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"value": "Notes to the consolidated financial statements Note 1: Summary of material accounting policies 1.1 General information Norwegian Air Shuttle ASA and its subsidiaries (\u2018Norwegian\u2019, \u2018the Group\u2019 or \u2018the Company\u2019) are a low-cost airline incorporated in Norway and headquartered at Fornebu outside of Oslo at the registered address Oksen\u00f8yveien 3, 1366 Lysaker, Norway. Norwegian Air Shuttle ASA is a public limited liability company and listed on the Oslo Stock Exchange.The consolidated financial statements of Norwegian Air Shuttle ASA for the year ended 31 December 2023 were authorized for issue by the Board of Directors on 16 April 2024. The annual general meeting, to be held 15 May 2024, has the power to amend and reissue the financial statements.1.2 Basis of preparation The consolidated financial statements of Norwegian Air Shuttle ASA have been prepared in accordance with the IFRS\u00ae Accounting Standards (IFRS) and IFRIC interpretations, as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of 31 December 2023. The consolidated financial statements are prepared on the historical cost basis, with some exceptions, as detailed in the accounting policies set out below.In order to prepare financial statements in conformity with IFRS, 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 are disclosed below. See paragraph 1.6.The financial statements have been prepared on the going concern basis. In 2023, the Group has changed its accounting policy for major overhaul and inspection costs related to leased aircraft. For details see Note 14. For information on the adjustment of comparative figures for 2022 see Note 30.New standards, amendments and interpretations that are adoptedNo changes in IFRS effective for the 2023 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. 1.3 Basis of consolidation and equity accounting Subsidiaries Subsidiaries 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 transferred to the Group.The Group\u2019s consolidated financial statements comprise Norwegian 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 consideration transferred and the amount of the non-controlling interest over the fair value of the Group\u2019s share of the identifiable net 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 value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. All intra-Group balances, transactions and unrealized gains and losses on transactions between Group companies are eliminated.Changes in ownership When the Group ceases to consolidate or equity account for an investment because of loss of control, 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. 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 reclassified to profit or loss. 1.4 Foreign currency translation The 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 that have 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 translated using 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.1.5 Critical accounting estimates and judgments Estimates 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 Groups\u2019s non-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. 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 obligation at each reporting period. These estimates are subject to revision based on the outcome of tax audits and discussions with authorities that can take several years to conclude. See Note 10 for further details of tax positions.1.6 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 (SAF) and proposed changes to CO2 taxes.If the price for CO2 emission allowances in 2023 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 9 million lower/higher (2022: NOK 5 million). 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 risk The 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 financial instruments 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. 2.1 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. 2.2 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. The Group has a mandate to hedge its currency exposure for the following 12 months. Hedging can consist of forward currency contracts and equivalent customary derivative financial instruments.Exchange rate risk sensitivity analysis This analysis does not take into account correlation between currencies. Empirical studies confirm substantial diversification effects across the currencies that the Group is exposed to.Effects on net currency gains (losses) The Group is exposed to currency \ufb02uctuations on financial instruments in the statement of financial position. If NOK had weakened by 1 percent against USD in 2023, with all other variables held constant, pre-tax profit effect would have been negative by NOK 10 million (compared to negative NOK 12 million in 2022), mainly as a result of foreign exchange losses/gains on receivables, payables and cash and cash equivalents.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 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 46 million higher (compared to NOK 47 million lower in 2022).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 \ufb02ow borrowings interest rate risk arises from \ufb02oating interest rate borrowings. Floating interest rate borrowings in 2023 consist of a secured bond issue and a term facility. The secured bond issue (NAS 13) was redeemed in July 2023. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. Fixed interest rate borrowings consist of aircraft financing. Borrowings are denominated in USD and NOK.If the \ufb02oating interest rate in 2023 had been 1 percent higher/lower with all other variables held constant, pre-tax profit for the year would have been NOK 4 million lower/higher (2022: NOK 8 million), and pre-tax equity effect would have been NOK 5 million lower/higher (2022: NOK 9 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. If jet fuel prices had increased with 1 percent, with all other variables held constant, profit before tax would have been NOK 65 million lower (2022: NOK 66 million lower).The Group manages jet-fuel price risk using fuel derivatives. Management has a mandate to hedge up to 60 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, unless otherwise agreed with the Board of Directors.At the end of 2023, the Group has hedged around 50 percent of its planned fuel consumption in 2024 at an average price of USD 804 per metric ton. In addition to this the Group has hedged around 15 percent of its planned fuel consumption in 2025 at an average price of USD 812 per metric ton.For further details on derivative financial instruments and hedging activities, please refer to Note 19. 712.5 Credit risk Credit risk is managed on a Group 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, credit card acquirers and commercial customers, including outstanding receivables and committed transactions. The utilization of credit limits is regularly monitored. The Group\u2019s policy is to maintain 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.2.6 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 booking, at the time of travel or between these events. Delayed payments from credit card companies vary between credit card acquirers. A reduction in credit lines with credit card acquirers will 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 liquidity is closely monitored by the Management. Management also 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 and considering the level of adequate liquid assets necessary and preparing debt financing plans. The projected cash \ufb02ows are based on a detailed plan that covers each fiscal year, as well as longer-term cash forecasting. In developing these forecasts, estimates and judgement 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 the reporting date. The amounts disclosed are the contractual undiscounted cash \ufb02ows:Less than Between Between Between Over NOK million1 year1 and 2 years2 and 3 years3 and 5 years5 yearsAt 31 December 2023Borrowings 141.5 1,760.7 1,752.7 242.5 465.1Trade and other 3,859.0 - - - -payables Lease liabilities 2,275.6 2,178.3 1,898.8 2,568.6 4,336.0Calculated interest on 59.2 51.3 43.6 66.6 57.9borrowingsDerivative contracts - 108.8 67.4 - - -paymentsTotal financial liabilities 6,444.1 4,057.6 3,695.1 2,877.6 4,859.0Less than 1 Between 1 Between 2 and Between 3 and Over NOK millionyearand 2 years3 years5 years5 yearsAt 31 December 2022Borrowings 198.5 283.6 2,097.6 2,290.7 347.6Trade and other 3,651.2 - - - -payables Lease liabilities 1,509.5 1,468.6 1,328.1 1,827.5 588.0Calculated interest on 53.3 44.2 35.5 46.7 16.1borrowingsDerivative contracts - 21.7 - - - -paymentsTotal financial liabilities 5,434.2 1,796.4 3,461.2 4,164.9 951.72.7 Capital risk management The 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 (if any) 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) 2023 2022 Equity 5,772.6 4,203.4Total assets 30,550.0 22,669.6Equity ratio 18.9 % 18.5 %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 one financial instrument in this category at the end of 2023 and 2022, Norwegian Block Exchange AS (NBX). Refer to Note 13 in the parent company\u2019s financial statements for more information. 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. Refer to Note 19 in the Group\u2019s financial statements for more information on derivates. 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 one financial instrument in this category at end of 2023 (2022: none), Norsk e-Fuel AS. Refer to Note 13 in the parent company\u2019s financial statements for more information.The following table presents financial assets and liabilities measured at fair value at 31 December 2023:NOK million Level 1 Level 2 Level 3 TotalDerivative financial assets, current - 36.9 - 36.9Total assets at fair value through OCI - 36.9 - 36.9 Investment financial assets, non-current 3.7 - 12.4 16.1Total assets at fair value through profit or loss 3.7 - 12.4 16.1 Derivative financial liabilities, non-current - 67.4 - 67. 4Derivative financial liabilities, current - 108.7 - 108.7Total liabilities at fair value through OCI - 176.1 - 176.1 The following table presents financial assets and liabilities measured at fair value at 31 December 2022: NOK million Level 1 Level 2 Level 3 TotalDerivative financial assets, current - 19,9 - 19,9Total assets at fair value through OCI - 19,9 - 19,9Investment financial assets, non-current 3.7 - - 3.7Total assets at fair value through profit or loss 3.7 - - 3.7 Derivative financial liabilities, current - 21,7 - 21,7Total liabilities at fair value through OCI - 21,7 - 21,7Fair value of financial assets In addition to investment in financial assets and derivative financial assets, all other financial assets are carried at amortized cost.Fair value of financial liabilities at amortized cost All borrowings per 31 December 2023 and 2022 are measured at amortized cost. The fair value of current borrowings approximates their carrying amount. The NAS13 bonds issued in 2021 were traded in an active market. Thus, their fair value was based on quoted market prices on or close to the reporting date (level 1 in fair value measurement hierarchy). In 2023, the Company redeemed the NAS13 bond with a total amount of NOK 468 million including call premium and accrued interest. 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 flows which are discounted using rates listed in Note 24. Carrying amount Fair value NOK million 2023 2022 2023 2022Financial assets at fair value through OCI 36.9 19.9 36.9 19.9 Financial assets at fair value through profit or loss 16.1 3.7 16.1 3.7Financial assets at amortized cost 11,642.4 9,855.8 11,642.4 9,855.8Total financial assets 11,695.4 9,879.4 11,695.4 9,879.4 Financial liabilities at fair value through OCI 176.1 21.7 176.1 21.7Financial liabilities at amortized cost 17,164.6 12,352.7 1 7,090.9 12,232.0Total financial liabilities 17,340.7 12,374.4 17,266.9 12,253.7Note 4: Segment and revenue informationRevenue recognition Revenue comprises the amounts that reflect 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 transaction price 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. The time between ticket sale and time of the air transport taking place is less than one year and based on materiality considerations the Group does not recognize any financing element 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 reported as 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 flights or seek refunds for other than taxes once a flight has departed. Other revenue Other revenue comprises of third-party revenue, such as cargo, commission from in-flight sales, expired CashPoints, and revenue from business activities in subsidiaries which are not airlines.Segment and revenue information Executive 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 fleet, which is utilized across the Group\u2019s geographical segment.Performance is measured by the Executive Management based on the operating segment\u2019s earnings before interests, tax, depreciation, amortization and aircraft lease (EBITDAR), as well as earnings before interest and tax (EBIT). 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.NOK million 2023 2022By activity:Passenger transport 20,616.6 15,197.7 Ancillary revenue 3,699.6 2,870.0 Other revenue 1,223.1 801.6 Total operating revenue 25,539.3 18,869.3 Other revenue includes NOK 633.3 million from CashPoints expired in 2023, mainly related to CashPoints granted in 2018 and 2019.NOK million 2023 2022By country:Norway9,693. 4 7,330.9 Spain 4,089.8 2,734.7 Denmark 2,926.0 2,154.3 Sweden 2,496.4 1,976.8 United Kingdom 1,026.2 829.8 Finland 934.5 645.3 Italy 710.0 479.1 France 614.6 500.8 Germany 369.9 270.1 Poland 350.5 214.3 Other 2,327.9 1,733.2 Total 25,539.3 18,869.3 Total outside of Norway 15,845.9 11,538.4Note 5: Payroll expenses and number of employeesNOK million 2023 2022Wages and salaries 3,038.6 2,120.5Social security tax 466.2 325.4Pension expenses 287. 6 239.0Employee stock options 6.8 3.3Other benefits 143.5 140.7Hired operational personnel 82.4 55.9Total 4,025.1 2,884.8Payroll expenses include hired operational personnel. Some employees are participants in defined pension plans. See Note 22 for details. *)Head count Man-labor years Man-labor years Head count 2023 2022 2023 2022Cabin Crew 1,750 1,430 1,911 1,648Flight Deck Crew 973 785 1,071 1,008Non-crew 1,208 957 1,488 1,215Total 3,931 3,172 4,470 3,871Norway 2,394 1,966 2,641 2,156Spain 448 316 691 679United Kingdom 8 10 8 11Sweden 228 183 220 215Denmark 527 410 572 459Finland 159 133 174 162Ireland 8 9 8 9Latvia 158 145 156 180Total 3,931 3,172 4,470 3,871 *) head count at 31.12.Note 6: Remuneration of the board of directors and executive management Pursuant to the Norwegian Public Limited Liability Companies Act, section 6-16 a, the Board presented the following statement regarding remuneration of Norwegian\u2019s Management to the 2023 Annual General Meeting (AGM).The Nomination Committee proposed to keep the fee level unchanged 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 (2024). All Nomination Committees proposals were approved by the AGM.The Executive remuneration in 2023 complied with the guidelines on remuneration approved by the AGM in 2023. Geir Karlsen\u2019s (CEO) base salary was adjusted upwards by 21 percent, and Guro Halvorsen Poulsen\u2019s and Magnus Thome Maursund\u2019s base salary was increased with 10 percent. The remaining Executives\u2019 salaries were adjusted in line with the general salary adjustment for employees in Norway, which is 5.2%No share options were exercised by the Executives in 2023.Bonuses were paid to the Executives in accordance with the short-time incentive program. 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 overall compensation 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 reflect 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 firms.Short-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 to meet its financial and business targets. The objectives of the program are to:(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.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.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 principles:\u2022 The options to be offered in the 3rd quarter at the latest and granted in September at the latest.\u2022 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 after presentation of Norwegian\u2019s 2nd quarter financial results plus 10 percent (rounded to the nearest NOK 0.01).\u2022 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.\u2022 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 Executive Management team is six months. The CEO severance pay is six months. Chief Marketing & Customer Officer has six months base salary severance pay. 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 benefits such 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 participate in a defined contribution pension plan. The annual accrual for 2023 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 2023 amounted to NOK 118,620. 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 defined benefit plan (accounted for as defined contribution plan). AFP is market practice, regulated by collective bargaining agreements, and has a modest cost. Total Compensation year 2023 1) 3)Salary Bonus Other benefitsPension expense4)NOK 1,000 FeeTotal compensationThe Board of DirectorsSvein Harald \u00d8ygard, Chair of the Board 1,130 - - - - 1,130Ingrid Elvira Leisner 675 - - - - 675Lars Rahb\u00e6k Boilesen 627 - - - - 627Sondre Gravir (until December 2023) 530 - - - - 5302)Katherine Jane Sherry (since May 2023)100 - - - - 100Stephen Thomas Kavanagh (since December 2023) - - - - - -1)Eric Holm, elected by the employees150 - - - - 1501)Katrine Gundersen, elected by the employees150 - - - - 1501)Torstein Hiorth Soland, elected by the employees150 - - - - 150Total board of directors 3,512 - - - - 3,512 Executive Management Geir Karlsen (Chief Executive Officer)- 5,569 3,507 158 105 9,339Hans-J\u00f8rgen Wibstad (Chief Financial Officer) - 3,047 1,255 158 105 4,565Anne-Sissel Sk\u00e5nvik (Chief Communications and Public Affairs Officer) - 2,092 772 158 105 3,127Magnus Thome Maursund (Chief Commercial Officer) - 2,263 1,115 166 108 3,651Adrian Dunne (Chief Operations Officer until July 2023) - 2,125 1,803 140 308 4,376Christoffer Sundby (Chief Marketing and Customer Officer) - 3,337 1,433 165 105 5,040Knut Olav Irgens H\u00f8eg (Chief IT and Business Services Officer) - 2,468 1,110 158 105 3,840Guro H. Poulsen (Chief People Officer) - 2,159 965 158 105 3,387Tore Kristian Jenssen (Chief Asset Officer) - 3,110 1,433 191 431 5,1645)Henrik Fjeld (Interim Chief Operations Officer from July 2023, SVP Technical) - 799 - 43 65 9075)Per Gunnar Lyckander (Interim Chief Operations Officer from July 2023) - 983 - 18 245 1,245Total executive management - 27,952 13,391 1,512 1,787 44,6421) For the employee representatives in the Board of Directors, only their fee for serving on the Board of Directors fee is stated2) Katherine Jane Sherry also received an advisory fee for the period before elected as board member of NOK 133,0003) Other benefits include company car/car allowance, insurance, telephone, internet, severance pay, etc.4) Pension expense re\ufb02ects paid pension premium. 5) Remuneration for the time in the Company before becoming interim COO\u2019s is not included.No share options were exercised by the Management in 2023. Total Compensation year 2022 1) 3)Salary Bonus Other benefitsPension expense4)NOK 1,000 FeeTotal 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 3,44Christoffer Sundby (Chief Marketing and Customer Officer) - 3,237 - 155 117 3,509Tor-Arne Fosser (Executive Vice President Airline Products & Digital Development until 31 - 2,171 - 1,553 66 3,7905)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 - 3,094 1,180 31,1381) 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 20227) Bonus 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 employee8) Hans-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.Note 7: Other operating expenses Other 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.NOK million 2023 2022Sales and distribution expenses 716.3 576.5 Other \ufb02ight operation expenses 775.3 617.5 General and administrative expenses 917.5 742.3 Total other operating expenses 2,409.1 1,936.2Certain 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. Audit remunerationNOK million excluding VAT 2023 2022Audit fee 14.3 11.3Other audit related services 1.1 0.8Other services 1.3 3.2Total 16.7 15.3Note 8: Other losses / (gains) \u2013 NET NOK million 2023 2022Net losses/(gains) on financial assets at fair value through profit or loss - -Foreign exchange losses/(gains) on operating activities 42.6 128.8Losses/(gains) on asset sale (7.1) (65.5)Restructuring costs/(gain) - - Other losses/(gains) (0.4) (70.7)Total 35.1 (7.3)Other losses/(gains) in 2022 are related to the extinguishment of trade payables. Gains from asset sale in 2022 are related to the sale of slots at London Gatwick Airport. Note 9: Other financial income (expense) NOK million 2023 2022Net foreign exchange (loss) or gain on financing activities 6.6 2.2 Return from investments in funds 163.7 71.4Exchange rate differences on disposal of foreign operations - 43.9Other financial items 18.2 4.0Other financial income (expense) 188.5 121.6A net foreign exchange gain of NOK 6.6 million is recognized in 2023 (2022: NOK 2.2 million gain). 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.Note 10: Taxes Current and deferred income tax The 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 other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income tax Current 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 tax Deferred 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 assets are recognized for all deductible temporary differences, 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 extent that it is no longer probable that sufficient taxable profit will 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 assets are 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: \u2022 the Group has a legal and enforceable right to offset the recognized amounts and; \u2022 deferred tax assets and tax liabilities relate 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. Tax expense consists of:NOK million 2023 2022Tax payable 51.5 35.5Adjustments from previous year 15.4 5.5Income tax expense 66.9 41.0Reconciliation from nominal to effective tax rate:NOK million 2023 2022Profit before tax 1,803.9 1,046.4Expected tax expense (income) using nominal tax rate (22%) 396.9 230.2Tax effect of the following items:Non-deductible expenses/income (267.1) 19.7Adjustments from previous year 15.4 5.5Tax rate outside Norway other than 22% (3.4) (189.6)Deferred tax asset not recognized (74.8) (24.8)Tax expense 66.9 41.0Effective tax rate 3.7 % 3.9 %Non-deductible expenses/income mainly relates to intra-group transactions without an impact on the Group\u2019s profit before tax. Adjustments from previous year re\ufb02ect the effect of differences between final tax reporting and basis used in establishing the current tax position and deferred tax balance in prior periods. The following table details net deferred tax assets (liabilities) at year end:NOK million 2023 2022Intangible assets 555.8 520.0Tangible assets (87.0) (84.1)Inventories 3.9 13.1Receivables 16.4 4.2Financial instruments (24.3) -Deferred gains/losses (237.0) (486.9)Other accruals 282.6 235.3Pensions 46.8 44.5Other temporary differences (54.8) (61.1)Loss carried forward 2,145.5 2,542.6Not recognized deferred tax assets (812.0) (886.8)Net deferred tax assets (liabilities) 1,835.9 1,840.8Recognized as deferred tax assets 1,900.7 1,900.7Recognized as deferred tax liabilities (64.7) (59.9)Net deferred tax liabilities (assets) 1,835.9 1,840.8Loss carried forward per country: NOK million 2023 2022Norway (no expiration date) 2,023.3 2,358.8Ireland (no expiration date) 122.2 166.1Other - 17.7Total 2,145.5 2,542.6Deferred tax assets are based on unused tax loss carryforwards and temporary differences in assets and liabilities. The Group is currently running a profitable business. 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 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. 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. By carrying forward the profitable part of its business and exiting the historically loss-making or marginal part of the operation, the Group has reasonable expectations of continuing to generate taxable profits in the upcoming years. 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. NOK million 2023 2022Recognized at 1 January 1,840.8 (1,830.5)Translation differences (4.9) (10.3)Recognized at 31 December 1,835.9 (1,840.8)Note 11: Earnings per share Basic earnings per share calculations are based on the weighted average number of 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 period. (NOK million) 2023 2022Profit attributable to the owners of the Company before PIK 1,736.9 1,005.5interest on perpetual bondsPayment-in-kind interest on perpetual bonds recognized in equity 126.3 85.9Profit attributable to the owners of the Company after PIK interest 1,610.7 919.6Specification of weighted average number of shares used in calculation of basic and diluted EPSWeighted average number of ordinary basic shares outstanding EPS 947, 827, 373 929,579,566Weighted average number of Perpetual bonds for diluted EPS 178,838,433 195,917,519Weighted average number of ordinary shares outstanding after 1,126,665,806 1,125,497,085dilutionBasic earnings per share (NOK) 1.70 0.99 Diluted earnings per share (NOK) 1.54 0.89 Antidilutive instruments that might become dilutive in future periods not included in calculation of the diluted earnings per share for the periodOrdinary share options 4,486,580 3,511,296Stock options granted to employees are considered dilutive if they are \u201cin the money\u201d after vesting conditions are considered. None of the outstanding stock options granted to employees had dilutive effect at the end of 2023. For further details on outstanding stock options, please refer to Note 21.Note 12: 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 indefinite useful 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.Impairment of non-financial assets Intangible assets with indefinite useful lives are not subject to 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\u2019s fair 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 impairment are reviewed for a possible reversal of the impairment at each reporting date. Impairment losses on goodwill are not reversed. Emission rights Emission rights held are recognized at amortized cost, nil for those granted from the respective countries\u2019 government agencies without the need for payment of any consideration and purchase price for those purchased.To measure its obligation to surrender CO2 allowances correctly during a compliance period (financial year), Norwegian applies a weighted average cost method. The obligation is measured based on an average cost per unit of emissions expected to be incurred during the compliance period as a whole. The Group determines the expected total emissions for the compliance period and compares this with the number of allowance units granted and purchased and still held by the entity for that compliance period, to determine the expected shortfall (if any) in allowances held for the compliance period. The weighted average cost per unit of emissions for the compliance period is the carrying amount of the allowances held plus the cost of meeting the expected shortfall divided by the expected total number of units of emissions for the compliance period.For the compliance period 2023, the Group has purchased CO2 allowances through forward contracts with delivery in 2024. Those allowances are included in the measurement of the obligation to surrender CO2 allowances per 31 December 2023 with their expected settlement amounts (strike price). The allowances are to be recognized as intangible assets once received in 2024.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. In 2023, Other intangible assets contains NOK 956.4 million in purchased ETS allowance. The allowances are expected to be delivered to the environmental authorities during 2024 and are classified as current assets in the balance sheet. 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.Other intangible NOK million Software Goodwill assets Total Acquisition costs 1 January 2022 559.5 94.0 53.8 707.3Additions 19.6 - - 19.6 Acquisition cost 31 December 2022 579.2 94.0 53.8 726.9 Acquisition costs 1 January 2023 579.2 94.0 53.8 726.9 Additions 78.8 - 960.4 1,039.2 Translation difference acquisition cost 1.3 - - 1.3Acquisition costs 31 December 2023 659.3 94.0 1,014.2 1,767.4 Accumulated amortization 527.1 - - 527.1 1 January 2022Amortization 10.7 - - 10.7 Accumulated amortization 31 537.9 - - 537.9 December 2022Accumulated amortization 537.9 - - 537.91 January 2023Amortization 12.1 - - 12.1Accumulated amortization 550.0 - - 550.031 December 2023Book value at 31 December 2022 41.3 94.0 53.8 189.1 Book value at 31 December 2023 109.3 94.0 1,014.2 1,217.4 Useful life 3-5 years Indefinite Indefinite Amortization plan Straight-line None NoneNote 13: Tangible assets Tangible 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 economic benefits are the result of verified repair and maintenance work, 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 or airborne hours. These components are identified as two heavy 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 components occur 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. 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, when applicable. At delivery of aircraft, the prepayments are included in the acquisition costs of the aircraft. Depreciation periods and methods are assessed annually to ensure that they match the substance of non-current assets.NOK million Buildings Aircraft, parts and installations on leased aircraft Prepayment on aircraft orders Equipment and fixtures Total Acquisition cost 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 Acquisition costs 1 January 2023 284.1 2,635.4 2,937.5 572.8 6,429.8 Additions 2.7 408.9 43.3 74.4 529.3 Translation difference acquisition cost - 40.1 91.3 0.7 132.2Disposals - (10.1) - - (10.1)Acquisition costs 31 December 2023 286.8 3,074.4 3,072.1 648.0 7,081.2 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 2,053.08Accumulated depreciation 1 January 2023 48.4 1,547.9 - 457.6 2,053.8Depreciation 5.6 109.6 - 31.9 147.1 Depreciation disposals - (9,3) - - (9.3)Foreign currency translation - 10.8 - - 10.8Accumulated depreciation 31 December 2023 54.0 1,659.0 - 489.5 2,202.4 Book value 31 December 2022 235.6 1,087.5 2,937.5 115.2 4,375.8Book value 31 December 2023 232.7 1,415.4 3,072.1 158.4 4,878.7 Aircraft At 31 December 2023, the Group had a total \ufb02eet of 87 aircraft of which four are owned (2022: four owned aircraft). The Group did not redeliver any owned Boeing 737-800 in 2023. The residual value is NOK 255 million (2022: NOK 247 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 3,072.1 million and relate to the purchase order of 50 Boeing 737 MAX 8 aircraft. In 2022, the group recognized a partial impairment reversal of NOK 2,099.4 million in the second quarter 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 are depreciated over their useful life. The useful life of spare parts ranges between 5-8 years. Straight-line depreciation is 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 7.9 percent (2022: 10.5 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 2023, 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 costs by five percent, nor an increase in WACC after tax by five percentage points, all other assumptions held constant, would lead to an impairment loss of the \ufb02eet.Note 14: Leases 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. The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases, that is not aircraft leases, and leases of low-value assets, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 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. 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. 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. 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 financial position. 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 are 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. Heavy maintenance on leased aircraft With effect from 1 January 2023, the Group changed its accounting policy for major overhaul and inspection costs (\u201cheavy maintenance\u201d) related to leased aircraft. The Group is obliged to return leased aircraft according to the redelivery condition set in the lease agreement. Costs for heavy maintenance have previously been accrued for as maintenance provisions and charged to the Consolidated income statement based on the utilization and age of the aircraft. Such costs were presented under \u201cTechnical maintenance expenses\u201d in the Consolidated income statement. Heavy maintenance costs related to the recognition of maintenance provisions are capitalized as part of the right-of-use asset for leased aircraft. The capitalized amounts are immediately depreciated as the aircraft is utilized. The depreciation charge is presented under \u201cAircraft lease, depreciation and amortization\u201d in the Consolidated income statement. Management is of the opinion that the presentation of expenses for heavy maintenance on leased aircraft under \u201cAircraft lease, depreciation and amortization\u201d provides more relevant information as the presentation of maintenance expenses for owned and leased aircraft is more aligned with the revised policy. The change in accounting policy is applied retrospectively. Financial information for comparative periods disclosed in these Consolidated financial statements are adjusted as if the new accounting policy had always been applied. The retrospective application of the new accounting policy does not have any effect on the equity at the end of 2022. For more information on the adjustments of comparative figures for 2022, refer to Note 30. Lessor payments Received compensation from aircraft lessors for extra costs incurred related to the late commencement of lease agreements are netted against cost incurred and presented under Aircraft lease, depreciation and amortization\u201d in the consolidated income statement. Right-of-use aircraft, parts and NOK millioninstallations* Right-of-use buildings Total right-of-use assets* Acquisition cost 1 January 2022 6,136.7 317.1 6,453.7 Additions 977.9 1.6 979.5 Additions maintenance 1,109.4 - 1,109.4Translation difference acquisition cost 740.6 3.0 743.6Terminations - (5.4) (5.4)Acquisition costs 31 December 2022 8,964.6 316.4 9,281.0 Acquisition costs 1 January 2023 8,964.6 316.4 9,281.0 Additions 5,768.2 176.2 5,944.4 Additions maintenance 1,634.4 - 1,634.4Translation difference acquisition cost 20.5 4.2 24.7Terminations 211.9 1.2 213.1Acquisition costs 31 December 2023 16,599.6 497.9 17,097.5 Accumulated depreciation 1 January 2022 984.1 105.1 1,089.4 Depreciation 1,230.3 30.2 1,260.4Depreciation maintenance 1,109,4 - 1,109.4Foreign currency translation 118.8 1.0 119.8 Accumulated depreciation 31 December 2022 3,442.6 136.3 3,578.9 Accumulated depreciation 1 January 2023 3,442.6 136.3 3,578.9 Depreciation 1,700.4 42.3 1,742.6Depreciation maintenance 1,634.4 - 1,634.4Foreign currency translation 3.8 0.1 3.9 Accumulated depreciation 31 December 2023 6,781.2 178.6 6,959.8 Book value 31 December 2022 5,522.0 180.1 5,702.1 Book value 31 December 2023 9,818.4 319.3 10,137.7*) Following the change in accounting policy for heavy maintenance on leased aircraft in 2023, financial information for comparative periods disclosed in this report are adjusted as if the new accounting policy had always been applied.At the end of 2023, the Group leased 83 (2022: 66) aircraft. The lease agreements on the Boeing 737 aircraft last between two and twelve years from the date of 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 2023. In the recognition of the new leases in 2023, 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 discounting future lease payments for lease agreements entered into in 2023 is 7.2 percent (2022: 7.7 percent). All new aircraft lease agreements entered into in 2022 contained 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 paid 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. There were no new aircraft lease agreements entered into in 2023 which contained a \u201cPBH-clause\u201d. Lease liabilities are recognized based on the fixed minimum lease payments. Outside of the PBH-periods, the minimum 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 income statement. Variable PBH lease payments for aircraft leases in 2023 amounted to NOK 64.2 million (2022: NOK 126.5 million).Lease liabilitiesNOK million 2023 2022Opening balance 5,836.8 5,212.7 Additions 5,887.6 901.2 Terminations - (7.7)Accrued interest expense 543.9 329.5 Interest paid (543.9) (329.5)Payment of lease liabilities (1,460.2) (891.4)Currency differences 26.0 621.9 Lease liabilities 31 December 10,280.1 5,836.8 Due within one year \u2013 current 1,591.4 1,190.6 Due after one year \u2013 non current 8,688.8 4,646.2 Maturity profiles of nominal minimum lease payments are presented in Note 2.6. In 2023, the Group had short-term and/or leases of low-value items for cars and 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. The following amounts are recognized in the income statement:NOK million 2023 2022Expenses relating to short-term leases 33.2 53.7 Expenses relating to low-value leases 0.1 0.1 Variable lease payments 80.1 143.2 Total 113.4 197.1 Due to the late delivery of Boeing 737 aircraft, Norwegian incurred additional cost in 2023 related to wet leases and alternative aircraft lease contracts the company had to enter into to support its planned production. The Group has recognized payments of NOK 77.3 million (2022: nil) from aircraft lessors as a reduction of these additional aircraft lease and depreciation expenses in 2023. Total lease payments for all leasing contracts equals NOK 2,117.5 million for the financial year 2023 (2022: NOK 1,418.0 million). As of 31 December 2023, there are no significant future potential lease payments that are not included in the lease obligations as a result of extension or purchase options. Note 15: Trade and other receivables 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. Specifications of receivables NOK million 2023 2022Trade receivables 202.9 187.8 Credit card receivables 508.3 988.2 Deposits 528.9 513.5 Reimbursements claims maintenance costs (6.8) 2.2 Emission allowance claim (refer to Note 28) 402.9 - Other claims 528.4 405.2 Sum trade and other receivables 2,164.6 2,096.8Prepaid costs 293.8 382.4 Public duty debt 122.3 133.1 Prepayments to employees3.6 3.5 Prepaid rent 41.0 22.4 Prepayments 460.6 541.4Total 2,625.2 2,638.2Maximum credit risk 2,164.6 2,096.8Due dates, nominal value of receivables NOK million 2023 2022Within one year 2,322.0 2,240.4After one year 427.5 464.8Total 2,749.5 2,705.1Fair value of trade and other receivables NOK million 2023 2022Due within one year 2,313.1 2,184.8After one year *) 312.1 453.4Total 2,625.2 2,638.2Provision for bad debt NOK million 2023 2022Balance 1 January 35.7 27.3 Receivables written off during the year (5.5) 2.9 Increase in provisions 26.5 17.1 Unused amounts reversed (47.8) (11.5)Balance 31 December 9.0 35.7 Aging of trade receivables NOK million 2023 2022Not overdue 176.3 205.4Overdue less than 1 month 26.5 13.0Overdue 1-2 months 0.0 4.2Overdue 2-3 months 0.0 1.2Overdue over 3 months 9.1 (0,4)Total 211.9 223.5Provisions 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 denominated in foreign currencies are converted using the prevailing exchange rates on the reporting date.Note 16: InventoryInventory Inventory of consumables are carried at the lower of acquisition cost and net realizable value. Cost is determined using the average price method. Inventory is consumed during maintenance and overhaul of the aircraft and is expensed when consumed. The Group has recognized income of NOK 72.2 million in 2023 (2022: none) related to the reversal of adjustments for obsolete parts from prior years. NOK million 2023 2022Consumables 259.6 81.3Total 259.6 81.3Note 17: Cash and cash equivalents Cash and cash equivalents Cash 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 classified as financial assets measured at fair value through profit and loss.NOK million 2023 2022Cash in bank and demand deposit 6,670.5 5,214.9Cash equivalents 2,807. 3 2,544.0Total 9,477.9 7,759.0At 31 December 2023, the interest terms of the main cash deposits in the two cash pools are 1 month NIBOR +0.175 percent p.a. and NOWA +0.05 percent p.a. Deposits in money market funds are classified as cash equivalents, as the original maturity of the deposits are 3 months or less. Restricted cashNOK million 2023 2022Guarantees for leases and credits from suppliers 404.8 302.0Safety deposits on defined benefit plan 373.2 340.3Slots proceeds - 316.9Taxes withheld 79.0 69.2Fuel hedge pledged account 106.5 81.8Dividend claims 43.7 42.5Total 1 007.1 1 152.8Bank guarantees are granted for leasing liabilities for aircraft, suppliers of fuel and handling services, as well as airport charges from airports and governments. In 2022, 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. Restricted cash is included in the line-item Cash and cash equivalents in the statement of financial position. Unrestricted cash at 31 December 2023 was NOK 8,470.7 million. Note 18: Assets pledged as collaterals and guarantees Liabilities secured by pledgeNOK million 2023 2022Bond issue - 569.2 Aircraft financing 1,021.0 803.4Total 1,021.0 1,372.6Owned 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.Book value of assets pledged as security and guaranteesNOK million 2023 2022Prepayment and aircraft 4,114.7 4,020.0Total 4,114.7 4,020.0Note 19: Financial instruments Financial assets Financial 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 financial assets at initial recognition.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 liabilities 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 modification of 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 equity and liability components. After initial recognition, the liability component is measured at amortized cost. No gain or 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.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. Derivative financial instruments and hedging activities Derivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into, 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. 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 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 within equity. 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. Hedge effectiveness Hedge 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 to different 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 2023. Financial Instruments by category 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 - 16.1 - 16.1 Derivative financial - - 36.9 36.9instrumentsTrade and other receivables *) 2,164.6 - - 2,164.6 Cash and cash equivalents 9,477.9 - - 9,477.9 Total 2023 11,642.4 16.1 36.9 11,695.4 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 9,855.8 3.7 19.9 9,879.4*) Prepayments not included in trade and other receivables was NOK 460.6 million in 2023 and NOK 541.4 million in 2022. Investments in financial assets consist of an investment in shares of Norsk E-Fuel AS and Norwegian Block Exchange AS. Changes in the share price of Norwegian Block Exchange AS are not recognized as a change in fair value in profit or loss due to immateriality of the investment. Financial liabilities at Financial liabilities at fair NOK millionamortized cost value through OCI Total Liabilities per balance sheetBorrowings 3,745,2 - 3,745.2Lease liabilities 10,280.1 - 10,280.1Derivative financial - 176.1 176.1instrumentsTrade and other payables *) 3,139.2 - 3,139.2Total 2023 17,164.6 21.7 17,340.7 Borrowings 4,248.5 - 4,248.5Lease liabilities 5,836.8 - 5,836.8Derivative financial - 21.7 21.7instrumentsTrade and other payables *) 2,267.4 - 2,267.4Total 2022 12,352.7 21.7 12,374.3 *) Public duties and liabilities from customer loyalty program not included in trade and other payables was NOK 719.8 million in 2023 and NOK 1,383.8 million in 2022.See Note 24 for details related to borrowings. Credit quality of financial assets NOK million 2023 2022Trade and other receivablesCounterparties with external credit rating A or better 508.3 988.2 Counterparties without external credit rating 1,656.3 1,108.6 Total trade receivables 2,164.6 2,096.8 Cash and cash equivalentsA+ or better 6,670.5 3,196.9 BBB + 2,807.3 4,562.0 Total cash and cash equivalents 9,477.9 7,759.0 Investments in financial assets NOK million 2023 20221 January 3.7 3.7Addition 12.4 - 31 December 16.1 3.7 Derivative financial instruments 2023 2022NOK million Assets Liabilities Assets Liabilities Forward commodities contracts 36.9 176.1 19.9 21.7 Total 36.9 176.1 19.9 21.7 Non-current portion - 67.4 - -Current portion 36.9 108.8 19.9 21.7 Derivatives are classified as current or non-current assets or liabilities depending on the maturity profile and net value of individual forward contracts. Forward commodity contracts designated as cash flow hedges Forward commodity contracts relate to jet fuel derivatives. The net fair value of the outstanding forward commodities contracts at 31 December 2023 was negative NOK 139.2 million (2022: NOK -1.8 million). At 31 December 2023, the Group had secured 461,200 metric tons jet fuel (2022: 132,600) through forward contracts. Fuel derivatives are categorized as financial assets or financial liabilities at fair value through OCI and are measured at fair value at each reporting date.Note 20: Equity and shareholder information Equity Share 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.Shares and share issues: Number of NOK millionordinary shares Share capital Share Premium Total 1 January 2023 929,989,739 93.0 25,437.7 25,530.7 Share issue 17.02.2023 1,597,444 0.2 14.6 14.8Share issue 14.06.2023 26,402,573 2.6 241.1 243.7Share issue 23.06.2023 3,529,016 0.4 32.2 32.6Share issue 07.07.2023 2,810 0.0 0.0 0.0Share issue 26.09.2023 42,112 0.0 0.4 0.4Share issue 27.10.2023 207,212 0.0 1.9 1.931 December 2023 961,770,906 96.2 25,727.9 25,824.1 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 1.9Share 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 25,530.7All issued shares are fully paid with a par value of NOK 0.1 per share. There is only one category of shares, and all shares have equal rights. For information on employee share options, see Note 21. On 17 February 2023, the company announced conversion notices from bondholders representing NOK 15 million Early Conversion Bonds, with the issue of 1,597,444 new shares. On 14 June 2023, the company announced conversion notices from bondholders representing NOK 5 million Early Conversion Bonds, NOK 242.9 million Ordinary Conversion Bonds, and NOK 0.04 million PIK Bonds, with the issue of 26,402,573 new shares. On 23 June 2023, the company announced conversion notices from bondholders representing NOK 32.8 million Ordinary Conversion Bonds, and NOK 0.3 million PIK Bonds, with the issue of 3,529,016 new shares. On 7 July 2023, the company announced conversion notices from bondholders representing NOK 0.03 million PIK Bonds, with the issue of 2,810 new shares. On 26 September 2023, the company announced conversion notices from bondholders representing NOK 0.4 million Conversion Bonds, with the issue of 42,112 new shares. On 27 October 2023, the company announced conversion notices from bondholders representing NOK 1.9 million Conversion Bonds, with the issue of 207,212 new shares. All transactions resulted in a total of 961,770,906 shares as of 31 December 2023. Description of items recognized Other comprehensive income: Currency translation differences Net NOK 112.8 million has been booked as exchange rate differences under other comprehensive income in 2023 (2022: NOK 13.7 million). The exchange differences arise from translating the subsidiaries from functional currency to presentation currency of foreign operations. Actuarial gains and losses During 2023, NOK 20.4 million in actuarial loss arising from defined benefit pension plans has been recognised in other comprehensive income (2022: NOK 6.8 million in actuarial loss).The largest shareholders at 31 December 2023 were: Voting Name Country Shares Ownership rights Geveran Trading Company, Ltd. Cyprus 134,010,512 13.9% 13.9%Sundt AS Norway 89,292,265 9.3% 9.3%Folketrygdfondet Norway 46,873,605 4.9% 4.9%Ballyfin Aviation Limited Ireland 31,472,703 3.3% 3.3%Nordnet Bank AB. Norway 29,748,294 3.1% 3.1%Silver Point Capital, L.P. United States 25,854,922 2.7% 2.7%Handelsbanken Kapitalf\u00f6rvaltning AB Sweden 23,966,576 2.5% 2.5%Avanza Bank AB Sweden 21,666,287 2.3% 2.3%Keskin\u00e4inen el\u00e4kevakuutusyhti\u00f6 Varma Finland 15,500,000 1.6% 1.6%KLP Fondsforvaltning AS Norway 15,378,913 1.6% 1.6%Svelland Capital (UK) Ltd United Kingdom 14,612,990 1.5% 1.5%DNB Asset Management AS Norway 12,521,543 1.3% 1.3%Nordea Funds Oy Finland 10,440,126 1.1% 1.1%Contrarian Capital Management, LLC United States 10,312,451 1.1% 1.1%Brumm AS Norway 10,010,480 1.0% 1.0%American Century Investment United States 8,386,121 0.9% 0.9%Management, Inc.Swedbank AB Sweden 8,033,545 0.8% 0.8%Cape Invest AS Norway 7,914,593 0.8% 0.8%HSBC Continental Europe S.A., Germany 6,979,134 0.7% 0.7%GermanyBlackRock Institutional Trust United States 6,745,380 0.7% 0.7%Company, N.A.Other 432,050,466 44.9% 44.9%Total number of shares 961,770,906 100.0 % 100.0 % The 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 12,663,237 1.4% 1.4%KingdomKLP Fondsforvaltning AS Norway 12,493,863 1.3% 1.3%BlackRock Institutional Trust Company, 10,635,493 1.1% 1.1%United StatesN.A.Svelland Capital (UK) Ltd United 9,427,617 1.0% 1.0%KingdomSwedbank AB Sweden 9,390,819 1.0% 1.0%Nordea Funds Oy Finland 9,339,301 1.0% 1.0%BofA Global Research (UK) United 8,748,839 0.9% 0.9%KingdomBrumm AS Norway 8,285,480 0.9% 0.9%HSBC Trinkaus & Burkhardt AG Germany 7,107,742 0.8% 0.8%Other350,338,42637.7% 37.7%Total number of shares 929,989,739 100.0 % 100.0 %Shares directly or indirectly held by members of the Boards of Directors, Chief Executive Officer and Executive Management at 31 December 20231)Name TitleSharesSvein Harald \u00d8ygard Chair 1,884,281Ingrid Elvira Leisner Board Member 29,927Lars Rahb\u00e6k Boilesen Board Member 585,424Katherine Jane Sherry Board Member 27,364Stephen Thomas Kavanagh Board Member -Eric Holm Board Member - Employee representative 1,326Katrine Gundersen Board Member - Employee representative 1,447Torstein Hiorth Soland Board Member - Employee representative -Geir Karlsen Chief Executive Officer 651,478Hans-J\u00f8rgen Wibstad Chief Financial Officer 70,000Anne-Sissel Sk\u00e5nvik Chief Communications and Public Affairs Officer 50,095Magnus Thome Maursund Chief Commercial Officer 4,362Christoffer Sundby Chief Marketing and Customer Officer 339,944Knut Olav Irgens H\u00f8eg Chief IT and Business Services Officer 239,847Guro H. Poulsen Chief People Officer 236,808Tore Kristian Jenssen Chief Asset Officer - Henrik Fjeld Interim Chief Operations Officer, SVP Technical -Per Gunnar Lyckander Interim Chief Operations Officer 101) Including shares held by related parties. Options directly held by the Chief Executive Officer and members of Executive Management:Issued in 2018 2019 2021 2022 2023Strike price (NOK) 4,300 4,300 10.10 13.50 13.50Name Title Expiry 2025 2026 2026-2029 2029 2030 TotalGeir Karlsen Chief Executive Officer 500 4,500 1,000,000 792,548 764,183 2,561,731 Hans-J\u00f8rgen Wibstad Chief Financial Officer 422,692 140,897 563,589Anne-Sissel Sk\u00e5nvik Chief Communications and Public Affairs Officer 200 500 105,673 35,224 141,597 Magnus Thome Maursund Chief Commercial Officer 184,927 61,642 246,569 Christoffer Sundby Chief Marketing and Customer Officer 232,480 77,493 309,973 Knut Olav Irgens H\u00f8eg Chief IT and Business Services Officer 162,032 54,011 216,043Guro H. Poulsen Chief People Officer 140,897 46,966 187, 863 Tore Kristian Jenssen Chief Asset Officer 200 1,500 190,211 63,404 255,315 Specification of other reserves NOK million Translation differences Cash-\ufb02ow hedge reserve Total 1 January 2022 259.9 - 259.9 Translation differences 13.7 - 13.7 Fuel hedge movements (1.8) (1.8)31 December 2022 273.6 (1.8) 271.8 Translation differences 112.8 - 112.8 Fuel hedge movements - (138.4) (138.4)31 December 2023 386.4 (140.2) 246.2 See 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 724.6 million at 31 December 2023 (2022: NOK 717.8 million). Changes in 2023 relate 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 as the 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, hence the whole instrument is considered and classified as equity.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 2023 is NOK 1,520.8 million (2022: NOK 1,800.3 million). The perpetual bonds have a dilutive effect on diluted earnings per share, see Note 11. Note 21: Options Share-based payments The Group operates a number of equity-settled share-based compensation plans under which the entity receives services 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 options is 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 is determined 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. 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 program Bonus 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. 2023 Program On 29 September 2023, Executives in Norwegian were granted a total of 1,243,820 share options in Norwegian Air Shuttle ASA (NAS) with a strike price of NOK 13.50 per share. The granted share options vests one-third each anniversary from the grant date and vested options may be exercised until expiry seven years following the grant. Each share option corresponds to one share and the strike price is NOK 13.50 per share.2022 Program According to the share option plan adopted on 25.05.2022 by the Annual General Meeting of Norwegian Air Shuttle ASA, 2,499,996 options were granted to Executives on 30 September 2022, with a strike price of NOK 13.50 per share. One-third of options granted can be exercised at the earliest after 1, 2, and 3 years respectively, and the options shall 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 one-fourth of the options vest on 21 June 2022, one-fourth vest on 21 June 2023, one-fourth vest on 21 June 2024, and one-fourth 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 first quarter 2019 financial results, plus 15%. On 20 November2019 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 the number of outstanding options is divided by 100.On 31 December 2023 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 of Norwegian\u2019s second quarter 2018 financial results, plus 15 percent. 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 is divided by 100.On 31 December 2023 there were 1,800 outstanding share options with strike price NOK 4,300.00. Outstanding share options per 31.12. Average 2023 shares Average exerc. price 2022 shares exerc. price Outstanding 1 January 3,511,296 31.68 1,014,300 89.12Granted 1,243,820 13.50 2,499,996 13.50 Forfeited (268,536) 13.50 (3,000) 4,300Outstanding 31 December 4,486,580 23.54 3,511,296 31.68The average fair value of the options granted during 2023 was 3.6338 per option (2022: 3.1894). The fair value at grant date is independently determined using Black & Scholes option model. The calculations are based on the following assumptions:Assumptions 2023 2022 2021Share price on grant date 8.54 7.254 10.10Strike price per option 13.50 13.50 10.10Volatility 0.48 0.55 0.78Lifetime 7 7 5-8Risk-free interest rate 3.88-4.20 2.96-3.29 0.38-1.47Share 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 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 2023 amounted to NOK 2.6 million (2022: NOK 1.6 million).Note 22: Pensions The 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 plans The cost of providing benefits under defined benefit plans is 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 period until the benefits are vested. If the benefits are already vested 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 the present value of the defined benefit obligation and actuarial 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 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 2023.Defined contribution plans In addition to the defined benefit plan described above, the Group operates a defined contribution plan. A defined contribution 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 service in 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.The Group operated defined contribution plans in Norway, Denmark, Sweden, Finland, Ireland, UK, Spain and Latvia, and defined benefit plans in Norway.The defined contribution plans require that the Group pays 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 253.4 million in 2023 (2022: NOK 207.7 million). Defined benefit plan As per 31 December 2023, 419 employees were active members (2022: 424) and 71 were on pension retirement (2022: 68). The related pension liability is recognized at NOK 210.1 million (2022: 202.3 million). The pension plans are in compliance with the Occupational Pensions 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 2023 2022Pension expenseNet present value of benefits earned 24.3 23.7Net interest on the net defined benefit liability 5.4 3.5Administrative expenses 0.2 0.2Social security tax 4.2 3.9Net pension expense defined benefit plans 34.2 31.3Pension expense on defined contribution plans 231.8 188.3Social security tax 21.6 19.4Total pension expense 287.6 239.02023 2022Discount rate 3.10 % 3.00 %Expected return on pension funds 0-3.10 % 0-3.00%Wage adjustments 3.50 % 3.50 %Increase of social security base amount (G) 3.25 % 3.25 %Future pension increase 1.80 % 1.50 %Average turnover 0-8.00 % 0-8.00 %The Group\u2019s pension fund was invested in the following instruments (at 30 September 2023 and 2022):2023 2022Equity 11.7 % 10.2 %Bonds 4.6 % 14.6 %Money market funds 8.9 % 4.2 %Hold-to maturity bonds 52.5 % 38.1 %Real estate 10.0 % 11.0 %Various 12.2 % 21.9 %Historical information NOK million 2023 2022 2021 2020 2019Present value of defined benefit obligation 541.0 498.4 458.1 443.4 365.9 Fair value of plan assets 330.8 296.0 251.9 215.6 188.3 Deficit/(surplus) in the plan 210.1 202.3 206.2 227.8 177.6 Experience adjustments on plan liabilities 9.7 13.9 (13.3) 44.9 44.3 Experience adjustments on plan assets (10.7) 7.1 0.8 2.9 2.0 Change in present value of defined benefit liability: Gross pension liability 1 January 498.4 458.1Current service costs 28.6 27.6Interest cost 14.6 8.6Actuarial gains/losses 9.7 13.9Benefits paid (4.9) (4.9)Social security on payments to plan (5.5) (4.9)Gross pension liability 31 December 541.0 498.4Change in fair value of plan assets:Fair value of pension assets 1 January 296.0 251.9Expected return 9.2 4.9Actuarial gains/losses (10.7) 7.1Contributions paid 44.5 39.7Benefits paid (2.7) (2.6)Social security on payments to plan (5.5) (4.9)Fair value of plan assets 31 December 330.8 296.0Net pension liability 210.1 202.3Net recognized pension liability 31 December 210.1 202.32023 2022Actual return on pension funds 3.10 % 3.00 %Expected contribution to be paid next year 44.5 45.2The net pension liability was based on several assumptions. The discount rate was based on covered bonds. The pension liability\u2019s average duration was 17 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 2.25 percent.Note 23: Provisions and other long-term liabilities Provisions 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. Periodic maintenance on leased aircraft and other provisionNOK million 2023 2022Opening balance 2,085.2 937.0 Provisions charged to the income statement 1,683.8 1,112.9 Maintenance services performed and invoices received (633.2) (125.7)Other provision 59.6 161.0Closing balance 3,195.4 2,085.2Classified as current liabilities 32.8 201.3 Classified as non-current provision 3,162.6 1,883.9 For 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 are accrued and capitalized as part of the right-of-use asset for leased aircraft, 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 capitalized as part of the right-of-use asset for leased aircraft 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 twelve years in length, and several of the maintenance events will occur within the leasing period.Parts of the periodic maintenance will be conducted in 2024, and NOK 32.8 million is classified as a current liability for periodic maintenance (2022: NOK 201.3 million). The current part of periodic maintenance is estimated based on the planned maintenance in 2024. Other provision 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 term facility 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 for financing of four owned aircraft. Floating interest rates of 3-moths SOFR plus 2.6% margin for financing of two spare engines. The borrowings mature quarterly after the delivery of aircraft. The aircraft financing is denominated in USD. Nominal value at 31 December 2023 Nominal Unamortized effective Book Effective NOK millionValue interest cost value interest rate Aircraft financing 1,027.0 (6.1) 1,020.9 5.7 %Term facility 100.0 - 100.0 5.9 %Retained claims bonds 3,229.6 (607.3) 2,622.3 9.4 %Other non-current debt 2.0 - 2.0 0.0 %Total 4,358.6 (613.3) 3,745.2 Nominal value at 31 December 2022 Nominal Unamortized effective Book Effective NOK millionValue interest costvalue interest 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 Effective interest rate during 2023, recognized as financial items (Note 9) and capitalized borrowing costs (Note 13), is 5.9 percent (2022: 6.4 percent). For information on the fair value of borrowings please refer to Note 3. Classification of borrowingsNOK million 2023 2022Non-currentAircraft financing 936.7 726.7Term facility 62.3 134.5Bond issue - 447.4Retained claims bonds 2,622.3 2,739.3Other non-current debt 2.0 2.0Total 3,623.3 4,050.0 CurrentAircraft financing 84.2 76.6Term facility 37.7 -Bond issue - 121.8Total 121.9 198.5Total borrowings 3,745.2 4,248.5Cash and non-cash changes in total borrowings Changes 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: NOK million 2023 2022Opening balance total borrowings 4,248.5 4,164.6Loan proceeds 289.6 -Repayment (1,051.7) (218.4)Cash changes (762.1) (218.4)Conversion- and reconstruction effects - (14.5)Net amortization effects 259.1 226.6Currency translation effects (0.3) 90.1Non-cash changes 258.8 302.2Closing balance total borrowings 3,745.2 4,248.5 The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies: NOK million 2023 2022USD 1,020.9 803.4 NOK 2,724.3 3,445.1 Total 3,745.2 4,248.5 Financial covenants on borrowingsTerm facility\u2022 No dividend paymentRetained claims bonds\u2022 No dividend paymentAircraft financing\u2022 Aircraft 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.Note 25: Trade and other payables CashPoint liabilities: Customer loyalty program - Norwegian Reward The 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 are considered as a separate element of a sale with multiple elements. The portion of the price allocated to CashPoints is based on the stand-alone selling price. Revenue allocated to accrued CashPoints 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. CashPoints can be used as full or partial payment for goods or services offered by the Group. The CashPoint liability is derecognized and recognized as Other revenue 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.Trade payables are obligations to pay for goods or services purchased from suppliers in accordance with general course of business. Accounts payable 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.NOK million 2023 2022Accrued vacation pay 309.4 223.6Accrued airport and transportation taxes 169.0 155.1ETS obligation 1,173.6 456.7Accrued expenses 421.0 502.0Trade payables 906.1 529.8Public duties 153.3 132.5Current provisions for MRC (Note 23) 32.8 201.3CashPoint liabilities 566.5 1,251.3Other current provisions 127.3 198.8Total 3,859.0 3,651.2The 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 2023 and emission allowances to be surrendered in 2024. CashPoint liabilities decrease from MNOK 1,251.3 to MNOK 566.5 mainly due to expired CashPoints granted between 2018 and 2019. Note 26: Air traffic settlement liabilities Air traffic settlement liabilities increased from NOK 2,548.5 million on 31 December 2022 to NOK 3,202.5 million on 31 December 2023. The increase is related to a higher level of pre-sale volumes towards the end of 2023. Note 27: Related party transactions See Note 6 for details on Remuneration of the board of directors and executive management and Note 21 for 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 parties in 2023 or 2022. No transactions were carried out with related parties. Transactions between Group companies have been eliminated in the consolidated financial statements and do not represent related party transactions. See Note 24 Related Parties and Note 14 Investment in Subsidiaries in the financial statements to the parent company for further details. Note 28: Contingencies and legal claims A contingent asset is not recognized in the annual financial statements 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 liabilities are disclosed in the notes to the financial statements, with the exception of contingent liabilities where the probability of the liability occurring is remote.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 Agency concluded in an administrativeruling that the cram down of claims in the Examinership and Reconstruction does not apply to the company\u2019s obligation to surrender emission allowances under EU ETS (see Section 9.6.2 \u201cEnvironmental regulations\u201d) for emissions predating 18 November 2020. The contemplated market value of such allowances is approximately NOK 324 million at the end of 2023. The Reconstructor determined that the Reconstruction applies to the company\u2019s obligation to surrender emission allowances as a different view would have given preference to the EU ETS regime, which the current insolvency legislation does not facilitate. Therefore, the company was unable to comply with the Norwegian Environment Agency\u2019s demand of the company surrendering emissions allowances. The lack of compliance caused the Norwegian Environment Agency to impose a penalty of approximately NOK 400 million on the company. The company appealed the decision, but on 16 December 2022 the Ministry of Climate and Environment decided to uphold the Norwegian Environment Agency\u2019s decision. The company, supported by its advisors and the Reconstructor, are of the view that the company\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 company filed a statement of claim to Oslo District Court on 9 January 2023. In June 2023, Oslo District Court decided to submit the case to the EFTA Court for consultation on the EU/EEA law implications of the matter. The company gave their written observations to the EFTA Court on 8 January 2024. It is currently assumed that the EFTA Court will provide an advisory opinion during the third or fourth quarter of 2024. Subsequently the proceedings in the Oslo District Court will resume.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 correspondingto the contemplated market value of such allowances was crammed down and the company has a provision of NOK 15 million at the end of 2023. The company has paid the ETS penalty fee in 2023 and recognized a corresponding claim against the Norwegian Environmental Agency, presented under Trade and other receivables in the Consolidated statement of financial position. The company will seek a return of this amount plus interest following a final conclusion. Note 29: Commitments The Group has aircraft purchase commitments at the end of 2023 with an estimated contractual amount, including estimated cost escalation, of NOK 27.5 billion (2022: NOK 28.6 billion). 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.In addition to the aircraft purchase commitments, the Group also has aircraft lease agreements for future deliveries at the end of 2023 with a contractual amount of NOK 7.4 billion (2022: NOK 11.7 billion). Capital commitments 31 December 2023NOK billion Purchase Lease Total commitmentscommitments31.12.20232024 - 0.3 0.32025 5.3 0.6 5.92026 8.1 0.6 8.72027 8.4 0.6 9.02028 5.7 0.6 6.32029 and beyond - 4.6 4.6Total 27.5 7.4 34.9Capital commitments 31 December 2022.NOK billionTotalPurchase Lease commitmentscommitments31.12.20222023 0.1 0.1 0.22024 - 0.7 0.72025 5.5 1.0 6.52026 8.4 1.0 9.42027 8.7 1.0 9.72028 and beyond 5.9 7.8 13.7Total 28.6 11.7 40.3Note 30: Adjustment of comparative financial information Following the change in accounting policy for heavy maintenance on leased aircraft in the first quarter of 2023, financial information for comparative periods disclosed in this report are adjusted as if the new accounting policy had always been applied. The change in accounting policy does not have any effect on the consolidated statement of financial position as reported in 2022. In the consolidated income statement, Total operating expenses excl lease, depreciation and amortization are reduced. EBITDAR and Aircraft lease, depreciation and amortization increased with the same amounts. In the consolidated statement of cash \ufb02ow, Depreciation, amortization and impairment and Other adjustment within Net cash \ufb02ows from operating activities are adjusted. The adjustments of comparative figures for 2022 are presented below. Consolidated income statement NOK million 2022Technical maintenance expenses, previously reported 1,665.9Technical maintenance expenses, adjusted 556.4Change (1,109.4)Total operating expenses excl lease, depr. and amort., previously reported 17,615. 3Total operating expenses excl lease, depr. and amort., adjusted 16,505.9Change (1,109.4)EBITDAR, previously reported 1,254.0EBITDAR, adjusted 2,363.4Change 1,109.4Aircraft lease, depreciation and amortization, previously reported 1,851.0Aircraft lease, depreciation and amortization, adjusted 2,960.5Change 1,109.4Operating profit (EBIT), previously reported 1,502.3Operating profit (EBIT), adjusted 1,502.3Change -Consolidated statement of cash \ufb02ows NOK million 2022OPERATING ACTIVITIESDepreciation, amortization and impairment, previously reported 1,402.3Depreciation, amortization and impairment, adjusted 2,511.7Change 1,109.4Change in other assets and liabilities, previously reported 364.2Change in other assets and liabilities, adjusted (745.2)Change (1,109.4)Net cash \ufb02ows from operating activities, previously reported 2,425.7Net cash \ufb02ows from operating activities, adjusted 2,425.7Change -Note 31: Acquisition of Wider\u00f8e Norwegian acquired 100 percent of the shares and voting rights in Wider\u00f8e AS, the parent company of Wider\u00f8e Group (Wider\u00f8e), a regional carrier in Norway with a \ufb02eet of 48 aircraft, predominantly turboprops, on 12 January 2024. The acquisition of Wider\u00f8e will enable the linking of complementary route networks, create significant operational synergies, and provide Norwegian with additional diversification through Wider\u00f8e\u2019s substantial public service obligation operations. Wider\u00f8e will be consolidated into the Group from the acquisition date, which was 12 January 2024. Wider\u00f8e was acquired in a cash-only transaction for an initial purchase price of NOK 1,125 million, including NOK 125 million deposited in an escrow account. No cash balances in Wider\u00f8e have been acquired and the net out\ufb02ow of cash from Norwegian at the acquisition date was NOK 1,000 million. The final purchase price is contingent on a number of adjustments which are to be finally determined during 2024. The minimum purchase price is NOK 1,000 million. The initial purchase price can be adjusted for cost Norwegian might incur related to certain aircraft within Wider\u00f8e\u2019s \ufb02eet after the acquisition date up to an amount of NOK 125 million, and is also partially contingent on and measured against a market value of certain of the aircraft of Wider\u00f8e. Any conditions for an increase of the initial purchase price are not met at the acquisition date. At the acquisition date, the company estimates the contingent consideration to have a fair value of NOK -112.1 million, and the final purchase price to be NOK 1,012.9 million. The details of the purchase consideration are as follows:NOK millionCash paid 1,125.0 Contingent consideration (-112.1 )Total purchase consideration 1,012.9Acquisition-related expenses of NOK 29.6 million are included in Other operating expenses in the Consolidated income statement for the reporting period ending 31 December 2023.The assets and liabilities expected to be recognised as a result of the acquisition are as follows: NOK millionDeferred tax asset 39.2Intangible assets \u2013 Trademark 56.5 Intangible assets \u2013 Licenses and IT-systems 26.2 Intangible assets \u2013 Website and mobile app 22.8Intangible assets \u2013 Customer contracts 134.6Non-current receivables and investments 32.1Property, plant and equipment 975.6Aircraft, parts and installation on leased aircraft 1,647.4 Right-of-use assets 390.6Inventory 191.9Trade and other receivables 588.1Total assets acquired 4,105.0Deferred tax liability 153.1Borrowings 1,107.6Pension obligations 160.9Lease liabilities 341.5Trade and other payables 1,490.6Total liabilities acquired 3,253.7Net identifiable assets acquired 851.4Goodwill 161.7Net assets acquired 1,012.9Goodwill arising from the acquisition was recognized as of the acquisition date and represents the excess of the purchase consideration over the fair value of the identifiable assets acquired and liabilities assumed. The goodwill is attributable to the value of the skills and know-how of Wider\u00f8e\u2019s employees and air operating certificate as well as the potential renewal of public service obligation contracts. None of the goodwill is expected to be deductible for tax purposes.The fair values of certain aircraft and certain related trade and other payables assumed are provisional and subject to finalization of the valuation process, which may result in adjustments to these amounts during the twelve-months measurement period in accordance with IFRS 3. Any upwards adjustments to the preliminary fair values in the excess of NOK 40.7 million will be partly to the benefit of the seller of Wider\u00f8e. Any downwards adjustments in excess of NOK 12.9 million which will increase the contingent consideration receivable will be reclassified to goodwill. Note 32: Events after the reporting period On 8 January, holders of the company\u2019s Retained Claims Bonds voted in favour of certain amendment to the bond terms in order to facilitate operational \ufb02exibility for Wider\u00f8e and ascertaining stand-alone financing to support Wider\u00f8e as a separate business unit. On 12 January 2024, Norwegian completed the acquisition of Wider\u00f8e AS, becoming Wider\u00f8e\u2019s sole owner. The purchase price of NOK 1,125 million remains subject to certain adjustments, to be finally determined during 2024. There have been no other material events subsequent to the reporting period that may have a significant effect on the consolidated financial statements for 2023.",
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"value": "Note 1: Summary of material accounting policies 1.1 General information Norwegian Air Shuttle ASA and its subsidiaries (\u2018Norwegian\u2019, \u2018the Group\u2019 or \u2018the Company\u2019) are a low-cost airline incorporated in Norway and headquartered at Fornebu outside of Oslo at the registered address Oksen\u00f8yveien 3, 1366 Lysaker, Norway. Norwegian Air Shuttle ASA is a public limited liability company and listed on the Oslo Stock Exchange.The consolidated financial statements of Norwegian Air Shuttle ASA for the year ended 31 December 2023 were authorized for issue by the Board of Directors on 16 April 2024. The annual general meeting, to be held 15 May 2024, has the power to amend and reissue the financial statements.1.2 Basis of preparation The consolidated financial statements of Norwegian Air Shuttle ASA have been prepared in accordance with the IFRS\u00ae Accounting Standards (IFRS) and IFRIC interpretations, as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of 31 December 2023. The consolidated financial statements are prepared on the historical cost basis, with some exceptions, as detailed in the accounting policies set out below.In order to prepare financial statements in conformity with IFRS, 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 are disclosed below. See paragraph 1.6.The financial statements have been prepared on the going concern basis. In 2023, the Group has changed its accounting policy for major overhaul and inspection costs related to leased aircraft. For details see Note 14. For information on the adjustment of comparative figures for 2022 see Note 30.New standards, amendments and interpretations that are adoptedNo changes in IFRS effective for the 2023 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. 1.3 Basis of consolidation and equity accounting Subsidiaries Subsidiaries 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 transferred to the Group.The Group\u2019s consolidated financial statements comprise Norwegian 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 consideration transferred and the amount of the non-controlling interest over the fair value of the Group\u2019s share of the identifiable net 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 value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. All intra-Group balances, transactions and unrealized gains and losses on transactions between Group companies are eliminated.Changes in ownership When the Group ceases to consolidate or equity account for an investment because of loss of control, 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. 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 reclassified to profit or loss. 1.4 Foreign currency translation The 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 that have 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 translated using 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.1.5 Critical accounting estimates and judgments Estimates 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 Groups\u2019s non-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. 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 obligation at each reporting period. These estimates are subject to revision based on the outcome of tax audits and discussions with authorities that can take several years to conclude. See Note 10 for further details of tax positions.1.6 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 (SAF) and proposed changes to CO2 taxes.If the price for CO2 emission allowances in 2023 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 9 million lower/higher (2022: NOK 5 million). 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.",
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"value": "1.1 General information Norwegian Air Shuttle ASA and its subsidiaries (\u2018Norwegian\u2019, \u2018the Group\u2019 or \u2018the Company\u2019) are a low-cost airline incorporated in Norway and headquartered at Fornebu outside of Oslo at the registered address Oksen\u00f8yveien 3, 1366 Lysaker, Norway. Norwegian Air Shuttle ASA is a public limited liability company and listed on the Oslo Stock Exchange.The consolidated financial statements of Norwegian Air Shuttle ASA for the year ended 31 December 2023 were authorized for issue by the Board of Directors on 16 April 2024. The annual general meeting, to be held 15 May 2024, has the power to amend and reissue the financial statements.",
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"value": "1.2 Basis of preparation The consolidated financial statements of Norwegian Air Shuttle ASA have been prepared in accordance with the IFRS\u00ae Accounting Standards (IFRS) and IFRIC interpretations, as adopted by the EU and the additional requirements of the Norwegian Accounting Act as of 31 December 2023. The consolidated financial statements are prepared on the historical cost basis, with some exceptions, as detailed in the accounting policies set out below.In order to prepare financial statements in conformity with IFRS, 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 are disclosed below. See paragraph 1.6.The financial statements have been prepared on the going concern basis. In 2023, the Group has changed its accounting policy for major overhaul and inspection costs related to leased aircraft. For details see Note 14. For information on the adjustment of comparative figures for 2022 see Note 30.New standards, amendments and interpretations that are adoptedNo changes in IFRS effective for the 2023 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.",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__18": {
"value": "1.3 Basis of consolidation and equity accounting Subsidiaries Subsidiaries 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 transferred to the Group.The Group\u2019s consolidated financial statements comprise Norwegian 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 consideration transferred and the amount of the non-controlling interest over the fair value of the Group\u2019s share of the identifiable net 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 value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. All intra-Group balances, transactions and unrealized gains and losses on transactions between Group companies are eliminated.Changes in ownership When the Group ceases to consolidate or equity account for an investment because of loss of control, 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. 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 reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__19": {
"value": "Subsidiaries Subsidiaries 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 transferred to the Group.The Group\u2019s consolidated financial statements comprise Norwegian 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 consideration transferred and the amount of the non-controlling interest over the fair value of the Group\u2019s share of the identifiable net 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 value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. All intra-Group balances, transactions and unrealized gains and losses on transactions between Group companies are eliminated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__20": {
"value": "Changes in ownership When the Group ceases to consolidate or equity account for an investment because of loss of control, 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. 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 reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__23-1": {
"value": "1.6 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 (SAF) and proposed changes to CO2 taxes.If the price for CO2 emission allowances in 2023 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 9 million lower/higher (2022: NOK 5 million). 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.2.1 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__21": {
"value": "1.4 Foreign currency translation The 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 that have 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 translated using 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__22": {
"value": "1.5 Critical accounting estimates and judgments Estimates 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 Groups\u2019s non-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. 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 obligation at each reporting period. These estimates are subject to revision based on the outcome of tax audits and discussions with authorities that can take several years to conclude. See Note 10 for further details of tax positions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__24": {
"value": "Note 2: Financial risk The 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 financial instruments 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. 2.1 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. 2.2 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. The Group has a mandate to hedge its currency exposure for the following 12 months. Hedging can consist of forward currency contracts and equivalent customary derivative financial instruments.Exchange rate risk sensitivity analysis This analysis does not take into account correlation between currencies. Empirical studies confirm substantial diversification effects across the currencies that the Group is exposed to.Effects on net currency gains (losses) The Group is exposed to currency \ufb02uctuations on financial instruments in the statement of financial position. If NOK had weakened by 1 percent against USD in 2023, with all other variables held constant, pre-tax profit effect would have been negative by NOK 10 million (compared to negative NOK 12 million in 2022), mainly as a result of foreign exchange losses/gains on receivables, payables and cash and cash equivalents.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 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 46 million higher (compared to NOK 47 million lower in 2022).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 \ufb02ow borrowings interest rate risk arises from \ufb02oating interest rate borrowings. Floating interest rate borrowings in 2023 consist of a secured bond issue and a term facility. The secured bond issue (NAS 13) was redeemed in July 2023. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. Fixed interest rate borrowings consist of aircraft financing. Borrowings are denominated in USD and NOK.If the \ufb02oating interest rate in 2023 had been 1 percent higher/lower with all other variables held constant, pre-tax profit for the year would have been NOK 4 million lower/higher (2022: NOK 8 million), and pre-tax equity effect would have been NOK 5 million lower/higher (2022: NOK 9 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. If jet fuel prices had increased with 1 percent, with all other variables held constant, profit before tax would have been NOK 65 million lower (2022: NOK 66 million lower).The Group manages jet-fuel price risk using fuel derivatives. Management has a mandate to hedge up to 60 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, unless otherwise agreed with the Board of Directors.At the end of 2023, the Group has hedged around 50 percent of its planned fuel consumption in 2024 at an average price of USD 804 per metric ton. In addition to this the Group has hedged around 15 percent of its planned fuel consumption in 2025 at an average price of USD 812 per metric ton.For further details on derivative financial instruments and hedging activities, please refer to Note 19. 712.5 Credit risk Credit risk is managed on a Group 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, credit card acquirers and commercial customers, including outstanding receivables and committed transactions. The utilization of credit limits is regularly monitored. The Group\u2019s policy is to maintain 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.2.6 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 booking, at the time of travel or between these events. Delayed payments from credit card companies vary between credit card acquirers. A reduction in credit lines with credit card acquirers will 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 liquidity is closely monitored by the Management. Management also 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 and considering the level of adequate liquid assets necessary and preparing debt financing plans. The projected cash \ufb02ows are based on a detailed plan that covers each fiscal year, as well as longer-term cash forecasting. In developing these forecasts, estimates and judgement 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 the reporting date. The amounts disclosed are the contractual undiscounted cash \ufb02ows:Less than Between Between Between Over NOK million1 year1 and 2 years2 and 3 years3 and 5 years5 yearsAt 31 December 2023Borrowings 141.5 1,760.7 1,752.7 242.5 465.1Trade and other 3,859.0 - - - -payables Lease liabilities 2,275.6 2,178.3 1,898.8 2,568.6 4,336.0Calculated interest on 59.2 51.3 43.6 66.6 57.9borrowingsDerivative contracts - 108.8 67.4 - - -paymentsTotal financial liabilities 6,444.1 4,057.6 3,695.1 2,877.6 4,859.0Less than 1 Between 1 Between 2 and Between 3 and Over NOK millionyearand 2 years3 years5 years5 yearsAt 31 December 2022Borrowings 198.5 283.6 2,097.6 2,290.7 347.6Trade and other 3,651.2 - - - -payables Lease liabilities 1,509.5 1,468.6 1,328.1 1,827.5 588.0Calculated interest on 53.3 44.2 35.5 46.7 16.1borrowingsDerivative contracts - 21.7 - - - -paymentsTotal financial liabilities 5,434.2 1,796.4 3,461.2 4,164.9 951.72.7 Capital risk management The 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 (if any) 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) 2023 2022 Equity 5,772.6 4,203.4Total assets 30,550.0 22,669.6Equity ratio 18.9 % 18.5 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__26": {
"value": "2.5 Credit risk Credit risk is managed on a Group 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, credit card acquirers and commercial customers, including outstanding receivables and committed transactions. The utilization of credit limits is regularly monitored. The Group\u2019s policy is to maintain 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__27": {
"value": "2.6 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 booking, at the time of travel or between these events. Delayed payments from credit card companies vary between credit card acquirers. A reduction in credit lines with credit card acquirers will 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 liquidity is closely monitored by the Management. Management also 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 and considering the level of adequate liquid assets necessary and preparing debt financing plans. The projected cash \ufb02ows are based on a detailed plan that covers each fiscal year, as well as longer-term cash forecasting. In developing these forecasts, estimates and judgement 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 the reporting date. The amounts disclosed are the contractual undiscounted cash \ufb02ows:Less than Between Between Between Over NOK million1 year1 and 2 years2 and 3 years3 and 5 years5 yearsAt 31 December 2023Borrowings 141.5 1,760.7 1,752.7 242.5 465.1Trade and other 3,859.0 - - - -payables Lease liabilities 2,275.6 2,178.3 1,898.8 2,568.6 4,336.0Calculated interest on 59.2 51.3 43.6 66.6 57.9borrowingsDerivative contracts - 108.8 67.4 - - -paymentsTotal financial liabilities 6,444.1 4,057.6 3,695.1 2,877.6 4,859.0Less than 1 Between 1 Between 2 and Between 3 and Over NOK millionyearand 2 years3 years5 years5 yearsAt 31 December 2022Borrowings 198.5 283.6 2,097.6 2,290.7 347.6Trade and other 3,651.2 - - - -payables Lease liabilities 1,509.5 1,468.6 1,328.1 1,827.5 588.0Calculated interest on 53.3 44.2 35.5 46.7 16.1borrowingsDerivative contracts - 21.7 - - - -paymentsTotal financial liabilities 5,434.2 1,796.4 3,461.2 4,164.9 951.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__30": {
"value": "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 one financial instrument in this category at the end of 2023 and 2022, Norwegian Block Exchange AS (NBX). Refer to Note 13 in the parent company\u2019s financial statements for more information. 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. Refer to Note 19 in the Group\u2019s financial statements for more information on derivates. 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 one financial instrument in this category at end of 2023 (2022: none), Norsk e-Fuel AS. Refer to Note 13 in the parent company\u2019s financial statements for more information.The following table presents financial assets and liabilities measured at fair value at 31 December 2023:NOK million Level 1 Level 2 Level 3 TotalDerivative financial assets, current - 36.9 - 36.9Total assets at fair value through OCI - 36.9 - 36.9 Investment financial assets, non-current 3.7 - 12.4 16.1Total assets at fair value through profit or loss 3.7 - 12.4 16.1 Derivative financial liabilities, non-current - 67.4 - 67. 4Derivative financial liabilities, current - 108.7 - 108.7Total liabilities at fair value through OCI - 176.1 - 176.1 The following table presents financial assets and liabilities measured at fair value at 31 December 2022: NOK million Level 1 Level 2 Level 3 TotalDerivative financial assets, current - 19,9 - 19,9Total assets at fair value through OCI - 19,9 - 19,9Investment financial assets, non-current 3.7 - - 3.7Total assets at fair value through profit or loss 3.7 - - 3.7 Derivative financial liabilities, current - 21,7 - 21,7Total liabilities at fair value through OCI - 21,7 - 21,7Fair value of financial assets In addition to investment in financial assets and derivative financial assets, all other financial assets are carried at amortized cost.Fair value of financial liabilities at amortized cost All borrowings per 31 December 2023 and 2022 are measured at amortized cost. The fair value of current borrowings approximates their carrying amount. The NAS13 bonds issued in 2021 were traded in an active market. Thus, their fair value was based on quoted market prices on or close to the reporting date (level 1 in fair value measurement hierarchy). In 2023, the Company redeemed the NAS13 bond with a total amount of NOK 468 million including call premium and accrued interest. 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 flows which are discounted using rates listed in Note 24. Carrying amount Fair value NOK million 2023 2022 2023 2022Financial assets at fair value through OCI 36.9 19.9 36.9 19.9 Financial assets at fair value through profit or loss 16.1 3.7 16.1 3.7Financial assets at amortized cost 11,642.4 9,855.8 11,642.4 9,855.8Total financial assets 11,695.4 9,879.4 11,695.4 9,879.4 Financial liabilities at fair value through OCI 176.1 21.7 176.1 21.7Financial liabilities at amortized cost 17,164.6 12,352.7 1 7,090.9 12,232.0Total financial liabilities 17,340.7 12,374.4 17,266.9 12,253.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__28-1": {
"value": "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 one financial instrument in this category at the end of 2023 and 2022, Norwegian Block Exchange AS (NBX). Refer to Note 13 in the parent company\u2019s financial statements for more information. 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. Refer to Note 19 in the Group\u2019s financial statements for more information on derivates. 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 one financial instrument in this category at end of 2023 (2022: none), Norsk e-Fuel AS. Refer to Note 13 in the parent company\u2019s financial statements for more information.Fair value of financial assets In addition to investment in financial assets and derivative financial assets, all other financial assets are carried at amortized cost.Fair value of financial liabilities at amortized cost All borrowings per 31 December 2023 and 2022 are measured at amortized cost. The fair value of current borrowings approximates their carrying amount. The NAS13 bonds issued in 2021 were traded in an active market. Thus, their fair value was based on quoted market prices on or close to the reporting date (level 1 in fair value measurement hierarchy). In 2023, the Company redeemed the NAS13 bond with a total amount of NOK 468 million including call premium and accrued interest. 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 flows which are discounted using rates listed in Note 24.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__32": {
"value": "Note 4: Segment and revenue informationRevenue recognition Revenue comprises the amounts that reflect 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 transaction price 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. The time between ticket sale and time of the air transport taking place is less than one year and based on materiality considerations the Group does not recognize any financing element 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 reported as 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 flights or seek refunds for other than taxes once a flight has departed. Other revenue Other revenue comprises of third-party revenue, such as cargo, commission from in-flight sales, expired CashPoints, and revenue from business activities in subsidiaries which are not airlines.",
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"s9_notes__6__31": {
"value": "Note 4: Segment and revenue informationRevenue recognition Revenue comprises the amounts that reflect 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 transaction price 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. The time between ticket sale and time of the air transport taking place is less than one year and based on materiality considerations the Group does not recognize any financing element 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 reported as 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 flights or seek refunds for other than taxes once a flight has departed. Other revenue Other revenue comprises of third-party revenue, such as cargo, commission from in-flight sales, expired CashPoints, and revenue from business activities in subsidiaries which are not airlines.Segment and revenue information Executive 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 fleet, which is utilized across the Group\u2019s geographical segment.Performance is measured by the Executive Management based on the operating segment\u2019s earnings before interests, tax, depreciation, amortization and aircraft lease (EBITDAR), as well as earnings before interest and tax (EBIT). 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.NOK million 2023 2022By activity:Passenger transport 20,616.6 15,197.7 Ancillary revenue 3,699.6 2,870.0 Other revenue 1,223.1 801.6 Total operating revenue 25,539.3 18,869.3 Other revenue includes NOK 633.3 million from CashPoints expired in 2023, mainly related to CashPoints granted in 2018 and 2019.NOK million 2023 2022By country:Norway9,693. 4 7,330.9 Spain 4,089.8 2,734.7 Denmark 2,926.0 2,154.3 Sweden 2,496.4 1,976.8 United Kingdom 1,026.2 829.8 Finland 934.5 645.3 Italy 710.0 479.1 France 614.6 500.8 Germany 369.9 270.1 Poland 350.5 214.3 Other 2,327.9 1,733.2 Total 25,539.3 18,869.3 Total outside of Norway 15,845.9 11,538.4",
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"s9_notes__6__33": {
"value": "Executive 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 fleet, which is utilized across the Group\u2019s geographical segment.Performance is measured by the Executive Management based on the operating segment\u2019s earnings before interests, tax, depreciation, amortization and aircraft lease (EBITDAR), as well as earnings before interest and tax (EBIT). 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",
"dimensions": {
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"entity": "scheme:549300IEUH2FEM2Y6B51",
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"s9_notes__6__34-1": {
"value": "Note 5: Payroll expenses and number of employeesNOK million 2023 2022Wages and salaries 3,038.6 2,120.5Social security tax 466.2 325.4Pension expenses 287. 6 239.0Employee stock options 6.8 3.3Other benefits 143.5 140.7Hired operational personnel 82.4 55.9Total 4,025.1 2,884.8Payroll expenses include hired operational personnel. Some employees are participants in defined pension plans. See Note 22 for details. *)Head count Man-labor years Man-labor years Head count 2023 2022 2023 2022Cabin Crew 1,750 1,430 1,911 1,648Flight Deck Crew 973 785 1,071 1,008Non-crew 1,208 957 1,488 1,215Total 3,931 3,172 4,470 3,871Norway 2,394 1,966 2,641 2,156Spain 448 316 691 679United Kingdom 8 10 8 11Sweden 228 183 220 215Denmark 527 410 572 459Finland 159 133 174 162Ireland 8 9 8 9Latvia 158 145 156 180Total 3,931 3,172 4,470 3,871 *) head count at 31.12.Note 22: Pensions The 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 plans The cost of providing benefits under defined benefit plans is 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 period until the benefits are vested. If the benefits are already vested 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 the present value of the defined benefit obligation and actuarial 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 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 2023.Defined contribution plans In addition to the defined benefit plan described above, the Group operates a defined contribution plan. A defined contribution 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 service in 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.The Group operated defined contribution plans in Norway, Denmark, Sweden, Finland, Ireland, UK, Spain and Latvia, and defined benefit plans in Norway.The defined contribution plans require that the Group pays 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 253.4 million in 2023 (2022: NOK 207.7 million). Defined benefit plan As per 31 December 2023, 419 employees were active members (2022: 424) and 71 were on pension retirement (2022: 68). The related pension liability is recognized at NOK 210.1 million (2022: 202.3 million). The pension plans are in compliance with the Occupational Pensions 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 2023 2022Pension expenseNet present value of benefits earned 24.3 23.7Net interest on the net defined benefit liability 5.4 3.5Administrative expenses 0.2 0.2Social security tax 4.2 3.9Net pension expense defined benefit plans 34.2 31.3Pension expense on defined contribution plans 231.8 188.3Social security tax 21.6 19.4Total pension expense 287.6 239.02023 2022Discount rate 3.10 % 3.00 %Expected return on pension funds 0-3.10 % 0-3.00%Wage adjustments 3.50 % 3.50 %Increase of social security base amount (G) 3.25 % 3.25 %Future pension increase 1.80 % 1.50 %Average turnover 0-8.00 % 0-8.00 %The Group\u2019s pension fund was invested in the following instruments (at 30 September 2023 and 2022):2023 2022Equity 11.7 % 10.2 %Bonds 4.6 % 14.6 %Money market funds 8.9 % 4.2 %Hold-to maturity bonds 52.5 % 38.1 %Real estate 10.0 % 11.0 %Various 12.2 % 21.9 %Historical information NOK million 2023 2022 2021 2020 2019Present value of defined benefit obligation 541.0 498.4 458.1 443.4 365.9 Fair value of plan assets 330.8 296.0 251.9 215.6 188.3 Deficit/(surplus) in the plan 210.1 202.3 206.2 227.8 177.6 Experience adjustments on plan liabilities 9.7 13.9 (13.3) 44.9 44.3 Experience adjustments on plan assets (10.7) 7.1 0.8 2.9 2.0 Change in present value of defined benefit liability: Gross pension liability 1 January 498.4 458.1Current service costs 28.6 27.6Interest cost 14.6 8.6Actuarial gains/losses 9.7 13.9Benefits paid (4.9) (4.9)Social security on payments to plan (5.5) (4.9)Gross pension liability 31 December 541.0 498.4Change in fair value of plan assets:Fair value of pension assets 1 January 296.0 251.9Expected return 9.2 4.9Actuarial gains/losses (10.7) 7.1Contributions paid 44.5 39.7Benefits paid (2.7) (2.6)Social security on payments to plan (5.5) (4.9)Fair value of plan assets 31 December 330.8 296.0Net pension liability 210.1 202.3Net recognized pension liability 31 December 210.1 202.32023 2022Actual return on pension funds 3.10 % 3.00 %Expected contribution to be paid next year 44.5 45.2The net pension liability was based on several assumptions. The discount rate was based on covered bonds. The pension liability\u2019s average duration was 17 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 2.25 percent.",
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"s9_notes__6__35": {
"value": "Note 6: Remuneration of the board of directors and executive management Pursuant to the Norwegian Public Limited Liability Companies Act, section 6-16 a, the Board presented the following statement regarding remuneration of Norwegian\u2019s Management to the 2023 Annual General Meeting (AGM).The Nomination Committee proposed to keep the fee level unchanged 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 (2024). All Nomination Committees proposals were approved by the AGM.The Executive remuneration in 2023 complied with the guidelines on remuneration approved by the AGM in 2023. Geir Karlsen\u2019s (CEO) base salary was adjusted upwards by 21 percent, and Guro Halvorsen Poulsen\u2019s and Magnus Thome Maursund\u2019s base salary was increased with 10 percent. The remaining Executives\u2019 salaries were adjusted in line with the general salary adjustment for employees in Norway, which is 5.2%No share options were exercised by the Executives in 2023.Bonuses were paid to the Executives in accordance with the short-time incentive program. 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 overall compensation 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 reflect 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 firms.Short-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 to meet its financial and business targets. The objectives of the program are to:(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.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.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 principles:\u2022 The options to be offered in the 3rd quarter at the latest and granted in September at the latest.\u2022 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 after presentation of Norwegian\u2019s 2nd quarter financial results plus 10 percent (rounded to the nearest NOK 0.01).\u2022 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.\u2022 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 Executive Management team is six months. The CEO severance pay is six months. Chief Marketing & Customer Officer has six months base salary severance pay. 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 benefits such 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 participate in a defined contribution pension plan. The annual accrual for 2023 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 2023 amounted to NOK 118,620. 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 defined benefit plan (accounted for as defined contribution plan). AFP is market practice, regulated by collective bargaining agreements, and has a modest cost. Total Compensation year 2023 1) 3)Salary Bonus Other benefitsPension expense4)NOK 1,000 FeeTotal compensationThe Board of DirectorsSvein Harald \u00d8ygard, Chair of the Board 1,130 - - - - 1,130Ingrid Elvira Leisner 675 - - - - 675Lars Rahb\u00e6k Boilesen 627 - - - - 627Sondre Gravir (until December 2023) 530 - - - - 5302)Katherine Jane Sherry (since May 2023)100 - - - - 100Stephen Thomas Kavanagh (since December 2023) - - - - - -1)Eric Holm, elected by the employees150 - - - - 1501)Katrine Gundersen, elected by the employees150 - - - - 1501)Torstein Hiorth Soland, elected by the employees150 - - - - 150Total board of directors 3,512 - - - - 3,512 Executive Management Geir Karlsen (Chief Executive Officer)- 5,569 3,507 158 105 9,339Hans-J\u00f8rgen Wibstad (Chief Financial Officer) - 3,047 1,255 158 105 4,565Anne-Sissel Sk\u00e5nvik (Chief Communications and Public Affairs Officer) - 2,092 772 158 105 3,127Magnus Thome Maursund (Chief Commercial Officer) - 2,263 1,115 166 108 3,651Adrian Dunne (Chief Operations Officer until July 2023) - 2,125 1,803 140 308 4,376Christoffer Sundby (Chief Marketing and Customer Officer) - 3,337 1,433 165 105 5,040Knut Olav Irgens H\u00f8eg (Chief IT and Business Services Officer) - 2,468 1,110 158 105 3,840Guro H. Poulsen (Chief People Officer) - 2,159 965 158 105 3,387Tore Kristian Jenssen (Chief Asset Officer) - 3,110 1,433 191 431 5,1645)Henrik Fjeld (Interim Chief Operations Officer from July 2023, SVP Technical) - 799 - 43 65 9075)Per Gunnar Lyckander (Interim Chief Operations Officer from July 2023) - 983 - 18 245 1,245Total executive management - 27,952 13,391 1,512 1,787 44,6421) For the employee representatives in the Board of Directors, only their fee for serving on the Board of Directors fee is stated2) Katherine Jane Sherry also received an advisory fee for the period before elected as board member of NOK 133,0003) Other benefits include company car/car allowance, insurance, telephone, internet, severance pay, etc.4) Pension expense re\ufb02ects paid pension premium. 5) Remuneration for the time in the Company before becoming interim COO\u2019s is not included.No share options were exercised by the Management in 2023. Total Compensation year 2022 1) 3)Salary Bonus Other benefitsPension expense4)NOK 1,000 FeeTotal 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 3,44Christoffer Sundby (Chief Marketing and Customer Officer) - 3,237 - 155 117 3,509Tor-Arne Fosser (Executive Vice President Airline Products & Digital Development until 31 - 2,171 - 1,553 66 3,7905)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 - 3,094 1,180 31,1381) 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 20227) Bonus 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 employee8) Hans-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.",
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"s9_notes__6__36": {
"value": "Note 7: Other operating expenses Other 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.NOK million 2023 2022Sales and distribution expenses 716.3 576.5 Other \ufb02ight operation expenses 775.3 617.5 General and administrative expenses 917.5 742.3 Total other operating expenses 2,409.1 1,936.2Certain 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. Audit remunerationNOK million excluding VAT 2023 2022Audit fee 14.3 11.3Other audit related services 1.1 0.8Other services 1.3 3.2Total 16.7 15.3",
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"s9_notes__6__37": {
"value": "Note 8: Other losses / (gains) \u2013 NET NOK million 2023 2022Net losses/(gains) on financial assets at fair value through profit or loss - -Foreign exchange losses/(gains) on operating activities 42.6 128.8Losses/(gains) on asset sale (7.1) (65.5)Restructuring costs/(gain) - - Other losses/(gains) (0.4) (70.7)Total 35.1 (7.3)Other losses/(gains) in 2022 are related to the extinguishment of trade payables. Gains from asset sale in 2022 are related to the sale of slots at London Gatwick Airport.",
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"s9_notes__6__38": {
"value": "Note 9: Other financial income (expense) NOK million 2023 2022Net foreign exchange (loss) or gain on financing activities 6.6 2.2 Return from investments in funds 163.7 71.4Exchange rate differences on disposal of foreign operations - 43.9Other financial items 18.2 4.0Other financial income (expense) 188.5 121.6A net foreign exchange gain of NOK 6.6 million is recognized in 2023 (2022: NOK 2.2 million gain). 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.",
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},
"s9_notes__6__40": {
"value": "Note 10: Taxes Current and deferred income tax The 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 other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income tax Current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__39": {
"value": "Note 10: Taxes Current and deferred income tax The 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 other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income tax Current 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 tax Deferred 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 assets are recognized for all deductible temporary differences, 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 extent that it is no longer probable that sufficient taxable profit will 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 assets are 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: \u2022 the Group has a legal and enforceable right to offset the recognized amounts and; \u2022 deferred tax assets and tax liabilities relate 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. Tax expense consists of:NOK million 2023 2022Tax payable 51.5 35.5Adjustments from previous year 15.4 5.5Income tax expense 66.9 41.0Reconciliation from nominal to effective tax rate:NOK million 2023 2022Profit before tax 1,803.9 1,046.4Expected tax expense (income) using nominal tax rate (22%) 396.9 230.2Tax effect of the following items:Non-deductible expenses/income (267.1) 19.7Adjustments from previous year 15.4 5.5Tax rate outside Norway other than 22% (3.4) (189.6)Deferred tax asset not recognized (74.8) (24.8)Tax expense 66.9 41.0Effective tax rate 3.7 % 3.9 %Non-deductible expenses/income mainly relates to intra-group transactions without an impact on the Group\u2019s profit before tax. Adjustments from previous year re\ufb02ect the effect of differences between final tax reporting and basis used in establishing the current tax position and deferred tax balance in prior periods. The following table details net deferred tax assets (liabilities) at year end:NOK million 2023 2022Intangible assets 555.8 520.0Tangible assets (87.0) (84.1)Inventories 3.9 13.1Receivables 16.4 4.2Financial instruments (24.3) -Deferred gains/losses (237.0) (486.9)Other accruals 282.6 235.3Pensions 46.8 44.5Other temporary differences (54.8) (61.1)Loss carried forward 2,145.5 2,542.6Not recognized deferred tax assets (812.0) (886.8)Net deferred tax assets (liabilities) 1,835.9 1,840.8Recognized as deferred tax assets 1,900.7 1,900.7Recognized as deferred tax liabilities (64.7) (59.9)Net deferred tax liabilities (assets) 1,835.9 1,840.8Loss carried forward per country: NOK million 2023 2022Norway (no expiration date) 2,023.3 2,358.8Ireland (no expiration date) 122.2 166.1Other - 17.7Total 2,145.5 2,542.6Deferred tax assets are based on unused tax loss carryforwards and temporary differences in assets and liabilities. The Group is currently running a profitable business. 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 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. 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. By carrying forward the profitable part of its business and exiting the historically loss-making or marginal part of the operation, the Group has reasonable expectations of continuing to generate taxable profits in the upcoming years. 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. NOK million 2023 2022Recognized at 1 January 1,840.8 (1,830.5)Translation differences (4.9) (10.3)Recognized at 31 December 1,835.9 (1,840.8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__41": {
"value": "deferred income tax The 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 other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Current income tax Current 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 tax Deferred 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 assets are recognized for all deductible temporary differences, 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 extent that it is no longer probable that sufficient taxable profit will 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 assets are 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: \u2022 the Group has a legal and enforceable right to offset the recognized amounts and; \u2022 deferred tax assets and tax liabilities relate 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__42": {
"value": "The following table details net deferred tax assets (liabilities) at year end:NOK million 2023 2022Intangible assets 555.8 520.0Tangible assets (87.0) (84.1)Inventories 3.9 13.1Receivables 16.4 4.2Financial instruments (24.3) -Deferred gains/losses (237.0) (486.9)Other accruals 282.6 235.3Pensions 46.8 44.5Other temporary differences (54.8) (61.1)Loss carried forward 2,145.5 2,542.6Not recognized deferred tax assets (812.0) (886.8)Net deferred tax assets (liabilities) 1,835.9 1,840.8Recognized as deferred tax assets 1,900.7 1,900.7Recognized as deferred tax liabilities (64.7) (59.9)Net deferred tax liabilities (assets) 1,835.9 1,840.8Loss carried forward per country: NOK million 2023 2022Norway (no expiration date) 2,023.3 2,358.8Ireland (no expiration date) 122.2 166.1Other - 17.7Total 2,145.5 2,542.6Deferred tax assets are based on unused tax loss carryforwards and temporary differences in assets and liabilities. The Group is currently running a profitable business. 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 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. 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. By carrying forward the profitable part of its business and exiting the historically loss-making or marginal part of the operation, the Group has reasonable expectations of continuing to generate taxable profits in the upcoming years. 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. NOK million 2023 2022Recognized at 1 January 1,840.8 (1,830.5)Translation differences (4.9) (10.3)Recognized at 31 December 1,835.9 (1,840.8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__44": {
"value": "Note 11: Earnings per share Basic earnings per share calculations are based on the weighted average number of 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 period",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__43": {
"value": "Note 11: Earnings per share Basic earnings per share calculations are based on the weighted average number of 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 period. (NOK million) 2023 2022Profit attributable to the owners of the Company before PIK 1,736.9 1,005.5interest on perpetual bondsPayment-in-kind interest on perpetual bonds recognized in equity 126.3 85.9Profit attributable to the owners of the Company after PIK interest 1,610.7 919.6Specification of weighted average number of shares used in calculation of basic and diluted EPSWeighted average number of ordinary basic shares outstanding EPS 947, 827, 373 929,579,566Weighted average number of Perpetual bonds for diluted EPS 178,838,433 195,917,519Weighted average number of ordinary shares outstanding after 1,126,665,806 1,125,497,085dilutionBasic earnings per share (NOK) 1.70 0.99 Diluted earnings per share (NOK) 1.54 0.89 Antidilutive instruments that might become dilutive in future periods not included in calculation of the diluted earnings per share for the periodOrdinary share options 4,486,580 3,511,296Stock options granted to employees are considered dilutive if they are \u201cin the money\u201d after vesting conditions are considered. None of the outstanding stock options granted to employees had dilutive effect at the end of 2023. For further details on outstanding stock options, please refer to Note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__46": {
"value": "Note 12: 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 indefinite useful 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__45": {
"value": "Note 12: 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 indefinite useful 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.Impairment of non-financial assets Intangible assets with indefinite useful lives are not subject to 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\u2019s fair 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 impairment are reviewed for a possible reversal of the impairment at each reporting date. Impairment losses on goodwill are not reversed. Emission rights Emission rights held are recognized at amortized cost, nil for those granted from the respective countries\u2019 government agencies without the need for payment of any consideration and purchase price for those purchased.To measure its obligation to surrender CO2 allowances correctly during a compliance period (financial year), Norwegian applies a weighted average cost method. The obligation is measured based on an average cost per unit of emissions expected to be incurred during the compliance period as a whole. The Group determines the expected total emissions for the compliance period and compares this with the number of allowance units granted and purchased and still held by the entity for that compliance period, to determine the expected shortfall (if any) in allowances held for the compliance period. The weighted average cost per unit of emissions for the compliance period is the carrying amount of the allowances held plus the cost of meeting the expected shortfall divided by the expected total number of units of emissions for the compliance period.For the compliance period 2023, the Group has purchased CO2 allowances through forward contracts with delivery in 2024. Those allowances are included in the measurement of the obligation to surrender CO2 allowances per 31 December 2023 with their expected settlement amounts (strike price). The allowances are to be recognized as intangible assets once received in 2024.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. In 2023, Other intangible assets contains NOK 956.4 million in purchased ETS allowance. The allowances are expected to be delivered to the environmental authorities during 2024 and are classified as current assets in the balance sheet. 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.Other intangible NOK million Software Goodwill assets Total Acquisition costs 1 January 2022 559.5 94.0 53.8 707.3Additions 19.6 - - 19.6 Acquisition cost 31 December 2022 579.2 94.0 53.8 726.9 Acquisition costs 1 January 2023 579.2 94.0 53.8 726.9 Additions 78.8 - 960.4 1,039.2 Translation difference acquisition cost 1.3 - - 1.3Acquisition costs 31 December 2023 659.3 94.0 1,014.2 1,767.4 Accumulated amortization 527.1 - - 527.1 1 January 2022Amortization 10.7 - - 10.7 Accumulated amortization 31 537.9 - - 537.9 December 2022Accumulated amortization 537.9 - - 537.91 January 2023Amortization 12.1 - - 12.1Accumulated amortization 550.0 - - 550.031 December 2023Book value at 31 December 2022 41.3 94.0 53.8 189.1 Book value at 31 December 2023 109.3 94.0 1,014.2 1,217.4 Useful life 3-5 years Indefinite Indefinite Amortization plan Straight-line None None",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__47": {
"value": "Impairment of non-financial assets Intangible assets with indefinite useful lives are not subject to 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\u2019s fair 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 impairment are reviewed for a possible reversal of the impairment at each reporting date. Impairment losses on goodwill are not reversed",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__48": {
"value": "Emission rights Emission rights held are recognized at amortized cost, nil for those granted from the respective countries\u2019 government agencies without the need for payment of any consideration and purchase price for those purchased.To measure its obligation to surrender CO2 allowances correctly during a compliance period (financial year), Norwegian applies a weighted average cost method. The obligation is measured based on an average cost per unit of emissions expected to be incurred during the compliance period as a whole. The Group determines the expected total emissions for the compliance period and compares this with the number of allowance units granted and purchased and still held by the entity for that compliance period, to determine the expected shortfall (if any) in allowances held for the compliance period. The weighted average cost per unit of emissions for the compliance period is the carrying amount of the allowances held plus the cost of meeting the expected shortfall divided by the expected total number of units of emissions for the compliance period.For the compliance period 2023, the Group has purchased CO2 allowances through forward contracts with delivery in 2024. Those allowances are included in the measurement of the obligation to surrender CO2 allowances per 31 December 2023 with their expected settlement amounts (strike price). The allowances are to be recognized as intangible assets once received in 2024",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__50": {
"value": "Note 13: Tangible assets Tangible 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 economic benefits are the result of verified repair and maintenance work, 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 or airborne hours. These components are identified as two heavy 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 components occur 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. 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, when applicable. At delivery of aircraft, the prepayments are included in the acquisition costs of the aircraft. Depreciation periods and methods are assessed annually to ensure that they match the substance of non-current assets",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__49": {
"value": "Note 13: Tangible assets Tangible 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 economic benefits are the result of verified repair and maintenance work, 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 or airborne hours. These components are identified as two heavy 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 components occur 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. 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, when applicable. At delivery of aircraft, the prepayments are included in the acquisition costs of the aircraft. Depreciation periods and methods are assessed annually to ensure that they match the substance of non-current assets.NOK million Buildings Aircraft, parts and installations on leased aircraft Prepayment on aircraft orders Equipment and fixtures Total Acquisition cost 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 Acquisition costs 1 January 2023 284.1 2,635.4 2,937.5 572.8 6,429.8 Additions 2.7 408.9 43.3 74.4 529.3 Translation difference acquisition cost - 40.1 91.3 0.7 132.2Disposals - (10.1) - - (10.1)Acquisition costs 31 December 2023 286.8 3,074.4 3,072.1 648.0 7,081.2 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 2,053.08Accumulated depreciation 1 January 2023 48.4 1,547.9 - 457.6 2,053.8Depreciation 5.6 109.6 - 31.9 147.1 Depreciation disposals - (9,3) - - (9.3)Foreign currency translation - 10.8 - - 10.8Accumulated depreciation 31 December 2023 54.0 1,659.0 - 489.5 2,202.4 Book value 31 December 2022 235.6 1,087.5 2,937.5 115.2 4,375.8Book value 31 December 2023 232.7 1,415.4 3,072.1 158.4 4,878.7 Aircraft At 31 December 2023, the Group had a total \ufb02eet of 87 aircraft of which four are owned (2022: four owned aircraft). The Group did not redeliver any owned Boeing 737-800 in 2023. The residual value is NOK 255 million (2022: NOK 247 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 3,072.1 million and relate to the purchase order of 50 Boeing 737 MAX 8 aircraft. In 2022, the group recognized a partial impairment reversal of NOK 2,099.4 million in the second quarter 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 are depreciated over their useful life. The useful life of spare parts ranges between 5-8 years. Straight-line depreciation is 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 7.9 percent (2022: 10.5 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 2023, 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 costs by five percent, nor an increase in WACC after tax by five percentage points, all other assumptions held constant, would lead to an impairment loss of the \ufb02eet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__52": {
"value": "Note 14: Leases 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. The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases, that is not aircraft leases, and leases of low-value assets, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 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. 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. 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. 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 financial position. 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 are 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. Heavy maintenance on leased aircraft With effect from 1 January 2023, the Group changed its accounting policy for major overhaul and inspection costs (\u201cheavy maintenance\u201d) related to leased aircraft. The Group is obliged to return leased aircraft according to the redelivery condition set in the lease agreement. Costs for heavy maintenance have previously been accrued for as maintenance provisions and charged to the Consolidated income statement based on the utilization and age of the aircraft. Such costs were presented under \u201cTechnical maintenance expenses\u201d in the Consolidated income statement. Heavy maintenance costs related to the recognition of maintenance provisions are capitalized as part of the right-of-use asset for leased aircraft. The capitalized amounts are immediately depreciated as the aircraft is utilized. The depreciation charge is presented under \u201cAircraft lease, depreciation and amortization\u201d in the Consolidated income statement. Management is of the opinion that the presentation of expenses for heavy maintenance on leased aircraft under \u201cAircraft lease, depreciation and amortization\u201d provides more relevant information as the presentation of maintenance expenses for owned and leased aircraft is more aligned with the revised policy. The change in accounting policy is applied retrospectively. Financial information for comparative periods disclosed in these Consolidated financial statements are adjusted as if the new accounting policy had always been applied. The retrospective application of the new accounting policy does not have any effect on the equity at the end of 2022. For more information on the adjustments of comparative figures for 2022, refer to Note 30. Lessor payments Received compensation from aircraft lessors for extra costs incurred related to the late commencement of lease agreements are netted against cost incurred and presented under Aircraft lease, depreciation and amortization\u201d in the consolidated income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__6__51": {
"value": "Note 14: Leases 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. The Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases, that is not aircraft leases, and leases of low-value assets, including IT equipment. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 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. 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. 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. 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 financial position. 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 are 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. Heavy maintenance on leased aircraft With effect from 1 January 2023, the Group changed its accounting policy for major overhaul and inspection costs (\u201cheavy maintenance\u201d) related to leased aircraft. The Group is obliged to return leased aircraft according to the redelivery condition set in the lease agreement. Costs for heavy maintenance have previously been accrued for as maintenance provisions and charged to the Consolidated income statement based on the utilization and age of the aircraft. Such costs were presented under \u201cTechnical maintenance expenses\u201d in the Consolidated income statement. Heavy maintenance costs related to the recognition of maintenance provisions are capitalized as part of the right-of-use asset for leased aircraft. The capitalized amounts are immediately depreciated as the aircraft is utilized. The depreciation charge is presented under \u201cAircraft lease, depreciation and amortization\u201d in the Consolidated income statement. Management is of the opinion that the presentation of expenses for heavy maintenance on leased aircraft under \u201cAircraft lease, depreciation and amortization\u201d provides more relevant information as the presentation of maintenance expenses for owned and leased aircraft is more aligned with the revised policy. The change in accounting policy is applied retrospectively. Financial information for comparative periods disclosed in these Consolidated financial statements are adjusted as if the new accounting policy had always been applied. The retrospective application of the new accounting policy does not have any effect on the equity at the end of 2022. For more information on the adjustments of comparative figures for 2022, refer to Note 30. Lessor payments Received compensation from aircraft lessors for extra costs incurred related to the late commencement of lease agreements are netted against cost incurred and presented under Aircraft lease, depreciation and amortization\u201d in the consolidated income statement. Right-of-use aircraft, parts and NOK millioninstallations* Right-of-use buildings Total right-of-use assets* Acquisition cost 1 January 2022 6,136.7 317.1 6,453.7 Additions 977.9 1.6 979.5 Additions maintenance 1,109.4 - 1,109.4Translation difference acquisition cost 740.6 3.0 743.6Terminations - (5.4) (5.4)Acquisition costs 31 December 2022 8,964.6 316.4 9,281.0 Acquisition costs 1 January 2023 8,964.6 316.4 9,281.0 Additions 5,768.2 176.2 5,944.4 Additions maintenance 1,634.4 - 1,634.4Translation difference acquisition cost 20.5 4.2 24.7Terminations 211.9 1.2 213.1Acquisition costs 31 December 2023 16,599.6 497.9 17,097.5 Accumulated depreciation 1 January 2022 984.1 105.1 1,089.4 Depreciation 1,230.3 30.2 1,260.4Depreciation maintenance 1,109,4 - 1,109.4Foreign currency translation 118.8 1.0 119.8 Accumulated depreciation 31 December 2022 3,442.6 136.3 3,578.9 Accumulated depreciation 1 January 2023 3,442.6 136.3 3,578.9 Depreciation 1,700.4 42.3 1,742.6Depreciation maintenance 1,634.4 - 1,634.4Foreign currency translation 3.8 0.1 3.9 Accumulated depreciation 31 December 2023 6,781.2 178.6 6,959.8 Book value 31 December 2022 5,522.0 180.1 5,702.1 Book value 31 December 2023 9,818.4 319.3 10,137.7*) Following the change in accounting policy for heavy maintenance on leased aircraft in 2023, financial information for comparative periods disclosed in this report are adjusted as if the new accounting policy had always been applied.At the end of 2023, the Group leased 83 (2022: 66) aircraft. The lease agreements on the Boeing 737 aircraft last between two and twelve years from the date of 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 2023. In the recognition of the new leases in 2023, 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 discounting future lease payments for lease agreements entered into in 2023 is 7.2 percent (2022: 7.7 percent). All new aircraft lease agreements entered into in 2022 contained 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 paid 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. There were no new aircraft lease agreements entered into in 2023 which contained a \u201cPBH-clause\u201d. Lease liabilities are recognized based on the fixed minimum lease payments. Outside of the PBH-periods, the minimum 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 income statement. Variable PBH lease payments for aircraft leases in 2023 amounted to NOK 64.2 million (2022: NOK 126.5 million).Lease liabilitiesNOK million 2023 2022Opening balance 5,836.8 5,212.7 Additions 5,887.6 901.2 Terminations - (7.7)Accrued interest expense 543.9 329.5 Interest paid (543.9) (329.5)Payment of lease liabilities (1,460.2) (891.4)Currency differences 26.0 621.9 Lease liabilities 31 December 10,280.1 5,836.8 Due within one year \u2013 current 1,591.4 1,190.6 Due after one year \u2013 non current 8,688.8 4,646.2 Maturity profiles of nominal minimum lease payments are presented in Note 2.6. In 2023, the Group had short-term and/or leases of low-value items for cars and 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. The following amounts are recognized in the income statement:NOK million 2023 2022Expenses relating to short-term leases 33.2 53.7 Expenses relating to low-value leases 0.1 0.1 Variable lease payments 80.1 143.2 Total 113.4 197.1 Due to the late delivery of Boeing 737 aircraft, Norwegian incurred additional cost in 2023 related to wet leases and alternative aircraft lease contracts the company had to enter into to support its planned production. The Group has recognized payments of NOK 77.3 million (2022: nil) from aircraft lessors as a reduction of these additional aircraft lease and depreciation expenses in 2023. Total lease payments for all leasing contracts equals NOK 2,117.5 million for the financial year 2023 (2022: NOK 1,418.0 million). As of 31 December 2023, there are no significant future potential lease payments that are not included in the lease obligations as a result of extension or purchase options.",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__6__54-1": {
"value": "Note 15: Trade and other receivables 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 positionProvisions 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 denominated in foreign currencies are converted using the prevailing exchange rates on the reporting date",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__53": {
"value": "Note 15: Trade and other receivables 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. Specifications of receivables NOK million 2023 2022Trade receivables 202.9 187.8 Credit card receivables 508.3 988.2 Deposits 528.9 513.5 Reimbursements claims maintenance costs (6.8) 2.2 Emission allowance claim (refer to Note 28) 402.9 - Other claims 528.4 405.2 Sum trade and other receivables 2,164.6 2,096.8Prepaid costs 293.8 382.4 Public duty debt 122.3 133.1 Prepayments to employees3.6 3.5 Prepaid rent 41.0 22.4 Prepayments 460.6 541.4Total 2,625.2 2,638.2Maximum credit risk 2,164.6 2,096.8Due dates, nominal value of receivables NOK million 2023 2022Within one year 2,322.0 2,240.4After one year 427.5 464.8Total 2,749.5 2,705.1Fair value of trade and other receivables NOK million 2023 2022Due within one year 2,313.1 2,184.8After one year *) 312.1 453.4Total 2,625.2 2,638.2Provision for bad debt NOK million 2023 2022Balance 1 January 35.7 27.3 Receivables written off during the year (5.5) 2.9 Increase in provisions 26.5 17.1 Unused amounts reversed (47.8) (11.5)Balance 31 December 9.0 35.7 Aging of trade receivables NOK million 2023 2022Not overdue 176.3 205.4Overdue less than 1 month 26.5 13.0Overdue 1-2 months 0.0 4.2Overdue 2-3 months 0.0 1.2Overdue over 3 months 9.1 (0,4)Total 211.9 223.5Provisions 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 denominated in foreign currencies are converted using the prevailing exchange rates on the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__6__57": {
"value": "Note 16: InventoryInventory Inventory of consumables are carried at the lower of acquisition cost and net realizable value. Cost is determined using the average price method. Inventory is consumed during maintenance and overhaul of the aircraft and is expensed when consumed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__56": {
"value": "Note 16: InventoryInventory Inventory of consumables are carried at the lower of acquisition cost and net realizable value. Cost is determined using the average price method. Inventory is consumed during maintenance and overhaul of the aircraft and is expensed when consumed. The Group has recognized income of NOK 72.2 million in 2023 (2022: none) related to the reversal of adjustments for obsolete parts from prior years. NOK million 2023 2022Consumables 259.6 81.3Total 259.6 81.3",
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"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__59": {
"value": "Note 17: Cash and cash equivalents Cash and cash equivalents Cash 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 classified as financial assets measured at fair value through profit and loss",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__58": {
"value": "Note 17: Cash and cash equivalents Cash and cash equivalents Cash 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 classified as financial assets measured at fair value through profit and loss.NOK million 2023 2022Cash in bank and demand deposit 6,670.5 5,214.9Cash equivalents 2,807. 3 2,544.0Total 9,477.9 7,759.0At 31 December 2023, the interest terms of the main cash deposits in the two cash pools are 1 month NIBOR +0.175 percent p.a. and NOWA +0.05 percent p.a. Deposits in money market funds are classified as cash equivalents, as the original maturity of the deposits are 3 months or less. Restricted cashNOK million 2023 2022Guarantees for leases and credits from suppliers 404.8 302.0Safety deposits on defined benefit plan 373.2 340.3Slots proceeds - 316.9Taxes withheld 79.0 69.2Fuel hedge pledged account 106.5 81.8Dividend claims 43.7 42.5Total 1 007.1 1 152.8Bank guarantees are granted for leasing liabilities for aircraft, suppliers of fuel and handling services, as well as airport charges from airports and governments. In 2022, 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. Restricted cash is included in the line-item Cash and cash equivalents in the statement of financial position. Unrestricted cash at 31 December 2023 was NOK 8,470.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__60": {
"value": "Restricted cashNOK million 2023 2022Guarantees for leases and credits from suppliers 404.8 302.0Safety deposits on defined benefit plan 373.2 340.3Slots proceeds - 316.9Taxes withheld 79.0 69.2Fuel hedge pledged account 106.5 81.8Dividend claims 43.7 42.5Total 1 007.1 1 152.8Bank guarantees are granted for leasing liabilities for aircraft, suppliers of fuel and handling services, as well as airport charges from airports and governments. In 2022, 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. Restricted cash is included in the line-item Cash and cash equivalents in the statement of financial position. Unrestricted cash at 31 December 2023 was NOK 8,470.7 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__61": {
"value": "Note 18: Assets pledged as collaterals and guarantees Liabilities secured by pledgeNOK million 2023 2022Bond issue - 569.2 Aircraft financing 1,021.0 803.4Total 1,021.0 1,372.6Owned 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.Book value of assets pledged as security and guaranteesNOK million 2023 2022Prepayment and aircraft 4,114.7 4,020.0Total 4,114.7 4,020.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__63": {
"value": "Note 19: Financial instruments Financial assets Financial 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 financial assets at initial recognition.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 liabilities 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 modification of 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 equity and liability components. After initial recognition, the liability component is measured at amortized cost. No gain or 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.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. Derivative financial instruments and hedging activities Derivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into, 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. 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 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 within equity. 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. Hedge effectiveness Hedge 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 to different 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 2023. Financial Instruments by category 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 - 16.1 - 16.1 Derivative financial - - 36.9 36.9instrumentsTrade and other receivables *) 2,164.6 - - 2,164.6 Cash and cash equivalents 9,477.9 - - 9,477.9 Total 2023 11,642.4 16.1 36.9 11,695.4 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 9,855.8 3.7 19.9 9,879.4*) Prepayments not included in trade and other receivables was NOK 460.6 million in 2023 and NOK 541.4 million in 2022. Investments in financial assets consist of an investment in shares of Norsk E-Fuel AS and Norwegian Block Exchange AS. Changes in the share price of Norwegian Block Exchange AS are not recognized as a change in fair value in profit or loss due to immateriality of the investment. Financial liabilities at Financial liabilities at fair NOK millionamortized cost value through OCI Total Liabilities per balance sheetBorrowings 3,745,2 - 3,745.2Lease liabilities 10,280.1 - 10,280.1Derivative financial - 176.1 176.1instrumentsTrade and other payables *) 3,139.2 - 3,139.2Total 2023 17,164.6 21.7 17,340.7 Borrowings 4,248.5 - 4,248.5Lease liabilities 5,836.8 - 5,836.8Derivative financial - 21.7 21.7instrumentsTrade and other payables *) 2,267.4 - 2,267.4Total 2022 12,352.7 21.7 12,374.3 *) Public duties and liabilities from customer loyalty program not included in trade and other payables was NOK 719.8 million in 2023 and NOK 1,383.8 million in 2022.See Note 24 for details related to borrowings. Credit quality of financial assets NOK million 2023 2022Trade and other receivablesCounterparties with external credit rating A or better 508.3 988.2 Counterparties without external credit rating 1,656.3 1,108.6 Total trade receivables 2,164.6 2,096.8 Cash and cash equivalentsA+ or better 6,670.5 3,196.9 BBB + 2,807.3 4,562.0 Total cash and cash equivalents 9,477.9 7,759.0 Investments in financial assets NOK million 2023 20221 January 3.7 3.7Addition 12.4 - 31 December 16.1 3.7 Derivative financial instruments 2023 2022NOK million Assets Liabilities Assets Liabilities Forward commodities contracts 36.9 176.1 19.9 21.7 Total 36.9 176.1 19.9 21.7 Non-current portion - 67.4 - -Current portion 36.9 108.8 19.9 21.7 Derivatives are classified as current or non-current assets or liabilities depending on the maturity profile and net value of individual forward contracts. Forward commodity contracts designated as cash flow hedges Forward commodity contracts relate to jet fuel derivatives. The net fair value of the outstanding forward commodities contracts at 31 December 2023 was negative NOK 139.2 million (2022: NOK -1.8 million). At 31 December 2023, the Group had secured 461,200 metric tons jet fuel (2022: 132,600) through forward contracts. Fuel derivatives are categorized as financial assets or financial liabilities at fair value through OCI and are measured at fair value at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__62": {
"value": "Note 19: Financial instruments Financial assets Financial 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 financial assets at initial recognition.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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__65": {
"value": "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 modification of 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 equity and liability components. After initial recognition, the liability component is measured at amortized cost. No gain or 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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__64": {
"value": "Derivative financial instruments and hedging activities Derivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into, 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. 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 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 within equity. 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. Hedge effectiveness Hedge 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 to different 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 2023. Financial Instruments by category 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 - 16.1 - 16.1 Derivative financial - - 36.9 36.9instrumentsTrade and other receivables *) 2,164.6 - - 2,164.6 Cash and cash equivalents 9,477.9 - - 9,477.9 Total 2023 11,642.4 16.1 36.9 11,695.4 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 9,855.8 3.7 19.9 9,879.4*) Prepayments not included in trade and other receivables was NOK 460.6 million in 2023 and NOK 541.4 million in 2022. Investments in financial assets consist of an investment in shares of Norsk E-Fuel AS and Norwegian Block Exchange AS. Changes in the share price of Norwegian Block Exchange AS are not recognized as a change in fair value in profit or loss due to immateriality of the investment. Financial liabilities at Financial liabilities at fair NOK millionamortized cost value through OCI Total Liabilities per balance sheetBorrowings 3,745,2 - 3,745.2Lease liabilities 10,280.1 - 10,280.1Derivative financial - 176.1 176.1instrumentsTrade and other payables *) 3,139.2 - 3,139.2Total 2023 17,164.6 21.7 17,340.7 Borrowings 4,248.5 - 4,248.5Lease liabilities 5,836.8 - 5,836.8Derivative financial - 21.7 21.7instrumentsTrade and other payables *) 2,267.4 - 2,267.4Total 2022 12,352.7 21.7 12,374.3 *) Public duties and liabilities from customer loyalty program not included in trade and other payables was NOK 719.8 million in 2023 and NOK 1,383.8 million in 2022.See Note 24 for details related to borrowings. Credit quality of financial assets NOK million 2023 2022Trade and other receivablesCounterparties with external credit rating A or better 508.3 988.2 Counterparties without external credit rating 1,656.3 1,108.6 Total trade receivables 2,164.6 2,096.8 Cash and cash equivalentsA+ or better 6,670.5 3,196.9 BBB + 2,807.3 4,562.0 Total cash and cash equivalents 9,477.9 7,759.0 Investments in financial assets NOK million 2023 20221 January 3.7 3.7Addition 12.4 - 31 December 16.1 3.7 Derivative financial instruments 2023 2022NOK million Assets Liabilities Assets Liabilities Forward commodities contracts 36.9 176.1 19.9 21.7 Total 36.9 176.1 19.9 21.7 Non-current portion - 67.4 - -Current portion 36.9 108.8 19.9 21.7 Derivatives are classified as current or non-current assets or liabilities depending on the maturity profile and net value of individual forward contracts. Forward commodity contracts designated as cash flow hedges Forward commodity contracts relate to jet fuel derivatives. The net fair value of the outstanding forward commodities contracts at 31 December 2023 was negative NOK 139.2 million (2022: NOK -1.8 million). At 31 December 2023, the Group had secured 461,200 metric tons jet fuel (2022: 132,600) through forward contracts. Fuel derivatives are categorized as financial assets or financial liabilities at fair value through OCI and are measured at fair value at each reporting date",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__66": {
"value": "Derivative financial instruments are initially recognized at fair value on the date a derivative contract is entered into, 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. 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 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 within equity. 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__67": {
"value": "Hedge 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 to different 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 2023",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__69": {
"value": "Note 20: Equity and shareholder information Equity Share 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__68": {
"value": "Note 20: Equity and shareholder information Equity Share 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.Shares and share issues: Number of NOK millionordinary shares Share capital Share Premium Total 1 January 2023 929,989,739 93.0 25,437.7 25,530.7 Share issue 17.02.2023 1,597,444 0.2 14.6 14.8Share issue 14.06.2023 26,402,573 2.6 241.1 243.7Share issue 23.06.2023 3,529,016 0.4 32.2 32.6Share issue 07.07.2023 2,810 0.0 0.0 0.0Share issue 26.09.2023 42,112 0.0 0.4 0.4Share issue 27.10.2023 207,212 0.0 1.9 1.931 December 2023 961,770,906 96.2 25,727.9 25,824.1 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 1.9Share 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 25,530.7All issued shares are fully paid with a par value of NOK 0.1 per share. There is only one category of shares, and all shares have equal rights. For information on employee share options, see Note 21. On 17 February 2023, the company announced conversion notices from bondholders representing NOK 15 million Early Conversion Bonds, with the issue of 1,597,444 new shares. On 14 June 2023, the company announced conversion notices from bondholders representing NOK 5 million Early Conversion Bonds, NOK 242.9 million Ordinary Conversion Bonds, and NOK 0.04 million PIK Bonds, with the issue of 26,402,573 new shares. On 23 June 2023, the company announced conversion notices from bondholders representing NOK 32.8 million Ordinary Conversion Bonds, and NOK 0.3 million PIK Bonds, with the issue of 3,529,016 new shares. On 7 July 2023, the company announced conversion notices from bondholders representing NOK 0.03 million PIK Bonds, with the issue of 2,810 new shares. On 26 September 2023, the company announced conversion notices from bondholders representing NOK 0.4 million Conversion Bonds, with the issue of 42,112 new shares. On 27 October 2023, the company announced conversion notices from bondholders representing NOK 1.9 million Conversion Bonds, with the issue of 207,212 new shares. All transactions resulted in a total of 961,770,906 shares as of 31 December 2023. Description of items recognized Other comprehensive income: Currency translation differences Net NOK 112.8 million has been booked as exchange rate differences under other comprehensive income in 2023 (2022: NOK 13.7 million). The exchange differences arise from translating the subsidiaries from functional currency to presentation currency of foreign operations. Actuarial gains and losses During 2023, NOK 20.4 million in actuarial loss arising from defined benefit pension plans has been recognised in other comprehensive income (2022: NOK 6.8 million in actuarial loss).The largest shareholders at 31 December 2023 were: Voting Name Country Shares Ownership rights Geveran Trading Company, Ltd. Cyprus 134,010,512 13.9% 13.9%Sundt AS Norway 89,292,265 9.3% 9.3%Folketrygdfondet Norway 46,873,605 4.9% 4.9%Ballyfin Aviation Limited Ireland 31,472,703 3.3% 3.3%Nordnet Bank AB. Norway 29,748,294 3.1% 3.1%Silver Point Capital, L.P. United States 25,854,922 2.7% 2.7%Handelsbanken Kapitalf\u00f6rvaltning AB Sweden 23,966,576 2.5% 2.5%Avanza Bank AB Sweden 21,666,287 2.3% 2.3%Keskin\u00e4inen el\u00e4kevakuutusyhti\u00f6 Varma Finland 15,500,000 1.6% 1.6%KLP Fondsforvaltning AS Norway 15,378,913 1.6% 1.6%Svelland Capital (UK) Ltd United Kingdom 14,612,990 1.5% 1.5%DNB Asset Management AS Norway 12,521,543 1.3% 1.3%Nordea Funds Oy Finland 10,440,126 1.1% 1.1%Contrarian Capital Management, LLC United States 10,312,451 1.1% 1.1%Brumm AS Norway 10,010,480 1.0% 1.0%American Century Investment United States 8,386,121 0.9% 0.9%Management, Inc.Swedbank AB Sweden 8,033,545 0.8% 0.8%Cape Invest AS Norway 7,914,593 0.8% 0.8%HSBC Continental Europe S.A., Germany 6,979,134 0.7% 0.7%GermanyBlackRock Institutional Trust United States 6,745,380 0.7% 0.7%Company, N.A.Other 432,050,466 44.9% 44.9%Total number of shares 961,770,906 100.0 % 100.0 % The 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 12,663,237 1.4% 1.4%KingdomKLP Fondsforvaltning AS Norway 12,493,863 1.3% 1.3%BlackRock Institutional Trust Company, 10,635,493 1.1% 1.1%United StatesN.A.Svelland Capital (UK) Ltd United 9,427,617 1.0% 1.0%KingdomSwedbank AB Sweden 9,390,819 1.0% 1.0%Nordea Funds Oy Finland 9,339,301 1.0% 1.0%BofA Global Research (UK) United 8,748,839 0.9% 0.9%KingdomBrumm AS Norway 8,285,480 0.9% 0.9%HSBC Trinkaus & Burkhardt AG Germany 7,107,742 0.8% 0.8%Other350,338,42637.7% 37.7%Total number of shares 929,989,739 100.0 % 100.0 %Shares directly or indirectly held by members of the Boards of Directors, Chief Executive Officer and Executive Management at 31 December 20231)Name TitleSharesSvein Harald \u00d8ygard Chair 1,884,281Ingrid Elvira Leisner Board Member 29,927Lars Rahb\u00e6k Boilesen Board Member 585,424Katherine Jane Sherry Board Member 27,364Stephen Thomas Kavanagh Board Member -Eric Holm Board Member - Employee representative 1,326Katrine Gundersen Board Member - Employee representative 1,447Torstein Hiorth Soland Board Member - Employee representative -Geir Karlsen Chief Executive Officer 651,478Hans-J\u00f8rgen Wibstad Chief Financial Officer 70,000Anne-Sissel Sk\u00e5nvik Chief Communications and Public Affairs Officer 50,095Magnus Thome Maursund Chief Commercial Officer 4,362Christoffer Sundby Chief Marketing and Customer Officer 339,944Knut Olav Irgens H\u00f8eg Chief IT and Business Services Officer 239,847Guro H. Poulsen Chief People Officer 236,808Tore Kristian Jenssen Chief Asset Officer - Henrik Fjeld Interim Chief Operations Officer, SVP Technical -Per Gunnar Lyckander Interim Chief Operations Officer 101) Including shares held by related parties. Options directly held by the Chief Executive Officer and members of Executive Management:Issued in 2018 2019 2021 2022 2023Strike price (NOK) 4,300 4,300 10.10 13.50 13.50Name Title Expiry 2025 2026 2026-2029 2029 2030 TotalGeir Karlsen Chief Executive Officer 500 4,500 1,000,000 792,548 764,183 2,561,731 Hans-J\u00f8rgen Wibstad Chief Financial Officer 422,692 140,897 563,589Anne-Sissel Sk\u00e5nvik Chief Communications and Public Affairs Officer 200 500 105,673 35,224 141,597 Magnus Thome Maursund Chief Commercial Officer 184,927 61,642 246,569 Christoffer Sundby Chief Marketing and Customer Officer 232,480 77,493 309,973 Knut Olav Irgens H\u00f8eg Chief IT and Business Services Officer 162,032 54,011 216,043Guro H. Poulsen Chief People Officer 140,897 46,966 187, 863 Tore Kristian Jenssen Chief Asset Officer 200 1,500 190,211 63,404 255,315 Specification of other reserves NOK million Translation differences Cash-\ufb02ow hedge reserve Total 1 January 2022 259.9 - 259.9 Translation differences 13.7 - 13.7 Fuel hedge movements (1.8) (1.8)31 December 2022 273.6 (1.8) 271.8 Translation differences 112.8 - 112.8 Fuel hedge movements - (138.4) (138.4)31 December 2023 386.4 (140.2) 246.2 See 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 724.6 million at 31 December 2023 (2022: NOK 717.8 million). Changes in 2023 relate 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 as the 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, hence the whole instrument is considered and classified as equity.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 2023 is NOK 1,520.8 million (2022: NOK 1,800.3 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__71": {
"value": "Note 21: Options Share-based payments The Group operates a number of equity-settled share-based compensation plans under which the entity receives services 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 options is 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 is determined 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. 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 program Bonus 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__70": {
"value": "Note 21: Options Share-based payments The Group operates a number of equity-settled share-based compensation plans under which the entity receives services 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 options is 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 is determined 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. 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 program Bonus 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. 2023 Program On 29 September 2023, Executives in Norwegian were granted a total of 1,243,820 share options in Norwegian Air Shuttle ASA (NAS) with a strike price of NOK 13.50 per share. The granted share options vests one-third each anniversary from the grant date and vested options may be exercised until expiry seven years following the grant. Each share option corresponds to one share and the strike price is NOK 13.50 per share.2022 Program According to the share option plan adopted on 25.05.2022 by the Annual General Meeting of Norwegian Air Shuttle ASA, 2,499,996 options were granted to Executives on 30 September 2022, with a strike price of NOK 13.50 per share. One-third of options granted can be exercised at the earliest after 1, 2, and 3 years respectively, and the options shall 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 one-fourth of the options vest on 21 June 2022, one-fourth vest on 21 June 2023, one-fourth vest on 21 June 2024, and one-fourth 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 first quarter 2019 financial results, plus 15%. On 20 November2019 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 the number of outstanding options is divided by 100.On 31 December 2023 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 of Norwegian\u2019s second quarter 2018 financial results, plus 15 percent. 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 is divided by 100.On 31 December 2023 there were 1,800 outstanding share options with strike price NOK 4,300.00. Outstanding share options per 31.12. Average 2023 shares Average exerc. price 2022 shares exerc. price Outstanding 1 January 3,511,296 31.68 1,014,300 89.12Granted 1,243,820 13.50 2,499,996 13.50 Forfeited (268,536) 13.50 (3,000) 4,300Outstanding 31 December 4,486,580 23.54 3,511,296 31.68The average fair value of the options granted during 2023 was 3.6338 per option (2022: 3.1894). The fair value at grant date is independently determined using Black & Scholes option model. The calculations are based on the following assumptions:Assumptions 2023 2022 2021Share price on grant date 8.54 7.254 10.10Strike price per option 13.50 13.50 10.10Volatility 0.48 0.55 0.78Lifetime 7 7 5-8Risk-free interest rate 3.88-4.20 2.96-3.29 0.38-1.47Share 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 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 2023 amounted to NOK 2.6 million (2022: NOK 1.6 million).",
