emission allowances in insolvency has never been tried in court before. As a consequence of the Reconstruction, the amount corresponding to the contemplated market value of such allowances was crammed down and the Group has made a provision of NOK 15 million at year-end. The Group has paid the ETS penalty fee in 2023 and will seek a return of this amount plus interest following a final conclusion.For further details see Note 30.NOTE 29: COMMITMENTS The Group has aircraft purchase commitments at the end of 2022 with an estimated contractual amount, included estimated cost escalation, of NOK 28.6 billion (2021: zero). The amount of the total commitments is subject to changes in USD/NOK currency rates, delivery schedules and other adjustments of the purchase price. Such adjustments include aircraft equipment which can be added or taken out from the order up until delivery and in\ufb02ationary adjustments to the extent not mitigated by agreement with the manufacturer. Therefore, the exact purchase price for each individual aircraft is not known until approximately nine months prior to delivery.See table below for estimated capital expenditure over theyears 2023 to 2028.For details on commitments for aircraft leases, see Note 14.NOK billion 2022 20212023 0.1 -2025 5.5 -2026 8.4 -2027 8.7 -2028 5.9 -Total 28.6 -", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-2246-3": { "value": "NOTE 28: CONTINGENCIES AND LEGAL CLAIMS The Group is involved in various claims and legal proceedings arising in the ordinary course of business. These claims relate to, but are not limited to, the Group\u2019s business practices, employment matters, and tax matters. Provisions have been recognized for such matters in accordance with probable and quantifiable loss risks. On 21 September 2021, the Norwegian Environment Agencyconcluded in an administrative ruling that the cram down of claims in the Examinership and Reconstruction does not apply to the Group\u2019s obligation to surrender emission allowances under EU ETS (see Section 9.6.2 \u201cEnvironmentalregulations\u201d) for emissions predating 18 November 2020. The contemplated market value of such allowances is approximately NOK 330 million at year-end 2022. The Reconstructor determined that the Reconstruction appliesto the Group\u2019s obligation to surrender emission allowancesas a different view would have given preference to the EU ETS regime, which the current insolvency legislation does not facilitate. Therefore, the Group was unable to comply with the Norwegian Environment Agency\u2019s demand of the Group surrendering emissions allowances. The lack of compliance caused the Norwegian Environment Agency to impose a penalty of approximately NOK 400 million on the Group. The Group appealed the decision, but on 16 December 2022 the Ministry of Climate and Environment decided to uphold the Norwegian Environment Agency\u2019s decision. The Group, supported by its advisors and the Reconstructor, are of the view that the Group\u2019s obligation to surrender emission allowances for emissions pre-dating 18 November 2020 can be settled by paying dividend of 5 percent introduced under the Reconstruction and the decision to impose a penalty of NOK 400 million is invalid. On this basis, the Group filed a statement of claim to Oslo District Court on 9 January 2023. The trial is expected to be scheduled in the fourth quarter of 2023. The legal issue concerning treatment of emission allowances in insolvency has never been tried in court before. As a consequence of the Reconstruction, the amount corresponding to the contemplated market value of such allowances was crammed down and the Group has made a provision of NOK 15 million at year-end. The Group has paid the ETS penalty fee in 2023 and will seek a return of this amount plus interest following a final conclusion.For further details see Note 30.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300IEUH2FEM2Y6B51", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }