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"s8_notes__6__7": {
"value": "NOTE 1 Company information and basis of preparation Telenor is a Norwegian listed company offering telecommunications services in the Nordics and Asia. The consolidated financial statements of Telenor are prepared according to the IFRS\u00ae Accounting Standards. The accounting policies are described in this note and in the individual notes to the financial statements. Company information The consolidated financial statements of Telenor (referred to as \u201cthe company\u201d) comprise the parent company and its subsidiaries. The parent company Telenor ASA is a Norwegian public limited company listed on the Oslo Stock exchange under the ticker TEL. The principal activities of Telenor are described in note 2 Segments. The headquarter is at Snar\u00f8yveien 30, N-1360 Fornebu, Norway and the telephone number is +47 810 77 000. ",
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"language": "en",
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"value": "telecommunications services",
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"value": "Telenor ASA",
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"language": "en",
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"value": "public limited company",
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"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Snar\u00f8yveien 30, N-1360 Fornebu, Norway",
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"language": "en",
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"value": "Fornebu",
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"value": "Norway",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Norway",
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"s8_notes__6__18": {
"value": "Basis of preparation The consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and the additional requirements of the Norwegian Accounting Act. The consolidated financial statements were approved by the Board of Directors on 21 March 2024 and is subject to approval by the Annual General Meeting on 7 May 2024.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__17": {
"value": "Basis of preparation The consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and the additional requirements of the Norwegian Accounting Act. The consolidated financial statements were approved by the Board of Directors on 21 March 2024 and is subject to approval by the Annual General Meeting on 7 May 2024. The consolidated financial statements have been prepared on a historical cost basis, except for equity investments (primarily shareholdings of less than 20%) and derivative financial instruments, which are carried at fair value. The financial year corresponds to the calendar year. The consolidated financial statements are presented in Norwegian Kroner (NOK). Amounts are rounded to the nearest million, unless otherwise stated. As a result of rounding adjustments, amounts and percentages may not add up to the total. The amalgamation of dtac with True was completed on 1 March 2023, resulting in dtac being deconsolidated from the Telenor group. The transaction resulted in a gain for Telenor of NOK 18.5 billion, and the name of the new company is True Corporation. Telenor owns 30.2% at year-end 2023, and True Corporation is an associated company accounted for using the equity method. Historical figures have been represented as discontinued operations, refer to further information in note 12 Held for sale and discontinued operations. Telenor has changed presentation of certain items from \u201cother operating expenses\u201d to \u201ccost of materials and traffic charges\u201d in the income statement from 1 January 2023 to better reflect the nature of the items. Comparative figures have been updated and the impact for the full year was NOK 413 million. Impacted figures in 2022 are in following notes: Note 4 Costs of material and traffic charges, Note 13 Cash flow information and Note 16 Right-of-use assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__19": {
"value": "The consolidated financial statements were approved by the Board of Directors on 21 March 2024 and is subject to approval by the Annual General Meeting on 7 May 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__5": {
"value": "Accounting policies Descriptions of accounting principles are generally included in the various notes to the financial statements. The general principles relating to foreign currency translation, distinction between current and non-current assets and liabilities and government grants are described below. Foreign currency translation The consolidated financial statements are presented in NOK, which is Telenor ASA\u2019s functional currency. The group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date. The income statements are translated at the average exchange rates for the year except significant transactions that are translated using the daily exchange rate. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement. Current/non-current classification An asset or liability is classified as current when it is expected to be realised, sold, used or settled in Telenor\u2019s normal operating cycle, which is normally within twelve months after the reporting date. Other assets and liabilities are classified as non-current. Financial instruments, other than those held for trading, are classified based on maturity, and hedging instruments are classified consistently with the underlying hedged item. Government grants Government grants are recognised when there is reasonable assurance that the grant will be received. Grants that relate to expenses are normally recognised as a reduction of the expense over the related period. Grants that relate to assets are deducted from the carrying amount of the asset and result in lower depreciation over the useful life of the asset.Accounting policies The segment information is reported to the President and CEO and management team in Telenor. Telenor\u2019s chief operating decision maker is the President and CEO. The financial segment information is used for assessing performance and allocating resources in the group. The operating and reportable segments are based on business activities and geographical location. For comparable figures, the previous country based segments have been restated to be aligned with the segment structure for the reorganised Telenor. The accounting principles for the segment reporting are consistent with those for the consolidated financial statements, except for gains and losses arising from internal bad debt provisions, internal transfer of businesses, group contribution and dividends within the group which are excluded from the income statement for the segments. All transactions between the segments are based on market conditions.Accounting policies Services Mobile service revenues include subscriptions and traffic revenues from Telenor\u2019s own subscribers\u2019 use of mobile voice and data services. Subscriptions are invoiced monthly on postpaid or prepaid basis. Outbound roaming charges, in addition to voice and non-voice traffic fees, are recognized based on the minutes or data used. Other mobile services include subscriptions and services for machine-to-machine and internet-of-things (IoT), inbound and national roaming and revenues related to service providers and MVNOs (Mobile Virtual Network Operators). Interconnection fees are revenues from other operators using Telenor\u2019s networks. Service revenues are recognised over time or based on usage. Fixed-line network services include revenues from telephony, internet, TV, broadcasting, and data services. The subscription fees are usually flat rate, where some contracts have a minimum contract term. Fixed service revenues are recognised over time or based on usage and invoiced monthly on postpaid or prepaid basis. Goods Revenues from the sale of handsets, broadband set-top boxes and other devices are recognised at point in time when the equipment is delivered to the customer. Bundled multi-element contracts Bundled multi-element contracts are contracts that consist of several separate identifiable performance obligations. These typically include subscription, handset and sometimes screen insurance and other services as part of Telenor\u2019s mobile operations. As part of Telenor\u2019s fixed operations, they usually include subscription, set-top boxes and other types of equipment or services. The transaction price is net of discounts and sales related taxes. Bundled contracts may include a financing component, as the handset or other equipment is provided to a customer up-front, and payments are received over an instalment period. Financing components are not considered when the timing of the payment is at the discretion of the customer (for example prepaid mobile services) or the timing difference between rendering the service or good and payment is less than twelve months. If a significant financing component is provided to the customer, the transaction price is adjusted, and interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant risk-free rate and customer specific credit risk. The transaction price for bundled contracts is allocated to each identified performance obligation based on relative prices Telenor would achieve by selling the same goods or services to a similar customer on a stand-alone basis. Discounts are allocated proportionately to all performance obligations in the contract unless there is observable evidence to allocate it differently. Mobile swap contracts Telenor\u2019s offer in some markets includes the sale of handsets on instalment plans with an option for the customer to change to a new device before all the instalments are paid. If the option is exercised, the customer pays any remaining months of minimum instalment under the original contract and enters a new contract. The transaction price at inception of the contract includes an estimate of the payments to be received based on the expected value approach using historical data. In some markets with mobile swap contracts, Telenor is obliged to accept the return of the original handset and a refund liability is recognised. A returned-good asset with a corresponding adjustment to cost of sales is recognised representing the right to recover the returned handsets. In other markets, an external third party takes ownership of the device, resells it and guarantees a compensation to Telenor. In these contracts, Telenor includes estimated amounts from the third party as part of the total consideration to be received at inception of the contract. Telenor as agent In some markets, mobile subscriptions and devices are sold as bundles through external channels. Telenor acts as principal for the subscription services and recognizes the revenues on a gross basis. For the sale of the handset an assessment is made to determine if Telenor is agent or principal. If Telenor is regarded as an agent, no revenue is recognised as there are no commissions earned for providing services in the capacity of an agent in these arrangements. Further, when acting as an agent in arrangements where third parties are main suppliers, Telenor primarily arranges for the goods or services to be provided by the third party. For example, screen insurance which is offered as part of a bundled offering in some mobile subscriptions. Other revenues Revenues other than mobile and fixed operations are mainly offered by units not separately identified as reporting segments. Revenues include colocation services, data centre facilities, telemetrics (communication between machines), satellite services, maritime services, and Internet of Things (IoT). Revenues are recognised over time based on either monthly fees or usage. Lease revenues (IFRS 16) Telenor has operating lease arrangements in which it is a lessor, mainly related to passive infrastructure sharing with other telecommunication operators. Telenor has classified these leases as operating leases because they do not transfer substantially all the risks and rewards incidental to ownership of the underlying assets. Lease revenues are recognised on a straight-line basis over the lease term.Accounting policies Cost of sold handsets and other materials is recognised at the point of sale. Traffic charges are recognised when incurred. Telenor has entered into Power Purchase Agreements (PPAs) to buy energy from wind and solar parks for Telenor\u2019s operations in Norway, Denmark and Finland. The energy cost under the PPAs will be recognised as cost of materials and traffic charges when the contracts commences in 2024.Accounting policies Research and development costs in Telenor are assessed for whether or not they meet the capitalization criteria in IAS 38 Intangible Assets. Generally, they are expensed as incurred as they do not meet the requirements.Accounting policies Other income and other expenses are items that are not regarded as part of regular operational performance. The purpose of presenting these items on separate lines is to enable comparison of underlying profitability between periods. It includes gains and losses on disposal of non-current assets such as property, plant and equipment (PPE) and intangible assets. It also includes gains and losses from sale of subsidiaries, unless the sale is presented as discontinued operations. Restructuring costs are included to the extent they qualify as a restructuring in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to reduction of personnel is only included when they relate to the time the employee no longer renders services to Telenor. Costs for loss contracts are included when they qualify as onerous contracts under IAS 37. Fines concluded in legal disputes are included, whereas settlements on legal disputes are only included in other income and other expense when they relate to the business as a whole and are non-recurring in nature.Accounting policies Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income.Accounting policies Telenor bases its assessment of taxable income on interpretation of relevant laws and regulations, and when it is considered as probable that the tax treatment will be sustained in a tax review. Current tax assets and liabilities are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax assets and liabilities are calculated using the liability method where deferred taxes are recognised on the difference between the tax base and the carrying amount of the assets and liabilities, including tax losses carried forward. Deferred tax assets and liabilities are not recognised on goodwill or on investments in subsidiaries, associates, or joint ventures where the timing of the reversal can be controlled, and it is probable that the temporary difference will not be reversed in the foreseeable future. Deferred tax assets are only recognised to the extent it is more likely than not that the tax assets will be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right, and Telenor is capable to and intends to settle on a net basis. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. A change in deferred tax assets and liabilities because of change in tax rates is recognised in profit or loss, except when it relates to items that previously was recognised in other comprehensive income or directly in equity. Deferred tax is provided for undistributed earnings in subsidiaries when distribution is expected in foreseeable future. Deferred tax for undistributed earnings in associated companies is provided for as the timing of the reversal of the temporary differences cannot be controlled by Telenor.Accounting policies Earnings per share (EPS) is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average ordinary outstanding shares.Accounting policies Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. This also applies for situations where the Group continues its operations but loses control over the operation. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and must be expected that the sale will be completed within a year. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The equity method is discontinued for associated companies classified as held for sale. A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Discontinued operations are also excluded from segment reporting. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations.Accounting policies Telenor presents the statement of cash flows using the indirect method. Cash inflows and outflows are shown separately for investing and financing activities, while operating activities include both cash and non-cash line items. Interest received and paid, and dividends received, are reported as a part of operating activities. Dividends distributed by Telenor ASA and subsidiaries with non-controlling interests are included as a part of financing activities. Value-added tax (VAT) and other similar taxes are regarded as collection of tax on behalf of authorities and are reported net. Discontinued operations are included in the cash flow statement and information about operating, financing, investing cash flows from discontinued operations is shown in note 12 Held for sale and discontinued operations.Accounting policies Goodwill arises in business combinations as the difference between the consideration and the acquired business\u2019 identifiable assets and assumed liabilities at the acquisition date. Assets and liabilities are generally recognised at fair value, except for non-current assets classified as held for sale and deferred taxes which are recognised at nominal value. The fair value of any previously held equity interests and the amount of any non-controlling interest is also included when determining the amount of goodwill. The fair value assessment of assets and liabilities in a business combination involves various valuation techniques that include assumptions on future revenues, net income, outcome of legal claims and other variables. Telenor always use external valuation experts to assess the fair value of assets and liabilities in significant business combinations. For more information about the impairment testing of goodwill, see note 18 Impairment.Accounting policies Intangible assets acquired individually are measured initially at cost and recognised as an intangible assets when control has been obtained over the asset, future economic benefits are expected to flow to the entity and the cost can be measured reliably. The cost to be capitalised as part of the assets includes direct and incremental costs and, for qualifying assets, borrowing costs. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following that initial recognition, intangible assets are carried at cost less accumulated amortisation and any impairment losses. The straight-line amortisation method is used for most intangible assets as this best reflects the consumption of the assets. The amortisation period for a customer base is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses. The useful lives and amortisation methods are reviewed at least annually. Refer to note 18 for further information about impairment.Accounting policies A lease liability and a right-of-use asset is recognised at commencement date in lease contracts where Telenor has the right to direct the use and obtains substantially all the economic benefits from the use of an identified asset. For spectrum contracts, Telenor has chosen to account for the right to use the spectrum as a lease, where the identified asset is the frequency band that is exclusive for Telenor during the lease term. Lease payments on short-term leases (less than 12 months) and low-value asset leases (mainly small non-core leases) are generally expensed on a straight-line basis over the lease term. The short-term exemption does not apply to spectrum leases or leases with purchase options. The lease liability represents the net present value of lease payments over the lease term and include fixed payments, in-substance fixed payments, non-lease components, residual value guarantees and lease incentives. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised and termination penalties when termination is expected. Variable lease payments such as licence payments based on revenue sharing arrangements are expensed as incurred. The incremental borrowing rate generally used to determine the net present value is based on the respective country\u2019s risk-free rate for the term corresponding to the lease term, adjusted for own credit risk. Subsidiaries with external financing use the external borrowing rate corresponding to the lease term.Accounting policies Property, plant and equipment are recognised at cost less accumulated depreciation and any impairment losses. The cost includes borrowing costs for qualifying assets. If Telenor has a legal or constructive obligation to dismantle, remove and restore a site, an asset retirement obligation (ARO) is recognized with a corresponding increase in the related asset within property, plant and equipment. Refer to note 22 Provisions and obligations for further information. Estimated useful lives for similar types of assets may vary between different geographical areas due to factors such as growth rate, maturity of the market, history and expectations for replacements or transfer of assets, climate and quality of components used. Estimated useful life, depreciation method and residual value are evaluated at least annually. The straight-line depreciation method is used as this best reflects the consumption of the assets, which often is the passage of time. Residual value is estimated to be zero for most assets, except for some commercial buildings and vehicles that are not expected to be used for the whole economic life. Refer to note 18 Impairment for assets for further information.Accounting policies Impairment indicators are assessed at each reporting date for individual assets and Cash Generating Units (CGUs), and impairment testing is performed if any indicators are identified. Goodwill, intangible assets with indefinite useful life and intangible assets not yet brought into use are assessed for impairment annually or when impairment indicators are identified. Identification of Telenor\u2019s main CGUs is based on the countries where Telenor operates its fixed and mobile operations and its tower operations. The CGU may include both fixed and mobile operations as they are monitored and reported as one operating unit. Goodwill arising from acquisitions are allocated to the respective CGU and included in the impairment test. Fair values are used in the CGU testing when these are available, for example when the CGU is a listed company. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate based on the Weighted Average Cost of Capital (WACC) rate. The WACC reflects current market assessments of the time value of money and the risks specific to the asset or the CGU to which the asset belongs. Impairments are recognised by reducing carrying amount of goodwill first before other assets are reduced on a pro-rata basis. Impairments of goodwill are not reversed. Key accounting judgments Impairment triggers Significant management judgment is used when assessing impairment triggers at each reporting date. The following factors are assessed: significant fall in market values; significant underperformance relative to historical or projected future operating results; significant changes in the use of the assets or the strategy for the overall business, including assets that are decided to be phased out or replaced and assets that are damaged or taken out of use; significant negative industry or economic trends; significant loss of market share; significant adverse political and/or regulatory development including unfavourable court decisions and significant cost overruns in the development of assets. Value-in-use The assessment of value-in-use includes significant management judgments and estimates, including determining the discount rate (WACC), estimating future performance, revenue generating capacity of the assets, margins, prices on future renewals of spectrum licences, political and regulatory risk, required maintenance capex, network costs and technological developments, and assumptions of the future market conditions. There are significant variations between different markets with respect to growth, mobile penetration, Average Revenue Per User (ARPU), market share, inflation, regulatory costs, and technological development, resulting in differences in EBITDA margins, future investments, and long terms growth assumptions. In some markets, certain expenses and capex are denominated in foreign currency and impacted by currency fluctuations. Recessionary effects and increased macroeconomic risks may impact the estimates of growth, future performance and discount rates used in estimating recoverable amounts of assets. Discount rates are impacted by several macroeconomic factors including borrowing rates, country risk, inflation assumptions and currency development. For assumptions used, external evidence has been taken into consideration. Climate-related risks Telenor is exposed to climate-related physical risks such as potential damage to infrastructure and utilities through the impact of more extreme weather events and rising sea levels. Climate-related regulatory risks include potentially higher operational costs due to increasing carbon taxes and energy/fuel taxes, as well as risks of higher capital expenditures due to a required transition towards the use of renewable energy solutions and energy efficient networks. Climate-related risks are considered in the cash flow projections and in impairment indicators.Key sources of estimation uncertainty Cash flows Discounted cash flow models have been applied to determine the value-in-use for CGUs. The cash flows are based on the most recent financial forecasts approved by management. Management has projected cash flows based on financial forecasts and strategy plans covering the period 2024-2026 for DNA and Telenor Pakistan. The cash flows beyond the explicit forecast period have been extrapolated into perpetuity using a constant nominal growth rate to arrive at the terminal value. The estimates of value in use have been compared to market valuation and multiples for peers in the telecommunication business for reasonableness. Growth rates The expected growth in revenue, EBITDA, and EBITDA margin for a cash-generating unit is based on historical performance, expected development in the market in which the entity operates and assumptions in terms of development in market share. The growth rates applied in the explicit forecast period converge from its current level experienced over the last few years to the long-term growth level in the market where the entity operates. The growth rates used to extrapolate cash flow projections beyond the explicit forecast period are not higher than the average expected long-term growth in the markets in which the entities operate. In periods with relatively low discount rates, the estimated growth rates used in the projections might be determined significantly below the average expected long term growth observed in the market. Average Revenue Per User (ARPU) ARPU is a measure for average revenue per subscription per month, which is a key component when estimating revenue growth. ARPU is calculated based on mobile revenues from the company\u2019s own subscriptions, divided by the average number of subscriptions for the relevant period. ARPU is estimated based on the current ARPU level and expected future market development. EBITDA margin1) The EBITDA margin is estimated based on the current margin level and expected future market development. Committed or implemented operational efficiency programmes are included. Changes in the outcome of these initiatives may affect future estimated EBITDA margins. Capital expenses (capex)1) and spectrum licences A normalised level of capex as a percentage of revenues (capex/revenues) is assumed in the long run. Changes in traffic volumes and number of subscriptions during a growth phase will affect the future capex/revenues ratio. Estimated capex reflect the level of capex needed for maintaining current operation. Costs related to future spectrum acquisitions are estimated based on historical levels of spectrum costs compared to revenue included in the assessment of future spectrum prices. Telenor also takes into consideration the development in neighbouring countries and more advanced markets for potential spectrum auctions in emerging markets. Discount rates Discount rates are based on Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM). In economies where the risk-free yields are considered unreliable, the WACC rates used in discounting the future cash flows are based on a US 30-year risk-free interest rate, adjusted with a country risk premium and the inflation differential between the US and the relevant country. The discount rates consider the debt premium, market risk premium, gearing, corporate tax rate, inflation, and asset beta. For CGUs in economies with significant inflation difference from the USD in the coming years, rolling discount rates are applied. 1) Refer to page 225 for description of alternative performance measures. Accounting policies Trade and other receivables are recognised at fair value including directly attributable transaction costs and subsequently measured at amortised cost using the effective interest rate method. A customer contract asset is recognised when the revenue from contracts with customers exceeds the amounts received, for example when payment for handsets or other customer equipment is done through future instalments or subscription fee payments. Contract assets are transferred to trade receivables when the rights to payment become unconditional, which is normally when the invoice has been issued. Refer to further information in note 3 Revenues Trade receivables and contract assets are adjusted for provision for impairment in accordance with the expected credit loss model. The simplified approach is applied measuring the loss allowance at an amount equal to lifetime expected credit losses. Impairment for expected credit losses is assessed every reporting period and calculated by considering the historic evidence of the level of bad debt experienced for customer types and the aging of the receivable balance.Accounting policies Cash and cash equivalents include bank deposits, fixed rate bonds and commercial papers with original maturity of three months or less which are readily convertible to known amount of cash and subject to insignificant risk.Accounting policies Defined contribution plans A defined contribution plan is a type of retirement plan where the employer makes contributions on a regular basis to the employee\u2019s individual pension account. The benefits received by the employee are based on the employer contributions and gains or losses from investing the capital. Contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. Defined benefit plans A defined benefit plan is a pension plan where the employer promises an annual pension on retirement based on a percentage of the salary upon retirement and the employee's earnings history, years of service and age. The pension obligations are determined by discounting the estimated future pension cash outflows less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method and depends on a number of actuarial assumptions. The discount rate is based on interest rates of high-quality corporate bonds denominated in the same currency and with similar maturity as the related pension obligation. Other actuarial assumptions include expected salary growth, inflation and return on assets as well as demographical factors concerning mortality, employee turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the time the assessment is made, whereas it is expected that such factors will change over the long periods for which pension calculations are made. Any changes in these assumptions will affect the calculated pension obligations with immediate recognition in other comprehensive income. Current and past service cost in addition to non-routine pension settlements, is presented as salaries and personnel costs, and the net interest expense is recognised as financial expense in the income statement. Remeasurements including actuarial gains and losses and the return on plan assets exceeding the discount rate are recognised in the statement of comprehensive income and are not subsequently reclassified to the income statement. A plan curtailment is when Telenor is committed to reduce the number of employees in a plan or change the terms, so the employees are entitled to reduced benefits or is no longer eligible for benefits. Past service cost is recognised in the income statement on the earlier of the date of the plan amendment or curtailment or when the related restructuring cost is recognised. Gains and losses on curtailments form part of service cost and are presented as part of other income or other expenses in the income statement. Defined benefit multi-employer plans (such as the AFP arrangement in Norway) are accounted for as defined contribution plans when insufficient information is available to calculate Telenor\u2019s proportionate share. Accounting policies Provisions are made when there is a present legal or constructive obligation, an outflow of resources if probable and a reliable estimate can be made. Provisions are measured using management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Asset retirement obligations (ARO) primarily relate to base stations and installed network and infrastructure equipment in addition to some buildings, see note 17 Property, plant and equipment. The net present value of the future ARO is discounted using a pre-tax risk-free rate as risks are reflected in the cash flows. After the initial recognition, an accretion expense is recognised as finance cost. Any subsequent adjustments of the asset retirement obligation from changes of the removal costs or discount rates will have a corresponding adjustment to the carrying value of the property, plant and equipment. A change of ARO relating to assets that are no longer in use will be recognised in the income statement, where the impact from change in discount rate is recognised as financial items and all other changes as operating expenses. Accounting policies Legal disputes are usually contingent in nature, meaning the possible obligation depends on future events outside the company\u2019s control, for example a court decision. Provisions are made for legal claims where an unfavorable outcome is probable and the amount required to settle the dispute can be reliably estimated. Provisions are based on management\u2019s best estimate of the amount required to settle the obligation discounted to present value.Accounting policies Trade and other payables relate to amounts owed to suppliers and customer contract liabilities include amounts received from a customer that exceed the revenue recognised, for example prepaid subscriptions. Customer contract liabilities are expected to be realised within in the Group\u2019s normal operating cycle and are classified as current.Accounting policies When contract costs are incremental and expected to be recovered, they are capitalised as contract cost assets and amortised over the expected customer lifetime. Renewal periods are included in the period based on historical churn data, unless new costs are incurred on contract renewals. These costs are included in EBITDA. The practical expedient of not capitalising contract costs that would have been amortised within 12 months has been applied.Accounting policies Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u2022 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u2022 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u2022 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u2022 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u2022 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does currently not have equity instruments held for trading. Derivatives Telenor uses derivative financial instruments such as forward currency contracts, interest rate swaps and cross currency interest rate swaps to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to a joint venture for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. Lease receivables In finance leases, a lease receivable is recognised based on future expected lease payments, and finance income is allocated using a constant periodic rate of return over the lease term. In a transaction for which an underlying asset is sub-leased to a third party, the sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. See note 3 for further information about operation lease revenue. Supplier finance arrangements In supplier finance arrangements, the payables are reclassified from trade payables to current non-interest-bearing liabilities when the financing arrangements are linked to the payment terms of the contract with the vendor. The current liability is presented as non-interest bearing as the payment of interest is carried by the vendor. When the financial institution makes the payment to the vendor, an operational cash outflow is presented in the Statement of Cash Flows if it is related to operating activities and cash outflow from investing activities if it is related to investing activities. At the same time a financial cash inflow reflecting that a financial liability has been obtained. The subsequent payment of the financial liability is presented as financial cash outflow in the cash flow statement. Supplier finance arrangements that do not have any link to payment terms or any other parts of the contract with the vendor are classified as trade payables. Cash outflow from such arrangements are presented as operating activities in the Statement of Cash Flows.Accounting policies Interest-bearing liabilities are initially measured at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest-rate method (FLAC). In addition, where fair value hedge accounting is applied the hedged liabilities are adjusted for gains and losses attributable to the risk being hedged. On extinguishment of debt, in whole or in part, the difference between the carrying amount of the liability and the consideration paid is recognised in the income statement.Accounting policies Hedge accounting is applied for fair value hedges and hedges of net investments in foreign operations when the hedging criteria are met. For fair value hedges, the carrying amount of the hedged item is adjusted for gains and losses attributable to the risk being hedged. The derivative is also measured at fair value, and gains and losses from both the hedging instrument and the hedged item are recognised in the income statement. Hedge effectiveness is assessed on an ongoing basis, and hedge accounting is discontinued if the hedge no longer meets the hedge accounting criteria. If the hedged item still exists and is not sold, the fair value adjustment to the hedged item attributable to the risk being hedged at de-designation will be amortised in the income statement over the remaining time to maturity. A hedge of a net investment in a foreign operation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised directly in other comprehensive income while any foreign exchange gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign entity, the cumulative foreign exchange gains or losses recognised in other comprehensive income is reclassified to the income statement. Refer to note 27 Financial assets and liabilities for further information on accounting policies for derivatives. .Fair value hierarchy Telenor measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in measuring fair value: Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs). Interest-bearing liabilities Fair values of interest-bearing liabilities as shown in note 30 are based on quoted prices where available. Interest-bearing liabilities that are not traded in an active market have been estimated using yield curves which incorporate estimates of the Telenor ASA credit spread. The credit curves have been extrapolated using indicative prices on debt issuance by Telenor ASA for different maturities. The yield curves have been interpolated from cash and swap curves observed in the market for different currencies and maturities. Trade receivables and other current and non-current financial assets For trade receivables and other current receivables, see note 19 for more information, the carrying amount is assessed to be a reasonable approximation of fair value. The effect of not discounting is considered to be immaterial for this class of financial instruments. Telenor has issued a shareholder loan to the joint ventures holding the indirect ownership in True Corporation. These shareholder loans are recognised at fair value through profit or loss, see note 27. Trade payables and other non-interest-bearing financial liabilities For trade payables and other non-interest-bearing financial liabilities, see note 24 for more information, the carrying amount is assessed to be a reasonable approximation of fair value. The effect of not discounting is considered to be insignificant for this class of financial instruments. Equity investments Fair values for listed shares as shown in note 27 are based on quoted prices at the end of the reporting period. Fair value of unlisted shares is estimated by using commonly used valuation techniques or measured at cost if the investment does not have a quoted market price in an active market and the fair value cannot be reliably measured. Cash and cash equivalents The fair value for this class of financial instruments is assessed to be equal to the nominal amount. Derivatives Fair value of currency swaps, foreign currency forward contracts and interest rate swaps as shown in note 27 is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of 31 December 2023 and 2022, respectively.Accounting policies Entities controlled by Telenor ASA are included in the consolidated financial statements, and control normally exists when Telenor has more than 50% of the voting power through ownership or agreements, except where non-controlling interests prevent the exercise of control. Intercompany transactions, balances, revenues, expenses and unrealised internal profit or losses are eliminated on consolidation. Non-controlling interests in subsidiaries are presented within equity separately from the equity attributable to the owners of the parent, refer to note 28 Equity. Non-controlling interests have been measured at the proportionate fair value of net identifiable assets at the date of the business combination and share of changes in equity since the date of the business combination.Accounting policies Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These entities are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are significant.",
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"value": "Foreign currency translation The consolidated financial statements are presented in NOK, which is Telenor ASA\u2019s functional currency. The group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date. The income statements are translated at the average exchange rates for the year except significant transactions that are translated using the daily exchange rate. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.",
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"value": "The consolidated financial statements are presented in NOK, which is Telenor ASA\u2019s functional currency.",
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"value": "Current/non-current classification An asset or liability is classified as current when it is expected to be realised, sold, used or settled in Telenor\u2019s normal operating cycle, which is normally within twelve months after the reporting date. Other assets and liabilities are classified as non-current. Financial instruments, other than those held for trading, are classified based on maturity, and hedging instruments are classified consistently with the underlying hedged item.",
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"value": "Government grants Government grants are recognised when there is reasonable assurance that the grant will be received. Grants that relate to expenses are normally recognised as a reduction of the expense over the related period. Grants that relate to assets are deducted from the carrying amount of the asset and result in lower depreciation over the useful life of the asset.",
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"value": "Key accounting judgments The preparation of the consolidated financial statements requires management to make significant judgment in selecting and applying accounting policies in certain areas. Such judgments typically involve complex or unusual transactions that are not directly addressed in the IFRS Accounting Standards, or when judgment is required to assess terms like \u201chighly probable\u201d, \u201csignificant\u201d or \u201cprolonged\u201d. The areas where management in Telenor has applied accounting judgment that could potentially have a significant impact on the consolidated financial statements are described in the following notes: \u2022 Note 4 Costs of material and traffic charges (about power purchase agreements) \u2022 Note 12 Held for sale and discontinued operations (about agreement to sell Pakistan) \u2022 Note 16 Right-of-use assets (about perpetual leases of towers and other infrastructure) \u2022 Note 35 Associated companies and joint arrangements (about \u201csignificant\u201d and \u201cprolonged\u201d decline in market value) In addition, there is a lack of exchangeability from Bangladesh Taka (BDT) to USD or other foreign currency due to shortage of foreign currency in Bangladesh. This has limited Grameenphone`s ability to remit dividends to Telenor. Including an amount received after the reporting period, Telenor has received all its entitled share of the dividend. The available spot rate of USD/BDT 110 has been used for the purpose of translating the financial statements of Grameenphone to NOK on 31 December 2023, as this rate is observable from the authorised banks in Bangladesh for payment to foreign suppliers. This is considered as a key accounting judgment per 31 December 2023. Key sources of estimation uncertainty The preparation of the consolidated financial statements requires management to make significant estimates that could result in material adjustments to the carrying amount of the asset or liability the next financial year. The estimates include difficult, subjective and complex assessments of the outcome of matters that are inherently uncertain on an ongoing basis. Management uses historical results and experience, consultations with experts, trends, forecasts and scenarios of future development and other methods found reasonable under the circumstances when assessing the estimates. The most significant estimates in the consolidated financial statements of Telenor are described in the following notes: \u2022 Note 10 Income taxes \u2022 Note 16 Right-of-use assets \u2022 Note 17 Property, plant and equipment \u2022 Note 18 Impairment of assets \u2022 Note 22 Provisions and obligations \u2022 Note 23 Legal disputes and obligationsKey accounting judgment Power purchase agreements (PPAs) Telenor has signed ten-year PPAs for Norway, Denmark, and Finland for delivery of renewable energy to its operations. The wind and solar farms are expected to be completed and ready for production in 2024. PPAs include both Guarantees of Origin (GOs) and fixed prices for energy. Fixed price contracts are generally regarded as derivatives at fair value with gains and losses in the income statement according to IFRS 9 Financial Instruments. However, an exemption is given for fixed-price commodity contracts that meet the \u201cown use\u201d criteria. The electricity market is characterized by some unique features like unpredictable supply and inability to store electricity. As a result, it may happen that energy will be sold in the spot market, but this is expected to be seldom and insignificant amounts. IFRS 9 does not specifically address these situations, and Telenor has applied judgment when applying the \u201cown use\u201d requirements. The IASB has tentatively decided to undertake narrow-scope standard-setting to amend IFRS 9 to ensure financial statements faithfully represent the substance of PPAs.Key sources of estimation uncertainty Significant judgements are required when assessing uncertain tax assets, like tax losses carried forward. Such judgment may include assessment of taxable profits in futures years as well as tax planning strategies and the existence of taxable temporary differences. Entities with a history of recent losses need convincing evidence that sufficient future taxable profit will be generated before a tax asset is recognised. Uncertainty related to new transactions and events and the interpretation of new tax rules may also affect these judgements. Telenor is involved in various legal proceedings, disputes and claims related to its income tax positions where the outcomes is subject to significant uncertainty. The management assessment may include interpretation of relevant laws, regulations, and the outcome of similar tax disputes in the same jurisdiction, expert opinions from external tax advisors and communication with the tax authorities. A tax provision is recognised when an unfavourable outcome is considered probable, and a reliable estimate can be made. In Norway, a formal decision made by the tax authorities or lower courts is presumed to represent the best estimate for accounting purposes unless expert opinions can point to errors clearly indicating that the tax assessment is incorrect. The tax provision is updated whenever the assumptions change. Tax disputes are disclosed in this note if they are considered significant for Telenor. See also note 23 Legal Disputes and contingencies.Key accounting judgment Agreement to sell Telenor Pakistan Telenor has signed an agreement to sell 100% of its telecom operations in Pakistan, Telenor Pakistan (Private) Limited, to Pakistan Telecommunications Company Ltd, the national telecommunications and ICT company in Pakistan. The agreement is subject to regulatory approvals and other customary terms and conditions. The highly probable threshold for classifying as held for sale according to IFRS, is considered by Telenor as significantly above \u2018more likely than not\u2019, but still lower than virtually certain. As there are uncertainties related to remaining regulatory approvals and other customary terms and conditions attached to the agreement, Telenor has evaluated that Telenor Pakistan should be classified as a continued operation (not \u201cheld for sale\u201d) as of 31 December 2023. However, the transaction is expected to close during 2024. Key accounting judgment Determining the lease term can involve significant judgment for lease contracts with extension or termination options, as an assessment of whether or not it is reasonably certain that the lease period will be extended is required. The broader economics of the contract and not only contractual termination payments are basis for such assessment. For lease of land for own towers or leasing of towers from tower companies or other operators, factors considered in particular for assessing the lease term are technology development and potential changes in business models. Based on an assessment of these factors, the lease term for Telenor\u2019s leases relating to sites will normally be within a range of 4 to 7 years. This means that the lease term for sites with renewal options shall normally be the higher of a non-cancellable period or within a range of 4 to 7 years. Some sites may be in strategically important locations and it might be more than reasonably certain that the sites will be maintained beyond 7 years. In these cases, the lease term may be up to 10 years. Key sources of estimation uncertainty The non-cancellable lease period is basis for the lease liability, and periods covered by options to extend or terminate the lease are included only when it is reasonably certain the lease period will be extended. The lease liability is remeasured if the lease term or lease payments change, or there are other significant event or significant change in circumstances. Significant amounts paid up-front on spectrum and other lease contracts are recognised as prepayment until commencement date. Non-refundable value-added tax is included as initial direct cost. The right-of-use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.Key sources of estimation uncertainty Depreciation expenses are based on management\u2019s estimates of depreciation method, useful life and residual value. Estimates may change due to technological developments, competition, changes in market conditions, geopolitical developments, climate change and other factors. In particular, technological developments are difficult to predict as trends and pace of development may change over time. ARO is a significant estimate as there is significant uncertainty related to the timing of the removal and restoration of the sites, whether the restoration actually will take place and to future price development as the work will take place well into the future. See note 22 Provisions and obligations for further information about the asset removal obligation. Climate changes can potentially lead to destruction of assets from flooding, fires or other natural disasters. Climate changes and increased focus on sustainable businesses may impact technological development, markets and economic or legal environment which are critical estimates in the evaluations of useful lives. A change in estimated useful life is a change in accounting estimate, and depreciation plans are adjusted prospectively. Refer to note 18 Impairment for assets for further information.Key sources of estimation uncertainty Cash flows Discounted cash flow models have been applied to determine the value-in-use for CGUs. The cash flows are based on the most recent financial forecasts approved by management. Management has projected cash flows based on financial forecasts and strategy plans covering the period 2024-2026 for DNA and Telenor Pakistan. The cash flows beyond the explicit forecast period have been extrapolated into perpetuity using a constant nominal growth rate to arrive at the terminal value. The estimates of value in use have been compared to market valuation and multiples for peers in the telecommunication business for reasonableness. Growth rates The expected growth in revenue, EBITDA, and EBITDA margin for a cash-generating unit is based on historical performance, expected development in the market in which the entity operates and assumptions in terms of development in market share. The growth rates applied in the explicit forecast period converge from its current level experienced over the last few years to the long-term growth level in the market where the entity operates. The growth rates used to extrapolate cash flow projections beyond the explicit forecast period are not higher than the average expected long-term growth in the markets in which the entities operate. In periods with relatively low discount rates, the estimated growth rates used in the projections might be determined significantly below the average expected long term growth observed in the market. Average Revenue Per User (ARPU) ARPU is a measure for average revenue per subscription per month, which is a key component when estimating revenue growth. ARPU is calculated based on mobile revenues from the company\u2019s own subscriptions, divided by the average number of subscriptions for the relevant period. ARPU is estimated based on the current ARPU level and expected future market development. EBITDA margin1) The EBITDA margin is estimated based on the current margin level and expected future market development. Committed or implemented operational efficiency programmes are included. Changes in the outcome of these initiatives may affect future estimated EBITDA margins. Capital expenses (capex)1) and spectrum licences A normalised level of capex as a percentage of revenues (capex/revenues) is assumed in the long run. Changes in traffic volumes and number of subscriptions during a growth phase will affect the future capex/revenues ratio. Estimated capex reflect the level of capex needed for maintaining current operation. Costs related to future spectrum acquisitions are estimated based on historical levels of spectrum costs compared to revenue included in the assessment of future spectrum prices. Telenor also takes into consideration the development in neighbouring countries and more advanced markets for potential spectrum auctions in emerging markets. Discount rates Discount rates are based on Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM). In economies where the risk-free yields are considered unreliable, the WACC rates used in discounting the future cash flows are based on a US 30-year risk-free interest rate, adjusted with a country risk premium and the inflation differential between the US and the relevant country. The discount rates consider the debt premium, market risk premium, gearing, corporate tax rate, inflation, and asset beta. For CGUs in economies with significant inflation difference from the USD in the coming years, rolling discount rates are applied. 1) Refer to page 225 for description of alternative performance measures. Key sources of estimation uncertainty Provisions are estimated based on a number of assumptions and are highly uncertain in nature. In particular, the amounts related to legal disputes can be significant and the assessment of probability and the possible outcome include highly judgmental and complex assessments made by management. Further, there is significant uncertainty related to the timing of the asset retirement obligation to occur, as the removal and restoration of the sites will occur well into the future and strategy, technological developments, markets and other factors may impact the timing. There is also significant uncertainty related to the asset removal cost due to uncertain future price development and possibility of negotiations of prices for a large number of removals. Further, there is potentially agreements that relief Telenor from its obligations and also uncertainty as to whether the restoration actually will take place. Due to these uncertainties, the actual costs for legal claims and asset retirement obligations may be significantly different than current estimates.Key sources of estimation uncertainty There is significant uncertainty related to predicting the outcome of legal proceedings, disputes and claims. The potential obligations can represent significant amounts, the disputes may involve complex assessments of contracts and legislation, and political and country risk is high in certain disputes. Due to these uncertainties, the future actual costs for legal disputes may be significantly different than current estimates. Management evaluates the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require management to make a provision for matters that become probable or reliable, or change a provision made in a previous reporting period.Key accounting judgment The net investment in associated companies is impaired if there is objective evidence of impairment. Telenor\u2019s two most material associated companies, True Corporation and CelcomDigi, are listed companies in their home countries. A decline in market value compared to cost is considered as objective impairment evidence if the decline is significant or prolonged. The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of significant judgement. In 2023, the share price of True Corporation declined from THB 8.15 per share when the merged company was listed on 3 March 2023 to THB 5.05 as of 31 December 2023. Management concluded that the decline in fair value compared to cost was significant and an impairment loss of NOK 7,200 million was recognised. At end of each reporting period going forward, the carrying value of True Corporation will be reassessed based on the closing share price, limiting any reversal to the amount of the original impairment.",
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"s8_notes__6__25": {
"value": "Adoption of new and revised standards, amendments, and interpretations The accounting policies applied are consistent with those applied in the previous financial year, except for the implementation of new and revised accounting standards as described below. The amendments adopted with effect from 1 January 2023 relevant for Telenor include: - Disclosure of accounting policies (amendment to IAS 1 Presentation of Financial Statements and IFRS Practice statement 2 Making Materiality Judgements). The amendments require entities to disclose their material accounting policies rather than their significant accounting policies. Telenor has adopted the amendments in the consolidated financial statements for 2023. - Definition of accounting estimates (amendments to IAS 8 Accounting Policies, Changes in Accounting Estimtates and Errors). The amendments are introducing a definition of \u2018accounting estimates\u2019 and providing other clarifications to help entities distinguish accounting policies from accounting estimates. Telenor is aligned with the amendments to IAS 8 in the assessment of changes in accounting policies versus estimates. - Deferred tax related to assets and liabilities arising from a single transaction (amendments to IAS 12 Income Taxes). The amendments clarify the scope of the recognition exemption in IAS 12 so that it does not apply to transactions that give rise to equal amounts of taxable and deductible temporary differences. Telenor is aligned with the amendments to IAS 12 of presenting deferred tax asset and deferred tax liability gross for lease liabilities/right-of-use assets and asset retirement obligation/property, plant and equipment. - International tax reform \u2013 Pillar II Model Rules (amendments to IAS 12 Income Taxes). The amendments include a mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar II Model Rules and disclosure requirements for affected entities. Telenor has applied the temporary exception from the requirement to account for deferred taxes. Telenor is currently assessing how the Pillar II Model Rules will impact the income tax. Refer to note 10 for further information. None of the amendments implemented with effect from 1 January 2023 has had a significant impact on Telenor\u2019s consolidated financial statements. Telenor has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. At the date of authorisation of these financial statements, the following amendments that could affect Telenor\u2019s consolidated financial statements were issued but not effective: - Telenor has supplier finance arrangements (SFAs) and the amendments to supplier finance arrangements in IAS 7 Statement of Cash Flowsand IFRS 7 Financial Instruments: Disclosures effective 1 January 2024 are relevant for Telenor. The amendments increase the disclosure requirements for SFAs, including description of the different arrangements, terms and outstanding amounts within the scope of the SFAs. Telenor is currently in the process of analysing the disclosure requirements and assessing if the required information is available. - The amendments to IAS 21 Lack of Exchangeability effective 1 January 2025 are relevant for Telenor. Refer to description above relating to lack of exchangeability for Bangladesh Taka (BDT) to USD. The implementation of these amendments is not expected to have a significant impact on the consolidated financial statements. Management anticipates that these amendments will be adopted at the date stated above provided that the amendments are approved by the EU. There are no other standards, interpretations, or amendments effective from 1 January 2024 or later that are expected to have a significant impact on the consolidated financial statements.",
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"s8_notes__6__24": {
"value": "Adoption of new and revised standards, amendments, and interpretations The accounting policies applied are consistent with those applied in the previous financial year, except for the implementation of new and revised accounting standards as described below. The amendments adopted with effect from 1 January 2023 relevant for Telenor include: - Disclosure of accounting policies (amendment to IAS 1 Presentation of Financial Statements and IFRS Practice statement 2 Making Materiality Judgements). The amendments require entities to disclose their material accounting policies rather than their significant accounting policies. Telenor has adopted the amendments in the consolidated financial statements for 2023. - Definition of accounting estimates (amendments to IAS 8 Accounting Policies, Changes in Accounting Estimtates and Errors). The amendments are introducing a definition of \u2018accounting estimates\u2019 and providing other clarifications to help entities distinguish accounting policies from accounting estimates. Telenor is aligned with the amendments to IAS 8 in the assessment of changes in accounting policies versus estimates. - Deferred tax related to assets and liabilities arising from a single transaction (amendments to IAS 12 Income Taxes). The amendments clarify the scope of the recognition exemption in IAS 12 so that it does not apply to transactions that give rise to equal amounts of taxable and deductible temporary differences. Telenor is aligned with the amendments to IAS 12 of presenting deferred tax asset and deferred tax liability gross for lease liabilities/right-of-use assets and asset retirement obligation/property, plant and equipment. - International tax reform \u2013 Pillar II Model Rules (amendments to IAS 12 Income Taxes). The amendments include a mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar II Model Rules and disclosure requirements for affected entities. Telenor has applied the temporary exception from the requirement to account for deferred taxes. Telenor is currently assessing how the Pillar II Model Rules will impact the income tax. Refer to note 10 for further information. None of the amendments implemented with effect from 1 January 2023 has had a significant impact on Telenor\u2019s consolidated financial statements. Telenor has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. At the date of authorisation of these financial statements, the following amendments that could affect Telenor\u2019s consolidated financial statements were issued but not effective: - Telenor has supplier finance arrangements (SFAs) and the amendments to supplier finance arrangements in IAS 7 Statement of Cash Flowsand IFRS 7 Financial Instruments: Disclosures effective 1 January 2024 are relevant for Telenor. The amendments increase the disclosure requirements for SFAs, including description of the different arrangements, terms and outstanding amounts within the scope of the SFAs. Telenor is currently in the process of analysing the disclosure requirements and assessing if the required information is available. - The amendments to IAS 21 Lack of Exchangeability effective 1 January 2025 are relevant for Telenor. Refer to description above relating to lack of exchangeability for Bangladesh Taka (BDT) to USD. The implementation of these amendments is not expected to have a significant impact on the consolidated financial statements. Management anticipates that these amendments will be adopted at the date stated above provided that the amendments are approved by the EU. There are no other standards, interpretations, or amendments effective from 1 January 2024 or later that are expected to have a significant impact on the consolidated financial statements.",
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"s8_notes__6__26": {
"value": "NOTE 2 Segments Telenor has four operating segments. The mobile and fixed line businesses are reported in the Nordic and Asia segments. The Infrastructure segment consists of certain passive infrastructure in the Nordic countries, while the Amp is the company\u2019s growth accelerator for services and software companies connected to Telenor\u2019s core telecom operations. These four segments are a result of the strategic direction for the reorganised Telenor. Accounting policies The segment information is reported to the President and CEO and management team in Telenor. Telenor\u2019s chief operating decision maker is the President and CEO. The financial segment information is used for assessing performance and allocating resources in the group. The operating and reportable segments are based on business activities and geographical location. For comparable figures, the previous country based segments have been restated to be aligned with the segment structure for the reorganised Telenor. The accounting principles for the segment reporting are consistent with those for the consolidated financial statements, except for gains and losses arising from internal bad debt provisions, internal transfer of businesses, group contribution and dividends within the group which are excluded from the income statement for the segments. All transactions between the segments are based on market conditions. Segments Nordics The Nordics segment consist of mobile and fixed operations in Norway, Sweden, Denmark, and Finland. Offerings include mobile subscriptions and handsets, telephony, broadband, data security, communications services, and TV services to both residential and business customers. The segment also offers wholesale services. Asia The Asia segment consist of mobile operations in Telenor Pakistan and Grameenphone (Bangladesh). Offerings include mobile subscriptions, as well as wholesale services. Results from associated companies CelcomDigi, True and Telenor Microfinance Bank in Pakistan are included in the segment as investments in associates. See further information in note 12 Held for sale and discontinued operations and Note 35 Associated companies and joint arrangements for information about CelcomDigi and True. Infrastructure The Infrastructure segment provides passive telecom infrastructure in the Nordics such as towers, masts and buildings. The Infrastructure segment builds, develops and maintains passive telecom infrastructure and leases it to both internal and external customers. Amp Telenor Amp is the company's growth accelerator for service and software companies, connected to Telenor's core business. It consists of the controlled companies Telenor Satellite, the IoT provider Telenor Connexion, Telenor Maritime, the global connectivity provider Telenor Linx, the smart building company BLDNG.AI, and the infrastructure company Norkring Belgi\u00eb, as well as several non-controlled investments, including the TV distributor Allente and the online classifieds company Carousell. Other Other include various corporate functions like group leadership, strategy, research and development (R&D), technology, finance, procurement and insurance. Segment Information 2023 EBITDA before other Depriciation, External income and other amortisation and Operating profit Capex excl. NOK in millions Revenues revenues expenses 1,2)EBITDA 1,2)impairment losses 3)(loss) lease 2)Nordics 56 321 55 636 22 812 22 103 12 905 9 197 9 387 Asia 20 199 19 353 11 354 11 312 4 178 7 134 2 307 Infrastructure 3 399 806 2 024 2 026 907 1 119 834 Amp 4 734 4 300 1 279 1 223 490 732 196 Other 1 474 355 ( 640) (1 029) 96 (1 125) 7 Eliminations (5 675) - (2 266) (2 110) (2 017) ( 93) - Group 80 452 80 452 34 564 33 524 16 559 16 964 12 731 Segment Information 2022 EBITDA before Depriciation, other income and amortisation and Operating profit Capex excl. NOK in millions Revenues External revenues other expenses 1)EBITDA 1)impairment losses 3)(loss) lease 2)Nordics 52 477 51 852 21 187 22 513 13 370 9 143 9 957 Asia 20 973 20 282 12 516 12 269 6 827 5 442 2 373 Infrastructure 3 427 759 1 830 1 793 830 962 901 Amp 4 525 3 882 1 473 1 464 468 995 325 Other 1 794 103 ( 358) ( 460) 89 ( 549) 4 Eliminations (6 319) - (2 819) (2 820) (1 970) ( 850) - Group 76 877 76 877 33 830 34 758 19 615 15 143 13 560 1) See table below for reconciliation of EBITDA. 2) For definitions of EBITDA and capex excl. lease, see Definitions and Alternative Performance Measures. 3) For impairments see note 15, 16, 17, 18. Reconciliation NOK in millions 2023 2022 EBITDA before other income and other expenses 34 564 33 830 Other income 85 1 945 Other expenses (1 125) (1 016) EBITDA 33 524 34 758 Geographical distribution of external revenues based on customer location NOK in millions 2023 2022 Norway 25 371 25 826 Sweden 13 765 12 806 Denmark 6 187 5 563 Finland 11 998 9 940 Bangladesh 15 294 15 390 Pakistan 4 072 4 829 Other countries 3 765 2 523 Total revenues 80 452 76 877 Assets by geographical location of the company Non-current assets excluding deferred tax assets, contract cost and other non-current financial assets Total assets NOK in millions 2023 2022 2023 2022 Norway 35 822 35 559 64 671 54 233 Sweden 16 781 16 120 23 638 23 191 Denmark 4 785 4 448 8 024 7 703 Finland 36 739 34 868 43 364 40 692 Thailand 13 532 37 814 13 608 47 219 Malaysia 33 763 34 436 33 764 34 448 Bangladesh 13 593 14 071 18 385 17 576 Pakistan 5 564 7 837 7 530 10 287 Other countries 3 166 2 902 5 392 3 899 Total assets 163 746 188 055 218 376 239 249",
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"value": "Accounting policies The segment information is reported to the President and CEO and management team in Telenor. Telenor\u2019s chief operating decision maker is the President and CEO. The financial segment information is used for assessing performance and allocating resources in the group. The operating and reportable segments are based on business activities and geographical location. For comparable figures, the previous country based segments have been restated to be aligned with the segment structure for the reorganised Telenor. The accounting principles for the segment reporting are consistent with those for the consolidated financial statements, except for gains and losses arising from internal bad debt provisions, internal transfer of businesses, group contribution and dividends within the group which are excluded from the income statement for the segments. All transactions between the segments are based on market conditions.",
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"s8_notes__6__29": {
"value": "NOTE 3 Revenues Telenor\u2019s revenues mainly relate to mobile and fixed operations. Revenues in mobile operations include subscription and traffic fees, roaming charges and interconnect fees from other operators terminating or transiting traffic in Telenor\u2019s networks. Devices like mobile phones are regularly part of a bundled offering together with the subscription. Revenues in the fixed operations include services like telephony, broadband, TV connections, broadcasting, data networks and data security services. Accounting policies Services Mobile service revenues include subscriptions and traffic revenues from Telenor\u2019s own subscribers\u2019 use of mobile voice and data services. Subscriptions are invoiced monthly on postpaid or prepaid basis. Outbound roaming charges, in addition to voice and non-voice traffic fees, are recognized based on the minutes or data used. Other mobile services include subscriptions and services for machine-to-machine and internet-of-things (IoT), inbound and national roaming and revenues related to service providers and MVNOs (Mobile Virtual Network Operators). Interconnection fees are revenues from other operators using Telenor\u2019s networks. Service revenues are recognised over time or based on usage. Fixed-line network services include revenues from telephony, internet, TV, broadcasting, and data services. The subscription fees are usually flat rate, where some contracts have a minimum contract term. Fixed service revenues are recognised over time or based on usage and invoiced monthly on postpaid or prepaid basis. Goods Revenues from the sale of handsets, broadband set-top boxes and other devices are recognised at point in time when the equipment is delivered to the customer. Bundled multi-element contracts Bundled multi-element contracts are contracts that consist of several separate identifiable performance obligations. These typically include subscription, handset and sometimes screen insurance and other services as part of Telenor\u2019s mobile operations. As part of Telenor\u2019s fixed operations, they usually include subscription, set-top boxes and other types of equipment or services. The transaction price is net of discounts and sales related taxes. Bundled contracts may include a financing component, as the handset or other equipment is provided to a customer up-front, and payments are received over an instalment period. Financing components are not considered when the timing of the payment is at the discretion of the customer (for example prepaid mobile services) or the timing difference between rendering the service or good and payment is less than twelve months. If a significant financing component is provided to the customer, the transaction price is adjusted, and interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant risk-free rate and customer specific credit risk. The transaction price for bundled contracts is allocated to each identified performance obligation based on relative prices Telenor would achieve by selling the same goods or services to a similar customer on a stand-alone basis. Discounts are allocated proportionately to all performance obligations in the contract unless there is observable evidence to allocate it differently. Mobile swap contracts Telenor\u2019s offer in some markets includes the sale of handsets on instalment plans with an option for the customer to change to a new device before all the instalments are paid. If the option is exercised, the customer pays any remaining months of minimum instalment under the original contract and enters a new contract. The transaction price at inception of the contract includes an estimate of the payments to be received based on the expected value approach using historical data. In some markets with mobile swap contracts, Telenor is obliged to accept the return of the original handset and a refund liability is recognised. A returned-good asset with a corresponding adjustment to cost of sales is recognised representing the right to recover the returned handsets. In other markets, an external third party takes ownership of the device, resells it and guarantees a compensation to Telenor. In these contracts, Telenor includes estimated amounts from the third party as part of the total consideration to be received at inception of the contract. Telenor as agent In some markets, mobile subscriptions and devices are sold as bundles through external channels. Telenor acts as principal for the subscription services and recognizes the revenues on a gross basis. For the sale of the handset an assessment is made to determine if Telenor is agent or principal. If Telenor is regarded as an agent, no revenue is recognised as there are no commissions earned for providing services in the capacity of an agent in these arrangements. Further, when acting as an agent in arrangements where third parties are main suppliers, Telenor primarily arranges for the goods or services to be provided by the third party. For example, screen insurance which is offered as part of a bundled offering in some mobile subscriptions. Other revenues Revenues other than mobile and fixed operations are mainly offered by units not separately identified as reporting segments. Revenues include colocation services, data centre facilities, telemetrics (communication between machines), satellite services, maritime services, and Internet of Things (IoT). Revenues are recognised over time based on either monthly fees or usage. Lease revenues (IFRS 16) Telenor has operating lease arrangements in which it is a lessor, mainly related to passive infrastructure sharing with other telecommunication operators. Telenor has classified these leases as operating leases because they do not transfer substantially all the risks and rewards incidental to ownership of the underlying assets. Lease revenues are recognised on a straight-line basis over the lease term. Disaggregation of revenues from contract with customers Revenues are disaggregated by major revenue streams divided into the reportable segments as shown in note 2 in the table below. The disaggregation of revenues overview has changed in the current year to be aligned with the new segment structure as shown in note 2 Segments. Comparative figures have been restated. Year 2023 Total Other Total revenues Sale of Operating revenues revenues from Mobile Fixed handset and lease Total from from contracts operations operations other revenues revenues rendering of rendering of 1) 2)devicesservices(IFRS 16) servicescustomers NOK in millions (IFRS 15) Telenor Norway 14 016 8 968 - 22 985 2 222 25 206 224 25 431 Telenor Sweden 7 354 3 369 - 10 723 1 727 12 450 172 12 622 Telenor Denmark 4 200 637 - 4 837 1 292 6 129 34 6 163 DNA Finland 7 322 2 493 - 9 816 2 203 12 019 34 12 053 Other/eliminations (51) (111) 217 54 (2) 52 (0) 52 Nordics 32 841 15 356 217 48 414 7 442 55 856 465 56 321 Grameenphone - Bangladesh 15 331 - - 15 331 5 15 336 195 15 531 Telenor Pakistan 4 275 - - 4 275 7 4 282 130 4 411 Other/eliminations - - 257 257 - 257 - 257 Asia 19 606 - 257 19 863 12 19 875 325 20 199 Infrastructure - - 96 96 - 96 3 302 3 399 Amp - 3 006 1 728 4 734 - 4 734 - 4 734 Other - - 1 326 1 326 - 1 326 148 1 474 Eliminations (961) (479) (1 559) (3 000) (9) (3 009) (2 667) (5 675) Group 51 485 17 883 2 065 71 433 7 445 78 879 1 573 80 452 1) Other revenues from rendering of services includes Internet of Things (IoT) in non-mobile operations, tower revenues and other non-core business revenues. Refer to chapter Definitions and Alternative Performance Measures. 2)Service revenues as explained in chapter Definitions and Alternative Performance Measures are not comparable with \u201ctotal revenues from rendering of services\u201d disclosed in this note. The reason is that operating lease revenues are excluded and service revenues from other operators are included in the table above. 3) Revenues from handsets and other devices are recognized at point in time. Remaining revenue from contracts with customers are recognized over time. Year 2022 Total Other Total revenues Sale of Operating revenues revenues from Mobile Fixed handset and lease Total from from contracts operations operations other revenues revenues rendering of rendering of with devices 3)(IFRS 16) services 1)services 2)customers NOK in millions (IFRS 15) Telenor Norway 13 832 8 850 - 22 682 2 389 25 071 329 25 400 Telenor Sweden 6 618 3 126 - 9 744 1 722 11 467 175 11 642 Telenor Denmark 3 744 529 - 4 273 1 208 5 480 30 5 510 DNA Finland 6 039 2 169 - 8 208 1 735 9 943 30 9 973 Other/eliminations (134) (71) 156 (48) 0 (48) (0) (48) Nordics 30 099 14 603 156 44 858 7 055 51 913 564 52 477 Grameenphone - Bangladesh 15 301 - - 15 301 22 15 323 185 15 508 Telenor Pakistan 5 037 - - 5 037 10 5 047 141 5 188 Other/eliminations - - 277 277 - 277 - 277 Asia 20 338 - 277 20 615 32 20 646 327 20 973 Infrastructure - - 91 91 - 91 3 336 3 427 Amp - 3 152 1 373 4 525 - 4 525 - 4 525 Other - - 1 627 1 627 - 1 627 167 1 794 Eliminations (908) (609) (2 045) (3 562) (8) (3 570) (2 749) (6 319) Group 49 529 17 146 1 480 68 154 7 078 75 232 1 645 76 877 1) Other revenues from rendering of services includes Internet of Things (IoT) in non-mobile operations, tower revenues and other non-core business revenues. Refer to chapter Definitions and Alternative Performance Measures. 2) Service revenues as reported in Definitions and Alternative Performance Measures are not comparable with total revenues from rendering of services disclosed in this note as operating lease revenues are excluded and service revenues from other operators are included in the table above. 3) Revenues from handsets and other devices are recognized at point in time. Remaining revenue from contracts with customers are recognized over time. Lease revenues Other revenue of NOK 1.6 billion (NOK 1.6 billion in 2022) recognised in the income statement includes variable lease revenue of NOK 0.1 million (NOK 0.2 million in 2022) primarily relating to energy charges received from lessees based on the consumption. The following table sets forth the maturity analysis of minimum lease payments to be received in nominal terms after the reporting date: NOK in millions 2023 2022 Less than 1 year 1 156 1 123 1 to 2 years 569 566 2 to 3 years 493 522 3 to 4 years 458 493 4 to 5 years 431 487 After 5 years 655 831 Total 3 762 4 021",
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"s8_notes__6__28": {
"value": "NOTE 3 Revenues Telenor\u2019s revenues mainly relate to mobile and fixed operations. Revenues in mobile operations include subscription and traffic fees, roaming charges and interconnect fees from other operators terminating or transiting traffic in Telenor\u2019s networks. Devices like mobile phones are regularly part of a bundled offering together with the subscription. Revenues in the fixed operations include services like telephony, broadband, TV connections, broadcasting, data networks and data security services. Accounting policies Services Mobile service revenues include subscriptions and traffic revenues from Telenor\u2019s own subscribers\u2019 use of mobile voice and data services. Subscriptions are invoiced monthly on postpaid or prepaid basis. Outbound roaming charges, in addition to voice and non-voice traffic fees, are recognized based on the minutes or data used. Other mobile services include subscriptions and services for machine-to-machine and internet-of-things (IoT), inbound and national roaming and revenues related to service providers and MVNOs (Mobile Virtual Network Operators). Interconnection fees are revenues from other operators using Telenor\u2019s networks. Service revenues are recognised over time or based on usage. Fixed-line network services include revenues from telephony, internet, TV, broadcasting, and data services. The subscription fees are usually flat rate, where some contracts have a minimum contract term. Fixed service revenues are recognised over time or based on usage and invoiced monthly on postpaid or prepaid basis. Goods Revenues from the sale of handsets, broadband set-top boxes and other devices are recognised at point in time when the equipment is delivered to the customer. Bundled multi-element contracts Bundled multi-element contracts are contracts that consist of several separate identifiable performance obligations. These typically include subscription, handset and sometimes screen insurance and other services as part of Telenor\u2019s mobile operations. As part of Telenor\u2019s fixed operations, they usually include subscription, set-top boxes and other types of equipment or services. The transaction price is net of discounts and sales related taxes. Bundled contracts may include a financing component, as the handset or other equipment is provided to a customer up-front, and payments are received over an instalment period. Financing components are not considered when the timing of the payment is at the discretion of the customer (for example prepaid mobile services) or the timing difference between rendering the service or good and payment is less than twelve months. If a significant financing component is provided to the customer, the transaction price is adjusted, and interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant risk-free rate and customer specific credit risk. The transaction price for bundled contracts is allocated to each identified performance obligation based on relative prices Telenor would achieve by selling the same goods or services to a similar customer on a stand-alone basis. Discounts are allocated proportionately to all performance obligations in the contract unless there is observable evidence to allocate it differently. Mobile swap contracts Telenor\u2019s offer in some markets includes the sale of handsets on instalment plans with an option for the customer to change to a new device before all the instalments are paid. If the option is exercised, the customer pays any remaining months of minimum instalment under the original contract and enters a new contract. The transaction price at inception of the contract includes an estimate of the payments to be received based on the expected value approach using historical data. In some markets with mobile swap contracts, Telenor is obliged to accept the return of the original handset and a refund liability is recognised. A returned-good asset with a corresponding adjustment to cost of sales is recognised representing the right to recover the returned handsets. In other markets, an external third party takes ownership of the device, resells it and guarantees a compensation to Telenor. In these contracts, Telenor includes estimated amounts from the third party as part of the total consideration to be received at inception of the contract. Telenor as agent In some markets, mobile subscriptions and devices are sold as bundles through external channels. Telenor acts as principal for the subscription services and recognizes the revenues on a gross basis. For the sale of the handset an assessment is made to determine if Telenor is agent or principal. If Telenor is regarded as an agent, no revenue is recognised as there are no commissions earned for providing services in the capacity of an agent in these arrangements. Further, when acting as an agent in arrangements where third parties are main suppliers, Telenor primarily arranges for the goods or services to be provided by the third party. For example, screen insurance which is offered as part of a bundled offering in some mobile subscriptions. Other revenues Revenues other than mobile and fixed operations are mainly offered by units not separately identified as reporting segments. Revenues include colocation services, data centre facilities, telemetrics (communication between machines), satellite services, maritime services, and Internet of Things (IoT). Revenues are recognised over time based on either monthly fees or usage. Lease revenues (IFRS 16) Telenor has operating lease arrangements in which it is a lessor, mainly related to passive infrastructure sharing with other telecommunication operators. Telenor has classified these leases as operating leases because they do not transfer substantially all the risks and rewards incidental to ownership of the underlying assets. Lease revenues are recognised on a straight-line basis over the lease term. Disaggregation of revenues from contract with customers Revenues are disaggregated by major revenue streams divided into the reportable segments as shown in note 2 in the table below. The disaggregation of revenues overview has changed in the current year to be aligned with the new segment structure as shown in note 2 Segments. Comparative figures have been restated. Year 2023 Total Other Total revenues Sale of Operating revenues revenues from Mobile Fixed handset and lease Total from from contracts operations operations other revenues revenues rendering of rendering of 1) 2)devicesservices(IFRS 16) servicescustomers NOK in millions (IFRS 15) Telenor Norway 14 016 8 968 - 22 985 2 222 25 206 224 25 431 Telenor Sweden 7 354 3 369 - 10 723 1 727 12 450 172 12 622 Telenor Denmark 4 200 637 - 4 837 1 292 6 129 34 6 163 DNA Finland 7 322 2 493 - 9 816 2 203 12 019 34 12 053 Other/eliminations (51) (111) 217 54 (2) 52 (0) 52 Nordics 32 841 15 356 217 48 414 7 442 55 856 465 56 321 Grameenphone - Bangladesh 15 331 - - 15 331 5 15 336 195 15 531 Telenor Pakistan 4 275 - - 4 275 7 4 282 130 4 411 Other/eliminations - - 257 257 - 257 - 257 Asia 19 606 - 257 19 863 12 19 875 325 20 199 Infrastructure - - 96 96 - 96 3 302 3 399 Amp - 3 006 1 728 4 734 - 4 734 - 4 734 Other - - 1 326 1 326 - 1 326 148 1 474 Eliminations (961) (479) (1 559) (3 000) (9) (3 009) (2 667) (5 675) Group 51 485 17 883 2 065 71 433 7 445 78 879 1 573 80 452 1) Other revenues from rendering of services includes Internet of Things (IoT) in non-mobile operations, tower revenues and other non-core business revenues. Refer to chapter Definitions and Alternative Performance Measures. 2)Service revenues as explained in chapter Definitions and Alternative Performance Measures are not comparable with \u201ctotal revenues from rendering of services\u201d disclosed in this note. The reason is that operating lease revenues are excluded and service revenues from other operators are included in the table above. 3) Revenues from handsets and other devices are recognized at point in time. Remaining revenue from contracts with customers are recognized over time. Year 2022 Total Other Total revenues Sale of Operating revenues revenues from Mobile Fixed handset and lease Total from from contracts operations operations other revenues revenues rendering of rendering of with devices 3)(IFRS 16) services 1)services 2)customers NOK in millions (IFRS 15) Telenor Norway 13 832 8 850 - 22 682 2 389 25 071 329 25 400 Telenor Sweden 6 618 3 126 - 9 744 1 722 11 467 175 11 642 Telenor Denmark 3 744 529 - 4 273 1 208 5 480 30 5 510 DNA Finland 6 039 2 169 - 8 208 1 735 9 943 30 9 973 Other/eliminations (134) (71) 156 (48) 0 (48) (0) (48) Nordics 30 099 14 603 156 44 858 7 055 51 913 564 52 477 Grameenphone - Bangladesh 15 301 - - 15 301 22 15 323 185 15 508 Telenor Pakistan 5 037 - - 5 037 10 5 047 141 5 188 Other/eliminations - - 277 277 - 277 - 277 Asia 20 338 - 277 20 615 32 20 646 327 20 973 Infrastructure - - 91 91 - 91 3 336 3 427 Amp - 3 152 1 373 4 525 - 4 525 - 4 525 Other - - 1 627 1 627 - 1 627 167 1 794 Eliminations (908) (609) (2 045) (3 562) (8) (3 570) (2 749) (6 319) Group 49 529 17 146 1 480 68 154 7 078 75 232 1 645 76 877 1) Other revenues from rendering of services includes Internet of Things (IoT) in non-mobile operations, tower revenues and other non-core business revenues. Refer to chapter Definitions and Alternative Performance Measures. 2) Service revenues as reported in Definitions and Alternative Performance Measures are not comparable with total revenues from rendering of services disclosed in this note as operating lease revenues are excluded and service revenues from other operators are included in the table above. 3) Revenues from handsets and other devices are recognized at point in time. Remaining revenue from contracts with customers are recognized over time. Lease revenues Other revenue of NOK 1.6 billion (NOK 1.6 billion in 2022) recognised in the income statement includes variable lease revenue of NOK 0.1 million (NOK 0.2 million in 2022) primarily relating to energy charges received from lessees based on the consumption. The following table sets forth the maturity analysis of minimum lease payments to be received in nominal terms after the reporting date: NOK in millions 2023 2022 Less than 1 year 1 156 1 123 1 to 2 years 569 566 2 to 3 years 493 522 3 to 4 years 458 493 4 to 5 years 431 487 After 5 years 655 831 Total 3 762 4 021",
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"s8_notes__6__30": {
"value": "Accounting policies Services Mobile service revenues include subscriptions and traffic revenues from Telenor\u2019s own subscribers\u2019 use of mobile voice and data services. Subscriptions are invoiced monthly on postpaid or prepaid basis. Outbound roaming charges, in addition to voice and non-voice traffic fees, are recognized based on the minutes or data used. Other mobile services include subscriptions and services for machine-to-machine and internet-of-things (IoT), inbound and national roaming and revenues related to service providers and MVNOs (Mobile Virtual Network Operators). Interconnection fees are revenues from other operators using Telenor\u2019s networks. Service revenues are recognised over time or based on usage. Fixed-line network services include revenues from telephony, internet, TV, broadcasting, and data services. The subscription fees are usually flat rate, where some contracts have a minimum contract term. Fixed service revenues are recognised over time or based on usage and invoiced monthly on postpaid or prepaid basis. Goods Revenues from the sale of handsets, broadband set-top boxes and other devices are recognised at point in time when the equipment is delivered to the customer. Bundled multi-element contracts Bundled multi-element contracts are contracts that consist of several separate identifiable performance obligations. These typically include subscription, handset and sometimes screen insurance and other services as part of Telenor\u2019s mobile operations. As part of Telenor\u2019s fixed operations, they usually include subscription, set-top boxes and other types of equipment or services. The transaction price is net of discounts and sales related taxes. Bundled contracts may include a financing component, as the handset or other equipment is provided to a customer up-front, and payments are received over an instalment period. Financing components are not considered when the timing of the payment is at the discretion of the customer (for example prepaid mobile services) or the timing difference between rendering the service or good and payment is less than twelve months. If a significant financing component is provided to the customer, the transaction price is adjusted, and interest revenue is recognised over the customer\u2019s payment period using an interest rate reflecting the relevant risk-free rate and customer specific credit risk. The transaction price for bundled contracts is allocated to each identified performance obligation based on relative prices Telenor would achieve by selling the same goods or services to a similar customer on a stand-alone basis. Discounts are allocated proportionately to all performance obligations in the contract unless there is observable evidence to allocate it differently. Mobile swap contracts Telenor\u2019s offer in some markets includes the sale of handsets on instalment plans with an option for the customer to change to a new device before all the instalments are paid. If the option is exercised, the customer pays any remaining months of minimum instalment under the original contract and enters a new contract. The transaction price at inception of the contract includes an estimate of the payments to be received based on the expected value approach using historical data. In some markets with mobile swap contracts, Telenor is obliged to accept the return of the original handset and a refund liability is recognised. A returned-good asset with a corresponding adjustment to cost of sales is recognised representing the right to recover the returned handsets. In other markets, an external third party takes ownership of the device, resells it and guarantees a compensation to Telenor. In these contracts, Telenor includes estimated amounts from the third party as part of the total consideration to be received at inception of the contract. Telenor as agent In some markets, mobile subscriptions and devices are sold as bundles through external channels. Telenor acts as principal for the subscription services and recognizes the revenues on a gross basis. For the sale of the handset an assessment is made to determine if Telenor is agent or principal. If Telenor is regarded as an agent, no revenue is recognised as there are no commissions earned for providing services in the capacity of an agent in these arrangements. Further, when acting as an agent in arrangements where third parties are main suppliers, Telenor primarily arranges for the goods or services to be provided by the third party. For example, screen insurance which is offered as part of a bundled offering in some mobile subscriptions. Other revenues Revenues other than mobile and fixed operations are mainly offered by units not separately identified as reporting segments. Revenues include colocation services, data centre facilities, telemetrics (communication between machines), satellite services, maritime services, and Internet of Things (IoT). Revenues are recognised over time based on either monthly fees or usage. Lease revenues (IFRS 16) Telenor has operating lease arrangements in which it is a lessor, mainly related to passive infrastructure sharing with other telecommunication operators. Telenor has classified these leases as operating leases because they do not transfer substantially all the risks and rewards incidental to ownership of the underlying assets. Lease revenues are recognised on a straight-line basis over the lease term.",
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"value": "NOTE 4 Costs of materials and traffic charges The cost of material and traffic charges include the cost of sold handsets and other materials, network capacity costs and national and international traffic charges from other operators. Accounting policies Cost of sold handsets and other materials is recognised at the point of sale. Traffic charges are recognised when incurred. Telenor has entered into Power Purchase Agreements (PPAs) to buy energy from wind and solar parks for Telenor\u2019s operations in Norway, Denmark and Finland. The energy cost under the PPAs will be recognised as cost of materials and traffic charges when the contracts commences in 2024. Key accounting judgment Power purchase agreements (PPAs) Telenor has signed ten-year PPAs for Norway, Denmark, and Finland for delivery of renewable energy to its operations. The wind and solar farms are expected to be completed and ready for production in 2024. PPAs include both Guarantees of Origin (GOs) and fixed prices for energy. Fixed price contracts are generally regarded as derivatives at fair value with gains and losses in the income statement according to IFRS 9 Financial Instruments. However, an exemption is given for fixed-price commodity contracts that meet the \u201cown use\u201d criteria. The electricity market is characterized by some unique features like unpredictable supply and inability to store electricity. As a result, it may happen that energy will be sold in the spot market, but this is expected to be seldom and insignificant amounts. IFRS 9 does not specifically address these situations, and Telenor has applied judgment when applying the \u201cown use\u201d requirements. The IASB has tentatively decided to undertake narrow-scope standard-setting to amend IFRS 9 to ensure financial statements faithfully represent the substance of PPAs. Cost of materials and traffic charges NOK in millions 2023 2022 Traffic charges (6 173) (5 815) Cost of materials etc (12 884) (12 003) Total costs of materials and traffic charges (19 056) (17 819) Cost of materials include variable lease expenses, see note 16 Right-of-use assets for more information.Lease expenses Expenses recognised in the income statement related to lease contracts are presented below: NOK in millions Classification in income statement 2023 2022 Depreciation of right-of-use assets Depreciation and amortisation 5 254 4 794 Interest expenses on lease liabilities Financial expenses (note 9) 895 666 Variable lease expenses not dependent on index or rate Other operating expenses (note 6) 1 795 1 857 Variable lease expenses not dependent on index or rate Cost of materials and traffic charges (note 4) 463 348 Expenses relating to short term leases Other operating expenses (note 6) 70 49 Expenses relating to low value leases Other operating expenses (note 6) 15 13 Total 8 491 7 726 Total variable lease expenses of NOK 2.3 billion (NOK 2.2 billion in 2022) recognised in other operating expenses and cost of material and traffic charges include NOK 0.9 billion (NOK 0.9 billion in 2022) related to spectrum and NOK 0.7 billion (NOK 0.6 billion in 2022) related to other lease contracts. Variable lease expenses related to spectrum agreements vary mainly with revenue, as a significant part of the expenses are based on share of revenues under the agreements. Variable lease expenses related to other lease contracts of NOK 0.7 billion (NOK 0.6 billion in 2022) represent mainly energy charges paid to lessors as part of the lease agreements for some mobile sites, and the expenses vary with the consumption of energy on those mobile sites in addition to changes in prices.",
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"value": "NOTE 5 Salaries and personnel costs Telenor had around 11,000 full-time equivalent employees for its continuing operations both as of 31 December 2023 and as of 31 December 2022. The employees have various benefits in addition to salary, including a share-based payment program. Overview of salary and personnel costs NOK in millions 2023 2022 Salaries and holiday pay (8 624) (8 025) Social security tax (1 041) ( 920) Pension costs including social security tax (note 21) (1 046) ( 991) 1)Share-based payments( 131) ( 113) Other personnel costs ( 423) ( 383) Own work capitalised 1 279 1 151 Total salaries and personnel costs (9 986) (9 281) 1)Include expenses related to the Group's employee share programme, and the Group's long term incentive programme for managers and key personnel (pleaserefer to note 37 Key management compensation as well as chapter 11 of the Corporate Governance section of the Board of Directors\u2019 report). Share-based payment program Employees and managers worldwide are offered to purchase Telenor shares at a discounted price and potentially earn bonus shares if the share price exceeds certain benchmarks in the future. Bonus shares are awarded net after tax and Telenor withhold and pay withholding taxes on behalf of the employee. The share-based payment programs including the withholding tax are considered as equity-settled share-based payments, where the fair value of the bonus shares is estimated at the grant date and expensed over the vesting period. Social security taxes are recognised as cash-settled share-based payments measured at fair value and remeasured at each reporting date.",
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"value": "NOTE 5 Salaries and personnel costs Telenor had around 11,000 full-time equivalent employees for its continuing operations both as of 31 December 2023 and as of 31 December 2022. The employees have various benefits in addition to salary, including a share-based payment program. Overview of salary and personnel costs NOK in millions 2023 2022 Salaries and holiday pay (8 624) (8 025) Social security tax (1 041) ( 920) Pension costs including social security tax (note 21) (1 046) ( 991) 1)Share-based payments( 131) ( 113) Other personnel costs ( 423) ( 383) Own work capitalised 1 279 1 151 Total salaries and personnel costs (9 986) (9 281) 1)Include expenses related to the Group's employee share programme, and the Group's long term incentive programme for managers and key personnel (pleaserefer to note 37 Key management compensation as well as chapter 11 of the Corporate Governance section of the Board of Directors\u2019 report). NOTE 21 Pension obligations Telenor offer several different pension plans to its employees. The most common pension plan is the defined contribution plan where a contribution is made to the employee\u2019s individual pension account. This arrangement is in addition to the plans organised by governments providing a basic pension entitlement to all taxpayers. Telenor also has defined benefit plans with future pension obligations that are mostly closed for new members. Accounting policies Defined contribution plans A defined contribution plan is a type of retirement plan where the employer makes contributions on a regular basis to the employee\u2019s individual pension account. The benefits received by the employee are based on the employer contributions and gains or losses from investing the capital. Contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. Defined benefit plans A defined benefit plan is a pension plan where the employer promises an annual pension on retirement based on a percentage of the salary upon retirement and the employee's earnings history, years of service and age. The pension obligations are determined by discounting the estimated future pension cash outflows less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method and depends on a number of actuarial assumptions. The discount rate is based on interest rates of high-quality corporate bonds denominated in the same currency and with similar maturity as the related pension obligation. Other actuarial assumptions include expected salary growth, inflation and return on assets as well as demographical factors concerning mortality, employee turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the time the assessment is made, whereas it is expected that such factors will change over the long periods for which pension calculations are made. Any changes in these assumptions will affect the calculated pension obligations with immediate recognition in other comprehensive income. Current and past service cost in addition to non-routine pension settlements, is presented as salaries and personnel costs, and the net interest expense is recognised as financial expense in the income statement. Remeasurements including actuarial gains and losses and the return on plan assets exceeding the discount rate are recognised in the statement of comprehensive income and are not subsequently reclassified to the income statement. A plan curtailment is when Telenor is committed to reduce the number of employees in a plan or change the terms, so the employees are entitled to reduced benefits or is no longer eligible for benefits. Past service cost is recognised in the income statement on the earlier of the date of the plan amendment or curtailment or when the related restructuring cost is recognised. Gains and losses on curtailments form part of service cost and are presented as part of other income or other expenses in the income statement. Defined benefit multi-employer plans (such as the AFP arrangement in Norway) are accounted for as defined contribution plans when insufficient information is available to calculate Telenor\u2019s proportionate share. Significant pension arrangements in Telenor Telenor provides pension plans for employees in Norway which follow the requirements in the Act on Mandatory company pensions. In addition, the Norwegian government provides social security payments to all retired Norwegian citizens. Such payments are calculated by reference to a base amount annually approved by the Norwegian parliament (G-regulation). Benefits are determined based on the employee\u2019s length of service and compensation. The cost of pension benefit plans is expensed over the period that the employees render services and becomes eligible to receive benefits. Telenor Pension Fund, covering the defined benefit plans offered to all employees in Norway, was closed to new members during 2006 and replaced by defined contribution plans with insurance companies. In Norway, 3,599 of the employees were members of the contribution plan as of 31 December 2023 (3,575 as of 31 December 2022). In 2023, 927 of the employees were covered by the defined benefit plans through Telenor Pension Fund (1,022 in 2022). In addition, Telenor Pension Fund paid out pensions to 2,510 persons in 2023 (2,516 in 2022). Telenor Sweden has a defined benefit plan with 576 active members in 2023 (588 in 2022). Other companies outside Norway and Sweden primarily offer contribution plans. The funded defined benefit plans in Norway have net funds of NOK 1628 million as of 31 December 2023 (NOK 858 million in net funds as of 31 December 2022). The current service cost was NOK 152 million in 2023 (NOK 178 million in 2022). Net interest income was NOK 29 million (interest income of NOK 15 million in 2022). Unfunded defined benefit plans have previously been offered to executive employees. These plans are now closed. As of 31 December 2023, the net defined benefit liability recognised in the statement of financial position was NOK 646 million (NOK 636 million as of 31 December 2022). The service cost was NOK 6 million in 2023 (NOK 8 million in 2022). Net interest cost was NOK 19 million (NOK 13 million in 2022). Telenor does not have a right to use the net funds in the funded plans to settle the obligations under the unfunded plans. Telenor is member of an agreement-based early retirement plan (new AFP) in Norway. Essentially all the Norwegian employees are entitled to life-long benefits from the age of 62 from this plan, in addition to other plans. The plan is financed through a pooled arrangement, where private sector employers cover 2/3 of the funding requirements and the Norwegian government covers 1/3. For 2023, the contribution was 2.6 of total salaries between 1 and 7.1 times the base amount (G) (2.6% for 2022). For 2024, the contribution is set to 2.7. The plan is considered to be a defined benefit multi-employer plan with limited funding and where plan assets are not segregated. The information required to calculate a proportionate share of the plan, and account for the plan as a defined benefit plan, is not available from the plan administrator. Consequently, the plan is accounted for as a defined contribution plan. The defined benefit plan in Sweden has a net benefit liability of NOK 1,095 million as of 31 December 2023 (NOK 918 million as of 31 December 2022). The service cost was NOK 42 million and net interest cost was NOK 44 million in 2023 (NOK 58 million and NOK 29 million in 2022, respectively). The discount rate used for the pension calculations as of 31 December 2023 was 3.5 % (3.9 % in 2022) and expected salary increase was set to 7.2 % for 2024 and 3.0 % thereafter (3.0 % in 2022). For the Norwegian defined benefit plans, the Group applies the K2013 risk table for mortality and a risk table for disability based on historical figures in Telenor Pension Fund (both implemented in 2013). The average expected lifetime in the risk tables is 88 years for men and 91 years for women. The table below shows the probability of an employee in a certain age group becoming disabled or dying, within one year, as well as expected lifetime. Mortality % Disability % Expected lifetime Age Men Women Men Women Men Women 40 0.1 0.0 0.1 0.1 88 92 50 0.1 0.1 0.2 0.3 88 91 60 0.4 0.3 0.8 1.2 87 91 70 1.1 0.8 - - 88 91 80 3.7 2.6 - - 90 92 The plan assets were measured at fair value 31 December 2023 and 31 December 2022. The calculation of the projected benefit obligations (PBO) as of 31 December 2023 was based on the member base at 13 December 2023 (at 11 October 2022). The actuarial calculations for the Telenor Pension Fund obligations were carried out by independent actuaries. The present value of the projected defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method. Employees in Norway that leave Telenor before the age of retirement receive a paid-up policy. Telenor Pension Fund administers some of these policies. This is at the discretion of the Telenor Pension Fund and does not affect Telenor. At the time of issuance of a paid-up policy, Telenor is relieved of any further obligations towards the receiver. The funds and obligations are valued at the time of issuance of paid-up policies and are derecognised from pension obligations and plan assets. Changes in the defined benefit obligation and fair value of plan assets 2023 2022 Defined benefit Fair value plan Defined benefit Fair value plan NOK in millions obligation assets Benefit liability obligation assets Benefit liability As of 1 January (9 230) 8 171 (1 059) (10 432) 8 624 (1 808) Current service cost ( 251) - ( 251) ( 307) - ( 307) Past service cost ( 6) - ( 6) - - - Net interest ( 308) 265 ( 44) ( 227) 185 ( 42) Discontinued operations - - - - - - Sub-total included in Income Statement ( 565) 265 ( 301) ( 534) 185 ( 349) Return on plan assets (excluding amounts included in net interest expense) - 433 433 - ( 632) ( 632) Actuarial changes arising from changes in demographic assumptions ( 23) - ( 23) ( 31) - ( 31) Actuarial changes arising from changes in financial assumptions 77 - 77 1 421 - 1 421 1)Experience adjustments 50 - 50 ( 96) - ( 96) Sub-total in Other Comprehensive Income 104 433 537 1 294 ( 632) 661 Business combinations, disposals and held for 232 ( 56) 176 ( 2) 1 ( 1) sale Contributions by employer - 449 449 - 323 323 Benefits paid 318 ( 271) 47 380 ( 304) 76 Translation differences ( 54) ( 17) ( 72) 65 ( 26) 39 As of 31 December (9 196) 8 973 ( 223) (9 230) 8 171 (1 059) Of which classified as: Pension obligations (1 821) (1 919) 2)Other non-current assets 1 599 859 1) Telenor does not have a right to use the net funds in the funded plans to settle the obligations under the unfunded plans. 2) Experience adjustments on benefit obligations are the effects of differences between previous actuarial assumptions and what has actually occurred. Assumptions used to determine defined benefit obligations for Norwegian companies as of 31 December 2023 2022 Discount rate in % 3.30 3.00 Future salary increase in % 3.25 3.25 Future increase in the social security base amount in % 3.25 3.25 Future turnover in % 3.00 3.00 Future pension increases in % 2.25 2.00 Expected average remaining service period in years 8 7 Telenor has used the Norwegian covered bonds (OMF \u2013 Obligasjoner med fortrinnsrett) as basis for the discount rate as of 31 December for both 2023 and 2022 for the Norwegian plans. OMFs are covered bonds issued by mortgage companies owned by Norwegian banks under a well-established legal framework. Generally, bonds with ratings better than AA are considered to be of high quality. Most OMFs have AAA rating. Components of net periodic benefit cost NOK in millions 2023 2022 Current service cost ( 251) ( 294) Past service cost ( 6) - Net interest cost ( 44) ( 38) Net periodic benefit costs ( 301) ( 332) Contribution plan costs ( 804) ( 723) Total pension costs charged to the income statement for the year (1 105) (1 056) Of which reported as other expense (note 8) ( 15) ( 26) Of which reported as pension cost (note 5) (1 046) ( 991) Of which reported as net interest cost (note 9) ( 44) ( 38) Sensitivity analysis The table below shows an estimate of the potential effects of changes in the key assumptions for the defined benefit plans in Norway. The following estimates are based on facts and circumstances as of 31 December 2023. Actual results may deviate materially from these estimates. Social security base Annual adjustments to NOK in millions Discount rate Future salary increase amounts pensions Turnover Change in % is percentage points -1% +1% -1% +1% -1% +1% -1% +1% -1% +1% Changes in: Increase (decrease) in benefit obligations 1 181 ( 951) ( 325) 326 81 ( 113) ( 775) 917 19 ( 41) Asset categories Telenor Pension Fund\u2019s weighted average asset allocations as of 31 December, by asset category, were as follows: 2023 2022 Bonds % 60 61 Equity securities % 34 35 Other % 6 4 Total 100 100 The bond investments are in securities issued by the Norwegian government, Norwegian municipals, financial institutions, and corporations. Bonds held in foreign currencies are to a large extent currency hedged. Equity investments are both in Norwegian and foreign securities. There is no currency hedging for investments in foreign equity securities. The category Other consist mainly of investments in Private Equity and Hedge fonds. Contributions in future years Expected contributions to the Telenor Pension Fund in 2024 is approximately NOK 277 million. The following table shows expected benefit payments from the Norwegian defined benefit plans in future years: NOK in millions Within the next 12 months (next annual reporting period) 215 Between 2 and 5 years 1 020 Next 5 years 1 826 Total expected payments next 10 years 3 061 The average duration of the Norwegian defined benefit plans at the end of the reporting period is 14 years. ",
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"value": "Share-based payment program Employees and managers worldwide are offered to purchase Telenor shares at a discounted price and potentially earn bonus shares if the share price exceeds certain benchmarks in the future. Bonus shares are awarded net after tax and Telenor withhold and pay withholding taxes on behalf of the employee. The share-based payment programs including the withholding tax are considered as equity-settled share-based payments, where the fair value of the bonus shares is estimated at the grant date and expensed over the vesting period. Social security taxes are recognised as cash-settled share-based payments measured at fair value and remeasured at each reporting date.",
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"s8_notes__6__37-1": {
"value": "NOTE 6 Other operating expenses Other operating expenses NOK in millions 2023 2022 Other cost of premises, vehicles, office equipment etc. (1 565) (1 433) Operation and maintenance (5 235) (4 956) Marketing and sales commission (3 976) (3 722) Advertising (1 309) (1 198) External personnel and consultancy fees (1 750) (1 673) 1)Variable lease expenses (1 795) (1 857) 2)Other (1 217) (1 110) Total other operating expenses (16 846) (15 948) 1)See note 16 Right-of-use assets for more information.2)Includes expenses related to short term and low value leases, see note 16 Right-of-use assets for more information.NOTE 8 Other income and other expenses Income and expenses not regarded as part of regular operational performance are presented on a separate line as other income and other expenses in Telenor. It includes gains and losses on disposal of PPE and other non-current assets, restructuring costs, losses from onerous contracts and fines concluded in legal disputes. Accounting policies Other income and other expenses are items that are not regarded as part of regular operational performance. The purpose of presenting these items on separate lines is to enable comparison of underlying profitability between periods. It includes gains and losses on disposal of non-current assets such as property, plant and equipment (PPE) and intangible assets. It also includes gains and losses from sale of subsidiaries, unless the sale is presented as discontinued operations. Restructuring costs are included to the extent they qualify as a restructuring in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to reduction of personnel is only included when they relate to the time the employee no longer renders services to Telenor. Costs for loss contracts are included when they qualify as onerous contracts under IAS 37. Fines concluded in legal disputes are included, whereas settlements on legal disputes are only included in other income and other expense when they relate to the business as a whole and are non-recurring in nature. Other income and other expenses NOK in millions 2023 2022 Gains on disposals of property, plant and equipment (PPE), right-of-use assets and operations 85 1 946 Other 1 ( 1) Total other income 85 1 945 Losses on disposals of property, plant and equipment (PPE), right-of-use assets and operations ( 312) ( 220) Expenses for workforce reductions, onerous contracts and other ( 813) ( 796) Total other expenses (1 125) (1 016) For the year 2023, total other expenses included losses on disposals of tangible and intangible assets of NOK 240 million (of which NOK 106 million in Telenor Norway and NOK 82 million in Telenor Sweden) and NOK 72 million settlement for a disposal of business in 2020. Further, an increase in provision for a rental guarantee for the headquarter office building at Fornebu of NOK 259 million was recognised in addition to NOK 497 million in restructuring cost related to workforce reductions (of which NOK 304 million in Telenor Norway and NOK 58 million in Telenor Sweden). In 2022, total other income consisted mainly of NOK 1.7 billion gain on divestment of fixed non-core assets and NOK 95 million related to gain on sale of licenses in Telenor Sweden. Total other expenses consisted mainly of workforce reductions (of which NOK 392 million in Telenor Norway and NOK 180 million in Grameenphone).",
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"value": "NOTE 6 Other operating expenses Other operating expenses NOK in millions 2023 2022 Other cost of premises, vehicles, office equipment etc. (1 565) (1 433) Operation and maintenance (5 235) (4 956) Marketing and sales commission (3 976) (3 722) Advertising (1 309) (1 198) External personnel and consultancy fees (1 750) (1 673) 1)Variable lease expenses (1 795) (1 857) 2)Other (1 217) (1 110) Total other operating expenses (16 846) (15 948) 1)See note 16 Right-of-use assets for more information.2)Includes expenses related to short term and low value leases, see note 16 Right-of-use assets for more information.NOTE 8 Other income and other expenses Income and expenses not regarded as part of regular operational performance are presented on a separate line as other income and other expenses in Telenor. It includes gains and losses on disposal of PPE and other non-current assets, restructuring costs, losses from onerous contracts and fines concluded in legal disputes. Accounting policies Other income and other expenses are items that are not regarded as part of regular operational performance. The purpose of presenting these items on separate lines is to enable comparison of underlying profitability between periods. It includes gains and losses on disposal of non-current assets such as property, plant and equipment (PPE) and intangible assets. It also includes gains and losses from sale of subsidiaries, unless the sale is presented as discontinued operations. Restructuring costs are included to the extent they qualify as a restructuring in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to reduction of personnel is only included when they relate to the time the employee no longer renders services to Telenor. Costs for loss contracts are included when they qualify as onerous contracts under IAS 37. Fines concluded in legal disputes are included, whereas settlements on legal disputes are only included in other income and other expense when they relate to the business as a whole and are non-recurring in nature. Other income and other expenses NOK in millions 2023 2022 Gains on disposals of property, plant and equipment (PPE), right-of-use assets and operations 85 1 946 Other 1 ( 1) Total other income 85 1 945 Losses on disposals of property, plant and equipment (PPE), right-of-use assets and operations ( 312) ( 220) Expenses for workforce reductions, onerous contracts and other ( 813) ( 796) Total other expenses (1 125) (1 016) For the year 2023, total other expenses included losses on disposals of tangible and intangible assets of NOK 240 million (of which NOK 106 million in Telenor Norway and NOK 82 million in Telenor Sweden) and NOK 72 million settlement for a disposal of business in 2020. Further, an increase in provision for a rental guarantee for the headquarter office building at Fornebu of NOK 259 million was recognised in addition to NOK 497 million in restructuring cost related to workforce reductions (of which NOK 304 million in Telenor Norway and NOK 58 million in Telenor Sweden). In 2022, total other income consisted mainly of NOK 1.7 billion gain on divestment of fixed non-core assets and NOK 95 million related to gain on sale of licenses in Telenor Sweden. Total other expenses consisted mainly of workforce reductions (of which NOK 392 million in Telenor Norway and NOK 180 million in Grameenphone).Lease expenses Expenses recognised in the income statement related to lease contracts are presented below: NOK in millions Classification in income statement 2023 2022 Depreciation of right-of-use assets Depreciation and amortisation 5 254 4 794 Interest expenses on lease liabilities Financial expenses (note 9) 895 666 Variable lease expenses not dependent on index or rate Other operating expenses (note 6) 1 795 1 857 Variable lease expenses not dependent on index or rate Cost of materials and traffic charges (note 4) 463 348 Expenses relating to short term leases Other operating expenses (note 6) 70 49 Expenses relating to low value leases Other operating expenses (note 6) 15 13 Total 8 491 7 726 Total variable lease expenses of NOK 2.3 billion (NOK 2.2 billion in 2022) recognised in other operating expenses and cost of material and traffic charges include NOK 0.9 billion (NOK 0.9 billion in 2022) related to spectrum and NOK 0.7 billion (NOK 0.6 billion in 2022) related to other lease contracts. Variable lease expenses related to spectrum agreements vary mainly with revenue, as a significant part of the expenses are based on share of revenues under the agreements. Variable lease expenses related to other lease contracts of NOK 0.7 billion (NOK 0.6 billion in 2022) represent mainly energy charges paid to lessors as part of the lease agreements for some mobile sites, and the expenses vary with the consumption of energy on those mobile sites in addition to changes in prices.",
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},
"s8_notes__6__35-1": {
"value": "NOTE 6 Other operating expenses Other operating expenses NOK in millions 2023 2022 Other cost of premises, vehicles, office equipment etc. (1 565) (1 433) Operation and maintenance (5 235) (4 956) Marketing and sales commission (3 976) (3 722) Advertising (1 309) (1 198) External personnel and consultancy fees (1 750) (1 673) 1)Variable lease expenses (1 795) (1 857) 2)Other (1 217) (1 110) Total other operating expenses (16 846) (15 948) 1)See note 16 Right-of-use assets for more information.2)Includes expenses related to short term and low value leases, see note 16 Right-of-use assets for more information.NOTE 8 Other income and other expenses Income and expenses not regarded as part of regular operational performance are presented on a separate line as other income and other expenses in Telenor. It includes gains and losses on disposal of PPE and other non-current assets, restructuring costs, losses from onerous contracts and fines concluded in legal disputes. Accounting policies Other income and other expenses are items that are not regarded as part of regular operational performance. The purpose of presenting these items on separate lines is to enable comparison of underlying profitability between periods. It includes gains and losses on disposal of non-current assets such as property, plant and equipment (PPE) and intangible assets. It also includes gains and losses from sale of subsidiaries, unless the sale is presented as discontinued operations. Restructuring costs are included to the extent they qualify as a restructuring in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to reduction of personnel is only included when they relate to the time the employee no longer renders services to Telenor. Costs for loss contracts are included when they qualify as onerous contracts under IAS 37. Fines concluded in legal disputes are included, whereas settlements on legal disputes are only included in other income and other expense when they relate to the business as a whole and are non-recurring in nature. Other income and other expenses NOK in millions 2023 2022 Gains on disposals of property, plant and equipment (PPE), right-of-use assets and operations 85 1 946 Other 1 ( 1) Total other income 85 1 945 Losses on disposals of property, plant and equipment (PPE), right-of-use assets and operations ( 312) ( 220) Expenses for workforce reductions, onerous contracts and other ( 813) ( 796) Total other expenses (1 125) (1 016) For the year 2023, total other expenses included losses on disposals of tangible and intangible assets of NOK 240 million (of which NOK 106 million in Telenor Norway and NOK 82 million in Telenor Sweden) and NOK 72 million settlement for a disposal of business in 2020. Further, an increase in provision for a rental guarantee for the headquarter office building at Fornebu of NOK 259 million was recognised in addition to NOK 497 million in restructuring cost related to workforce reductions (of which NOK 304 million in Telenor Norway and NOK 58 million in Telenor Sweden). In 2022, total other income consisted mainly of NOK 1.7 billion gain on divestment of fixed non-core assets and NOK 95 million related to gain on sale of licenses in Telenor Sweden. Total other expenses consisted mainly of workforce reductions (of which NOK 392 million in Telenor Norway and NOK 180 million in Grameenphone).Lease expenses Expenses recognised in the income statement related to lease contracts are presented below: NOK in millions Classification in income statement 2023 2022 Depreciation of right-of-use assets Depreciation and amortisation 5 254 4 794 Interest expenses on lease liabilities Financial expenses (note 9) 895 666 Variable lease expenses not dependent on index or rate Other operating expenses (note 6) 1 795 1 857 Variable lease expenses not dependent on index or rate Cost of materials and traffic charges (note 4) 463 348 Expenses relating to short term leases Other operating expenses (note 6) 70 49 Expenses relating to low value leases Other operating expenses (note 6) 15 13 Total 8 491 7 726 Total variable lease expenses of NOK 2.3 billion (NOK 2.2 billion in 2022) recognised in other operating expenses and cost of material and traffic charges include NOK 0.9 billion (NOK 0.9 billion in 2022) related to spectrum and NOK 0.7 billion (NOK 0.6 billion in 2022) related to other lease contracts. Variable lease expenses related to spectrum agreements vary mainly with revenue, as a significant part of the expenses are based on share of revenues under the agreements. Variable lease expenses related to other lease contracts of NOK 0.7 billion (NOK 0.6 billion in 2022) represent mainly energy charges paid to lessors as part of the lease agreements for some mobile sites, and the expenses vary with the consumption of energy on those mobile sites in addition to changes in prices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38": {
"value": "NOTE 7 Research and development costs The research and development efforts in Telenor focuses on new generation networks and internet technologies, including new 5G capabilities within sectors such as media, health, and defence. Artificial intelligence (AI) and advanced analytics, business, and operating models are also focus areas on the research and development work. Accounting policies Research and development costs in Telenor are assessed for whether or not they meet the capitalization criteria in IAS 38 Intangible Assets. Generally, they are expensed as incurred as they do not meet the requirements.Research and development costs Research and development costs that have been recognized in the income statement amount to NOK 143 million in 2023 (NOK 177 million in 2022). Expensed research and development activities mainly related new generation networks and internet technologies, artificial intelligence (AI) and advanced analytics, business, and operating models. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__39": {
"value": "Accounting policies Research and development costs in Telenor are assessed for whether or not they meet the capitalization criteria in IAS 38 Intangible Assets. Generally, they are expensed as incurred as they do not meet the requirements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__40": {
"value": "NOTE 8 Other income and other expenses Income and expenses not regarded as part of regular operational performance are presented on a separate line as other income and other expenses in Telenor. It includes gains and losses on disposal of PPE and other non-current assets, restructuring costs, losses from onerous contracts and fines concluded in legal disputes. Accounting policies Other income and other expenses are items that are not regarded as part of regular operational performance. The purpose of presenting these items on separate lines is to enable comparison of underlying profitability between periods. It includes gains and losses on disposal of non-current assets such as property, plant and equipment (PPE) and intangible assets. It also includes gains and losses from sale of subsidiaries, unless the sale is presented as discontinued operations. Restructuring costs are included to the extent they qualify as a restructuring in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to reduction of personnel is only included when they relate to the time the employee no longer renders services to Telenor. Costs for loss contracts are included when they qualify as onerous contracts under IAS 37. Fines concluded in legal disputes are included, whereas settlements on legal disputes are only included in other income and other expense when they relate to the business as a whole and are non-recurring in nature. Other income and other expenses NOK in millions 2023 2022 Gains on disposals of property, plant and equipment (PPE), right-of-use assets and operations 85 1 946 Other 1 ( 1) Total other income 85 1 945 Losses on disposals of property, plant and equipment (PPE), right-of-use assets and operations ( 312) ( 220) Expenses for workforce reductions, onerous contracts and other ( 813) ( 796) Total other expenses (1 125) (1 016) For the year 2023, total other expenses included losses on disposals of tangible and intangible assets of NOK 240 million (of which NOK 106 million in Telenor Norway and NOK 82 million in Telenor Sweden) and NOK 72 million settlement for a disposal of business in 2020. Further, an increase in provision for a rental guarantee for the headquarter office building at Fornebu of NOK 259 million was recognised in addition to NOK 497 million in restructuring cost related to workforce reductions (of which NOK 304 million in Telenor Norway and NOK 58 million in Telenor Sweden). In 2022, total other income consisted mainly of NOK 1.7 billion gain on divestment of fixed non-core assets and NOK 95 million related to gain on sale of licenses in Telenor Sweden. Total other expenses consisted mainly of workforce reductions (of which NOK 392 million in Telenor Norway and NOK 180 million in Grameenphone).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__46-1": {
"value": "NOTE 9 Financial income and expenses Financial income in Telenor includes interest income on cash equivalents as well as customer credit. The interest expenses mainly relate to bonds, derivatives, and other borrowings in addition to lease liabilities. Other financial items include foreign currency gains and losses and change in fair value of hedging instruments and hedged items. Accounting policies Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income. Financial income and expenses NOK in millions 2023 2022 Interest income on cash and cash equivalents 860 235 Other financial income 202 157 Total financial income 1 062 392 1)Interest expenses on financial liabilities (3 410) (1 838) Other financial expenses ( 854) (1 063) Total financial expenses (4 264) (2 901) Foreign currency gains 4 848 3 334 Foreign currency losses (7 897) (6 719) Net foreign currency gains (losses) (3 049) (3 386) Net change in fair value of financial instruments at fair value through profit or loss (1 419) 596 Net change in fair value of hedging instruments and hedged items 271 ( 205) Net gains (losses and impairment) on financial assets and liabilities ( 1) 1 Other changes (1 149) 391 Net financial income (expenses) (7 400) (5 503) 4) Includes interest expenses on lease liabilities, see note 16 Right-of-use assets for more information. In 2023, total financial income increased by NOK 0.7 billion compared to 2022, primarily driven by an increase in interest income as a result of higher interest rates and higher average cash balance throughout the year. Interest expenses in 2023 related to interest-bearing debt amounted to NOK 2.5 billion, an increase of NOK 1.3 billion compared to 2022. This increase was mainly explained by higher interest rates. Further, interest expenses on lease liabilities amounted to NOK 0.9 billion in 2023, an increase of NOK 0.2 compared to 2022. Other financial expenses for 2023 and 2022 included provisions for regulatory disputes in Bangladesh. Net foreign currency losses were NOK 3.0 billion in 2023, compared to losses of NOK 3.4 billion in 2022. The net foreign currency losses in 2023 were mainly related to translation of debt denominated in USD used for economic hedges of assets, USD liabilities in Pakistan as well as internal loans in SGD within Telenor Group. The net foreign currency losses in 2022 were mainly related to translation of debt denominated in USD used for economic hedges of assets, USD liabilities in Pakistan and internal loans in SGD within Telenor Group. Net change in fair value of financial instruments in 2023 was primarily related to the write-down of the funding of share purchases in True Corporation in Thailand.Lease expenses Expenses recognised in the income statement related to lease contracts are presented below: NOK in millions Classification in income statement 2023 2022 Depreciation of right-of-use assets Depreciation and amortisation 5 254 4 794 Interest expenses on lease liabilities Financial expenses (note 9) 895 666 Variable lease expenses not dependent on index or rate Other operating expenses (note 6) 1 795 1 857 Variable lease expenses not dependent on index or rate Cost of materials and traffic charges (note 4) 463 348 Expenses relating to short term leases Other operating expenses (note 6) 70 49 Expenses relating to low value leases Other operating expenses (note 6) 15 13 Total 8 491 7 726 Total variable lease expenses of NOK 2.3 billion (NOK 2.2 billion in 2022) recognised in other operating expenses and cost of material and traffic charges include NOK 0.9 billion (NOK 0.9 billion in 2022) related to spectrum and NOK 0.7 billion (NOK 0.6 billion in 2022) related to other lease contracts. Variable lease expenses related to spectrum agreements vary mainly with revenue, as a significant part of the expenses are based on share of revenues under the agreements. Variable lease expenses related to other lease contracts of NOK 0.7 billion (NOK 0.6 billion in 2022) represent mainly energy charges paid to lessors as part of the lease agreements for some mobile sites, and the expenses vary with the consumption of energy on those mobile sites in addition to changes in prices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__45": {
"value": "NOTE 9 Financial income and expenses Financial income in Telenor includes interest income on cash equivalents as well as customer credit. The interest expenses mainly relate to bonds, derivatives, and other borrowings in addition to lease liabilities. Other financial items include foreign currency gains and losses and change in fair value of hedging instruments and hedged items. Accounting policies Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income. Financial income and expenses NOK in millions 2023 2022 Interest income on cash and cash equivalents 860 235 Other financial income 202 157 Total financial income 1 062 392 1)Interest expenses on financial liabilities (3 410) (1 838) Other financial expenses ( 854) (1 063) Total financial expenses (4 264) (2 901) Foreign currency gains 4 848 3 334 Foreign currency losses (7 897) (6 719) Net foreign currency gains (losses) (3 049) (3 386) Net change in fair value of financial instruments at fair value through profit or loss (1 419) 596 Net change in fair value of hedging instruments and hedged items 271 ( 205) Net gains (losses and impairment) on financial assets and liabilities ( 1) 1 Other changes (1 149) 391 Net financial income (expenses) (7 400) (5 503) 4) Includes interest expenses on lease liabilities, see note 16 Right-of-use assets for more information. In 2023, total financial income increased by NOK 0.7 billion compared to 2022, primarily driven by an increase in interest income as a result of higher interest rates and higher average cash balance throughout the year. Interest expenses in 2023 related to interest-bearing debt amounted to NOK 2.5 billion, an increase of NOK 1.3 billion compared to 2022. This increase was mainly explained by higher interest rates. Further, interest expenses on lease liabilities amounted to NOK 0.9 billion in 2023, an increase of NOK 0.2 compared to 2022. Other financial expenses for 2023 and 2022 included provisions for regulatory disputes in Bangladesh. Net foreign currency losses were NOK 3.0 billion in 2023, compared to losses of NOK 3.4 billion in 2022. The net foreign currency losses in 2023 were mainly related to translation of debt denominated in USD used for economic hedges of assets, USD liabilities in Pakistan as well as internal loans in SGD within Telenor Group. The net foreign currency losses in 2022 were mainly related to translation of debt denominated in USD used for economic hedges of assets, USD liabilities in Pakistan and internal loans in SGD within Telenor Group. Net change in fair value of financial instruments in 2023 was primarily related to the write-down of the funding of share purchases in True Corporation in Thailand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__44-1": {
"value": "NOTE 9 Financial income and expenses Financial income in Telenor includes interest income on cash equivalents as well as customer credit. The interest expenses mainly relate to bonds, derivatives, and other borrowings in addition to lease liabilities. Other financial items include foreign currency gains and losses and change in fair value of hedging instruments and hedged items. Accounting policies Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income. Financial income and expenses NOK in millions 2023 2022 Interest income on cash and cash equivalents 860 235 Other financial income 202 157 Total financial income 1 062 392 1)Interest expenses on financial liabilities (3 410) (1 838) Other financial expenses ( 854) (1 063) Total financial expenses (4 264) (2 901) Foreign currency gains 4 848 3 334 Foreign currency losses (7 897) (6 719) Net foreign currency gains (losses) (3 049) (3 386) Net change in fair value of financial instruments at fair value through profit or loss (1 419) 596 Net change in fair value of hedging instruments and hedged items 271 ( 205) Net gains (losses and impairment) on financial assets and liabilities ( 1) 1 Other changes (1 149) 391 Net financial income (expenses) (7 400) (5 503) 4) Includes interest expenses on lease liabilities, see note 16 Right-of-use assets for more information. In 2023, total financial income increased by NOK 0.7 billion compared to 2022, primarily driven by an increase in interest income as a result of higher interest rates and higher average cash balance throughout the year. Interest expenses in 2023 related to interest-bearing debt amounted to NOK 2.5 billion, an increase of NOK 1.3 billion compared to 2022. This increase was mainly explained by higher interest rates. Further, interest expenses on lease liabilities amounted to NOK 0.9 billion in 2023, an increase of NOK 0.2 compared to 2022. Other financial expenses for 2023 and 2022 included provisions for regulatory disputes in Bangladesh. Net foreign currency losses were NOK 3.0 billion in 2023, compared to losses of NOK 3.4 billion in 2022. The net foreign currency losses in 2023 were mainly related to translation of debt denominated in USD used for economic hedges of assets, USD liabilities in Pakistan as well as internal loans in SGD within Telenor Group. The net foreign currency losses in 2022 were mainly related to translation of debt denominated in USD used for economic hedges of assets, USD liabilities in Pakistan and internal loans in SGD within Telenor Group. Net change in fair value of financial instruments in 2023 was primarily related to the write-down of the funding of share purchases in True Corporation in Thailand.Lease expenses Expenses recognised in the income statement related to lease contracts are presented below: NOK in millions Classification in income statement 2023 2022 Depreciation of right-of-use assets Depreciation and amortisation 5 254 4 794 Interest expenses on lease liabilities Financial expenses (note 9) 895 666 Variable lease expenses not dependent on index or rate Other operating expenses (note 6) 1 795 1 857 Variable lease expenses not dependent on index or rate Cost of materials and traffic charges (note 4) 463 348 Expenses relating to short term leases Other operating expenses (note 6) 70 49 Expenses relating to low value leases Other operating expenses (note 6) 15 13 Total 8 491 7 726 Total variable lease expenses of NOK 2.3 billion (NOK 2.2 billion in 2022) recognised in other operating expenses and cost of material and traffic charges include NOK 0.9 billion (NOK 0.9 billion in 2022) related to spectrum and NOK 0.7 billion (NOK 0.6 billion in 2022) related to other lease contracts. Variable lease expenses related to spectrum agreements vary mainly with revenue, as a significant part of the expenses are based on share of revenues under the agreements. Variable lease expenses related to other lease contracts of NOK 0.7 billion (NOK 0.6 billion in 2022) represent mainly energy charges paid to lessors as part of the lease agreements for some mobile sites, and the expenses vary with the consumption of energy on those mobile sites in addition to changes in prices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__48": {
"value": "Accounting policies Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__47": {
"value": "Accounting policies Interest expenses related to bonds, commercial papers, bank loans and bank overdrafts are recognised at amortised cost using the effective interest-rate method. Foreign currency gains and losses arise from monetary assets and liabilities denominated in foreign currencies that are translated to the functional currency. All exchange differences are recognised in the income statement except exchange differences on foreign currency borrowings and monetary items that provide an effective hedge against a net investment in a foreign entity. These gains and losses are recognised in other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognised in the income statement. Dividend income from investments is recognised when the rights to receive payment have been established (declared by the Annual General Meeting or otherwise) and classified as financial income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__51": {
"value": "NOTE 10 Income taxes Telenor is in a payable tax position in most jurisdictions. Telenor is involved in several legal proceedings and discussions related to its tax position where the outcome is uncertain. Uncertain tax positions may require significant judgment including assessment of future taxable profits and estimating the outcome of significant tax disputes. Accounting policies Telenor bases its assessment of taxable income on interpretation of relevant laws and regulations, and when it is considered as probable that the tax treatment will be sustained in a tax review. Current tax assets and liabilities are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax assets and liabilities are calculated using the liability method where deferred taxes are recognised on the difference between the tax base and the carrying amount of the assets and liabilities, including tax losses carried forward. Deferred tax assets and liabilities are not recognised on goodwill or on investments in subsidiaries, associates, or joint ventures where the timing of the reversal can be controlled, and it is probable that the temporary difference will not be reversed in the foreseeable future. Deferred tax assets are only recognised to the extent it is more likely than not that the tax assets will be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right, and Telenor is capable to and intends to settle on a net basis. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. A change in deferred tax assets and liabilities because of change in tax rates is recognised in profit or loss, except when it relates to items that previously was recognised in other comprehensive income or directly in equity. Deferred tax is provided for undistributed earnings in subsidiaries when distribution is expected in foreseeable future. Deferred tax for undistributed earnings in associated companies is provided for as the timing of the reversal of the temporary differences cannot be controlled by Telenor. Key sources of estimation uncertainty Significant judgements are required when assessing uncertain tax assets, like tax losses carried forward. Such judgment may include assessment of taxable profits in futures years as well as tax planning strategies and the existence of taxable temporary differences. Entities with a history of recent losses need convincing evidence that sufficient future taxable profit will be generated before a tax asset is recognised. Uncertainty related to new transactions and events and the interpretation of new tax rules may also affect these judgements. Telenor is involved in various legal proceedings, disputes and claims related to its income tax positions where the outcomes is subject to significant uncertainty. The management assessment may include interpretation of relevant laws, regulations, and the outcome of similar tax disputes in the same jurisdiction, expert opinions from external tax advisors and communication with the tax authorities. A tax provision is recognised when an unfavourable outcome is considered probable, and a reliable estimate can be made. In Norway, a formal decision made by the tax authorities or lower courts is presumed to represent the best estimate for accounting purposes unless expert opinions can point to errors clearly indicating that the tax assessment is incorrect. The tax provision is updated whenever the assumptions change. Tax disputes are disclosed in this note if they are considered significant for Telenor. See also note 23 Legal Disputes and contingencies. Income tax expense NOK in millions 2023 2022 Profit before taxes 1 097 9 339 Current taxes (4 179) ( 365) Deferred taxes ( 153) 3 373 Income taxes (4 332) 3 009 Current taxes In 2023 current taxes are impacted mainly by current tax expense of NOK 1.2 billion in Norway (see below impairments of associated companies, gain on disposal of Working Group Two, and India guarantee) and NOK 2.2 billion in Bangladesh. Current taxes in 2022 were impacted mainly by current tax income of NOK 3.1 billion in Norway (see below reversal of tax expense for the India guarantee for Unitech Wireless, reversal of tax provision in Norway related to losses on loans and guarantees, and prior year assessments or adjustments on current tax) and current tax expense of NOK 2.3 billion in Bangladesh. Deferred taxes In 2022 deferred taxes were impacted mainly by NOK 2.1 billion in Norway, due to realisation of tax losses related to an internal legal restructuring in Asia, and NOK 1.1 billion in Pakistan mainly related to the impairment of fixed assets. Effective tax rate The table below reconciles the reported income tax expense to the expected income tax expense according to the Norwegian corporate income tax rate of 22%. It also discloses the main elements of the tax expense. Comments are provided on selected line items below the table. NOK in millions 2023 2022 Income tax expense at corporate income tax rate in Norway 22% ( 241) (2 055) Effect of tax rates outside Norway different from 22% ( 870) ( 837) Effect of changes in tax rates 185 13 Current and deferred taxes on retained earnings in subsidiaries and associated companies ( 481) ( 70) Impairments of associated companies (1 871) - Gain on disposal of Working Group Two 147 - Write down shareholder loan (funding of investment in True Corporation) ( 192) - Grameenphone tax settlements and new tax act 192 - Reversal of tax expense for the India guarantee for Unitech Wireless ( 221) 2 491 Tax income from restructuring in Asia - 3 136 Divestment of fixed non-core assets in Telenor Sweden - 356 Reversal of tax provision in Norway related to losses on loans and guarantees - 330 Other items ( 598) ( 594) Prior year assessments or adjustments on current tax 72 297 Deferred tax assets not recognised current year ( 454) ( 66) Change in previously not recognised deferred tax assets - 6 Income taxes (4 332) 3 009 Effective tax rate in % 394.7 -32.2 Tax rates outside Norway different from 22% Effects are mainly related to Grameenphone Ltd. (Bangladesh: 40%) and Telenor Pakistan (39%) having higher nominal tax rates than the nominal tax rate for Norway. Telenor Sweden (20.6%) and DNA (Finland: 20%) have lower nominal tax rates. Effect of changes in tax rates Pakistan enacted an increase of their corporate income tax rate from 33% to 39% in 2023. Current and deferred taxes on retained earnings and dividend in subsidiaries and associated companies Includes current taxes on dividends received, as well as change in deferred tax liability (primarily withholding tax) recognised on undistributed earnings in subsidiaries and associated companies outside of Norway. Deferred taxes on retained earnings in foreign subsidiaries are provided for in full as of 31 December 2023 and 2022. Impairments of associated companies In 2023 Telenor recognised impairments for True Corporation of NOK 7,200 million, Allente of NOK 465 million, Carousell of NOK 464 million and Telenor Microfinance Bank of NOK 376 million. Gain on disposal of Working Group Two Telenor\u2019s 44.6 per cent share of Working Group Two was acquired by Cisco in 2023. Write down shareholder loan (funding of investment in True Corporation) Shareholder loan related to the funding of investment in True Corporation is written down by of NOK 1.1 billion in 2023. Grameenphone tax settlements and new tax act The impact of the new income tax act in Bangladesh, which challenges tax deductions for payments made to certain governmental entities is offset by tax settlements and reversed provisions, giving net NOK 192 million reduction of the tax expense. Tax income from restructuring in Asia As a part of Telenor\u2019s new strategy, an internal restructuring process has been initiated to form a new Singapore holding company for all Asian mobile operations. Telenor India is not a part of the strategy for Asia going forward, and therefore the company holding the interests in India has been transferred from Telenor Mobile Communications AS to Telenor Communications II AS. A deductible tax loss of NOK 14.3 billion in Norway was realised in 2022 by the transaction. The deductibility is based on an advanced binding ruling from Norwegian tax authorities. Reversal of tax expense for the India guarantee for Unitech Wireless In 2012, Telenor ASA recorded a loss after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings, amounting to NOK 10.6 billion. A deferred tax asset of NOK 2.5 billion was recognised. In 2013, the business transfer from Unitech Wireless to Telenor India was completed, and Telenor ASA deducted NOK 9.3 billion as loss on guarantees in its tax filing. In 2019, Telenor ASA received a reassessment order from the Norwegian tax authorities disallowing deduction for the loss, which increases previous years\u2019 current income tax with NOK 2.5 billion in 2019. The decision was upheld by the Tax Appeal Board. Telenor ASA has appealed the decision to the district court. On 28 March 2022, the District Court (Tingretten) decided in favour of Telenor ASA, and the tax expense was reversed with NOK 2.5 billion in 2022. The government has appealed the ruling to the Appeal Court (Lagmannsretten). In 2023, the Appeal Court ruled mainly in favour of Telenor ASA as it upheld the decision by the District Court that the losses of NOK 9.2 billion were tax deductible. The timing for tax deduction of the losses was changed from 2013 to 2015, which resulted in lower effective tax deduction and increased previous years current income tax NOK 0.2 billion due to declining tax rates. The government filed an appeal to the Supreme Court, but the Appellate Committee decided not to allow the appeal to be heard. The ruling from the Appeal Court then became final, and accordingly Telenor ASA has received repayment of taxes with NOK 2.3 billion together with interest of NOK 149 million in 2023. Divestment of fixed non-core assets in Telenor Sweden Telenor Sweden sold in 2022 Open Universe and the company\u2019s fibre to the home (FTTH) accesses in the single dwelling unit (SDU) segment to Global Connect for a total consideration of NOK 3 billion. The transaction generated a pre-tax gain on disposal of NOK 1.7 billion. Reversal of tax provision in Norway related to losses on loans and guarantees. Telenor ASA claimed deductions for losses on loans and guarantees related to the subsidiary Cinclus Technology AS in 2008 with NOK 0.5 billion and in 2011 with NOK 0.7 billion. The Tax Office disallowed deductions for 2008 by decision of 21 December 2016, and for 2011 by decision of 21 February 2018. Telenor ASA appealed the decisions. On 6 June 2022, the Tax Appeal Board decided that Telenor ASA should be allowed deductions, and the tax expense was therefore reversed in 2022. Fine imposed by the Norwegian Competition Authority (NCA) In 2022 Telenor paid a fine of NOK 0.8 billion to NCA for a claim from 21 June 2018. The claim relates to an alleged breach of the prohibition against abuse of a dominant position related to the pricing model in one mobile wholesale agreement in the mobile market in the period 2010-2014, see note 23 Legal Disputes and contingencies. Other items In 2023 non-deductible items are in line with last year. Prior year assessments or adjustments on current tax In 2022 it was mainly related to reversal of previous years\u2019 current income for pipes and digging costs in Norway. Deferred tax assets not recognised current year In 2023 it is mainly related Telenor Pakistan. Tax losses carried forward Tax losses carried forward in selected countries expire as follows as of 31 December 2023: NOK in millions Norway Denmark Thailand Other Total 2024 - - - 1 1 2025 - - - 15 15 2026 - - - 16 16 2027 - - - 21 21 2028 - - - 27 27 2029 and later - - - 307 307 Not time-limited 1 979 478 - 19 2 476 Total tax losses carried forward 1 979 478 - 406 2 863 Of which deferred tax assets have not been recognised - 164 - 264 433 Of which deferred tax assets have been recognised 1 979 314 - 142 2 430 Tax losses carried forward in selected countries expire as follows as of 31 December 2022: NOK in millions Norway Denmark Thailand Other Total 2023 - - 591 - 591 2024 - - 999 1 1 000 2025 - - 327 14 340 2026 - - 516 15 531 2027 - - 939 20 959 2028 and later - - - 319 319 Not time-limited 12 484 590 379 283 13 737 Total tax losses carried forward 12 484 590 3 751 653 17 477 Of which deferred tax assets have not been recognised - 154 431 542 1 127 Of which deferred tax assets have been recognised 12 484 436 3 320 111 16 350 In 2023, tax losses carried forward, before and after valuation allowance, decreased by NOK 14.6 billion and NOK 13.9 billion, mainly related to election by Telenor ASA under Norwegian tax rules to treat accumulated unrealized foreign exchange losses on non-current borrowings as a temporary difference and to the deconsolidation of dtac. In 2022, tax losses carried forward, before and after valuation allowance, increased by NOK 11.6 billion, mainly due to recognition of NOK 12.5 billion tax losses carried forward in Norway, partly offset by the utilisation of tax losses in Denmark and Thailand. Tax assets recognised on tax losses carried forward Norway and Denmark have recognised tax assets on unused tax losses as Telenor expects there will be sufficient future taxable profits available to utilise these losses. Uncertain tax positions Pakistan Telenor Pakistan has received reassessment orders from the Tax Authority concerning deductibility of certain expenses in tax returns and disputing the adjustment of advance income tax paid on import of equipment with an exposure of NOK 1.8 billion. Telenor Pakistan is of the opinion that the deductibility of these expenses is in accordance with the tax law in Pakistan (also supported by external legal advisors), hence Telenor Pakistan disagrees with the reassessment orders and has challenged the orders, which are pending at various appellate forums. There is an additional exposure of NOK 1.9 billion for similar issues in years where reassessments have been remanded back to the assessing tax officer for new assessment and in years not yet reassessed. Norway In 2012, Telenor ASA recorded a loss on receivables on its Indian subsidiary Unitech Wireless after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings, amounting to NOK 10.6 billion. A deferred tax asset of NOK 2.5 billion was recognised. In 2013, after the business transfer from Unitech Wireless to Telenor India was completed, Telenor ASA deducted the actual tax loss of NOK 9.3 billion in its tax return. In 2019, Telenor ASA received a reassessment order for income year 2013, disallowing deduction for the loss. Following this reassessment, Telenor ASA recognised a tax expense of NOK 2.5 billion and paid the amount in the third quarter 2019. Telenor ASA appealed the reassessment. In a decision received 10 February 2021 the Tax Appeal Board upheld the reassessment. Telenor ASA appealed the decision to the district court. On 28 March 2022, the district court decided in favour of Telenor ASA, and the tax expense was reversed with NOK 2.5 billion in 2022. The government appealed the ruling to the Appeal Court. In 2023, the Appeal Court ruled mainly in favour of Telenor ASA as it upheld the decision by the District Court (Tingretten) that the losses of NOK 9.2 billion were tax deductible. The timing for tax deduction of the losses was changed from 2013 to 2015, which resulted in lower effective tax deduction and increased previous years current income tax NOK 0.2 billion due to declining tax rates. The government filed an appeal to the Supreme Court, but the Appellate Committee decided not to allow the appeal to be heard. The ruling from the Appeal Court then became final, and accordingly Telenor ASA has received repayment of taxes with NOK 2.3 billion together with interest of NOK 149 million in 2023. Tax effect of temporary differences and tax losses carried forward as of 31 December 2023 2022 Of which deferred Recognised in Of which Recognised in Deferred Deferred tax assets the income Deferred Deferred tax deferred assets not the income NOK in millions tax assets liabilities not recognised statement tax assets liabilities recognised statement Tangible and intangible assets 1 989 (8 616) ( 388) 386 1 791 (9 269) ( 142) 360 Undistributed earnings in foreign subsidiaries and associated companies - ( 258) - ( 98) - ( 207) - 16 Non-current borrowings 5 514 ( 88) - 31 4 364 ( 262) - 706 Other non-current items 1 053 (1 369) ( 85) 126 761 ( 994) - ( 81) Total non-current assets and liabilities 8 555 (10 332) ( 472) 445 6 915 (10 733) ( 142) 1 001 Total current assets and liabilities 2 740 ( 98) - ( 246) 2 532 ( 204) - 139 Tax losses carried forward 634 - ( 99) ( 33) 3 757 - ( 229) 2 295 Valuation allowance recognised in the income statement ( 320) ( 62) Deferred tax recognised in the income statement ( 153) 3 373 Total deferred tax assets/liabilities 11 929 (10 430) ( 571) 13 205 (10 937) ( 371) Net deferred tax assets/liabilities - 927 - - 1 897 - Of which deferred tax assets - 4 306 - - 5 536 - Of which deferred tax liabilities - (3 379) - - (3 639) - For 2023, total non-current assets and liabilities increased by NOK 1.6 billion, and NOK 0.4 billion respectively. Total current assets and liabilities increased by NOK 0.2 billion, and NOK 0.1 billion respectively. Tax losses carried forward decreased by NOK 3.1 billion. Net deferred assets/liabilities decrease by NOK 1.0 billion is related to the deconsolidation of dtac. For 2022, the decrease in deferred tax assets and liabilities (NOK 1.1 billion, and NOK 2.4 billion respectively) was mainly related to the deconsolidation of Digi. See also note 12 Held for sale and discontinued operations. Changes in net deferred tax assets and liabilities NOK in millions 2023 2022 As of 1 January 1 897 (2 179) Recognised in the income statement ( 153) 3 373 Recognised in other comprehensive income 420 170 Recognised directly to equity ( 8) ( 11) Acquisitions and disposals of subsidiaries ( 949) 644 Translation differences on deferred taxes ( 281) ( 51) Discontinued operations - ( 49) As of 31 December 927 1 897 Recognised in the income statement For 2023, the change of the amount recognised in the income statement between 2023 and 2022 is related mainly to Norway and Pakistan. Recognised in other comprehensive income For 2023, the change of the amount recognised in other comprehensive income between 2023 and 2022 is related to losses on net investment hedges. Acquisitions and disposals of subsidiaries For 2023, the change of the amount in acquisitions and disposals between 2023 and 2022 is related to the deconsolidation of dtac and Telenor Satellite reclassification to assets held for sales, see note 12 Held for sale and discontinued operations. Pillar II Telenor group is within scope of OECD Pillar II legislation. On the reporting date, local Pillar II legislation have been enacted but not in effect in most of the relevant jurisdictions where Telenor operate and have constituent entities as of 31 December 2023. Since the Pillar II legislation was not effective at the reporting date, the group has no related current tax exposure. Telenor applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 Income Taxes issued in May 2023. Telenor is in the process of assessing its exposure to the Pillar II legislation for when it comes into effect. Based on the tax rate in the countries where Telenor has taxable presence, the exposure to any top-up tax is not expected to be material. Due to the complexities in applying the legislation combined with the fact that not all information about future operations is available, top-up tax can however not be ruled out for the group in 2024 or at a later stage. Telenor is in process of developing and subsequently adopting structured procedures for gathering information and documenting the assessments applied in the recognition and measurement of top-up taxes. This project aims to put Telenor in a position of applying the safe harbour rules accurately, and to develop the ability to carry out calculations in accordance with the ordinary GloBE-rules in all required jurisdictions during 2024.",
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"s8_notes__6__50": {
"value": "NOTE 10 Income taxes Telenor is in a payable tax position in most jurisdictions. Telenor is involved in several legal proceedings and discussions related to its tax position where the outcome is uncertain. Uncertain tax positions may require significant judgment including assessment of future taxable profits and estimating the outcome of significant tax disputes. Accounting policies Telenor bases its assessment of taxable income on interpretation of relevant laws and regulations, and when it is considered as probable that the tax treatment will be sustained in a tax review. Current tax assets and liabilities are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax assets and liabilities are calculated using the liability method where deferred taxes are recognised on the difference between the tax base and the carrying amount of the assets and liabilities, including tax losses carried forward. Deferred tax assets and liabilities are not recognised on goodwill or on investments in subsidiaries, associates, or joint ventures where the timing of the reversal can be controlled, and it is probable that the temporary difference will not be reversed in the foreseeable future. Deferred tax assets are only recognised to the extent it is more likely than not that the tax assets will be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right, and Telenor is capable to and intends to settle on a net basis. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. A change in deferred tax assets and liabilities because of change in tax rates is recognised in profit or loss, except when it relates to items that previously was recognised in other comprehensive income or directly in equity. Deferred tax is provided for undistributed earnings in subsidiaries when distribution is expected in foreseeable future. Deferred tax for undistributed earnings in associated companies is provided for as the timing of the reversal of the temporary differences cannot be controlled by Telenor. Key sources of estimation uncertainty Significant judgements are required when assessing uncertain tax assets, like tax losses carried forward. Such judgment may include assessment of taxable profits in futures years as well as tax planning strategies and the existence of taxable temporary differences. Entities with a history of recent losses need convincing evidence that sufficient future taxable profit will be generated before a tax asset is recognised. Uncertainty related to new transactions and events and the interpretation of new tax rules may also affect these judgements. Telenor is involved in various legal proceedings, disputes and claims related to its income tax positions where the outcomes is subject to significant uncertainty. The management assessment may include interpretation of relevant laws, regulations, and the outcome of similar tax disputes in the same jurisdiction, expert opinions from external tax advisors and communication with the tax authorities. A tax provision is recognised when an unfavourable outcome is considered probable, and a reliable estimate can be made. In Norway, a formal decision made by the tax authorities or lower courts is presumed to represent the best estimate for accounting purposes unless expert opinions can point to errors clearly indicating that the tax assessment is incorrect. The tax provision is updated whenever the assumptions change. Tax disputes are disclosed in this note if they are considered significant for Telenor. See also note 23 Legal Disputes and contingencies. Income tax expense NOK in millions 2023 2022 Profit before taxes 1 097 9 339 Current taxes (4 179) ( 365) Deferred taxes ( 153) 3 373 Income taxes (4 332) 3 009 Current taxes In 2023 current taxes are impacted mainly by current tax expense of NOK 1.2 billion in Norway (see below impairments of associated companies, gain on disposal of Working Group Two, and India guarantee) and NOK 2.2 billion in Bangladesh. Current taxes in 2022 were impacted mainly by current tax income of NOK 3.1 billion in Norway (see below reversal of tax expense for the India guarantee for Unitech Wireless, reversal of tax provision in Norway related to losses on loans and guarantees, and prior year assessments or adjustments on current tax) and current tax expense of NOK 2.3 billion in Bangladesh. Deferred taxes In 2022 deferred taxes were impacted mainly by NOK 2.1 billion in Norway, due to realisation of tax losses related to an internal legal restructuring in Asia, and NOK 1.1 billion in Pakistan mainly related to the impairment of fixed assets. Effective tax rate The table below reconciles the reported income tax expense to the expected income tax expense according to the Norwegian corporate income tax rate of 22%. It also discloses the main elements of the tax expense. Comments are provided on selected line items below the table. NOK in millions 2023 2022 Income tax expense at corporate income tax rate in Norway 22% ( 241) (2 055) Effect of tax rates outside Norway different from 22% ( 870) ( 837) Effect of changes in tax rates 185 13 Current and deferred taxes on retained earnings in subsidiaries and associated companies ( 481) ( 70) Impairments of associated companies (1 871) - Gain on disposal of Working Group Two 147 - Write down shareholder loan (funding of investment in True Corporation) ( 192) - Grameenphone tax settlements and new tax act 192 - Reversal of tax expense for the India guarantee for Unitech Wireless ( 221) 2 491 Tax income from restructuring in Asia - 3 136 Divestment of fixed non-core assets in Telenor Sweden - 356 Reversal of tax provision in Norway related to losses on loans and guarantees - 330 Other items ( 598) ( 594) Prior year assessments or adjustments on current tax 72 297 Deferred tax assets not recognised current year ( 454) ( 66) Change in previously not recognised deferred tax assets - 6 Income taxes (4 332) 3 009 Effective tax rate in % 394.7 -32.2 Tax rates outside Norway different from 22% Effects are mainly related to Grameenphone Ltd. (Bangladesh: 40%) and Telenor Pakistan (39%) having higher nominal tax rates than the nominal tax rate for Norway. Telenor Sweden (20.6%) and DNA (Finland: 20%) have lower nominal tax rates. Effect of changes in tax rates Pakistan enacted an increase of their corporate income tax rate from 33% to 39% in 2023. Current and deferred taxes on retained earnings and dividend in subsidiaries and associated companies Includes current taxes on dividends received, as well as change in deferred tax liability (primarily withholding tax) recognised on undistributed earnings in subsidiaries and associated companies outside of Norway. Deferred taxes on retained earnings in foreign subsidiaries are provided for in full as of 31 December 2023 and 2022. Impairments of associated companies In 2023 Telenor recognised impairments for True Corporation of NOK 7,200 million, Allente of NOK 465 million, Carousell of NOK 464 million and Telenor Microfinance Bank of NOK 376 million. Gain on disposal of Working Group Two Telenor\u2019s 44.6 per cent share of Working Group Two was acquired by Cisco in 2023. Write down shareholder loan (funding of investment in True Corporation) Shareholder loan related to the funding of investment in True Corporation is written down by of NOK 1.1 billion in 2023. Grameenphone tax settlements and new tax act The impact of the new income tax act in Bangladesh, which challenges tax deductions for payments made to certain governmental entities is offset by tax settlements and reversed provisions, giving net NOK 192 million reduction of the tax expense. Tax income from restructuring in Asia As a part of Telenor\u2019s new strategy, an internal restructuring process has been initiated to form a new Singapore holding company for all Asian mobile operations. Telenor India is not a part of the strategy for Asia going forward, and therefore the company holding the interests in India has been transferred from Telenor Mobile Communications AS to Telenor Communications II AS. A deductible tax loss of NOK 14.3 billion in Norway was realised in 2022 by the transaction. The deductibility is based on an advanced binding ruling from Norwegian tax authorities. Reversal of tax expense for the India guarantee for Unitech Wireless In 2012, Telenor ASA recorded a loss after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings, amounting to NOK 10.6 billion. A deferred tax asset of NOK 2.5 billion was recognised. In 2013, the business transfer from Unitech Wireless to Telenor India was completed, and Telenor ASA deducted NOK 9.3 billion as loss on guarantees in its tax filing. In 2019, Telenor ASA received a reassessment order from the Norwegian tax authorities disallowing deduction for the loss, which increases previous years\u2019 current income tax with NOK 2.5 billion in 2019. The decision was upheld by the Tax Appeal Board. Telenor ASA has appealed the decision to the district court. On 28 March 2022, the District Court (Tingretten) decided in favour of Telenor ASA, and the tax expense was reversed with NOK 2.5 billion in 2022. The government has appealed the ruling to the Appeal Court (Lagmannsretten). In 2023, the Appeal Court ruled mainly in favour of Telenor ASA as it upheld the decision by the District Court that the losses of NOK 9.2 billion were tax deductible. The timing for tax deduction of the losses was changed from 2013 to 2015, which resulted in lower effective tax deduction and increased previous years current income tax NOK 0.2 billion due to declining tax rates. The government filed an appeal to the Supreme Court, but the Appellate Committee decided not to allow the appeal to be heard. The ruling from the Appeal Court then became final, and accordingly Telenor ASA has received repayment of taxes with NOK 2.3 billion together with interest of NOK 149 million in 2023. Divestment of fixed non-core assets in Telenor Sweden Telenor Sweden sold in 2022 Open Universe and the company\u2019s fibre to the home (FTTH) accesses in the single dwelling unit (SDU) segment to Global Connect for a total consideration of NOK 3 billion. The transaction generated a pre-tax gain on disposal of NOK 1.7 billion. Reversal of tax provision in Norway related to losses on loans and guarantees. Telenor ASA claimed deductions for losses on loans and guarantees related to the subsidiary Cinclus Technology AS in 2008 with NOK 0.5 billion and in 2011 with NOK 0.7 billion. The Tax Office disallowed deductions for 2008 by decision of 21 December 2016, and for 2011 by decision of 21 February 2018. Telenor ASA appealed the decisions. On 6 June 2022, the Tax Appeal Board decided that Telenor ASA should be allowed deductions, and the tax expense was therefore reversed in 2022. Fine imposed by the Norwegian Competition Authority (NCA) In 2022 Telenor paid a fine of NOK 0.8 billion to NCA for a claim from 21 June 2018. The claim relates to an alleged breach of the prohibition against abuse of a dominant position related to the pricing model in one mobile wholesale agreement in the mobile market in the period 2010-2014, see note 23 Legal Disputes and contingencies. Other items In 2023 non-deductible items are in line with last year. Prior year assessments or adjustments on current tax In 2022 it was mainly related to reversal of previous years\u2019 current income for pipes and digging costs in Norway. Deferred tax assets not recognised current year In 2023 it is mainly related Telenor Pakistan. Tax losses carried forward Tax losses carried forward in selected countries expire as follows as of 31 December 2023: NOK in millions Norway Denmark Thailand Other Total 2024 - - - 1 1 2025 - - - 15 15 2026 - - - 16 16 2027 - - - 21 21 2028 - - - 27 27 2029 and later - - - 307 307 Not time-limited 1 979 478 - 19 2 476 Total tax losses carried forward 1 979 478 - 406 2 863 Of which deferred tax assets have not been recognised - 164 - 264 433 Of which deferred tax assets have been recognised 1 979 314 - 142 2 430 Tax losses carried forward in selected countries expire as follows as of 31 December 2022: NOK in millions Norway Denmark Thailand Other Total 2023 - - 591 - 591 2024 - - 999 1 1 000 2025 - - 327 14 340 2026 - - 516 15 531 2027 - - 939 20 959 2028 and later - - - 319 319 Not time-limited 12 484 590 379 283 13 737 Total tax losses carried forward 12 484 590 3 751 653 17 477 Of which deferred tax assets have not been recognised - 154 431 542 1 127 Of which deferred tax assets have been recognised 12 484 436 3 320 111 16 350 In 2023, tax losses carried forward, before and after valuation allowance, decreased by NOK 14.6 billion and NOK 13.9 billion, mainly related to election by Telenor ASA under Norwegian tax rules to treat accumulated unrealized foreign exchange losses on non-current borrowings as a temporary difference and to the deconsolidation of dtac. In 2022, tax losses carried forward, before and after valuation allowance, increased by NOK 11.6 billion, mainly due to recognition of NOK 12.5 billion tax losses carried forward in Norway, partly offset by the utilisation of tax losses in Denmark and Thailand. Tax assets recognised on tax losses carried forward Norway and Denmark have recognised tax assets on unused tax losses as Telenor expects there will be sufficient future taxable profits available to utilise these losses. Uncertain tax positions Pakistan Telenor Pakistan has received reassessment orders from the Tax Authority concerning deductibility of certain expenses in tax returns and disputing the adjustment of advance income tax paid on import of equipment with an exposure of NOK 1.8 billion. Telenor Pakistan is of the opinion that the deductibility of these expenses is in accordance with the tax law in Pakistan (also supported by external legal advisors), hence Telenor Pakistan disagrees with the reassessment orders and has challenged the orders, which are pending at various appellate forums. There is an additional exposure of NOK 1.9 billion for similar issues in years where reassessments have been remanded back to the assessing tax officer for new assessment and in years not yet reassessed. Norway In 2012, Telenor ASA recorded a loss on receivables on its Indian subsidiary Unitech Wireless after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings, amounting to NOK 10.6 billion. A deferred tax asset of NOK 2.5 billion was recognised. In 2013, after the business transfer from Unitech Wireless to Telenor India was completed, Telenor ASA deducted the actual tax loss of NOK 9.3 billion in its tax return. In 2019, Telenor ASA received a reassessment order for income year 2013, disallowing deduction for the loss. Following this reassessment, Telenor ASA recognised a tax expense of NOK 2.5 billion and paid the amount in the third quarter 2019. Telenor ASA appealed the reassessment. In a decision received 10 February 2021 the Tax Appeal Board upheld the reassessment. Telenor ASA appealed the decision to the district court. On 28 March 2022, the district court decided in favour of Telenor ASA, and the tax expense was reversed with NOK 2.5 billion in 2022. The government appealed the ruling to the Appeal Court. In 2023, the Appeal Court ruled mainly in favour of Telenor ASA as it upheld the decision by the District Court (Tingretten) that the losses of NOK 9.2 billion were tax deductible. The timing for tax deduction of the losses was changed from 2013 to 2015, which resulted in lower effective tax deduction and increased previous years current income tax NOK 0.2 billion due to declining tax rates. The government filed an appeal to the Supreme Court, but the Appellate Committee decided not to allow the appeal to be heard. The ruling from the Appeal Court then became final, and accordingly Telenor ASA has received repayment of taxes with NOK 2.3 billion together with interest of NOK 149 million in 2023. Tax effect of temporary differences and tax losses carried forward as of 31 December 2023 2022 Of which deferred Recognised in Of which Recognised in Deferred Deferred tax assets the income Deferred Deferred tax deferred assets not the income NOK in millions tax assets liabilities not recognised statement tax assets liabilities recognised statement Tangible and intangible assets 1 989 (8 616) ( 388) 386 1 791 (9 269) ( 142) 360 Undistributed earnings in foreign subsidiaries and associated companies - ( 258) - ( 98) - ( 207) - 16 Non-current borrowings 5 514 ( 88) - 31 4 364 ( 262) - 706 Other non-current items 1 053 (1 369) ( 85) 126 761 ( 994) - ( 81) Total non-current assets and liabilities 8 555 (10 332) ( 472) 445 6 915 (10 733) ( 142) 1 001 Total current assets and liabilities 2 740 ( 98) - ( 246) 2 532 ( 204) - 139 Tax losses carried forward 634 - ( 99) ( 33) 3 757 - ( 229) 2 295 Valuation allowance recognised in the income statement ( 320) ( 62) Deferred tax recognised in the income statement ( 153) 3 373 Total deferred tax assets/liabilities 11 929 (10 430) ( 571) 13 205 (10 937) ( 371) Net deferred tax assets/liabilities - 927 - - 1 897 - Of which deferred tax assets - 4 306 - - 5 536 - Of which deferred tax liabilities - (3 379) - - (3 639) - For 2023, total non-current assets and liabilities increased by NOK 1.6 billion, and NOK 0.4 billion respectively. Total current assets and liabilities increased by NOK 0.2 billion, and NOK 0.1 billion respectively. Tax losses carried forward decreased by NOK 3.1 billion. Net deferred assets/liabilities decrease by NOK 1.0 billion is related to the deconsolidation of dtac. For 2022, the decrease in deferred tax assets and liabilities (NOK 1.1 billion, and NOK 2.4 billion respectively) was mainly related to the deconsolidation of Digi. See also note 12 Held for sale and discontinued operations. Changes in net deferred tax assets and liabilities NOK in millions 2023 2022 As of 1 January 1 897 (2 179) Recognised in the income statement ( 153) 3 373 Recognised in other comprehensive income 420 170 Recognised directly to equity ( 8) ( 11) Acquisitions and disposals of subsidiaries ( 949) 644 Translation differences on deferred taxes ( 281) ( 51) Discontinued operations - ( 49) As of 31 December 927 1 897 Recognised in the income statement For 2023, the change of the amount recognised in the income statement between 2023 and 2022 is related mainly to Norway and Pakistan. Recognised in other comprehensive income For 2023, the change of the amount recognised in other comprehensive income between 2023 and 2022 is related to losses on net investment hedges. Acquisitions and disposals of subsidiaries For 2023, the change of the amount in acquisitions and disposals between 2023 and 2022 is related to the deconsolidation of dtac and Telenor Satellite reclassification to assets held for sales, see note 12 Held for sale and discontinued operations. Pillar II Telenor group is within scope of OECD Pillar II legislation. On the reporting date, local Pillar II legislation have been enacted but not in effect in most of the relevant jurisdictions where Telenor operate and have constituent entities as of 31 December 2023. Since the Pillar II legislation was not effective at the reporting date, the group has no related current tax exposure. Telenor applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 Income Taxes issued in May 2023. Telenor is in the process of assessing its exposure to the Pillar II legislation for when it comes into effect. Based on the tax rate in the countries where Telenor has taxable presence, the exposure to any top-up tax is not expected to be material. Due to the complexities in applying the legislation combined with the fact that not all information about future operations is available, top-up tax can however not be ruled out for the group in 2024 or at a later stage. Telenor is in process of developing and subsequently adopting structured procedures for gathering information and documenting the assessments applied in the recognition and measurement of top-up taxes. This project aims to put Telenor in a position of applying the safe harbour rules accurately, and to develop the ability to carry out calculations in accordance with the ordinary GloBE-rules in all required jurisdictions during 2024.",
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"s8_notes__6__49": {
"value": "NOTE 10 Income taxes Telenor is in a payable tax position in most jurisdictions. Telenor is involved in several legal proceedings and discussions related to its tax position where the outcome is uncertain. Uncertain tax positions may require significant judgment including assessment of future taxable profits and estimating the outcome of significant tax disputes. Accounting policies Telenor bases its assessment of taxable income on interpretation of relevant laws and regulations, and when it is considered as probable that the tax treatment will be sustained in a tax review. Current tax assets and liabilities are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax assets and liabilities are calculated using the liability method where deferred taxes are recognised on the difference between the tax base and the carrying amount of the assets and liabilities, including tax losses carried forward. Deferred tax assets and liabilities are not recognised on goodwill or on investments in subsidiaries, associates, or joint ventures where the timing of the reversal can be controlled, and it is probable that the temporary difference will not be reversed in the foreseeable future. Deferred tax assets are only recognised to the extent it is more likely than not that the tax assets will be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right, and Telenor is capable to and intends to settle on a net basis. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. A change in deferred tax assets and liabilities because of change in tax rates is recognised in profit or loss, except when it relates to items that previously was recognised in other comprehensive income or directly in equity. Deferred tax is provided for undistributed earnings in subsidiaries when distribution is expected in foreseeable future. Deferred tax for undistributed earnings in associated companies is provided for as the timing of the reversal of the temporary differences cannot be controlled by Telenor. Key sources of estimation uncertainty Significant judgements are required when assessing uncertain tax assets, like tax losses carried forward. Such judgment may include assessment of taxable profits in futures years as well as tax planning strategies and the existence of taxable temporary differences. Entities with a history of recent losses need convincing evidence that sufficient future taxable profit will be generated before a tax asset is recognised. Uncertainty related to new transactions and events and the interpretation of new tax rules may also affect these judgements. Telenor is involved in various legal proceedings, disputes and claims related to its income tax positions where the outcomes is subject to significant uncertainty. The management assessment may include interpretation of relevant laws, regulations, and the outcome of similar tax disputes in the same jurisdiction, expert opinions from external tax advisors and communication with the tax authorities. A tax provision is recognised when an unfavourable outcome is considered probable, and a reliable estimate can be made. In Norway, a formal decision made by the tax authorities or lower courts is presumed to represent the best estimate for accounting purposes unless expert opinions can point to errors clearly indicating that the tax assessment is incorrect. The tax provision is updated whenever the assumptions change. Tax disputes are disclosed in this note if they are considered significant for Telenor. See also note 23 Legal Disputes and contingencies. Income tax expense NOK in millions 2023 2022 Profit before taxes 1 097 9 339 Current taxes (4 179) ( 365) Deferred taxes ( 153) 3 373 Income taxes (4 332) 3 009 Current taxes In 2023 current taxes are impacted mainly by current tax expense of NOK 1.2 billion in Norway (see below impairments of associated companies, gain on disposal of Working Group Two, and India guarantee) and NOK 2.2 billion in Bangladesh. Current taxes in 2022 were impacted mainly by current tax income of NOK 3.1 billion in Norway (see below reversal of tax expense for the India guarantee for Unitech Wireless, reversal of tax provision in Norway related to losses on loans and guarantees, and prior year assessments or adjustments on current tax) and current tax expense of NOK 2.3 billion in Bangladesh. Deferred taxes In 2022 deferred taxes were impacted mainly by NOK 2.1 billion in Norway, due to realisation of tax losses related to an internal legal restructuring in Asia, and NOK 1.1 billion in Pakistan mainly related to the impairment of fixed assets. Effective tax rate The table below reconciles the reported income tax expense to the expected income tax expense according to the Norwegian corporate income tax rate of 22%. It also discloses the main elements of the tax expense. Comments are provided on selected line items below the table. NOK in millions 2023 2022 Income tax expense at corporate income tax rate in Norway 22% ( 241) (2 055) Effect of tax rates outside Norway different from 22% ( 870) ( 837) Effect of changes in tax rates 185 13 Current and deferred taxes on retained earnings in subsidiaries and associated companies ( 481) ( 70) Impairments of associated companies (1 871) - Gain on disposal of Working Group Two 147 - Write down shareholder loan (funding of investment in True Corporation) ( 192) - Grameenphone tax settlements and new tax act 192 - Reversal of tax expense for the India guarantee for Unitech Wireless ( 221) 2 491 Tax income from restructuring in Asia - 3 136 Divestment of fixed non-core assets in Telenor Sweden - 356 Reversal of tax provision in Norway related to losses on loans and guarantees - 330 Other items ( 598) ( 594) Prior year assessments or adjustments on current tax 72 297 Deferred tax assets not recognised current year ( 454) ( 66) Change in previously not recognised deferred tax assets - 6 Income taxes (4 332) 3 009 Effective tax rate in % 394.7 -32.2 Tax rates outside Norway different from 22% Effects are mainly related to Grameenphone Ltd. (Bangladesh: 40%) and Telenor Pakistan (39%) having higher nominal tax rates than the nominal tax rate for Norway. Telenor Sweden (20.6%) and DNA (Finland: 20%) have lower nominal tax rates. Effect of changes in tax rates Pakistan enacted an increase of their corporate income tax rate from 33% to 39% in 2023. Current and deferred taxes on retained earnings and dividend in subsidiaries and associated companies Includes current taxes on dividends received, as well as change in deferred tax liability (primarily withholding tax) recognised on undistributed earnings in subsidiaries and associated companies outside of Norway. Deferred taxes on retained earnings in foreign subsidiaries are provided for in full as of 31 December 2023 and 2022. Impairments of associated companies In 2023 Telenor recognised impairments for True Corporation of NOK 7,200 million, Allente of NOK 465 million, Carousell of NOK 464 million and Telenor Microfinance Bank of NOK 376 million. Gain on disposal of Working Group Two Telenor\u2019s 44.6 per cent share of Working Group Two was acquired by Cisco in 2023. Write down shareholder loan (funding of investment in True Corporation) Shareholder loan related to the funding of investment in True Corporation is written down by of NOK 1.1 billion in 2023. Grameenphone tax settlements and new tax act The impact of the new income tax act in Bangladesh, which challenges tax deductions for payments made to certain governmental entities is offset by tax settlements and reversed provisions, giving net NOK 192 million reduction of the tax expense. Tax income from restructuring in Asia As a part of Telenor\u2019s new strategy, an internal restructuring process has been initiated to form a new Singapore holding company for all Asian mobile operations. Telenor India is not a part of the strategy for Asia going forward, and therefore the company holding the interests in India has been transferred from Telenor Mobile Communications AS to Telenor Communications II AS. A deductible tax loss of NOK 14.3 billion in Norway was realised in 2022 by the transaction. The deductibility is based on an advanced binding ruling from Norwegian tax authorities. Reversal of tax expense for the India guarantee for Unitech Wireless In 2012, Telenor ASA recorded a loss after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings, amounting to NOK 10.6 billion. A deferred tax asset of NOK 2.5 billion was recognised. In 2013, the business transfer from Unitech Wireless to Telenor India was completed, and Telenor ASA deducted NOK 9.3 billion as loss on guarantees in its tax filing. In 2019, Telenor ASA received a reassessment order from the Norwegian tax authorities disallowing deduction for the loss, which increases previous years\u2019 current income tax with NOK 2.5 billion in 2019. The decision was upheld by the Tax Appeal Board. Telenor ASA has appealed the decision to the district court. On 28 March 2022, the District Court (Tingretten) decided in favour of Telenor ASA, and the tax expense was reversed with NOK 2.5 billion in 2022. The government has appealed the ruling to the Appeal Court (Lagmannsretten). In 2023, the Appeal Court ruled mainly in favour of Telenor ASA as it upheld the decision by the District Court that the losses of NOK 9.2 billion were tax deductible. The timing for tax deduction of the losses was changed from 2013 to 2015, which resulted in lower effective tax deduction and increased previous years current income tax NOK 0.2 billion due to declining tax rates. The government filed an appeal to the Supreme Court, but the Appellate Committee decided not to allow the appeal to be heard. The ruling from the Appeal Court then became final, and accordingly Telenor ASA has received repayment of taxes with NOK 2.3 billion together with interest of NOK 149 million in 2023. Divestment of fixed non-core assets in Telenor Sweden Telenor Sweden sold in 2022 Open Universe and the company\u2019s fibre to the home (FTTH) accesses in the single dwelling unit (SDU) segment to Global Connect for a total consideration of NOK 3 billion. The transaction generated a pre-tax gain on disposal of NOK 1.7 billion. Reversal of tax provision in Norway related to losses on loans and guarantees. Telenor ASA claimed deductions for losses on loans and guarantees related to the subsidiary Cinclus Technology AS in 2008 with NOK 0.5 billion and in 2011 with NOK 0.7 billion. The Tax Office disallowed deductions for 2008 by decision of 21 December 2016, and for 2011 by decision of 21 February 2018. Telenor ASA appealed the decisions. On 6 June 2022, the Tax Appeal Board decided that Telenor ASA should be allowed deductions, and the tax expense was therefore reversed in 2022. Fine imposed by the Norwegian Competition Authority (NCA) In 2022 Telenor paid a fine of NOK 0.8 billion to NCA for a claim from 21 June 2018. The claim relates to an alleged breach of the prohibition against abuse of a dominant position related to the pricing model in one mobile wholesale agreement in the mobile market in the period 2010-2014, see note 23 Legal Disputes and contingencies. Other items In 2023 non-deductible items are in line with last year. Prior year assessments or adjustments on current tax In 2022 it was mainly related to reversal of previous years\u2019 current income for pipes and digging costs in Norway. Deferred tax assets not recognised current year In 2023 it is mainly related Telenor Pakistan. Tax losses carried forward Tax losses carried forward in selected countries expire as follows as of 31 December 2023: NOK in millions Norway Denmark Thailand Other Total 2024 - - - 1 1 2025 - - - 15 15 2026 - - - 16 16 2027 - - - 21 21 2028 - - - 27 27 2029 and later - - - 307 307 Not time-limited 1 979 478 - 19 2 476 Total tax losses carried forward 1 979 478 - 406 2 863 Of which deferred tax assets have not been recognised - 164 - 264 433 Of which deferred tax assets have been recognised 1 979 314 - 142 2 430 Tax losses carried forward in selected countries expire as follows as of 31 December 2022: NOK in millions Norway Denmark Thailand Other Total 2023 - - 591 - 591 2024 - - 999 1 1 000 2025 - - 327 14 340 2026 - - 516 15 531 2027 - - 939 20 959 2028 and later - - - 319 319 Not time-limited 12 484 590 379 283 13 737 Total tax losses carried forward 12 484 590 3 751 653 17 477 Of which deferred tax assets have not been recognised - 154 431 542 1 127 Of which deferred tax assets have been recognised 12 484 436 3 320 111 16 350 In 2023, tax losses carried forward, before and after valuation allowance, decreased by NOK 14.6 billion and NOK 13.9 billion, mainly related to election by Telenor ASA under Norwegian tax rules to treat accumulated unrealized foreign exchange losses on non-current borrowings as a temporary difference and to the deconsolidation of dtac. In 2022, tax losses carried forward, before and after valuation allowance, increased by NOK 11.6 billion, mainly due to recognition of NOK 12.5 billion tax losses carried forward in Norway, partly offset by the utilisation of tax losses in Denmark and Thailand. Tax assets recognised on tax losses carried forward Norway and Denmark have recognised tax assets on unused tax losses as Telenor expects there will be sufficient future taxable profits available to utilise these losses. Uncertain tax positions Pakistan Telenor Pakistan has received reassessment orders from the Tax Authority concerning deductibility of certain expenses in tax returns and disputing the adjustment of advance income tax paid on import of equipment with an exposure of NOK 1.8 billion. Telenor Pakistan is of the opinion that the deductibility of these expenses is in accordance with the tax law in Pakistan (also supported by external legal advisors), hence Telenor Pakistan disagrees with the reassessment orders and has challenged the orders, which are pending at various appellate forums. There is an additional exposure of NOK 1.9 billion for similar issues in years where reassessments have been remanded back to the assessing tax officer for new assessment and in years not yet reassessed. Norway In 2012, Telenor ASA recorded a loss on receivables on its Indian subsidiary Unitech Wireless after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings, amounting to NOK 10.6 billion. A deferred tax asset of NOK 2.5 billion was recognised. In 2013, after the business transfer from Unitech Wireless to Telenor India was completed, Telenor ASA deducted the actual tax loss of NOK 9.3 billion in its tax return. In 2019, Telenor ASA received a reassessment order for income year 2013, disallowing deduction for the loss. Following this reassessment, Telenor ASA recognised a tax expense of NOK 2.5 billion and paid the amount in the third quarter 2019. Telenor ASA appealed the reassessment. In a decision received 10 February 2021 the Tax Appeal Board upheld the reassessment. Telenor ASA appealed the decision to the district court. On 28 March 2022, the district court decided in favour of Telenor ASA, and the tax expense was reversed with NOK 2.5 billion in 2022. The government appealed the ruling to the Appeal Court. In 2023, the Appeal Court ruled mainly in favour of Telenor ASA as it upheld the decision by the District Court (Tingretten) that the losses of NOK 9.2 billion were tax deductible. The timing for tax deduction of the losses was changed from 2013 to 2015, which resulted in lower effective tax deduction and increased previous years current income tax NOK 0.2 billion due to declining tax rates. The government filed an appeal to the Supreme Court, but the Appellate Committee decided not to allow the appeal to be heard. The ruling from the Appeal Court then became final, and accordingly Telenor ASA has received repayment of taxes with NOK 2.3 billion together with interest of NOK 149 million in 2023. Tax effect of temporary differences and tax losses carried forward as of 31 December 2023 2022 Of which deferred Recognised in Of which Recognised in Deferred Deferred tax assets the income Deferred Deferred tax deferred assets not the income NOK in millions tax assets liabilities not recognised statement tax assets liabilities recognised statement Tangible and intangible assets 1 989 (8 616) ( 388) 386 1 791 (9 269) ( 142) 360 Undistributed earnings in foreign subsidiaries and associated companies - ( 258) - ( 98) - ( 207) - 16 Non-current borrowings 5 514 ( 88) - 31 4 364 ( 262) - 706 Other non-current items 1 053 (1 369) ( 85) 126 761 ( 994) - ( 81) Total non-current assets and liabilities 8 555 (10 332) ( 472) 445 6 915 (10 733) ( 142) 1 001 Total current assets and liabilities 2 740 ( 98) - ( 246) 2 532 ( 204) - 139 Tax losses carried forward 634 - ( 99) ( 33) 3 757 - ( 229) 2 295 Valuation allowance recognised in the income statement ( 320) ( 62) Deferred tax recognised in the income statement ( 153) 3 373 Total deferred tax assets/liabilities 11 929 (10 430) ( 571) 13 205 (10 937) ( 371) Net deferred tax assets/liabilities - 927 - - 1 897 - Of which deferred tax assets - 4 306 - - 5 536 - Of which deferred tax liabilities - (3 379) - - (3 639) - For 2023, total non-current assets and liabilities increased by NOK 1.6 billion, and NOK 0.4 billion respectively. Total current assets and liabilities increased by NOK 0.2 billion, and NOK 0.1 billion respectively. Tax losses carried forward decreased by NOK 3.1 billion. Net deferred assets/liabilities decrease by NOK 1.0 billion is related to the deconsolidation of dtac. For 2022, the decrease in deferred tax assets and liabilities (NOK 1.1 billion, and NOK 2.4 billion respectively) was mainly related to the deconsolidation of Digi. See also note 12 Held for sale and discontinued operations. Changes in net deferred tax assets and liabilities NOK in millions 2023 2022 As of 1 January 1 897 (2 179) Recognised in the income statement ( 153) 3 373 Recognised in other comprehensive income 420 170 Recognised directly to equity ( 8) ( 11) Acquisitions and disposals of subsidiaries ( 949) 644 Translation differences on deferred taxes ( 281) ( 51) Discontinued operations - ( 49) As of 31 December 927 1 897 Recognised in the income statement For 2023, the change of the amount recognised in the income statement between 2023 and 2022 is related mainly to Norway and Pakistan. Recognised in other comprehensive income For 2023, the change of the amount recognised in other comprehensive income between 2023 and 2022 is related to losses on net investment hedges. Acquisitions and disposals of subsidiaries For 2023, the change of the amount in acquisitions and disposals between 2023 and 2022 is related to the deconsolidation of dtac and Telenor Satellite reclassification to assets held for sales, see note 12 Held for sale and discontinued operations. Pillar II Telenor group is within scope of OECD Pillar II legislation. On the reporting date, local Pillar II legislation have been enacted but not in effect in most of the relevant jurisdictions where Telenor operate and have constituent entities as of 31 December 2023. Since the Pillar II legislation was not effective at the reporting date, the group has no related current tax exposure. Telenor applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 Income Taxes issued in May 2023. Telenor is in the process of assessing its exposure to the Pillar II legislation for when it comes into effect. Based on the tax rate in the countries where Telenor has taxable presence, the exposure to any top-up tax is not expected to be material. Due to the complexities in applying the legislation combined with the fact that not all information about future operations is available, top-up tax can however not be ruled out for the group in 2024 or at a later stage. Telenor is in process of developing and subsequently adopting structured procedures for gathering information and documenting the assessments applied in the recognition and measurement of top-up taxes. This project aims to put Telenor in a position of applying the safe harbour rules accurately, and to develop the ability to carry out calculations in accordance with the ordinary GloBE-rules in all required jurisdictions during 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__53": {
"value": "Accounting policies Telenor bases its assessment of taxable income on interpretation of relevant laws and regulations, and when it is considered as probable that the tax treatment will be sustained in a tax review. Current tax assets and liabilities are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax assets and liabilities are calculated using the liability method where deferred taxes are recognised on the difference between the tax base and the carrying amount of the assets and liabilities, including tax losses carried forward. Deferred tax assets and liabilities are not recognised on goodwill or on investments in subsidiaries, associates, or joint ventures where the timing of the reversal can be controlled, and it is probable that the temporary difference will not be reversed in the foreseeable future. Deferred tax assets are only recognised to the extent it is more likely than not that the tax assets will be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right, and Telenor is capable to and intends to settle on a net basis. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. A change in deferred tax assets and liabilities because of change in tax rates is recognised in profit or loss, except when it relates to items that previously was recognised in other comprehensive income or directly in equity. Deferred tax is provided for undistributed earnings in subsidiaries when distribution is expected in foreseeable future. Deferred tax for undistributed earnings in associated companies is provided for as the timing of the reversal of the temporary differences cannot be controlled by Telenor.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__52": {
"value": "Accounting policies Telenor bases its assessment of taxable income on interpretation of relevant laws and regulations, and when it is considered as probable that the tax treatment will be sustained in a tax review. Current tax assets and liabilities are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax assets and liabilities are calculated using the liability method where deferred taxes are recognised on the difference between the tax base and the carrying amount of the assets and liabilities, including tax losses carried forward. Deferred tax assets and liabilities are not recognised on goodwill or on investments in subsidiaries, associates, or joint ventures where the timing of the reversal can be controlled, and it is probable that the temporary difference will not be reversed in the foreseeable future. Deferred tax assets are only recognised to the extent it is more likely than not that the tax assets will be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right, and Telenor is capable to and intends to settle on a net basis. The enacted tax rates at the end of the reporting period and undiscounted amounts are used. A change in deferred tax assets and liabilities because of change in tax rates is recognised in profit or loss, except when it relates to items that previously was recognised in other comprehensive income or directly in equity. Deferred tax is provided for undistributed earnings in subsidiaries when distribution is expected in foreseeable future. Deferred tax for undistributed earnings in associated companies is provided for as the timing of the reversal of the temporary differences cannot be controlled by Telenor.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__55": {
"value": "NOTE 11 Earnings per share and dividends The earnings per share (EPS) of NOK 9.90 in 2023 was positively impacted by the gain from the merger between dtac and True, see further information in note 12 Held for sale and discontinued operations. The EPS from continuing operations was negative NOK 3.53 in 2023 mainly as a result of impairment of True Corporations, see further information in note 35 Associated companies and joint arrangements. The EPS from continuing operations in 2022 was NOK 7.84. The dividend policy in Telenor is to aim for a year-on-year growth in nominal dividend per share. The annual dividends are normally paid in two instalments. The Board of Directors has proposed a dividend of NOK 9.50 per share for 2023. Accounting policies Earnings per share (EPS) is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average ordinary outstanding shares. Earnings per share The calculations of earnings per share attributable to the ordinary equity holders of Telenor ASA are shown below. Net income to equity holders of Telenor ASA NOK in millions 2023 2022 Net income from continuing operations after non-controlling interest (4 901) 10 978 Net income (loss) from discontinued operations after non-controlling interest 18 635 33 935 Net income from total operations attributable to equity holders of Telenor ASA 13 734 44 913 Number of shares In thousands 2023 2022 Weighted average number of shares for the purpose of basic earnings per share 1 387 568 1 399 458 Basic/Diluted earnings per share NOK 2023 2022 Basic/Diluted earnings per share from continuing operations (3.53) 7.84 Basic/Diluted earnings per share from discontinued operations 13.43 24.25 Basic/Diluted earnings per share for total operations 9.90 32.09 Dividends to equity holders of Telenor ASA NOK 2023 2022 Ordinary dividend per share in NOK \u2013 paid 9.40 9.30 Ordinary dividend per share in NOK - proposed by the Board of Directors 9.50 9.40 Total dividend of NOK 13.0 billion has been paid and charged to equity in 2023 (NOK 13.0 billion in 2022). In respect of 2023, the Board of Directors proposed an ordinary dividend of NOK 9.50, to be approved by the Annual General Meeting on 7 May 2024. The total amount of dividend is estimated to be NOK 13.2 billion based on the outstanding number of shares as of 31 December 2023. The dividend will be split into two tranches of NOK 5.00 and NOK 4.50 per share to be paid out in May 2024 and October 2024, respectively. Dividends paid to non-controlling interests During 2023, dividends paid to non-controlling interests in subsidiaries amounted to NOK 1.0 billion (NOK 0.6 billion in Grameenphone and NOK 0.3 billion in dtac). During 2022, dividends paid to non-controlling interests in subsidiaries amounted to NOK 2.8 billion (NOK 0.8 billion in Digi, NOK 1.5 billion in Grameenphone and NOK 0.4 billion in dtac).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__54": {
"value": "NOTE 11 Earnings per share and dividends The earnings per share (EPS) of NOK 9.90 in 2023 was positively impacted by the gain from the merger between dtac and True, see further information in note 12 Held for sale and discontinued operations. The EPS from continuing operations was negative NOK 3.53 in 2023 mainly as a result of impairment of True Corporations, see further information in note 35 Associated companies and joint arrangements. The EPS from continuing operations in 2022 was NOK 7.84. The dividend policy in Telenor is to aim for a year-on-year growth in nominal dividend per share. The annual dividends are normally paid in two instalments. The Board of Directors has proposed a dividend of NOK 9.50 per share for 2023. Accounting policies Earnings per share (EPS) is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average ordinary outstanding shares. Earnings per share The calculations of earnings per share attributable to the ordinary equity holders of Telenor ASA are shown below. Net income to equity holders of Telenor ASA NOK in millions 2023 2022 Net income from continuing operations after non-controlling interest (4 901) 10 978 Net income (loss) from discontinued operations after non-controlling interest 18 635 33 935 Net income from total operations attributable to equity holders of Telenor ASA 13 734 44 913 Number of shares In thousands 2023 2022 Weighted average number of shares for the purpose of basic earnings per share 1 387 568 1 399 458 Basic/Diluted earnings per share NOK 2023 2022 Basic/Diluted earnings per share from continuing operations (3.53) 7.84 Basic/Diluted earnings per share from discontinued operations 13.43 24.25 Basic/Diluted earnings per share for total operations 9.90 32.09 Dividends to equity holders of Telenor ASA NOK 2023 2022 Ordinary dividend per share in NOK \u2013 paid 9.40 9.30 Ordinary dividend per share in NOK - proposed by the Board of Directors 9.50 9.40 Total dividend of NOK 13.0 billion has been paid and charged to equity in 2023 (NOK 13.0 billion in 2022). In respect of 2023, the Board of Directors proposed an ordinary dividend of NOK 9.50, to be approved by the Annual General Meeting on 7 May 2024. The total amount of dividend is estimated to be NOK 13.2 billion based on the outstanding number of shares as of 31 December 2023. The dividend will be split into two tranches of NOK 5.00 and NOK 4.50 per share to be paid out in May 2024 and October 2024, respectively. Dividends paid to non-controlling interests During 2023, dividends paid to non-controlling interests in subsidiaries amounted to NOK 1.0 billion (NOK 0.6 billion in Grameenphone and NOK 0.3 billion in dtac). During 2022, dividends paid to non-controlling interests in subsidiaries amounted to NOK 2.8 billion (NOK 0.8 billion in Digi, NOK 1.5 billion in Grameenphone and NOK 0.4 billion in dtac).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__57": {
"value": "Accounting policies Earnings per share (EPS) is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average ordinary outstanding shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__56": {
"value": "Accounting policies Earnings per share (EPS) is the amount of profit generated for the financial year attributable to equity shareholders divided by the weighted average ordinary outstanding shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__58": {
"value": "9.4",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s8_notes__7__58": {
"value": "9.3",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s8_notes__6__59": {
"value": "9.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s8_notes__7__59": {
"value": "9.4",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s8_notes__6__60": {
"value": "13200000000",
"decimals": -8,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"s8_notes__6__63": {
"value": "NOTE 12 Held for sale and discontinued operations In 2023, the merger between dtac and True Corporation Public Company Ltd. (True) in Thailand took place and Telenor got diluted and dtac was deconsolidated as a subsidiary. For historical periods, dtac has been re-presented as discontinued operations. As of 31 December 2023, Telenor has a 30.2% ownership interest in True, including indirect ownership share, see note 35. Other entities presented as discontinued operations include Digi which was merged with Celcom in December 2022, Myanmar which was sold in March 2022 and Telenor India, which was disposed in 2018. Entities held for sale includes Telenor Satellite sold in January 2024 and Telenor India. Accounting policies Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. This also applies for situations where the Group continues its operations but loses control over the operation. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and must be expected that the sale will be completed within a year. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The equity method is discontinued for associated companies classified as held for sale. A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Discontinued operations are also excluded from segment reporting. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations. Key accounting judgment Agreement to sell Telenor Pakistan Telenor has signed an agreement to sell 100% of its telecom operations in Pakistan, Telenor Pakistan (Private) Limited, to Pakistan Telecommunications Company Ltd, the national telecommunications and ICT company in Pakistan. The agreement is subject to regulatory approvals and other customary terms and conditions. The highly probable threshold for classifying as held for sale according to IFRS, is considered by Telenor as significantly above \u2018more likely than not\u2019, but still lower than virtually certain. As there are uncertainties related to remaining regulatory approvals and other customary terms and conditions attached to the agreement, Telenor has evaluated that Telenor Pakistan should be classified as a continued operation (not \u201cheld for sale\u201d) as of 31 December 2023. However, the transaction is expected to close during 2024. Discontinued operations and assets held for sale dtac On 1 March 2023, the amalgamation of the telecom operations True Corporation Public Company Ltd (True) and Total Access Communication Public Company Ltd (dtac) was completed. The name of the new company is True Corporation Public Company Ltd (True), which is listed on the stock exchange in Thailand. On completion, the shares in dtac were converted to shares in True leading to a loss of control in dtac. See note 35 for further information about the transaction. The gain recognised on the date of losing control over dtac amounts to NOK 18.5 billion, based on the market value of the combined entity as of opening of the Stock Exchange in Thailand 3 March 2023. A gain of NOK 4.0 billion related to cumulative translation differences, loss of NOK 0.9 billion related to net investment hedge items (previously recognised in other comprehensive income) and the success fee to advisors of NOK 158 million have been included in the gain calculation. Historical figures for dtac have been re-presented as discontinued operation and are as follow. NOK in millions 2023 2022 Revenue 4 030 22 076 EBITDA 1 360 8 358 EBIT 368 2 203 Profit (loss) before tax 210 1 393 Income taxes ( 185) ( 95) Profit (loss) after tax 25 1 298 Gain (loss) on disposal after tax 18 522 - Profit (loss) from discontinued operations 18 546 1 298 Non-controlling interest ( 19) 296 Digi On 30 November 2022, the merger of the telecommunication operations of Celcom and Digi in Malaysia was completed. The new company is named CelcomDigi. On completion, Digi issued 3.96 billion shares to Axiata in addition to a cash payment of NOK 5.4 billion. The share issue diluted Telenor\u2019s ownership to 32.47% and Telenor lost control over Digi and Digi was deconsolidated and recognised as an associated company as of 30 November 2022. As part of the transaction to bring Telenor and Axiata to equal ownership, Telenor acquired at the same date 73.4 million shares from Axiata for an amount of NOK 667 million. Telenor\u2019s ownership after the transaction is 33.1% and CelcomDigi is accounted for as an associated company. The gain recognised on the date of losing control over Digi amounts to NOK 32.7 billion. The gain was based on a market value of the combined entity as of opening 1 December 2022, which was NOK 34.1 billion for Telenor\u2019s interest in the new company CelcomDigi. The gain recognised in 2023 is an adjustment to the gain calculation due to an update of the closing balance as of 30 November 2022 for Digi. A gain of NOK 450 million related to cumulative translation differences and a loss of NOK 233 million related to net investment hedge items, previously recognised in other comprehensive income, have been reclassified and included in the gain calculation. The success fee to advisors of NOK 155 million has been included in the gain calculation. Prior to closing of the transaction, Digi obtained funds through external borrowings to finance the cash payment to Axiata. This is reflected as a significant cash inflow in Telenor\u2019s consolidated cash flow as financing activities. As Telenor lost control in Digi, the cash balance is derecognised under investing activities in the cash flow statement. The derecognised cash balance of NOK 6.4 billion includes the funding for payment to Axiata of NOK 5.4 billion. The historical profit (loss) for Digi presented as discontinued operation are as follows: NOK in millions 2023 2022 Revenue 12 362 EBITDA 6 026 EBIT 3 586 Profit (loss) before tax 3 136 Income taxes (1 004) Profit (loss) after tax 2 132 Gain (loss) on disposal after tax 290 32 652 Profit (loss) from discontinued operations 290 34 784 Non-controlling interest 999 Telenor Myanmar On 8 July 2021, Telenor Group entered into an agreement with M1 Group to sell\u202f100 percent of\u202fits mobile operations\u202fin Myanmar for\u202fa total consideration of USD 105 million (approximately NOK 920 million), of which USD 55 million (approximately NOK 480 million) as deferred payment over five years.\u202fThe transaction corresponded to an implied enterprise value of approximately USD 600 million (approximately NOK 5.2 billion). On 25 March 2022, Telenor completed the sale of Telenor Myanmar following the regulatory approval given 17 March 2022. In line with the sales and purchase agreement, Telenor received USD 50 million (NOK 0.5 billion) at closing and paid USD 4 million as transaction cost. In the third quarter 2022 Telenor received USD 28 million (NOK 0.3 billion) from M1 Group as a final settlement of the transaction, which represented the present value of the remaining USD 55 million deferred payment. The received deferred payment was recognised in the third quarter of 2022. The transaction has impacted the equity of Telenor Group positively with NOK 0.2 billion. However, the reclassification of accumulated losses related to translation differences earlier recognised in other comprehensive income impacted the income statement negatively with approximately NOK 0.8 billion, resulted in a net loss on disposal of NOK 0.6 billion. The derecognition of the cash balance in Telenor Myanmar and the total proceeds received have resulted in a net negative cash flow impact of around NOK 1.4 billion in 2022. The historical profit (loss) for Telenor Myanmar presented as discontinued operation are as follows: NOK in millions 2023 2022 Revenue 1 018 EBITDA 617 EBIT 617 Profit (loss) before tax 602 Income taxes ( 50) Profit (loss) after tax 553 Gain (loss) on disposal after tax ( 589) Profit (loss) from discontinued operations ( 36) Telenor India On 23 February 2017, the Group entered into an agreement with Bharti Airtel Limited (Airtel), whereby Airtel would take full ownership of Telenor India. The transaction was completed on 14 May 2018. The exposure to claims related to the period Telenor owned the business remains with Telenor. A guarantee to Airtel was recognised at fair value as of closing date of the transaction, and subsequent changes to the estimate are recognised on the discontinued operations line in the income statement. During 2022, an additional provision of NOK 0.9 billion plus interests was recognised following reassessment of the demand from Department of Telecommunication (DoT). During 2023, incremental interest and related currency effect on the provision amounted to a loss of NOK 0.2 billion. During 2023, Telenor paid NOK 1.5 billion related to the disputed items with Department of Telecommunications in India, reducing the provision accordingly. See note 23 for further information regarding the dispute. Summary all disposal groups The profit (loss) of all disposal groups including dtac, Digi and Telenor Myanmar presented as discontinued operations until disposal, and subsequent adjustments: NOK in millions 2023 2022 Revenue 4 030 35 457 EBITDA 1 360 15 001 EBIT 368 6 406 Profit (loss) before tax 210 5 130 Income taxes ( 185) (1 149) Profit (loss) after tax 25 3 982 Gain (loss) on disposal after tax 18 590 31 248 Profit (loss) from discontinued operations 18 615 35 230 Non-controlling interest ( 19) 1 295 The gain on disposal recognised in 2023 is mainly related to dtac and gain adjustment from Digi, offset by accruals of incremental interest and currency effects related to Telenor India. The gain on disposal recognised during 2022 was mainly related to Digi, partly offset by Telenor Myanmar and Telenor India. Cashflow related to discontinued operations presented below are from external transactions and hence, the cash flows for discontinued operations do not reflect these operations as if they were standalone entities. Cash flow from investing activities include cash received related to disposal of shares net off the de-consolidation of cash and cash equivalents in disposed entity. NOK in millions 2023 2022 dtac India Total dtac Digi Myanmar Total Net cash flow from operating activities 1 014 (1 516) ( 502) 7 408 5 451 612 13 471 Net cash flow from investing activities 4 047 4 047 (3 309) (7 959) (1 434) (12 702) Net cash flow from financing activities ( 624) ( 624) (2 447) 2 922 ( 186) 288 Total cash flows from discontinued operations 4 437 (1 516) 2 921 1 652 414 (1 008) 1 057 Effects of exchange rate changes on cash and cash equivalents 107 107 90 14 1 105 Net cash flows from discontinued operations 4 545 (1 516) 3 029 1 742 428 (1 007) 1 162 Cash flows from discontinued operations in 2023 include dtac for the first two months of the year until its disposal as a subsidiary in addition to payment of success fee related to the transaction, and payment for disputed items related to India. For 2022, the discontinued cash flows include Digi from January to November until its disposal as a subidiary, Telenor Myanmar from January to August and dtac for the whole year As of 31 December 2023, Telenor Satellite and Telenor India are presented as held for sale with Telenor India related liability amounting to NOK 3.6 billion (NOK 4.7 billion as of 31 December 2022): NOK in millions 31 December 2023 31 December 2022 Assets Right of use assets 105 Property, plant and equipment 1 111 Other non-current assets 26 Trade and other receivables 92 Other current financial assets 81 Cash and cash equivalents 220 Total assets classified as held for sale 1 635 Liabilities Non-current liabilities 320 - Current liabilities 3 954 4 735 Total liabilities held for sale 4 274 4 735 Accumulated amounts recognised in Other comprehensive income The accumulated amounts for discontinued operations recognised in Other comprehensive income within Equity are as follows: NOK in millions 2023 2022 dtac 3 802 Telenor India ( 862) ( 652) Total gain (loss) ( 862) 3 150",
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},
"s8_notes__6__62": {
"value": "NOTE 12 Held for sale and discontinued operations In 2023, the merger between dtac and True Corporation Public Company Ltd. (True) in Thailand took place and Telenor got diluted and dtac was deconsolidated as a subsidiary. For historical periods, dtac has been re-presented as discontinued operations. As of 31 December 2023, Telenor has a 30.2% ownership interest in True, including indirect ownership share, see note 35. Other entities presented as discontinued operations include Digi which was merged with Celcom in December 2022, Myanmar which was sold in March 2022 and Telenor India, which was disposed in 2018. Entities held for sale includes Telenor Satellite sold in January 2024 and Telenor India. Accounting policies Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. This also applies for situations where the Group continues its operations but loses control over the operation. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and must be expected that the sale will be completed within a year. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The equity method is discontinued for associated companies classified as held for sale. A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Discontinued operations are also excluded from segment reporting. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations. Key accounting judgment Agreement to sell Telenor Pakistan Telenor has signed an agreement to sell 100% of its telecom operations in Pakistan, Telenor Pakistan (Private) Limited, to Pakistan Telecommunications Company Ltd, the national telecommunications and ICT company in Pakistan. The agreement is subject to regulatory approvals and other customary terms and conditions. The highly probable threshold for classifying as held for sale according to IFRS, is considered by Telenor as significantly above \u2018more likely than not\u2019, but still lower than virtually certain. As there are uncertainties related to remaining regulatory approvals and other customary terms and conditions attached to the agreement, Telenor has evaluated that Telenor Pakistan should be classified as a continued operation (not \u201cheld for sale\u201d) as of 31 December 2023. However, the transaction is expected to close during 2024. Discontinued operations and assets held for sale dtac On 1 March 2023, the amalgamation of the telecom operations True Corporation Public Company Ltd (True) and Total Access Communication Public Company Ltd (dtac) was completed. The name of the new company is True Corporation Public Company Ltd (True), which is listed on the stock exchange in Thailand. On completion, the shares in dtac were converted to shares in True leading to a loss of control in dtac. See note 35 for further information about the transaction. The gain recognised on the date of losing control over dtac amounts to NOK 18.5 billion, based on the market value of the combined entity as of opening of the Stock Exchange in Thailand 3 March 2023. A gain of NOK 4.0 billion related to cumulative translation differences, loss of NOK 0.9 billion related to net investment hedge items (previously recognised in other comprehensive income) and the success fee to advisors of NOK 158 million have been included in the gain calculation. Historical figures for dtac have been re-presented as discontinued operation and are as follow. NOK in millions 2023 2022 Revenue 4 030 22 076 EBITDA 1 360 8 358 EBIT 368 2 203 Profit (loss) before tax 210 1 393 Income taxes ( 185) ( 95) Profit (loss) after tax 25 1 298 Gain (loss) on disposal after tax 18 522 - Profit (loss) from discontinued operations 18 546 1 298 Non-controlling interest ( 19) 296 Digi On 30 November 2022, the merger of the telecommunication operations of Celcom and Digi in Malaysia was completed. The new company is named CelcomDigi. On completion, Digi issued 3.96 billion shares to Axiata in addition to a cash payment of NOK 5.4 billion. The share issue diluted Telenor\u2019s ownership to 32.47% and Telenor lost control over Digi and Digi was deconsolidated and recognised as an associated company as of 30 November 2022. As part of the transaction to bring Telenor and Axiata to equal ownership, Telenor acquired at the same date 73.4 million shares from Axiata for an amount of NOK 667 million. Telenor\u2019s ownership after the transaction is 33.1% and CelcomDigi is accounted for as an associated company. The gain recognised on the date of losing control over Digi amounts to NOK 32.7 billion. The gain was based on a market value of the combined entity as of opening 1 December 2022, which was NOK 34.1 billion for Telenor\u2019s interest in the new company CelcomDigi. The gain recognised in 2023 is an adjustment to the gain calculation due to an update of the closing balance as of 30 November 2022 for Digi. A gain of NOK 450 million related to cumulative translation differences and a loss of NOK 233 million related to net investment hedge items, previously recognised in other comprehensive income, have been reclassified and included in the gain calculation. The success fee to advisors of NOK 155 million has been included in the gain calculation. Prior to closing of the transaction, Digi obtained funds through external borrowings to finance the cash payment to Axiata. This is reflected as a significant cash inflow in Telenor\u2019s consolidated cash flow as financing activities. As Telenor lost control in Digi, the cash balance is derecognised under investing activities in the cash flow statement. The derecognised cash balance of NOK 6.4 billion includes the funding for payment to Axiata of NOK 5.4 billion. The historical profit (loss) for Digi presented as discontinued operation are as follows: NOK in millions 2023 2022 Revenue 12 362 EBITDA 6 026 EBIT 3 586 Profit (loss) before tax 3 136 Income taxes (1 004) Profit (loss) after tax 2 132 Gain (loss) on disposal after tax 290 32 652 Profit (loss) from discontinued operations 290 34 784 Non-controlling interest 999 Telenor Myanmar On 8 July 2021, Telenor Group entered into an agreement with M1 Group to sell\u202f100 percent of\u202fits mobile operations\u202fin Myanmar for\u202fa total consideration of USD 105 million (approximately NOK 920 million), of which USD 55 million (approximately NOK 480 million) as deferred payment over five years.\u202fThe transaction corresponded to an implied enterprise value of approximately USD 600 million (approximately NOK 5.2 billion). On 25 March 2022, Telenor completed the sale of Telenor Myanmar following the regulatory approval given 17 March 2022. In line with the sales and purchase agreement, Telenor received USD 50 million (NOK 0.5 billion) at closing and paid USD 4 million as transaction cost. In the third quarter 2022 Telenor received USD 28 million (NOK 0.3 billion) from M1 Group as a final settlement of the transaction, which represented the present value of the remaining USD 55 million deferred payment. The received deferred payment was recognised in the third quarter of 2022. The transaction has impacted the equity of Telenor Group positively with NOK 0.2 billion. However, the reclassification of accumulated losses related to translation differences earlier recognised in other comprehensive income impacted the income statement negatively with approximately NOK 0.8 billion, resulted in a net loss on disposal of NOK 0.6 billion. The derecognition of the cash balance in Telenor Myanmar and the total proceeds received have resulted in a net negative cash flow impact of around NOK 1.4 billion in 2022. The historical profit (loss) for Telenor Myanmar presented as discontinued operation are as follows: NOK in millions 2023 2022 Revenue 1 018 EBITDA 617 EBIT 617 Profit (loss) before tax 602 Income taxes ( 50) Profit (loss) after tax 553 Gain (loss) on disposal after tax ( 589) Profit (loss) from discontinued operations ( 36) Telenor India On 23 February 2017, the Group entered into an agreement with Bharti Airtel Limited (Airtel), whereby Airtel would take full ownership of Telenor India. The transaction was completed on 14 May 2018. The exposure to claims related to the period Telenor owned the business remains with Telenor. A guarantee to Airtel was recognised at fair value as of closing date of the transaction, and subsequent changes to the estimate are recognised on the discontinued operations line in the income statement. During 2022, an additional provision of NOK 0.9 billion plus interests was recognised following reassessment of the demand from Department of Telecommunication (DoT). During 2023, incremental interest and related currency effect on the provision amounted to a loss of NOK 0.2 billion. During 2023, Telenor paid NOK 1.5 billion related to the disputed items with Department of Telecommunications in India, reducing the provision accordingly. See note 23 for further information regarding the dispute. Summary all disposal groups The profit (loss) of all disposal groups including dtac, Digi and Telenor Myanmar presented as discontinued operations until disposal, and subsequent adjustments: NOK in millions 2023 2022 Revenue 4 030 35 457 EBITDA 1 360 15 001 EBIT 368 6 406 Profit (loss) before tax 210 5 130 Income taxes ( 185) (1 149) Profit (loss) after tax 25 3 982 Gain (loss) on disposal after tax 18 590 31 248 Profit (loss) from discontinued operations 18 615 35 230 Non-controlling interest ( 19) 1 295 The gain on disposal recognised in 2023 is mainly related to dtac and gain adjustment from Digi, offset by accruals of incremental interest and currency effects related to Telenor India. The gain on disposal recognised during 2022 was mainly related to Digi, partly offset by Telenor Myanmar and Telenor India. Cashflow related to discontinued operations presented below are from external transactions and hence, the cash flows for discontinued operations do not reflect these operations as if they were standalone entities. Cash flow from investing activities include cash received related to disposal of shares net off the de-consolidation of cash and cash equivalents in disposed entity. NOK in millions 2023 2022 dtac India Total dtac Digi Myanmar Total Net cash flow from operating activities 1 014 (1 516) ( 502) 7 408 5 451 612 13 471 Net cash flow from investing activities 4 047 4 047 (3 309) (7 959) (1 434) (12 702) Net cash flow from financing activities ( 624) ( 624) (2 447) 2 922 ( 186) 288 Total cash flows from discontinued operations 4 437 (1 516) 2 921 1 652 414 (1 008) 1 057 Effects of exchange rate changes on cash and cash equivalents 107 107 90 14 1 105 Net cash flows from discontinued operations 4 545 (1 516) 3 029 1 742 428 (1 007) 1 162 Cash flows from discontinued operations in 2023 include dtac for the first two months of the year until its disposal as a subsidiary in addition to payment of success fee related to the transaction, and payment for disputed items related to India. For 2022, the discontinued cash flows include Digi from January to November until its disposal as a subidiary, Telenor Myanmar from January to August and dtac for the whole year As of 31 December 2023, Telenor Satellite and Telenor India are presented as held for sale with Telenor India related liability amounting to NOK 3.6 billion (NOK 4.7 billion as of 31 December 2022): NOK in millions 31 December 2023 31 December 2022 Assets Right of use assets 105 Property, plant and equipment 1 111 Other non-current assets 26 Trade and other receivables 92 Other current financial assets 81 Cash and cash equivalents 220 Total assets classified as held for sale 1 635 Liabilities Non-current liabilities 320 - Current liabilities 3 954 4 735 Total liabilities held for sale 4 274 4 735 Accumulated amounts recognised in Other comprehensive income The accumulated amounts for discontinued operations recognised in Other comprehensive income within Equity are as follows: NOK in millions 2023 2022 dtac 3 802 Telenor India ( 862) ( 652) Total gain (loss) ( 862) 3 150",
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"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__61": {
"value": "NOTE 12 Held for sale and discontinued operations In 2023, the merger between dtac and True Corporation Public Company Ltd. (True) in Thailand took place and Telenor got diluted and dtac was deconsolidated as a subsidiary. For historical periods, dtac has been re-presented as discontinued operations. As of 31 December 2023, Telenor has a 30.2% ownership interest in True, including indirect ownership share, see note 35. Other entities presented as discontinued operations include Digi which was merged with Celcom in December 2022, Myanmar which was sold in March 2022 and Telenor India, which was disposed in 2018. Entities held for sale includes Telenor Satellite sold in January 2024 and Telenor India. Accounting policies Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. This also applies for situations where the Group continues its operations but loses control over the operation. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and must be expected that the sale will be completed within a year. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The equity method is discontinued for associated companies classified as held for sale. A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Discontinued operations are also excluded from segment reporting. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations. Key accounting judgment Agreement to sell Telenor Pakistan Telenor has signed an agreement to sell 100% of its telecom operations in Pakistan, Telenor Pakistan (Private) Limited, to Pakistan Telecommunications Company Ltd, the national telecommunications and ICT company in Pakistan. The agreement is subject to regulatory approvals and other customary terms and conditions. The highly probable threshold for classifying as held for sale according to IFRS, is considered by Telenor as significantly above \u2018more likely than not\u2019, but still lower than virtually certain. As there are uncertainties related to remaining regulatory approvals and other customary terms and conditions attached to the agreement, Telenor has evaluated that Telenor Pakistan should be classified as a continued operation (not \u201cheld for sale\u201d) as of 31 December 2023. However, the transaction is expected to close during 2024. Discontinued operations and assets held for sale dtac On 1 March 2023, the amalgamation of the telecom operations True Corporation Public Company Ltd (True) and Total Access Communication Public Company Ltd (dtac) was completed. The name of the new company is True Corporation Public Company Ltd (True), which is listed on the stock exchange in Thailand. On completion, the shares in dtac were converted to shares in True leading to a loss of control in dtac. See note 35 for further information about the transaction. The gain recognised on the date of losing control over dtac amounts to NOK 18.5 billion, based on the market value of the combined entity as of opening of the Stock Exchange in Thailand 3 March 2023. A gain of NOK 4.0 billion related to cumulative translation differences, loss of NOK 0.9 billion related to net investment hedge items (previously recognised in other comprehensive income) and the success fee to advisors of NOK 158 million have been included in the gain calculation. Historical figures for dtac have been re-presented as discontinued operation and are as follow. NOK in millions 2023 2022 Revenue 4 030 22 076 EBITDA 1 360 8 358 EBIT 368 2 203 Profit (loss) before tax 210 1 393 Income taxes ( 185) ( 95) Profit (loss) after tax 25 1 298 Gain (loss) on disposal after tax 18 522 - Profit (loss) from discontinued operations 18 546 1 298 Non-controlling interest ( 19) 296 Digi On 30 November 2022, the merger of the telecommunication operations of Celcom and Digi in Malaysia was completed. The new company is named CelcomDigi. On completion, Digi issued 3.96 billion shares to Axiata in addition to a cash payment of NOK 5.4 billion. The share issue diluted Telenor\u2019s ownership to 32.47% and Telenor lost control over Digi and Digi was deconsolidated and recognised as an associated company as of 30 November 2022. As part of the transaction to bring Telenor and Axiata to equal ownership, Telenor acquired at the same date 73.4 million shares from Axiata for an amount of NOK 667 million. Telenor\u2019s ownership after the transaction is 33.1% and CelcomDigi is accounted for as an associated company. The gain recognised on the date of losing control over Digi amounts to NOK 32.7 billion. The gain was based on a market value of the combined entity as of opening 1 December 2022, which was NOK 34.1 billion for Telenor\u2019s interest in the new company CelcomDigi. The gain recognised in 2023 is an adjustment to the gain calculation due to an update of the closing balance as of 30 November 2022 for Digi. A gain of NOK 450 million related to cumulative translation differences and a loss of NOK 233 million related to net investment hedge items, previously recognised in other comprehensive income, have been reclassified and included in the gain calculation. The success fee to advisors of NOK 155 million has been included in the gain calculation. Prior to closing of the transaction, Digi obtained funds through external borrowings to finance the cash payment to Axiata. This is reflected as a significant cash inflow in Telenor\u2019s consolidated cash flow as financing activities. As Telenor lost control in Digi, the cash balance is derecognised under investing activities in the cash flow statement. The derecognised cash balance of NOK 6.4 billion includes the funding for payment to Axiata of NOK 5.4 billion. The historical profit (loss) for Digi presented as discontinued operation are as follows: NOK in millions 2023 2022 Revenue 12 362 EBITDA 6 026 EBIT 3 586 Profit (loss) before tax 3 136 Income taxes (1 004) Profit (loss) after tax 2 132 Gain (loss) on disposal after tax 290 32 652 Profit (loss) from discontinued operations 290 34 784 Non-controlling interest 999 Telenor Myanmar On 8 July 2021, Telenor Group entered into an agreement with M1 Group to sell\u202f100 percent of\u202fits mobile operations\u202fin Myanmar for\u202fa total consideration of USD 105 million (approximately NOK 920 million), of which USD 55 million (approximately NOK 480 million) as deferred payment over five years.\u202fThe transaction corresponded to an implied enterprise value of approximately USD 600 million (approximately NOK 5.2 billion). On 25 March 2022, Telenor completed the sale of Telenor Myanmar following the regulatory approval given 17 March 2022. In line with the sales and purchase agreement, Telenor received USD 50 million (NOK 0.5 billion) at closing and paid USD 4 million as transaction cost. In the third quarter 2022 Telenor received USD 28 million (NOK 0.3 billion) from M1 Group as a final settlement of the transaction, which represented the present value of the remaining USD 55 million deferred payment. The received deferred payment was recognised in the third quarter of 2022. The transaction has impacted the equity of Telenor Group positively with NOK 0.2 billion. However, the reclassification of accumulated losses related to translation differences earlier recognised in other comprehensive income impacted the income statement negatively with approximately NOK 0.8 billion, resulted in a net loss on disposal of NOK 0.6 billion. The derecognition of the cash balance in Telenor Myanmar and the total proceeds received have resulted in a net negative cash flow impact of around NOK 1.4 billion in 2022. The historical profit (loss) for Telenor Myanmar presented as discontinued operation are as follows: NOK in millions 2023 2022 Revenue 1 018 EBITDA 617 EBIT 617 Profit (loss) before tax 602 Income taxes ( 50) Profit (loss) after tax 553 Gain (loss) on disposal after tax ( 589) Profit (loss) from discontinued operations ( 36) Telenor India On 23 February 2017, the Group entered into an agreement with Bharti Airtel Limited (Airtel), whereby Airtel would take full ownership of Telenor India. The transaction was completed on 14 May 2018. The exposure to claims related to the period Telenor owned the business remains with Telenor. A guarantee to Airtel was recognised at fair value as of closing date of the transaction, and subsequent changes to the estimate are recognised on the discontinued operations line in the income statement. During 2022, an additional provision of NOK 0.9 billion plus interests was recognised following reassessment of the demand from Department of Telecommunication (DoT). During 2023, incremental interest and related currency effect on the provision amounted to a loss of NOK 0.2 billion. During 2023, Telenor paid NOK 1.5 billion related to the disputed items with Department of Telecommunications in India, reducing the provision accordingly. See note 23 for further information regarding the dispute. Summary all disposal groups The profit (loss) of all disposal groups including dtac, Digi and Telenor Myanmar presented as discontinued operations until disposal, and subsequent adjustments: NOK in millions 2023 2022 Revenue 4 030 35 457 EBITDA 1 360 15 001 EBIT 368 6 406 Profit (loss) before tax 210 5 130 Income taxes ( 185) (1 149) Profit (loss) after tax 25 3 982 Gain (loss) on disposal after tax 18 590 31 248 Profit (loss) from discontinued operations 18 615 35 230 Non-controlling interest ( 19) 1 295 The gain on disposal recognised in 2023 is mainly related to dtac and gain adjustment from Digi, offset by accruals of incremental interest and currency effects related to Telenor India. The gain on disposal recognised during 2022 was mainly related to Digi, partly offset by Telenor Myanmar and Telenor India. Cashflow related to discontinued operations presented below are from external transactions and hence, the cash flows for discontinued operations do not reflect these operations as if they were standalone entities. Cash flow from investing activities include cash received related to disposal of shares net off the de-consolidation of cash and cash equivalents in disposed entity. NOK in millions 2023 2022 dtac India Total dtac Digi Myanmar Total Net cash flow from operating activities 1 014 (1 516) ( 502) 7 408 5 451 612 13 471 Net cash flow from investing activities 4 047 4 047 (3 309) (7 959) (1 434) (12 702) Net cash flow from financing activities ( 624) ( 624) (2 447) 2 922 ( 186) 288 Total cash flows from discontinued operations 4 437 (1 516) 2 921 1 652 414 (1 008) 1 057 Effects of exchange rate changes on cash and cash equivalents 107 107 90 14 1 105 Net cash flows from discontinued operations 4 545 (1 516) 3 029 1 742 428 (1 007) 1 162 Cash flows from discontinued operations in 2023 include dtac for the first two months of the year until its disposal as a subsidiary in addition to payment of success fee related to the transaction, and payment for disputed items related to India. For 2022, the discontinued cash flows include Digi from January to November until its disposal as a subidiary, Telenor Myanmar from January to August and dtac for the whole year As of 31 December 2023, Telenor Satellite and Telenor India are presented as held for sale with Telenor India related liability amounting to NOK 3.6 billion (NOK 4.7 billion as of 31 December 2022): NOK in millions 31 December 2023 31 December 2022 Assets Right of use assets 105 Property, plant and equipment 1 111 Other non-current assets 26 Trade and other receivables 92 Other current financial assets 81 Cash and cash equivalents 220 Total assets classified as held for sale 1 635 Liabilities Non-current liabilities 320 - Current liabilities 3 954 4 735 Total liabilities held for sale 4 274 4 735 Accumulated amounts recognised in Other comprehensive income The accumulated amounts for discontinued operations recognised in Other comprehensive income within Equity are as follows: NOK in millions 2023 2022 dtac 3 802 Telenor India ( 862) ( 652) Total gain (loss) ( 862) 3 150",
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"s8_notes__6__66": {
"value": "Accounting policies Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. This also applies for situations where the Group continues its operations but loses control over the operation. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and must be expected that the sale will be completed within a year. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The equity method is discontinued for associated companies classified as held for sale. A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Discontinued operations are also excluded from segment reporting. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations.",
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"s8_notes__6__65": {
"value": "Accounting policies Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. This also applies for situations where the Group continues its operations but loses control over the operation. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and must be expected that the sale will be completed within a year. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The equity method is discontinued for associated companies classified as held for sale. A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Discontinued operations are also excluded from segment reporting. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__64": {
"value": "Accounting policies Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. This also applies for situations where the Group continues its operations but loses control over the operation. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and must be expected that the sale will be completed within a year. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. The equity method is discontinued for associated companies classified as held for sale. A disposal group qualifies as discontinued operation if it is a cash generating unit that has either been disposed of, or is classified as held for sale, and represent a separate major line of business or geographical area of operations. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the income statement. Discontinued operations are also excluded from segment reporting. All consolidation procedures are still applicable, and only external revenues and expenses are shown as discontinued operations.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__67": {
"value": "NOTE 13 Cash flow information This note summarises the most significant cash inflows and outflows during the year, including significant investments and disposals in addition to payments of interest-bearing liabilities and leasing liabilities. Accounting policies Telenor presents the statement of cash flows using the indirect method. Cash inflows and outflows are shown separately for investing and financing activities, while operating activities include both cash and non-cash line items. Interest received and paid, and dividends received, are reported as a part of operating activities. Dividends distributed by Telenor ASA and subsidiaries with non-controlling interests are included as a part of financing activities. Value-added tax (VAT) and other similar taxes are regarded as collection of tax on behalf of authorities and are reported net. Discontinued operations are included in the cash flow statement and information about operating, financing, investing cash flows from discontinued operations is shown in note 12 Held for sale and discontinued operations. Changes in net operating working capital Changes in net operating working capital include changes in accounts receivable and accounts payable related to operating activities, and inventory. NOK in millions 2023 2022 Inventory 235 ( 186) Trade and other receivables ( 121) (1 377) Trade and other payables ( 25) 174 Changes in net operating working capital 89 (1 389) Property, plant and equipment and intangible assets reconciliation of additions and purchases NOK in millions 2023 2022 Additions to property, plant and equipment and (see note 17) (10 329) (13 789) Additions to intangible assets (see note 15) (2 724) (3 092) Additions to right-of-use assets (see note 16) (5 572) (9 963) Lease liabilities 4 930 8 871 Change in estimates for ARO obligations 217 ( 856) Changes in accounts payable and prepayments (1 146) ( 510) Other Adjustments ( 105) 41 Purchases of property plant and equipment and intangible assets (cash flow from investing activities) (14 728) (19 298) Cash payments at or before lease commencement date and payments of initial direct costs are classified as cash outflows from investing activities. Subsequent payments during the lease term are classified as cash outflows from financing activities. During 2023, the recognised lease liabilities of NOK 4.9 billion represent the deferred payments of total additions in right-of-use assets of NOK 5.6 billion, NOK 0.6 billion was paid at or before lease commencement date mainly relating to spectrum licences in Grameenphone and Norway, and prepayments of other lease contracts in Sweden, which is classified as cash outflow from investing activities. See note 16 Right-of-use assets for more information. During 2022, the recognised lease liabilities of NOK 8.9 billion represent the deferred payments of total additions in right-of-use assets of NOK 10.0 billion, NOK 1.1 billion was paid at or before lease commencement date mainly relating to spectrum licences in Grameenphone, Pakistan and Norway, which is classified as cash outflow from investing activities. See note 16 Right-of-use assets for more information. During 2023 changes in accounts payable and prepayments were mainly related to payments in Sweden, Pakistan and dtac, including the prepayment of NOK 0.4 billion in Sweden related to spectrum licenses acquired in the renewal auction. Acquired spectrum licenses has a commencement date 1 January 2026 when existing spectrum licenses expires. During 2022 changes in accounts payable and prepayments were mainly related dtac and Grameenphone. Acquisitions and disposals of subsidiaries, associated companies and joint ventures The table below shows the effects on the consolidated statement of financial position from disposals of subsidiaries, associated companies, and joint ventures. NOK in millions 2023 2022 Disposals of subsidiaries, associated companies, and joint ventures Associated companies and joint ventures (refer to note 35) 19 432 Other non-current assets 40 793 15 302 Current assets 6 939 12 580 Liabilities (39 427) (24 144) Non-controlling interests (2 076) ( 592) 1)Gains (losses) adjusted for translation differences on disposals 16 047 33 515 Sales price 22 296 37 092 Of which non-cash (16 105) (33 292) Proceeds received as sale consideration 6 190 3 798 Cash in subsidiaries disposed of (1 146) (8 460) Proceeds from disposal of subsidiaries and associated companies net of cash disposed of 5 045 (4 662) 5) Total gain (loss) adjusted for translation differences in 2023 excludes NOK 3.1 billion relating to reclassification of translation differences from other comprehensive income to the income statement, total gain including translation differences in the income statement equals NOK 19.2 billion. In 2022 the translation differences was 0.6 billion, total gain including translation differences in the income statement equals NOK 34.1 billion. The proceeds from disposals of NOK 6.2 billion during 2023 relates to the sale of shares in dtac as a subsidiary of NOK 5.6 billion net of success fee related to the merger between dtac and True Corporation (see further details related to dtac transaction below), and the sale of the associated company Working Group Two of NOK 0.6 billion, see details in note 35 Associated Companies and Joint Arrangements. The proceeds from disposals of 3.8 billion during 2022 relates to the disposal of fixed non-core assets in Sweden of NOK 2.9 billion, and the sale of Telenor Myanmar as a subsidiary of NOK 0.7 billion, the sale of the associated company Wave Money 0.4 billion (see details in note 35 Associated Companies and Joint Arrangements), partly offset by success fee of NOK 0.2 billion related to the merger of Digi with CelcomDigi. The table below shows the effects on the consolidated statement of financial position from acquisition of subsidiaries, associated companies, and joint ventures. NOK in millions 2023 2022 Purchases of subsidiaries associated companies, and joint ventures Investments in associated companies and joint ventures 22 306 35 089 Total purchase price and capital injections 22 306 35 089 Of which non-cash (20 500) (34 098) Cash payments related to acquisitions (1 806) ( 991) Purchases of subsidiaries associated companies and joint ventures net of cash acquired (1 806) ( 991) During 2023, investments in associated companies and joint ventures of NOK 1.8 billion include NOK 1.7 billion related to acquiring ownership interest in True Corporation, see further details related to dtac transaction below. During 2022, investments in associated companies and joint ventures of NOK 1.0 billion include NOK 0.7 billion related to acquiring ownership interest in CelcomDigi and NOK 0.2 billion related to capital injection in Telenor Microfinance Bank Limited (TMB), see note 35 Associated Companies and Joint Arrangements. Purchases of other investments Purchases of other investments in 2023 of NOK 7.0 billion relates to cash funding of a joint venture with Charoen Pokphand Group (CP Group) through shareholder loans. The purpose of the joint venture was to increase Telenor\u2019s ownership interest up to 30.2% into True Corporation. As of 31 December 2023 Telenor has an indirect ownership interest in True of 3.9%. Total cash effect of dtac transaction Telenor sold some of shares in dtac for NOK 5.7 billion and at the same time funded the joint venture with NOK 7.0 billion shareholder loans for acquiring ownership interest in True Corporation. In addition, Telenor paid NOK 1.7 billion for acquiring ownership interest in True Corporation. Success fee for the transaction was NOK 0.2 billion and the cash balance in the disposed company dtac was NOK 1.1 billion. Total negative cash effect for the transaction amounted to NOK 4.3 billion. see details in note 35 Associated Companies and joint arrangements and 12 Held for sale and discontinued operation. Sale of shares to non-controlling interest During 2023, the proceeds from the sale of shares to non-controlling interest of NOK 10.7 billion net of success fee relates to the 30% divestment of Telenor Fiber AS to non-controlling interest, see details in note 28 Equity. Reconciliation of interest bearing liabilities NOK in millions 2023 2022 Interest-Interest-bearing bearing liabilities Lease liabilities Total liabilities Lease liabilities Total Balance as of 1 January 91 893 31 091 122 984 97 087 35 077 132 164 Cash flow from Financing activities Proceeds from borrowings 20 091 - 20 091 20 956 - 20 956 Repayments of borrowings (11 068) - (11 068) (21 044) - (21 044) Payments of lease liabilities related to spectrum licences - (1 886) (1 886) - (2 483) (2 483) Payments of lease liabilities related to other lease contracts - (3 583) (3 583) - (5 589) (5 589) Net cash flow from financing activities 9 023 (5 469) 3 554 ( 88) (8 072) (8 160) Change due to hedge accounting 53 - 53 ( 585) - ( 585) Effects from exchange rate fluctuations 5 677 754 6 431 5 138 744 5 882 Net interest paid/accrued ( 172) 74 ( 98) 205 277 483 Acquisitions - - - - - - Disposals (19 060) (13 502) (32 562) (10 490) (5 359) (15 849) New lease contracts - 4 930 4 930 - 8 871 8 871 Termination and reassessment of lease contracts - ( 478) ( 478) - ( 589) ( 589) Classified as liabilities held for sale ( 116) ( 120) ( 236) - - - Other 177 26 204 627 141 767 Other changes (13 441) (8 314) (21 756) (5 106) 4 085 (1 020) Balance as of 31 December 87 475 17 308 104 783 91 893 31 091 122 984 Non-current liabilities 75 686 13 201 88 887 82 723 24 417 107 141 Current liabilities 11 789 4 107 15 896 9 169 6 674 15 843 Cash flow from financing activities consists of proceeds from and repayments of borrowings, including repayments of principal portion of lease liabilities. Net cash inflow from financing activities excluding repayments of lease liabilities amounted to NOK 9.0 billion in 2023 compared to NOK -0.1 billion in 2022, mainly explained by bond issuances under the EMTN program in 2023 see note 30 Interest-Bearing Liabilities. Cash payments related to lease contracts NOK in millions Classification in cash flow statement 2023 2022 Payments of lease liabilities \u2013 principal portion Financing activities 5 469 8 072 Payments of lease liabilities \u2013 interest portion Operating activities 867 1 060 Payments of variable, short term and low value leases Operating activities 2 468 3 114 Prepayments made at or before lease commencement Investing activities 1 131 803 Total cash outflow 9 935 13 050 Repayments of the principal portion related to total lease liabilities in 2023 of NOK 5.5 billion (NOK 8.1 billion in 2022) include instalment payment of spectrum licences of NOK 1.9 billion (NOK 2.5 billion in 2022) and repayments of other leases of NOK 3.6 billion (NOK 5.6 billion in 2022). The instalment payments of spectrum licences in 2023 and 2022 were mainly in dtac, Grameenphone, Norway and Pakistan. Lease payments related to other lease contracts were mainly in dtac, Sweden, Finland , Pakistan, Grameenphone and Infrastructure in 2023 whereas in 2022 it was mainly in dtac, Sweden, Digi, Pakistan and Grameenphone. Repayments of the interest portion of total lease liabilities in 2023 of NOK 0.9 billion include repayments of interest related to spectrum licences of NOK 0.4 billion (NOK 0.4 billion in 2022) and repayments of interest related to other lease contracts of NOK 0.5 billion (NOK 0.7 billion in 2022). Payments of variable, short term and low value leases of NOK 2.5 billion (NOK 3.1 billion in 2022) include variable lease payments of NOK 2.4 billion (NOK 2.8 billion in 2022) and payments of short term and low value leases of NOK 0.1 billion (NOK 0.2 billion in 2022). Prepayments of investing activities of NOK 1.1 billion in 2023 included a payment of NOK 0.3 billion in Grameenphone related to Market Capitalisation Fund, see note 16 Right-of-use assets and NOK 0.4 billion in Sweden related to spectrum licenses acquired in the renewal auction. Prepayments of investing activities of NOK 0.8 billion in 2022 mainly related to spectrum licenses in Grameenphone and Norway. ",