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"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__73": {
"value": "Note 22: Pensions The 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 plans The cost of providing benefits under defined benefit plans is 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 period until the benefits are vested. If the benefits are already vested 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 the present value of the defined benefit obligation and actuarial 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 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 2023.Defined contribution plans In addition to the defined benefit plan described above, the Group operates a defined contribution plan. A defined contribution 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 service in 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.The Group operated defined contribution plans in Norway, Denmark, Sweden, Finland, Ireland, UK, Spain and Latvia, and defined benefit plans in Norway.The defined contribution plans require that the Group pays 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 253.4 million in 2023 (2022: NOK 207.7 million)",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__75": {
"value": "Note 23: Provisions and other long-term liabilities Provisions 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__74": {
"value": "Note 23: Provisions and other long-term liabilities Provisions 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. Periodic maintenance on leased aircraft and other provisionNOK million 2023 2022Opening balance 2,085.2 937.0 Provisions charged to the income statement 1,683.8 1,112.9 Maintenance services performed and invoices received (633.2) (125.7)Other provision 59.6 161.0Closing balance 3,195.4 2,085.2Classified as current liabilities 32.8 201.3 Classified as non-current provision 3,162.6 1,883.9 For 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 are accrued and capitalized as part of the right-of-use asset for leased aircraft, 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 capitalized as part of the right-of-use asset for leased aircraft 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 twelve years in length, and several of the maintenance events will occur within the leasing period.Parts of the periodic maintenance will be conducted in 2024, and NOK 32.8 million is classified as a current liability for periodic maintenance (2022: NOK 201.3 million). The current part of periodic maintenance is estimated based on the planned maintenance in 2024. Other provision in the table above consist of currency effects, credits received from service suppliers and other adjustments.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__76": {
"value": "Note 24: Borrowings Term facility Interest rate of NIBOR and a margin of 2 percent. The term facility 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 for financing of four owned aircraft. Floating interest rates of 3-moths SOFR plus 2.6% margin for financing of two spare engines. The borrowings mature quarterly after the delivery of aircraft. The aircraft financing is denominated in USD. Nominal value at 31 December 2023 Nominal Unamortized effective Book Effective NOK millionValue interest cost value interest rate Aircraft financing 1,027.0 (6.1) 1,020.9 5.7 %Term facility 100.0 - 100.0 5.9 %Retained claims bonds 3,229.6 (607.3) 2,622.3 9.4 %Other non-current debt 2.0 - 2.0 0.0 %Total 4,358.6 (613.3) 3,745.2 Nominal value at 31 December 2022 Nominal Unamortized effective Book Effective NOK millionValue interest costvalue interest 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 Effective interest rate during 2023, recognized as financial items (Note 9) and capitalized borrowing costs (Note 13), is 5.9 percent (2022: 6.4 percent). For information on the fair value of borrowings please refer to Note 3. Classification of borrowingsNOK million 2023 2022Non-currentAircraft financing 936.7 726.7Term facility 62.3 134.5Bond issue - 447.4Retained claims bonds 2,622.3 2,739.3Other non-current debt 2.0 2.0Total 3,623.3 4,050.0 CurrentAircraft financing 84.2 76.6Term facility 37.7 -Bond issue - 121.8Total 121.9 198.5Total borrowings 3,745.2 4,248.5Cash and non-cash changes in total borrowings Changes 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: NOK million 2023 2022Opening balance total borrowings 4,248.5 4,164.6Loan proceeds 289.6 -Repayment (1,051.7) (218.4)Cash changes (762.1) (218.4)Conversion- and reconstruction effects - (14.5)Net amortization effects 259.1 226.6Currency translation effects (0.3) 90.1Non-cash changes 258.8 302.2Closing balance total borrowings 3,745.2 4,248.5 The carrying amounts of the Group\u2019s borrowings are denominated in the following currencies: NOK million 2023 2022USD 1,020.9 803.4 NOK 2,724.3 3,445.1 Total 3,745.2 4,248.5 Financial covenants on borrowingsTerm facility\u2022 No dividend paymentRetained claims bonds\u2022 No dividend paymentAircraft financing\u2022 Aircraft 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.",
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"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__78": {
"value": "Note 25: Trade and other payables CashPoint liabilities: Customer loyalty program - Norwegian Reward The 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 are considered as a separate element of a sale with multiple elements. The portion of the price allocated to CashPoints is based on the stand-alone selling price. Revenue allocated to accrued CashPoints 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. CashPoints can be used as full or partial payment for goods or services offered by the Group. The CashPoint liability is derecognized and recognized as Other revenue 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s9_notes__6__77": {
"value": "Note 25: Trade and other payables CashPoint liabilities: Customer loyalty program - Norwegian Reward The 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 are considered as a separate element of a sale with multiple elements. The portion of the price allocated to CashPoints is based on the stand-alone selling price. Revenue allocated to accrued CashPoints 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. CashPoints can be used as full or partial payment for goods or services offered by the Group. The CashPoint liability is derecognized and recognized as Other revenue 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.Trade payables are obligations to pay for goods or services purchased from suppliers in accordance with general course of business. Accounts payable 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.NOK million 2023 2022Accrued vacation pay 309.4 223.6Accrued airport and transportation taxes 169.0 155.1ETS obligation 1,173.6 456.7Accrued expenses 421.0 502.0Trade payables 906.1 529.8Public duties 153.3 132.5Current provisions for MRC (Note 23) 32.8 201.3CashPoint liabilities 566.5 1,251.3Other current provisions 127.3 198.8Total 3,859.0 3,651.2The 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 2023 and emission allowances to be surrendered in 2024. CashPoint liabilities decrease from MNOK 1,251.3 to MNOK 566.5 mainly due to expired CashPoints granted between 2018 and 2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__79": {
"value": "Note 26: Air traffic settlement liabilities Air traffic settlement liabilities increased from NOK 2,548.5 million on 31 December 2022 to NOK 3,202.5 million on 31 December 2023. The increase is related to a higher level of pre-sale volumes towards the end of 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__6__80": {
"value": "Note 27: Related party transactions See Note 6 for details on Remuneration of the board of directors and executive management and Note 21 for 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 parties in 2023 or 2022. No transactions were carried out with related parties. Transactions between Group companies have been eliminated in the consolidated financial statements and do not represent related party transactions. See Note 24 Related Parties and Note 14 Investment in Subsidiaries in the financial statements to the parent company for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__82": {
"value": "Note 28: Contingencies and legal claims A contingent asset is not recognized in the annual financial statements 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 liabilities are disclosed in the notes to the financial statements, with the exception of contingent liabilities where the probability of the liability occurring is remote.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 Agency concluded in an administrativeruling that the cram down of claims in the Examinership and Reconstruction does not apply to the company\u2019s obligation to surrender emission allowances under EU ETS (see Section 9.6.2 \u201cEnvironmental regulations\u201d) for emissions predating 18 November 2020. The contemplated market value of such allowances is approximately NOK 324 million at the end of 2023. The Reconstructor determined that the Reconstruction applies to the company\u2019s obligation to surrender emission allowances as a different view would have given preference to the EU ETS regime, which the current insolvency legislation does not facilitate. Therefore, the company was unable to comply with the Norwegian Environment Agency\u2019s demand of the company surrendering emissions allowances. The lack of compliance caused the Norwegian Environment Agency to impose a penalty of approximately NOK 400 million on the company. The company appealed the decision, but on 16 December 2022 the Ministry of Climate and Environment decided to uphold the Norwegian Environment Agency\u2019s decision. The company, supported by its advisors and the Reconstructor, are of the view that the company\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 company filed a statement of claim to Oslo District Court on 9 January 2023. In June 2023, Oslo District Court decided to submit the case to the EFTA Court for consultation on the EU/EEA law implications of the matter. The company gave their written observations to the EFTA Court on 8 January 2024. It is currently assumed that the EFTA Court will provide an advisory opinion during the third or fourth quarter of 2024. Subsequently the proceedings in the Oslo District Court will resume.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 correspondingto the contemplated market value of such allowances was crammed down and the company has a provision of NOK 15 million at the end of 2023. The company has paid the ETS penalty fee in 2023 and recognized a corresponding claim against the Norwegian Environmental Agency, presented under Trade and other receivables in the Consolidated statement of financial position. The company will seek a return of this amount plus interest following a final conclusion.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__81": {
"value": "Note 28: Contingencies and legal claims A contingent asset is not recognized in the annual financial statements 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 liabilities are disclosed in the notes to the financial statements, with the exception of contingent liabilities where the probability of the liability occurring is remote.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 Agency concluded in an administrativeruling that the cram down of claims in the Examinership and Reconstruction does not apply to the company\u2019s obligation to surrender emission allowances under EU ETS (see Section 9.6.2 \u201cEnvironmental regulations\u201d) for emissions predating 18 November 2020. The contemplated market value of such allowances is approximately NOK 324 million at the end of 2023. The Reconstructor determined that the Reconstruction applies to the company\u2019s obligation to surrender emission allowances as a different view would have given preference to the EU ETS regime, which the current insolvency legislation does not facilitate. Therefore, the company was unable to comply with the Norwegian Environment Agency\u2019s demand of the company surrendering emissions allowances. The lack of compliance caused the Norwegian Environment Agency to impose a penalty of approximately NOK 400 million on the company. The company appealed the decision, but on 16 December 2022 the Ministry of Climate and Environment decided to uphold the Norwegian Environment Agency\u2019s decision. The company, supported by its advisors and the Reconstructor, are of the view that the company\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 company filed a statement of claim to Oslo District Court on 9 January 2023. In June 2023, Oslo District Court decided to submit the case to the EFTA Court for consultation on the EU/EEA law implications of the matter. The company gave their written observations to the EFTA Court on 8 January 2024. It is currently assumed that the EFTA Court will provide an advisory opinion during the third or fourth quarter of 2024. Subsequently the proceedings in the Oslo District Court will resume.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 correspondingto the contemplated market value of such allowances was crammed down and the company has a provision of NOK 15 million at the end of 2023. The company has paid the ETS penalty fee in 2023 and recognized a corresponding claim against the Norwegian Environmental Agency, presented under Trade and other receivables in the Consolidated statement of financial position. The company will seek a return of this amount plus interest following a final conclusion.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__83": {
"value": "Note 29: Commitments The Group has aircraft purchase commitments at the end of 2023 with an estimated contractual amount, including estimated cost escalation, of NOK 27.5 billion (2022: NOK 28.6 billion). 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.In addition to the aircraft purchase commitments, the Group also has aircraft lease agreements for future deliveries at the end of 2023 with a contractual amount of NOK 7.4 billion (2022: NOK 11.7 billion). Capital commitments 31 December 2023NOK billion Purchase Lease Total commitmentscommitments31.12.20232024 - 0.3 0.32025 5.3 0.6 5.92026 8.1 0.6 8.72027 8.4 0.6 9.02028 5.7 0.6 6.32029 and beyond - 4.6 4.6Total 27.5 7.4 34.9Capital commitments 31 December 2022.NOK billionTotalPurchase Lease commitmentscommitments31.12.20222023 0.1 0.1 0.22024 - 0.7 0.72025 5.5 1.0 6.52026 8.4 1.0 9.42027 8.7 1.0 9.72028 and beyond 5.9 7.8 13.7Total 28.6 11.7 40.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__84": {
"value": "Note 30: Adjustment of comparative financial information Following the change in accounting policy for heavy maintenance on leased aircraft in the first quarter of 2023, financial information for comparative periods disclosed in this report are adjusted as if the new accounting policy had always been applied. The change in accounting policy does not have any effect on the consolidated statement of financial position as reported in 2022. In the consolidated income statement, Total operating expenses excl lease, depreciation and amortization are reduced. EBITDAR and Aircraft lease, depreciation and amortization increased with the same amounts. In the consolidated statement of cash \ufb02ow, Depreciation, amortization and impairment and Other adjustment within Net cash \ufb02ows from operating activities are adjusted. The adjustments of comparative figures for 2022 are presented below. Consolidated income statement NOK million 2022Technical maintenance expenses, previously reported 1,665.9Technical maintenance expenses, adjusted 556.4Change (1,109.4)Total operating expenses excl lease, depr. and amort., previously reported 17,615. 3Total operating expenses excl lease, depr. and amort., adjusted 16,505.9Change (1,109.4)EBITDAR, previously reported 1,254.0EBITDAR, adjusted 2,363.4Change 1,109.4Aircraft lease, depreciation and amortization, previously reported 1,851.0Aircraft lease, depreciation and amortization, adjusted 2,960.5Change 1,109.4Operating profit (EBIT), previously reported 1,502.3Operating profit (EBIT), adjusted 1,502.3Change -Consolidated statement of cash \ufb02ows NOK million 2022OPERATING ACTIVITIESDepreciation, amortization and impairment, previously reported 1,402.3Depreciation, amortization and impairment, adjusted 2,511.7Change 1,109.4Change in other assets and liabilities, previously reported 364.2Change in other assets and liabilities, adjusted (745.2)Change (1,109.4)Net cash \ufb02ows from operating activities, previously reported 2,425.7Net cash \ufb02ows from operating activities, adjusted 2,425.7Change -",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__85": {
"value": "Note 31: Acquisition of Wider\u00f8e Norwegian acquired 100 percent of the shares and voting rights in Wider\u00f8e AS, the parent company of Wider\u00f8e Group (Wider\u00f8e), a regional carrier in Norway with a \ufb02eet of 48 aircraft, predominantly turboprops, on 12 January 2024. The acquisition of Wider\u00f8e will enable the linking of complementary route networks, create significant operational synergies, and provide Norwegian with additional diversification through Wider\u00f8e\u2019s substantial public service obligation operations. Wider\u00f8e will be consolidated into the Group from the acquisition date, which was 12 January 2024. Wider\u00f8e was acquired in a cash-only transaction for an initial purchase price of NOK 1,125 million, including NOK 125 million deposited in an escrow account. No cash balances in Wider\u00f8e have been acquired and the net out\ufb02ow of cash from Norwegian at the acquisition date was NOK 1,000 million. The final purchase price is contingent on a number of adjustments which are to be finally determined during 2024. The minimum purchase price is NOK 1,000 million. The initial purchase price can be adjusted for cost Norwegian might incur related to certain aircraft within Wider\u00f8e\u2019s \ufb02eet after the acquisition date up to an amount of NOK 125 million, and is also partially contingent on and measured against a market value of certain of the aircraft of Wider\u00f8e. Any conditions for an increase of the initial purchase price are not met at the acquisition date. At the acquisition date, the company estimates the contingent consideration to have a fair value of NOK -112.1 million, and the final purchase price to be NOK 1,012.9 million. The details of the purchase consideration are as follows:NOK millionCash paid 1,125.0 Contingent consideration (-112.1 )Total purchase consideration 1,012.9Acquisition-related expenses of NOK 29.6 million are included in Other operating expenses in the Consolidated income statement for the reporting period ending 31 December 2023.The assets and liabilities expected to be recognised as a result of the acquisition are as follows: NOK millionDeferred tax asset 39.2Intangible assets \u2013 Trademark 56.5 Intangible assets \u2013 Licenses and IT-systems 26.2 Intangible assets \u2013 Website and mobile app 22.8Intangible assets \u2013 Customer contracts 134.6Non-current receivables and investments 32.1Property, plant and equipment 975.6Aircraft, parts and installation on leased aircraft 1,647.4 Right-of-use assets 390.6Inventory 191.9Trade and other receivables 588.1Total assets acquired 4,105.0Deferred tax liability 153.1Borrowings 1,107.6Pension obligations 160.9Lease liabilities 341.5Trade and other payables 1,490.6Total liabilities acquired 3,253.7Net identifiable assets acquired 851.4Goodwill 161.7Net assets acquired 1,012.9Goodwill arising from the acquisition was recognized as of the acquisition date and represents the excess of the purchase consideration over the fair value of the identifiable assets acquired and liabilities assumed. The goodwill is attributable to the value of the skills and know-how of Wider\u00f8e\u2019s employees and air operating certificate as well as the potential renewal of public service obligation contracts. None of the goodwill is expected to be deductible for tax purposes.The fair values of certain aircraft and certain related trade and other payables assumed are provisional and subject to finalization of the valuation process, which may result in adjustments to these amounts during the twelve-months measurement period in accordance with IFRS 3. Any upwards adjustments to the preliminary fair values in the excess of NOK 40.7 million will be partly to the benefit of the seller of Wider\u00f8e. Any downwards adjustments in excess of NOK 12.9 million which will increase the contingent consideration receivable will be reclassified to goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__6__86": {
"value": "Note 32: Events after the reporting period On 8 January, holders of the company\u2019s Retained Claims Bonds voted in favour of certain amendment to the bond terms in order to facilitate operational \ufb02exibility for Wider\u00f8e and ascertaining stand-alone financing to support Wider\u00f8e as a separate business unit. On 12 January 2024, Norwegian completed the acquisition of Wider\u00f8e AS, becoming Wider\u00f8e\u2019s sole owner. The purchase price of NOK 1,125 million remains subject to certain adjustments, to be finally determined during 2024. There have been no other material events subsequent to the reporting period that may have a significant effect on the consolidated financial statements for 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300IEUH2FEM2Y6B51",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}