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"s8_notes__6__68": {
"value": "Accounting policies Telenor presents the statement of cash flows using the indirect method. Cash inflows and outflows are shown separately for investing and financing activities, while operating activities include both cash and non-cash line items. Interest received and paid, and dividends received, are reported as a part of operating activities. Dividends distributed by Telenor ASA and subsidiaries with non-controlling interests are included as a part of financing activities. Value-added tax (VAT) and other similar taxes are regarded as collection of tax on behalf of authorities and are reported net. Discontinued operations are included in the cash flow statement and information about operating, financing, investing cash flows from discontinued operations is shown in note 12 Held for sale and discontinued operations.",
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"s8_notes__6__70-1": {
"value": "NOTE 14 Goodwill Goodwill relates to excess values that have not been allocated to other assets in business combinations. Goodwill typically represents the value of synergies, employees and other assets that do not qualify for recognition as separate identifiable assets according to IFRS Accounting Standards. Goodwill is not amortised but tested for impairment together with other assets in cash-generating units, refer to note 18 for further information about impairment of assets. Accounting policies Goodwill arises in business combinations as the difference between the consideration and the acquired business\u2019 identifiable assets and assumed liabilities at the acquisition date. Assets and liabilities are generally recognised at fair value, except for non-current assets classified as held for sale and deferred taxes which are recognised at nominal value. The fair value of any previously held equity interests and the amount of any non-controlling interest is also included when determining the amount of goodwill. The fair value assessment of assets and liabilities in a business combination involves various valuation techniques that include assumptions on future revenues, net income, outcome of legal claims and other variables. Telenor always use external valuation experts to assess the fair value of assets and liabilities in significant business combinations. For more information about the impairment testing of goodwill, see note 18 Impairment. Origination of goodwill The table below illustrates where the goodwill has originated and the development in carrying amounts. Telenor dtac DNA 1)NOK in millions Sweden Thailand Finland Other Sum Accumulated cost As of 1 January 2022 6 317 3 323 16 594 1 497 27 730 Re-allocation of goodwill ( 106) - (1 375) 1 481 - Translations differences ( 186) 241 843 61 959 Arising on acquisition of subsidiaries - - - - - Derecognised on disposal of subsidiaries ( 475) - - ( 604) (1 079)As of 31 December 2022 5 550 3 564 16 062 2 434 27 609 Translations differences 369 240 1 028 106 1 742 Arising on acquisition of subsidiaries Derecognised on disposal of subsidia- - - - - - (3 804) - - (3 804)ries As of 31 December 2023 5 918 - 17 090 2 539 25 548 Accumulated impairment As of 1 January 2022 ( 259) - - ( 24) ( 283) Translations differences 8 - - - 8 As of 31 December 2022 ( 251) - - ( 24) ( 275) Translations differences ( 17) - - - ( 17) Impairment - - - ( 24) ( 24) As of 31 December 2023 ( 268) - - ( 48) ( 316) Carrying amount As of 31 December 2023 5 650 - 17 090 2 491 25 231 As of 31 December 2022 5 298 3 564 16 062 2 411 27 335 1) Other includes goodwill allocated mainly to Infrastructure and Telenor Norway.NOTE 15 Intangible assets A significant part of intangible assets relates to software either acquired individually, generated internally or acquired in business combinations. Intangible assets also include customer bases and trademarks in addition to other intangible assets. Accounting policies Intangible assets acquired individually are measured initially at cost and recognised as an intangible assets when control has been obtained over the asset, future economic benefits are expected to flow to the entity and the cost can be measured reliably. The cost to be capitalised as part of the assets includes direct and incremental costs and, for qualifying assets, borrowing costs. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following that initial recognition, intangible assets are carried at cost less accumulated amortisation and any impairment losses. The straight-line amortisation method is used for most intangible assets as this best reflects the consumption of the assets. The amortisation period for a customer base is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses. The useful lives and amortisation methods are reviewed at least annually. Refer to note 18 for further information about impairment. Intangible assets Internally Customer Trade- Software generated Work in 1)acquired software Others progress 2)NOK in millions base marks Total Accumulated cost As of 1 January 2022 2 369 6 041 20 510 4 677 1 438 1 178 36 212 3)Reclassifications - - 1 017 415 31 (1 448) 15 Additions - - 1 129 - 36 1 819 2 984 Additions internally developed - - - 99 9 - 108 Translation differences 87 356 81 ( 26) ( 21) 1 478 Derecognition - ( 158) (2 752) ( 153) ( 378) ( 275) (3 716) As of 31 December 2022 2 456 6 240 19 985 5 011 1 115 1 275 36 081 3)Reclassifications 1 - 776 659 ( 626) (1 465) ( 654) Additions 53 - 1 393 - 30 1 076 2 552 Additions internally developed - - - 161 11 - 172 Translation differences 141 391 359 146 54 18 1 110 Derecognition - 11 (1 118) ( 63) ( 154) - (1 324) Reclassified to assets held for sale - (1 936) (2 471) - ( 1) ( 60) (4 468) As of 31 December 2023 2 652 4 706 18 923 5 915 429 846 33 469 Accumulated amortisation and impairment As of 1 January 2022 (1 184) (2 908) (16 954) (3 651) (1 323) - (26 017) 3)Reclassifications - - 1 - 3 - 4 Amortisation - continuing operations ( 238) - (1 649) ( 604) ( 70) - (2 562) Amortisation - discontinued operations - - ( 509) - - - ( 509) Translation differences ( 40) ( 189) ( 17) 10 23 - ( 214) Derecognition - 147 2 273 138 378 - 2 936 As of 31 December 2022 (1 463) (2 949) (16 884) (4 108) ( 990) - (26 392) 3)Reclassifications - - 3 - 638 - 640 Amortisation - continuing operations ( 260) - (1 781) ( 678) ( 65) - (2 786) Amortisation - discontinued operations - - ( 57) - - - ( 57) Translation differences ( 75) ( 181) ( 288) ( 96) ( 51) - ( 690) Derecognition - ( 11) 1 045 59 153 - 1 247 Reclassified to assets held for sale - 1 936 1 911 - 1 - 3 849 As of 31 December 2023 (1 799) (1 205) (16 050) (4 823) ( 314) - (24 190) Carrying amount As of 31 December 2023 853 3 501 2 873 1 092 ( 449) 846 9 279 As of 31 December 2022 993 3 291 3 101 904 125 1 275 9 689 Amortisation periods in years 3-20 - 3-7 3 3-5 - - 1) Trademarks have indefinite useful lives. 2) The additions line items represent net additions of work in progress during the financial year. Work in progress capitalised and activated within the same financial year is shown as additions in the relevant asset categories in this table. 3) Including reclassifications to/from other lines in the statement of financial position which are not a part of this table. Cash Generating Units (CGUs) with significant goodwill The goodwill allocated to each CGU is shown in note 14 Goodwill. The recoverable amounts for CGUs with significant goodwill have been determined based on the following discount rates and terminal value nominal growth rates for 2023 and 2022: Discount rate after tax (%) Discount rate pre-tax (%) Nominal growth in cash flow in terminal value (%) 2023 2022 2023 2022 2023 2022 Telenor Sweden 6.8 6.7 8.6 8.5 2.0 1.9 DNA 7.1 6.8 8.8 8.5 2.0 2.3 The estimated cash flows and corresponding discount rates are after tax in the value-in-use calculation. The recoverable amounts would not change significantly if pre-tax cash flows and pre-tax discount rates had been applied instead.Impairment in 2023 and 2022 Telenor did not recognise any significant impairments for CGUs in 2023. In 2022, Telenor recognised an impairment of assets of NOK 2.5 billion related to Telenor Pakistan. On 14 December 2023, Telenor announced the sale of Telenor Pakistan to Pakistan Telecommunications Company Ltd (PCTL). The transaction is currently pending regulatory approval and is expected to close in 2024. The carrying amount of Telenor Pakistan as of 31 December 2023 is expected to be recovered through the sale. The impairment of Telenor Pakistan in 2022 was due to several negative developments. A significant increase in interest rates, country risk premium and market premiums impacted the WACC. A hike in energy prices and increased global inflation made the outlook for Telenor Pakistan challenging. Further, the unfavourable decision by the Supreme Court in May 2022 related to the 900 MHz and 1800 MHz spectrum licence fee required Telenor to update its earnings projections. Consequently, an impairment of NOK 2.5 billion was recognised in the second quarter 2022 related to property, plant and equipment, right-of-use assets, and intangible assets in the Telenor Pakistan segment. Recoverable amount of the non-current assets was estimated to be NOK 5.8 billion as of 30 June 2022. The impairment per class of asset was as follows: NOK in million 2022 Property, plant and equipment 1 508 Right-of-use assets 963 Intangible assets 29 Total impairments 2 500 Key assumptions applied in the calculation of value in use for Telenor Pakistan as of 30 June 2022 are stated in the table below. During the assessment of Telenor Pakistan, several scenarios related to timing and level of spectrum acquisitions, investment in radio equipment and operational efficiency were prepared. The assessment was based on a weighting of scenarios reflecting the mentioned sensitivities. The weighted key assumptions used in the scenarios are summarised below. Key assumptions 2022 Telenor Pakistan 1Revenue growth during 2022-2027, per cent1.1 1EBITDA growth during 2022-2027, per cent1.7 2EBITDA margin growth from 2022-2027, percentage points1.7 Capex/revenues in the terminal value, per cent 13.5 WACC, per cent From 14.5 to 18.5 WACC used in the testing at year-end 2021, per cent From 11.6 to 15.3 Nominal growth in cash flow in terminal value, percent 4.8 1) Represents the Compound Annual Growth Rate (CAGR) during the period. 2) Represents annual growth during the period. Refer to note 35 for information about impairments of associated companies and joint arrangements. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__69-1": {
"value": "NOTE 14 Goodwill Goodwill relates to excess values that have not been allocated to other assets in business combinations. Goodwill typically represents the value of synergies, employees and other assets that do not qualify for recognition as separate identifiable assets according to IFRS Accounting Standards. Goodwill is not amortised but tested for impairment together with other assets in cash-generating units, refer to note 18 for further information about impairment of assets. Accounting policies Goodwill arises in business combinations as the difference between the consideration and the acquired business\u2019 identifiable assets and assumed liabilities at the acquisition date. Assets and liabilities are generally recognised at fair value, except for non-current assets classified as held for sale and deferred taxes which are recognised at nominal value. The fair value of any previously held equity interests and the amount of any non-controlling interest is also included when determining the amount of goodwill. The fair value assessment of assets and liabilities in a business combination involves various valuation techniques that include assumptions on future revenues, net income, outcome of legal claims and other variables. Telenor always use external valuation experts to assess the fair value of assets and liabilities in significant business combinations. For more information about the impairment testing of goodwill, see note 18 Impairment. Origination of goodwill The table below illustrates where the goodwill has originated and the development in carrying amounts. Telenor dtac DNA 1)NOK in millions Sweden Thailand Finland Other Sum Accumulated cost As of 1 January 2022 6 317 3 323 16 594 1 497 27 730 Re-allocation of goodwill ( 106) - (1 375) 1 481 - Translations differences ( 186) 241 843 61 959 Arising on acquisition of subsidiaries - - - - - Derecognised on disposal of subsidiaries ( 475) - - ( 604) (1 079)As of 31 December 2022 5 550 3 564 16 062 2 434 27 609 Translations differences 369 240 1 028 106 1 742 Arising on acquisition of subsidiaries Derecognised on disposal of subsidia- - - - - - (3 804) - - (3 804)ries As of 31 December 2023 5 918 - 17 090 2 539 25 548 Accumulated impairment As of 1 January 2022 ( 259) - - ( 24) ( 283) Translations differences 8 - - - 8 As of 31 December 2022 ( 251) - - ( 24) ( 275) Translations differences ( 17) - - - ( 17) Impairment - - - ( 24) ( 24) As of 31 December 2023 ( 268) - - ( 48) ( 316) Carrying amount As of 31 December 2023 5 650 - 17 090 2 491 25 231 As of 31 December 2022 5 298 3 564 16 062 2 411 27 335 1) Other includes goodwill allocated mainly to Infrastructure and Telenor Norway.Cash Generating Units (CGUs) with significant goodwill The goodwill allocated to each CGU is shown in note 14 Goodwill. The recoverable amounts for CGUs with significant goodwill have been determined based on the following discount rates and terminal value nominal growth rates for 2023 and 2022: Discount rate after tax (%) Discount rate pre-tax (%) Nominal growth in cash flow in terminal value (%) 2023 2022 2023 2022 2023 2022 Telenor Sweden 6.8 6.7 8.6 8.5 2.0 1.9 DNA 7.1 6.8 8.8 8.5 2.0 2.3 The estimated cash flows and corresponding discount rates are after tax in the value-in-use calculation. The recoverable amounts would not change significantly if pre-tax cash flows and pre-tax discount rates had been applied instead.",
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"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__74-1": {
"value": "Accounting policies Goodwill arises in business combinations as the difference between the consideration and the acquired business\u2019 identifiable assets and assumed liabilities at the acquisition date. Assets and liabilities are generally recognised at fair value, except for non-current assets classified as held for sale and deferred taxes which are recognised at nominal value. The fair value of any previously held equity interests and the amount of any non-controlling interest is also included when determining the amount of goodwill. The fair value assessment of assets and liabilities in a business combination involves various valuation techniques that include assumptions on future revenues, net income, outcome of legal claims and other variables. Telenor always use external valuation experts to assess the fair value of assets and liabilities in significant business combinations. For more information about the impairment testing of goodwill, see note 18 Impairment.Accounting policies Intangible assets acquired individually are measured initially at cost and recognised as an intangible assets when control has been obtained over the asset, future economic benefits are expected to flow to the entity and the cost can be measured reliably. The cost to be capitalised as part of the assets includes direct and incremental costs and, for qualifying assets, borrowing costs. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following that initial recognition, intangible assets are carried at cost less accumulated amortisation and any impairment losses. The straight-line amortisation method is used for most intangible assets as this best reflects the consumption of the assets. The amortisation period for a customer base is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses. The useful lives and amortisation methods are reviewed at least annually. Refer to note 18 for further information about impairment.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__73": {
"value": "Accounting policies Goodwill arises in business combinations as the difference between the consideration and the acquired business\u2019 identifiable assets and assumed liabilities at the acquisition date. Assets and liabilities are generally recognised at fair value, except for non-current assets classified as held for sale and deferred taxes which are recognised at nominal value. The fair value of any previously held equity interests and the amount of any non-controlling interest is also included when determining the amount of goodwill. The fair value assessment of assets and liabilities in a business combination involves various valuation techniques that include assumptions on future revenues, net income, outcome of legal claims and other variables. Telenor always use external valuation experts to assess the fair value of assets and liabilities in significant business combinations. For more information about the impairment testing of goodwill, see note 18 Impairment.",
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"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__72": {
"value": "Accounting policies Goodwill arises in business combinations as the difference between the consideration and the acquired business\u2019 identifiable assets and assumed liabilities at the acquisition date. Assets and liabilities are generally recognised at fair value, except for non-current assets classified as held for sale and deferred taxes which are recognised at nominal value. The fair value of any previously held equity interests and the amount of any non-controlling interest is also included when determining the amount of goodwill. The fair value assessment of assets and liabilities in a business combination involves various valuation techniques that include assumptions on future revenues, net income, outcome of legal claims and other variables. Telenor always use external valuation experts to assess the fair value of assets and liabilities in significant business combinations. For more information about the impairment testing of goodwill, see note 18 Impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__71": {
"value": "Accounting policies Goodwill arises in business combinations as the difference between the consideration and the acquired business\u2019 identifiable assets and assumed liabilities at the acquisition date. Assets and liabilities are generally recognised at fair value, except for non-current assets classified as held for sale and deferred taxes which are recognised at nominal value. The fair value of any previously held equity interests and the amount of any non-controlling interest is also included when determining the amount of goodwill. The fair value assessment of assets and liabilities in a business combination involves various valuation techniques that include assumptions on future revenues, net income, outcome of legal claims and other variables. Telenor always use external valuation experts to assess the fair value of assets and liabilities in significant business combinations. For more information about the impairment testing of goodwill, see note 18 Impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__77-1": {
"value": "NOTE 15 Intangible assets A significant part of intangible assets relates to software either acquired individually, generated internally or acquired in business combinations. Intangible assets also include customer bases and trademarks in addition to other intangible assets. Accounting policies Intangible assets acquired individually are measured initially at cost and recognised as an intangible assets when control has been obtained over the asset, future economic benefits are expected to flow to the entity and the cost can be measured reliably. The cost to be capitalised as part of the assets includes direct and incremental costs and, for qualifying assets, borrowing costs. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following that initial recognition, intangible assets are carried at cost less accumulated amortisation and any impairment losses. The straight-line amortisation method is used for most intangible assets as this best reflects the consumption of the assets. The amortisation period for a customer base is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses. The useful lives and amortisation methods are reviewed at least annually. Refer to note 18 for further information about impairment. Intangible assets Internally Customer Trade- Software generated Work in 1)acquired software Others progress 2)NOK in millions base marks Total Accumulated cost As of 1 January 2022 2 369 6 041 20 510 4 677 1 438 1 178 36 212 3)Reclassifications - - 1 017 415 31 (1 448) 15 Additions - - 1 129 - 36 1 819 2 984 Additions internally developed - - - 99 9 - 108 Translation differences 87 356 81 ( 26) ( 21) 1 478 Derecognition - ( 158) (2 752) ( 153) ( 378) ( 275) (3 716) As of 31 December 2022 2 456 6 240 19 985 5 011 1 115 1 275 36 081 3)Reclassifications 1 - 776 659 ( 626) (1 465) ( 654) Additions 53 - 1 393 - 30 1 076 2 552 Additions internally developed - - - 161 11 - 172 Translation differences 141 391 359 146 54 18 1 110 Derecognition - 11 (1 118) ( 63) ( 154) - (1 324) Reclassified to assets held for sale - (1 936) (2 471) - ( 1) ( 60) (4 468) As of 31 December 2023 2 652 4 706 18 923 5 915 429 846 33 469 Accumulated amortisation and impairment As of 1 January 2022 (1 184) (2 908) (16 954) (3 651) (1 323) - (26 017) 3)Reclassifications - - 1 - 3 - 4 Amortisation - continuing operations ( 238) - (1 649) ( 604) ( 70) - (2 562) Amortisation - discontinued operations - - ( 509) - - - ( 509) Translation differences ( 40) ( 189) ( 17) 10 23 - ( 214) Derecognition - 147 2 273 138 378 - 2 936 As of 31 December 2022 (1 463) (2 949) (16 884) (4 108) ( 990) - (26 392) 3)Reclassifications - - 3 - 638 - 640 Amortisation - continuing operations ( 260) - (1 781) ( 678) ( 65) - (2 786) Amortisation - discontinued operations - - ( 57) - - - ( 57) Translation differences ( 75) ( 181) ( 288) ( 96) ( 51) - ( 690) Derecognition - ( 11) 1 045 59 153 - 1 247 Reclassified to assets held for sale - 1 936 1 911 - 1 - 3 849 As of 31 December 2023 (1 799) (1 205) (16 050) (4 823) ( 314) - (24 190) Carrying amount As of 31 December 2023 853 3 501 2 873 1 092 ( 449) 846 9 279 As of 31 December 2022 993 3 291 3 101 904 125 1 275 9 689 Amortisation periods in years 3-20 - 3-7 3 3-5 - - 1) Trademarks have indefinite useful lives. 2) The additions line items represent net additions of work in progress during the financial year. Work in progress capitalised and activated within the same financial year is shown as additions in the relevant asset categories in this table. 3) Including reclassifications to/from other lines in the statement of financial position which are not a part of this table. NOTE 16 Right-of-use assets Telenor has chosen to account for the right to use the spectrum as a lease, where the identified asset is the frequency band that is exclusive for Telenor in the lease period. Telenor also leases passive infrastructure such as towers and cables in addition to land and property. Refer to note 29 Lease liabilities for more information. Accounting policies A lease liability and a right-of-use asset is recognised at commencement date in lease contracts where Telenor has the right to direct the use and obtains substantially all the economic benefits from the use of an identified asset. For spectrum contracts, Telenor has chosen to account for the right to use the spectrum as a lease, where the identified asset is the frequency band that is exclusive for Telenor during the lease term. Lease payments on short-term leases (less than 12 months) and low-value asset leases (mainly small non-core leases) are generally expensed on a straight-line basis over the lease term. The short-term exemption does not apply to spectrum leases or leases with purchase options. The lease liability represents the net present value of lease payments over the lease term and include fixed payments, in-substance fixed payments, non-lease components, residual value guarantees and lease incentives. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised and termination penalties when termination is expected. Variable lease payments such as licence payments based on revenue sharing arrangements are expensed as incurred. The incremental borrowing rate generally used to determine the net present value is based on the respective country\u2019s risk-free rate for the term corresponding to the lease term, adjusted for own credit risk. Subsidiaries with external financing use the external borrowing rate corresponding to the lease term. Key accounting judgment Determining the lease term can involve significant judgment for lease contracts with extension or termination options, as an assessment of whether or not it is reasonably certain that the lease period will be extended is required. The broader economics of the contract and not only contractual termination payments are basis for such assessment. For lease of land for own towers or leasing of towers from tower companies or other operators, factors considered in particular for assessing the lease term are technology development and potential changes in business models. Based on an assessment of these factors, the lease term for Telenor\u2019s leases relating to sites will normally be within a range of 4 to 7 years. This means that the lease term for sites with renewal options shall normally be the higher of a non-cancellable period or within a range of 4 to 7 years. Some sites may be in strategically important locations and it might be more than reasonably certain that the sites will be maintained beyond 7 years. In these cases, the lease term may be up to 10 years. Key sources of estimation uncertainty The non-cancellable lease period is basis for the lease liability, and periods covered by options to extend or terminate the lease are included only when it is reasonably certain the lease period will be extended. The lease liability is remeasured if the lease term or lease payments change, or there are other significant event or significant change in circumstances. Significant amounts paid up-front on spectrum and other lease contracts are recognised as prepayment until commencement date. Non-refundable value-added tax is included as initial direct cost. The right-of-use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets Right-of-use assets are classified based on the nature of underlying assets as follow: Network Spectrum passive infra- NOK in millions licences 1)structure Cables Land Buildings Others Total Accumulated cost As of 1 January 2022 50 237 16 197 4 054 5 747 4 099 270 80 604 Additions 4 845 2 435 1 026 716 816 125 9 963 Derecognition ( 766) (1 258) ( 291) ( 507) ( 330) ( 28) (3 180) Reclassifications 1 ( 99) ( 17) - ( 20) - ( 135) Translation differences 287 133 ( 160) 112 73 3 447 Disposal of companies (5 729) (4 157) ( 25) (1 271) ( 60) ( 2) (11 243) As of 31 December 2022 48 875 13 251 4 586 4 797 4 579 368 76 456 Additions 678 2 624 1 059 506 554 151 5 572 Derecognition ( 33) ( 810) ( 168) ( 376) ( 423) ( 20) (1 830) Disposal of companies (22 738) (4 704) ( 133) (2 926) ( 636) ( 28) (31 164) Reclassifications ( 6) 6 11 2 70 7 91 Translation differences 198 11 95 26 142 5 477 Reclassified to assets held for sale - ( 11) ( 5) - - ( 194) ( 210) As of 31 December 2023 26 974 10 367 5 445 2 030 4 285 289 49 391 Accumulated depreciation As of 1 January 2022 (16 954) (5 986) (2 156) (2 247) (1 631) ( 66) (29 039) Depreciation - continuing operations (1 955) (1 420) ( 456) ( 335) ( 568) ( 67) (4 800) Depreciation - discontinued operations (1 667) (1 387) ( 39) ( 664) ( 167) ( 9) (3 932) Impairment - continuing operations - ( 576) ( 93) ( 272) ( 22) - ( 963) Derecognition 740 1 010 144 322 332 26 2 574 Reclassifications ( 18) 133 ( 44) - 19 - 90 Translation differences 85 ( 4) 82 ( 23) ( 34) ( 2) 105 Disposal of companies 2 869 1 748 20 530 27 2 5 195 As of 31 December 2022 (16 900) (6 482) (2 540) (2 688) (2 043) ( 116) (30 770) Depreciation - continuing operations (2 085) (1 504) ( 653) ( 296) ( 630) ( 86) (5 254) Depreciation - discontinued operations ( 247) ( 153) ( 8) ( 80) ( 28) ( 2) ( 517) Derecognition 34 540 96 376 278 19 1 344 Disposal of companies 7 284 2 328 45 1 451 388 12 11 508 Reclassifications 6 ( 5) ( 11) ( 2) ( 71) ( 7) ( 91) Translation differences 127 76 ( 43) 32 ( 74) ( 3) 116 Reclassified to assets held for sale - 3 1 - - 101 105 As of 31 December 2023 (11 780) (5 197) (3 113) (1 207) (2 180) ( 82) (23 560) Carrying amount As of 31 December 2022 31 975 6 769 2 046 2 109 2 535 251 45 686 As of 31 December 2023 15 194 5 170 2 332 823 2 105 207 25 831 Weighted average remaining lease term 1)As of 31 December 2022 - 5 7 5 9 3 - 1)As of 31 December 2023 - 6 8 5 10 3 - Related lease liability disaggregated per class of right-of-use assets As of 31 December 2022 14 878 7 082 1 619 3 263 4 004 245 31 091 As of 31 December 2023 5 176 5 540 1 858 1 128 3 414 192 17 308 1) See table below for overview spectrum licences, including lease term. For lease of network passive infrastructure (lease of tower space in networks and lease of part of buildings for own towers), land for own sites or towers and lease of buildings for office spaces, equipment and retail stores, lease agreements generally contain termination options or renewal options. These options are used to limit the period to which Telenor is committed to individual lease contracts and to maximise operational flexibility in terms of dynamic network requirements. The remaining non-cancellable period for lease contracts under network passive infrastructure is 3 years on average. The non-cancellable period for lease contracts related to land is 2 years on average. As a result of deteriorating macro-economic situation in Pakistan, an impairment of NOK 963 million related to right-of-use assets was recognised in 2022. Please see note 18 Impairment of assets for further information. The additions of spectrum licences in 2023 were related to renewal of spectrum under 1800 MHz band in Norway and capitalisation of Market Capitalisation Fund related to spectrum acquired in 2011 in Grameenphone. The additions of spectrum licences in 2022 were related to additional spectrum fee of NOK 1.7 billion in Pakistan, see further Note 23 Legal disputes and contingencies for more information. Moreover, the additions were related to acquisition of spectrum under 3500 MHz in Norway, 2100 MHz in Denmark, and 2500 MHz in Grameenphone. In 2023, the additions in network passive infrastructure were mainly related to infrastructure site sharing leases in Grameenphone, business growth and new leases in Finland and increase of mobile network in Sweden. The additions in cables were mainly in Sweden and Grameenphone. The additions in building were mainly related to Telenor Real Estate, Telenor Sweden, and Telenor Finland. The additions in land were mainly related to contract renewal of land in Telenor Infra. In 2022, the additions in network passive infrastructure were mainly related to site leases from tower companies in Grameenphone, contract renewal of CAT equipment lease in dtac, tower spaces and part of building for own towers in Norway and Finland. The additions in building were mainly related to Telenor Real Estate, Telenor South East Asia Investment Pte Ltd., Telenor Sweden and Telenor Denmark. The additions in land were mainly related to land for own sites in dtac and Pakistan. For lease of spectrum, the agreements are generally non-cancellable. Telenor has not considered periods covered by renewal options even if in some agreements the option to renew exists, given the uncertainty around terms and conditions of renewal of licences. Spectrum licences The following table sets forth the spectrum licences that Telenor holds as of 31 December 2023: Spectrum (MHz) Bandwidth (MHz) Spectrum expiration Telenor Norway 700 2x10 2039 800 2\u00d710 2033 900 2\u00d715 2033 1800 2\u00d710 + 2\u00d720 2028/2033 2100 2\u00d720 2032 2600 2\u00d740 2042 3500 120 2042 Telenor Sweden 1)700 2x102040 1)800 2x102035 1)900 2x6 + 2\u00d75 2025 1)(2026)->)2048900 2x101) + 2x10 1)1800 2\u00d720 2027/2037 2100 2x19.8 + 1\u00d75 2025 1)(2026)->)20502100 2x201)2600 2x402025 1)(2026)->)20502600 2x301)3500 1002045 Telenor Denmark 2)700 2x52040 2)800 2x102034 2)900 2x102034 2)1500 452042 2)1800 2x252032 2)2100 2x202042 2600 2x20 + 1x10 2030 2)3500 14002042 2)26000 6002042 DNA, Finland 700 2x10 2033 800 2x10 2033 900 2x11.6 2033 1800 2x24.8 2033 2100 2x19.8 2033 2600 2x20 2029 3500 130 2033 26000 800 2033 Grameenphone, Bangladesh 900 2\u00d77.4 2026 1800 2\u00d77.2 + 2\u00d77.4 + 2\u00d70.4 2026 1800 2x5 2033 2100 2\u00d710 2026 2100 2\u00d710 2028 2500 60 2033 Telenor Pakistan 850 2x10 2031 900 2\u00d74.8 2034 1800 2\u00d78.8 2034 2100 2\u00d75 2029 1) The licenses are held by Net4Mobility (a joint operation with Tele 2, owned 50% by Telenor). 2) The licenses are held by TT Netv\u00e6rket (a joint operation with Telia, owned 50% by Telenor). 3) \u201cExtension\u201d of the license that expires. Acquired in 2023, valid from 2026 onwards. Lease expenses Expenses recognised in the income statement related to lease contracts are presented below: NOK in millions Classification in income statement 2023 2022 Depreciation of right-of-use assets Depreciation and amortisation 5 254 4 794 Interest expenses on lease liabilities Financial expenses (note 9) 895 666 Variable lease expenses not dependent on index or rate Other operating expenses (note 6) 1 795 1 857 Variable lease expenses not dependent on index or rate Cost of materials and traffic charges (note 4) 463 348 Expenses relating to short term leases Other operating expenses (note 6) 70 49 Expenses relating to low value leases Other operating expenses (note 6) 15 13 Total 8 491 7 726 Total variable lease expenses of NOK 2.3 billion (NOK 2.2 billion in 2022) recognised in other operating expenses and cost of material and traffic charges include NOK 0.9 billion (NOK 0.9 billion in 2022) related to spectrum and NOK 0.7 billion (NOK 0.6 billion in 2022) related to other lease contracts. Variable lease expenses related to spectrum agreements vary mainly with revenue, as a significant part of the expenses are based on share of revenues under the agreements. Variable lease expenses related to other lease contracts of NOK 0.7 billion (NOK 0.6 billion in 2022) represent mainly energy charges paid to lessors as part of the lease agreements for some mobile sites, and the expenses vary with the consumption of energy on those mobile sites in addition to changes in prices.NOTE 17 Property, plant and equipment The majority of the property, plant and equipment (PPE) in Telenor relate to investments in network equipment and infrastructure, including base stations, cables, fibre and radio equipment. Other assets include equipment for cable TV and satellites in addition to buildings, land and administrative assets. Accounting policies Property, plant and equipment are recognised at cost less accumulated depreciation and any impairment losses. The cost includes borrowing costs for qualifying assets. If Telenor has a legal or constructive obligation to dismantle, remove and restore a site, an asset retirement obligation (ARO) is recognized with a corresponding increase in the related asset within property, plant and equipment. Refer to note 22 Provisions and obligations for further information. Estimated useful lives for similar types of assets may vary between different geographical areas due to factors such as growth rate, maturity of the market, history and expectations for replacements or transfer of assets, climate and quality of components used. Estimated useful life, depreciation method and residual value are evaluated at least annually. The straight-line depreciation method is used as this best reflects the consumption of the assets, which often is the passage of time. Residual value is estimated to be zero for most assets, except for some commercial buildings and vehicles that are not expected to be used for the whole economic life. Refer to note 18 Impairment for assets for further information. Key sources of estimation uncertainty Depreciation expenses are based on management\u2019s estimates of depreciation method, useful life and residual value. Estimates may change due to technological developments, competition, changes in market conditions, geopolitical developments, climate change and other factors. In particular, technological developments are difficult to predict as trends and pace of development may change over time. ARO is a significant estimate as there is significant uncertainty related to the timing of the removal and restoration of the sites, whether the restoration actually will take place and to future price development as the work will take place well into the future. See note 22 Provisions and obligations for further information about the asset removal obligation. Climate changes can potentially lead to destruction of assets from flooding, fires or other natural disasters. Climate changes and increased focus on sustainable businesses may impact technological development, markets and economic or legal environment which are critical estimates in the evaluations of useful lives. A change in estimated useful life is a change in accounting estimate, and depreciation plans are adjusted prospectively. Refer to note 18 Impairment for assets for further information. Property, plant and equipment SwitcheCorporaLocal, Mobile Subscris Cable-te regional telephonber and Radio TV adminis- Work in and trunk e equipmequip- installa- equipmBuildingtrative progre1)NOK in millions networks network ent ment tions ent s Land assets Satellites ss Total Accumulated cost As of 1 January 2022 63 671 39 236 3 028 14 530 43 837 6 293 6 386 660 10 262 5 007 7 326 200 235 2)Reclassifications 1 321 2 496 (15) 283 2 294 34 (548) (40) 702 - (6 551) (24) Additions 1 842 547 582 361 2 438 48 90 18 771 - 7 093 13 789 Translation differences 542 109 (21) (47) 397 (19) 30 7 (85) - 39 953 Derecognitions (5 420) (8 952) (837) (3 027) (10 574) (371) (464) (67) (1 945) - (408) (32 064) As of 31 December 2022 61 956 33 435 2 737 12 099 38 393 5 985 5 494 578 9 705 5 007 7 500 182 888 2)Reclassifications 907 4 432 219 109 (2 653) 393 33 (2) 522 2 (3 299) 664 Additions 1 541 1 434 577 418 2 540 35 89 4 685 - 3 006 10 329 Translation differences 705 521 58 27 253 33 22 4 44 - 147 1 816 Derecognitions (3 703) (11 204) (825) (4 646) (20 604) (56) (881) (327) (1 788) - (783) (44 817) Reclassified to assets held for sale - (40) (21) (572) - - (90) (6) (25) (5 009) (13) (5 776) As of 31 December 2023 61 406 28 578 2 746 7 436 17 929 6 391 4 666 251 9 144 - 6 559 145 104 Accumulated depreciation and impairment losses As of 1 January 2022 (41 383) (24 335) (1 711) (12 475) (28 283) (4 447) (4 450) (2) (6 732) (3 648) - (127 468) 2)Reclassifications (119) (583) 91 34 39 - 541 - 2 - - 4 Depreciation - continuing operations (2 331) (2 033) (862) (511) (2 655) (309) (174) - (679) (202) - (9 756) Depreciation - discontinued operations (477) (1 265) - (283) (1 924) - (42) - (167) - - (4 156) Impairment - continuing operations (179) (606) - (103) (399) - (108) (38) (77) - - (1 509) Translation differences (78) 123 15 67 (145) 14 (17) 3 129 - - 110 Derecognition 4 234 6 259 836 2 657 9 235 369 195 - 1 762 - - 25 546 As of 31 December 2022 (40 332) (22 440) (1 631) (10 615) (24 132) (4 373) (4 056) (38) (5 762) (3 850) - (117 229) 2)Reclassifications (171) (362) 12 - 2 186 (475) (62) - (1 774) - - (648) Depreciation - continuing operations (1 799) (2 315) (812) (457) (1 999) (284) (94) - (524) (208) - (8 494) Depreciation - discontinued operations (39) (111) - (17) (202) - (6) - (15) - - (389) Translation differences (149) (291) (37) (9) 27 (24) (4) 6 109 - - (372) Derecognition 2 230 6 044 828 4 111 13 365 55 783 3 1 578 - - 28 997 Reclassified to assets held for sale - 26 - 486 - - 77 - 14 4 058 - 4 661 As of 31 December 2023 (40 261) (19 449) (1 641) (6 501) (10 757) (5 101) (3 363) (29) (6 373) - - (93 474) Carrying amount As of 31 December 2023 21 145 9 128 1 105 935 7 172 1 290 1 303 222 2 771 - 6 559 51 631 As of 31 December 2022 21 623 10 995 1 106 1 485 14 260 1 612 1 438 540 3 943 1 157 7 500 65 659 3)Depreciation periods, years 3-30 5-20 3 3-7 5-15 3-15 5-30 - 2-10 17 - - 1) The Additions line items represent net additions of work in progress during the financial year. Work in progress capitalised and activated within the same financial year is shown as Additions in the relevant asset categories in this table. 2) Including reclassifications to/from other lines in the statement of financial position which is not a part of this table. 3) Asset categories presented in this movement schedule is an aggregated total from different asset components belonging to a particular category, and the disclosed depreciation rates represent a range of useful lives allocated to components. .",
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"value": "NOTE 15 Intangible assets A significant part of intangible assets relates to software either acquired individually, generated internally or acquired in business combinations. Intangible assets also include customer bases and trademarks in addition to other intangible assets. Accounting policies Intangible assets acquired individually are measured initially at cost and recognised as an intangible assets when control has been obtained over the asset, future economic benefits are expected to flow to the entity and the cost can be measured reliably. The cost to be capitalised as part of the assets includes direct and incremental costs and, for qualifying assets, borrowing costs. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following that initial recognition, intangible assets are carried at cost less accumulated amortisation and any impairment losses. The straight-line amortisation method is used for most intangible assets as this best reflects the consumption of the assets. The amortisation period for a customer base is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses. The useful lives and amortisation methods are reviewed at least annually. Refer to note 18 for further information about impairment. Intangible assets Internally Customer Trade- Software generated Work in 1)acquired software Others progress 2)NOK in millions base marks Total Accumulated cost As of 1 January 2022 2 369 6 041 20 510 4 677 1 438 1 178 36 212 3)Reclassifications - - 1 017 415 31 (1 448) 15 Additions - - 1 129 - 36 1 819 2 984 Additions internally developed - - - 99 9 - 108 Translation differences 87 356 81 ( 26) ( 21) 1 478 Derecognition - ( 158) (2 752) ( 153) ( 378) ( 275) (3 716) As of 31 December 2022 2 456 6 240 19 985 5 011 1 115 1 275 36 081 3)Reclassifications 1 - 776 659 ( 626) (1 465) ( 654) Additions 53 - 1 393 - 30 1 076 2 552 Additions internally developed - - - 161 11 - 172 Translation differences 141 391 359 146 54 18 1 110 Derecognition - 11 (1 118) ( 63) ( 154) - (1 324) Reclassified to assets held for sale - (1 936) (2 471) - ( 1) ( 60) (4 468) As of 31 December 2023 2 652 4 706 18 923 5 915 429 846 33 469 Accumulated amortisation and impairment As of 1 January 2022 (1 184) (2 908) (16 954) (3 651) (1 323) - (26 017) 3)Reclassifications - - 1 - 3 - 4 Amortisation - continuing operations ( 238) - (1 649) ( 604) ( 70) - (2 562) Amortisation - discontinued operations - - ( 509) - - - ( 509) Translation differences ( 40) ( 189) ( 17) 10 23 - ( 214) Derecognition - 147 2 273 138 378 - 2 936 As of 31 December 2022 (1 463) (2 949) (16 884) (4 108) ( 990) - (26 392) 3)Reclassifications - - 3 - 638 - 640 Amortisation - continuing operations ( 260) - (1 781) ( 678) ( 65) - (2 786) Amortisation - discontinued operations - - ( 57) - - - ( 57) Translation differences ( 75) ( 181) ( 288) ( 96) ( 51) - ( 690) Derecognition - ( 11) 1 045 59 153 - 1 247 Reclassified to assets held for sale - 1 936 1 911 - 1 - 3 849 As of 31 December 2023 (1 799) (1 205) (16 050) (4 823) ( 314) - (24 190) Carrying amount As of 31 December 2023 853 3 501 2 873 1 092 ( 449) 846 9 279 As of 31 December 2022 993 3 291 3 101 904 125 1 275 9 689 Amortisation periods in years 3-20 - 3-7 3 3-5 - - 1) Trademarks have indefinite useful lives. 2) The additions line items represent net additions of work in progress during the financial year. Work in progress capitalised and activated within the same financial year is shown as additions in the relevant asset categories in this table. 3) Including reclassifications to/from other lines in the statement of financial position which are not a part of this table. Cash Generating Units (CGUs) with significant goodwill The goodwill allocated to each CGU is shown in note 14 Goodwill. The recoverable amounts for CGUs with significant goodwill have been determined based on the following discount rates and terminal value nominal growth rates for 2023 and 2022: Discount rate after tax (%) Discount rate pre-tax (%) Nominal growth in cash flow in terminal value (%) 2023 2022 2023 2022 2023 2022 Telenor Sweden 6.8 6.7 8.6 8.5 2.0 1.9 DNA 7.1 6.8 8.8 8.5 2.0 2.3 The estimated cash flows and corresponding discount rates are after tax in the value-in-use calculation. The recoverable amounts would not change significantly if pre-tax cash flows and pre-tax discount rates had been applied instead.Impairment in 2023 and 2022 Telenor did not recognise any significant impairments for CGUs in 2023. In 2022, Telenor recognised an impairment of assets of NOK 2.5 billion related to Telenor Pakistan. On 14 December 2023, Telenor announced the sale of Telenor Pakistan to Pakistan Telecommunications Company Ltd (PCTL). The transaction is currently pending regulatory approval and is expected to close in 2024. The carrying amount of Telenor Pakistan as of 31 December 2023 is expected to be recovered through the sale. The impairment of Telenor Pakistan in 2022 was due to several negative developments. A significant increase in interest rates, country risk premium and market premiums impacted the WACC. A hike in energy prices and increased global inflation made the outlook for Telenor Pakistan challenging. Further, the unfavourable decision by the Supreme Court in May 2022 related to the 900 MHz and 1800 MHz spectrum licence fee required Telenor to update its earnings projections. Consequently, an impairment of NOK 2.5 billion was recognised in the second quarter 2022 related to property, plant and equipment, right-of-use assets, and intangible assets in the Telenor Pakistan segment. Recoverable amount of the non-current assets was estimated to be NOK 5.8 billion as of 30 June 2022. The impairment per class of asset was as follows: NOK in million 2022 Property, plant and equipment 1 508 Right-of-use assets 963 Intangible assets 29 Total impairments 2 500 Key assumptions applied in the calculation of value in use for Telenor Pakistan as of 30 June 2022 are stated in the table below. During the assessment of Telenor Pakistan, several scenarios related to timing and level of spectrum acquisitions, investment in radio equipment and operational efficiency were prepared. The assessment was based on a weighting of scenarios reflecting the mentioned sensitivities. The weighted key assumptions used in the scenarios are summarised below. Key assumptions 2022 Telenor Pakistan 1Revenue growth during 2022-2027, per cent1.1 1EBITDA growth during 2022-2027, per cent1.7 2EBITDA margin growth from 2022-2027, percentage points1.7 Capex/revenues in the terminal value, per cent 13.5 WACC, per cent From 14.5 to 18.5 WACC used in the testing at year-end 2021, per cent From 11.6 to 15.3 Nominal growth in cash flow in terminal value, percent 4.8 1) Represents the Compound Annual Growth Rate (CAGR) during the period. 2) Represents annual growth during the period. Refer to note 35 for information about impairments of associated companies and joint arrangements. ",
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"value": "Accounting policies Intangible assets acquired individually are measured initially at cost and recognised as an intangible assets when control has been obtained over the asset, future economic benefits are expected to flow to the entity and the cost can be measured reliably. The cost to be capitalised as part of the assets includes direct and incremental costs and, for qualifying assets, borrowing costs. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following that initial recognition, intangible assets are carried at cost less accumulated amortisation and any impairment losses. The straight-line amortisation method is used for most intangible assets as this best reflects the consumption of the assets. The amortisation period for a customer base is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses. The useful lives and amortisation methods are reviewed at least annually. Refer to note 18 for further information about impairment.",
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"value": "NOTE 16 Right-of-use assets Telenor has chosen to account for the right to use the spectrum as a lease, where the identified asset is the frequency band that is exclusive for Telenor in the lease period. Telenor also leases passive infrastructure such as towers and cables in addition to land and property. Refer to note 29 Lease liabilities for more information. Accounting policies A lease liability and a right-of-use asset is recognised at commencement date in lease contracts where Telenor has the right to direct the use and obtains substantially all the economic benefits from the use of an identified asset. For spectrum contracts, Telenor has chosen to account for the right to use the spectrum as a lease, where the identified asset is the frequency band that is exclusive for Telenor during the lease term. Lease payments on short-term leases (less than 12 months) and low-value asset leases (mainly small non-core leases) are generally expensed on a straight-line basis over the lease term. The short-term exemption does not apply to spectrum leases or leases with purchase options. The lease liability represents the net present value of lease payments over the lease term and include fixed payments, in-substance fixed payments, non-lease components, residual value guarantees and lease incentives. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised and termination penalties when termination is expected. Variable lease payments such as licence payments based on revenue sharing arrangements are expensed as incurred. The incremental borrowing rate generally used to determine the net present value is based on the respective country\u2019s risk-free rate for the term corresponding to the lease term, adjusted for own credit risk. Subsidiaries with external financing use the external borrowing rate corresponding to the lease term. Key accounting judgment Determining the lease term can involve significant judgment for lease contracts with extension or termination options, as an assessment of whether or not it is reasonably certain that the lease period will be extended is required. The broader economics of the contract and not only contractual termination payments are basis for such assessment. For lease of land for own towers or leasing of towers from tower companies or other operators, factors considered in particular for assessing the lease term are technology development and potential changes in business models. Based on an assessment of these factors, the lease term for Telenor\u2019s leases relating to sites will normally be within a range of 4 to 7 years. This means that the lease term for sites with renewal options shall normally be the higher of a non-cancellable period or within a range of 4 to 7 years. Some sites may be in strategically important locations and it might be more than reasonably certain that the sites will be maintained beyond 7 years. In these cases, the lease term may be up to 10 years. Key sources of estimation uncertainty The non-cancellable lease period is basis for the lease liability, and periods covered by options to extend or terminate the lease are included only when it is reasonably certain the lease period will be extended. The lease liability is remeasured if the lease term or lease payments change, or there are other significant event or significant change in circumstances. Significant amounts paid up-front on spectrum and other lease contracts are recognised as prepayment until commencement date. Non-refundable value-added tax is included as initial direct cost. The right-of-use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets Right-of-use assets are classified based on the nature of underlying assets as follow: Network Spectrum passive infra- NOK in millions licences 1)structure Cables Land Buildings Others Total Accumulated cost As of 1 January 2022 50 237 16 197 4 054 5 747 4 099 270 80 604 Additions 4 845 2 435 1 026 716 816 125 9 963 Derecognition ( 766) (1 258) ( 291) ( 507) ( 330) ( 28) (3 180) Reclassifications 1 ( 99) ( 17) - ( 20) - ( 135) Translation differences 287 133 ( 160) 112 73 3 447 Disposal of companies (5 729) (4 157) ( 25) (1 271) ( 60) ( 2) (11 243) As of 31 December 2022 48 875 13 251 4 586 4 797 4 579 368 76 456 Additions 678 2 624 1 059 506 554 151 5 572 Derecognition ( 33) ( 810) ( 168) ( 376) ( 423) ( 20) (1 830) Disposal of companies (22 738) (4 704) ( 133) (2 926) ( 636) ( 28) (31 164) Reclassifications ( 6) 6 11 2 70 7 91 Translation differences 198 11 95 26 142 5 477 Reclassified to assets held for sale - ( 11) ( 5) - - ( 194) ( 210) As of 31 December 2023 26 974 10 367 5 445 2 030 4 285 289 49 391 Accumulated depreciation As of 1 January 2022 (16 954) (5 986) (2 156) (2 247) (1 631) ( 66) (29 039) Depreciation - continuing operations (1 955) (1 420) ( 456) ( 335) ( 568) ( 67) (4 800) Depreciation - discontinued operations (1 667) (1 387) ( 39) ( 664) ( 167) ( 9) (3 932) Impairment - continuing operations - ( 576) ( 93) ( 272) ( 22) - ( 963) Derecognition 740 1 010 144 322 332 26 2 574 Reclassifications ( 18) 133 ( 44) - 19 - 90 Translation differences 85 ( 4) 82 ( 23) ( 34) ( 2) 105 Disposal of companies 2 869 1 748 20 530 27 2 5 195 As of 31 December 2022 (16 900) (6 482) (2 540) (2 688) (2 043) ( 116) (30 770) Depreciation - continuing operations (2 085) (1 504) ( 653) ( 296) ( 630) ( 86) (5 254) Depreciation - discontinued operations ( 247) ( 153) ( 8) ( 80) ( 28) ( 2) ( 517) Derecognition 34 540 96 376 278 19 1 344 Disposal of companies 7 284 2 328 45 1 451 388 12 11 508 Reclassifications 6 ( 5) ( 11) ( 2) ( 71) ( 7) ( 91) Translation differences 127 76 ( 43) 32 ( 74) ( 3) 116 Reclassified to assets held for sale - 3 1 - - 101 105 As of 31 December 2023 (11 780) (5 197) (3 113) (1 207) (2 180) ( 82) (23 560) Carrying amount As of 31 December 2022 31 975 6 769 2 046 2 109 2 535 251 45 686 As of 31 December 2023 15 194 5 170 2 332 823 2 105 207 25 831 Weighted average remaining lease term 1)As of 31 December 2022 - 5 7 5 9 3 - 1)As of 31 December 2023 - 6 8 5 10 3 - Related lease liability disaggregated per class of right-of-use assets As of 31 December 2022 14 878 7 082 1 619 3 263 4 004 245 31 091 As of 31 December 2023 5 176 5 540 1 858 1 128 3 414 192 17 308 1) See table below for overview spectrum licences, including lease term. For lease of network passive infrastructure (lease of tower space in networks and lease of part of buildings for own towers), land for own sites or towers and lease of buildings for office spaces, equipment and retail stores, lease agreements generally contain termination options or renewal options. These options are used to limit the period to which Telenor is committed to individual lease contracts and to maximise operational flexibility in terms of dynamic network requirements. The remaining non-cancellable period for lease contracts under network passive infrastructure is 3 years on average. The non-cancellable period for lease contracts related to land is 2 years on average. As a result of deteriorating macro-economic situation in Pakistan, an impairment of NOK 963 million related to right-of-use assets was recognised in 2022. Please see note 18 Impairment of assets for further information. The additions of spectrum licences in 2023 were related to renewal of spectrum under 1800 MHz band in Norway and capitalisation of Market Capitalisation Fund related to spectrum acquired in 2011 in Grameenphone. The additions of spectrum licences in 2022 were related to additional spectrum fee of NOK 1.7 billion in Pakistan, see further Note 23 Legal disputes and contingencies for more information. Moreover, the additions were related to acquisition of spectrum under 3500 MHz in Norway, 2100 MHz in Denmark, and 2500 MHz in Grameenphone. In 2023, the additions in network passive infrastructure were mainly related to infrastructure site sharing leases in Grameenphone, business growth and new leases in Finland and increase of mobile network in Sweden. The additions in cables were mainly in Sweden and Grameenphone. The additions in building were mainly related to Telenor Real Estate, Telenor Sweden, and Telenor Finland. The additions in land were mainly related to contract renewal of land in Telenor Infra. In 2022, the additions in network passive infrastructure were mainly related to site leases from tower companies in Grameenphone, contract renewal of CAT equipment lease in dtac, tower spaces and part of building for own towers in Norway and Finland. The additions in building were mainly related to Telenor Real Estate, Telenor South East Asia Investment Pte Ltd., Telenor Sweden and Telenor Denmark. The additions in land were mainly related to land for own sites in dtac and Pakistan. For lease of spectrum, the agreements are generally non-cancellable. Telenor has not considered periods covered by renewal options even if in some agreements the option to renew exists, given the uncertainty around terms and conditions of renewal of licences. Spectrum licences The following table sets forth the spectrum licences that Telenor holds as of 31 December 2023: Spectrum (MHz) Bandwidth (MHz) Spectrum expiration Telenor Norway 700 2x10 2039 800 2\u00d710 2033 900 2\u00d715 2033 1800 2\u00d710 + 2\u00d720 2028/2033 2100 2\u00d720 2032 2600 2\u00d740 2042 3500 120 2042 Telenor Sweden 1)700 2x102040 1)800 2x102035 1)900 2x6 + 2\u00d75 2025 1)(2026)->)2048900 2x101) + 2x10 1)1800 2\u00d720 2027/2037 2100 2x19.8 + 1\u00d75 2025 1)(2026)->)20502100 2x201)2600 2x402025 1)(2026)->)20502600 2x301)3500 1002045 Telenor Denmark 2)700 2x52040 2)800 2x102034 2)900 2x102034 2)1500 452042 2)1800 2x252032 2)2100 2x202042 2600 2x20 + 1x10 2030 2)3500 14002042 2)26000 6002042 DNA, Finland 700 2x10 2033 800 2x10 2033 900 2x11.6 2033 1800 2x24.8 2033 2100 2x19.8 2033 2600 2x20 2029 3500 130 2033 26000 800 2033 Grameenphone, Bangladesh 900 2\u00d77.4 2026 1800 2\u00d77.2 + 2\u00d77.4 + 2\u00d70.4 2026 1800 2x5 2033 2100 2\u00d710 2026 2100 2\u00d710 2028 2500 60 2033 Telenor Pakistan 850 2x10 2031 900 2\u00d74.8 2034 1800 2\u00d78.8 2034 2100 2\u00d75 2029 1) The licenses are held by Net4Mobility (a joint operation with Tele 2, owned 50% by Telenor). 2) The licenses are held by TT Netv\u00e6rket (a joint operation with Telia, owned 50% by Telenor). 3) \u201cExtension\u201d of the license that expires. Acquired in 2023, valid from 2026 onwards. Lease expenses Expenses recognised in the income statement related to lease contracts are presented below: NOK in millions Classification in income statement 2023 2022 Depreciation of right-of-use assets Depreciation and amortisation 5 254 4 794 Interest expenses on lease liabilities Financial expenses (note 9) 895 666 Variable lease expenses not dependent on index or rate Other operating expenses (note 6) 1 795 1 857 Variable lease expenses not dependent on index or rate Cost of materials and traffic charges (note 4) 463 348 Expenses relating to short term leases Other operating expenses (note 6) 70 49 Expenses relating to low value leases Other operating expenses (note 6) 15 13 Total 8 491 7 726 Total variable lease expenses of NOK 2.3 billion (NOK 2.2 billion in 2022) recognised in other operating expenses and cost of material and traffic charges include NOK 0.9 billion (NOK 0.9 billion in 2022) related to spectrum and NOK 0.7 billion (NOK 0.6 billion in 2022) related to other lease contracts. Variable lease expenses related to spectrum agreements vary mainly with revenue, as a significant part of the expenses are based on share of revenues under the agreements. Variable lease expenses related to other lease contracts of NOK 0.7 billion (NOK 0.6 billion in 2022) represent mainly energy charges paid to lessors as part of the lease agreements for some mobile sites, and the expenses vary with the consumption of energy on those mobile sites in addition to changes in prices.NOTE 29 Lease liabilities This note gives further information about the lease liabilities of Telenor, such as lease liabilities per currency and in addition maturity profile. Refer to note 16 for description of accounting policies, key accounting judgment and key sources of estimation uncertainty relating to lease liabilities and right-of-use assets. Note 13 includes more information about the cash flow movements in lease liabilities. . Lease liabilities measured at amortised cost 2023 2022 NOK in millions Current Non-current Total Current Non-current Total Lease liability related to spectrum licences 1 253 3 922 5 175 2 931 11 944 14 875 Lease liability related to other lease contracts 2 854 9 279 12 132 3 743 12 473 16 216 Total lease liabilities 4 107 13 201 17 307 6 674 24 417 31 091 Distribution of lease liabilities per currency as of 31 December 2023 2023 2022 Spectrum Other lease Spectrum Other lease NOK in millions Currency licences contracts Total licences contracts Total Bangladesh BDT 1 705 2 923 4 628 2 242 2 714 4 955 Norway NOK 1 941 3 159 5 100 1 918 2 965 4 883 Denmark DKK 726 742 1 468 728 678 1 406 Sweden SEK 50 2 097 2 147 32 1 699 1 731 Finland EUR 188 1 621 1 809 253 1 417 1 671 Pakistan PKR - 1 315 1 315 - 1 953 1 953 Pakistan USD 565 - 565 1 006 - 1 006 Thailand THB - - - 8 696 4 348 13 044 Other NOK - 275 275 - 442 442 Total 5 175 12 132 17 307 14 875 16 216 31 091 Lease liabilities maturity profile Total as of NOK in millions 31.12.23 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years Lease liabilities - spectrum licences 5 175 1 253 721 744 432 383 383 395 405 194 106 158 Lease liabilities - other lease contracts 12 132 2 854 2 637 1 696 1 105 807 482 443 398 293 187 1 230 Sum of lease liabilities 17 307 4 107 3 358 2 441 1 537 1 190 865 838 804 488 292 1 388 Future interest payments 3 148 775 591 441 331 263 209 171 133 97 75 62 Total including future interest 20 455 4 882 3 949 2 881 1 869 1 453 1 074 1 009 937 585 368 1 450 payments Total as of NOK in millions 31.12.22 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years Lease liabilities - spectrum licences 14 875 2 931 2 363 1 947 2 012 1 891 863 875 901 424 213 455 Lease liabilities - other lease contracts 16 216 3 743 3 745 2 935 1 894 970 508 412 362 308 193 1 146 Sum of lease liabilities 31 091 6 674 6 109 4 883 3 906 2 861 1 371 1 286 1 263 732 406 1 601 Future interest payments 3 618 945 742 556 408 289 202 161 122 83 61 49 Total including future interest 34 709 7 619 6 851 5 439 4 314 3 150 1 573 1 447 1 385 815 466 1 650 payments",
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"value": "Accounting policies A lease liability and a right-of-use asset is recognised at commencement date in lease contracts where Telenor has the right to direct the use and obtains substantially all the economic benefits from the use of an identified asset. For spectrum contracts, Telenor has chosen to account for the right to use the spectrum as a lease, where the identified asset is the frequency band that is exclusive for Telenor during the lease term. Lease payments on short-term leases (less than 12 months) and low-value asset leases (mainly small non-core leases) are generally expensed on a straight-line basis over the lease term. The short-term exemption does not apply to spectrum leases or leases with purchase options. The lease liability represents the net present value of lease payments over the lease term and include fixed payments, in-substance fixed payments, non-lease components, residual value guarantees and lease incentives. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised and termination penalties when termination is expected. Variable lease payments such as licence payments based on revenue sharing arrangements are expensed as incurred. The incremental borrowing rate generally used to determine the net present value is based on the respective country\u2019s risk-free rate for the term corresponding to the lease term, adjusted for own credit risk. Subsidiaries with external financing use the external borrowing rate corresponding to the lease term.",
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"s8_notes__6__88": {
"value": "NOTE 17 Property, plant and equipment The majority of the property, plant and equipment (PPE) in Telenor relate to investments in network equipment and infrastructure, including base stations, cables, fibre and radio equipment. Other assets include equipment for cable TV and satellites in addition to buildings, land and administrative assets. Accounting policies Property, plant and equipment are recognised at cost less accumulated depreciation and any impairment losses. The cost includes borrowing costs for qualifying assets. If Telenor has a legal or constructive obligation to dismantle, remove and restore a site, an asset retirement obligation (ARO) is recognized with a corresponding increase in the related asset within property, plant and equipment. Refer to note 22 Provisions and obligations for further information. Estimated useful lives for similar types of assets may vary between different geographical areas due to factors such as growth rate, maturity of the market, history and expectations for replacements or transfer of assets, climate and quality of components used. Estimated useful life, depreciation method and residual value are evaluated at least annually. The straight-line depreciation method is used as this best reflects the consumption of the assets, which often is the passage of time. Residual value is estimated to be zero for most assets, except for some commercial buildings and vehicles that are not expected to be used for the whole economic life. Refer to note 18 Impairment for assets for further information. Key sources of estimation uncertainty Depreciation expenses are based on management\u2019s estimates of depreciation method, useful life and residual value. Estimates may change due to technological developments, competition, changes in market conditions, geopolitical developments, climate change and other factors. In particular, technological developments are difficult to predict as trends and pace of development may change over time. ARO is a significant estimate as there is significant uncertainty related to the timing of the removal and restoration of the sites, whether the restoration actually will take place and to future price development as the work will take place well into the future. See note 22 Provisions and obligations for further information about the asset removal obligation. Climate changes can potentially lead to destruction of assets from flooding, fires or other natural disasters. Climate changes and increased focus on sustainable businesses may impact technological development, markets and economic or legal environment which are critical estimates in the evaluations of useful lives. A change in estimated useful life is a change in accounting estimate, and depreciation plans are adjusted prospectively. Refer to note 18 Impairment for assets for further information. Property, plant and equipment SwitcheCorporaLocal, Mobile Subscris Cable-te regional telephonber and Radio TV adminis- Work in and trunk e equipmequip- installa- equipmBuildingtrative progre1)NOK in millions networks network ent ment tions ent s Land assets Satellites ss Total Accumulated cost As of 1 January 2022 63 671 39 236 3 028 14 530 43 837 6 293 6 386 660 10 262 5 007 7 326 200 235 2)Reclassifications 1 321 2 496 (15) 283 2 294 34 (548) (40) 702 - (6 551) (24) Additions 1 842 547 582 361 2 438 48 90 18 771 - 7 093 13 789 Translation differences 542 109 (21) (47) 397 (19) 30 7 (85) - 39 953 Derecognitions (5 420) (8 952) (837) (3 027) (10 574) (371) (464) (67) (1 945) - (408) (32 064) As of 31 December 2022 61 956 33 435 2 737 12 099 38 393 5 985 5 494 578 9 705 5 007 7 500 182 888 2)Reclassifications 907 4 432 219 109 (2 653) 393 33 (2) 522 2 (3 299) 664 Additions 1 541 1 434 577 418 2 540 35 89 4 685 - 3 006 10 329 Translation differences 705 521 58 27 253 33 22 4 44 - 147 1 816 Derecognitions (3 703) (11 204) (825) (4 646) (20 604) (56) (881) (327) (1 788) - (783) (44 817) Reclassified to assets held for sale - (40) (21) (572) - - (90) (6) (25) (5 009) (13) (5 776) As of 31 December 2023 61 406 28 578 2 746 7 436 17 929 6 391 4 666 251 9 144 - 6 559 145 104 Accumulated depreciation and impairment losses As of 1 January 2022 (41 383) (24 335) (1 711) (12 475) (28 283) (4 447) (4 450) (2) (6 732) (3 648) - (127 468) 2)Reclassifications (119) (583) 91 34 39 - 541 - 2 - - 4 Depreciation - continuing operations (2 331) (2 033) (862) (511) (2 655) (309) (174) - (679) (202) - (9 756) Depreciation - discontinued operations (477) (1 265) - (283) (1 924) - (42) - (167) - - (4 156) Impairment - continuing operations (179) (606) - (103) (399) - (108) (38) (77) - - (1 509) Translation differences (78) 123 15 67 (145) 14 (17) 3 129 - - 110 Derecognition 4 234 6 259 836 2 657 9 235 369 195 - 1 762 - - 25 546 As of 31 December 2022 (40 332) (22 440) (1 631) (10 615) (24 132) (4 373) (4 056) (38) (5 762) (3 850) - (117 229) 2)Reclassifications (171) (362) 12 - 2 186 (475) (62) - (1 774) - - (648) Depreciation - continuing operations (1 799) (2 315) (812) (457) (1 999) (284) (94) - (524) (208) - (8 494) Depreciation - discontinued operations (39) (111) - (17) (202) - (6) - (15) - - (389) Translation differences (149) (291) (37) (9) 27 (24) (4) 6 109 - - (372) Derecognition 2 230 6 044 828 4 111 13 365 55 783 3 1 578 - - 28 997 Reclassified to assets held for sale - 26 - 486 - - 77 - 14 4 058 - 4 661 As of 31 December 2023 (40 261) (19 449) (1 641) (6 501) (10 757) (5 101) (3 363) (29) (6 373) - - (93 474) Carrying amount As of 31 December 2023 21 145 9 128 1 105 935 7 172 1 290 1 303 222 2 771 - 6 559 51 631 As of 31 December 2022 21 623 10 995 1 106 1 485 14 260 1 612 1 438 540 3 943 1 157 7 500 65 659 3)Depreciation periods, years 3-30 5-20 3 3-7 5-15 3-15 5-30 - 2-10 17 - - 1) The Additions line items represent net additions of work in progress during the financial year. Work in progress capitalised and activated within the same financial year is shown as Additions in the relevant asset categories in this table. 2) Including reclassifications to/from other lines in the statement of financial position which is not a part of this table. 3) Asset categories presented in this movement schedule is an aggregated total from different asset components belonging to a particular category, and the disclosed depreciation rates represent a range of useful lives allocated to components. .",
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"s8_notes__6__90": {
"value": "Accounting policies Property, plant and equipment are recognised at cost less accumulated depreciation and any impairment losses. The cost includes borrowing costs for qualifying assets. If Telenor has a legal or constructive obligation to dismantle, remove and restore a site, an asset retirement obligation (ARO) is recognized with a corresponding increase in the related asset within property, plant and equipment. Refer to note 22 Provisions and obligations for further information. Estimated useful lives for similar types of assets may vary between different geographical areas due to factors such as growth rate, maturity of the market, history and expectations for replacements or transfer of assets, climate and quality of components used. Estimated useful life, depreciation method and residual value are evaluated at least annually. The straight-line depreciation method is used as this best reflects the consumption of the assets, which often is the passage of time. Residual value is estimated to be zero for most assets, except for some commercial buildings and vehicles that are not expected to be used for the whole economic life. Refer to note 18 Impairment for assets for further information.",
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"s8_notes__6__91-1": {
"value": "NOTE 18 Impairment of assets Telenor has significant investments in the network and infrastructure required to operate in the telecom industry, such as base stations, networks and radio equipment. Other significant classes of assets include goodwill, customer bases and software. Goodwill is tested for impairment annually or when impairment indicators are present. Telenor did not recognise any significant impairments related to consolidated entities in 2023, but had an impairment related to its operations in Pakistan of NOK 2.5 billion in 2022. Accounting policies Impairment indicators are assessed at each reporting date for individual assets and Cash Generating Units (CGUs), and impairment testing is performed if any indicators are identified. Goodwill, intangible assets with indefinite useful life and intangible assets not yet brought into use are assessed for impairment annually or when impairment indicators are identified. Identification of Telenor\u2019s main CGUs is based on the countries where Telenor operates its fixed and mobile operations and its tower operations. The CGU may include both fixed and mobile operations as they are monitored and reported as one operating unit. Goodwill arising from acquisitions are allocated to the respective CGU and included in the impairment test. Fair values are used in the CGU testing when these are available, for example when the CGU is a listed company. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate based on the Weighted Average Cost of Capital (WACC) rate. The WACC reflects current market assessments of the time value of money and the risks specific to the asset or the CGU to which the asset belongs. Impairments are recognised by reducing carrying amount of goodwill first before other assets are reduced on a pro-rata basis. Impairments of goodwill are not reversed. Key accounting judgments Impairment triggers Significant management judgment is used when assessing impairment triggers at each reporting date. The following factors are assessed: significant fall in market values; significant underperformance relative to historical or projected future operating results; significant changes in the use of the assets or the strategy for the overall business, including assets that are decided to be phased out or replaced and assets that are damaged or taken out of use; significant negative industry or economic trends; significant loss of market share; significant adverse political and/or regulatory development including unfavourable court decisions and significant cost overruns in the development of assets. Value-in-use The assessment of value-in-use includes significant management judgments and estimates, including determining the discount rate (WACC), estimating future performance, revenue generating capacity of the assets, margins, prices on future renewals of spectrum licences, political and regulatory risk, required maintenance capex, network costs and technological developments, and assumptions of the future market conditions. There are significant variations between different markets with respect to growth, mobile penetration, Average Revenue Per User (ARPU), market share, inflation, regulatory costs, and technological development, resulting in differences in EBITDA margins, future investments, and long terms growth assumptions. In some markets, certain expenses and capex are denominated in foreign currency and impacted by currency fluctuations. Recessionary effects and increased macroeconomic risks may impact the estimates of growth, future performance and discount rates used in estimating recoverable amounts of assets. Discount rates are impacted by several macroeconomic factors including borrowing rates, country risk, inflation assumptions and currency development. For assumptions used, external evidence has been taken into consideration. Climate-related risks Telenor is exposed to climate-related physical risks such as potential damage to infrastructure and utilities through the impact of more extreme weather events and rising sea levels. Climate-related regulatory risks include potentially higher operational costs due to increasing carbon taxes and energy/fuel taxes, as well as risks of higher capital expenditures due to a required transition towards the use of renewable energy solutions and energy efficient networks. Climate-related risks are considered in the cash flow projections and in impairment indicators. Key sources of estimation uncertainty Cash flows Discounted cash flow models have been applied to determine the value-in-use for CGUs. The cash flows are based on the most recent financial forecasts approved by management. Management has projected cash flows based on financial forecasts and strategy plans covering the period 2024-2026 for DNA and Telenor Pakistan. The cash flows beyond the explicit forecast period have been extrapolated into perpetuity using a constant nominal growth rate to arrive at the terminal value. The estimates of value in use have been compared to market valuation and multiples for peers in the telecommunication business for reasonableness. Growth rates The expected growth in revenue, EBITDA, and EBITDA margin for a cash-generating unit is based on historical performance, expected development in the market in which the entity operates and assumptions in terms of development in market share. The growth rates applied in the explicit forecast period converge from its current level experienced over the last few years to the long-term growth level in the market where the entity operates. The growth rates used to extrapolate cash flow projections beyond the explicit forecast period are not higher than the average expected long-term growth in the markets in which the entities operate. In periods with relatively low discount rates, the estimated growth rates used in the projections might be determined significantly below the average expected long term growth observed in the market. Average Revenue Per User (ARPU) ARPU is a measure for average revenue per subscription per month, which is a key component when estimating revenue growth. ARPU is calculated based on mobile revenues from the company\u2019s own subscriptions, divided by the average number of subscriptions for the relevant period. ARPU is estimated based on the current ARPU level and expected future market development. EBITDA margin1) The EBITDA margin is estimated based on the current margin level and expected future market development. Committed or implemented operational efficiency programmes are included. Changes in the outcome of these initiatives may affect future estimated EBITDA margins. Capital expenses (capex)1) and spectrum licences A normalised level of capex as a percentage of revenues (capex/revenues) is assumed in the long run. Changes in traffic volumes and number of subscriptions during a growth phase will affect the future capex/revenues ratio. Estimated capex reflect the level of capex needed for maintaining current operation. Costs related to future spectrum acquisitions are estimated based on historical levels of spectrum costs compared to revenue included in the assessment of future spectrum prices. Telenor also takes into consideration the development in neighbouring countries and more advanced markets for potential spectrum auctions in emerging markets. Discount rates Discount rates are based on Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM). In economies where the risk-free yields are considered unreliable, the WACC rates used in discounting the future cash flows are based on a US 30-year risk-free interest rate, adjusted with a country risk premium and the inflation differential between the US and the relevant country. The discount rates consider the debt premium, market risk premium, gearing, corporate tax rate, inflation, and asset beta. For CGUs in economies with significant inflation difference from the USD in the coming years, rolling discount rates are applied. 1) Refer to page 225 for description of alternative performance measures. Cash Generating Units (CGUs) with significant goodwill The goodwill allocated to each CGU is shown in note 14 Goodwill. The recoverable amounts for CGUs with significant goodwill have been determined based on the following discount rates and terminal value nominal growth rates for 2023 and 2022: Discount rate after tax (%) Discount rate pre-tax (%) Nominal growth in cash flow in terminal value (%) 2023 2022 2023 2022 2023 2022 Telenor Sweden 6.8 6.7 8.6 8.5 2.0 1.9 DNA 7.1 6.8 8.8 8.5 2.0 2.3 The estimated cash flows and corresponding discount rates are after tax in the value-in-use calculation. The recoverable amounts would not change significantly if pre-tax cash flows and pre-tax discount rates had been applied instead. Impairment in 2023 and 2022 Telenor did not recognise any significant impairments for CGUs in 2023. In 2022, Telenor recognised an impairment of assets of NOK 2.5 billion related to Telenor Pakistan. On 14 December 2023, Telenor announced the sale of Telenor Pakistan to Pakistan Telecommunications Company Ltd (PCTL). The transaction is currently pending regulatory approval and is expected to close in 2024. The carrying amount of Telenor Pakistan as of 31 December 2023 is expected to be recovered through the sale. The impairment of Telenor Pakistan in 2022 was due to several negative developments. A significant increase in interest rates, country risk premium and market premiums impacted the WACC. A hike in energy prices and increased global inflation made the outlook for Telenor Pakistan challenging. Further, the unfavourable decision by the Supreme Court in May 2022 related to the 900 MHz and 1800 MHz spectrum licence fee required Telenor to update its earnings projections. Consequently, an impairment of NOK 2.5 billion was recognised in the second quarter 2022 related to property, plant and equipment, right-of-use assets, and intangible assets in the Telenor Pakistan segment. Recoverable amount of the non-current assets was estimated to be NOK 5.8 billion as of 30 June 2022. The impairment per class of asset was as follows: NOK in million 2022 Property, plant and equipment 1 508 Right-of-use assets 963 Intangible assets 29 Total impairments 2 500 Key assumptions applied in the calculation of value in use for Telenor Pakistan as of 30 June 2022 are stated in the table below. During the assessment of Telenor Pakistan, several scenarios related to timing and level of spectrum acquisitions, investment in radio equipment and operational efficiency were prepared. The assessment was based on a weighting of scenarios reflecting the mentioned sensitivities. The weighted key assumptions used in the scenarios are summarised below. Key assumptions 2022 Telenor Pakistan 1Revenue growth during 2022-2027, per cent1.1 1EBITDA growth during 2022-2027, per cent1.7 2EBITDA margin growth from 2022-2027, percentage points1.7 Capex/revenues in the terminal value, per cent 13.5 WACC, per cent From 14.5 to 18.5 WACC used in the testing at year-end 2021, per cent From 11.6 to 15.3 Nominal growth in cash flow in terminal value, percent 4.8 1) Represents the Compound Annual Growth Rate (CAGR) during the period. 2) Represents annual growth during the period. Refer to note 35 for information about impairments of associated companies and joint arrangements. Impairments During 2023, impairments of NOK 8,505 million have been recognised related to investments in associated companies and joint ventures. The impairments were recognised for the investments in True Corporation (NOK 7,200 million) and in Telenor Microfinance Bank (NOK 376 million), which are part of Asia segment, and in Allente (465 million) and in Carousell (NOK 464 million), which are part of Amp segment. During March 2023, Telenor initially recognised True as an associated company at fair value based on the weighted average market value at the time for conversion of shares in dtac to shares in True and subsequently acquisitions of shares in True. The direct ownership in True was recognised at NOK 21.9 billion, corresponding to a share price of NOK 8.15. A significant or prolonged decline in market value compared to cost is considered as objective evidence of impairment. The decline in fair value compared to cost became significant during 2023, and an impairment was recognised. After considering significant events reported by True Corporation in the fourth quarter 2023, the impairment amounts to NOK 7,200 million. The carrying amount for the direct ownership after impairment is NOK 13.5 billion as of 31 December 2023, which is based on the December closing share price of THB 5.05. At end of each reporting period going forward, the carrying value of True will be reassessed based on the closing share price, limiting any reversal to the amount of the original impairment. In addition, the shareholder loan provided to the joint venture have been impaired under net financial items by NOK 1,128 million (NOK 695 million in the fourth quarter 2023) due to the decline in market value of shares in True. The carrying amount of the receivable as of 31 December 2023 is NOK 2.0 billion. The investment in Carousell was impaired following the deteriorating outlook for growth companies. Carousell is fast growing but does not generate positive EBITDA yet. Thus, a mean of multiples on sale from businesses with similar characteristics, has been used as basis for estimating its value. The carrying amount of the investment after impairment is NOK 2.2 billion, of which goodwill of NOK 2.3 billion. Allente was impaired due to deteriorating business outlook given rapidly dropping customer base. In the discounted cash flow model we used a 10-year explicit forecast period, an insignificant terminal value, and a discount rate of 10.6%. The carrying amount of the investment after impairment is NOK 0.9 billion. In the second quarter 2023, Telenor reassessed the fair value of the joint venture Telenor Microfinance Bank in Pakistan. The underlying operation in Telenor Microfinance Bank is performing well. However, due to increased macroeconomic uncertainty, reflected through increased weighted average cost of capital, the estimated fair value was below the carrying amount of Telenor Microfinance Bank. Hence, an impairment NOK 376 million has been recognised.",
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"s8_notes__6__93": {
"value": "Accounting policies Impairment indicators are assessed at each reporting date for individual assets and Cash Generating Units (CGUs), and impairment testing is performed if any indicators are identified. Goodwill, intangible assets with indefinite useful life and intangible assets not yet brought into use are assessed for impairment annually or when impairment indicators are identified. Identification of Telenor\u2019s main CGUs is based on the countries where Telenor operates its fixed and mobile operations and its tower operations. The CGU may include both fixed and mobile operations as they are monitored and reported as one operating unit. Goodwill arising from acquisitions are allocated to the respective CGU and included in the impairment test. Fair values are used in the CGU testing when these are available, for example when the CGU is a listed company. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate based on the Weighted Average Cost of Capital (WACC) rate. The WACC reflects current market assessments of the time value of money and the risks specific to the asset or the CGU to which the asset belongs. Impairments are recognised by reducing carrying amount of goodwill first before other assets are reduced on a pro-rata basis. Impairments of goodwill are not reversed. Key accounting judgments Impairment triggers Significant management judgment is used when assessing impairment triggers at each reporting date. The following factors are assessed: significant fall in market values; significant underperformance relative to historical or projected future operating results; significant changes in the use of the assets or the strategy for the overall business, including assets that are decided to be phased out or replaced and assets that are damaged or taken out of use; significant negative industry or economic trends; significant loss of market share; significant adverse political and/or regulatory development including unfavourable court decisions and significant cost overruns in the development of assets. Value-in-use The assessment of value-in-use includes significant management judgments and estimates, including determining the discount rate (WACC), estimating future performance, revenue generating capacity of the assets, margins, prices on future renewals of spectrum licences, political and regulatory risk, required maintenance capex, network costs and technological developments, and assumptions of the future market conditions. There are significant variations between different markets with respect to growth, mobile penetration, Average Revenue Per User (ARPU), market share, inflation, regulatory costs, and technological development, resulting in differences in EBITDA margins, future investments, and long terms growth assumptions. In some markets, certain expenses and capex are denominated in foreign currency and impacted by currency fluctuations. Recessionary effects and increased macroeconomic risks may impact the estimates of growth, future performance and discount rates used in estimating recoverable amounts of assets. Discount rates are impacted by several macroeconomic factors including borrowing rates, country risk, inflation assumptions and currency development. For assumptions used, external evidence has been taken into consideration. Climate-related risks Telenor is exposed to climate-related physical risks such as potential damage to infrastructure and utilities through the impact of more extreme weather events and rising sea levels. Climate-related regulatory risks include potentially higher operational costs due to increasing carbon taxes and energy/fuel taxes, as well as risks of higher capital expenditures due to a required transition towards the use of renewable energy solutions and energy efficient networks. Climate-related risks are considered in the cash flow projections and in impairment indicators.",
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"s8_notes__6__92": {
"value": "Accounting policies Impairment indicators are assessed at each reporting date for individual assets and Cash Generating Units (CGUs), and impairment testing is performed if any indicators are identified. Goodwill, intangible assets with indefinite useful life and intangible assets not yet brought into use are assessed for impairment annually or when impairment indicators are identified. Identification of Telenor\u2019s main CGUs is based on the countries where Telenor operates its fixed and mobile operations and its tower operations. The CGU may include both fixed and mobile operations as they are monitored and reported as one operating unit. Goodwill arising from acquisitions are allocated to the respective CGU and included in the impairment test. Fair values are used in the CGU testing when these are available, for example when the CGU is a listed company. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate based on the Weighted Average Cost of Capital (WACC) rate. The WACC reflects current market assessments of the time value of money and the risks specific to the asset or the CGU to which the asset belongs. Impairments are recognised by reducing carrying amount of goodwill first before other assets are reduced on a pro-rata basis. Impairments of goodwill are not reversed. Key accounting judgments Impairment triggers Significant management judgment is used when assessing impairment triggers at each reporting date. The following factors are assessed: significant fall in market values; significant underperformance relative to historical or projected future operating results; significant changes in the use of the assets or the strategy for the overall business, including assets that are decided to be phased out or replaced and assets that are damaged or taken out of use; significant negative industry or economic trends; significant loss of market share; significant adverse political and/or regulatory development including unfavourable court decisions and significant cost overruns in the development of assets. Value-in-use The assessment of value-in-use includes significant management judgments and estimates, including determining the discount rate (WACC), estimating future performance, revenue generating capacity of the assets, margins, prices on future renewals of spectrum licences, political and regulatory risk, required maintenance capex, network costs and technological developments, and assumptions of the future market conditions. There are significant variations between different markets with respect to growth, mobile penetration, Average Revenue Per User (ARPU), market share, inflation, regulatory costs, and technological development, resulting in differences in EBITDA margins, future investments, and long terms growth assumptions. In some markets, certain expenses and capex are denominated in foreign currency and impacted by currency fluctuations. Recessionary effects and increased macroeconomic risks may impact the estimates of growth, future performance and discount rates used in estimating recoverable amounts of assets. Discount rates are impacted by several macroeconomic factors including borrowing rates, country risk, inflation assumptions and currency development. For assumptions used, external evidence has been taken into consideration. Climate-related risks Telenor is exposed to climate-related physical risks such as potential damage to infrastructure and utilities through the impact of more extreme weather events and rising sea levels. Climate-related regulatory risks include potentially higher operational costs due to increasing carbon taxes and energy/fuel taxes, as well as risks of higher capital expenditures due to a required transition towards the use of renewable energy solutions and energy efficient networks. Climate-related risks are considered in the cash flow projections and in impairment indicators.",
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"s8_notes__6__100": {
"value": "NOTE 19 Trade and other receivables Accounting policies Trade and other receivables are recognised at fair value including directly attributable transaction costs and subsequently measured at amortised cost using the effective interest rate method. A customer contract asset is recognised when the revenue from contracts with customers exceeds the amounts received, for example when payment for handsets or other customer equipment is done through future instalments or subscription fee payments. Contract assets are transferred to trade receivables when the rights to payment become unconditional, which is normally when the invoice has been issued. Refer to further information in note 3 Revenues Trade receivables and contract assets are adjusted for provision for impairment in accordance with the expected credit loss model. The simplified approach is applied measuring the loss allowance at an amount equal to lifetime expected credit losses. Impairment for expected credit losses is assessed every reporting period and calculated by considering the historic evidence of the level of bad debt experienced for customer types and the aging of the receivable balance. Trade and other receivables NOK in millions Category 2023 2022 Receivables from contracts with customers 13 036 15 245 Provision for expected credit losses on trade receivables (651) (894) 1)Total receivables from contracts with customers as of 31 December FAAC 12 385 14 352 Interest-bearing receivables 1 35 3)Finance lease receivable - 458 Accrued financial income 61 - Other non-interest-bearing receivables 1 072 1 648 Provision for expected credit losses on other current receivables (17) (13) 1)Total other current receivables as of 31 December FAAC 1 117 2 128 Contract asset 106 216 4)Return good asset 144 85 Governmental taxes and duties 148 388 Prepayments 1 625 1 674 2)Total other current non-financial assets as of 31 December NF 2 023 2 362 Total trade and other receivables as of 31 December 15 524 18 842 1) FAAC: Financial assets at amortised cost 2) NF: Non-financial assets and liabilities 3) See note 27 for more information 4) Asset for the right to recover returned goods on settling refund liabilities. As of 31 December 2023, NOK 1.5 billion (NOK 3.1 billion as of 31 December 2022) of trade and other receivables relates to handset instalments not due within one year. Specification of contract assets NOK in millions 2023 2022 Balance as of 1 January 216 362 New contract assets during the period less transfer to receivables 43 93 Disposal of subsidiaries ( 158) ( 263) Currency and other effects 5 24 Balance as of 31 December 106 216 Specification of provision for expected credit losses on trade receivables NOK in millions 2023 2022 Provision as of 1 January ( 894) ( 998) Change during the year - continuing operations ( 145) ( 44) Change during the year - discontinued operations ( 5) 30 Disposal of subsidiaries 381 131 Reclassified to assets held for sale - - Currency and other effects 12 ( 13) Provision as of 31 December ( 651) ( 894) Realised losses for the year - continuing operations ( 222) ( 159) Realised losses for the year - discontinued operations ( 80) ( 527) Recovered amounts previously provided for - continuing operations 22 21 Recovered amounts previously provided for - discontinued operations 2 61 Specification of the age distribution of trade receivables Past due on the reporting date in the following periods: Carrying Not past due on the Between 30 and Between 61 and Between 91 and Between 181 and More than NOK in millions amount reporting date Less than 30 days 60 days 90 days 180 days 365 days 365 days As of 31 December 2023 Trade receivables 13 036 10 688 969 261 164 327 220 406 Provision for expected credit losses on trade receivables ( 651) ( 185) ( 33) ( 10) ( 19) ( 138) ( 86) ( 179) Total trade receivables 12 385 10 503 935 250 145 189 135 227 As of 31 December 2022 Trade receivables 15 245 12 567 1 077 263 135 324 347 532 Provision for expected credit losses on trade receivables ( 894) ( 65) ( 42) ( 34) ( 45) ( 129) ( 218) ( 360) Total trade receivables 14 352 12 502 1 035 229 89 194 130 172 For the trade and other current receivables that are not impaired or past due, there are no indicators at the date of the reporting that the debtors will not be able to meet their payment obligations.",
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"s8_notes__6__99-1": {
"value": "NOTE 19 Trade and other receivables Accounting policies Trade and other receivables are recognised at fair value including directly attributable transaction costs and subsequently measured at amortised cost using the effective interest rate method. A customer contract asset is recognised when the revenue from contracts with customers exceeds the amounts received, for example when payment for handsets or other customer equipment is done through future instalments or subscription fee payments. Contract assets are transferred to trade receivables when the rights to payment become unconditional, which is normally when the invoice has been issued. Refer to further information in note 3 Revenues Trade receivables and contract assets are adjusted for provision for impairment in accordance with the expected credit loss model. The simplified approach is applied measuring the loss allowance at an amount equal to lifetime expected credit losses. Impairment for expected credit losses is assessed every reporting period and calculated by considering the historic evidence of the level of bad debt experienced for customer types and the aging of the receivable balance. Trade and other receivables NOK in millions Category 2023 2022 Receivables from contracts with customers 13 036 15 245 Provision for expected credit losses on trade receivables (651) (894) 1)Total receivables from contracts with customers as of 31 December FAAC 12 385 14 352 Interest-bearing receivables 1 35 3)Finance lease receivable - 458 Accrued financial income 61 - Other non-interest-bearing receivables 1 072 1 648 Provision for expected credit losses on other current receivables (17) (13) 1)Total other current receivables as of 31 December FAAC 1 117 2 128 Contract asset 106 216 4)Return good asset 144 85 Governmental taxes and duties 148 388 Prepayments 1 625 1 674 2)Total other current non-financial assets as of 31 December NF 2 023 2 362 Total trade and other receivables as of 31 December 15 524 18 842 1) FAAC: Financial assets at amortised cost 2) NF: Non-financial assets and liabilities 3) See note 27 for more information 4) Asset for the right to recover returned goods on settling refund liabilities. As of 31 December 2023, NOK 1.5 billion (NOK 3.1 billion as of 31 December 2022) of trade and other receivables relates to handset instalments not due within one year. Specification of contract assets NOK in millions 2023 2022 Balance as of 1 January 216 362 New contract assets during the period less transfer to receivables 43 93 Disposal of subsidiaries ( 158) ( 263) Currency and other effects 5 24 Balance as of 31 December 106 216 Specification of provision for expected credit losses on trade receivables NOK in millions 2023 2022 Provision as of 1 January ( 894) ( 998) Change during the year - continuing operations ( 145) ( 44) Change during the year - discontinued operations ( 5) 30 Disposal of subsidiaries 381 131 Reclassified to assets held for sale - - Currency and other effects 12 ( 13) Provision as of 31 December ( 651) ( 894) Realised losses for the year - continuing operations ( 222) ( 159) Realised losses for the year - discontinued operations ( 80) ( 527) Recovered amounts previously provided for - continuing operations 22 21 Recovered amounts previously provided for - discontinued operations 2 61 Specification of the age distribution of trade receivables Past due on the reporting date in the following periods: Carrying Not past due on the Between 30 and Between 61 and Between 91 and Between 181 and More than NOK in millions amount reporting date Less than 30 days 60 days 90 days 180 days 365 days 365 days As of 31 December 2023 Trade receivables 13 036 10 688 969 261 164 327 220 406 Provision for expected credit losses on trade receivables ( 651) ( 185) ( 33) ( 10) ( 19) ( 138) ( 86) ( 179) Total trade receivables 12 385 10 503 935 250 145 189 135 227 As of 31 December 2022 Trade receivables 15 245 12 567 1 077 263 135 324 347 532 Provision for expected credit losses on trade receivables ( 894) ( 65) ( 42) ( 34) ( 45) ( 129) ( 218) ( 360) Total trade receivables 14 352 12 502 1 035 229 89 194 130 172 For the trade and other current receivables that are not impaired or past due, there are no indicators at the date of the reporting that the debtors will not be able to meet their payment obligations.Lease receivables In finance leases, a lease receivable is recognised based on future expected lease payments, and finance income is allocated using a constant periodic rate of return over the lease term. In a transaction for which an underlying asset is sub-leased to a third party, the sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. See note 3 for further information about operation lease revenue.Finance lease receivables Telenor has recognised receivables at present value of future lease payments to be received in lease arrangements where Telenor has transferred substantially all the risks and rewards incidental to ownership of the underlying assets to the lessee. Current finance lease receivables are included in Trade and other receivables (see note 19). 2023 2022 NOK in millions Current Non-current Total Current Non-current Total Sublease of land - - - 361 973 1 334 Lease of satellite - - - 97 72 169 Total finance lease receivables - - - 458 1 046 1 504 During 2023, the Group recognised interest income of NOK 5 million (NOK 60 million in 2022) related to finance lease receivables. All finance lease agreements in Telenor was either present in dtac or Telenor Satellite. Dtac merged with True Corporation during 2023, see note 12 for more information. Telenor Satellite was disposed 4 January 2024 and classified as held for sale as of 31 December 2023. The following table sets forth the maturity analysis of lease receivables: NOK in millions 2023 2022 Less than 1 year - 506 1 to 2 years - 445 2 to 3 years - 384 3 to 4 years - 272 4 to 5 years - - After 5 years - - Total undiscounted lease payments receivable - 1 607 Unearned interest income - ( 103) Net investment in leases - 1 504",
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"value": "Accounting policies Trade and other receivables are recognised at fair value including directly attributable transaction costs and subsequently measured at amortised cost using the effective interest rate method. A customer contract asset is recognised when the revenue from contracts with customers exceeds the amounts received, for example when payment for handsets or other customer equipment is done through future instalments or subscription fee payments. Contract assets are transferred to trade receivables when the rights to payment become unconditional, which is normally when the invoice has been issued. Refer to further information in note 3 Revenues Trade receivables and contract assets are adjusted for provision for impairment in accordance with the expected credit loss model. The simplified approach is applied measuring the loss allowance at an amount equal to lifetime expected credit losses. Impairment for expected credit losses is assessed every reporting period and calculated by considering the historic evidence of the level of bad debt experienced for customer types and the aging of the receivable balance.",
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"s8_notes__6__103": {
"value": "Accounting policies Cash and cash equivalents include bank deposits, fixed rate bonds and commercial papers with original maturity of three months or less which are readily convertible to known amount of cash and subject to insignificant risk.",
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"s8_notes__6__102": {
"value": "NOTE 20 Cash and cash equivalents Accounting policies Cash and cash equivalents include bank deposits, fixed rate bonds and commercial papers with original maturity of three months or less which are readily convertible to known amount of cash and subject to insignificant risk. Cash and cash equivalents NOK in millions 2023 2022 Cash in the group\u2019s cash pool systems 5 135 2 667 1)Cash outside the group\u2019s cash pool systems 12 405 7 262 2)Cash equivalents 2 016 - Total cash and cash equivalents in statement of financial position 19 556 9 929 Bank overdraft (part of cash in statement of cash flows) ( 197) ( 252) Total cash and cash equivalents in statement of cash flows 19 360 9 677 1) Includes restricted cash in Grameenphone of NOK 366 million as of 31 December 2023 (NOK 10 million as of 31 December 2022). 2) Related to fixed deposit placements with shorter than 3 months maturity in Telenor ASA in 2023. Telenor has established cash pool arrangements where Telenor ASA is the account holder and the other companies in the group are sub-account holders or participants. The cash pool arrangements allow netting of cash positions within the group. Subsidiaries in which Telenor owns less than 90% of the shares are normally not participants in the cash pool arrangements held by Telenor ASA. As of 31 December 2023 the major part of the cash and cash equivalents outside the cash pool arrangements relates to Telenor ASA and Grameenphone. For 2022 the major part of the cash and cash equivalents outside the cash pool systems relates to Telenor ASA, dtac and Grameenphone.",
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"s8_notes__6__105": {
"value": "Accounting policies Defined contribution plans A defined contribution plan is a type of retirement plan where the employer makes contributions on a regular basis to the employee\u2019s individual pension account. The benefits received by the employee are based on the employer contributions and gains or losses from investing the capital. Contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. Defined benefit plans A defined benefit plan is a pension plan where the employer promises an annual pension on retirement based on a percentage of the salary upon retirement and the employee's earnings history, years of service and age. The pension obligations are determined by discounting the estimated future pension cash outflows less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method and depends on a number of actuarial assumptions. The discount rate is based on interest rates of high-quality corporate bonds denominated in the same currency and with similar maturity as the related pension obligation. Other actuarial assumptions include expected salary growth, inflation and return on assets as well as demographical factors concerning mortality, employee turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the time the assessment is made, whereas it is expected that such factors will change over the long periods for which pension calculations are made. Any changes in these assumptions will affect the calculated pension obligations with immediate recognition in other comprehensive income. Current and past service cost in addition to non-routine pension settlements, is presented as salaries and personnel costs, and the net interest expense is recognised as financial expense in the income statement. Remeasurements including actuarial gains and losses and the return on plan assets exceeding the discount rate are recognised in the statement of comprehensive income and are not subsequently reclassified to the income statement. A plan curtailment is when Telenor is committed to reduce the number of employees in a plan or change the terms, so the employees are entitled to reduced benefits or is no longer eligible for benefits. Past service cost is recognised in the income statement on the earlier of the date of the plan amendment or curtailment or when the related restructuring cost is recognised. Gains and losses on curtailments form part of service cost and are presented as part of other income or other expenses in the income statement. Defined benefit multi-employer plans (such as the AFP arrangement in Norway) are accounted for as defined contribution plans when insufficient information is available to calculate Telenor\u2019s proportionate share. ",
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"value": "NOTE 22 Provisions and obligations Telenor makes provisions for legal disputes when they become probable, and the amount can be reliably estimated. Provisions are also made for asset retirement obligations representing the removal and restoration cost for infrastructure operated by Telenor. Other provisions relate to restructuring costs and onerous contracts. Accounting policies Provisions are made when there is a present legal or constructive obligation, an outflow of resources if probable and a reliable estimate can be made. Provisions are measured using management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Asset retirement obligations (ARO) primarily relate to base stations and installed network and infrastructure equipment in addition to some buildings, see note 17 Property, plant and equipment. The net present value of the future ARO is discounted using a pre-tax risk-free rate as risks are reflected in the cash flows. After the initial recognition, an accretion expense is recognised as finance cost. Any subsequent adjustments of the asset retirement obligation from changes of the removal costs or discount rates will have a corresponding adjustment to the carrying value of the property, plant and equipment. A change of ARO relating to assets that are no longer in use will be recognised in the income statement, where the impact from change in discount rate is recognised as financial items and all other changes as operating expenses. Key sources of estimation uncertainty Provisions are estimated based on a number of assumptions and are highly uncertain in nature. In particular, the amounts related to legal disputes can be significant and the assessment of probability and the possible outcome include highly judgmental and complex assessments made by management. Further, there is significant uncertainty related to the timing of the asset retirement obligation to occur, as the removal and restoration of the sites will occur well into the future and strategy, technological developments, markets and other factors may impact the timing. There is also significant uncertainty related to the asset removal cost due to uncertain future price development and possibility of negotiations of prices for a large number of removals. Further, there is potentially agreements that relief Telenor from its obligations and also uncertainty as to whether the restoration actually will take place. Due to these uncertainties, the actual costs for legal claims and asset retirement obligations may be significantly different than current estimates. Non-current provisions NOK in millions 2023 2022 Provisions for workforce reduction and onerous (loss) contracts 350 345 Asset retirement obligations 1 13 Other provisions 358 433 Total current provisions and obligations as of 31 December 709 791 Current provisions NOK in millions 2023 2022 Provision for workforce reductions and onerous (loss) contracts 352 334 Asset retirement obligations 5 900 6 092 Other provisions 291 201 Total non-current provisions and obligations as of 31 December 6 543 6 627 Development in provisions The table below shows the development of provisions during 2023. Provisions for legal disputes are mainly recognised as trade and other payables in the statement of financial position. Provisions made for discontinued operations are disclosed in note 12 Held for sale and discontinued operations. Workforce reduction and Asset Legal onerous (loss) retirement Other NOK in millions disputes contracts obligations provision Total As of 1 January 3 605 679 6 105 634 7 418 Obligations arising and effects of changes in estimates during the year 700 573 162 772 1 507 Accretion expense - ( 1) 115 3 117 Amounts utilised ( 627) ( 550) ( 233) ( 649) (1 432) Other changes and translation difference 51 - 103 3 106 Derecognised on disposal of subsidiaries (2 122) - ( 351) ( 114) ( 465) As of 31 December 1 607 702 5 900 649 7 251 Legal disputes The derecognition on disposal of subsidiaries relate mainly to dtac, refer to further information in Note 12 Held for sale and discontinued operations. For further information about legal disputes, see Note 23 Legal disputes and contingencies. Workforce reduction Provisions for workforce reductions included about 575 employees as of 31 December 2023 compared to about 565 employees the year before. Asset retirement obligations The reduction in provisions in 2023 is a result of various factors, mainly due to amount utilized and derecognised on disposal of dtac.",
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"value": "Accounting policies Provisions are made when there is a present legal or constructive obligation, an outflow of resources if probable and a reliable estimate can be made. Provisions are measured using management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Asset retirement obligations (ARO) primarily relate to base stations and installed network and infrastructure equipment in addition to some buildings, see note 17 Property, plant and equipment. The net present value of the future ARO is discounted using a pre-tax risk-free rate as risks are reflected in the cash flows. After the initial recognition, an accretion expense is recognised as finance cost. Any subsequent adjustments of the asset retirement obligation from changes of the removal costs or discount rates will have a corresponding adjustment to the carrying value of the property, plant and equipment. A change of ARO relating to assets that are no longer in use will be recognised in the income statement, where the impact from change in discount rate is recognised as financial items and all other changes as operating expenses. ",
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"s8_notes__6__109-1": {
"value": "NOTE 23 Legal disputes and contingencies Telenor is subject to various legal proceedings, disputes and claims including regulatory discussions related to its business, licences and investments. Management makes a provision for legal disputes when an unfavourable outcome is probable and a reliable estimate can be made. The most significant legal disputes are summarised in this note. Accounting policies Legal disputes are usually contingent in nature, meaning the possible obligation depends on future events outside the company\u2019s control, for example a court decision. Provisions are made for legal claims where an unfavorable outcome is probable and the amount required to settle the dispute can be reliably estimated. Provisions are based on management\u2019s best estimate of the amount required to settle the obligation discounted to present value. Key sources of estimation uncertainty There is significant uncertainty related to predicting the outcome of legal proceedings, disputes and claims. The potential obligations can represent significant amounts, the disputes may involve complex assessments of contracts and legislation, and political and country risk is high in certain disputes. Due to these uncertainties, the future actual costs for legal disputes may be significantly different than current estimates. Management evaluates the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require management to make a provision for matters that become probable or reliable, or change a provision made in a previous reporting period. Significant legal proceedings, claims and regulatory discussions Significant legal proceedings, claims and regulatory discussions are summarised below. Some of the cases include a statement that a provision has been made. Cases that do not state that a provision has been made either (a) do not have a provision and the matter is treated as a contingent liability; or (b) a provision has been established but the fact has not been disclosed as it can seriously prejudice our position. Disclosing that a provision has been made to the counterparty would reveal the fact that Telenor believes it is probably that a cash outflow will occur and that that an amount can be reliably estimated. While acknowledging the uncertainties related to these matters, management is of the opinion that based on the information currently available, these matters will be resolved without any material financial adverse effect individually or in aggregate. See note 10 Income taxes for further information about tax claims and uncertain tax positions. See note 22 Provisions and obligations for further information about development in legal dispute provisions. Grameenphone, Bangladesh BTRC audit The Bangladesh Telecommunications Regulatory Commission (BTRC) has over several years conducted an information system audit of Grameenphone for the period 1997 to 2014. On 2 April 2019, Grameenphone received a demand notice from BTRC for payment of NOK 7.8 billion to BTRC (NOK 2.1 billion in principal and NOK 5.7 billion in interest), including some matters pending in ongoing formal resolution processes (sub-judice). These claims are unjustified from Telenor\u2019s and Grameenphone\u2019s position. In addition, BTRC has unauthorised and erroneously claimed NOK 3.8 billion, which mainly is related to an already resolved matter and other sub-judice matters with the National Board of Revenue (NBR). The total demand amounts to NOK 11.6 billion (the Demand). Overall, the Demand is based on allegations that Grameenphone has, amongst other things, underpaid various taxes, such as corporate taxes, SIM tax, VAT, and revenue share from its mobile operation. The Demand is comprised of claims against 26 line items, of which 22 line items are related to BTRC matters and no provision has been recorded based on the Demand dated 2 April 2019, as such. The other 4 line items of which 2 have been resolved as described in note 10, are related to the NBR matters, where Telenor and Grameenphone in previous years have recorded provisions based on an assessment of the legal merits of the claims. On 22 July 2019, BTRC imposed operational restrictions on Grameenphone by stopping No Objection Certificates (NOCs) and approvals on import of products, services, and equipment. Late August 2019, Grameenphone filed both a civil case (title suit) contesting the Demand and an injunction application with a request to stay the suspension of NOCs and to restrain BTRC from taking any steps in enforcing the Demand. On 17 October 2019, HCD passed an injunction order restraining BTRC, for a period of two months, from taking any steps to realise or enforce the Demand and suspend NOCs for import of equipment/software and approvals of tariff/service packages etc. (the \u201cHCD order\u201d). The HCD order was appealed by BTRC to the Appellate Division of the Supreme Court (AD) and on 24 November 2019 the AD decided that the HCD order shall be maintained, subject to payment of NOK 1.8 billion by Grameenphone. On 20 and 24 February 2020, the AD ordered the payment of the deposit of NOK 1.8 billion to BTRC to be made in two equal instalments within 24 February 2020 and 31 May 2020. Both instalments were paid before the due dates and recognised as non-current financial assets (see note 27). Further, AD directed BTRC to allow Grameenphone to carry on its business without any hindrance and fixed the matter on 31 May 2020 for passing further order. Due to the COVID-19 situation in Bangladesh, the meeting was postponed, and no new date has been set. BTRC has lifted the operational restrictions on the import of equipment/software and approvals of tariff/service packages etc. The original Title suit, where the court is supposed to assess the merits of the Demand, is pending at the District Court. The court has requested the parties to respond to the commencement of a possible mediation process, and a meeting to explore this is scheduled to 29 September 2024. One of the claims that BTRC has presented to Grameenphone in the BTRC-case is related to a dispute as to how VAT on the payment of 2G license fee shall be handled. More specifically, whether VAT is included in the license fee or excluded and thereby needs to be added and paid separately, and whether VAT can be deducted from BTRC payments. In addition, the court considered whether BTRC legally could impose a Market Competition Factor (MCF) on the 7.4 MHz spectrum assigned in 2008 which Grameenphone disputed. The written judgement was published by the Appellate Division on 1 June 2023 stating that VAT needs to be added and paid to BTRC, whilst BTRC will forward VAT to NBR. Further, rebate is not allowed as spectrum is considered to be infrastructure owned by the state. The Appellate Division also concluded that BTRC may impose MCF on the mobile operators. Grameenphone has paid the entire principal amount of approximately NOK 960 million to BTRC on 14 June 2023. The payment of the principal amount is made without prejudice to its right to pursue Review Petitions (RPs) and without conceding any factual or legal issue in accordance with the said judgment. While making the said payment, Grameenphone also reserved the right to adjust against its future payment obligations subject to the outcome of the RPs. Subsequently, Grameenphone has also filed RPs before the Appellate Division challenging the said judgement. Grameenphone is currently engaged in a without prejudice reconciliation exercise with BTRC, where substantial late payment fees are among the topics. Singapore and Bangladesh have entered a Bilateral Investment Treaty (BIT) and in October 2019, Telenor Asia Pte Ltd, a Telenor subsidiary being a shareholder in Grameenphone and domiciled in Singapore, sent a notice to the President of Bangladesh to initiate discussions as a first step in an attempt to resolve issues arising from the audit dispute between Grameenphone and BTRC pursuant to the procedural mechanisms in such BIT. SIM tax on replacement SIM cards (part of BTRC audit) The Large Taxpayer Unit-VAT has issued three notices to Grameenphone claiming SIM tax of NOK 1.4 billion (excl. interest) on the replacement of SIM cards issued during three time periods from July 2007 to June 2015. In 2019 and 2020, the VAT Appellate Tribunal gave decisions in Grameenphone\u2019s disfavour in two of the three periods (2007-2011 and July 2012-June 2015), representing a total demand of NOK 1.3 billion (excl. interest). Grameenphone has appealed the decisions to the High Court Division of the Supreme Court who passed stay orders on these two decisions by the Tribunal until final adjudication. Grameenphone \u2013 Workers Profit Participation Fund Mobile operators in Bangladesh have for several years been required by law to establish a Worker\u2019s Profit Participation Fund (\u201cWPPF\u201d) for distribution of 5 % of the company\u2019s annual net profit to their employees. A number of former employees of Grameenphone have filed individual cases at Labour Court (LC) claiming benefits related to WPPF. Grameenphone is defending these cases at the Labour Court. Before any substantive hearing, Grameenphone is filing maintainability applications seeking dismissal of the cases. Further steps will be taken in due course of time based on the outcome. India Licences and spectrum Telenor\u2019s previous operations in India are subject to a number of disputes with the Indian Department of Telecommunications (DoT), which remain to be concluded. Telenor has provided guarantees for certain claims to the current owner Bharti Airtel. Refer to note 12 Held for sale and discontinued operations for further information about the guarantee and provisions related to the period Telenor owned the business in India. One of the disputes relate to the basis for calculation of licence fees and spectrum usage charges for the entire duration of Telenor\u2019s operations in India. DoT has issued several revised and new demand notices in the mentioned matter against Telenor\u2019s Indian subsidiaries during the last years. In a ruling in the fourth quarter of 2019 and in subsequent court orders in 2020, the Supreme Court of India upheld DoT\u2019s view on the determination of the licence fees and spectrum usage. These rulings have bearing on demands amounting to approximately NOK 3.5 billion. Interest accruals on demand notices received will apply and are currently estimated to NOK 1.0 billion for demand notices covered by the Supreme Court orders. For demand notices received, not covered by the Supreme Court orders, there are ongoing reviews performed by DoT and continued dialog between Telenor and DoT. Telenor has settled NOK 0.5 billion of the mentioned demands. On 2 February 2012, the Indian Supreme Court quashed (cancelled) all 122 2G licences awarded in 2008, including those granted to Telenor subsidiary at the time, Unitech Wireless. The Indian Supreme Court ordered that all such 2G licences and spectrum should be auctioned. The spectrum auction was completed in November 2012 and Telenor, through Telewings, secured spectrum licences in 6 circles. In February 2013, the Indian Supreme Court ordered the payment of retroactive spectrum fees for the licences quashed in February 2012. DoT issued a notice in November 2014 to Unitech Wireless seeking an explanation as to why retrospective spectrum fee payment should not be recovered by DoT pursuant to the February 2013 order of the Indian Supreme Court. Telenor replied to the above notice in December 2014. However, on 14 February 2017, DoT issued a demand notice of NOK 0.9 billion (including interest). Telenor has challenged such demand and the interpretation by DoT of the Indian Supreme Court judgment before the Telecom Disputes Settlement and Appellate Tribunal in India. A stay order is currently in place. DoT has further issued a notice to 8 entities of Unitech Wireless relating to a financial penalty of NOK 1.3 billion imposed, due to an alleged violation of a merger approval for the Unitech Wireless entities. Telenor has contested the basis for the claim.NOTE 25 Contractual commitments Telenor has entered into agreements with fixed payments in respect of the following as of 31 December 2023 and as of 31 December 2022. 2023 NOK in millions 2024 2025 2026 2027 2028 After 2028 Contractual purchase obligations IT-related agreements 183 36 14 - - - Other contractual obligations 2 875 59 25 24 25 - Committed investments Property plant and equipment and intangible assets 1 206 6 - - - - Total contractual obligations 4 264 101 39 24 25 - 2022 NOK in millions 2023 2024 2025 2026 2027 After 2027 Contractual purchase obligations IT-related agreements 246 50 4 - - - Other contractual obligations 4 490 1 164 43 32 32 27 Committed investments Property plant and equipment and intangible assets 2 242 18 10 10 10 20 Total contractual obligations 6 978 1 233 57 42 42 47 The tables above include agreements under which Telenor has only committed minimum purchase obligations.",
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"value": "NOTE 23 Legal disputes and contingencies Telenor is subject to various legal proceedings, disputes and claims including regulatory discussions related to its business, licences and investments. Management makes a provision for legal disputes when an unfavourable outcome is probable and a reliable estimate can be made. The most significant legal disputes are summarised in this note. Accounting policies Legal disputes are usually contingent in nature, meaning the possible obligation depends on future events outside the company\u2019s control, for example a court decision. Provisions are made for legal claims where an unfavorable outcome is probable and the amount required to settle the dispute can be reliably estimated. Provisions are based on management\u2019s best estimate of the amount required to settle the obligation discounted to present value. Key sources of estimation uncertainty There is significant uncertainty related to predicting the outcome of legal proceedings, disputes and claims. The potential obligations can represent significant amounts, the disputes may involve complex assessments of contracts and legislation, and political and country risk is high in certain disputes. Due to these uncertainties, the future actual costs for legal disputes may be significantly different than current estimates. Management evaluates the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require management to make a provision for matters that become probable or reliable, or change a provision made in a previous reporting period. Significant legal proceedings, claims and regulatory discussions Significant legal proceedings, claims and regulatory discussions are summarised below. Some of the cases include a statement that a provision has been made. Cases that do not state that a provision has been made either (a) do not have a provision and the matter is treated as a contingent liability; or (b) a provision has been established but the fact has not been disclosed as it can seriously prejudice our position. Disclosing that a provision has been made to the counterparty would reveal the fact that Telenor believes it is probably that a cash outflow will occur and that that an amount can be reliably estimated. While acknowledging the uncertainties related to these matters, management is of the opinion that based on the information currently available, these matters will be resolved without any material financial adverse effect individually or in aggregate. See note 10 Income taxes for further information about tax claims and uncertain tax positions. See note 22 Provisions and obligations for further information about development in legal dispute provisions. Grameenphone, Bangladesh BTRC audit The Bangladesh Telecommunications Regulatory Commission (BTRC) has over several years conducted an information system audit of Grameenphone for the period 1997 to 2014. On 2 April 2019, Grameenphone received a demand notice from BTRC for payment of NOK 7.8 billion to BTRC (NOK 2.1 billion in principal and NOK 5.7 billion in interest), including some matters pending in ongoing formal resolution processes (sub-judice). These claims are unjustified from Telenor\u2019s and Grameenphone\u2019s position. In addition, BTRC has unauthorised and erroneously claimed NOK 3.8 billion, which mainly is related to an already resolved matter and other sub-judice matters with the National Board of Revenue (NBR). The total demand amounts to NOK 11.6 billion (the Demand). Overall, the Demand is based on allegations that Grameenphone has, amongst other things, underpaid various taxes, such as corporate taxes, SIM tax, VAT, and revenue share from its mobile operation. The Demand is comprised of claims against 26 line items, of which 22 line items are related to BTRC matters and no provision has been recorded based on the Demand dated 2 April 2019, as such. The other 4 line items of which 2 have been resolved as described in note 10, are related to the NBR matters, where Telenor and Grameenphone in previous years have recorded provisions based on an assessment of the legal merits of the claims. On 22 July 2019, BTRC imposed operational restrictions on Grameenphone by stopping No Objection Certificates (NOCs) and approvals on import of products, services, and equipment. Late August 2019, Grameenphone filed both a civil case (title suit) contesting the Demand and an injunction application with a request to stay the suspension of NOCs and to restrain BTRC from taking any steps in enforcing the Demand. On 17 October 2019, HCD passed an injunction order restraining BTRC, for a period of two months, from taking any steps to realise or enforce the Demand and suspend NOCs for import of equipment/software and approvals of tariff/service packages etc. (the \u201cHCD order\u201d). The HCD order was appealed by BTRC to the Appellate Division of the Supreme Court (AD) and on 24 November 2019 the AD decided that the HCD order shall be maintained, subject to payment of NOK 1.8 billion by Grameenphone. On 20 and 24 February 2020, the AD ordered the payment of the deposit of NOK 1.8 billion to BTRC to be made in two equal instalments within 24 February 2020 and 31 May 2020. Both instalments were paid before the due dates and recognised as non-current financial assets (see note 27). Further, AD directed BTRC to allow Grameenphone to carry on its business without any hindrance and fixed the matter on 31 May 2020 for passing further order. Due to the COVID-19 situation in Bangladesh, the meeting was postponed, and no new date has been set. BTRC has lifted the operational restrictions on the import of equipment/software and approvals of tariff/service packages etc. The original Title suit, where the court is supposed to assess the merits of the Demand, is pending at the District Court. The court has requested the parties to respond to the commencement of a possible mediation process, and a meeting to explore this is scheduled to 29 September 2024. One of the claims that BTRC has presented to Grameenphone in the BTRC-case is related to a dispute as to how VAT on the payment of 2G license fee shall be handled. More specifically, whether VAT is included in the license fee or excluded and thereby needs to be added and paid separately, and whether VAT can be deducted from BTRC payments. In addition, the court considered whether BTRC legally could impose a Market Competition Factor (MCF) on the 7.4 MHz spectrum assigned in 2008 which Grameenphone disputed. The written judgement was published by the Appellate Division on 1 June 2023 stating that VAT needs to be added and paid to BTRC, whilst BTRC will forward VAT to NBR. Further, rebate is not allowed as spectrum is considered to be infrastructure owned by the state. The Appellate Division also concluded that BTRC may impose MCF on the mobile operators. Grameenphone has paid the entire principal amount of approximately NOK 960 million to BTRC on 14 June 2023. The payment of the principal amount is made without prejudice to its right to pursue Review Petitions (RPs) and without conceding any factual or legal issue in accordance with the said judgment. While making the said payment, Grameenphone also reserved the right to adjust against its future payment obligations subject to the outcome of the RPs. Subsequently, Grameenphone has also filed RPs before the Appellate Division challenging the said judgement. Grameenphone is currently engaged in a without prejudice reconciliation exercise with BTRC, where substantial late payment fees are among the topics. Singapore and Bangladesh have entered a Bilateral Investment Treaty (BIT) and in October 2019, Telenor Asia Pte Ltd, a Telenor subsidiary being a shareholder in Grameenphone and domiciled in Singapore, sent a notice to the President of Bangladesh to initiate discussions as a first step in an attempt to resolve issues arising from the audit dispute between Grameenphone and BTRC pursuant to the procedural mechanisms in such BIT. SIM tax on replacement SIM cards (part of BTRC audit) The Large Taxpayer Unit-VAT has issued three notices to Grameenphone claiming SIM tax of NOK 1.4 billion (excl. interest) on the replacement of SIM cards issued during three time periods from July 2007 to June 2015. In 2019 and 2020, the VAT Appellate Tribunal gave decisions in Grameenphone\u2019s disfavour in two of the three periods (2007-2011 and July 2012-June 2015), representing a total demand of NOK 1.3 billion (excl. interest). Grameenphone has appealed the decisions to the High Court Division of the Supreme Court who passed stay orders on these two decisions by the Tribunal until final adjudication. Grameenphone \u2013 Workers Profit Participation Fund Mobile operators in Bangladesh have for several years been required by law to establish a Worker\u2019s Profit Participation Fund (\u201cWPPF\u201d) for distribution of 5 % of the company\u2019s annual net profit to their employees. A number of former employees of Grameenphone have filed individual cases at Labour Court (LC) claiming benefits related to WPPF. Grameenphone is defending these cases at the Labour Court. Before any substantive hearing, Grameenphone is filing maintainability applications seeking dismissal of the cases. Further steps will be taken in due course of time based on the outcome. India Licences and spectrum Telenor\u2019s previous operations in India are subject to a number of disputes with the Indian Department of Telecommunications (DoT), which remain to be concluded. Telenor has provided guarantees for certain claims to the current owner Bharti Airtel. Refer to note 12 Held for sale and discontinued operations for further information about the guarantee and provisions related to the period Telenor owned the business in India. One of the disputes relate to the basis for calculation of licence fees and spectrum usage charges for the entire duration of Telenor\u2019s operations in India. DoT has issued several revised and new demand notices in the mentioned matter against Telenor\u2019s Indian subsidiaries during the last years. In a ruling in the fourth quarter of 2019 and in subsequent court orders in 2020, the Supreme Court of India upheld DoT\u2019s view on the determination of the licence fees and spectrum usage. These rulings have bearing on demands amounting to approximately NOK 3.5 billion. Interest accruals on demand notices received will apply and are currently estimated to NOK 1.0 billion for demand notices covered by the Supreme Court orders. For demand notices received, not covered by the Supreme Court orders, there are ongoing reviews performed by DoT and continued dialog between Telenor and DoT. Telenor has settled NOK 0.5 billion of the mentioned demands. On 2 February 2012, the Indian Supreme Court quashed (cancelled) all 122 2G licences awarded in 2008, including those granted to Telenor subsidiary at the time, Unitech Wireless. The Indian Supreme Court ordered that all such 2G licences and spectrum should be auctioned. The spectrum auction was completed in November 2012 and Telenor, through Telewings, secured spectrum licences in 6 circles. In February 2013, the Indian Supreme Court ordered the payment of retroactive spectrum fees for the licences quashed in February 2012. DoT issued a notice in November 2014 to Unitech Wireless seeking an explanation as to why retrospective spectrum fee payment should not be recovered by DoT pursuant to the February 2013 order of the Indian Supreme Court. Telenor replied to the above notice in December 2014. However, on 14 February 2017, DoT issued a demand notice of NOK 0.9 billion (including interest). Telenor has challenged such demand and the interpretation by DoT of the Indian Supreme Court judgment before the Telecom Disputes Settlement and Appellate Tribunal in India. A stay order is currently in place. DoT has further issued a notice to 8 entities of Unitech Wireless relating to a financial penalty of NOK 1.3 billion imposed, due to an alleged violation of a merger approval for the Unitech Wireless entities. Telenor has contested the basis for the claim.",
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"value": "Accounting policies Legal disputes are usually contingent in nature, meaning the possible obligation depends on future events outside the company\u2019s control, for example a court decision. Provisions are made for legal claims where an unfavorable outcome is probable and the amount required to settle the dispute can be reliably estimated. Provisions are based on management\u2019s best estimate of the amount required to settle the obligation discounted to present value.",
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"value": "NOTE 24 Trade and other payables Accounting policies Trade and other payables relate to amounts owed to suppliers and customer contract liabilities include amounts received from a customer that exceed the revenue recognised, for example prepaid subscriptions. Customer contract liabilities are expected to be realised within in the Group\u2019s normal operating cycle and are classified as current. Trade and other payables NOK in millions Category 2023 2022 Trade payables 5 501 7 955 Accruals 7 638 12 322 1)Total trade payables and accruals as of 31 December FLAC 13 139 20 277 Contract liabilities 4 726 5 013 Government taxes, tax deductions etc. 3 242 2 937 2)Total other payables as of 31 December NF 7 969 7 950 Total trade and other payables as of 31 December 21 108 28 227 1) FLAC: Financial liabilities at amortised cost. 2) NF: Non-financial assets and liabilities. Specification of customer contract liabilities NOK in millions 2023 2022 Balance as of 1 January 5 013 6 001 Revenue recognised that was included in opening balance (4 214) (4 677) New contract liabilities less transfer to revenue 4 541 4 646 Disposal of companies ( 686) ( 897) Currency and other effects 74 ( 59) Reclassified to liabilities held for sale ( 2) - Balance as of 31 December 4 726 5 013 Customer contract liabilities comprise Group\u2019s obligation to transfer services to its customers for which it has received consideration in advance. This includes unearned revenue relating to prepaid services, connection fee not considered to be a separate performance obligation, and other contract liabilities.",
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"value": "Accounting policies Trade and other payables relate to amounts owed to suppliers and customer contract liabilities include amounts received from a customer that exceed the revenue recognised, for example prepaid subscriptions. Customer contract liabilities are expected to be realised within in the Group\u2019s normal operating cycle and are classified as current.",
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"value": "NOTE 25 Contractual commitments Telenor has entered into agreements with fixed payments in respect of the following as of 31 December 2023 and as of 31 December 2022. 2023 NOK in millions 2024 2025 2026 2027 2028 After 2028 Contractual purchase obligations IT-related agreements 183 36 14 - - - Other contractual obligations 2 875 59 25 24 25 - Committed investments Property plant and equipment and intangible assets 1 206 6 - - - - Total contractual obligations 4 264 101 39 24 25 - 2022 NOK in millions 2023 2024 2025 2026 2027 After 2027 Contractual purchase obligations IT-related agreements 246 50 4 - - - Other contractual obligations 4 490 1 164 43 32 32 27 Committed investments Property plant and equipment and intangible assets 2 242 18 10 10 10 20 Total contractual obligations 6 978 1 233 57 42 42 47 The tables above include agreements under which Telenor has only committed minimum purchase obligations.",
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"value": "NOTE 26 Contract cost and other prepaid costs Contract costs include costs for obtaining customer contracts, like commissions to dealers. It also includes costs for fulfilling customer contracts, like direct labour and material costs for connection and installation of equipment on customer premises. Accounting policies When contract costs are incremental and expected to be recovered, they are capitalised as contract cost assets and amortised over the expected customer lifetime. Renewal periods are included in the period based on historical churn data, unless new costs are incurred on contract renewals. These costs are included in EBITDA. The practical expedient of not capitalising contract costs that would have been amortised within 12 months has been applied. Contract costs and other prepaid costs NOK in millions 2023 2022 Contract costs 4 581 4 082 Governmental taxes and duties 127 127 Prepayments 1 3 Total non-current non-financial assets 4 709 4 212 Contract costs The below tables set forth the costs capitalised and amortised during the year 2023 and 2022: As of 31 Reclassified Amortisation Amortisation Impairment As of 31 December Costs capitalised to assets - continued - discontinued - discontinued Translation December NOK in millions 2022 during the year held for sale operations operations operations Differences 2023 Contract acquisition costs 4 041 2 961 ( 121) (2 434) ( 10) 3 103 4 543 Contract fulfilment costs 41 17 - ( 22) - - - 37 Total contract costs 4 082 2 979 ( 121) (2 456) ( 10) 3 103 4 581 As of 31 Reclassified Amortisation Amortisation Impairment As of 31 December Costs capitalised to assets - continued - discontinued - discontinued Translation December NOK in millions 2021 during the year held for sale operations operations operations Differences 2022 Contract acquisition costs 4 008 2 146 ( 170) (1 775) ( 174) 9 ( 2) 4 041 Contract fulfilment costs 51 4 - ( 11) - - ( 3) 41 Total contract costs 4 059 2 150 ( 170) (1 787) ( 174) 9 ( 4) 4 082",
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"value": "NOTE 26 Contract cost and other prepaid costs Contract costs include costs for obtaining customer contracts, like commissions to dealers. It also includes costs for fulfilling customer contracts, like direct labour and material costs for connection and installation of equipment on customer premises. Accounting policies When contract costs are incremental and expected to be recovered, they are capitalised as contract cost assets and amortised over the expected customer lifetime. Renewal periods are included in the period based on historical churn data, unless new costs are incurred on contract renewals. These costs are included in EBITDA. The practical expedient of not capitalising contract costs that would have been amortised within 12 months has been applied. Contract costs and other prepaid costs NOK in millions 2023 2022 Contract costs 4 581 4 082 Governmental taxes and duties 127 127 Prepayments 1 3 Total non-current non-financial assets 4 709 4 212 Contract costs The below tables set forth the costs capitalised and amortised during the year 2023 and 2022: As of 31 Reclassified Amortisation Amortisation Impairment As of 31 December Costs capitalised to assets - continued - discontinued - discontinued Translation December NOK in millions 2022 during the year held for sale operations operations operations Differences 2023 Contract acquisition costs 4 041 2 961 ( 121) (2 434) ( 10) 3 103 4 543 Contract fulfilment costs 41 17 - ( 22) - - - 37 Total contract costs 4 082 2 979 ( 121) (2 456) ( 10) 3 103 4 581 As of 31 Reclassified Amortisation Amortisation Impairment As of 31 December Costs capitalised to assets - continued - discontinued - discontinued Translation December NOK in millions 2021 during the year held for sale operations operations operations Differences 2022 Contract acquisition costs 4 008 2 146 ( 170) (1 775) ( 174) 9 ( 2) 4 041 Contract fulfilment costs 51 4 - ( 11) - - ( 3) 41 Total contract costs 4 059 2 150 ( 170) (1 787) ( 174) 9 ( 4) 4 082NOTE 27 Financial assets and non-interest-bearing liabilities Derivatives such as forward currency contracts and interest rate swaps are used to mitigate financial risks. Other financial assets include commercial papers, deposits and equity investments. Accounting policies Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u2022 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u2022 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u2022 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u2022 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u2022 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does currently not have equity instruments held for trading. Derivatives Telenor uses derivative financial instruments such as forward currency contracts, interest rate swaps and cross currency interest rate swaps to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to a joint venture for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. Lease receivables In finance leases, a lease receivable is recognised based on future expected lease payments, and finance income is allocated using a constant periodic rate of return over the lease term. In a transaction for which an underlying asset is sub-leased to a third party, the sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. See note 3 for further information about operation lease revenue. Supplier finance arrangements In supplier finance arrangements, the payables are reclassified from trade payables to current non-interest-bearing liabilities when the financing arrangements are linked to the payment terms of the contract with the vendor. The current liability is presented as non-interest bearing as the payment of interest is carried by the vendor. When the financial institution makes the payment to the vendor, an operational cash outflow is presented in the Statement of Cash Flows if it is related to operating activities and cash outflow from investing activities if it is related to investing activities. At the same time a financial cash inflow reflecting that a financial liability has been obtained. The subsequent payment of the financial liability is presented as financial cash outflow in the cash flow statement. Supplier finance arrangements that do not have any link to payment terms or any other parts of the contract with the vendor are classified as trade payables. Cash outflow from such arrangements are presented as operating activities in the Statement of Cash Flows. Non-current financial assets NOK in millions Fair value level 4)Category 2023 2022 1)Equity investments 3 FVTOCI 930 937 2)Financial derivatives 2 FVTPL 17 273 Financial derivatives designated for net investment hedge 2 530 687 3)Other financial non-current non-interest-bearing assets FAAC 3 586 3 066 Fair value hedge instruments 2 - 25 3)Other financial non-current interest-bearing assets FAAC 797 3 230 2)Other financial non-current interest-bearing assets 2 FVTPL 831 - Finance lease receivable - 1 046 Total non-current financial assets as of 31 December 6 692 9 264 1) FVTOCI: Fair value through other comprehensive income. 2) FVTPL: Fair value through profit and loss. 3) FAAC: Financial assets at amortised cost. 4) For information about the fair value level of financial instruments, see note 32. Equity investments Equity investments (FVTOCI) include capital contribution to Telenor Pension Fund of NOK 0.3 billion and other equity investments of NOK 0.6 billion (NOK 0.3 billion and NOK 0.7 billion in 2022, respectively). Other financial non-current non-interest-bearing assets Other financial non-current non-interest-bearing assets as of 31 December 2023 includes a deposit of NOK 1.8 billion paid to the Bangladesh Telecommunication Regulatory Commission (BTRC, see note 23), pension funds of NOK 1.6 billion and long term deposits of NOK 0.1 billion (NOK 1.9 billion, NOK 0.9 billion and NOK 0.3 billion in 2022, respectively). Other financial non-current interest-bearing assets Other financial non-current interest-bearing assets includes a receivable against the joint ventures holding the indirect ownership in True Corporation of NOK 0.8 billion. This receivable is classified as FVTPL. In 2022, Other financial non-current interest-bearing assets included a receivable of NOK 2.7 billion against the Norwegian tax authorities related to the ongoing court case for losses on receivables on the Indian subsidiary Unitech Wireless after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings. In 2023, the Appellate Committee in Supreme Court decided not to allow the appeal from the government to be heard and the deposited funds were paid back to Telenor, see note 10. Finance lease receivables Telenor has recognised receivables at present value of future lease payments to be received in lease arrangements where Telenor has transferred substantially all the risks and rewards incidental to ownership of the underlying assets to the lessee. Current finance lease receivables are included in Trade and other receivables (see note 19). 2023 2022 NOK in millions Current Non-current Total Current Non-current Total Sublease of land - - - 361 973 1 334 Lease of satellite - - - 97 72 169 Total finance lease receivables - - - 458 1 046 1 504 During 2023, the Group recognised interest income of NOK 5 million (NOK 60 million in 2022) related to finance lease receivables. All finance lease agreements in Telenor was either present in dtac or Telenor Satellite. Dtac merged with True Corporation during 2023, see note 12 for more information. Telenor Satellite was disposed 4 January 2024 and classified as held for sale as of 31 December 2023. The following table sets forth the maturity analysis of lease receivables: NOK in millions 2023 2022 Less than 1 year - 506 1 to 2 years - 445 2 to 3 years - 384 3 to 4 years - 272 4 to 5 years - - After 5 years - - Total undiscounted lease payments receivable - 1 607 Unearned interest income - ( 103) Net investment in leases - 1 504Current financial assets NOK in millions Fair value level 3)Category 2023 2022 1)Assets held for trading 2 FVTPL 1 036 50 2)Bonds and commercial papers > 3 months FAAC 269 277 1)Financial derivatives 2 FVTPL 5 29 Financial derivatives designated for net investment hedge 2 340 2 Fair value hedge instruments 2 - 2 Total other current financial assets as of 31 December 1 651 361 Non-current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 167 588 Financial derivatives designated for net investment hedge 2 765 866 2)Other non-current non-interest-bearing liabilities FLAC 390 317 Total non-current non-interest-bearing liabilities as of 31 December 1 323 1 772Current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 470 3 Financial derivatives designated for net investment hedge 2 331 382 2)Other current non-interest-bearing liabilities FLAC 1 119 1 308 Total current non-interest-bearing liabilities as of 31 December 1 921 1 694 1) FVTPL: Fair value through profit and loss. 2) FLAC: Financial liabilities at amortised cost. 3) For information about the fair value level of financial instruments, see note 32. Other current non-interest-bearing liabilities include liabilities to financing institutions under supplier finance arrangements of NOK 537 million as of 31 December 2023 (NOK 616 million as of 31 December 2022).",
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"s8_notes__6__117-1": {
"value": "Accounting policies When contract costs are incremental and expected to be recovered, they are capitalised as contract cost assets and amortised over the expected customer lifetime. Renewal periods are included in the period based on historical churn data, unless new costs are incurred on contract renewals. These costs are included in EBITDA. The practical expedient of not capitalising contract costs that would have been amortised within 12 months has been applied.Accounting policies Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u2022 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u2022 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u2022 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u2022 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u2022 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does currently not have equity instruments held for trading. Derivatives Telenor uses derivative financial instruments such as forward currency contracts, interest rate swaps and cross currency interest rate swaps to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to a joint venture for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. Lease receivables In finance leases, a lease receivable is recognised based on future expected lease payments, and finance income is allocated using a constant periodic rate of return over the lease term. In a transaction for which an underlying asset is sub-leased to a third party, the sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. See note 3 for further information about operation lease revenue. Supplier finance arrangements In supplier finance arrangements, the payables are reclassified from trade payables to current non-interest-bearing liabilities when the financing arrangements are linked to the payment terms of the contract with the vendor. The current liability is presented as non-interest bearing as the payment of interest is carried by the vendor. When the financial institution makes the payment to the vendor, an operational cash outflow is presented in the Statement of Cash Flows if it is related to operating activities and cash outflow from investing activities if it is related to investing activities. At the same time a financial cash inflow reflecting that a financial liability has been obtained. The subsequent payment of the financial liability is presented as financial cash outflow in the cash flow statement. Supplier finance arrangements that do not have any link to payment terms or any other parts of the contract with the vendor are classified as trade payables. Cash outflow from such arrangements are presented as operating activities in the Statement of Cash Flows.",
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},
"s8_notes__6__123-1": {
"value": "NOTE 27 Financial assets and non-interest-bearing liabilities Derivatives such as forward currency contracts and interest rate swaps are used to mitigate financial risks. Other financial assets include commercial papers, deposits and equity investments. Accounting policies Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u2022 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u2022 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u2022 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u2022 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u2022 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does currently not have equity instruments held for trading. Derivatives Telenor uses derivative financial instruments such as forward currency contracts, interest rate swaps and cross currency interest rate swaps to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to a joint venture for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. Lease receivables In finance leases, a lease receivable is recognised based on future expected lease payments, and finance income is allocated using a constant periodic rate of return over the lease term. In a transaction for which an underlying asset is sub-leased to a third party, the sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. See note 3 for further information about operation lease revenue. Supplier finance arrangements In supplier finance arrangements, the payables are reclassified from trade payables to current non-interest-bearing liabilities when the financing arrangements are linked to the payment terms of the contract with the vendor. The current liability is presented as non-interest bearing as the payment of interest is carried by the vendor. When the financial institution makes the payment to the vendor, an operational cash outflow is presented in the Statement of Cash Flows if it is related to operating activities and cash outflow from investing activities if it is related to investing activities. At the same time a financial cash inflow reflecting that a financial liability has been obtained. The subsequent payment of the financial liability is presented as financial cash outflow in the cash flow statement. Supplier finance arrangements that do not have any link to payment terms or any other parts of the contract with the vendor are classified as trade payables. Cash outflow from such arrangements are presented as operating activities in the Statement of Cash Flows. Non-current financial assets NOK in millions Fair value level 4)Category 2023 2022 1)Equity investments 3 FVTOCI 930 937 2)Financial derivatives 2 FVTPL 17 273 Financial derivatives designated for net investment hedge 2 530 687 3)Other financial non-current non-interest-bearing assets FAAC 3 586 3 066 Fair value hedge instruments 2 - 25 3)Other financial non-current interest-bearing assets FAAC 797 3 230 2)Other financial non-current interest-bearing assets 2 FVTPL 831 - Finance lease receivable - 1 046 Total non-current financial assets as of 31 December 6 692 9 264 1) FVTOCI: Fair value through other comprehensive income. 2) FVTPL: Fair value through profit and loss. 3) FAAC: Financial assets at amortised cost. 4) For information about the fair value level of financial instruments, see note 32. Equity investments Equity investments (FVTOCI) include capital contribution to Telenor Pension Fund of NOK 0.3 billion and other equity investments of NOK 0.6 billion (NOK 0.3 billion and NOK 0.7 billion in 2022, respectively). Other financial non-current non-interest-bearing assets Other financial non-current non-interest-bearing assets as of 31 December 2023 includes a deposit of NOK 1.8 billion paid to the Bangladesh Telecommunication Regulatory Commission (BTRC, see note 23), pension funds of NOK 1.6 billion and long term deposits of NOK 0.1 billion (NOK 1.9 billion, NOK 0.9 billion and NOK 0.3 billion in 2022, respectively). Other financial non-current interest-bearing assets Other financial non-current interest-bearing assets includes a receivable against the joint ventures holding the indirect ownership in True Corporation of NOK 0.8 billion. This receivable is classified as FVTPL. In 2022, Other financial non-current interest-bearing assets included a receivable of NOK 2.7 billion against the Norwegian tax authorities related to the ongoing court case for losses on receivables on the Indian subsidiary Unitech Wireless after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings. In 2023, the Appellate Committee in Supreme Court decided not to allow the appeal from the government to be heard and the deposited funds were paid back to Telenor, see note 10. Finance lease receivables Telenor has recognised receivables at present value of future lease payments to be received in lease arrangements where Telenor has transferred substantially all the risks and rewards incidental to ownership of the underlying assets to the lessee. Current finance lease receivables are included in Trade and other receivables (see note 19). 2023 2022 NOK in millions Current Non-current Total Current Non-current Total Sublease of land - - - 361 973 1 334 Lease of satellite - - - 97 72 169 Total finance lease receivables - - - 458 1 046 1 504 During 2023, the Group recognised interest income of NOK 5 million (NOK 60 million in 2022) related to finance lease receivables. All finance lease agreements in Telenor was either present in dtac or Telenor Satellite. Dtac merged with True Corporation during 2023, see note 12 for more information. Telenor Satellite was disposed 4 January 2024 and classified as held for sale as of 31 December 2023. The following table sets forth the maturity analysis of lease receivables: NOK in millions 2023 2022 Less than 1 year - 506 1 to 2 years - 445 2 to 3 years - 384 3 to 4 years - 272 4 to 5 years - - After 5 years - - Total undiscounted lease payments receivable - 1 607 Unearned interest income - ( 103) Net investment in leases - 1 504Current financial assets NOK in millions Fair value level 3)Category 2023 2022 1)Assets held for trading 2 FVTPL 1 036 50 2)Bonds and commercial papers > 3 months FAAC 269 277 1)Financial derivatives 2 FVTPL 5 29 Financial derivatives designated for net investment hedge 2 340 2 Fair value hedge instruments 2 - 2 Total other current financial assets as of 31 December 1 651 361 Non-current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 167 588 Financial derivatives designated for net investment hedge 2 765 866 2)Other non-current non-interest-bearing liabilities FLAC 390 317 Total non-current non-interest-bearing liabilities as of 31 December 1 323 1 772Current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 470 3 Financial derivatives designated for net investment hedge 2 331 382 2)Other current non-interest-bearing liabilities FLAC 1 119 1 308 Total current non-interest-bearing liabilities as of 31 December 1 921 1 694 1) FVTPL: Fair value through profit and loss. 2) FLAC: Financial liabilities at amortised cost. 3) For information about the fair value level of financial instruments, see note 32. Other current non-interest-bearing liabilities include liabilities to financing institutions under supplier finance arrangements of NOK 537 million as of 31 December 2023 (NOK 616 million as of 31 December 2022).NOTE 31 Capital and financial risk management The objectives and policies for capital and risk management are described in this note, in addition to exposure and sensitivity for financial risks such as liquidity risk, interest rate risk, foreign exchange risk and credit risk. Telenor uses various types of derivatives to hedge such exposure. Accounting policies Hedge accounting is applied for fair value hedges and hedges of net investments in foreign operations when the hedging criteria are met. For fair value hedges, the carrying amount of the hedged item is adjusted for gains and losses attributable to the risk being hedged. The derivative is also measured at fair value, and gains and losses from both the hedging instrument and the hedged item are recognised in the income statement. Hedge effectiveness is assessed on an ongoing basis, and hedge accounting is discontinued if the hedge no longer meets the hedge accounting criteria. If the hedged item still exists and is not sold, the fair value adjustment to the hedged item attributable to the risk being hedged at de-designation will be amortised in the income statement over the remaining time to maturity. A hedge of a net investment in a foreign operation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised directly in other comprehensive income while any foreign exchange gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign entity, the cumulative foreign exchange gains or losses recognised in other comprehensive income is reclassified to the income statement. Refer to note 27 Financial assets and liabilities for further information on accounting policies for derivatives. . Managing capital Following the structural changes in the portfolio, and triggered by closing of the merger in Malaysia, Telenor measures the leverage from 2022 as the ratio of Net debt to EBITDA before other items plus dividends from associated companies and joint ventures. Telenor aims to maintain a solid balance sheet through keeping leverage ratio in the range of 1.8x to 2.3x to maintain financial flexibility and ensure cost efficient funding (see chapter Definitions and Alternative Performance Measures for reconciliations of net debt and leverage ratio). As of 31 December 2023, the reported leverage ratio was 2.2x (2.2x as of 31 December 2022). The targeted capital structure provides a good balance between shareholder return and a solid balance sheet with stable access to global debt markets, while also supporting Telenor\u2019s strategic priorities. As of 31 December 2023, Telenor ASA\u2019s long-term credit rating was \u201cBaa1/stable outlook\u201d by Moody\u2019s Investors Service and \u201cA-/stable outlook\u201d by Standard & Poor\u2019s (S&P). Key elements of the Group\u2019s capital structure include interest-bearing debt as disclosed in note 30, cash and cash equivalents as disclosed in note 20 and equity attributable to the shareholders of Telenor ASA as presented in the consolidated statement of changes in equity and in note 28. In order to adjust the capital structure, the Group may acquire or sell own shares, distribute dividends to shareholders, return capital to shareholders or issue new shares. In 2023, Telenor paid shareholders dividend of NOK 13.0 billion comprised of ordinary dividends paid out in May 2023 (NOK 5.00 per share) and October 2023 (NOK 4.40 per share). For the financial year 2023, the Telenor Board of Directors will propose an ordinary dividend of NOK 9.50 per share to be resolved by the Annual General Meeting in May 2024 and paid out in two tranches of NOK 5.00 and NOK 4.50 per share in May 2024 and October 2024 respectively. The total ordinary dividend amount proposed for the financial year 2023 is NOK 13.2 billion. Following the divestment 30% of Telenor Fiber AS, the Board of Directors of Telenor ASA was given the authority to execute a share buy back in January 2023. The market part of the program was executed in 2023 and amounted to NOK 1.7 billion and 14.3 million shares. Compensation to the Norwegian Ministry of Trade, Industry and Fisheries and capital reduction will be executed in 2024. Telenor\u2019s shareholder remuneration policy is to aim for a year-on-year growth in dividend per share, where the annual dividends are paid in two instalments. Buyback of own shares or extraordinary dividend pay-outs might also be used as a measure to reach a targeted leverage. Financial risk Telenor Group Treasury is responsible for funding and financial risk management for the parent company and subsidiaries owned, directly or indirectly, more than 90% by Telenor ASA. Subsidiaries owned less than 90% normally have stand-alone financing and management of financial risks. Beyond hedging activities, the Group has limited trading activities. Liquidity risk The main objective is to ensure sufficient liquidity. The Group emphasises financial flexibility, and an important part of this is to minimise liquidity risk through ensuring access to a diversified set of funding sources. Debt issued in the international capital market is predominately issued under the existing EMTN programme (Euro Medium Term Note) to secure longer dated funding and under existing ECP programme (Euro Commercial Paper) to secure shorter dated funding up to 12 months. In addition to these uncommitted loan programmes, the Norwegian domestic capital market is used from time to time. Telenor ASA also has a sustainability-linked committed syndicated revolving credit facility (RCF) of EUR 1.8 billion with maturity in 2028 with options to extend it for 1+1 year. The RCF was undrawn as of 31 December 2023. When permissible by local rules and regulations, subsidiaries owned 90% or more are part of Telenor ASA\u2019s cash management framework agreements and participate in Telenor ASA\u2019s cash pool setup. Subsidiaries owned less than 90% have established separate framework agreements for banking services. Telenor ASA shall have sufficient sources of liquidity to cover expected operational liquidity needs for the next 12 months. Liquidity requirements to fund acquisitions is considered separately. Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of Not NOK in millions 31.12.23 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years specified Interest-bearing liabilities Financial Debt 86 831 11 549 10 065 11 201 5 601 7 351 13 200 5 600 5 600 - - 16 664 - Other interest-bearing liabilities 197 197 - - - - - - - - - - - 1)Sum of interest-bearing liabilities 87 028 11 745 10 065 11 201 5 601 7 351 13 200 5 600 5 600 - - 16 664 - Non-interest-bearing liabilities Trade and other payables 21 108 21 108 - - - - - - - - - - - Other current non-interest-bearing liabilities 1 119 1 119 - - - - - - - - - - - Derivative financial instruments 1 733 836 183 - 118 134 - 388 - - - 74 - Other non-current non-interest-bearing liabilities 390 - - - - - - - - - - - 390 Sum of non-interest-bearing liabilities 24 351 23 063 183 - 118 134 - 388 - - - 74 390 Total 111 378 34 809 10 248 11 201 5 720 7 485 13 200 5 987 5 600 - - 16 738 390 Future interest payments 14 564 3 029 2 628 1 929 1 622 1 321 1 103 874 494 427 426 712 - Total including future interest payments 125 943 37 838 12 875 13 130 7 342 8 806 14 303 6 862 6 093 427 426 17 450 390 Total as of Not NOK in millions 31.12.22 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years specified Interest-bearing liabilities Financial Debt 91 267 8 907 14 579 12 498 11 608 7 997 6 701 11 524 717 6 310 - 10 425 - Other interest-bearing liabilities 252 252 - - - - - - - - - - - 1)Sum of interest-bearing liabilities91 518 9 159 14 579 12 498 11 608 7 997 6 701 11 524 717 6 310 - 10 425 - Non-interest-bearing liabilities Trade and other payables 28 227 28 227 - - - - - - - - - - - Other current non-interest-bearing liabilities 1 308 1 308 - - - - - - - - - - - Derivative financial instruments 1 841 420 889 224 125 183 - - - - - - - Other non-current non-interest-bearing liabilities 317 - - - - - - - - - - - 317 Sum of non-interest-bearing liabilities 31 692 29 955 889 224 125 183 - - - - - - 317 Total 123 211 39 114 15 468 12 721 11 733 8 181 6 701 11 524 717 6 310 - 10 425 317 Future interest payments 9 491 2 030 2 022 1 566 1 043 769 651 445 245 219 155 346 - Total including future interest payments 132 701 41 144 17 490 14 288 12 776 8 950 7 352 11 969 962 6 529 154 10 771 317 6) The maturity tables do not include lease liabilities related to licences or other lease liabilities. See note 29 for more information on licence commitments and lease liabilities. Interest rate risk The Group is exposed to interest rate risk through funding and cash management activities and aims to manage this risk to reduce financial costs over time. Changes in interest rates affect the fair value of assets and liabilities. Interest income and interest expense in the income statement are influenced by changes in interest rates in the market. In 2023, average interest rate for the Group was 3.0% on interest-bearing liabilities, excluding lease and licence liabilities (1.8% in 2022). The majority of debt issued by the Group is fixed rate debt. The Group uses interest rate derivatives to manage interest rate risk of the debt portfolio. This typically involves interest rate swaps, swapping floating interest rates to fixed interest rates and vice versa. According to Group Policy, Telenor subsidiaries with external debt instruments shall maintain a balanced profile between fixed and floating rate debt. The portion of the fixed rate shall be between 30% to 70% of external debt. As of 31 December 2023, the portion of fixed rate of Group\u2019s debt was 69% (58% as of 31 December 2022). For Telenor ASA the portion of fixed rate debt as of 31 December 2023 was 69% (58% as of 31 December 2022). Derivative instruments designated as fair value hedging instruments In order to manage interest rate risk, a portion of the debt may be swapped to floating interest rate by using interest rate swaps. Fair value hedge accounting is applied when hedge accounting criteria are met. There is an economic relationship between the hedged items and the hedging instruments, as the terms of the interest rate swaps match the terms of the fixed rate bonds (i.e., notional amount, maturity, payment and rate set dates). Effectiveness testing is performed using the hypothetical derivative method and compares changes in fair value of the hedging instrument against the changes in fair value of the hedged item attributable to the hedged risk. Hedge ineffectiveness in fair value hedges can arise from: \u2022 Different interest rate curve applied to discount the hedged items and hedging instruments. \u2022 Differences in timing of cash flows of the hedged items and hedging instruments. The table below shows the effects of the Group\u2019s fair value hedges. The change in fair value of the hedging instrument and the hedged item is recognised on the line item Net change in fair value of hedging instruments and hedged items under Net financial income (expenses) in the income statement, see also note 9. Fair value hedging relationships NOK in millions 2023 2022 Net gain / (loss) recognised in the income statement on hedged items (1 234) 3 931 Net gain / (loss) recognised in the income statement on hedging instruments 1 505 (4 136) Amount of hedge ineffectiveness 271 (205) Financial instruments designated as hedging instruments in fair value hedges are classified on the line items Other non-current financial assets and Other current financial assets in the statement of financial position, see note 27, and current and non-current interest-bearing liabilities, see note 30: 2023 2022 NOK in millions Assets Liabilities Assets Liabilities As of 31 December Nominal amounts fair value hedge instruments 35 278 - 37 424 - Fair values of fair value hedge instruments - (2 490) 27 (3 662) The following table shows the maturity profile of the Group\u2019s fair value hedge instruments (in nominal values): NOK in millions Total < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years As of 31 December 2023 (2 092) (593) (526) (406) (278) (160) (49) (20) (20) (20) (20) - As of 31 December 2022 (2 416) (524) (528) (468) (375) (256) (144) (46) (19) (19) (19) (19) The terms of the fixed rate receive leg of the interest rate swaps designated as fair value hedge instruments match the terms of the fixed rate pay leg of the hedged items. The average interest rate terms of the floating pay legs of the interest rate swaps are EURIBOR 3/6 months + 72 basis points (+ 72 basis points in 2022) for EUR denominated swaps, and THBFIX + 146 basis points in 2022 and THOR (+ 143 basis points in 2022 for THB denominated swaps (no THB denominated swaps in 2023). The table below shows the carrying amounts of the Group\u2019s fair value hedge items, which are recognised on the line items Non-current interest-bearing liabilities and Current interest-bearing liabilities in the statement of financial position: NOK in millions 2023 2022 As of 31 December Carrying amount of hedged items recognised in the statement of financial position 32 050 33 004 Fair value hedge adjustments included in the carrying amount of the hedged items (2 043) (3 288) Interest rate risk sensitivity analysis The Group calculates the sensitivity on the change in fair value of assets and liabilities of a defined parallel shift in the yield curve of the relevant currencies. For each simulation, the same shifts in interest rates are used for all currencies. The sensitivity analysis is run only for assets and liabilities that represent significant interest-bearing positions. Due to debt instruments the net position is a liability. Since hedge accounting is applied and interest-bearing debt is measured at amortised cost, the full effect of change in fair value is not recognised in the income statement. This is shown in the table below: 2023 2022 Yield curve increase Yield curve decrease Yield curve increase Yield curve decrease NOK in millions 50 Basis points 50 Basis points 50 Basis points 50 Basis points Reduction (increase) in fair value of net liabilities 1 281 (1 338) 1 225 (1 278) Gain (loss) in the income statement (101) 109 66 (69) Sensitivity analysis of change in floating interest rates on net financial items in the income statement: 2023 2022 Yield curve increase Yield curve decrease Yield curve increase Yield curve decrease NOK in millions 50 Basis points 50 Basis points 50 Basis points 50 Basis points Gain (loss) in the income statement (435) 435 (399) 399Exchange rate risk The Group is exposed to changes in the value of NOK relative to other currencies. 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 net income of the Group is also affected by currency fluctuations, as the profit and losses from foreign operations are translated into NOK using average exchange rates for the period. Exchange rate risk related to some net investments in foreign operations is partly hedged by issuing debt instruments in the currencies involved or correlated currencies when this is considered appropriate. Combinations of money market instruments (Commercial Paper and bonds) and derivatives (foreign exchange forward contracts and cross currency swaps) are used for this purpose. Short-term currency swaps are used for liquidity management purposes. Net investment hedge accounting is applied when possible. Exchange rate risk also arises when Telenor ASA or any of its subsidiaries enter into transactions or holds monetary items denominated in other currencies than their own functional currency. In accordance with Group Policy, committed cash flows in foreign currency equivalent to NOK 300 million or above are evaluated for hedging. Financial instruments designated as hedging instruments of net investment in foreign operations As of 31 December 2023 and 2022, material hedging positions are designated as net investment hedges. There is an economic relationship between the hedged items and the hedging instruments as the net investment creates a translation risk that will match the foreign exchange risk on the debt and derivatives designated as hedging instruments. Net investment hedging is mainly applied in currencies that have well-functioning financial markets, but the Group may also designate debt in correlated currencies as hedging instruments to hedge foreign exchange risk. The Group has established hedge ratios to match the underlying risk of the hedging instruments with the hedged risk component. Hedge ineffectiveness may arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the debt and derivatives designated as hedging instruments. There was no ineffectiveness in the years ending 31 December 2023 and 2022. For additional information and a reconciliation of the net investment hedge balance in equity, see note 28. Net investment hedging relationships NOK in millions 2023 2022 Amount recognised directly to other comprehensive income (OCI) (2 444) (1 402) Amount reclassified from OCI to the income statement on disposal 889 233 Net investment hedging was performed for the investment in Bangladesh using USD denominated instruments, but hedging was discontinued due to loss of economic relationship during 2022. As of 31 December 2023, the remaining balance included in the net investment hedge reserve was NOK 125 million. Interest-bearing debt and derivatives designated as hedging instruments in net investment hedges (only effective part of instruments is included): 2023 2022 NOK in millions Debt Derivatives Debt Derivatives As of 31 December Nominal amounts net investment hedge instruments (59 426) 12 597 (50 533) 8 372 Fair value net investment hedge instruments (55 681) (227) (44 000) (560) Debt designated as hedging instruments in net investment hedges are recognised on the line items Non-current interest-bearing liabilities and Current interest-bearing liabilities in the statement of financial position. Classification of derivatives designated for net investment hedge in the consolidated statement of financial position: NOK in millions 2023 2022 As of 31 December Other non-current assets 530 687 Other financial current assets 340 2 Non-current non-interest-bearing financial liabilities (765) (866) Current non-interest-bearing liabilities (331) (382) Fair value net investment hedge instruments (227) (560) The following table shows the maturity profile (in nominal values) of the Group\u2019s net investment hedge instruments (only effective part of instruments is included): NOK in millions Total < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years As of 31 December 2023 (51 131) (4 781) (1 704) (7 511) (3 204) (4 810) (9 282) (3 482) (4 637) (207) (207) (11 304) As of 31 December 2022 (44 646) (6 084) (2 766) (1 284) (6 800) (2 653) (4 194) (8 233) (130) (4 137) (105) (8 259) Average currency rates in cross currency swaps designated as net investment hedge instruments were NOK/USD 8.59 (n.a. in 2022), USD/EUR 1.17 (1.15 in 2022), SEK/EUR 10.69 (10.47 in 2022) and NOK/EUR 11.57 (10.83 in 2022) in 2023. In 2023, average currency rates in foreign exchange contracts designated as net investment hedge instruments were NOK/SEK 0.98 (0.95 in 2022), NOK/EUR n.a. (10.57 in 2022), USD/EUR 1.09 (n.a. in 2022), USD/MYR 0.22 (0.22 in 2022) and USD/THB 0.03 (0.03 in 2022). Exchange rate risk sensitivity analysis This analysis does not consider correlation between currencies. Empirical studies confirm substantial diversification effect across the currencies that the Group is exposed to. The three sensitivity analyses shown below represent impact on the income statement due to fluctuations in the functional currencies, the impact on other comprehensive income translating functional currencies into the presentation currency NOK and lastly the effect on net income if the presentation currency NOK weakens or strengthens. Currency gains and losses on monetary items in foreign currency are recognised in the income statements of Telenor ASA and its subsidiaries. Net currency gains (losses) in foreign subsidiaries are translated to NOK in the consolidated income statement. The table below shows the effect on consolidated net currency losses in the income statement of 10% depreciation in functional currencies in the Group, keeping other currencies constant (only significant exposures above NOK 100 million are included in the table): Monetary Item Currency 2023 2022 NOK in millions EUR SEK USD Other EUR SEK USD Other Depreciating Functional Currency NOK (216) (554) (363) - - (510) (677) (104) Translation of subsidiaries from their functional currencies into the presentation currency of the Group (NOK) will impact the Group\u2019s other comprehensive income (OCI) and equity. If NOK had weakened by 10% against all other functional currencies of the Group, the change in the carrying amount of consolidated equity as of 31 December 2023, including effects of net investment hedge, would have been an increase of approximately NOK 6.4 billion (increase of NOK 5.6 billion as of 31 December 2022). The table below shows the impact on OCI of net investment hedge (NIH) instruments if the functional currency weakened by 10%. 2023 2022 NOK in millions EUR SEK Other EUR SEK Other Currency effect on OCI (before tax) of NIH instruments NOK (2 760) (1 178) (745) (2 420) (1 211) (585) Effect on other comprehensive income (OCI) (4 683) (4 216) Translation of net income from subsidiaries with functional currency other than NOK, also represents a currency exposure for the Group\u2019s reported figures. If the presentation currency (NOK) had weakened / strengthened by 10% against all other currencies included in the analysis, net income for the Group would have been NOK 505 million higher / lower in 2023 (NOK 588 million in 2022). Credit risk Credit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. The Group considers its maximum exposure to credit risk to be as follows: Maximum credit exposure NOK in millions 2023 2022 Cash and cash equivalents 19 556 9 929 Bonds and commercial papers > 3 months (note 27) 269 277 Financial derivatives (note 27) 893 1 017 Trade and other current financial receivables (note 19) 13 502 16 480 The Group\u2019s credit risks largely arise from trade receivables, financial derivatives and cash and cash equivalents. Credit risk from cash and cash equivalents is managed by the Group\u2019s Treasury department in accordance with the principles defined in the Group Policy Treasury. Cash deposits are only made with approved counterparties and in accordance with approved credit limits per counterparty. Counterparty credit limits for core banks are reviewed by the Group\u2019s Board of Directors on a regular basis. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty\u2019s potential payment default. Credit risk arising from financial derivatives and cash deposits is managed through diversification, internal risk assessment and credit scoring, as well as credit risk mitigation tools. The main risk mitigation tools include legal netting and collateral agreements. Credit risk related to trade receivables is assessed to be limited due to the high number of customers in the Group\u2019s customer base. As such, no further credit risk provision is required in excess of the normal provision for bad and doubtful receivables. See note 19 for information on receivables in terms of age distribution and provision for bad debt. Credit risk related to sale of handsets on instalment plans, where the effect of discounting is considered material, is also assessed to be limited. Credit risk related to such arrangements are embedded in the discount rate and reflected as reduced revenue. As of 31 December 2023, NOK 420 million was posted as cash collateral (receivable). As of 31 December 2022, NOK 264 million was posted as cash collateral (receivable).NOTE 32 Fair values of financial instruments Based on the characteristics of the financial instruments that are recognised in the financial statements, the financial instruments are grouped into classes and categories. The estimated fair values of Telenor\u2019s financial instruments are based on available market prices and various valuation methodologies as summarised in this note. Fair value hierarchy Telenor measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in measuring fair value: Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs). Interest-bearing liabilities Fair values of interest-bearing liabilities as shown in note 30 are based on quoted prices where available. Interest-bearing liabilities that are not traded in an active market have been estimated using yield curves which incorporate estimates of the Telenor ASA credit spread. The credit curves have been extrapolated using indicative prices on debt issuance by Telenor ASA for different maturities. The yield curves have been interpolated from cash and swap curves observed in the market for different currencies and maturities. Trade receivables and other current and non-current financial assets For trade receivables and other current receivables, see note 19 for more information, the carrying amount is assessed to be a reasonable approximation of fair value. The effect of not discounting is considered to be immaterial for this class of financial instruments. Telenor has issued a shareholder loan to the joint ventures holding the indirect ownership in True Corporation. These shareholder loans are recognised at fair value through profit or loss, see note 27. Trade payables and other non-interest-bearing financial liabilities For trade payables and other non-interest-bearing financial liabilities, see note 24 for more information, the carrying amount is assessed to be a reasonable approximation of fair value. The effect of not discounting is considered to be insignificant for this class of financial instruments. Equity investments Fair values for listed shares as shown in note 27 are based on quoted prices at the end of the reporting period. Fair value of unlisted shares is estimated by using commonly used valuation techniques or measured at cost if the investment does not have a quoted market price in an active market and the fair value cannot be reliably measured. Cash and cash equivalents The fair value for this class of financial instruments is assessed to be equal to the nominal amount. Derivatives Fair value of currency swaps, foreign currency forward contracts and interest rate swaps as shown in note 27 is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of 31 December 2023 and 2022, respectively.",
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"value": "NOTE 27 Financial assets and non-interest-bearing liabilities Derivatives such as forward currency contracts and interest rate swaps are used to mitigate financial risks. Other financial assets include commercial papers, deposits and equity investments. Accounting policies Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u2022 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u2022 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u2022 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u2022 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u2022 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does currently not have equity instruments held for trading. Derivatives Telenor uses derivative financial instruments such as forward currency contracts, interest rate swaps and cross currency interest rate swaps to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to a joint venture for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. Lease receivables In finance leases, a lease receivable is recognised based on future expected lease payments, and finance income is allocated using a constant periodic rate of return over the lease term. In a transaction for which an underlying asset is sub-leased to a third party, the sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. See note 3 for further information about operation lease revenue. Supplier finance arrangements In supplier finance arrangements, the payables are reclassified from trade payables to current non-interest-bearing liabilities when the financing arrangements are linked to the payment terms of the contract with the vendor. The current liability is presented as non-interest bearing as the payment of interest is carried by the vendor. When the financial institution makes the payment to the vendor, an operational cash outflow is presented in the Statement of Cash Flows if it is related to operating activities and cash outflow from investing activities if it is related to investing activities. At the same time a financial cash inflow reflecting that a financial liability has been obtained. The subsequent payment of the financial liability is presented as financial cash outflow in the cash flow statement. Supplier finance arrangements that do not have any link to payment terms or any other parts of the contract with the vendor are classified as trade payables. Cash outflow from such arrangements are presented as operating activities in the Statement of Cash Flows. Non-current financial assets NOK in millions Fair value level 4)Category 2023 2022 1)Equity investments 3 FVTOCI 930 937 2)Financial derivatives 2 FVTPL 17 273 Financial derivatives designated for net investment hedge 2 530 687 3)Other financial non-current non-interest-bearing assets FAAC 3 586 3 066 Fair value hedge instruments 2 - 25 3)Other financial non-current interest-bearing assets FAAC 797 3 230 2)Other financial non-current interest-bearing assets 2 FVTPL 831 - Finance lease receivable - 1 046 Total non-current financial assets as of 31 December 6 692 9 264 1) FVTOCI: Fair value through other comprehensive income. 2) FVTPL: Fair value through profit and loss. 3) FAAC: Financial assets at amortised cost. 4) For information about the fair value level of financial instruments, see note 32. Equity investments Equity investments (FVTOCI) include capital contribution to Telenor Pension Fund of NOK 0.3 billion and other equity investments of NOK 0.6 billion (NOK 0.3 billion and NOK 0.7 billion in 2022, respectively). Other financial non-current non-interest-bearing assets Other financial non-current non-interest-bearing assets as of 31 December 2023 includes a deposit of NOK 1.8 billion paid to the Bangladesh Telecommunication Regulatory Commission (BTRC, see note 23), pension funds of NOK 1.6 billion and long term deposits of NOK 0.1 billion (NOK 1.9 billion, NOK 0.9 billion and NOK 0.3 billion in 2022, respectively). Other financial non-current interest-bearing assets Other financial non-current interest-bearing assets includes a receivable against the joint ventures holding the indirect ownership in True Corporation of NOK 0.8 billion. This receivable is classified as FVTPL. In 2022, Other financial non-current interest-bearing assets included a receivable of NOK 2.7 billion against the Norwegian tax authorities related to the ongoing court case for losses on receivables on the Indian subsidiary Unitech Wireless after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings. In 2023, the Appellate Committee in Supreme Court decided not to allow the appeal from the government to be heard and the deposited funds were paid back to Telenor, see note 10. Finance lease receivables Telenor has recognised receivables at present value of future lease payments to be received in lease arrangements where Telenor has transferred substantially all the risks and rewards incidental to ownership of the underlying assets to the lessee. Current finance lease receivables are included in Trade and other receivables (see note 19). 2023 2022 NOK in millions Current Non-current Total Current Non-current Total Sublease of land - - - 361 973 1 334 Lease of satellite - - - 97 72 169 Total finance lease receivables - - - 458 1 046 1 504 During 2023, the Group recognised interest income of NOK 5 million (NOK 60 million in 2022) related to finance lease receivables. All finance lease agreements in Telenor was either present in dtac or Telenor Satellite. Dtac merged with True Corporation during 2023, see note 12 for more information. Telenor Satellite was disposed 4 January 2024 and classified as held for sale as of 31 December 2023. The following table sets forth the maturity analysis of lease receivables: NOK in millions 2023 2022 Less than 1 year - 506 1 to 2 years - 445 2 to 3 years - 384 3 to 4 years - 272 4 to 5 years - - After 5 years - - Total undiscounted lease payments receivable - 1 607 Unearned interest income - ( 103) Net investment in leases - 1 504Current financial assets NOK in millions Fair value level 3)Category 2023 2022 1)Assets held for trading 2 FVTPL 1 036 50 2)Bonds and commercial papers > 3 months FAAC 269 277 1)Financial derivatives 2 FVTPL 5 29 Financial derivatives designated for net investment hedge 2 340 2 Fair value hedge instruments 2 - 2 Total other current financial assets as of 31 December 1 651 361 Non-current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 167 588 Financial derivatives designated for net investment hedge 2 765 866 2)Other non-current non-interest-bearing liabilities FLAC 390 317 Total non-current non-interest-bearing liabilities as of 31 December 1 323 1 772Current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 470 3 Financial derivatives designated for net investment hedge 2 331 382 2)Other current non-interest-bearing liabilities FLAC 1 119 1 308 Total current non-interest-bearing liabilities as of 31 December 1 921 1 694 1) FVTPL: Fair value through profit and loss. 2) FLAC: Financial liabilities at amortised cost. 3) For information about the fair value level of financial instruments, see note 32. Other current non-interest-bearing liabilities include liabilities to financing institutions under supplier finance arrangements of NOK 537 million as of 31 December 2023 (NOK 616 million as of 31 December 2022).NOTE 31 Capital and financial risk management The objectives and policies for capital and risk management are described in this note, in addition to exposure and sensitivity for financial risks such as liquidity risk, interest rate risk, foreign exchange risk and credit risk. Telenor uses various types of derivatives to hedge such exposure. Accounting policies Hedge accounting is applied for fair value hedges and hedges of net investments in foreign operations when the hedging criteria are met. For fair value hedges, the carrying amount of the hedged item is adjusted for gains and losses attributable to the risk being hedged. The derivative is also measured at fair value, and gains and losses from both the hedging instrument and the hedged item are recognised in the income statement. Hedge effectiveness is assessed on an ongoing basis, and hedge accounting is discontinued if the hedge no longer meets the hedge accounting criteria. If the hedged item still exists and is not sold, the fair value adjustment to the hedged item attributable to the risk being hedged at de-designation will be amortised in the income statement over the remaining time to maturity. A hedge of a net investment in a foreign operation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised directly in other comprehensive income while any foreign exchange gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign entity, the cumulative foreign exchange gains or losses recognised in other comprehensive income is reclassified to the income statement. Refer to note 27 Financial assets and liabilities for further information on accounting policies for derivatives. . Managing capital Following the structural changes in the portfolio, and triggered by closing of the merger in Malaysia, Telenor measures the leverage from 2022 as the ratio of Net debt to EBITDA before other items plus dividends from associated companies and joint ventures. Telenor aims to maintain a solid balance sheet through keeping leverage ratio in the range of 1.8x to 2.3x to maintain financial flexibility and ensure cost efficient funding (see chapter Definitions and Alternative Performance Measures for reconciliations of net debt and leverage ratio). As of 31 December 2023, the reported leverage ratio was 2.2x (2.2x as of 31 December 2022). The targeted capital structure provides a good balance between shareholder return and a solid balance sheet with stable access to global debt markets, while also supporting Telenor\u2019s strategic priorities. As of 31 December 2023, Telenor ASA\u2019s long-term credit rating was \u201cBaa1/stable outlook\u201d by Moody\u2019s Investors Service and \u201cA-/stable outlook\u201d by Standard & Poor\u2019s (S&P). Key elements of the Group\u2019s capital structure include interest-bearing debt as disclosed in note 30, cash and cash equivalents as disclosed in note 20 and equity attributable to the shareholders of Telenor ASA as presented in the consolidated statement of changes in equity and in note 28. In order to adjust the capital structure, the Group may acquire or sell own shares, distribute dividends to shareholders, return capital to shareholders or issue new shares. In 2023, Telenor paid shareholders dividend of NOK 13.0 billion comprised of ordinary dividends paid out in May 2023 (NOK 5.00 per share) and October 2023 (NOK 4.40 per share). For the financial year 2023, the Telenor Board of Directors will propose an ordinary dividend of NOK 9.50 per share to be resolved by the Annual General Meeting in May 2024 and paid out in two tranches of NOK 5.00 and NOK 4.50 per share in May 2024 and October 2024 respectively. The total ordinary dividend amount proposed for the financial year 2023 is NOK 13.2 billion. Following the divestment 30% of Telenor Fiber AS, the Board of Directors of Telenor ASA was given the authority to execute a share buy back in January 2023. The market part of the program was executed in 2023 and amounted to NOK 1.7 billion and 14.3 million shares. Compensation to the Norwegian Ministry of Trade, Industry and Fisheries and capital reduction will be executed in 2024. Telenor\u2019s shareholder remuneration policy is to aim for a year-on-year growth in dividend per share, where the annual dividends are paid in two instalments. Buyback of own shares or extraordinary dividend pay-outs might also be used as a measure to reach a targeted leverage. Financial risk Telenor Group Treasury is responsible for funding and financial risk management for the parent company and subsidiaries owned, directly or indirectly, more than 90% by Telenor ASA. Subsidiaries owned less than 90% normally have stand-alone financing and management of financial risks. Beyond hedging activities, the Group has limited trading activities. Liquidity risk The main objective is to ensure sufficient liquidity. The Group emphasises financial flexibility, and an important part of this is to minimise liquidity risk through ensuring access to a diversified set of funding sources. Debt issued in the international capital market is predominately issued under the existing EMTN programme (Euro Medium Term Note) to secure longer dated funding and under existing ECP programme (Euro Commercial Paper) to secure shorter dated funding up to 12 months. In addition to these uncommitted loan programmes, the Norwegian domestic capital market is used from time to time. Telenor ASA also has a sustainability-linked committed syndicated revolving credit facility (RCF) of EUR 1.8 billion with maturity in 2028 with options to extend it for 1+1 year. The RCF was undrawn as of 31 December 2023. When permissible by local rules and regulations, subsidiaries owned 90% or more are part of Telenor ASA\u2019s cash management framework agreements and participate in Telenor ASA\u2019s cash pool setup. Subsidiaries owned less than 90% have established separate framework agreements for banking services. Telenor ASA shall have sufficient sources of liquidity to cover expected operational liquidity needs for the next 12 months. Liquidity requirements to fund acquisitions is considered separately. Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of Not NOK in millions 31.12.23 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years specified Interest-bearing liabilities Financial Debt 86 831 11 549 10 065 11 201 5 601 7 351 13 200 5 600 5 600 - - 16 664 - Other interest-bearing liabilities 197 197 - - - - - - - - - - - 1)Sum of interest-bearing liabilities 87 028 11 745 10 065 11 201 5 601 7 351 13 200 5 600 5 600 - - 16 664 - Non-interest-bearing liabilities Trade and other payables 21 108 21 108 - - - - - - - - - - - Other current non-interest-bearing liabilities 1 119 1 119 - - - - - - - - - - - Derivative financial instruments 1 733 836 183 - 118 134 - 388 - - - 74 - Other non-current non-interest-bearing liabilities 390 - - - - - - - - - - - 390 Sum of non-interest-bearing liabilities 24 351 23 063 183 - 118 134 - 388 - - - 74 390 Total 111 378 34 809 10 248 11 201 5 720 7 485 13 200 5 987 5 600 - - 16 738 390 Future interest payments 14 564 3 029 2 628 1 929 1 622 1 321 1 103 874 494 427 426 712 - Total including future interest payments 125 943 37 838 12 875 13 130 7 342 8 806 14 303 6 862 6 093 427 426 17 450 390 Total as of Not NOK in millions 31.12.22 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years specified Interest-bearing liabilities Financial Debt 91 267 8 907 14 579 12 498 11 608 7 997 6 701 11 524 717 6 310 - 10 425 - Other interest-bearing liabilities 252 252 - - - - - - - - - - - 1)Sum of interest-bearing liabilities91 518 9 159 14 579 12 498 11 608 7 997 6 701 11 524 717 6 310 - 10 425 - Non-interest-bearing liabilities Trade and other payables 28 227 28 227 - - - - - - - - - - - Other current non-interest-bearing liabilities 1 308 1 308 - - - - - - - - - - - Derivative financial instruments 1 841 420 889 224 125 183 - - - - - - - Other non-current non-interest-bearing liabilities 317 - - - - - - - - - - - 317 Sum of non-interest-bearing liabilities 31 692 29 955 889 224 125 183 - - - - - - 317 Total 123 211 39 114 15 468 12 721 11 733 8 181 6 701 11 524 717 6 310 - 10 425 317 Future interest payments 9 491 2 030 2 022 1 566 1 043 769 651 445 245 219 155 346 - Total including future interest payments 132 701 41 144 17 490 14 288 12 776 8 950 7 352 11 969 962 6 529 154 10 771 317 6) The maturity tables do not include lease liabilities related to licences or other lease liabilities. See note 29 for more information on licence commitments and lease liabilities. Interest rate risk The Group is exposed to interest rate risk through funding and cash management activities and aims to manage this risk to reduce financial costs over time. Changes in interest rates affect the fair value of assets and liabilities. Interest income and interest expense in the income statement are influenced by changes in interest rates in the market. In 2023, average interest rate for the Group was 3.0% on interest-bearing liabilities, excluding lease and licence liabilities (1.8% in 2022). The majority of debt issued by the Group is fixed rate debt. The Group uses interest rate derivatives to manage interest rate risk of the debt portfolio. This typically involves interest rate swaps, swapping floating interest rates to fixed interest rates and vice versa. According to Group Policy, Telenor subsidiaries with external debt instruments shall maintain a balanced profile between fixed and floating rate debt. The portion of the fixed rate shall be between 30% to 70% of external debt. As of 31 December 2023, the portion of fixed rate of Group\u2019s debt was 69% (58% as of 31 December 2022). For Telenor ASA the portion of fixed rate debt as of 31 December 2023 was 69% (58% as of 31 December 2022). Derivative instruments designated as fair value hedging instruments In order to manage interest rate risk, a portion of the debt may be swapped to floating interest rate by using interest rate swaps. Fair value hedge accounting is applied when hedge accounting criteria are met. There is an economic relationship between the hedged items and the hedging instruments, as the terms of the interest rate swaps match the terms of the fixed rate bonds (i.e., notional amount, maturity, payment and rate set dates). Effectiveness testing is performed using the hypothetical derivative method and compares changes in fair value of the hedging instrument against the changes in fair value of the hedged item attributable to the hedged risk. Hedge ineffectiveness in fair value hedges can arise from: \u2022 Different interest rate curve applied to discount the hedged items and hedging instruments. \u2022 Differences in timing of cash flows of the hedged items and hedging instruments. The table below shows the effects of the Group\u2019s fair value hedges. The change in fair value of the hedging instrument and the hedged item is recognised on the line item Net change in fair value of hedging instruments and hedged items under Net financial income (expenses) in the income statement, see also note 9. Fair value hedging relationships NOK in millions 2023 2022 Net gain / (loss) recognised in the income statement on hedged items (1 234) 3 931 Net gain / (loss) recognised in the income statement on hedging instruments 1 505 (4 136) Amount of hedge ineffectiveness 271 (205) Financial instruments designated as hedging instruments in fair value hedges are classified on the line items Other non-current financial assets and Other current financial assets in the statement of financial position, see note 27, and current and non-current interest-bearing liabilities, see note 30: 2023 2022 NOK in millions Assets Liabilities Assets Liabilities As of 31 December Nominal amounts fair value hedge instruments 35 278 - 37 424 - Fair values of fair value hedge instruments - (2 490) 27 (3 662) The following table shows the maturity profile of the Group\u2019s fair value hedge instruments (in nominal values): NOK in millions Total < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years As of 31 December 2023 (2 092) (593) (526) (406) (278) (160) (49) (20) (20) (20) (20) - As of 31 December 2022 (2 416) (524) (528) (468) (375) (256) (144) (46) (19) (19) (19) (19) The terms of the fixed rate receive leg of the interest rate swaps designated as fair value hedge instruments match the terms of the fixed rate pay leg of the hedged items. The average interest rate terms of the floating pay legs of the interest rate swaps are EURIBOR 3/6 months + 72 basis points (+ 72 basis points in 2022) for EUR denominated swaps, and THBFIX + 146 basis points in 2022 and THOR (+ 143 basis points in 2022 for THB denominated swaps (no THB denominated swaps in 2023). The table below shows the carrying amounts of the Group\u2019s fair value hedge items, which are recognised on the line items Non-current interest-bearing liabilities and Current interest-bearing liabilities in the statement of financial position: NOK in millions 2023 2022 As of 31 December Carrying amount of hedged items recognised in the statement of financial position 32 050 33 004 Fair value hedge adjustments included in the carrying amount of the hedged items (2 043) (3 288) Interest rate risk sensitivity analysis The Group calculates the sensitivity on the change in fair value of assets and liabilities of a defined parallel shift in the yield curve of the relevant currencies. For each simulation, the same shifts in interest rates are used for all currencies. The sensitivity analysis is run only for assets and liabilities that represent significant interest-bearing positions. Due to debt instruments the net position is a liability. Since hedge accounting is applied and interest-bearing debt is measured at amortised cost, the full effect of change in fair value is not recognised in the income statement. This is shown in the table below: 2023 2022 Yield curve increase Yield curve decrease Yield curve increase Yield curve decrease NOK in millions 50 Basis points 50 Basis points 50 Basis points 50 Basis points Reduction (increase) in fair value of net liabilities 1 281 (1 338) 1 225 (1 278) Gain (loss) in the income statement (101) 109 66 (69) Sensitivity analysis of change in floating interest rates on net financial items in the income statement: 2023 2022 Yield curve increase Yield curve decrease Yield curve increase Yield curve decrease NOK in millions 50 Basis points 50 Basis points 50 Basis points 50 Basis points Gain (loss) in the income statement (435) 435 (399) 399Exchange rate risk The Group is exposed to changes in the value of NOK relative to other currencies. 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 net income of the Group is also affected by currency fluctuations, as the profit and losses from foreign operations are translated into NOK using average exchange rates for the period. Exchange rate risk related to some net investments in foreign operations is partly hedged by issuing debt instruments in the currencies involved or correlated currencies when this is considered appropriate. Combinations of money market instruments (Commercial Paper and bonds) and derivatives (foreign exchange forward contracts and cross currency swaps) are used for this purpose. Short-term currency swaps are used for liquidity management purposes. Net investment hedge accounting is applied when possible. Exchange rate risk also arises when Telenor ASA or any of its subsidiaries enter into transactions or holds monetary items denominated in other currencies than their own functional currency. In accordance with Group Policy, committed cash flows in foreign currency equivalent to NOK 300 million or above are evaluated for hedging. Financial instruments designated as hedging instruments of net investment in foreign operations As of 31 December 2023 and 2022, material hedging positions are designated as net investment hedges. There is an economic relationship between the hedged items and the hedging instruments as the net investment creates a translation risk that will match the foreign exchange risk on the debt and derivatives designated as hedging instruments. Net investment hedging is mainly applied in currencies that have well-functioning financial markets, but the Group may also designate debt in correlated currencies as hedging instruments to hedge foreign exchange risk. The Group has established hedge ratios to match the underlying risk of the hedging instruments with the hedged risk component. Hedge ineffectiveness may arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the debt and derivatives designated as hedging instruments. There was no ineffectiveness in the years ending 31 December 2023 and 2022. For additional information and a reconciliation of the net investment hedge balance in equity, see note 28. Net investment hedging relationships NOK in millions 2023 2022 Amount recognised directly to other comprehensive income (OCI) (2 444) (1 402) Amount reclassified from OCI to the income statement on disposal 889 233 Net investment hedging was performed for the investment in Bangladesh using USD denominated instruments, but hedging was discontinued due to loss of economic relationship during 2022. As of 31 December 2023, the remaining balance included in the net investment hedge reserve was NOK 125 million. Interest-bearing debt and derivatives designated as hedging instruments in net investment hedges (only effective part of instruments is included): 2023 2022 NOK in millions Debt Derivatives Debt Derivatives As of 31 December Nominal amounts net investment hedge instruments (59 426) 12 597 (50 533) 8 372 Fair value net investment hedge instruments (55 681) (227) (44 000) (560) Debt designated as hedging instruments in net investment hedges are recognised on the line items Non-current interest-bearing liabilities and Current interest-bearing liabilities in the statement of financial position. Classification of derivatives designated for net investment hedge in the consolidated statement of financial position: NOK in millions 2023 2022 As of 31 December Other non-current assets 530 687 Other financial current assets 340 2 Non-current non-interest-bearing financial liabilities (765) (866) Current non-interest-bearing liabilities (331) (382) Fair value net investment hedge instruments (227) (560) The following table shows the maturity profile (in nominal values) of the Group\u2019s net investment hedge instruments (only effective part of instruments is included): NOK in millions Total < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years As of 31 December 2023 (51 131) (4 781) (1 704) (7 511) (3 204) (4 810) (9 282) (3 482) (4 637) (207) (207) (11 304) As of 31 December 2022 (44 646) (6 084) (2 766) (1 284) (6 800) (2 653) (4 194) (8 233) (130) (4 137) (105) (8 259) Average currency rates in cross currency swaps designated as net investment hedge instruments were NOK/USD 8.59 (n.a. in 2022), USD/EUR 1.17 (1.15 in 2022), SEK/EUR 10.69 (10.47 in 2022) and NOK/EUR 11.57 (10.83 in 2022) in 2023. In 2023, average currency rates in foreign exchange contracts designated as net investment hedge instruments were NOK/SEK 0.98 (0.95 in 2022), NOK/EUR n.a. (10.57 in 2022), USD/EUR 1.09 (n.a. in 2022), USD/MYR 0.22 (0.22 in 2022) and USD/THB 0.03 (0.03 in 2022). Exchange rate risk sensitivity analysis This analysis does not consider correlation between currencies. Empirical studies confirm substantial diversification effect across the currencies that the Group is exposed to. The three sensitivity analyses shown below represent impact on the income statement due to fluctuations in the functional currencies, the impact on other comprehensive income translating functional currencies into the presentation currency NOK and lastly the effect on net income if the presentation currency NOK weakens or strengthens. Currency gains and losses on monetary items in foreign currency are recognised in the income statements of Telenor ASA and its subsidiaries. Net currency gains (losses) in foreign subsidiaries are translated to NOK in the consolidated income statement. The table below shows the effect on consolidated net currency losses in the income statement of 10% depreciation in functional currencies in the Group, keeping other currencies constant (only significant exposures above NOK 100 million are included in the table): Monetary Item Currency 2023 2022 NOK in millions EUR SEK USD Other EUR SEK USD Other Depreciating Functional Currency NOK (216) (554) (363) - - (510) (677) (104) Translation of subsidiaries from their functional currencies into the presentation currency of the Group (NOK) will impact the Group\u2019s other comprehensive income (OCI) and equity. If NOK had weakened by 10% against all other functional currencies of the Group, the change in the carrying amount of consolidated equity as of 31 December 2023, including effects of net investment hedge, would have been an increase of approximately NOK 6.4 billion (increase of NOK 5.6 billion as of 31 December 2022). The table below shows the impact on OCI of net investment hedge (NIH) instruments if the functional currency weakened by 10%. 2023 2022 NOK in millions EUR SEK Other EUR SEK Other Currency effect on OCI (before tax) of NIH instruments NOK (2 760) (1 178) (745) (2 420) (1 211) (585) Effect on other comprehensive income (OCI) (4 683) (4 216) Translation of net income from subsidiaries with functional currency other than NOK, also represents a currency exposure for the Group\u2019s reported figures. If the presentation currency (NOK) had weakened / strengthened by 10% against all other currencies included in the analysis, net income for the Group would have been NOK 505 million higher / lower in 2023 (NOK 588 million in 2022). Credit risk Credit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. The Group considers its maximum exposure to credit risk to be as follows: Maximum credit exposure NOK in millions 2023 2022 Cash and cash equivalents 19 556 9 929 Bonds and commercial papers > 3 months (note 27) 269 277 Financial derivatives (note 27) 893 1 017 Trade and other current financial receivables (note 19) 13 502 16 480 The Group\u2019s credit risks largely arise from trade receivables, financial derivatives and cash and cash equivalents. Credit risk from cash and cash equivalents is managed by the Group\u2019s Treasury department in accordance with the principles defined in the Group Policy Treasury. Cash deposits are only made with approved counterparties and in accordance with approved credit limits per counterparty. Counterparty credit limits for core banks are reviewed by the Group\u2019s Board of Directors on a regular basis. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty\u2019s potential payment default. Credit risk arising from financial derivatives and cash deposits is managed through diversification, internal risk assessment and credit scoring, as well as credit risk mitigation tools. The main risk mitigation tools include legal netting and collateral agreements. Credit risk related to trade receivables is assessed to be limited due to the high number of customers in the Group\u2019s customer base. As such, no further credit risk provision is required in excess of the normal provision for bad and doubtful receivables. See note 19 for information on receivables in terms of age distribution and provision for bad debt. Credit risk related to sale of handsets on instalment plans, where the effect of discounting is considered material, is also assessed to be limited. Credit risk related to such arrangements are embedded in the discount rate and reflected as reduced revenue. As of 31 December 2023, NOK 420 million was posted as cash collateral (receivable). As of 31 December 2022, NOK 264 million was posted as cash collateral (receivable).",
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"s8_notes__6__121-1": {
"value": "NOTE 27 Financial assets and non-interest-bearing liabilities Derivatives such as forward currency contracts and interest rate swaps are used to mitigate financial risks. Other financial assets include commercial papers, deposits and equity investments. Accounting policies Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u2022 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u2022 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u2022 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u2022 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u2022 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does currently not have equity instruments held for trading. Derivatives Telenor uses derivative financial instruments such as forward currency contracts, interest rate swaps and cross currency interest rate swaps to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to a joint venture for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. Lease receivables In finance leases, a lease receivable is recognised based on future expected lease payments, and finance income is allocated using a constant periodic rate of return over the lease term. In a transaction for which an underlying asset is sub-leased to a third party, the sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. See note 3 for further information about operation lease revenue. Supplier finance arrangements In supplier finance arrangements, the payables are reclassified from trade payables to current non-interest-bearing liabilities when the financing arrangements are linked to the payment terms of the contract with the vendor. The current liability is presented as non-interest bearing as the payment of interest is carried by the vendor. When the financial institution makes the payment to the vendor, an operational cash outflow is presented in the Statement of Cash Flows if it is related to operating activities and cash outflow from investing activities if it is related to investing activities. At the same time a financial cash inflow reflecting that a financial liability has been obtained. The subsequent payment of the financial liability is presented as financial cash outflow in the cash flow statement. Supplier finance arrangements that do not have any link to payment terms or any other parts of the contract with the vendor are classified as trade payables. Cash outflow from such arrangements are presented as operating activities in the Statement of Cash Flows. Non-current financial assets NOK in millions Fair value level 4)Category 2023 2022 1)Equity investments 3 FVTOCI 930 937 2)Financial derivatives 2 FVTPL 17 273 Financial derivatives designated for net investment hedge 2 530 687 3)Other financial non-current non-interest-bearing assets FAAC 3 586 3 066 Fair value hedge instruments 2 - 25 3)Other financial non-current interest-bearing assets FAAC 797 3 230 2)Other financial non-current interest-bearing assets 2 FVTPL 831 - Finance lease receivable - 1 046 Total non-current financial assets as of 31 December 6 692 9 264 1) FVTOCI: Fair value through other comprehensive income. 2) FVTPL: Fair value through profit and loss. 3) FAAC: Financial assets at amortised cost. 4) For information about the fair value level of financial instruments, see note 32. Equity investments Equity investments (FVTOCI) include capital contribution to Telenor Pension Fund of NOK 0.3 billion and other equity investments of NOK 0.6 billion (NOK 0.3 billion and NOK 0.7 billion in 2022, respectively). Other financial non-current non-interest-bearing assets Other financial non-current non-interest-bearing assets as of 31 December 2023 includes a deposit of NOK 1.8 billion paid to the Bangladesh Telecommunication Regulatory Commission (BTRC, see note 23), pension funds of NOK 1.6 billion and long term deposits of NOK 0.1 billion (NOK 1.9 billion, NOK 0.9 billion and NOK 0.3 billion in 2022, respectively). Other financial non-current interest-bearing assets Other financial non-current interest-bearing assets includes a receivable against the joint ventures holding the indirect ownership in True Corporation of NOK 0.8 billion. This receivable is classified as FVTPL. In 2022, Other financial non-current interest-bearing assets included a receivable of NOK 2.7 billion against the Norwegian tax authorities related to the ongoing court case for losses on receivables on the Indian subsidiary Unitech Wireless after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings. In 2023, the Appellate Committee in Supreme Court decided not to allow the appeal from the government to be heard and the deposited funds were paid back to Telenor, see note 10. Finance lease receivables Telenor has recognised receivables at present value of future lease payments to be received in lease arrangements where Telenor has transferred substantially all the risks and rewards incidental to ownership of the underlying assets to the lessee. Current finance lease receivables are included in Trade and other receivables (see note 19). 2023 2022 NOK in millions Current Non-current Total Current Non-current Total Sublease of land - - - 361 973 1 334 Lease of satellite - - - 97 72 169 Total finance lease receivables - - - 458 1 046 1 504 During 2023, the Group recognised interest income of NOK 5 million (NOK 60 million in 2022) related to finance lease receivables. All finance lease agreements in Telenor was either present in dtac or Telenor Satellite. Dtac merged with True Corporation during 2023, see note 12 for more information. Telenor Satellite was disposed 4 January 2024 and classified as held for sale as of 31 December 2023. The following table sets forth the maturity analysis of lease receivables: NOK in millions 2023 2022 Less than 1 year - 506 1 to 2 years - 445 2 to 3 years - 384 3 to 4 years - 272 4 to 5 years - - After 5 years - - Total undiscounted lease payments receivable - 1 607 Unearned interest income - ( 103) Net investment in leases - 1 504Current financial assets NOK in millions Fair value level 3)Category 2023 2022 1)Assets held for trading 2 FVTPL 1 036 50 2)Bonds and commercial papers > 3 months FAAC 269 277 1)Financial derivatives 2 FVTPL 5 29 Financial derivatives designated for net investment hedge 2 340 2 Fair value hedge instruments 2 - 2 Total other current financial assets as of 31 December 1 651 361 Non-current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 167 588 Financial derivatives designated for net investment hedge 2 765 866 2)Other non-current non-interest-bearing liabilities FLAC 390 317 Total non-current non-interest-bearing liabilities as of 31 December 1 323 1 772Current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 470 3 Financial derivatives designated for net investment hedge 2 331 382 2)Other current non-interest-bearing liabilities FLAC 1 119 1 308 Total current non-interest-bearing liabilities as of 31 December 1 921 1 694 1) FVTPL: Fair value through profit and loss. 2) FLAC: Financial liabilities at amortised cost. 3) For information about the fair value level of financial instruments, see note 32. Other current non-interest-bearing liabilities include liabilities to financing institutions under supplier finance arrangements of NOK 537 million as of 31 December 2023 (NOK 616 million as of 31 December 2022).NOTE 32 Fair values of financial instruments Based on the characteristics of the financial instruments that are recognised in the financial statements, the financial instruments are grouped into classes and categories. The estimated fair values of Telenor\u2019s financial instruments are based on available market prices and various valuation methodologies as summarised in this note. Fair value hierarchy Telenor measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in measuring fair value: Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs). Interest-bearing liabilities Fair values of interest-bearing liabilities as shown in note 30 are based on quoted prices where available. Interest-bearing liabilities that are not traded in an active market have been estimated using yield curves which incorporate estimates of the Telenor ASA credit spread. The credit curves have been extrapolated using indicative prices on debt issuance by Telenor ASA for different maturities. The yield curves have been interpolated from cash and swap curves observed in the market for different currencies and maturities. Trade receivables and other current and non-current financial assets For trade receivables and other current receivables, see note 19 for more information, the carrying amount is assessed to be a reasonable approximation of fair value. The effect of not discounting is considered to be immaterial for this class of financial instruments. Telenor has issued a shareholder loan to the joint ventures holding the indirect ownership in True Corporation. These shareholder loans are recognised at fair value through profit or loss, see note 27. Trade payables and other non-interest-bearing financial liabilities For trade payables and other non-interest-bearing financial liabilities, see note 24 for more information, the carrying amount is assessed to be a reasonable approximation of fair value. The effect of not discounting is considered to be insignificant for this class of financial instruments. Equity investments Fair values for listed shares as shown in note 27 are based on quoted prices at the end of the reporting period. Fair value of unlisted shares is estimated by using commonly used valuation techniques or measured at cost if the investment does not have a quoted market price in an active market and the fair value cannot be reliably measured. Cash and cash equivalents The fair value for this class of financial instruments is assessed to be equal to the nominal amount. Derivatives Fair value of currency swaps, foreign currency forward contracts and interest rate swaps as shown in note 27 is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of 31 December 2023 and 2022, respectively.",
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"s8_notes__6__120": {
"value": "NOTE 27 Financial assets and non-interest-bearing liabilities Derivatives such as forward currency contracts and interest rate swaps are used to mitigate financial risks. Other financial assets include commercial papers, deposits and equity investments. Accounting policies Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u2022 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u2022 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u2022 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u2022 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u2022 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does currently not have equity instruments held for trading. Derivatives Telenor uses derivative financial instruments such as forward currency contracts, interest rate swaps and cross currency interest rate swaps to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to a joint venture for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. Lease receivables In finance leases, a lease receivable is recognised based on future expected lease payments, and finance income is allocated using a constant periodic rate of return over the lease term. In a transaction for which an underlying asset is sub-leased to a third party, the sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. See note 3 for further information about operation lease revenue. Supplier finance arrangements In supplier finance arrangements, the payables are reclassified from trade payables to current non-interest-bearing liabilities when the financing arrangements are linked to the payment terms of the contract with the vendor. The current liability is presented as non-interest bearing as the payment of interest is carried by the vendor. When the financial institution makes the payment to the vendor, an operational cash outflow is presented in the Statement of Cash Flows if it is related to operating activities and cash outflow from investing activities if it is related to investing activities. At the same time a financial cash inflow reflecting that a financial liability has been obtained. The subsequent payment of the financial liability is presented as financial cash outflow in the cash flow statement. Supplier finance arrangements that do not have any link to payment terms or any other parts of the contract with the vendor are classified as trade payables. Cash outflow from such arrangements are presented as operating activities in the Statement of Cash Flows. Non-current financial assets NOK in millions Fair value level 4)Category 2023 2022 1)Equity investments 3 FVTOCI 930 937 2)Financial derivatives 2 FVTPL 17 273 Financial derivatives designated for net investment hedge 2 530 687 3)Other financial non-current non-interest-bearing assets FAAC 3 586 3 066 Fair value hedge instruments 2 - 25 3)Other financial non-current interest-bearing assets FAAC 797 3 230 2)Other financial non-current interest-bearing assets 2 FVTPL 831 - Finance lease receivable - 1 046 Total non-current financial assets as of 31 December 6 692 9 264 1) FVTOCI: Fair value through other comprehensive income. 2) FVTPL: Fair value through profit and loss. 3) FAAC: Financial assets at amortised cost. 4) For information about the fair value level of financial instruments, see note 32. Equity investments Equity investments (FVTOCI) include capital contribution to Telenor Pension Fund of NOK 0.3 billion and other equity investments of NOK 0.6 billion (NOK 0.3 billion and NOK 0.7 billion in 2022, respectively). Other financial non-current non-interest-bearing assets Other financial non-current non-interest-bearing assets as of 31 December 2023 includes a deposit of NOK 1.8 billion paid to the Bangladesh Telecommunication Regulatory Commission (BTRC, see note 23), pension funds of NOK 1.6 billion and long term deposits of NOK 0.1 billion (NOK 1.9 billion, NOK 0.9 billion and NOK 0.3 billion in 2022, respectively). Other financial non-current interest-bearing assets Other financial non-current interest-bearing assets includes a receivable against the joint ventures holding the indirect ownership in True Corporation of NOK 0.8 billion. This receivable is classified as FVTPL. In 2022, Other financial non-current interest-bearing assets included a receivable of NOK 2.7 billion against the Norwegian tax authorities related to the ongoing court case for losses on receivables on the Indian subsidiary Unitech Wireless after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings. In 2023, the Appellate Committee in Supreme Court decided not to allow the appeal from the government to be heard and the deposited funds were paid back to Telenor, see note 10. Finance lease receivables Telenor has recognised receivables at present value of future lease payments to be received in lease arrangements where Telenor has transferred substantially all the risks and rewards incidental to ownership of the underlying assets to the lessee. Current finance lease receivables are included in Trade and other receivables (see note 19). 2023 2022 NOK in millions Current Non-current Total Current Non-current Total Sublease of land - - - 361 973 1 334 Lease of satellite - - - 97 72 169 Total finance lease receivables - - - 458 1 046 1 504 During 2023, the Group recognised interest income of NOK 5 million (NOK 60 million in 2022) related to finance lease receivables. All finance lease agreements in Telenor was either present in dtac or Telenor Satellite. Dtac merged with True Corporation during 2023, see note 12 for more information. Telenor Satellite was disposed 4 January 2024 and classified as held for sale as of 31 December 2023. The following table sets forth the maturity analysis of lease receivables: NOK in millions 2023 2022 Less than 1 year - 506 1 to 2 years - 445 2 to 3 years - 384 3 to 4 years - 272 4 to 5 years - - After 5 years - - Total undiscounted lease payments receivable - 1 607 Unearned interest income - ( 103) Net investment in leases - 1 504Current financial assets NOK in millions Fair value level 3)Category 2023 2022 1)Assets held for trading 2 FVTPL 1 036 50 2)Bonds and commercial papers > 3 months FAAC 269 277 1)Financial derivatives 2 FVTPL 5 29 Financial derivatives designated for net investment hedge 2 340 2 Fair value hedge instruments 2 - 2 Total other current financial assets as of 31 December 1 651 361 Non-current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 167 588 Financial derivatives designated for net investment hedge 2 765 866 2)Other non-current non-interest-bearing liabilities FLAC 390 317 Total non-current non-interest-bearing liabilities as of 31 December 1 323 1 772Current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 470 3 Financial derivatives designated for net investment hedge 2 331 382 2)Other current non-interest-bearing liabilities FLAC 1 119 1 308 Total current non-interest-bearing liabilities as of 31 December 1 921 1 694 1) FVTPL: Fair value through profit and loss. 2) FLAC: Financial liabilities at amortised cost. 3) For information about the fair value level of financial instruments, see note 32. Other current non-interest-bearing liabilities include liabilities to financing institutions under supplier finance arrangements of NOK 537 million as of 31 December 2023 (NOK 616 million as of 31 December 2022).",
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"s8_notes__6__119": {
"value": "NOTE 27 Financial assets and non-interest-bearing liabilities Derivatives such as forward currency contracts and interest rate swaps are used to mitigate financial risks. Other financial assets include commercial papers, deposits and equity investments. Accounting policies Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u2022 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u2022 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u2022 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u2022 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u2022 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading. Equity investments Equity investments include equity instruments and capital contribution to Telenor Pension Fund. Equity investments not held for trading are financial assets with changes in fair value through other comprehensive income (FVTOCI). Unrealised gains and losses are reclassified within equity from other reserves to retained earnings when the investment is disposed. Equity investments held for trading are financial assets with changes in fair value through profit and loss (FVTPL), and transaction costs are immediately expensed. Telenor does currently not have equity instruments held for trading. Derivatives Telenor uses derivative financial instruments such as forward currency contracts, interest rate swaps and cross currency interest rate swaps to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense. Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement. Other current and non-current financial assets Financial assets such as various receivables and deposits initially recognised at fair value including directly attributable transactions costs and subsequently normally measured at amortised cost using the effective interest rate method. These financial assets are adjusted for provision for impairment in accordance with the expected credit loss model. As part of the transaction between dtac and True, a shareholder loan was provided to a joint venture for funding the transaction. This shareholder loan does not satisfy the solely payment of principal and interest test, hence cannot be recognised at amortised cost using the effective interest rate method. Lease receivables In finance leases, a lease receivable is recognised based on future expected lease payments, and finance income is allocated using a constant periodic rate of return over the lease term. In a transaction for which an underlying asset is sub-leased to a third party, the sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. See note 3 for further information about operation lease revenue. Supplier finance arrangements In supplier finance arrangements, the payables are reclassified from trade payables to current non-interest-bearing liabilities when the financing arrangements are linked to the payment terms of the contract with the vendor. The current liability is presented as non-interest bearing as the payment of interest is carried by the vendor. When the financial institution makes the payment to the vendor, an operational cash outflow is presented in the Statement of Cash Flows if it is related to operating activities and cash outflow from investing activities if it is related to investing activities. At the same time a financial cash inflow reflecting that a financial liability has been obtained. The subsequent payment of the financial liability is presented as financial cash outflow in the cash flow statement. Supplier finance arrangements that do not have any link to payment terms or any other parts of the contract with the vendor are classified as trade payables. Cash outflow from such arrangements are presented as operating activities in the Statement of Cash Flows. Non-current financial assets NOK in millions Fair value level 4)Category 2023 2022 1)Equity investments 3 FVTOCI 930 937 2)Financial derivatives 2 FVTPL 17 273 Financial derivatives designated for net investment hedge 2 530 687 3)Other financial non-current non-interest-bearing assets FAAC 3 586 3 066 Fair value hedge instruments 2 - 25 3)Other financial non-current interest-bearing assets FAAC 797 3 230 2)Other financial non-current interest-bearing assets 2 FVTPL 831 - Finance lease receivable - 1 046 Total non-current financial assets as of 31 December 6 692 9 264 1) FVTOCI: Fair value through other comprehensive income. 2) FVTPL: Fair value through profit and loss. 3) FAAC: Financial assets at amortised cost. 4) For information about the fair value level of financial instruments, see note 32. Equity investments Equity investments (FVTOCI) include capital contribution to Telenor Pension Fund of NOK 0.3 billion and other equity investments of NOK 0.6 billion (NOK 0.3 billion and NOK 0.7 billion in 2022, respectively). Other financial non-current non-interest-bearing assets Other financial non-current non-interest-bearing assets as of 31 December 2023 includes a deposit of NOK 1.8 billion paid to the Bangladesh Telecommunication Regulatory Commission (BTRC, see note 23), pension funds of NOK 1.6 billion and long term deposits of NOK 0.1 billion (NOK 1.9 billion, NOK 0.9 billion and NOK 0.3 billion in 2022, respectively). Other financial non-current interest-bearing assets Other financial non-current interest-bearing assets includes a receivable against the joint ventures holding the indirect ownership in True Corporation of NOK 0.8 billion. This receivable is classified as FVTPL. In 2022, Other financial non-current interest-bearing assets included a receivable of NOK 2.7 billion against the Norwegian tax authorities related to the ongoing court case for losses on receivables on the Indian subsidiary Unitech Wireless after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings. In 2023, the Appellate Committee in Supreme Court decided not to allow the appeal from the government to be heard and the deposited funds were paid back to Telenor, see note 10. Finance lease receivables Telenor has recognised receivables at present value of future lease payments to be received in lease arrangements where Telenor has transferred substantially all the risks and rewards incidental to ownership of the underlying assets to the lessee. Current finance lease receivables are included in Trade and other receivables (see note 19). 2023 2022 NOK in millions Current Non-current Total Current Non-current Total Sublease of land - - - 361 973 1 334 Lease of satellite - - - 97 72 169 Total finance lease receivables - - - 458 1 046 1 504 During 2023, the Group recognised interest income of NOK 5 million (NOK 60 million in 2022) related to finance lease receivables. All finance lease agreements in Telenor was either present in dtac or Telenor Satellite. Dtac merged with True Corporation during 2023, see note 12 for more information. Telenor Satellite was disposed 4 January 2024 and classified as held for sale as of 31 December 2023. The following table sets forth the maturity analysis of lease receivables: NOK in millions 2023 2022 Less than 1 year - 506 1 to 2 years - 445 2 to 3 years - 384 3 to 4 years - 272 4 to 5 years - - After 5 years - - Total undiscounted lease payments receivable - 1 607 Unearned interest income - ( 103) Net investment in leases - 1 504Current financial assets NOK in millions Fair value level 3)Category 2023 2022 1)Assets held for trading 2 FVTPL 1 036 50 2)Bonds and commercial papers > 3 months FAAC 269 277 1)Financial derivatives 2 FVTPL 5 29 Financial derivatives designated for net investment hedge 2 340 2 Fair value hedge instruments 2 - 2 Total other current financial assets as of 31 December 1 651 361 Non-current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 167 588 Financial derivatives designated for net investment hedge 2 765 866 2)Other non-current non-interest-bearing liabilities FLAC 390 317 Total non-current non-interest-bearing liabilities as of 31 December 1 323 1 772Current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 470 3 Financial derivatives designated for net investment hedge 2 331 382 2)Other current non-interest-bearing liabilities FLAC 1 119 1 308 Total current non-interest-bearing liabilities as of 31 December 1 921 1 694 1) FVTPL: Fair value through profit and loss. 2) FLAC: Financial liabilities at amortised cost. 3) For information about the fair value level of financial instruments, see note 32. Other current non-interest-bearing liabilities include liabilities to financing institutions under supplier finance arrangements of NOK 537 million as of 31 December 2023 (NOK 616 million as of 31 December 2022).",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__125-1": {
"value": "Financial assets and liabilities Financial instrument are contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial instruments are recognised when Telenor becomes a party to the contractual provisions of the instrument, using trade date accounting. Financial assets and liabilities are offset when there is intention and legally enforceable right to settle the contracts net. Categories of financial assets and liabilities The categorisation of the financial instrument for measurement purposes is based on the objective and the contractual cash flow characteristics determined at initial recognition. Telenor does not apply the fair value option. Telenor has financial assets classified in the following measurement categories: \u2022 FAAC - financial assets at amortised cost. Consist of financial assets held to collect contractual cash flows that are solely payments of principal and interest. \u2022 FVTOCI - financial assets at fair value through other comprehensive income. Consist of equity investments not held for trading. \u2022 FVTPL - financial assets at fair value through profit or loss. Include derivatives not designated for hedging purposes, assets held for trading and financial assets that are not classified in one of the other categories. Telenor has financial liabilities classified in the following categories: \u2022 FLAC - financial liabilities at amortised cost. Consist of liabilities that are not a part of the category at fair value through profit or loss. \u2022 FVTPL - financial liabilities at fair value through profit or loss. Include derivatives not designated for hedging purposes and other liabilities held for trading.Accounting policies Hedge accounting is applied for fair value hedges and hedges of net investments in foreign operations when the hedging criteria are met. For fair value hedges, the carrying amount of the hedged item is adjusted for gains and losses attributable to the risk being hedged. The derivative is also measured at fair value, and gains and losses from both the hedging instrument and the hedged item are recognised in the income statement. Hedge effectiveness is assessed on an ongoing basis, and hedge accounting is discontinued if the hedge no longer meets the hedge accounting criteria. If the hedged item still exists and is not sold, the fair value adjustment to the hedged item attributable to the risk being hedged at de-designation will be amortised in the income statement over the remaining time to maturity. A hedge of a net investment in a foreign operation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised directly in other comprehensive income while any foreign exchange gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign entity, the cumulative foreign exchange gains or losses recognised in other comprehensive income is reclassified to the income statement. Refer to note 27 Financial assets and liabilities for further information on accounting policies for derivatives. .",
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"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__126-1": {
"value": "Derivatives Telenor uses derivative financial instruments such as forward currency contracts, interest rate swaps and cross currency interest rate swaps to hedge its risks associated with interest rate and foreign currency fluctuations. The derivative financial instruments are measured at fair value. Any gains or losses arising from changes in fair value on derivatives that are not cash flow hedges or hedges of net investments are recognised in the income statement as financial income or expense.Embedded derivatives Embedded derivatives are separated from the host contract and recognised at fair value, except when the risks and economic characteristics are closely related to the host contract and the host contract is not carried at fair value. The currency derivative embedded in committed purchase or sales contracts are not separated when the payment is in one of the party\u2019s functional currency or in a commonly used currency in the relevant economic environment. Unrealised gains or losses are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__129": {
"value": "Non-current financial assets NOK in millions Fair value level 4)Category 2023 2022 1)Equity investments 3 FVTOCI 930 937 2)Financial derivatives 2 FVTPL 17 273 Financial derivatives designated for net investment hedge 2 530 687 3)Other financial non-current non-interest-bearing assets FAAC 3 586 3 066 Fair value hedge instruments 2 - 25 3)Other financial non-current interest-bearing assets FAAC 797 3 230 2)Other financial non-current interest-bearing assets 2 FVTPL 831 - Finance lease receivable - 1 046 Total non-current financial assets as of 31 December 6 692 9 264 1) FVTOCI: Fair value through other comprehensive income. 2) FVTPL: Fair value through profit and loss. 3) FAAC: Financial assets at amortised cost. 4) For information about the fair value level of financial instruments, see note 32. Equity investments Equity investments (FVTOCI) include capital contribution to Telenor Pension Fund of NOK 0.3 billion and other equity investments of NOK 0.6 billion (NOK 0.3 billion and NOK 0.7 billion in 2022, respectively). Other financial non-current non-interest-bearing assets Other financial non-current non-interest-bearing assets as of 31 December 2023 includes a deposit of NOK 1.8 billion paid to the Bangladesh Telecommunication Regulatory Commission (BTRC, see note 23), pension funds of NOK 1.6 billion and long term deposits of NOK 0.1 billion (NOK 1.9 billion, NOK 0.9 billion and NOK 0.3 billion in 2022, respectively). Other financial non-current interest-bearing assets Other financial non-current interest-bearing assets includes a receivable against the joint ventures holding the indirect ownership in True Corporation of NOK 0.8 billion. This receivable is classified as FVTPL. In 2022, Other financial non-current interest-bearing assets included a receivable of NOK 2.7 billion against the Norwegian tax authorities related to the ongoing court case for losses on receivables on the Indian subsidiary Unitech Wireless after having repaid, as guarantor, all Unitech Wireless\u2019 interest-bearing borrowings. In 2023, the Appellate Committee in Supreme Court decided not to allow the appeal from the government to be heard and the deposited funds were paid back to Telenor, see note 10. Finance lease receivables Telenor has recognised receivables at present value of future lease payments to be received in lease arrangements where Telenor has transferred substantially all the risks and rewards incidental to ownership of the underlying assets to the lessee. Current finance lease receivables are included in Trade and other receivables (see note 19). 2023 2022 NOK in millions Current Non-current Total Current Non-current Total Sublease of land - - - 361 973 1 334 Lease of satellite - - - 97 72 169 Total finance lease receivables - - - 458 1 046 1 504 During 2023, the Group recognised interest income of NOK 5 million (NOK 60 million in 2022) related to finance lease receivables. All finance lease agreements in Telenor was either present in dtac or Telenor Satellite. Dtac merged with True Corporation during 2023, see note 12 for more information. Telenor Satellite was disposed 4 January 2024 and classified as held for sale as of 31 December 2023. The following table sets forth the maturity analysis of lease receivables: NOK in millions 2023 2022 Less than 1 year - 506 1 to 2 years - 445 2 to 3 years - 384 3 to 4 years - 272 4 to 5 years - - After 5 years - - Total undiscounted lease payments receivable - 1 607 Unearned interest income - ( 103) Net investment in leases - 1 504",
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"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__131-1": {
"value": "Non-current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 167 588 Financial derivatives designated for net investment hedge 2 765 866 2)Other non-current non-interest-bearing liabilities FLAC 390 317 Total non-current non-interest-bearing liabilities as of 31 December 1 323 1 772Current non-interest-bearing liabilities NOK in millions Fair value level 3)Category 2023 2022 1)Financial derivatives 2 FVTPL 470 3 Financial derivatives designated for net investment hedge 2 331 382 2)Other current non-interest-bearing liabilities FLAC 1 119 1 308 Total current non-interest-bearing liabilities as of 31 December 1 921 1 694 1) FVTPL: Fair value through profit and loss. 2) FLAC: Financial liabilities at amortised cost. 3) For information about the fair value level of financial instruments, see note 32. Other current non-interest-bearing liabilities include liabilities to financing institutions under supplier finance arrangements of NOK 537 million as of 31 December 2023 (NOK 616 million as of 31 December 2022).",
"dimensions": {
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"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__135": {
"value": "NOTE 28 Equity This note summarises and explains the movements in equity for the Telenor group. It also presents the financial information for subsidiaries that have significant non-controlling interests. Paid-in capital NOK in millions, except number of shares Number of shares Share capital Other paid in capital Treasury shares Total paid-in capital Equity as of 1 January 2022 1 399 458 033 8 397 69 - 8 466 Share buyback - - - - - Cancellation of shares - - - - - Equity as of 31 December 2022 1 399 458 033 8 397 69 - 8 466 Share buyback - - - ( 86) ( 86) Cancellation of shares - - - - - Equity as of 31 December 2023 1 399 458 033 8 397 69 ( 86) 8 380 Nominal value per share is NOK 6. On 8 February 2023, Telenor announced a share buyback program for the year 2023-2024. The total programme comprises 31,108,044 shares, of which 14,320,524 shares were repurchased from the market during 2023. With this, the market part of the buyback programme was finalised. The remaining 16,787,520 shares will be purchased from the Norwegian state through the Ministry of Trade, Industry and Fisheries. The 31,108,044 shares will be cancelled following approval by the Annual General Meeting in May 2024, hence the Ministry\u2019s ownership interest in Telenor of 53.97% will remain unchanged. The shares that have been repurchased in the open market have had an immediate cash effect whereas the pro rata shares from the Norwegian state will be paid simultaneously with the capital reduction in the middle of 2024. Other reserves Share of equity adjustments and other comprehensive Net unrealised Employee Pension income in gains/(losses) equity bene- remeasure- associated Other equity Total other NOK in millions reserve fits reserve ment reserve companies transactions reserves Equity as of 1 January 2022 251 469 503 1 548 (24 302) (21 530) Other comprehensive income (loss), net of taxes 157 - 520 46 - 723 Share-based payment - 61 - - - 61 Equity as of 31 December 2022 408 531 1 023 1 594 (24 302) (20 746) Other comprehensive income (loss), net of taxes ( 2) - 401 ( 95) - 304 Share-based payment - 83 - - - 83 Share buyback - - - - (1 625) (1 625) Other changes in other reserves during 2023 406 614 1 424 1 499 (25 927) (21 984) Net unrealised gains/losses reserve This reserve includes unrealised gains and losses arising from changes in fair value of equity investments are recognised directly in other comprehensive income until the investment is disposed of, at which time the cumulative gain or loss is reclassified within equity from other reserves to retained earnings. Employee equity benefits reserve Share-based payments represents cost charged to income statement over the vesting period based on the fair value measured at grant date for equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration. In 2023, the Group paid NOK 16 million related to the equity-settled share-based programme (NOK 27 million in 2022), refer to note 37 Key management compensation for further details on this programme. Pension re-measurement This reserve includes the effect of re-measurement of pension obligations arising due to change in assumptions, such as discount rate and long-term demographic trends. Pension Net pension NOK in millions remeasurement Income taxes remeasurement Equity as of 1 January 2022 665 ( 161) 503 Other comprehensive income (loss) 657 ( 137) 520 Equity as of 31 December 2022 1 322 ( 299) 1 023 Other comprehensive income (loss) 519 ( 118) 401 Equity as of 31 December 2023 1 841 ( 417) 1 424 See note 21 Pension obligations for more information. Share of equity adjustments and other comprehensive income in associated companies This reserve includes underlying adjustments to equity in associated companies, such as other comprehensive income, share buybacks and transactions with non-controlling interests. Other equity transactions This includes the decrease in other reserves as a result of acquisition and sale/cancellation of treasury shares and the increase as a result of transfers from other paid-in capital, including transfers from other paid-in capital related to cancellation of treasury shares. The price paid in excess of the nominal value of the shares reduces this reserve. During 2023, Telenor repurchased 14.3 million shares from the market which will be cancelled following approval by the Annual General Meeting in May 2024. Cumulative translation differences Foreign currency Net investment Net translation NOK in millions translation hedge Income taxes differences Equity as of 1 January 2022 (1 931) (3 118) 426 (4 627) Changes during 2022, excluding effects of disposal 1 695 (1 402) 308 602 Amount reclassified from other comprehensive income to income 370 233 - 603 statement on disposal Net changes during 2022 2 066 (1 170) 308 1 205 Equity as of 31 December 2022 135 (4 288) 734 (3 422) Changes during 2023, excluding effects of disposal 2 382 (2 444) 538 475 Amount reclassified from other comprehensive income to income (4 031) 889 - (3 142) statement on disposal Net changes during 2023 (1 649) (1 555) 538 (2 667) Equity as of 31 December 2023 (1 515) (5 843) 1 272 (6 089) During 2023, a gain of NOK 4,031 million was reclassified from other comprehensive income to income statement which is related to dtac disposal and included in the total gain recognised on disposal of dtac as a subdidiary. See note 12 Held for sale and discontinued operations and note 35 Associated companies and joint arrangements for more information. During 2022, a loss of NOK 370 million was reclassified from other comprehensive income to income statement which mainly consisted of NOK 789 million currency loss on disposal of Telenor Myanmar, NOK 450 million gain on disposal of Digi as a subsidiary and recognised its 32.47% share of the associated company CelcomDigi and NOK 42 million currency loss on disposal of Wave Money. In 2023, the translation difference gain on net investment in foreign operations was caused by depreciation of the Norwegian Krone against Swedish Krone, Danish Krone, Euro, and Thai Bath. The appreciation of Swedish Krone by 7%, Danish Krone by 6%, Euro by 6% and Thai Bath by 4% against Norwegian Krone had the most significant impact on the translation difference gain. In 2022, the translation difference gain on net investment in foreign operations was caused by depreciation of the Norwegian Krone against Danish Krone, Euro, Thai Bath, and Malaysian Ringgit. The appreciation of Danish Krone by 5%, Euro by 5%, Thai Bath by 7% and Malaysian Ringgit by 6% against Norwegian Krone had the most significant impact on the translation difference gain. In 2023, a loss of NOK 889 million was reclassified from other comprehensive income to income statement on net investment hedge item related to dtac disposal. In 2022, a loss of NOK 233 million was reclassified from other comprehensive income to income statement on net investment hedge item related to Digi disposal. Transactions with non-controlling interests On 1 February 2023, Telenor divested a 30% stake in the fibre infrastructure company Telenor Fiber AS in Norway to a consortium led by KKR with Oslo Pensjonsforsikring as co-investor. The divestment of 30% resulted in cash proceeds of NOK 10.8 billion to Telenor and a gain of NOK 7.6 billion recognised in retained earnings. The equity impact coming from non-controlling interest of fibre divestment was NOK 3.2 billion. Non-controlling interests Non-controlling Non-controlling Country of Non-controlling Non-controlling interests in the interests in the incorporation interests share of interests share of statement of statement of Non-controlling Non-controlling and net income (loss) net income (loss) financial position financial position interests share of interests share of NOK in millions operation 2023 2022 31.12.23 31.12.22 dividend in 2023 dividend in 2022 Digi.Com Bhd Malaysia - 999 - - - 1 136 Grameenphone Ltd. Bangladesh 1 430 1 372 2 714 1 948 573 1 595 Total Access Communications Thailand ( 19) 296 - 2 316 305 419 Plc (dtac) Telenor Fiber AS Norway 234 - 3 269 - 150 - Others 3 ( 2) ( 32) ( 28) 10 9 Total 1 646 2 665 5 950 4 237 1 038 3 159Summarised financial information for subsidiaries with significant non-controlling interests Summarised statement of financial position as of 31 December: 2023 2022 Total Access Total Access Communications Communications NOK in millions Grameenphone Ltd Plc (dtac) Telenor Fiber AS Grameenphone Ltd Plc (dtac) Telenor Fiber AS Current assets 2 332 - 457 1 155 6 849 - Non-current assets 16 137 - 13 140 16 518 40 177 - Current liabilities (8 500) - ( 566) (8 876) (12 501) - Non-current liabilities (4 077) - (2 126) (4 531) (25 636) - Total equity 5 892 - 10 905 4 265 8 888 - Attributable to: Equity holders of Telenor ASA 3 178 - 7 636 2 317 6 572 - Non-controlling interests 2 714 - 3 269 1 948 2 316 - Summarised comprehensive income information 1 January \u2013 31 December: 2023 2022 Total Access Total Access Grameenphone Communications Grameenphone Communications NOK in millions Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Revenues - 15 531 3 945 2 324 12 403 15 508 22 107 - Net income - 3 129 ( 23) 762 1 953 3 188 960 - Total comprehensive income - 2 884 290 762 1 502 2 917 1 544 - Attributable to non-controlling interests - 1 430 ( 20) 234 999 1 372 296 - Summarised cash flow information 1 January \u2013 31 December: 2023 2022 Total Access Total Access Grameenphone Communications Grameenphone Communications NOK in millions Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Operating activities - 5 873 962 1 557 5 239 6 418 7 058 - Investing activities - (2 306) (1 537) (1 318) (7 809) (2 224) (3 318) - Financing activities - (2 258) (1 140) ( 12) 2 123 (4 135) (3 171) - Effect of exchange rate changes on cash and cash equivalents - ( 86) 108 - 14 ( 23) 90 - Net increase/(decrease) in cash and cash equivalents - 1 223 (1 608) 227 ( 433) 36 659 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300IM1QSBY4SLPM26",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__134": {
"value": "NOTE 28 Equity This note summarises and explains the movements in equity for the Telenor group. It also presents the financial information for subsidiaries that have significant non-controlling interests. Paid-in capital NOK in millions, except number of shares Number of shares Share capital Other paid in capital Treasury shares Total paid-in capital Equity as of 1 January 2022 1 399 458 033 8 397 69 - 8 466 Share buyback - - - - - Cancellation of shares - - - - - Equity as of 31 December 2022 1 399 458 033 8 397 69 - 8 466 Share buyback - - - ( 86) ( 86) Cancellation of shares - - - - - Equity as of 31 December 2023 1 399 458 033 8 397 69 ( 86) 8 380 Nominal value per share is NOK 6. On 8 February 2023, Telenor announced a share buyback program for the year 2023-2024. The total programme comprises 31,108,044 shares, of which 14,320,524 shares were repurchased from the market during 2023. With this, the market part of the buyback programme was finalised. The remaining 16,787,520 shares will be purchased from the Norwegian state through the Ministry of Trade, Industry and Fisheries. The 31,108,044 shares will be cancelled following approval by the Annual General Meeting in May 2024, hence the Ministry\u2019s ownership interest in Telenor of 53.97% will remain unchanged. The shares that have been repurchased in the open market have had an immediate cash effect whereas the pro rata shares from the Norwegian state will be paid simultaneously with the capital reduction in the middle of 2024. Other reserves Share of equity adjustments and other comprehensive Net unrealised Employee Pension income in gains/(losses) equity bene- remeasure- associated Other equity Total other NOK in millions reserve fits reserve ment reserve companies transactions reserves Equity as of 1 January 2022 251 469 503 1 548 (24 302) (21 530) Other comprehensive income (loss), net of taxes 157 - 520 46 - 723 Share-based payment - 61 - - - 61 Equity as of 31 December 2022 408 531 1 023 1 594 (24 302) (20 746) Other comprehensive income (loss), net of taxes ( 2) - 401 ( 95) - 304 Share-based payment - 83 - - - 83 Share buyback - - - - (1 625) (1 625) Other changes in other reserves during 2023 406 614 1 424 1 499 (25 927) (21 984) Net unrealised gains/losses reserve This reserve includes unrealised gains and losses arising from changes in fair value of equity investments are recognised directly in other comprehensive income until the investment is disposed of, at which time the cumulative gain or loss is reclassified within equity from other reserves to retained earnings. Employee equity benefits reserve Share-based payments represents cost charged to income statement over the vesting period based on the fair value measured at grant date for equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration. In 2023, the Group paid NOK 16 million related to the equity-settled share-based programme (NOK 27 million in 2022), refer to note 37 Key management compensation for further details on this programme. Pension re-measurement This reserve includes the effect of re-measurement of pension obligations arising due to change in assumptions, such as discount rate and long-term demographic trends. Pension Net pension NOK in millions remeasurement Income taxes remeasurement Equity as of 1 January 2022 665 ( 161) 503 Other comprehensive income (loss) 657 ( 137) 520 Equity as of 31 December 2022 1 322 ( 299) 1 023 Other comprehensive income (loss) 519 ( 118) 401 Equity as of 31 December 2023 1 841 ( 417) 1 424 See note 21 Pension obligations for more information. Share of equity adjustments and other comprehensive income in associated companies This reserve includes underlying adjustments to equity in associated companies, such as other comprehensive income, share buybacks and transactions with non-controlling interests. Other equity transactions This includes the decrease in other reserves as a result of acquisition and sale/cancellation of treasury shares and the increase as a result of transfers from other paid-in capital, including transfers from other paid-in capital related to cancellation of treasury shares. The price paid in excess of the nominal value of the shares reduces this reserve. During 2023, Telenor repurchased 14.3 million shares from the market which will be cancelled following approval by the Annual General Meeting in May 2024. Cumulative translation differences Foreign currency Net investment Net translation NOK in millions translation hedge Income taxes differences Equity as of 1 January 2022 (1 931) (3 118) 426 (4 627) Changes during 2022, excluding effects of disposal 1 695 (1 402) 308 602 Amount reclassified from other comprehensive income to income 370 233 - 603 statement on disposal Net changes during 2022 2 066 (1 170) 308 1 205 Equity as of 31 December 2022 135 (4 288) 734 (3 422) Changes during 2023, excluding effects of disposal 2 382 (2 444) 538 475 Amount reclassified from other comprehensive income to income (4 031) 889 - (3 142) statement on disposal Net changes during 2023 (1 649) (1 555) 538 (2 667) Equity as of 31 December 2023 (1 515) (5 843) 1 272 (6 089) During 2023, a gain of NOK 4,031 million was reclassified from other comprehensive income to income statement which is related to dtac disposal and included in the total gain recognised on disposal of dtac as a subdidiary. See note 12 Held for sale and discontinued operations and note 35 Associated companies and joint arrangements for more information. During 2022, a loss of NOK 370 million was reclassified from other comprehensive income to income statement which mainly consisted of NOK 789 million currency loss on disposal of Telenor Myanmar, NOK 450 million gain on disposal of Digi as a subsidiary and recognised its 32.47% share of the associated company CelcomDigi and NOK 42 million currency loss on disposal of Wave Money. In 2023, the translation difference gain on net investment in foreign operations was caused by depreciation of the Norwegian Krone against Swedish Krone, Danish Krone, Euro, and Thai Bath. The appreciation of Swedish Krone by 7%, Danish Krone by 6%, Euro by 6% and Thai Bath by 4% against Norwegian Krone had the most significant impact on the translation difference gain. In 2022, the translation difference gain on net investment in foreign operations was caused by depreciation of the Norwegian Krone against Danish Krone, Euro, Thai Bath, and Malaysian Ringgit. The appreciation of Danish Krone by 5%, Euro by 5%, Thai Bath by 7% and Malaysian Ringgit by 6% against Norwegian Krone had the most significant impact on the translation difference gain. In 2023, a loss of NOK 889 million was reclassified from other comprehensive income to income statement on net investment hedge item related to dtac disposal. In 2022, a loss of NOK 233 million was reclassified from other comprehensive income to income statement on net investment hedge item related to Digi disposal. Transactions with non-controlling interests On 1 February 2023, Telenor divested a 30% stake in the fibre infrastructure company Telenor Fiber AS in Norway to a consortium led by KKR with Oslo Pensjonsforsikring as co-investor. The divestment of 30% resulted in cash proceeds of NOK 10.8 billion to Telenor and a gain of NOK 7.6 billion recognised in retained earnings. The equity impact coming from non-controlling interest of fibre divestment was NOK 3.2 billion. Non-controlling interests Non-controlling Non-controlling Country of Non-controlling Non-controlling interests in the interests in the incorporation interests share of interests share of statement of statement of Non-controlling Non-controlling and net income (loss) net income (loss) financial position financial position interests share of interests share of NOK in millions operation 2023 2022 31.12.23 31.12.22 dividend in 2023 dividend in 2022 Digi.Com Bhd Malaysia - 999 - - - 1 136 Grameenphone Ltd. Bangladesh 1 430 1 372 2 714 1 948 573 1 595 Total Access Communications Thailand ( 19) 296 - 2 316 305 419 Plc (dtac) Telenor Fiber AS Norway 234 - 3 269 - 150 - Others 3 ( 2) ( 32) ( 28) 10 9 Total 1 646 2 665 5 950 4 237 1 038 3 159Summarised financial information for subsidiaries with significant non-controlling interests Summarised statement of financial position as of 31 December: 2023 2022 Total Access Total Access Communications Communications NOK in millions Grameenphone Ltd Plc (dtac) Telenor Fiber AS Grameenphone Ltd Plc (dtac) Telenor Fiber AS Current assets 2 332 - 457 1 155 6 849 - Non-current assets 16 137 - 13 140 16 518 40 177 - Current liabilities (8 500) - ( 566) (8 876) (12 501) - Non-current liabilities (4 077) - (2 126) (4 531) (25 636) - Total equity 5 892 - 10 905 4 265 8 888 - Attributable to: Equity holders of Telenor ASA 3 178 - 7 636 2 317 6 572 - Non-controlling interests 2 714 - 3 269 1 948 2 316 - Summarised comprehensive income information 1 January \u2013 31 December: 2023 2022 Total Access Total Access Grameenphone Communications Grameenphone Communications NOK in millions Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Revenues - 15 531 3 945 2 324 12 403 15 508 22 107 - Net income - 3 129 ( 23) 762 1 953 3 188 960 - Total comprehensive income - 2 884 290 762 1 502 2 917 1 544 - Attributable to non-controlling interests - 1 430 ( 20) 234 999 1 372 296 - Summarised cash flow information 1 January \u2013 31 December: 2023 2022 Total Access Total Access Grameenphone Communications Grameenphone Communications NOK in millions Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Operating activities - 5 873 962 1 557 5 239 6 418 7 058 - Investing activities - (2 306) (1 537) (1 318) (7 809) (2 224) (3 318) - Financing activities - (2 258) (1 140) ( 12) 2 123 (4 135) (3 171) - Effect of exchange rate changes on cash and cash equivalents - ( 86) 108 - 14 ( 23) 90 - Net increase/(decrease) in cash and cash equivalents - 1 223 (1 608) 227 ( 433) 36 659 -",
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"value": "NOTE 28 Equity This note summarises and explains the movements in equity for the Telenor group. It also presents the financial information for subsidiaries that have significant non-controlling interests. Paid-in capital NOK in millions, except number of shares Number of shares Share capital Other paid in capital Treasury shares Total paid-in capital Equity as of 1 January 2022 1 399 458 033 8 397 69 - 8 466 Share buyback - - - - - Cancellation of shares - - - - - Equity as of 31 December 2022 1 399 458 033 8 397 69 - 8 466 Share buyback - - - ( 86) ( 86) Cancellation of shares - - - - - Equity as of 31 December 2023 1 399 458 033 8 397 69 ( 86) 8 380 Nominal value per share is NOK 6. On 8 February 2023, Telenor announced a share buyback program for the year 2023-2024. The total programme comprises 31,108,044 shares, of which 14,320,524 shares were repurchased from the market during 2023. With this, the market part of the buyback programme was finalised. The remaining 16,787,520 shares will be purchased from the Norwegian state through the Ministry of Trade, Industry and Fisheries. The 31,108,044 shares will be cancelled following approval by the Annual General Meeting in May 2024, hence the Ministry\u2019s ownership interest in Telenor of 53.97% will remain unchanged. The shares that have been repurchased in the open market have had an immediate cash effect whereas the pro rata shares from the Norwegian state will be paid simultaneously with the capital reduction in the middle of 2024. Other reserves Share of equity adjustments and other comprehensive Net unrealised Employee Pension income in gains/(losses) equity bene- remeasure- associated Other equity Total other NOK in millions reserve fits reserve ment reserve companies transactions reserves Equity as of 1 January 2022 251 469 503 1 548 (24 302) (21 530) Other comprehensive income (loss), net of taxes 157 - 520 46 - 723 Share-based payment - 61 - - - 61 Equity as of 31 December 2022 408 531 1 023 1 594 (24 302) (20 746) Other comprehensive income (loss), net of taxes ( 2) - 401 ( 95) - 304 Share-based payment - 83 - - - 83 Share buyback - - - - (1 625) (1 625) Other changes in other reserves during 2023 406 614 1 424 1 499 (25 927) (21 984) Net unrealised gains/losses reserve This reserve includes unrealised gains and losses arising from changes in fair value of equity investments are recognised directly in other comprehensive income until the investment is disposed of, at which time the cumulative gain or loss is reclassified within equity from other reserves to retained earnings. Employee equity benefits reserve Share-based payments represents cost charged to income statement over the vesting period based on the fair value measured at grant date for equity-settled share-based payments provided to employees, including key management personnel, as part of their remuneration. In 2023, the Group paid NOK 16 million related to the equity-settled share-based programme (NOK 27 million in 2022), refer to note 37 Key management compensation for further details on this programme. Pension re-measurement This reserve includes the effect of re-measurement of pension obligations arising due to change in assumptions, such as discount rate and long-term demographic trends. Pension Net pension NOK in millions remeasurement Income taxes remeasurement Equity as of 1 January 2022 665 ( 161) 503 Other comprehensive income (loss) 657 ( 137) 520 Equity as of 31 December 2022 1 322 ( 299) 1 023 Other comprehensive income (loss) 519 ( 118) 401 Equity as of 31 December 2023 1 841 ( 417) 1 424 See note 21 Pension obligations for more information. Share of equity adjustments and other comprehensive income in associated companies This reserve includes underlying adjustments to equity in associated companies, such as other comprehensive income, share buybacks and transactions with non-controlling interests. Other equity transactions This includes the decrease in other reserves as a result of acquisition and sale/cancellation of treasury shares and the increase as a result of transfers from other paid-in capital, including transfers from other paid-in capital related to cancellation of treasury shares. The price paid in excess of the nominal value of the shares reduces this reserve. During 2023, Telenor repurchased 14.3 million shares from the market which will be cancelled following approval by the Annual General Meeting in May 2024. Cumulative translation differences Foreign currency Net investment Net translation NOK in millions translation hedge Income taxes differences Equity as of 1 January 2022 (1 931) (3 118) 426 (4 627) Changes during 2022, excluding effects of disposal 1 695 (1 402) 308 602 Amount reclassified from other comprehensive income to income 370 233 - 603 statement on disposal Net changes during 2022 2 066 (1 170) 308 1 205 Equity as of 31 December 2022 135 (4 288) 734 (3 422) Changes during 2023, excluding effects of disposal 2 382 (2 444) 538 475 Amount reclassified from other comprehensive income to income (4 031) 889 - (3 142) statement on disposal Net changes during 2023 (1 649) (1 555) 538 (2 667) Equity as of 31 December 2023 (1 515) (5 843) 1 272 (6 089) During 2023, a gain of NOK 4,031 million was reclassified from other comprehensive income to income statement which is related to dtac disposal and included in the total gain recognised on disposal of dtac as a subdidiary. See note 12 Held for sale and discontinued operations and note 35 Associated companies and joint arrangements for more information. During 2022, a loss of NOK 370 million was reclassified from other comprehensive income to income statement which mainly consisted of NOK 789 million currency loss on disposal of Telenor Myanmar, NOK 450 million gain on disposal of Digi as a subsidiary and recognised its 32.47% share of the associated company CelcomDigi and NOK 42 million currency loss on disposal of Wave Money. In 2023, the translation difference gain on net investment in foreign operations was caused by depreciation of the Norwegian Krone against Swedish Krone, Danish Krone, Euro, and Thai Bath. The appreciation of Swedish Krone by 7%, Danish Krone by 6%, Euro by 6% and Thai Bath by 4% against Norwegian Krone had the most significant impact on the translation difference gain. In 2022, the translation difference gain on net investment in foreign operations was caused by depreciation of the Norwegian Krone against Danish Krone, Euro, Thai Bath, and Malaysian Ringgit. The appreciation of Danish Krone by 5%, Euro by 5%, Thai Bath by 7% and Malaysian Ringgit by 6% against Norwegian Krone had the most significant impact on the translation difference gain. In 2023, a loss of NOK 889 million was reclassified from other comprehensive income to income statement on net investment hedge item related to dtac disposal. In 2022, a loss of NOK 233 million was reclassified from other comprehensive income to income statement on net investment hedge item related to Digi disposal. Transactions with non-controlling interests On 1 February 2023, Telenor divested a 30% stake in the fibre infrastructure company Telenor Fiber AS in Norway to a consortium led by KKR with Oslo Pensjonsforsikring as co-investor. The divestment of 30% resulted in cash proceeds of NOK 10.8 billion to Telenor and a gain of NOK 7.6 billion recognised in retained earnings. The equity impact coming from non-controlling interest of fibre divestment was NOK 3.2 billion. Non-controlling interests Non-controlling Non-controlling Country of Non-controlling Non-controlling interests in the interests in the incorporation interests share of interests share of statement of statement of Non-controlling Non-controlling and net income (loss) net income (loss) financial position financial position interests share of interests share of NOK in millions operation 2023 2022 31.12.23 31.12.22 dividend in 2023 dividend in 2022 Digi.Com Bhd Malaysia - 999 - - - 1 136 Grameenphone Ltd. Bangladesh 1 430 1 372 2 714 1 948 573 1 595 Total Access Communications Thailand ( 19) 296 - 2 316 305 419 Plc (dtac) Telenor Fiber AS Norway 234 - 3 269 - 150 - Others 3 ( 2) ( 32) ( 28) 10 9 Total 1 646 2 665 5 950 4 237 1 038 3 159Summarised financial information for subsidiaries with significant non-controlling interests Summarised statement of financial position as of 31 December: 2023 2022 Total Access Total Access Communications Communications NOK in millions Grameenphone Ltd Plc (dtac) Telenor Fiber AS Grameenphone Ltd Plc (dtac) Telenor Fiber AS Current assets 2 332 - 457 1 155 6 849 - Non-current assets 16 137 - 13 140 16 518 40 177 - Current liabilities (8 500) - ( 566) (8 876) (12 501) - Non-current liabilities (4 077) - (2 126) (4 531) (25 636) - Total equity 5 892 - 10 905 4 265 8 888 - Attributable to: Equity holders of Telenor ASA 3 178 - 7 636 2 317 6 572 - Non-controlling interests 2 714 - 3 269 1 948 2 316 - Summarised comprehensive income information 1 January \u2013 31 December: 2023 2022 Total Access Total Access Grameenphone Communications Grameenphone Communications NOK in millions Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Revenues - 15 531 3 945 2 324 12 403 15 508 22 107 - Net income - 3 129 ( 23) 762 1 953 3 188 960 - Total comprehensive income - 2 884 290 762 1 502 2 917 1 544 - Attributable to non-controlling interests - 1 430 ( 20) 234 999 1 372 296 - Summarised cash flow information 1 January \u2013 31 December: 2023 2022 Total Access Total Access Grameenphone Communications Grameenphone Communications NOK in millions Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Operating activities - 5 873 962 1 557 5 239 6 418 7 058 - Investing activities - (2 306) (1 537) (1 318) (7 809) (2 224) (3 318) - Financing activities - (2 258) (1 140) ( 12) 2 123 (4 135) (3 171) - Effect of exchange rate changes on cash and cash equivalents - ( 86) 108 - 14 ( 23) 90 - Net increase/(decrease) in cash and cash equivalents - 1 223 (1 608) 227 ( 433) 36 659 -NOTE 39 Share information and ownership Telenor ASA had about 59,700 registered shareholders as of 31 December 2023, compared to about 61,300 the year before. All ordinary Telenor shares have equal voting rights and the right to receive dividends. Share information As of 31 December 2023, Telenor ASA had a share capital of NOK 8,396,748,198 divided into 1,399,458,033 ordinary shares with a nominal value of NOK 6 each. As of 31 December 2023 the company held 14,411,760 treasury shares which consist of 14,320,524 shares from share buyback programme (see Note 28 Equity) and 91,236 shares from Share-based payment programme (see Note 5 Salaries and personnel costs). The company held no treasury shares as of 31 December 2022. Shareholders 1) The 20 largest shareholders as of 31 December 2023 from the shareholder register Name of shareholders Number of shares % 1 Ministry of Trade, Industry and Fisheries, Kingdom of Norway 755 220 420 53.97 2 Folketrygdfondet 60 444 622 4.32 3 State Street Bank and Trust Comp 28 444 377 2.03 4 State Street Bank and Trust Comp 24 742 229 1.77 5 State Street Bank and Trust Comp 24 286 445 1.74 6 CLEARSTREAM BANKING S.A. 13 786 374 0.99 7 JPMorgan Chase Bank 13 202 382 0.94 8 State Street Bank and Trust Comp 11 258 029 0.80 9 JPMorgan Chase Bank 9 745 288 0.70 10 SIX SIS AG 8 281 335 0.59 11 Euroclear Bank S.A./N.V. 7 747 782 0.55 12 State Street Bank and Trust Comp 7 030 165 0.50 13 State Street Bank and Trust Comp 6 996 554 0.50 14 DZ Privatbank S.A. 6 982 851 0.50 15 VERDIPAPIRFONDET KLP AKSJENORGE IN 6 904 755 0.49 16 VPF DNB AM NORSKE AKSJER 6 517 071 0.47 17 The Bank of New York Mellon SA/NV 6 451 924 0.46 18 VERDIPAPIRFONDET STOREBRAND NORGE 6 135 709 0.44 19 State Street Bank and Trust Comp 6 094 147 0.44 20 Citibank 5 367 500 0.38 Total held by 20 largest shareholders 1 015 639 959 72.57 Total all Telenor shares 1 399 458 033 100.00 2)The 20 largest shareholders as of 31 December 2023 beneficial ownership Name of shareholders Number of shares % 1 Government of Norway 755 220 420 53.97 2 Folketrygdfondet 60 444 622 4.32 3 DNB Asset Management AS 27 416 448 1.96 4 The Vanguard Group, Inc. 23 323 542 1.67 5 BlackRock Institutional Trust Company, N.A. 21 916 647 1.57 6 DWS Investment GmbH 21 164 711 1.51 7 Storebrand Kapitalforvaltning AS 19 314 363 1.38 8 Caisse de Depot et Placement du Quebec 16 231 737 1.16 9 KLP Fondsforvaltning AS 14 198 576 1.01 10 BlackRock Advisors (UK) Limited 10 748 839 0.77 11 Pyrford International Limited 9 847 241 0.70 12 State Street Global Advisors (US) 8 850 805 0.63 13 Handelsbanken Kapitalf\u00f6rvaltning AB 8 015 203 0.57 14 Nordea Funds Oy 7 606 489 0.54 15 Danske Bank Asset Management 7 382 402 0.53 16 Danske Invest Asset Management AS 7 043 749 0.50 17 Union Investment Luxembourg S.A. 6 815 660 0.49 18 Acadian Asset Management LLC 6 588 179 0.47 19 Legal & General Investment Management Ltd. 6 422 025 0.46 20 Alfred Berg Kapitalforvaltning AS 6 271 416 0.45 Total held by 20 largest shareholders 1 044 823 074 74.66 Total all Telenor shares 1 399 458 033 100.00 1)Source: VPS share register2)The data is provided by Nasdaq Advisory Services and is obtained through an analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Telenor VPS share register. Every reasonable effort has been made to verify the data; however, neither Telenor nor Nasdaq Advisory Services can guarantee the accuracy of the analysis.",
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"value": "Transactions with non-controlling interests On 1 February 2023, Telenor divested a 30% stake in the fibre infrastructure company Telenor Fiber AS in Norway to a consortium led by KKR with Oslo Pensjonsforsikring as co-investor. The divestment of 30% resulted in cash proceeds of NOK 10.8 billion to Telenor and a gain of NOK 7.6 billion recognised in retained earnings. The equity impact coming from non-controlling interest of fibre divestment was NOK 3.2 billion. Non-controlling interests Non-controlling Non-controlling Country of Non-controlling Non-controlling interests in the interests in the incorporation interests share of interests share of statement of statement of Non-controlling Non-controlling and net income (loss) net income (loss) financial position financial position interests share of interests share of NOK in millions operation 2023 2022 31.12.23 31.12.22 dividend in 2023 dividend in 2022 Digi.Com Bhd Malaysia - 999 - - - 1 136 Grameenphone Ltd. Bangladesh 1 430 1 372 2 714 1 948 573 1 595 Total Access Communications Thailand ( 19) 296 - 2 316 305 419 Plc (dtac) Telenor Fiber AS Norway 234 - 3 269 - 150 - Others 3 ( 2) ( 32) ( 28) 10 9 Total 1 646 2 665 5 950 4 237 1 038 3 159Summarised financial information for subsidiaries with significant non-controlling interests Summarised statement of financial position as of 31 December: 2023 2022 Total Access Total Access Communications Communications NOK in millions Grameenphone Ltd Plc (dtac) Telenor Fiber AS Grameenphone Ltd Plc (dtac) Telenor Fiber AS Current assets 2 332 - 457 1 155 6 849 - Non-current assets 16 137 - 13 140 16 518 40 177 - Current liabilities (8 500) - ( 566) (8 876) (12 501) - Non-current liabilities (4 077) - (2 126) (4 531) (25 636) - Total equity 5 892 - 10 905 4 265 8 888 - Attributable to: Equity holders of Telenor ASA 3 178 - 7 636 2 317 6 572 - Non-controlling interests 2 714 - 3 269 1 948 2 316 - Summarised comprehensive income information 1 January \u2013 31 December: 2023 2022 Total Access Total Access Grameenphone Communications Grameenphone Communications NOK in millions Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Revenues - 15 531 3 945 2 324 12 403 15 508 22 107 - Net income - 3 129 ( 23) 762 1 953 3 188 960 - Total comprehensive income - 2 884 290 762 1 502 2 917 1 544 - Attributable to non-controlling interests - 1 430 ( 20) 234 999 1 372 296 - Summarised cash flow information 1 January \u2013 31 December: 2023 2022 Total Access Total Access Grameenphone Communications Grameenphone Communications NOK in millions Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Digi.Com Bhd Ltd Plc (dtac) Telenor Fiber AS Operating activities - 5 873 962 1 557 5 239 6 418 7 058 - Investing activities - (2 306) (1 537) (1 318) (7 809) (2 224) (3 318) - Financing activities - (2 258) (1 140) ( 12) 2 123 (4 135) (3 171) - Effect of exchange rate changes on cash and cash equivalents - ( 86) 108 - 14 ( 23) 90 - Net increase/(decrease) in cash and cash equivalents - 1 223 (1 608) 227 ( 433) 36 659 -",
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"value": "NOTE 30 Interest-bearing liabilities The non-current debt in Telenor mainly consists of bonds issued under the EMTN programme (Euro Medium Term Note), bonds issued in other markets and bank loans. Forward contracts and cross currency swaps are used to hedge foreign exchange rate risk for certain assets. Accounting policies Interest-bearing liabilities are initially measured at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest-rate method (FLAC). In addition, where fair value hedge accounting is applied the hedged liabilities are adjusted for gains and losses attributable to the risk being hedged. On extinguishment of debt, in whole or in part, the difference between the carrying amount of the liability and the consideration paid is recognised in the income statement. Interest-bearing liabilities 2023 2022 Non-current Non-current Current interest-interest-bearing Current interest-interest-bearing NOK in millions bearing liabilities liabilities Total bearing liabilities liabilities Total Interest-bearing liabilities measured at amortised cost Bank loans 484 - 484 1 586 2 349 3 935 Bonds 11 253 73 148 84 401 6 969 76 529 83 498 Other liabilities 9 90 99 604 194 798 Interest-bearing liabilities measured at fair value Fair value hedge instruments 42 2 448 2 490 10 3 652 3 662 Total interest-bearing liabilities 11 789 75 686 87 475 9 169 82 724 91 893 1)Fair value of debt 82 661 83 186 2)Of which fair value hierarchy level 1 81 864 78 213 2)Of which fair value hierarchy level 2 797 4 972 1) Excluding lease liabilities and licence obligations. 2) For information about the fair value hierarchy for valuation of financial instruments, see note 32. Non-current interest-bearing liabilities 2023 2022 Debt before the Debt adjusted for Debt before the Debt adjusted for effect of currency the effect of effect of currency the effect of NOK in millions Currency swaps currency swaps 2)swaps currency swaps 2)Company Telenor ASA EUR 69 071 43 872 60 714 39 136 1)NOK 3 744 6 943 - (2 735) SEK - 14 030 4 248 15 670 USD - 8 376 - 13 612 Total Telenor ASA 72 815 73 221 64 962 65 683 DNA - Finland EUR 2 782 2 782 2 601 2 601 dtac - Thailand THB - - 14 967 14 967 Other non-current interest-bearing liabilities 90 90 194 194 Total subsidiaries 2 872 2 872 17 762 17 762 Total non-current interest-bearing liabilities 75 686 76 093 82 724 83 445 1) Telenor ASA\u2019s debt position in Norwegian Kroner as of 31 December 2022 is a net asset position when including currency swaps. 2) Debt adjusted for currency swaps includes financial instruments that are not classified as interest-bearing liabilities in the statement of financial position. Current interest-bearing liabilities 2023 2022 Debt before the Debt adjusted for Debt before the Debt adjusted for effect of currency the effect of effect of currency the effect of NOK in millions Currency swaps currency swaps 2)swaps currency swaps 2)Company Telenor ASA NOK - 5 359 - 3 335 EUR 6 762 139 5 263 963 SEK 4 533 2 712 - 236 MYR - 2 193 - 2 224 THB - 5 256 - 3 624 1)USD - (3 969) - (4 782) Total Telenor ASA 11 295 11 690 5 263 5 599 dtac - Thailand THB - - 2 570 2 570 Grameenphone - Bangladesh BDT 287 287 481 481 Pakistan PKR 112 112 232 232 Other current interest-bearing liabilities 94 94 623 623 Total subsidiaries 493 493 3 906 3 906 Total current interest-bearing liabilities 11 789 12 184 9 169 9 505 1) Telenor ASA\u2019s debt positions in US Dollars as of 31 December 2023 and US Dollars as of 31 December 2022, are net asset positions when including currency swaps. 2) Debt adjusted for currency swaps includes financial instruments that are not classified as interest-bearing liabilities in the statement of financial position. Debt issued under Telenor ASA\u2019s EMTN programme is based on documentation that is commonly used for investment grade issuers in the Eurobond market. This documentation contains provisions restricting the pledge of assets to secure future borrowings without granting a similar secured status to the existing lenders (negative pledges) and contains covenants limiting disposals of assets. Bonds issued under the EMTN programme are subject to a Change of Control Clause. Such Change of Control shall be deemed to have occurred if a person or entity, other than the Kingdom of Norway, directly or indirectly owns or acquires more than 50% of the issued ordinary share capital of Telenor ASA. If such Change of Control leads to a downgrade below investment grade rating, the holder of such bonds can require Telenor ASA to redeem the principal amount together with accrued interest. The full definition of this Change of Control Clause is described in the Final Terms for each specific bond issue. In June and October 2023, Telenor ASA issued the following bond tranches under the EMTN programme: - NOK 1,750 million with floating coupon rate of 3m NIBOR + 100bp and maturity in 2028 - NOK 2,000 million with fixed coupon rate of 4.61% and maturity in 2030 - EUR 500 million with fixed coupon rate of 4.00% and maturity in 2030 - EUR 500 million with fixed coupon rate of 4.25% and maturity in 2035 All outstanding debt issued by Telenor ASA is unsecured. The interest-bearing liabilities in subsidiaries are generally not guaranteed by Telenor ASA and are subject to standard financial covenants, some of which limit the ability to transfer funds to Telenor ASA in the form of dividends or loans. Refer to note 31 Capital and financial risk management for further information about capital management, maturity profile of the interest-bearing liabilities, liquidity risk, exchange rate risk, interest rate risk and derivatives.Liquidity risk The main objective is to ensure sufficient liquidity. The Group emphasises financial flexibility, and an important part of this is to minimise liquidity risk through ensuring access to a diversified set of funding sources. Debt issued in the international capital market is predominately issued under the existing EMTN programme (Euro Medium Term Note) to secure longer dated funding and under existing ECP programme (Euro Commercial Paper) to secure shorter dated funding up to 12 months. In addition to these uncommitted loan programmes, the Norwegian domestic capital market is used from time to time. Telenor ASA also has a sustainability-linked committed syndicated revolving credit facility (RCF) of EUR 1.8 billion with maturity in 2028 with options to extend it for 1+1 year. The RCF was undrawn as of 31 December 2023. When permissible by local rules and regulations, subsidiaries owned 90% or more are part of Telenor ASA\u2019s cash management framework agreements and participate in Telenor ASA\u2019s cash pool setup. Subsidiaries owned less than 90% have established separate framework agreements for banking services. Telenor ASA shall have sufficient sources of liquidity to cover expected operational liquidity needs for the next 12 months. Liquidity requirements to fund acquisitions is considered separately. Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of Not NOK in millions 31.12.23 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years specified Interest-bearing liabilities Financial Debt 86 831 11 549 10 065 11 201 5 601 7 351 13 200 5 600 5 600 - - 16 664 - Other interest-bearing liabilities 197 197 - - - - - - - - - - - 1)Sum of interest-bearing liabilities 87 028 11 745 10 065 11 201 5 601 7 351 13 200 5 600 5 600 - - 16 664 - Non-interest-bearing liabilities Trade and other payables 21 108 21 108 - - - - - - - - - - - Other current non-interest-bearing liabilities 1 119 1 119 - - - - - - - - - - - Derivative financial instruments 1 733 836 183 - 118 134 - 388 - - - 74 - Other non-current non-interest-bearing liabilities 390 - - - - - - - - - - - 390 Sum of non-interest-bearing liabilities 24 351 23 063 183 - 118 134 - 388 - - - 74 390 Total 111 378 34 809 10 248 11 201 5 720 7 485 13 200 5 987 5 600 - - 16 738 390 Future interest payments 14 564 3 029 2 628 1 929 1 622 1 321 1 103 874 494 427 426 712 - Total including future interest payments 125 943 37 838 12 875 13 130 7 342 8 806 14 303 6 862 6 093 427 426 17 450 390 Total as of Not NOK in millions 31.12.22 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years specified Interest-bearing liabilities Financial Debt 91 267 8 907 14 579 12 498 11 608 7 997 6 701 11 524 717 6 310 - 10 425 - Other interest-bearing liabilities 252 252 - - - - - - - - - - - 1)Sum of interest-bearing liabilities91 518 9 159 14 579 12 498 11 608 7 997 6 701 11 524 717 6 310 - 10 425 - Non-interest-bearing liabilities Trade and other payables 28 227 28 227 - - - - - - - - - - - Other current non-interest-bearing liabilities 1 308 1 308 - - - - - - - - - - - Derivative financial instruments 1 841 420 889 224 125 183 - - - - - - - Other non-current non-interest-bearing liabilities 317 - - - - - - - - - - - 317 Sum of non-interest-bearing liabilities 31 692 29 955 889 224 125 183 - - - - - - 317 Total 123 211 39 114 15 468 12 721 11 733 8 181 6 701 11 524 717 6 310 - 10 425 317 Future interest payments 9 491 2 030 2 022 1 566 1 043 769 651 445 245 219 155 346 - Total including future interest payments 132 701 41 144 17 490 14 288 12 776 8 950 7 352 11 969 962 6 529 154 10 771 317 6) The maturity tables do not include lease liabilities related to licences or other lease liabilities. See note 29 for more information on licence commitments and lease liabilities.",
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"value": "Accounting policies Interest-bearing liabilities are initially measured at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest-rate method (FLAC). In addition, where fair value hedge accounting is applied the hedged liabilities are adjusted for gains and losses attributable to the risk being hedged. On extinguishment of debt, in whole or in part, the difference between the carrying amount of the liability and the consideration paid is recognised in the income statement.",
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"s8_notes__6__141": {
"value": "NOTE 31 Capital and financial risk management The objectives and policies for capital and risk management are described in this note, in addition to exposure and sensitivity for financial risks such as liquidity risk, interest rate risk, foreign exchange risk and credit risk. Telenor uses various types of derivatives to hedge such exposure. Accounting policies Hedge accounting is applied for fair value hedges and hedges of net investments in foreign operations when the hedging criteria are met. For fair value hedges, the carrying amount of the hedged item is adjusted for gains and losses attributable to the risk being hedged. The derivative is also measured at fair value, and gains and losses from both the hedging instrument and the hedged item are recognised in the income statement. Hedge effectiveness is assessed on an ongoing basis, and hedge accounting is discontinued if the hedge no longer meets the hedge accounting criteria. If the hedged item still exists and is not sold, the fair value adjustment to the hedged item attributable to the risk being hedged at de-designation will be amortised in the income statement over the remaining time to maturity. A hedge of a net investment in a foreign operation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised directly in other comprehensive income while any foreign exchange gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign entity, the cumulative foreign exchange gains or losses recognised in other comprehensive income is reclassified to the income statement. Refer to note 27 Financial assets and liabilities for further information on accounting policies for derivatives. . Managing capital Following the structural changes in the portfolio, and triggered by closing of the merger in Malaysia, Telenor measures the leverage from 2022 as the ratio of Net debt to EBITDA before other items plus dividends from associated companies and joint ventures. Telenor aims to maintain a solid balance sheet through keeping leverage ratio in the range of 1.8x to 2.3x to maintain financial flexibility and ensure cost efficient funding (see chapter Definitions and Alternative Performance Measures for reconciliations of net debt and leverage ratio). As of 31 December 2023, the reported leverage ratio was 2.2x (2.2x as of 31 December 2022). The targeted capital structure provides a good balance between shareholder return and a solid balance sheet with stable access to global debt markets, while also supporting Telenor\u2019s strategic priorities. As of 31 December 2023, Telenor ASA\u2019s long-term credit rating was \u201cBaa1/stable outlook\u201d by Moody\u2019s Investors Service and \u201cA-/stable outlook\u201d by Standard & Poor\u2019s (S&P). Key elements of the Group\u2019s capital structure include interest-bearing debt as disclosed in note 30, cash and cash equivalents as disclosed in note 20 and equity attributable to the shareholders of Telenor ASA as presented in the consolidated statement of changes in equity and in note 28. In order to adjust the capital structure, the Group may acquire or sell own shares, distribute dividends to shareholders, return capital to shareholders or issue new shares. In 2023, Telenor paid shareholders dividend of NOK 13.0 billion comprised of ordinary dividends paid out in May 2023 (NOK 5.00 per share) and October 2023 (NOK 4.40 per share). For the financial year 2023, the Telenor Board of Directors will propose an ordinary dividend of NOK 9.50 per share to be resolved by the Annual General Meeting in May 2024 and paid out in two tranches of NOK 5.00 and NOK 4.50 per share in May 2024 and October 2024 respectively. The total ordinary dividend amount proposed for the financial year 2023 is NOK 13.2 billion. Following the divestment 30% of Telenor Fiber AS, the Board of Directors of Telenor ASA was given the authority to execute a share buy back in January 2023. The market part of the program was executed in 2023 and amounted to NOK 1.7 billion and 14.3 million shares. Compensation to the Norwegian Ministry of Trade, Industry and Fisheries and capital reduction will be executed in 2024. Telenor\u2019s shareholder remuneration policy is to aim for a year-on-year growth in dividend per share, where the annual dividends are paid in two instalments. Buyback of own shares or extraordinary dividend pay-outs might also be used as a measure to reach a targeted leverage. Financial risk Telenor Group Treasury is responsible for funding and financial risk management for the parent company and subsidiaries owned, directly or indirectly, more than 90% by Telenor ASA. Subsidiaries owned less than 90% normally have stand-alone financing and management of financial risks. Beyond hedging activities, the Group has limited trading activities. Liquidity risk The main objective is to ensure sufficient liquidity. The Group emphasises financial flexibility, and an important part of this is to minimise liquidity risk through ensuring access to a diversified set of funding sources. Debt issued in the international capital market is predominately issued under the existing EMTN programme (Euro Medium Term Note) to secure longer dated funding and under existing ECP programme (Euro Commercial Paper) to secure shorter dated funding up to 12 months. In addition to these uncommitted loan programmes, the Norwegian domestic capital market is used from time to time. Telenor ASA also has a sustainability-linked committed syndicated revolving credit facility (RCF) of EUR 1.8 billion with maturity in 2028 with options to extend it for 1+1 year. The RCF was undrawn as of 31 December 2023. When permissible by local rules and regulations, subsidiaries owned 90% or more are part of Telenor ASA\u2019s cash management framework agreements and participate in Telenor ASA\u2019s cash pool setup. Subsidiaries owned less than 90% have established separate framework agreements for banking services. Telenor ASA shall have sufficient sources of liquidity to cover expected operational liquidity needs for the next 12 months. Liquidity requirements to fund acquisitions is considered separately. Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of Not NOK in millions 31.12.23 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years specified Interest-bearing liabilities Financial Debt 86 831 11 549 10 065 11 201 5 601 7 351 13 200 5 600 5 600 - - 16 664 - Other interest-bearing liabilities 197 197 - - - - - - - - - - - 1)Sum of interest-bearing liabilities 87 028 11 745 10 065 11 201 5 601 7 351 13 200 5 600 5 600 - - 16 664 - Non-interest-bearing liabilities Trade and other payables 21 108 21 108 - - - - - - - - - - - Other current non-interest-bearing liabilities 1 119 1 119 - - - - - - - - - - - Derivative financial instruments 1 733 836 183 - 118 134 - 388 - - - 74 - Other non-current non-interest-bearing liabilities 390 - - - - - - - - - - - 390 Sum of non-interest-bearing liabilities 24 351 23 063 183 - 118 134 - 388 - - - 74 390 Total 111 378 34 809 10 248 11 201 5 720 7 485 13 200 5 987 5 600 - - 16 738 390 Future interest payments 14 564 3 029 2 628 1 929 1 622 1 321 1 103 874 494 427 426 712 - Total including future interest payments 125 943 37 838 12 875 13 130 7 342 8 806 14 303 6 862 6 093 427 426 17 450 390 Total as of Not NOK in millions 31.12.22 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years specified Interest-bearing liabilities Financial Debt 91 267 8 907 14 579 12 498 11 608 7 997 6 701 11 524 717 6 310 - 10 425 - Other interest-bearing liabilities 252 252 - - - - - - - - - - - 1)Sum of interest-bearing liabilities91 518 9 159 14 579 12 498 11 608 7 997 6 701 11 524 717 6 310 - 10 425 - Non-interest-bearing liabilities Trade and other payables 28 227 28 227 - - - - - - - - - - - Other current non-interest-bearing liabilities 1 308 1 308 - - - - - - - - - - - Derivative financial instruments 1 841 420 889 224 125 183 - - - - - - - Other non-current non-interest-bearing liabilities 317 - - - - - - - - - - - 317 Sum of non-interest-bearing liabilities 31 692 29 955 889 224 125 183 - - - - - - 317 Total 123 211 39 114 15 468 12 721 11 733 8 181 6 701 11 524 717 6 310 - 10 425 317 Future interest payments 9 491 2 030 2 022 1 566 1 043 769 651 445 245 219 155 346 - Total including future interest payments 132 701 41 144 17 490 14 288 12 776 8 950 7 352 11 969 962 6 529 154 10 771 317 6) The maturity tables do not include lease liabilities related to licences or other lease liabilities. See note 29 for more information on licence commitments and lease liabilities. Interest rate risk The Group is exposed to interest rate risk through funding and cash management activities and aims to manage this risk to reduce financial costs over time. Changes in interest rates affect the fair value of assets and liabilities. Interest income and interest expense in the income statement are influenced by changes in interest rates in the market. In 2023, average interest rate for the Group was 3.0% on interest-bearing liabilities, excluding lease and licence liabilities (1.8% in 2022). The majority of debt issued by the Group is fixed rate debt. The Group uses interest rate derivatives to manage interest rate risk of the debt portfolio. This typically involves interest rate swaps, swapping floating interest rates to fixed interest rates and vice versa. According to Group Policy, Telenor subsidiaries with external debt instruments shall maintain a balanced profile between fixed and floating rate debt. The portion of the fixed rate shall be between 30% to 70% of external debt. As of 31 December 2023, the portion of fixed rate of Group\u2019s debt was 69% (58% as of 31 December 2022). For Telenor ASA the portion of fixed rate debt as of 31 December 2023 was 69% (58% as of 31 December 2022). Derivative instruments designated as fair value hedging instruments In order to manage interest rate risk, a portion of the debt may be swapped to floating interest rate by using interest rate swaps. Fair value hedge accounting is applied when hedge accounting criteria are met. There is an economic relationship between the hedged items and the hedging instruments, as the terms of the interest rate swaps match the terms of the fixed rate bonds (i.e., notional amount, maturity, payment and rate set dates). Effectiveness testing is performed using the hypothetical derivative method and compares changes in fair value of the hedging instrument against the changes in fair value of the hedged item attributable to the hedged risk. Hedge ineffectiveness in fair value hedges can arise from: \u2022 Different interest rate curve applied to discount the hedged items and hedging instruments. \u2022 Differences in timing of cash flows of the hedged items and hedging instruments. The table below shows the effects of the Group\u2019s fair value hedges. The change in fair value of the hedging instrument and the hedged item is recognised on the line item Net change in fair value of hedging instruments and hedged items under Net financial income (expenses) in the income statement, see also note 9. Fair value hedging relationships NOK in millions 2023 2022 Net gain / (loss) recognised in the income statement on hedged items (1 234) 3 931 Net gain / (loss) recognised in the income statement on hedging instruments 1 505 (4 136) Amount of hedge ineffectiveness 271 (205) Financial instruments designated as hedging instruments in fair value hedges are classified on the line items Other non-current financial assets and Other current financial assets in the statement of financial position, see note 27, and current and non-current interest-bearing liabilities, see note 30: 2023 2022 NOK in millions Assets Liabilities Assets Liabilities As of 31 December Nominal amounts fair value hedge instruments 35 278 - 37 424 - Fair values of fair value hedge instruments - (2 490) 27 (3 662) The following table shows the maturity profile of the Group\u2019s fair value hedge instruments (in nominal values): NOK in millions Total < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years As of 31 December 2023 (2 092) (593) (526) (406) (278) (160) (49) (20) (20) (20) (20) - As of 31 December 2022 (2 416) (524) (528) (468) (375) (256) (144) (46) (19) (19) (19) (19) The terms of the fixed rate receive leg of the interest rate swaps designated as fair value hedge instruments match the terms of the fixed rate pay leg of the hedged items. The average interest rate terms of the floating pay legs of the interest rate swaps are EURIBOR 3/6 months + 72 basis points (+ 72 basis points in 2022) for EUR denominated swaps, and THBFIX + 146 basis points in 2022 and THOR (+ 143 basis points in 2022 for THB denominated swaps (no THB denominated swaps in 2023). The table below shows the carrying amounts of the Group\u2019s fair value hedge items, which are recognised on the line items Non-current interest-bearing liabilities and Current interest-bearing liabilities in the statement of financial position: NOK in millions 2023 2022 As of 31 December Carrying amount of hedged items recognised in the statement of financial position 32 050 33 004 Fair value hedge adjustments included in the carrying amount of the hedged items (2 043) (3 288) Interest rate risk sensitivity analysis The Group calculates the sensitivity on the change in fair value of assets and liabilities of a defined parallel shift in the yield curve of the relevant currencies. For each simulation, the same shifts in interest rates are used for all currencies. The sensitivity analysis is run only for assets and liabilities that represent significant interest-bearing positions. Due to debt instruments the net position is a liability. Since hedge accounting is applied and interest-bearing debt is measured at amortised cost, the full effect of change in fair value is not recognised in the income statement. This is shown in the table below: 2023 2022 Yield curve increase Yield curve decrease Yield curve increase Yield curve decrease NOK in millions 50 Basis points 50 Basis points 50 Basis points 50 Basis points Reduction (increase) in fair value of net liabilities 1 281 (1 338) 1 225 (1 278) Gain (loss) in the income statement (101) 109 66 (69) Sensitivity analysis of change in floating interest rates on net financial items in the income statement: 2023 2022 Yield curve increase Yield curve decrease Yield curve increase Yield curve decrease NOK in millions 50 Basis points 50 Basis points 50 Basis points 50 Basis points Gain (loss) in the income statement (435) 435 (399) 399Exchange rate risk The Group is exposed to changes in the value of NOK relative to other currencies. 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 net income of the Group is also affected by currency fluctuations, as the profit and losses from foreign operations are translated into NOK using average exchange rates for the period. Exchange rate risk related to some net investments in foreign operations is partly hedged by issuing debt instruments in the currencies involved or correlated currencies when this is considered appropriate. Combinations of money market instruments (Commercial Paper and bonds) and derivatives (foreign exchange forward contracts and cross currency swaps) are used for this purpose. Short-term currency swaps are used for liquidity management purposes. Net investment hedge accounting is applied when possible. Exchange rate risk also arises when Telenor ASA or any of its subsidiaries enter into transactions or holds monetary items denominated in other currencies than their own functional currency. In accordance with Group Policy, committed cash flows in foreign currency equivalent to NOK 300 million or above are evaluated for hedging. Financial instruments designated as hedging instruments of net investment in foreign operations As of 31 December 2023 and 2022, material hedging positions are designated as net investment hedges. There is an economic relationship between the hedged items and the hedging instruments as the net investment creates a translation risk that will match the foreign exchange risk on the debt and derivatives designated as hedging instruments. Net investment hedging is mainly applied in currencies that have well-functioning financial markets, but the Group may also designate debt in correlated currencies as hedging instruments to hedge foreign exchange risk. The Group has established hedge ratios to match the underlying risk of the hedging instruments with the hedged risk component. Hedge ineffectiveness may arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the debt and derivatives designated as hedging instruments. There was no ineffectiveness in the years ending 31 December 2023 and 2022. For additional information and a reconciliation of the net investment hedge balance in equity, see note 28. Net investment hedging relationships NOK in millions 2023 2022 Amount recognised directly to other comprehensive income (OCI) (2 444) (1 402) Amount reclassified from OCI to the income statement on disposal 889 233 Net investment hedging was performed for the investment in Bangladesh using USD denominated instruments, but hedging was discontinued due to loss of economic relationship during 2022. As of 31 December 2023, the remaining balance included in the net investment hedge reserve was NOK 125 million. Interest-bearing debt and derivatives designated as hedging instruments in net investment hedges (only effective part of instruments is included): 2023 2022 NOK in millions Debt Derivatives Debt Derivatives As of 31 December Nominal amounts net investment hedge instruments (59 426) 12 597 (50 533) 8 372 Fair value net investment hedge instruments (55 681) (227) (44 000) (560) Debt designated as hedging instruments in net investment hedges are recognised on the line items Non-current interest-bearing liabilities and Current interest-bearing liabilities in the statement of financial position. Classification of derivatives designated for net investment hedge in the consolidated statement of financial position: NOK in millions 2023 2022 As of 31 December Other non-current assets 530 687 Other financial current assets 340 2 Non-current non-interest-bearing financial liabilities (765) (866) Current non-interest-bearing liabilities (331) (382) Fair value net investment hedge instruments (227) (560) The following table shows the maturity profile (in nominal values) of the Group\u2019s net investment hedge instruments (only effective part of instruments is included): NOK in millions Total < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years As of 31 December 2023 (51 131) (4 781) (1 704) (7 511) (3 204) (4 810) (9 282) (3 482) (4 637) (207) (207) (11 304) As of 31 December 2022 (44 646) (6 084) (2 766) (1 284) (6 800) (2 653) (4 194) (8 233) (130) (4 137) (105) (8 259) Average currency rates in cross currency swaps designated as net investment hedge instruments were NOK/USD 8.59 (n.a. in 2022), USD/EUR 1.17 (1.15 in 2022), SEK/EUR 10.69 (10.47 in 2022) and NOK/EUR 11.57 (10.83 in 2022) in 2023. In 2023, average currency rates in foreign exchange contracts designated as net investment hedge instruments were NOK/SEK 0.98 (0.95 in 2022), NOK/EUR n.a. (10.57 in 2022), USD/EUR 1.09 (n.a. in 2022), USD/MYR 0.22 (0.22 in 2022) and USD/THB 0.03 (0.03 in 2022). Exchange rate risk sensitivity analysis This analysis does not consider correlation between currencies. Empirical studies confirm substantial diversification effect across the currencies that the Group is exposed to. The three sensitivity analyses shown below represent impact on the income statement due to fluctuations in the functional currencies, the impact on other comprehensive income translating functional currencies into the presentation currency NOK and lastly the effect on net income if the presentation currency NOK weakens or strengthens. Currency gains and losses on monetary items in foreign currency are recognised in the income statements of Telenor ASA and its subsidiaries. Net currency gains (losses) in foreign subsidiaries are translated to NOK in the consolidated income statement. The table below shows the effect on consolidated net currency losses in the income statement of 10% depreciation in functional currencies in the Group, keeping other currencies constant (only significant exposures above NOK 100 million are included in the table): Monetary Item Currency 2023 2022 NOK in millions EUR SEK USD Other EUR SEK USD Other Depreciating Functional Currency NOK (216) (554) (363) - - (510) (677) (104) Translation of subsidiaries from their functional currencies into the presentation currency of the Group (NOK) will impact the Group\u2019s other comprehensive income (OCI) and equity. If NOK had weakened by 10% against all other functional currencies of the Group, the change in the carrying amount of consolidated equity as of 31 December 2023, including effects of net investment hedge, would have been an increase of approximately NOK 6.4 billion (increase of NOK 5.6 billion as of 31 December 2022). The table below shows the impact on OCI of net investment hedge (NIH) instruments if the functional currency weakened by 10%. 2023 2022 NOK in millions EUR SEK Other EUR SEK Other Currency effect on OCI (before tax) of NIH instruments NOK (2 760) (1 178) (745) (2 420) (1 211) (585) Effect on other comprehensive income (OCI) (4 683) (4 216) Translation of net income from subsidiaries with functional currency other than NOK, also represents a currency exposure for the Group\u2019s reported figures. If the presentation currency (NOK) had weakened / strengthened by 10% against all other currencies included in the analysis, net income for the Group would have been NOK 505 million higher / lower in 2023 (NOK 588 million in 2022). Credit risk Credit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. The Group considers its maximum exposure to credit risk to be as follows: Maximum credit exposure NOK in millions 2023 2022 Cash and cash equivalents 19 556 9 929 Bonds and commercial papers > 3 months (note 27) 269 277 Financial derivatives (note 27) 893 1 017 Trade and other current financial receivables (note 19) 13 502 16 480 The Group\u2019s credit risks largely arise from trade receivables, financial derivatives and cash and cash equivalents. Credit risk from cash and cash equivalents is managed by the Group\u2019s Treasury department in accordance with the principles defined in the Group Policy Treasury. Cash deposits are only made with approved counterparties and in accordance with approved credit limits per counterparty. Counterparty credit limits for core banks are reviewed by the Group\u2019s Board of Directors on a regular basis. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty\u2019s potential payment default. Credit risk arising from financial derivatives and cash deposits is managed through diversification, internal risk assessment and credit scoring, as well as credit risk mitigation tools. The main risk mitigation tools include legal netting and collateral agreements. Credit risk related to trade receivables is assessed to be limited due to the high number of customers in the Group\u2019s customer base. As such, no further credit risk provision is required in excess of the normal provision for bad and doubtful receivables. See note 19 for information on receivables in terms of age distribution and provision for bad debt. Credit risk related to sale of handsets on instalment plans, where the effect of discounting is considered material, is also assessed to be limited. Credit risk related to such arrangements are embedded in the discount rate and reflected as reduced revenue. As of 31 December 2023, NOK 420 million was posted as cash collateral (receivable). As of 31 December 2022, NOK 264 million was posted as cash collateral (receivable).",
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"s8_notes__6__145": {
"value": "Accounting policies Hedge accounting is applied for fair value hedges and hedges of net investments in foreign operations when the hedging criteria are met. For fair value hedges, the carrying amount of the hedged item is adjusted for gains and losses attributable to the risk being hedged. The derivative is also measured at fair value, and gains and losses from both the hedging instrument and the hedged item are recognised in the income statement. Hedge effectiveness is assessed on an ongoing basis, and hedge accounting is discontinued if the hedge no longer meets the hedge accounting criteria. If the hedged item still exists and is not sold, the fair value adjustment to the hedged item attributable to the risk being hedged at de-designation will be amortised in the income statement over the remaining time to maturity. A hedge of a net investment in a foreign operation is accounted for in a similar way as a cash flow hedge. Foreign exchange gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised directly in other comprehensive income while any foreign exchange gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign entity, the cumulative foreign exchange gains or losses recognised in other comprehensive income is reclassified to the income statement. Refer to note 27 Financial assets and liabilities for further information on accounting policies for derivatives. .",
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"s8_notes__6__146": {
"value": "Managing capital Following the structural changes in the portfolio, and triggered by closing of the merger in Malaysia, Telenor measures the leverage from 2022 as the ratio of Net debt to EBITDA before other items plus dividends from associated companies and joint ventures. Telenor aims to maintain a solid balance sheet through keeping leverage ratio in the range of 1.8x to 2.3x to maintain financial flexibility and ensure cost efficient funding (see chapter Definitions and Alternative Performance Measures for reconciliations of net debt and leverage ratio). As of 31 December 2023, the reported leverage ratio was 2.2x (2.2x as of 31 December 2022). The targeted capital structure provides a good balance between shareholder return and a solid balance sheet with stable access to global debt markets, while also supporting Telenor\u2019s strategic priorities. As of 31 December 2023, Telenor ASA\u2019s long-term credit rating was \u201cBaa1/stable outlook\u201d by Moody\u2019s Investors Service and \u201cA-/stable outlook\u201d by Standard & Poor\u2019s (S&P). Key elements of the Group\u2019s capital structure include interest-bearing debt as disclosed in note 30, cash and cash equivalents as disclosed in note 20 and equity attributable to the shareholders of Telenor ASA as presented in the consolidated statement of changes in equity and in note 28. In order to adjust the capital structure, the Group may acquire or sell own shares, distribute dividends to shareholders, return capital to shareholders or issue new shares. In 2023, Telenor paid shareholders dividend of NOK 13.0 billion comprised of ordinary dividends paid out in May 2023 (NOK 5.00 per share) and October 2023 (NOK 4.40 per share). For the financial year 2023, the Telenor Board of Directors will propose an ordinary dividend of NOK 9.50 per share to be resolved by the Annual General Meeting in May 2024 and paid out in two tranches of NOK 5.00 and NOK 4.50 per share in May 2024 and October 2024 respectively. The total ordinary dividend amount proposed for the financial year 2023 is NOK 13.2 billion. Following the divestment 30% of Telenor Fiber AS, the Board of Directors of Telenor ASA was given the authority to execute a share buy back in January 2023. The market part of the program was executed in 2023 and amounted to NOK 1.7 billion and 14.3 million shares. Compensation to the Norwegian Ministry of Trade, Industry and Fisheries and capital reduction will be executed in 2024. Telenor\u2019s shareholder remuneration policy is to aim for a year-on-year growth in dividend per share, where the annual dividends are paid in two instalments. Buyback of own shares or extraordinary dividend pay-outs might also be used as a measure to reach a targeted leverage.",
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"s8_notes__6__147": {
"value": "Liquidity risk The main objective is to ensure sufficient liquidity. The Group emphasises financial flexibility, and an important part of this is to minimise liquidity risk through ensuring access to a diversified set of funding sources. Debt issued in the international capital market is predominately issued under the existing EMTN programme (Euro Medium Term Note) to secure longer dated funding and under existing ECP programme (Euro Commercial Paper) to secure shorter dated funding up to 12 months. In addition to these uncommitted loan programmes, the Norwegian domestic capital market is used from time to time. Telenor ASA also has a sustainability-linked committed syndicated revolving credit facility (RCF) of EUR 1.8 billion with maturity in 2028 with options to extend it for 1+1 year. The RCF was undrawn as of 31 December 2023. When permissible by local rules and regulations, subsidiaries owned 90% or more are part of Telenor ASA\u2019s cash management framework agreements and participate in Telenor ASA\u2019s cash pool setup. Subsidiaries owned less than 90% have established separate framework agreements for banking services. Telenor ASA shall have sufficient sources of liquidity to cover expected operational liquidity needs for the next 12 months. Liquidity requirements to fund acquisitions is considered separately. Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of Not NOK in millions 31.12.23 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years specified Interest-bearing liabilities Financial Debt 86 831 11 549 10 065 11 201 5 601 7 351 13 200 5 600 5 600 - - 16 664 - Other interest-bearing liabilities 197 197 - - - - - - - - - - - 1)Sum of interest-bearing liabilities 87 028 11 745 10 065 11 201 5 601 7 351 13 200 5 600 5 600 - - 16 664 - Non-interest-bearing liabilities Trade and other payables 21 108 21 108 - - - - - - - - - - - Other current non-interest-bearing liabilities 1 119 1 119 - - - - - - - - - - - Derivative financial instruments 1 733 836 183 - 118 134 - 388 - - - 74 - Other non-current non-interest-bearing liabilities 390 - - - - - - - - - - - 390 Sum of non-interest-bearing liabilities 24 351 23 063 183 - 118 134 - 388 - - - 74 390 Total 111 378 34 809 10 248 11 201 5 720 7 485 13 200 5 987 5 600 - - 16 738 390 Future interest payments 14 564 3 029 2 628 1 929 1 622 1 321 1 103 874 494 427 426 712 - Total including future interest payments 125 943 37 838 12 875 13 130 7 342 8 806 14 303 6 862 6 093 427 426 17 450 390 Total as of Not NOK in millions 31.12.22 < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years specified Interest-bearing liabilities Financial Debt 91 267 8 907 14 579 12 498 11 608 7 997 6 701 11 524 717 6 310 - 10 425 - Other interest-bearing liabilities 252 252 - - - - - - - - - - - 1)Sum of interest-bearing liabilities91 518 9 159 14 579 12 498 11 608 7 997 6 701 11 524 717 6 310 - 10 425 - Non-interest-bearing liabilities Trade and other payables 28 227 28 227 - - - - - - - - - - - Other current non-interest-bearing liabilities 1 308 1 308 - - - - - - - - - - - Derivative financial instruments 1 841 420 889 224 125 183 - - - - - - - Other non-current non-interest-bearing liabilities 317 - - - - - - - - - - - 317 Sum of non-interest-bearing liabilities 31 692 29 955 889 224 125 183 - - - - - - 317 Total 123 211 39 114 15 468 12 721 11 733 8 181 6 701 11 524 717 6 310 - 10 425 317 Future interest payments 9 491 2 030 2 022 1 566 1 043 769 651 445 245 219 155 346 - Total including future interest payments 132 701 41 144 17 490 14 288 12 776 8 950 7 352 11 969 962 6 529 154 10 771 317 6) The maturity tables do not include lease liabilities related to licences or other lease liabilities. See note 29 for more information on licence commitments and lease liabilities.",
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"s8_notes__6__149-1": {
"value": "Interest rate risk The Group is exposed to interest rate risk through funding and cash management activities and aims to manage this risk to reduce financial costs over time. Changes in interest rates affect the fair value of assets and liabilities. Interest income and interest expense in the income statement are influenced by changes in interest rates in the market. In 2023, average interest rate for the Group was 3.0% on interest-bearing liabilities, excluding lease and licence liabilities (1.8% in 2022). The majority of debt issued by the Group is fixed rate debt. The Group uses interest rate derivatives to manage interest rate risk of the debt portfolio. This typically involves interest rate swaps, swapping floating interest rates to fixed interest rates and vice versa. According to Group Policy, Telenor subsidiaries with external debt instruments shall maintain a balanced profile between fixed and floating rate debt. The portion of the fixed rate shall be between 30% to 70% of external debt. As of 31 December 2023, the portion of fixed rate of Group\u2019s debt was 69% (58% as of 31 December 2022). For Telenor ASA the portion of fixed rate debt as of 31 December 2023 was 69% (58% as of 31 December 2022). Derivative instruments designated as fair value hedging instruments In order to manage interest rate risk, a portion of the debt may be swapped to floating interest rate by using interest rate swaps. Fair value hedge accounting is applied when hedge accounting criteria are met. There is an economic relationship between the hedged items and the hedging instruments, as the terms of the interest rate swaps match the terms of the fixed rate bonds (i.e., notional amount, maturity, payment and rate set dates). Effectiveness testing is performed using the hypothetical derivative method and compares changes in fair value of the hedging instrument against the changes in fair value of the hedged item attributable to the hedged risk. Hedge ineffectiveness in fair value hedges can arise from: \u2022 Different interest rate curve applied to discount the hedged items and hedging instruments. \u2022 Differences in timing of cash flows of the hedged items and hedging instruments. The table below shows the effects of the Group\u2019s fair value hedges. The change in fair value of the hedging instrument and the hedged item is recognised on the line item Net change in fair value of hedging instruments and hedged items under Net financial income (expenses) in the income statement, see also note 9. Fair value hedging relationships NOK in millions 2023 2022 Net gain / (loss) recognised in the income statement on hedged items (1 234) 3 931 Net gain / (loss) recognised in the income statement on hedging instruments 1 505 (4 136) Amount of hedge ineffectiveness 271 (205) Financial instruments designated as hedging instruments in fair value hedges are classified on the line items Other non-current financial assets and Other current financial assets in the statement of financial position, see note 27, and current and non-current interest-bearing liabilities, see note 30: 2023 2022 NOK in millions Assets Liabilities Assets Liabilities As of 31 December Nominal amounts fair value hedge instruments 35 278 - 37 424 - Fair values of fair value hedge instruments - (2 490) 27 (3 662) The following table shows the maturity profile of the Group\u2019s fair value hedge instruments (in nominal values): NOK in millions Total < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years As of 31 December 2023 (2 092) (593) (526) (406) (278) (160) (49) (20) (20) (20) (20) - As of 31 December 2022 (2 416) (524) (528) (468) (375) (256) (144) (46) (19) (19) (19) (19) The terms of the fixed rate receive leg of the interest rate swaps designated as fair value hedge instruments match the terms of the fixed rate pay leg of the hedged items. The average interest rate terms of the floating pay legs of the interest rate swaps are EURIBOR 3/6 months + 72 basis points (+ 72 basis points in 2022) for EUR denominated swaps, and THBFIX + 146 basis points in 2022 and THOR (+ 143 basis points in 2022 for THB denominated swaps (no THB denominated swaps in 2023). The table below shows the carrying amounts of the Group\u2019s fair value hedge items, which are recognised on the line items Non-current interest-bearing liabilities and Current interest-bearing liabilities in the statement of financial position: NOK in millions 2023 2022 As of 31 December Carrying amount of hedged items recognised in the statement of financial position 32 050 33 004 Fair value hedge adjustments included in the carrying amount of the hedged items (2 043) (3 288) Interest rate risk sensitivity analysis The Group calculates the sensitivity on the change in fair value of assets and liabilities of a defined parallel shift in the yield curve of the relevant currencies. For each simulation, the same shifts in interest rates are used for all currencies. The sensitivity analysis is run only for assets and liabilities that represent significant interest-bearing positions. Due to debt instruments the net position is a liability. Since hedge accounting is applied and interest-bearing debt is measured at amortised cost, the full effect of change in fair value is not recognised in the income statement. This is shown in the table below: 2023 2022 Yield curve increase Yield curve decrease Yield curve increase Yield curve decrease NOK in millions 50 Basis points 50 Basis points 50 Basis points 50 Basis points Reduction (increase) in fair value of net liabilities 1 281 (1 338) 1 225 (1 278) Gain (loss) in the income statement (101) 109 66 (69) Sensitivity analysis of change in floating interest rates on net financial items in the income statement: 2023 2022 Yield curve increase Yield curve decrease Yield curve increase Yield curve decrease NOK in millions 50 Basis points 50 Basis points 50 Basis points 50 Basis points Gain (loss) in the income statement (435) 435 (399) 399Exchange rate risk The Group is exposed to changes in the value of NOK relative to other currencies. 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 net income of the Group is also affected by currency fluctuations, as the profit and losses from foreign operations are translated into NOK using average exchange rates for the period. Exchange rate risk related to some net investments in foreign operations is partly hedged by issuing debt instruments in the currencies involved or correlated currencies when this is considered appropriate. Combinations of money market instruments (Commercial Paper and bonds) and derivatives (foreign exchange forward contracts and cross currency swaps) are used for this purpose. Short-term currency swaps are used for liquidity management purposes. Net investment hedge accounting is applied when possible. Exchange rate risk also arises when Telenor ASA or any of its subsidiaries enter into transactions or holds monetary items denominated in other currencies than their own functional currency. In accordance with Group Policy, committed cash flows in foreign currency equivalent to NOK 300 million or above are evaluated for hedging. Financial instruments designated as hedging instruments of net investment in foreign operations As of 31 December 2023 and 2022, material hedging positions are designated as net investment hedges. There is an economic relationship between the hedged items and the hedging instruments as the net investment creates a translation risk that will match the foreign exchange risk on the debt and derivatives designated as hedging instruments. Net investment hedging is mainly applied in currencies that have well-functioning financial markets, but the Group may also designate debt in correlated currencies as hedging instruments to hedge foreign exchange risk. The Group has established hedge ratios to match the underlying risk of the hedging instruments with the hedged risk component. Hedge ineffectiveness may arise when the amount of the investment in the foreign subsidiary becomes lower than the amount of the debt and derivatives designated as hedging instruments. There was no ineffectiveness in the years ending 31 December 2023 and 2022. For additional information and a reconciliation of the net investment hedge balance in equity, see note 28. Net investment hedging relationships NOK in millions 2023 2022 Amount recognised directly to other comprehensive income (OCI) (2 444) (1 402) Amount reclassified from OCI to the income statement on disposal 889 233 Net investment hedging was performed for the investment in Bangladesh using USD denominated instruments, but hedging was discontinued due to loss of economic relationship during 2022. As of 31 December 2023, the remaining balance included in the net investment hedge reserve was NOK 125 million. Interest-bearing debt and derivatives designated as hedging instruments in net investment hedges (only effective part of instruments is included): 2023 2022 NOK in millions Debt Derivatives Debt Derivatives As of 31 December Nominal amounts net investment hedge instruments (59 426) 12 597 (50 533) 8 372 Fair value net investment hedge instruments (55 681) (227) (44 000) (560) Debt designated as hedging instruments in net investment hedges are recognised on the line items Non-current interest-bearing liabilities and Current interest-bearing liabilities in the statement of financial position. Classification of derivatives designated for net investment hedge in the consolidated statement of financial position: NOK in millions 2023 2022 As of 31 December Other non-current assets 530 687 Other financial current assets 340 2 Non-current non-interest-bearing financial liabilities (765) (866) Current non-interest-bearing liabilities (331) (382) Fair value net investment hedge instruments (227) (560) The following table shows the maturity profile (in nominal values) of the Group\u2019s net investment hedge instruments (only effective part of instruments is included): NOK in millions Total < 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years >10 years As of 31 December 2023 (51 131) (4 781) (1 704) (7 511) (3 204) (4 810) (9 282) (3 482) (4 637) (207) (207) (11 304) As of 31 December 2022 (44 646) (6 084) (2 766) (1 284) (6 800) (2 653) (4 194) (8 233) (130) (4 137) (105) (8 259) Average currency rates in cross currency swaps designated as net investment hedge instruments were NOK/USD 8.59 (n.a. in 2022), USD/EUR 1.17 (1.15 in 2022), SEK/EUR 10.69 (10.47 in 2022) and NOK/EUR 11.57 (10.83 in 2022) in 2023. In 2023, average currency rates in foreign exchange contracts designated as net investment hedge instruments were NOK/SEK 0.98 (0.95 in 2022), NOK/EUR n.a. (10.57 in 2022), USD/EUR 1.09 (n.a. in 2022), USD/MYR 0.22 (0.22 in 2022) and USD/THB 0.03 (0.03 in 2022). Exchange rate risk sensitivity analysis This analysis does not consider correlation between currencies. Empirical studies confirm substantial diversification effect across the currencies that the Group is exposed to. The three sensitivity analyses shown below represent impact on the income statement due to fluctuations in the functional currencies, the impact on other comprehensive income translating functional currencies into the presentation currency NOK and lastly the effect on net income if the presentation currency NOK weakens or strengthens. Currency gains and losses on monetary items in foreign currency are recognised in the income statements of Telenor ASA and its subsidiaries. Net currency gains (losses) in foreign subsidiaries are translated to NOK in the consolidated income statement. The table below shows the effect on consolidated net currency losses in the income statement of 10% depreciation in functional currencies in the Group, keeping other currencies constant (only significant exposures above NOK 100 million are included in the table): Monetary Item Currency 2023 2022 NOK in millions EUR SEK USD Other EUR SEK USD Other Depreciating Functional Currency NOK (216) (554) (363) - - (510) (677) (104) Translation of subsidiaries from their functional currencies into the presentation currency of the Group (NOK) will impact the Group\u2019s other comprehensive income (OCI) and equity. If NOK had weakened by 10% against all other functional currencies of the Group, the change in the carrying amount of consolidated equity as of 31 December 2023, including effects of net investment hedge, would have been an increase of approximately NOK 6.4 billion (increase of NOK 5.6 billion as of 31 December 2022). The table below shows the impact on OCI of net investment hedge (NIH) instruments if the functional currency weakened by 10%. 2023 2022 NOK in millions EUR SEK Other EUR SEK Other Currency effect on OCI (before tax) of NIH instruments NOK (2 760) (1 178) (745) (2 420) (1 211) (585) Effect on other comprehensive income (OCI) (4 683) (4 216) Translation of net income from subsidiaries with functional currency other than NOK, also represents a currency exposure for the Group\u2019s reported figures. If the presentation currency (NOK) had weakened / strengthened by 10% against all other currencies included in the analysis, net income for the Group would have been NOK 505 million higher / lower in 2023 (NOK 588 million in 2022). ",
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"s8_notes__6__151": {
"value": "Credit risk Credit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. The Group considers its maximum exposure to credit risk to be as follows: Maximum credit exposure NOK in millions 2023 2022 Cash and cash equivalents 19 556 9 929 Bonds and commercial papers > 3 months (note 27) 269 277 Financial derivatives (note 27) 893 1 017 Trade and other current financial receivables (note 19) 13 502 16 480 The Group\u2019s credit risks largely arise from trade receivables, financial derivatives and cash and cash equivalents. Credit risk from cash and cash equivalents is managed by the Group\u2019s Treasury department in accordance with the principles defined in the Group Policy Treasury. Cash deposits are only made with approved counterparties and in accordance with approved credit limits per counterparty. Counterparty credit limits for core banks are reviewed by the Group\u2019s Board of Directors on a regular basis. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty\u2019s potential payment default. Credit risk arising from financial derivatives and cash deposits is managed through diversification, internal risk assessment and credit scoring, as well as credit risk mitigation tools. The main risk mitigation tools include legal netting and collateral agreements. Credit risk related to trade receivables is assessed to be limited due to the high number of customers in the Group\u2019s customer base. As such, no further credit risk provision is required in excess of the normal provision for bad and doubtful receivables. See note 19 for information on receivables in terms of age distribution and provision for bad debt. Credit risk related to sale of handsets on instalment plans, where the effect of discounting is considered material, is also assessed to be limited. Credit risk related to such arrangements are embedded in the discount rate and reflected as reduced revenue. As of 31 December 2023, NOK 420 million was posted as cash collateral (receivable). As of 31 December 2022, NOK 264 million was posted as cash collateral (receivable).",
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"s8_notes__6__152": {
"value": "NOTE 32 Fair values of financial instruments Based on the characteristics of the financial instruments that are recognised in the financial statements, the financial instruments are grouped into classes and categories. The estimated fair values of Telenor\u2019s financial instruments are based on available market prices and various valuation methodologies as summarised in this note. Fair value hierarchy Telenor measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in measuring fair value: Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs). Interest-bearing liabilities Fair values of interest-bearing liabilities as shown in note 30 are based on quoted prices where available. Interest-bearing liabilities that are not traded in an active market have been estimated using yield curves which incorporate estimates of the Telenor ASA credit spread. The credit curves have been extrapolated using indicative prices on debt issuance by Telenor ASA for different maturities. The yield curves have been interpolated from cash and swap curves observed in the market for different currencies and maturities. Trade receivables and other current and non-current financial assets For trade receivables and other current receivables, see note 19 for more information, the carrying amount is assessed to be a reasonable approximation of fair value. The effect of not discounting is considered to be immaterial for this class of financial instruments. Telenor has issued a shareholder loan to the joint ventures holding the indirect ownership in True Corporation. These shareholder loans are recognised at fair value through profit or loss, see note 27. Trade payables and other non-interest-bearing financial liabilities For trade payables and other non-interest-bearing financial liabilities, see note 24 for more information, the carrying amount is assessed to be a reasonable approximation of fair value. The effect of not discounting is considered to be insignificant for this class of financial instruments. Equity investments Fair values for listed shares as shown in note 27 are based on quoted prices at the end of the reporting period. Fair value of unlisted shares is estimated by using commonly used valuation techniques or measured at cost if the investment does not have a quoted market price in an active market and the fair value cannot be reliably measured. Cash and cash equivalents The fair value for this class of financial instruments is assessed to be equal to the nominal amount. Derivatives Fair value of currency swaps, foreign currency forward contracts and interest rate swaps as shown in note 27 is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of 31 December 2023 and 2022, respectively.",
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"s8_notes__6__155": {
"value": "Fair value hierarchy Telenor measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in measuring fair value: Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments Level 2: Inputs other than quoted prices included within Level 1 that are observable for assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs). Interest-bearing liabilities Fair values of interest-bearing liabilities as shown in note 30 are based on quoted prices where available. Interest-bearing liabilities that are not traded in an active market have been estimated using yield curves which incorporate estimates of the Telenor ASA credit spread. The credit curves have been extrapolated using indicative prices on debt issuance by Telenor ASA for different maturities. The yield curves have been interpolated from cash and swap curves observed in the market for different currencies and maturities. Trade receivables and other current and non-current financial assets For trade receivables and other current receivables, see note 19 for more information, the carrying amount is assessed to be a reasonable approximation of fair value. The effect of not discounting is considered to be immaterial for this class of financial instruments. Telenor has issued a shareholder loan to the joint ventures holding the indirect ownership in True Corporation. These shareholder loans are recognised at fair value through profit or loss, see note 27. Trade payables and other non-interest-bearing financial liabilities For trade payables and other non-interest-bearing financial liabilities, see note 24 for more information, the carrying amount is assessed to be a reasonable approximation of fair value. The effect of not discounting is considered to be insignificant for this class of financial instruments. Equity investments Fair values for listed shares as shown in note 27 are based on quoted prices at the end of the reporting period. Fair value of unlisted shares is estimated by using commonly used valuation techniques or measured at cost if the investment does not have a quoted market price in an active market and the fair value cannot be reliably measured. Cash and cash equivalents The fair value for this class of financial instruments is assessed to be equal to the nominal amount. Derivatives Fair value of currency swaps, foreign currency forward contracts and interest rate swaps as shown in note 27 is estimated based on calculating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of 31 December 2023 and 2022, respectively.",
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"s8_notes__6__156": {
"value": "NOTE 33 Guarantees NOK in millions 2023 2022 Guarantee obligations as of 31 December 1 590 1 522 Telenor has provided various types of guarantees to external parties, including guarantees relating to partnership agreements and guarantees for the pension funds. Purchased bank guarantees are not included in the table.",
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"s8_notes__6__158-1": {
"value": "NOTE 34 Consolidation and group companies Telenor had 98 subsidiaries in 18 countries at year-end 2023. All subsidiaries have the same reporting period as Telenor ASA and use consistent accounting policies. Accounting policies Entities controlled by Telenor ASA are included in the consolidated financial statements, and control normally exists when Telenor has more than 50% of the voting power through ownership or agreements, except where non-controlling interests prevent the exercise of control. Intercompany transactions, balances, revenues, expenses and unrealised internal profit or losses are eliminated on consolidation. Non-controlling interests in subsidiaries are presented within equity separately from the equity attributable to the owners of the parent, refer to note 28 Equity. Non-controlling interests have been measured at the proportionate fair value of net identifiable assets at the date of the business combination and share of changes in equity since the date of the business combination. Shares in subsidiaries Ownership interest 31 December 31 December Office 2023 2022 1)Telenor Asia Holding ASNorway 100 Telenor Agder Vestfold og Telemark 2 AS Norway 100 100 Telenor Communication II AS Norway 100 100 Telenor Consult AS Norway 100 100 1)Telenor Digital Infrastructure Holding ASNorway 100 Telenor Eiendom Harel\u00f8kken AS Norway 100 100 Telenor Festekontrakter AS Norway 100 100 Telenor Fiber AS Norway 70 100 Telenor Forsikring AS Norway 100 100 Telenor GTI AS Norway 100 100 Telenor Health AS Norway 100 100 Telenor Infra AS Norway 100 100 Telenor Jel\u00f8y Radio AS Norway 100 100 Telenor KB AS Norway 100 100 Telenor L\u00e5veveien 55 AS Norway 100 100 Telenor Linx AS Norway 100 100 Telenor Maritime AS Norway 100 100 Telenor Marketplace Invest AS Norway 100 100 Telenor Mobile Communications AS Norway 100 100 Telenor Mobile Holding AS Norway 100 100 Telenor M\u00f8re og Romsdal og Tr\u00f8ndelag 2 AS Norway 100 100 Telenor Networks Holding AS Norway 100 100 Telenor Nord 2 AS Norway 100 100 Telenor Nordic Towers AS Norway 100 100 Telenor Norge AS Norway 100 100 Telenor \u00d8vre Strandgate 5 2 AS Norway 100 100 1)Telenor Procurement Holding ASNorway 100 Telenor Real Estate AS Norway 100 100 Telenor Satellite AS Norway 100 100 Telenor Shared Services AS Norway 100 100 Telenor Software Lab AS Norway 100 100 Telenor Svalbard AS Norway 100 100 1)Telenor Tracking Solutions ASNorway 100 Telenor Tryvann Radio AS Norway 100 100 Telenor Vestlandet og Rogaland 2 AS Norway 100 100 Telenor Viken og Innlandet 2 AS Norway 100 100 Bj\u00f8rvika IKT AS Norway 67 67 Bldng. AI AS Norway 100 100 3)Cinclus Technology ASNorway 100 Nordix Data AS Norway 100 100 Omny AS Norway 100 100 SnT East Holding AS Norway 100 100 Talkmore AS Norway 100 100 Telway AS Norway 100 100 Where2o AS Norway 51 51 Telenor Connexion AB Sweden 100 100 Telenor Gauntlet Holding AB Sweden 100 100 Telenor Maritime AB Sweden 100 100 Telenor Sverige AB Sweden 100 100 Ownership interest 31 December 31 December (continued) Office 2023 2022 Telenor Tower Sweden AB Sweden 100 100 MVNO Systems A/S Denmark 100 100 Telenor A/S Denmark 100 100 Telenor Danmark Holding A/S Denmark 100 100 Tn Finance A/S Denmark 100 100 Canal Digital Finland OY Finland 100 100 DNA Kauppa OY Finland 100 100 DNA Oyj Finland 100 100 DNA Tower Finland Oy Finland 100 100 DNA Welho OY Finland 100 100 European Mobile Operator Oy Finland 100 100 Moi Mobiili Oy Finland 100 100 Telenor Finland Holding OY Finland 100 100 Telenor Maritime OY Finland 100 100 Grameenphone Ltd Bangladesh 56 56 2)Telenor Health BangladeshBangladesh 100 Telenor Telecom Services SA Greece 100 100 Telenor Global Services Hong Kong Ltd Hong Kong 100 100 Telenor India Private Ltd India 100 100 Unitech Wireless (Tamilnadu) Private Limited India 67 67 Telenor IT Asia Sdn Bhd Malaysia 100 100 Treverdi Ventures Limited Myanmar 100 100 Telenor Pakistan BV Ltd Netherlands 100 100 Argos Takes Care of It SA Marocco 100 100 Margalla Ventures Ltd Pakistan 100 100 Orion Towers (Private) Limited Pakistan 100 100 Telenor LDI Comminication (PVT) Ltd Pakistan 100 100 Telenor Pakistan (Private) Ltd Pakistan 100 100 Telenor Shared Services Pakistan (PVT) Ltd Pakistan 100 100 1)Telenor Linx PolskaPoland 100 0 Telenor Asia PTE Ltd Singapore 100 100 Telenor Asia Towers Pte. Ltd Singapore 100 100 Telenor Global Services Singapore PTE Ltd Singapore 100 100 Telenor GO Pte Ltd Singapore 100 100 Telenor Malaysia Investments Pte Ltd Singapore 100 100 Telenor Maritime ASIA Pte. Ltd Singapore 100 100 Telenor Pakistan Investments Pte Ltd Singapore 100 100 Telenor Procurement Company Pte.Ltd. Singapore 100 100 Telenor South Asia Investment Pte Ltd Singapore 100 100 Telenor South-East Asia Investment Pte Ltd Singapore 100 100 Telenor Thailand Investments Pte Ltd Singapore 100 100 BCTN Holding Co., Ltd. Thailand 100 100 BCTN Innovation Co., Ltd. Thailand 100 49 Telenor Asia (IHQ) Ltd Thailand 100 100 Thai Telco Holdings Ltd. Thailand 100 51 Telenor UK Ltd United Kingdom 100 100 FJ Labs Telenor Co-Invest II LP USA 99 99 FJ Labs Telenor Co-Invest III LP USA 99 99 Telenor Digital Holding Inc. USA 100 100 Telenor Maritime Inc. USA 100 100 Telenor Inc USA 100 100 1) The company was established in 2023. 2) The company was terminated in 2023. 3) The company merged with Telenor Communication II AS in 2023. NOTE 35 Associated companies and joint arrangements Associated companies are normally those entities where Telenor has between 20 to 50 percent ownership. Joint arrangements are those entities where Telenor share control with other parties. On 1 March 2023, the subsidiary dtac in Thailand merged with True Corporation. This resulted in a derecognition as a subsidiary of Telenor with a gain of NOK 18.5 billion. After the merger, True Corporation is an associated company with Telenor having a total ownership of 30.2%. Accounting policies Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These entities are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are significant. Key accounting judgment The net investment in associated companies is impaired if there is objective evidence of impairment. Telenor\u2019s two most material associated companies, True Corporation and CelcomDigi, are listed companies in their home countries. A decline in market value compared to cost is considered as objective impairment evidence if the decline is significant or prolonged. The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of significant judgement. In 2023, the share price of True Corporation declined from THB 8.15 per share when the merged company was listed on 3 March 2023 to THB 5.05 as of 31 December 2023. Management concluded that the decline in fair value compared to cost was significant and an impairment loss of NOK 7,200 million was recognised. At end of each reporting period going forward, the carrying value of True Corporation will be reassessed based on the closing share price, limiting any reversal to the amount of the original impairment. Associated companies and joint ventures NOK in millions 2023 2022 Balance as of 1 January 39 686 5 683 Additions 22 306 35 089 Disposals ( 86) ( 433) Impairments (8 505) - Share of net income (losses) ( 631) ( 230) Share of other comprehensive income ( 95) 46 Dividends received (1 238) ( 575) Translation differences ( 495) 106 Balance as of 31 December 50 942 39 686 of which investment in CelcomDigi 33 763 34 436 of which investment in True Corporation 13 532 - of which investment in 701 Search and Carousell 2 157 2 660 of which investment in Allente 866 1 369 of which investment in Telenor Microfinance Bank Limited 362 828 of which others 261 393 Additions 12On 1 March 2023, the amalgamation of the telecom operations True Corporation Public Company Ltd (True) and Total Access Communication Public Company Ltd (dtac) was completed. The previous shares in True and dtac were converted to shares in the newly established company True Corporation Public Company Ltd (True Corporation) with a conversion rate of 0.60018 and 6.13444, respectively. Due to the loss of control in dtac and the recognition of the new investment in True Corporation, Telenor recognised a gain of NOK 18.5 billion (see note 12 Held for sale and discontinued operations). The direct ownership-share in True Corporation was initially recognised at NOK 21.9 billion, representing a weighted average share price of THB 8.15. Telenor\u2019s previous ownership interest in dtac corresponds to an ownership interest in True Corporation of 27.3%. In addition, Telenor has acquired shares for NOK 3.0 billion, bringing the total ownership interest in True Corporation to 30.2%. The ownership interests are structured into direct ownership and indirect ownership through joint ventures owned together with Charoen Pokphand Group (CP Group). As of 31 December 2023, Telenor\u2019s ownership is divided into 26.3% direct ownership and 3.9% indirect ownership. The joint ventures are funded with shareholder loan by Telenor and CP Group. On 30 November 2022, the merger between the telecommunication operations of Celcom and Digi in Malaysia was completed. On completion, Digi issued 3.96 billion shares to Celcom\u2019s owner Axiata in addition to making cash payments of NOK 5.4 billion. The share issue diluted Telenor\u2019s 1)12 An amalgamation is a distinct form of merger where two or more companies combine to form a new legal entity. The original companies are dissolved. ownership to 32.5%, Telenor lost control over Digi, and Digi was deconsolidated and recognised as an associated company as of 30 November 2022. As part of the transaction to bring Telenor and Axiata to equal ownership, Telenor acquired at the same date 73.4 million shares from Axiata for an amount of NOK 667 million. Telenor\u2019s ownership after the transaction in CelcomDigi is 33.1%. The gain of NOK 32.9 billion was recognised on the date of losing control over Digi based on a market value of the combined entity as of first day of trading i.e., 1 December 2022, which was NOK 34.1 billion for Telenor\u2019s interest in the new company CelcomDigi. Disposals On 10 August 2023, Telenor announced that it would be selling its 44.6% share in the software company Working Group Two to the global communications technology company Cisco at an estimated enterprise value of USD 150 million. The transaction was closed in the fourth quarter 2023 and a gain on disposal of NOK 670 million was recognised. As announced on 17 January 2022, Telenor entered into an agreement with Yoma Strategic to sell the Group's 51% ownership share in Digital Money Myanmar Limited (Wave Money) to Yoma MFS Holdings Pte. Ltd, a subsidiary of Yoma Strategic. The transaction was closed on 7 December 2022 for a cash consideration of NOK 0.4 billion. The loss recognised on disposal was NOK 35 million during 2022. In 2022, Telenor\u2019s economic interest in Carousell was diluted following new capital investment of USD 15 million. The loss of NOK 36 million was recognised during 2022 on deemed disposal. As of 31 December 2023, Telenor\u2019s economic interest in Carousell stands at 32.4. Impairments During 2023, impairments of NOK 8,505 million have been recognised related to investments in associated companies and joint ventures. The impairments were recognised for the investments in True Corporation (NOK 7,200 million) and in Telenor Microfinance Bank (NOK 376 million), which are part of Asia segment, and in Allente (465 million) and in Carousell (NOK 464 million), which are part of Amp segment. During March 2023, Telenor initially recognised True as an associated company at fair value based on the weighted average market value at the time for conversion of shares in dtac to shares in True and subsequently acquisitions of shares in True. The direct ownership in True was recognised at NOK 21.9 billion, corresponding to a share price of NOK 8.15. A significant or prolonged decline in market value compared to cost is considered as objective evidence of impairment. The decline in fair value compared to cost became significant during 2023, and an impairment was recognised. After considering significant events reported by True Corporation in the fourth quarter 2023, the impairment amounts to NOK 7,200 million. The carrying amount for the direct ownership after impairment is NOK 13.5 billion as of 31 December 2023, which is based on the December closing share price of THB 5.05. At end of each reporting period going forward, the carrying value of True will be reassessed based on the closing share price, limiting any reversal to the amount of the original impairment. In addition, the shareholder loan provided to the joint venture have been impaired under net financial items by NOK 1,128 million (NOK 695 million in the fourth quarter 2023) due to the decline in market value of shares in True. The carrying amount of the receivable as of 31 December 2023 is NOK 2.0 billion. The investment in Carousell was impaired following the deteriorating outlook for growth companies. Carousell is fast growing but does not generate positive EBITDA yet. Thus, a mean of multiples on sale from businesses with similar characteristics, has been used as basis for estimating its value. The carrying amount of the investment after impairment is NOK 2.2 billion, of which goodwill of NOK 2.3 billion. Allente was impaired due to deteriorating business outlook given rapidly dropping customer base. In the discounted cash flow model we used a 10-year explicit forecast period, an insignificant terminal value, and a discount rate of 10.6%. The carrying amount of the investment after impairment is NOK 0.9 billion. In the second quarter 2023, Telenor reassessed the fair value of the joint venture Telenor Microfinance Bank in Pakistan. The underlying operation in Telenor Microfinance Bank is performing well. However, due to increased macroeconomic uncertainty, reflected through increased weighted average cost of capital, the estimated fair value was below the carrying amount of Telenor Microfinance Bank. Hence, an impairment NOK 376 million has been recognised. Material associates and joint ventures CelcomDigi CelcomDigi is an associated company where Telenor controls 33.1% of the shares and voting rights. The associate is accounted for using the equity method. CelcomDigi is a telecommunication company, listed on Bursa Malaysia Berhad and became the largest mobile network operator in Malaysia through a merger between the former Telenor subsidiary Digi and Celcom Axiata Berhad in November 2022. Telenor share of CelcomDigi\u2019s market value amounted to NOK 34.9 billion as of 31 December 2022. The Group is not aware of significant restrictions limiting the ability of CelcomDigi to transfer funds to its shareholders. For example, under the form of dividends, repayment of advances or loans made. As the financial quarterly results of the listed company CelcomDigi will not always be published at the time Telenor reports its quarterly results, Telenor will include the share of profits from CelcomDigi with a one-quarter lag. This means that Telenor\u2019s share of net income consists of CelcomDigi\u2019s reported numbers for the period from December 2022 to September 2023. The following table sets forth the summarised financial information of CelcomDigi. The figures reflect the opening balance for CelcomDigi on 1 December 2022, adjusted for dividend received by Telenor in December 2022. The financial information includes the preliminary allocation of the excess values recognised as part of the merger, and reconciliation with the carrying amount of the investment for the Group. NOK in millions 2023 2022 Statement of comprehensive income Revenue 24 345 - EBITDA 11 421 - Depreciation and amortization (7 661) - Net financial items (1 076) - Income tax expense ( 706) - Net income (loss) from continuing operations 1 954 - Other comprehensive income(loss) - - Total comprehensive income (loss) 1 954 - Telenor's ownership in % 33 33 Share of net income from associated companies 647 - Share of other comprehensive income (loss) - - Share of total comprehensive income (loss) 647 - NOK in millions 2023 2022 Statement of financial position Non-current assets 75 085 77 836 Current assets excluding cash and cash equivalents 12 529 9 593 Cash and cash equivalents 793 7 744 Non-current non-interest bearing liabilities (3 866) (6 978) Non-current interst bearing liabilities (24 528) (33 310) Current non-interest bearing liabilities (15 263) (8 194) Total equity 44 751 46 691 Telenor's share of equity 13 193 15 455 Goodwill related to the Telenor's investment 20 570 18 981 Carrying amount of investment 33 763 34 436 Dividends received 1 136 289 True Corporation True Corporation is an associated company where Telenor has a direct ownership of 26.3% and an indirect ownership through a joint venture of 3.9%, in total an ownership interest of 30.2%. The associate is accounted for using the equity method. True Corporation is a telecommunication company, listed on the Stock Exchange of Thailand. Telenor\u2019s share of True Corporation\u2019s market value, including the indirect ownership, amounted to NOK 15.5 billion as of 31 December 2023. Telenor is not aware of significant restrictions limiting the ability of True Corporation to transfer funds to its shareholders. For example, under the form of dividends, repayment of advances or loans made. As the financial quarterly results of the listed company True Corporation are not published at the time Telenor reports its quarterly results, Telenor include the share of net income from True Corporation with a one quarter lag. This means that for 2023, the period March 2023 to September 2023 is included in Telenor\u2019s share of True Corporation\u2019s net income for 2023. Telenor adjust for known significant events that occur in the fourth quarter. In the fourth quarter 2023, True recognised three significant events, and these events impacted Telenor\u2019s share of net income from True negatively with NOK 838 million. Including these three events in Telenor\u2019s share of net income, the impairment recognised in the fourth quarter is adjusted with the same amount. Hence, the impairment recognised for True in the fourth quarter 2023 report is adjusted from NOK 8,037 million to NOK 7,200 million. Telenor\u2019s share of profit for the year 2023 reflects Telenor\u2019s direct weighted average ownership share during the period of 25.3%, which consists of 19.6% directly owned shares through the entire month of March, 1.3% acquired 21 March 2023, and 5.4% acquired 17 April 2023. The following tables sets forth the summarised financial information of True Corporation, including the preliminary allocation of the excess values recognised as part of the merger, adjustments for difference in accounting policies, and reconciliation with the carrying amount of the investment for the Group. NOK in millions 2023 Statement of comprehensive income Revenue 34 925 EBITDA 13 447 Depreciation and amortization (12 453) Net financial items (4 313) Income tax expense ( 611) Net income (loss) from continuing operations (4 523) Other comprehensive income(loss) ( 19) Total comprehensive income (loss) (4 542) Telenor's ownership in % 25 Share of net income from associated companies (1 146) Impairments (7 200) Share of other comprehensive income (loss) ( 5) Share of total comprehensive income (loss) (8 351) NOK in millions 2023 Statement of financial position Non-current assets 198 676 Current assets excluding cash and cash equivalents 22 161 Cash and cash equivalents 7 440 Non-current non-interest bearing liabilities (8 376) Non-current interst bearing liabilities (126 135) Current non-interest bearing liabilities (62 100) Total equity 31 665 Telenor's share of equity 8 306 Goodwill related to the Telenor's investment 5 226 Carrying amount of investment 13 532 Dividends received - Allente Allente Group AB (Allente) is a joint venture accounted for using the equity method where Telenor controls 50% of the shares and the voting rights. Allente is a Nordic TV distributor broadcasting via satellite and internet TV, to customers within Norway, Sweden, Denmark, and Finland. Allente was established in May 2020 through a merger between the former Telenor subsidiary Canal Digital and Nordic Entertainment Group (NENT). The following table sets forth summarised financial information of Allente, including excess values from the merger in 2020, and reconciliation with the carrying amount of the investment for the Group: NOK in millions 2023 2022 Statement of comprehensive income Revenue 6 584 6 472 EBITDA 841 1 181 Depreciation and amortization ( 515) ( 526) Net financial items ( 128) ( 62) Income tax expense ( 68) ( 123) Net income (loss) from continuing operations 131 470 Other comprehensive income(loss) ( 178) 83 Total comprehensive income (loss) ( 47) 553 Telenor's ownership in % 50 50 Share of net income from associated companies 65 235 Impairments ( 465) - Share of other comprehensive income (loss) ( 89) 42 Share of total comprehensive income (loss) ( 489) 277 NOK in millions 2023 2022 Statement of financial position Non-current assets 3 983 4 401 Current assets excluding cash and cash equivalents 1 703 1 781 Cash and cash equivalents 492 144 Non-current non-interest bearing liabilities ( 338) ( 442) Non-current interst bearing liabilities (2 116) (1 948) Current non-interest bearing liabilities (1 992) (1 971) Total equity 1 733 1 964 Telenor's share of equity 866 982 Goodwill related to the Telenor's investment - 387 Carrying amount of investment 866 1 369 Dividends received 100 285 .Joint operations Telenor is part of four joint arrangements structured through separate vehicles for networks sharing in Sweden, Denmark, and Finland. The activities are designed for the provision of output to the investors and hence these arrangements are classified as joint operations. Joint Operation Description Ownership interest in % 1)3G Infrastructure Services AB Joint operation with the mobile operator 3 in Sweden 50 Net4Mobility HB Joint operation under partnership agreement with the mobile operator Tele2 Sverige AB in 50 1)Sweden TT Netv\u00e6rket P/S Joint operation with the mobile operator TeliaSonera Mobile Holding AB in Denmark 50 2)Suomen Yhteisverkko Oy Joint operations with mobile Operator Telia Finland Oy in Finland 49 . 1)Under Swedish law, all partners in a partnership are jointly and severally liable for all obligations in a partnership.2)According to the shareholder\u2019s agreement, both partners in are jointly and severally liable for all obligations in the joint undertaking. ",
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"value": "NOTE 34 Consolidation and group companies Telenor had 98 subsidiaries in 18 countries at year-end 2023. All subsidiaries have the same reporting period as Telenor ASA and use consistent accounting policies. Accounting policies Entities controlled by Telenor ASA are included in the consolidated financial statements, and control normally exists when Telenor has more than 50% of the voting power through ownership or agreements, except where non-controlling interests prevent the exercise of control. Intercompany transactions, balances, revenues, expenses and unrealised internal profit or losses are eliminated on consolidation. Non-controlling interests in subsidiaries are presented within equity separately from the equity attributable to the owners of the parent, refer to note 28 Equity. Non-controlling interests have been measured at the proportionate fair value of net identifiable assets at the date of the business combination and share of changes in equity since the date of the business combination. Shares in subsidiaries Ownership interest 31 December 31 December Office 2023 2022 1)Telenor Asia Holding ASNorway 100 Telenor Agder Vestfold og Telemark 2 AS Norway 100 100 Telenor Communication II AS Norway 100 100 Telenor Consult AS Norway 100 100 1)Telenor Digital Infrastructure Holding ASNorway 100 Telenor Eiendom Harel\u00f8kken AS Norway 100 100 Telenor Festekontrakter AS Norway 100 100 Telenor Fiber AS Norway 70 100 Telenor Forsikring AS Norway 100 100 Telenor GTI AS Norway 100 100 Telenor Health AS Norway 100 100 Telenor Infra AS Norway 100 100 Telenor Jel\u00f8y Radio AS Norway 100 100 Telenor KB AS Norway 100 100 Telenor L\u00e5veveien 55 AS Norway 100 100 Telenor Linx AS Norway 100 100 Telenor Maritime AS Norway 100 100 Telenor Marketplace Invest AS Norway 100 100 Telenor Mobile Communications AS Norway 100 100 Telenor Mobile Holding AS Norway 100 100 Telenor M\u00f8re og Romsdal og Tr\u00f8ndelag 2 AS Norway 100 100 Telenor Networks Holding AS Norway 100 100 Telenor Nord 2 AS Norway 100 100 Telenor Nordic Towers AS Norway 100 100 Telenor Norge AS Norway 100 100 Telenor \u00d8vre Strandgate 5 2 AS Norway 100 100 1)Telenor Procurement Holding ASNorway 100 Telenor Real Estate AS Norway 100 100 Telenor Satellite AS Norway 100 100 Telenor Shared Services AS Norway 100 100 Telenor Software Lab AS Norway 100 100 Telenor Svalbard AS Norway 100 100 1)Telenor Tracking Solutions ASNorway 100 Telenor Tryvann Radio AS Norway 100 100 Telenor Vestlandet og Rogaland 2 AS Norway 100 100 Telenor Viken og Innlandet 2 AS Norway 100 100 Bj\u00f8rvika IKT AS Norway 67 67 Bldng. AI AS Norway 100 100 3)Cinclus Technology ASNorway 100 Nordix Data AS Norway 100 100 Omny AS Norway 100 100 SnT East Holding AS Norway 100 100 Talkmore AS Norway 100 100 Telway AS Norway 100 100 Where2o AS Norway 51 51 Telenor Connexion AB Sweden 100 100 Telenor Gauntlet Holding AB Sweden 100 100 Telenor Maritime AB Sweden 100 100 Telenor Sverige AB Sweden 100 100 Ownership interest 31 December 31 December (continued) Office 2023 2022 Telenor Tower Sweden AB Sweden 100 100 MVNO Systems A/S Denmark 100 100 Telenor A/S Denmark 100 100 Telenor Danmark Holding A/S Denmark 100 100 Tn Finance A/S Denmark 100 100 Canal Digital Finland OY Finland 100 100 DNA Kauppa OY Finland 100 100 DNA Oyj Finland 100 100 DNA Tower Finland Oy Finland 100 100 DNA Welho OY Finland 100 100 European Mobile Operator Oy Finland 100 100 Moi Mobiili Oy Finland 100 100 Telenor Finland Holding OY Finland 100 100 Telenor Maritime OY Finland 100 100 Grameenphone Ltd Bangladesh 56 56 2)Telenor Health BangladeshBangladesh 100 Telenor Telecom Services SA Greece 100 100 Telenor Global Services Hong Kong Ltd Hong Kong 100 100 Telenor India Private Ltd India 100 100 Unitech Wireless (Tamilnadu) Private Limited India 67 67 Telenor IT Asia Sdn Bhd Malaysia 100 100 Treverdi Ventures Limited Myanmar 100 100 Telenor Pakistan BV Ltd Netherlands 100 100 Argos Takes Care of It SA Marocco 100 100 Margalla Ventures Ltd Pakistan 100 100 Orion Towers (Private) Limited Pakistan 100 100 Telenor LDI Comminication (PVT) Ltd Pakistan 100 100 Telenor Pakistan (Private) Ltd Pakistan 100 100 Telenor Shared Services Pakistan (PVT) Ltd Pakistan 100 100 1)Telenor Linx PolskaPoland 100 0 Telenor Asia PTE Ltd Singapore 100 100 Telenor Asia Towers Pte. Ltd Singapore 100 100 Telenor Global Services Singapore PTE Ltd Singapore 100 100 Telenor GO Pte Ltd Singapore 100 100 Telenor Malaysia Investments Pte Ltd Singapore 100 100 Telenor Maritime ASIA Pte. Ltd Singapore 100 100 Telenor Pakistan Investments Pte Ltd Singapore 100 100 Telenor Procurement Company Pte.Ltd. Singapore 100 100 Telenor South Asia Investment Pte Ltd Singapore 100 100 Telenor South-East Asia Investment Pte Ltd Singapore 100 100 Telenor Thailand Investments Pte Ltd Singapore 100 100 BCTN Holding Co., Ltd. Thailand 100 100 BCTN Innovation Co., Ltd. Thailand 100 49 Telenor Asia (IHQ) Ltd Thailand 100 100 Thai Telco Holdings Ltd. Thailand 100 51 Telenor UK Ltd United Kingdom 100 100 FJ Labs Telenor Co-Invest II LP USA 99 99 FJ Labs Telenor Co-Invest III LP USA 99 99 Telenor Digital Holding Inc. USA 100 100 Telenor Maritime Inc. USA 100 100 Telenor Inc USA 100 100 1) The company was established in 2023. 2) The company was terminated in 2023. 3) The company merged with Telenor Communication II AS in 2023. ",
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"value": "Accounting policies Entities controlled by Telenor ASA are included in the consolidated financial statements, and control normally exists when Telenor has more than 50% of the voting power through ownership or agreements, except where non-controlling interests prevent the exercise of control. Intercompany transactions, balances, revenues, expenses and unrealised internal profit or losses are eliminated on consolidation. Non-controlling interests in subsidiaries are presented within equity separately from the equity attributable to the owners of the parent, refer to note 28 Equity. Non-controlling interests have been measured at the proportionate fair value of net identifiable assets at the date of the business combination and share of changes in equity since the date of the business combination.",
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"value": "NOTE 35 Associated companies and joint arrangements Associated companies are normally those entities where Telenor has between 20 to 50 percent ownership. Joint arrangements are those entities where Telenor share control with other parties. On 1 March 2023, the subsidiary dtac in Thailand merged with True Corporation. This resulted in a derecognition as a subsidiary of Telenor with a gain of NOK 18.5 billion. After the merger, True Corporation is an associated company with Telenor having a total ownership of 30.2%. Accounting policies Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These entities are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are significant. Key accounting judgment The net investment in associated companies is impaired if there is objective evidence of impairment. Telenor\u2019s two most material associated companies, True Corporation and CelcomDigi, are listed companies in their home countries. A decline in market value compared to cost is considered as objective impairment evidence if the decline is significant or prolonged. The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of significant judgement. In 2023, the share price of True Corporation declined from THB 8.15 per share when the merged company was listed on 3 March 2023 to THB 5.05 as of 31 December 2023. Management concluded that the decline in fair value compared to cost was significant and an impairment loss of NOK 7,200 million was recognised. At end of each reporting period going forward, the carrying value of True Corporation will be reassessed based on the closing share price, limiting any reversal to the amount of the original impairment. Associated companies and joint ventures NOK in millions 2023 2022 Balance as of 1 January 39 686 5 683 Additions 22 306 35 089 Disposals ( 86) ( 433) Impairments (8 505) - Share of net income (losses) ( 631) ( 230) Share of other comprehensive income ( 95) 46 Dividends received (1 238) ( 575) Translation differences ( 495) 106 Balance as of 31 December 50 942 39 686 of which investment in CelcomDigi 33 763 34 436 of which investment in True Corporation 13 532 - of which investment in 701 Search and Carousell 2 157 2 660 of which investment in Allente 866 1 369 of which investment in Telenor Microfinance Bank Limited 362 828 of which others 261 393 Additions 12On 1 March 2023, the amalgamation of the telecom operations True Corporation Public Company Ltd (True) and Total Access Communication Public Company Ltd (dtac) was completed. The previous shares in True and dtac were converted to shares in the newly established company True Corporation Public Company Ltd (True Corporation) with a conversion rate of 0.60018 and 6.13444, respectively. Due to the loss of control in dtac and the recognition of the new investment in True Corporation, Telenor recognised a gain of NOK 18.5 billion (see note 12 Held for sale and discontinued operations). The direct ownership-share in True Corporation was initially recognised at NOK 21.9 billion, representing a weighted average share price of THB 8.15. Telenor\u2019s previous ownership interest in dtac corresponds to an ownership interest in True Corporation of 27.3%. In addition, Telenor has acquired shares for NOK 3.0 billion, bringing the total ownership interest in True Corporation to 30.2%. The ownership interests are structured into direct ownership and indirect ownership through joint ventures owned together with Charoen Pokphand Group (CP Group). As of 31 December 2023, Telenor\u2019s ownership is divided into 26.3% direct ownership and 3.9% indirect ownership. The joint ventures are funded with shareholder loan by Telenor and CP Group. On 30 November 2022, the merger between the telecommunication operations of Celcom and Digi in Malaysia was completed. On completion, Digi issued 3.96 billion shares to Celcom\u2019s owner Axiata in addition to making cash payments of NOK 5.4 billion. The share issue diluted Telenor\u2019s 1)12 An amalgamation is a distinct form of merger where two or more companies combine to form a new legal entity. The original companies are dissolved. ownership to 32.5%, Telenor lost control over Digi, and Digi was deconsolidated and recognised as an associated company as of 30 November 2022. As part of the transaction to bring Telenor and Axiata to equal ownership, Telenor acquired at the same date 73.4 million shares from Axiata for an amount of NOK 667 million. Telenor\u2019s ownership after the transaction in CelcomDigi is 33.1%. The gain of NOK 32.9 billion was recognised on the date of losing control over Digi based on a market value of the combined entity as of first day of trading i.e., 1 December 2022, which was NOK 34.1 billion for Telenor\u2019s interest in the new company CelcomDigi. Disposals On 10 August 2023, Telenor announced that it would be selling its 44.6% share in the software company Working Group Two to the global communications technology company Cisco at an estimated enterprise value of USD 150 million. The transaction was closed in the fourth quarter 2023 and a gain on disposal of NOK 670 million was recognised. As announced on 17 January 2022, Telenor entered into an agreement with Yoma Strategic to sell the Group's 51% ownership share in Digital Money Myanmar Limited (Wave Money) to Yoma MFS Holdings Pte. Ltd, a subsidiary of Yoma Strategic. The transaction was closed on 7 December 2022 for a cash consideration of NOK 0.4 billion. The loss recognised on disposal was NOK 35 million during 2022. In 2022, Telenor\u2019s economic interest in Carousell was diluted following new capital investment of USD 15 million. The loss of NOK 36 million was recognised during 2022 on deemed disposal. As of 31 December 2023, Telenor\u2019s economic interest in Carousell stands at 32.4. Impairments During 2023, impairments of NOK 8,505 million have been recognised related to investments in associated companies and joint ventures. The impairments were recognised for the investments in True Corporation (NOK 7,200 million) and in Telenor Microfinance Bank (NOK 376 million), which are part of Asia segment, and in Allente (465 million) and in Carousell (NOK 464 million), which are part of Amp segment. During March 2023, Telenor initially recognised True as an associated company at fair value based on the weighted average market value at the time for conversion of shares in dtac to shares in True and subsequently acquisitions of shares in True. The direct ownership in True was recognised at NOK 21.9 billion, corresponding to a share price of NOK 8.15. A significant or prolonged decline in market value compared to cost is considered as objective evidence of impairment. The decline in fair value compared to cost became significant during 2023, and an impairment was recognised. After considering significant events reported by True Corporation in the fourth quarter 2023, the impairment amounts to NOK 7,200 million. The carrying amount for the direct ownership after impairment is NOK 13.5 billion as of 31 December 2023, which is based on the December closing share price of THB 5.05. At end of each reporting period going forward, the carrying value of True will be reassessed based on the closing share price, limiting any reversal to the amount of the original impairment. In addition, the shareholder loan provided to the joint venture have been impaired under net financial items by NOK 1,128 million (NOK 695 million in the fourth quarter 2023) due to the decline in market value of shares in True. The carrying amount of the receivable as of 31 December 2023 is NOK 2.0 billion. The investment in Carousell was impaired following the deteriorating outlook for growth companies. Carousell is fast growing but does not generate positive EBITDA yet. Thus, a mean of multiples on sale from businesses with similar characteristics, has been used as basis for estimating its value. The carrying amount of the investment after impairment is NOK 2.2 billion, of which goodwill of NOK 2.3 billion. Allente was impaired due to deteriorating business outlook given rapidly dropping customer base. In the discounted cash flow model we used a 10-year explicit forecast period, an insignificant terminal value, and a discount rate of 10.6%. The carrying amount of the investment after impairment is NOK 0.9 billion. In the second quarter 2023, Telenor reassessed the fair value of the joint venture Telenor Microfinance Bank in Pakistan. The underlying operation in Telenor Microfinance Bank is performing well. However, due to increased macroeconomic uncertainty, reflected through increased weighted average cost of capital, the estimated fair value was below the carrying amount of Telenor Microfinance Bank. Hence, an impairment NOK 376 million has been recognised. Material associates and joint ventures CelcomDigi CelcomDigi is an associated company where Telenor controls 33.1% of the shares and voting rights. The associate is accounted for using the equity method. CelcomDigi is a telecommunication company, listed on Bursa Malaysia Berhad and became the largest mobile network operator in Malaysia through a merger between the former Telenor subsidiary Digi and Celcom Axiata Berhad in November 2022. Telenor share of CelcomDigi\u2019s market value amounted to NOK 34.9 billion as of 31 December 2022. The Group is not aware of significant restrictions limiting the ability of CelcomDigi to transfer funds to its shareholders. For example, under the form of dividends, repayment of advances or loans made. As the financial quarterly results of the listed company CelcomDigi will not always be published at the time Telenor reports its quarterly results, Telenor will include the share of profits from CelcomDigi with a one-quarter lag. This means that Telenor\u2019s share of net income consists of CelcomDigi\u2019s reported numbers for the period from December 2022 to September 2023. The following table sets forth the summarised financial information of CelcomDigi. The figures reflect the opening balance for CelcomDigi on 1 December 2022, adjusted for dividend received by Telenor in December 2022. The financial information includes the preliminary allocation of the excess values recognised as part of the merger, and reconciliation with the carrying amount of the investment for the Group. NOK in millions 2023 2022 Statement of comprehensive income Revenue 24 345 - EBITDA 11 421 - Depreciation and amortization (7 661) - Net financial items (1 076) - Income tax expense ( 706) - Net income (loss) from continuing operations 1 954 - Other comprehensive income(loss) - - Total comprehensive income (loss) 1 954 - Telenor's ownership in % 33 33 Share of net income from associated companies 647 - Share of other comprehensive income (loss) - - Share of total comprehensive income (loss) 647 - NOK in millions 2023 2022 Statement of financial position Non-current assets 75 085 77 836 Current assets excluding cash and cash equivalents 12 529 9 593 Cash and cash equivalents 793 7 744 Non-current non-interest bearing liabilities (3 866) (6 978) Non-current interst bearing liabilities (24 528) (33 310) Current non-interest bearing liabilities (15 263) (8 194) Total equity 44 751 46 691 Telenor's share of equity 13 193 15 455 Goodwill related to the Telenor's investment 20 570 18 981 Carrying amount of investment 33 763 34 436 Dividends received 1 136 289 True Corporation True Corporation is an associated company where Telenor has a direct ownership of 26.3% and an indirect ownership through a joint venture of 3.9%, in total an ownership interest of 30.2%. The associate is accounted for using the equity method. True Corporation is a telecommunication company, listed on the Stock Exchange of Thailand. Telenor\u2019s share of True Corporation\u2019s market value, including the indirect ownership, amounted to NOK 15.5 billion as of 31 December 2023. Telenor is not aware of significant restrictions limiting the ability of True Corporation to transfer funds to its shareholders. For example, under the form of dividends, repayment of advances or loans made. As the financial quarterly results of the listed company True Corporation are not published at the time Telenor reports its quarterly results, Telenor include the share of net income from True Corporation with a one quarter lag. This means that for 2023, the period March 2023 to September 2023 is included in Telenor\u2019s share of True Corporation\u2019s net income for 2023. Telenor adjust for known significant events that occur in the fourth quarter. In the fourth quarter 2023, True recognised three significant events, and these events impacted Telenor\u2019s share of net income from True negatively with NOK 838 million. Including these three events in Telenor\u2019s share of net income, the impairment recognised in the fourth quarter is adjusted with the same amount. Hence, the impairment recognised for True in the fourth quarter 2023 report is adjusted from NOK 8,037 million to NOK 7,200 million. Telenor\u2019s share of profit for the year 2023 reflects Telenor\u2019s direct weighted average ownership share during the period of 25.3%, which consists of 19.6% directly owned shares through the entire month of March, 1.3% acquired 21 March 2023, and 5.4% acquired 17 April 2023. The following tables sets forth the summarised financial information of True Corporation, including the preliminary allocation of the excess values recognised as part of the merger, adjustments for difference in accounting policies, and reconciliation with the carrying amount of the investment for the Group. NOK in millions 2023 Statement of comprehensive income Revenue 34 925 EBITDA 13 447 Depreciation and amortization (12 453) Net financial items (4 313) Income tax expense ( 611) Net income (loss) from continuing operations (4 523) Other comprehensive income(loss) ( 19) Total comprehensive income (loss) (4 542) Telenor's ownership in % 25 Share of net income from associated companies (1 146) Impairments (7 200) Share of other comprehensive income (loss) ( 5) Share of total comprehensive income (loss) (8 351) NOK in millions 2023 Statement of financial position Non-current assets 198 676 Current assets excluding cash and cash equivalents 22 161 Cash and cash equivalents 7 440 Non-current non-interest bearing liabilities (8 376) Non-current interst bearing liabilities (126 135) Current non-interest bearing liabilities (62 100) Total equity 31 665 Telenor's share of equity 8 306 Goodwill related to the Telenor's investment 5 226 Carrying amount of investment 13 532 Dividends received - Allente Allente Group AB (Allente) is a joint venture accounted for using the equity method where Telenor controls 50% of the shares and the voting rights. Allente is a Nordic TV distributor broadcasting via satellite and internet TV, to customers within Norway, Sweden, Denmark, and Finland. Allente was established in May 2020 through a merger between the former Telenor subsidiary Canal Digital and Nordic Entertainment Group (NENT). The following table sets forth summarised financial information of Allente, including excess values from the merger in 2020, and reconciliation with the carrying amount of the investment for the Group: NOK in millions 2023 2022 Statement of comprehensive income Revenue 6 584 6 472 EBITDA 841 1 181 Depreciation and amortization ( 515) ( 526) Net financial items ( 128) ( 62) Income tax expense ( 68) ( 123) Net income (loss) from continuing operations 131 470 Other comprehensive income(loss) ( 178) 83 Total comprehensive income (loss) ( 47) 553 Telenor's ownership in % 50 50 Share of net income from associated companies 65 235 Impairments ( 465) - Share of other comprehensive income (loss) ( 89) 42 Share of total comprehensive income (loss) ( 489) 277 NOK in millions 2023 2022 Statement of financial position Non-current assets 3 983 4 401 Current assets excluding cash and cash equivalents 1 703 1 781 Cash and cash equivalents 492 144 Non-current non-interest bearing liabilities ( 338) ( 442) Non-current interst bearing liabilities (2 116) (1 948) Current non-interest bearing liabilities (1 992) (1 971) Total equity 1 733 1 964 Telenor's share of equity 866 982 Goodwill related to the Telenor's investment - 387 Carrying amount of investment 866 1 369 Dividends received 100 285 .",
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"value": "NOTE 35 Associated companies and joint arrangements Associated companies are normally those entities where Telenor has between 20 to 50 percent ownership. Joint arrangements are those entities where Telenor share control with other parties. On 1 March 2023, the subsidiary dtac in Thailand merged with True Corporation. This resulted in a derecognition as a subsidiary of Telenor with a gain of NOK 18.5 billion. After the merger, True Corporation is an associated company with Telenor having a total ownership of 30.2%. Accounting policies Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These entities are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are significant. Key accounting judgment The net investment in associated companies is impaired if there is objective evidence of impairment. Telenor\u2019s two most material associated companies, True Corporation and CelcomDigi, are listed companies in their home countries. A decline in market value compared to cost is considered as objective impairment evidence if the decline is significant or prolonged. The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of significant judgement. In 2023, the share price of True Corporation declined from THB 8.15 per share when the merged company was listed on 3 March 2023 to THB 5.05 as of 31 December 2023. Management concluded that the decline in fair value compared to cost was significant and an impairment loss of NOK 7,200 million was recognised. At end of each reporting period going forward, the carrying value of True Corporation will be reassessed based on the closing share price, limiting any reversal to the amount of the original impairment. Associated companies and joint ventures NOK in millions 2023 2022 Balance as of 1 January 39 686 5 683 Additions 22 306 35 089 Disposals ( 86) ( 433) Impairments (8 505) - Share of net income (losses) ( 631) ( 230) Share of other comprehensive income ( 95) 46 Dividends received (1 238) ( 575) Translation differences ( 495) 106 Balance as of 31 December 50 942 39 686 of which investment in CelcomDigi 33 763 34 436 of which investment in True Corporation 13 532 - of which investment in 701 Search and Carousell 2 157 2 660 of which investment in Allente 866 1 369 of which investment in Telenor Microfinance Bank Limited 362 828 of which others 261 393 Additions 12On 1 March 2023, the amalgamation of the telecom operations True Corporation Public Company Ltd (True) and Total Access Communication Public Company Ltd (dtac) was completed. The previous shares in True and dtac were converted to shares in the newly established company True Corporation Public Company Ltd (True Corporation) with a conversion rate of 0.60018 and 6.13444, respectively. Due to the loss of control in dtac and the recognition of the new investment in True Corporation, Telenor recognised a gain of NOK 18.5 billion (see note 12 Held for sale and discontinued operations). The direct ownership-share in True Corporation was initially recognised at NOK 21.9 billion, representing a weighted average share price of THB 8.15. Telenor\u2019s previous ownership interest in dtac corresponds to an ownership interest in True Corporation of 27.3%. In addition, Telenor has acquired shares for NOK 3.0 billion, bringing the total ownership interest in True Corporation to 30.2%. The ownership interests are structured into direct ownership and indirect ownership through joint ventures owned together with Charoen Pokphand Group (CP Group). As of 31 December 2023, Telenor\u2019s ownership is divided into 26.3% direct ownership and 3.9% indirect ownership. The joint ventures are funded with shareholder loan by Telenor and CP Group. On 30 November 2022, the merger between the telecommunication operations of Celcom and Digi in Malaysia was completed. On completion, Digi issued 3.96 billion shares to Celcom\u2019s owner Axiata in addition to making cash payments of NOK 5.4 billion. The share issue diluted Telenor\u2019s 1)12 An amalgamation is a distinct form of merger where two or more companies combine to form a new legal entity. The original companies are dissolved. ownership to 32.5%, Telenor lost control over Digi, and Digi was deconsolidated and recognised as an associated company as of 30 November 2022. As part of the transaction to bring Telenor and Axiata to equal ownership, Telenor acquired at the same date 73.4 million shares from Axiata for an amount of NOK 667 million. Telenor\u2019s ownership after the transaction in CelcomDigi is 33.1%. The gain of NOK 32.9 billion was recognised on the date of losing control over Digi based on a market value of the combined entity as of first day of trading i.e., 1 December 2022, which was NOK 34.1 billion for Telenor\u2019s interest in the new company CelcomDigi. Disposals On 10 August 2023, Telenor announced that it would be selling its 44.6% share in the software company Working Group Two to the global communications technology company Cisco at an estimated enterprise value of USD 150 million. The transaction was closed in the fourth quarter 2023 and a gain on disposal of NOK 670 million was recognised. As announced on 17 January 2022, Telenor entered into an agreement with Yoma Strategic to sell the Group's 51% ownership share in Digital Money Myanmar Limited (Wave Money) to Yoma MFS Holdings Pte. Ltd, a subsidiary of Yoma Strategic. The transaction was closed on 7 December 2022 for a cash consideration of NOK 0.4 billion. The loss recognised on disposal was NOK 35 million during 2022. In 2022, Telenor\u2019s economic interest in Carousell was diluted following new capital investment of USD 15 million. The loss of NOK 36 million was recognised during 2022 on deemed disposal. As of 31 December 2023, Telenor\u2019s economic interest in Carousell stands at 32.4. Impairments During 2023, impairments of NOK 8,505 million have been recognised related to investments in associated companies and joint ventures. The impairments were recognised for the investments in True Corporation (NOK 7,200 million) and in Telenor Microfinance Bank (NOK 376 million), which are part of Asia segment, and in Allente (465 million) and in Carousell (NOK 464 million), which are part of Amp segment. During March 2023, Telenor initially recognised True as an associated company at fair value based on the weighted average market value at the time for conversion of shares in dtac to shares in True and subsequently acquisitions of shares in True. The direct ownership in True was recognised at NOK 21.9 billion, corresponding to a share price of NOK 8.15. A significant or prolonged decline in market value compared to cost is considered as objective evidence of impairment. The decline in fair value compared to cost became significant during 2023, and an impairment was recognised. After considering significant events reported by True Corporation in the fourth quarter 2023, the impairment amounts to NOK 7,200 million. The carrying amount for the direct ownership after impairment is NOK 13.5 billion as of 31 December 2023, which is based on the December closing share price of THB 5.05. At end of each reporting period going forward, the carrying value of True will be reassessed based on the closing share price, limiting any reversal to the amount of the original impairment. In addition, the shareholder loan provided to the joint venture have been impaired under net financial items by NOK 1,128 million (NOK 695 million in the fourth quarter 2023) due to the decline in market value of shares in True. The carrying amount of the receivable as of 31 December 2023 is NOK 2.0 billion. The investment in Carousell was impaired following the deteriorating outlook for growth companies. Carousell is fast growing but does not generate positive EBITDA yet. Thus, a mean of multiples on sale from businesses with similar characteristics, has been used as basis for estimating its value. The carrying amount of the investment after impairment is NOK 2.2 billion, of which goodwill of NOK 2.3 billion. Allente was impaired due to deteriorating business outlook given rapidly dropping customer base. In the discounted cash flow model we used a 10-year explicit forecast period, an insignificant terminal value, and a discount rate of 10.6%. The carrying amount of the investment after impairment is NOK 0.9 billion. In the second quarter 2023, Telenor reassessed the fair value of the joint venture Telenor Microfinance Bank in Pakistan. The underlying operation in Telenor Microfinance Bank is performing well. However, due to increased macroeconomic uncertainty, reflected through increased weighted average cost of capital, the estimated fair value was below the carrying amount of Telenor Microfinance Bank. Hence, an impairment NOK 376 million has been recognised. Material associates and joint ventures CelcomDigi CelcomDigi is an associated company where Telenor controls 33.1% of the shares and voting rights. The associate is accounted for using the equity method. CelcomDigi is a telecommunication company, listed on Bursa Malaysia Berhad and became the largest mobile network operator in Malaysia through a merger between the former Telenor subsidiary Digi and Celcom Axiata Berhad in November 2022. Telenor share of CelcomDigi\u2019s market value amounted to NOK 34.9 billion as of 31 December 2022. The Group is not aware of significant restrictions limiting the ability of CelcomDigi to transfer funds to its shareholders. For example, under the form of dividends, repayment of advances or loans made. As the financial quarterly results of the listed company CelcomDigi will not always be published at the time Telenor reports its quarterly results, Telenor will include the share of profits from CelcomDigi with a one-quarter lag. This means that Telenor\u2019s share of net income consists of CelcomDigi\u2019s reported numbers for the period from December 2022 to September 2023. The following table sets forth the summarised financial information of CelcomDigi. The figures reflect the opening balance for CelcomDigi on 1 December 2022, adjusted for dividend received by Telenor in December 2022. The financial information includes the preliminary allocation of the excess values recognised as part of the merger, and reconciliation with the carrying amount of the investment for the Group. NOK in millions 2023 2022 Statement of comprehensive income Revenue 24 345 - EBITDA 11 421 - Depreciation and amortization (7 661) - Net financial items (1 076) - Income tax expense ( 706) - Net income (loss) from continuing operations 1 954 - Other comprehensive income(loss) - - Total comprehensive income (loss) 1 954 - Telenor's ownership in % 33 33 Share of net income from associated companies 647 - Share of other comprehensive income (loss) - - Share of total comprehensive income (loss) 647 - NOK in millions 2023 2022 Statement of financial position Non-current assets 75 085 77 836 Current assets excluding cash and cash equivalents 12 529 9 593 Cash and cash equivalents 793 7 744 Non-current non-interest bearing liabilities (3 866) (6 978) Non-current interst bearing liabilities (24 528) (33 310) Current non-interest bearing liabilities (15 263) (8 194) Total equity 44 751 46 691 Telenor's share of equity 13 193 15 455 Goodwill related to the Telenor's investment 20 570 18 981 Carrying amount of investment 33 763 34 436 Dividends received 1 136 289 True Corporation True Corporation is an associated company where Telenor has a direct ownership of 26.3% and an indirect ownership through a joint venture of 3.9%, in total an ownership interest of 30.2%. The associate is accounted for using the equity method. True Corporation is a telecommunication company, listed on the Stock Exchange of Thailand. Telenor\u2019s share of True Corporation\u2019s market value, including the indirect ownership, amounted to NOK 15.5 billion as of 31 December 2023. Telenor is not aware of significant restrictions limiting the ability of True Corporation to transfer funds to its shareholders. For example, under the form of dividends, repayment of advances or loans made. As the financial quarterly results of the listed company True Corporation are not published at the time Telenor reports its quarterly results, Telenor include the share of net income from True Corporation with a one quarter lag. This means that for 2023, the period March 2023 to September 2023 is included in Telenor\u2019s share of True Corporation\u2019s net income for 2023. Telenor adjust for known significant events that occur in the fourth quarter. In the fourth quarter 2023, True recognised three significant events, and these events impacted Telenor\u2019s share of net income from True negatively with NOK 838 million. Including these three events in Telenor\u2019s share of net income, the impairment recognised in the fourth quarter is adjusted with the same amount. Hence, the impairment recognised for True in the fourth quarter 2023 report is adjusted from NOK 8,037 million to NOK 7,200 million. Telenor\u2019s share of profit for the year 2023 reflects Telenor\u2019s direct weighted average ownership share during the period of 25.3%, which consists of 19.6% directly owned shares through the entire month of March, 1.3% acquired 21 March 2023, and 5.4% acquired 17 April 2023. The following tables sets forth the summarised financial information of True Corporation, including the preliminary allocation of the excess values recognised as part of the merger, adjustments for difference in accounting policies, and reconciliation with the carrying amount of the investment for the Group. NOK in millions 2023 Statement of comprehensive income Revenue 34 925 EBITDA 13 447 Depreciation and amortization (12 453) Net financial items (4 313) Income tax expense ( 611) Net income (loss) from continuing operations (4 523) Other comprehensive income(loss) ( 19) Total comprehensive income (loss) (4 542) Telenor's ownership in % 25 Share of net income from associated companies (1 146) Impairments (7 200) Share of other comprehensive income (loss) ( 5) Share of total comprehensive income (loss) (8 351) NOK in millions 2023 Statement of financial position Non-current assets 198 676 Current assets excluding cash and cash equivalents 22 161 Cash and cash equivalents 7 440 Non-current non-interest bearing liabilities (8 376) Non-current interst bearing liabilities (126 135) Current non-interest bearing liabilities (62 100) Total equity 31 665 Telenor's share of equity 8 306 Goodwill related to the Telenor's investment 5 226 Carrying amount of investment 13 532 Dividends received - Allente Allente Group AB (Allente) is a joint venture accounted for using the equity method where Telenor controls 50% of the shares and the voting rights. Allente is a Nordic TV distributor broadcasting via satellite and internet TV, to customers within Norway, Sweden, Denmark, and Finland. Allente was established in May 2020 through a merger between the former Telenor subsidiary Canal Digital and Nordic Entertainment Group (NENT). The following table sets forth summarised financial information of Allente, including excess values from the merger in 2020, and reconciliation with the carrying amount of the investment for the Group: NOK in millions 2023 2022 Statement of comprehensive income Revenue 6 584 6 472 EBITDA 841 1 181 Depreciation and amortization ( 515) ( 526) Net financial items ( 128) ( 62) Income tax expense ( 68) ( 123) Net income (loss) from continuing operations 131 470 Other comprehensive income(loss) ( 178) 83 Total comprehensive income (loss) ( 47) 553 Telenor's ownership in % 50 50 Share of net income from associated companies 65 235 Impairments ( 465) - Share of other comprehensive income (loss) ( 89) 42 Share of total comprehensive income (loss) ( 489) 277 NOK in millions 2023 2022 Statement of financial position Non-current assets 3 983 4 401 Current assets excluding cash and cash equivalents 1 703 1 781 Cash and cash equivalents 492 144 Non-current non-interest bearing liabilities ( 338) ( 442) Non-current interst bearing liabilities (2 116) (1 948) Current non-interest bearing liabilities (1 992) (1 971) Total equity 1 733 1 964 Telenor's share of equity 866 982 Goodwill related to the Telenor's investment - 387 Carrying amount of investment 866 1 369 Dividends received 100 285 .Joint operations Telenor is part of four joint arrangements structured through separate vehicles for networks sharing in Sweden, Denmark, and Finland. The activities are designed for the provision of output to the investors and hence these arrangements are classified as joint operations. Joint Operation Description Ownership interest in % 1)3G Infrastructure Services AB Joint operation with the mobile operator 3 in Sweden 50 Net4Mobility HB Joint operation under partnership agreement with the mobile operator Tele2 Sverige AB in 50 1)Sweden TT Netv\u00e6rket P/S Joint operation with the mobile operator TeliaSonera Mobile Holding AB in Denmark 50 2)Suomen Yhteisverkko Oy Joint operations with mobile Operator Telia Finland Oy in Finland 49 . 1)Under Swedish law, all partners in a partnership are jointly and severally liable for all obligations in a partnership.2)According to the shareholder\u2019s agreement, both partners in are jointly and severally liable for all obligations in the joint undertaking. ",
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"value": "NOTE 35 Associated companies and joint arrangements Associated companies are normally those entities where Telenor has between 20 to 50 percent ownership. Joint arrangements are those entities where Telenor share control with other parties. On 1 March 2023, the subsidiary dtac in Thailand merged with True Corporation. This resulted in a derecognition as a subsidiary of Telenor with a gain of NOK 18.5 billion. After the merger, True Corporation is an associated company with Telenor having a total ownership of 30.2%. Accounting policies Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These entities are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are significant. Key accounting judgment The net investment in associated companies is impaired if there is objective evidence of impairment. Telenor\u2019s two most material associated companies, True Corporation and CelcomDigi, are listed companies in their home countries. A decline in market value compared to cost is considered as objective impairment evidence if the decline is significant or prolonged. The determination of what constitutes a significant or prolonged decline is a matter of fact that requires the application of significant judgement. In 2023, the share price of True Corporation declined from THB 8.15 per share when the merged company was listed on 3 March 2023 to THB 5.05 as of 31 December 2023. Management concluded that the decline in fair value compared to cost was significant and an impairment loss of NOK 7,200 million was recognised. At end of each reporting period going forward, the carrying value of True Corporation will be reassessed based on the closing share price, limiting any reversal to the amount of the original impairment. Associated companies and joint ventures NOK in millions 2023 2022 Balance as of 1 January 39 686 5 683 Additions 22 306 35 089 Disposals ( 86) ( 433) Impairments (8 505) - Share of net income (losses) ( 631) ( 230) Share of other comprehensive income ( 95) 46 Dividends received (1 238) ( 575) Translation differences ( 495) 106 Balance as of 31 December 50 942 39 686 of which investment in CelcomDigi 33 763 34 436 of which investment in True Corporation 13 532 - of which investment in 701 Search and Carousell 2 157 2 660 of which investment in Allente 866 1 369 of which investment in Telenor Microfinance Bank Limited 362 828 of which others 261 393 Additions 12On 1 March 2023, the amalgamation of the telecom operations True Corporation Public Company Ltd (True) and Total Access Communication Public Company Ltd (dtac) was completed. The previous shares in True and dtac were converted to shares in the newly established company True Corporation Public Company Ltd (True Corporation) with a conversion rate of 0.60018 and 6.13444, respectively. Due to the loss of control in dtac and the recognition of the new investment in True Corporation, Telenor recognised a gain of NOK 18.5 billion (see note 12 Held for sale and discontinued operations). The direct ownership-share in True Corporation was initially recognised at NOK 21.9 billion, representing a weighted average share price of THB 8.15. Telenor\u2019s previous ownership interest in dtac corresponds to an ownership interest in True Corporation of 27.3%. In addition, Telenor has acquired shares for NOK 3.0 billion, bringing the total ownership interest in True Corporation to 30.2%. The ownership interests are structured into direct ownership and indirect ownership through joint ventures owned together with Charoen Pokphand Group (CP Group). As of 31 December 2023, Telenor\u2019s ownership is divided into 26.3% direct ownership and 3.9% indirect ownership. The joint ventures are funded with shareholder loan by Telenor and CP Group. On 30 November 2022, the merger between the telecommunication operations of Celcom and Digi in Malaysia was completed. On completion, Digi issued 3.96 billion shares to Celcom\u2019s owner Axiata in addition to making cash payments of NOK 5.4 billion. The share issue diluted Telenor\u2019s 1)12 An amalgamation is a distinct form of merger where two or more companies combine to form a new legal entity. The original companies are dissolved. ownership to 32.5%, Telenor lost control over Digi, and Digi was deconsolidated and recognised as an associated company as of 30 November 2022. As part of the transaction to bring Telenor and Axiata to equal ownership, Telenor acquired at the same date 73.4 million shares from Axiata for an amount of NOK 667 million. Telenor\u2019s ownership after the transaction in CelcomDigi is 33.1%. The gain of NOK 32.9 billion was recognised on the date of losing control over Digi based on a market value of the combined entity as of first day of trading i.e., 1 December 2022, which was NOK 34.1 billion for Telenor\u2019s interest in the new company CelcomDigi. Disposals On 10 August 2023, Telenor announced that it would be selling its 44.6% share in the software company Working Group Two to the global communications technology company Cisco at an estimated enterprise value of USD 150 million. The transaction was closed in the fourth quarter 2023 and a gain on disposal of NOK 670 million was recognised. As announced on 17 January 2022, Telenor entered into an agreement with Yoma Strategic to sell the Group's 51% ownership share in Digital Money Myanmar Limited (Wave Money) to Yoma MFS Holdings Pte. Ltd, a subsidiary of Yoma Strategic. The transaction was closed on 7 December 2022 for a cash consideration of NOK 0.4 billion. The loss recognised on disposal was NOK 35 million during 2022. In 2022, Telenor\u2019s economic interest in Carousell was diluted following new capital investment of USD 15 million. The loss of NOK 36 million was recognised during 2022 on deemed disposal. As of 31 December 2023, Telenor\u2019s economic interest in Carousell stands at 32.4. Impairments During 2023, impairments of NOK 8,505 million have been recognised related to investments in associated companies and joint ventures. The impairments were recognised for the investments in True Corporation (NOK 7,200 million) and in Telenor Microfinance Bank (NOK 376 million), which are part of Asia segment, and in Allente (465 million) and in Carousell (NOK 464 million), which are part of Amp segment. During March 2023, Telenor initially recognised True as an associated company at fair value based on the weighted average market value at the time for conversion of shares in dtac to shares in True and subsequently acquisitions of shares in True. The direct ownership in True was recognised at NOK 21.9 billion, corresponding to a share price of NOK 8.15. A significant or prolonged decline in market value compared to cost is considered as objective evidence of impairment. The decline in fair value compared to cost became significant during 2023, and an impairment was recognised. After considering significant events reported by True Corporation in the fourth quarter 2023, the impairment amounts to NOK 7,200 million. The carrying amount for the direct ownership after impairment is NOK 13.5 billion as of 31 December 2023, which is based on the December closing share price of THB 5.05. At end of each reporting period going forward, the carrying value of True will be reassessed based on the closing share price, limiting any reversal to the amount of the original impairment. In addition, the shareholder loan provided to the joint venture have been impaired under net financial items by NOK 1,128 million (NOK 695 million in the fourth quarter 2023) due to the decline in market value of shares in True. The carrying amount of the receivable as of 31 December 2023 is NOK 2.0 billion. The investment in Carousell was impaired following the deteriorating outlook for growth companies. Carousell is fast growing but does not generate positive EBITDA yet. Thus, a mean of multiples on sale from businesses with similar characteristics, has been used as basis for estimating its value. The carrying amount of the investment after impairment is NOK 2.2 billion, of which goodwill of NOK 2.3 billion. Allente was impaired due to deteriorating business outlook given rapidly dropping customer base. In the discounted cash flow model we used a 10-year explicit forecast period, an insignificant terminal value, and a discount rate of 10.6%. The carrying amount of the investment after impairment is NOK 0.9 billion. In the second quarter 2023, Telenor reassessed the fair value of the joint venture Telenor Microfinance Bank in Pakistan. The underlying operation in Telenor Microfinance Bank is performing well. However, due to increased macroeconomic uncertainty, reflected through increased weighted average cost of capital, the estimated fair value was below the carrying amount of Telenor Microfinance Bank. Hence, an impairment NOK 376 million has been recognised. Material associates and joint ventures CelcomDigi CelcomDigi is an associated company where Telenor controls 33.1% of the shares and voting rights. The associate is accounted for using the equity method. CelcomDigi is a telecommunication company, listed on Bursa Malaysia Berhad and became the largest mobile network operator in Malaysia through a merger between the former Telenor subsidiary Digi and Celcom Axiata Berhad in November 2022. Telenor share of CelcomDigi\u2019s market value amounted to NOK 34.9 billion as of 31 December 2022. The Group is not aware of significant restrictions limiting the ability of CelcomDigi to transfer funds to its shareholders. For example, under the form of dividends, repayment of advances or loans made. As the financial quarterly results of the listed company CelcomDigi will not always be published at the time Telenor reports its quarterly results, Telenor will include the share of profits from CelcomDigi with a one-quarter lag. This means that Telenor\u2019s share of net income consists of CelcomDigi\u2019s reported numbers for the period from December 2022 to September 2023. The following table sets forth the summarised financial information of CelcomDigi. The figures reflect the opening balance for CelcomDigi on 1 December 2022, adjusted for dividend received by Telenor in December 2022. The financial information includes the preliminary allocation of the excess values recognised as part of the merger, and reconciliation with the carrying amount of the investment for the Group. NOK in millions 2023 2022 Statement of comprehensive income Revenue 24 345 - EBITDA 11 421 - Depreciation and amortization (7 661) - Net financial items (1 076) - Income tax expense ( 706) - Net income (loss) from continuing operations 1 954 - Other comprehensive income(loss) - - Total comprehensive income (loss) 1 954 - Telenor's ownership in % 33 33 Share of net income from associated companies 647 - Share of other comprehensive income (loss) - - Share of total comprehensive income (loss) 647 - NOK in millions 2023 2022 Statement of financial position Non-current assets 75 085 77 836 Current assets excluding cash and cash equivalents 12 529 9 593 Cash and cash equivalents 793 7 744 Non-current non-interest bearing liabilities (3 866) (6 978) Non-current interst bearing liabilities (24 528) (33 310) Current non-interest bearing liabilities (15 263) (8 194) Total equity 44 751 46 691 Telenor's share of equity 13 193 15 455 Goodwill related to the Telenor's investment 20 570 18 981 Carrying amount of investment 33 763 34 436 Dividends received 1 136 289 True Corporation True Corporation is an associated company where Telenor has a direct ownership of 26.3% and an indirect ownership through a joint venture of 3.9%, in total an ownership interest of 30.2%. The associate is accounted for using the equity method. True Corporation is a telecommunication company, listed on the Stock Exchange of Thailand. Telenor\u2019s share of True Corporation\u2019s market value, including the indirect ownership, amounted to NOK 15.5 billion as of 31 December 2023. Telenor is not aware of significant restrictions limiting the ability of True Corporation to transfer funds to its shareholders. For example, under the form of dividends, repayment of advances or loans made. As the financial quarterly results of the listed company True Corporation are not published at the time Telenor reports its quarterly results, Telenor include the share of net income from True Corporation with a one quarter lag. This means that for 2023, the period March 2023 to September 2023 is included in Telenor\u2019s share of True Corporation\u2019s net income for 2023. Telenor adjust for known significant events that occur in the fourth quarter. In the fourth quarter 2023, True recognised three significant events, and these events impacted Telenor\u2019s share of net income from True negatively with NOK 838 million. Including these three events in Telenor\u2019s share of net income, the impairment recognised in the fourth quarter is adjusted with the same amount. Hence, the impairment recognised for True in the fourth quarter 2023 report is adjusted from NOK 8,037 million to NOK 7,200 million. Telenor\u2019s share of profit for the year 2023 reflects Telenor\u2019s direct weighted average ownership share during the period of 25.3%, which consists of 19.6% directly owned shares through the entire month of March, 1.3% acquired 21 March 2023, and 5.4% acquired 17 April 2023. The following tables sets forth the summarised financial information of True Corporation, including the preliminary allocation of the excess values recognised as part of the merger, adjustments for difference in accounting policies, and reconciliation with the carrying amount of the investment for the Group. NOK in millions 2023 Statement of comprehensive income Revenue 34 925 EBITDA 13 447 Depreciation and amortization (12 453) Net financial items (4 313) Income tax expense ( 611) Net income (loss) from continuing operations (4 523) Other comprehensive income(loss) ( 19) Total comprehensive income (loss) (4 542) Telenor's ownership in % 25 Share of net income from associated companies (1 146) Impairments (7 200) Share of other comprehensive income (loss) ( 5) Share of total comprehensive income (loss) (8 351) NOK in millions 2023 Statement of financial position Non-current assets 198 676 Current assets excluding cash and cash equivalents 22 161 Cash and cash equivalents 7 440 Non-current non-interest bearing liabilities (8 376) Non-current interst bearing liabilities (126 135) Current non-interest bearing liabilities (62 100) Total equity 31 665 Telenor's share of equity 8 306 Goodwill related to the Telenor's investment 5 226 Carrying amount of investment 13 532 Dividends received - Allente Allente Group AB (Allente) is a joint venture accounted for using the equity method where Telenor controls 50% of the shares and the voting rights. Allente is a Nordic TV distributor broadcasting via satellite and internet TV, to customers within Norway, Sweden, Denmark, and Finland. Allente was established in May 2020 through a merger between the former Telenor subsidiary Canal Digital and Nordic Entertainment Group (NENT). The following table sets forth summarised financial information of Allente, including excess values from the merger in 2020, and reconciliation with the carrying amount of the investment for the Group: NOK in millions 2023 2022 Statement of comprehensive income Revenue 6 584 6 472 EBITDA 841 1 181 Depreciation and amortization ( 515) ( 526) Net financial items ( 128) ( 62) Income tax expense ( 68) ( 123) Net income (loss) from continuing operations 131 470 Other comprehensive income(loss) ( 178) 83 Total comprehensive income (loss) ( 47) 553 Telenor's ownership in % 50 50 Share of net income from associated companies 65 235 Impairments ( 465) - Share of other comprehensive income (loss) ( 89) 42 Share of total comprehensive income (loss) ( 489) 277 NOK in millions 2023 2022 Statement of financial position Non-current assets 3 983 4 401 Current assets excluding cash and cash equivalents 1 703 1 781 Cash and cash equivalents 492 144 Non-current non-interest bearing liabilities ( 338) ( 442) Non-current interst bearing liabilities (2 116) (1 948) Current non-interest bearing liabilities (1 992) (1 971) Total equity 1 733 1 964 Telenor's share of equity 866 982 Goodwill related to the Telenor's investment - 387 Carrying amount of investment 866 1 369 Dividends received 100 285 .Joint operations Telenor is part of four joint arrangements structured through separate vehicles for networks sharing in Sweden, Denmark, and Finland. The activities are designed for the provision of output to the investors and hence these arrangements are classified as joint operations. Joint Operation Description Ownership interest in % 1)3G Infrastructure Services AB Joint operation with the mobile operator 3 in Sweden 50 Net4Mobility HB Joint operation under partnership agreement with the mobile operator Tele2 Sverige AB in 50 1)Sweden TT Netv\u00e6rket P/S Joint operation with the mobile operator TeliaSonera Mobile Holding AB in Denmark 50 2)Suomen Yhteisverkko Oy Joint operations with mobile Operator Telia Finland Oy in Finland 49 . 1)Under Swedish law, all partners in a partnership are jointly and severally liable for all obligations in a partnership.2)According to the shareholder\u2019s agreement, both partners in are jointly and severally liable for all obligations in the joint undertaking. ",
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"value": "Accounting policies Associates are those entities where Telenor has significant influence, but not control or joint control, usually between 20 to 50 percent voting power. Joint ventures are those entities where unanimous consent is required by the owners on important decisions and where the parties have rights to net assets. Interests in joint ventures and associates are accounted for using the equity method. The investments are initially recognised at cost (including transaction costs) and subsequently adjusted for the share of profits and losses, dividends received and impairment. The share of net income is presented on a separate line in the income statement. An investment is a joint operation when unanimous consent is required by the owners on important decisions and Telenor and the parties have rights to specific assets and obligations. These entities are consolidated on a line-by-line basis with a share of revenues and costs, and the specific assets and liabilities or the proportionate share of jointly owned assets and liabilities. For investments where financial statements are not available at the time Telenor publishes its report, the share of net income is recognised with a one quarter lag. Adjustments are made for significant transactions or events known in the market. To ensure consistency, the Annual Report is not updated in situations where the financial statements for the investee are made available after fourth quarter and before the issuance of the Annual Report, unless the transactions or events are significant.",
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"value": "NOTE 36 Related parties Telenor ASA is 53.97% owned by the Kingdom of Norway represented through the Ministry of Trade, Industry and Fisheries (MTIF). Transactions between Telenor and Norwegian authorities are therefore regarded as related party transactions. Further, transactions between Telenor and its associated companies and joint ventures are regarded as related party transactions. All transactions with these related parties are based on the arm\u2019s length principle. Transaction with Norwegian authorities The Norwegian telecommunications market is governed by the Electronic Communications Act of 4 July 2003 and other regulations issued pursuant to this Act. The Group provides designated Universal Service Obligations (USO) through an agreement between the Group and the Norwegian Ministry of Local Government and Regional Development (MLGRD), which from January 2024 is transferred to the new Ministry of Digitalisation and Public Governance. The USO obligation entails among other things the provision of public voice telephony and basic access to internet to all households and companies. Telenor is imposed USO obligations to provide text telephony services for the deaf and hearing impaired but does not receive any compensation for providing the USO services. In addition, Telenor was in 2023 and 2022 subject to Special Service Obligations (SSO), mainly related to security and emergency following an agreement between the Norwegian Ministry of Justice and Public Security and Telenor Coastal Radio. In 2023 and 2022, NOK 102 million and NOK 97 million, respectively, was received as compensation under this agreement. Telenor may also receive compensation for the obligations to fulfil additional requirements on the network to serve national security issues and other statutory services. In 2023 and 2022, a refund related to such activities of NOK 89 million and NOK 110 million, respectively, was received. In 2023 and 2022, Telenor received NOK 181 and NOK 274 million in government grants, respectively, in connection with construction of broadband networks in designated areas in Norway. Telenor pays an annual fee to Norwegian Communications Authority and an annual levy to MLGRD for delivering electronic communication services, including payments for frequencies and numbers. The fee/levy was NOK 194 million and NOK 189 million in 2023 and 2022, respectively. In addition, Telenor sold transmission capacity and related services in the digital and analogue terrestrial transmission network to Norsk rikskringkasting AS of NOK 235 million in 2023 and NOK 226 million in 2022. Telenor provides mobile and fixed telephony services, leased lines, customer equipment, internet connections, TV distributions and other services to the state and companies controlled by the state in the normal course of business and at arms-length prices. It also purchases services, such as postal services, in the normal course of business and at arm\u2019s-length prices. Details of such transactions are not included in this note. Transactions with associated companies and joint ventures The transactions with associated companies and joint ventures are shown in the table below. 2023 2022 NOK in millions Sales to Purchases from Sales to Purchases from 867 (852) 483 (791) The receivables from and amounts due to associated companies and joint ventures are shown in the table below. 2023 2022 NOK in millions Receivables Payables Receivables Payables 191 (38) 210 (41) Sales to associated companies in 2023 and 2022 include NOK 418 million and NOK 420 million in sale of satellite capacity to Allente Group. Purchases from Strex AS regarding mobile content services were NOK 583 million in 2023 and NOK 578 million in 2022. True Corporation was accounted for as an associate company from March 2023 upon the completion of the amalgamation between True and dtac. Sales to associated companies in 2023 include NOK 199 million in sale to True Corporation, after the completion of the merger, mainly through Telenor Procurement Company. Telenor has a receivable against True of NOK 86 million. CelcomDigi was accounted for as an associate company from December 2022 upon the completion of the merger between Digi and Celcom. Sales to associated companies in 2023 include NOK 201 million in sale to CelcomDigi, mainly through Telenor Procurement Company. Telenor has a receivable against CelcomDigi of NOK 71 million (NOK 131 million in 2022, of which NOK 72 million are related to integration costs from 2021 and 2022). Transactions with subsidiaries and joint operations have been eliminated on consolidation and do not represent related party transactions. See note 35 for further information about joint operations and Note 34 for further information about group companies. For compensation to key management personnel, please refer to Note 37 Key management compensation. NOTE 37 Key management compensation Key management compensation The table below outlines key management compensation for 2023 and 2022 by categories. The figures presented in each category are the total amounts for both the President & CEO and the Group Leadership Team (GLT). NOK in millions 2023 2022 1)Base salary 43.5 39.3 2)Benefits 5.9 4.0 3)Short-term incentive (STI) 14.6 11.5 4)Long-term incentive (LTI) 5.8 11.3 5)Pension 8.0 6.9 Total compensation 77.8 73.0 1) Base salary includes holiday pay, if applicable. 2) Benefits include any type of cash or benefit in kind provided, such as car allowance or car benefit, insurances, mobile phone and broadband subscriptions and expatriate benefits such as accommodation and children schooling. 3) The STI amounts reflect the annual bonus earned in the respective year. Any applicable holiday pay is reported under \u2018Base salary\u2019. 4) The LTI is a multi-year incentive plan that is a restricted share plan under which participants can receive Telenor ASA shares or phantom shares for a defined maximum percentage of their annual base salary. The shares are locked for a period of 3 years (4 years for the shares granted prior to 2020). The amounts reported for the LTI plan reflect the annual cost of all active programs in that year. 5) The calculations of pension benefits earned are based on the same actuarial and other assumptions as used in the pension benefit calculations in note 21. In addition to the above, fees to the Board of Directors amount to NOK 6.3 million in 2023 and NOK 6.4 million in 2022. The fees consist of an annual fee reflecting the role in the Board and additional fees for any board committee the respective director takes part in. For more information about key management compensation, the Executive Compensation Report is available here: Executive Compensation - Telenor Group. Loans to employees Total loans to employees were NOK 30.0 million as of 31 December 2023 and NOK 4.3 million as of 31 December 2022..",
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"value": "NOTE 37 Key management compensation Key management compensation The table below outlines key management compensation for 2023 and 2022 by categories. The figures presented in each category are the total amounts for both the President & CEO and the Group Leadership Team (GLT). NOK in millions 2023 2022 1)Base salary 43.5 39.3 2)Benefits 5.9 4.0 3)Short-term incentive (STI) 14.6 11.5 4)Long-term incentive (LTI) 5.8 11.3 5)Pension 8.0 6.9 Total compensation 77.8 73.0 1) Base salary includes holiday pay, if applicable. 2) Benefits include any type of cash or benefit in kind provided, such as car allowance or car benefit, insurances, mobile phone and broadband subscriptions and expatriate benefits such as accommodation and children schooling. 3) The STI amounts reflect the annual bonus earned in the respective year. Any applicable holiday pay is reported under \u2018Base salary\u2019. 4) The LTI is a multi-year incentive plan that is a restricted share plan under which participants can receive Telenor ASA shares or phantom shares for a defined maximum percentage of their annual base salary. The shares are locked for a period of 3 years (4 years for the shares granted prior to 2020). The amounts reported for the LTI plan reflect the annual cost of all active programs in that year. 5) The calculations of pension benefits earned are based on the same actuarial and other assumptions as used in the pension benefit calculations in note 21. In addition to the above, fees to the Board of Directors amount to NOK 6.3 million in 2023 and NOK 6.4 million in 2022. The fees consist of an annual fee reflecting the role in the Board and additional fees for any board committee the respective director takes part in. For more information about key management compensation, the Executive Compensation Report is available here: Executive Compensation - Telenor Group. Loans to employees Total loans to employees were NOK 30.0 million as of 31 December 2023 and NOK 4.3 million as of 31 December 2022..",
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"value": "NOTE 38 Fees to external auditor The table below summarises incurred audit fees for 2023 and 2022 and fees for audit related services, tax services and other services. Fees include both Norwegian and foreign subsidiaries. Fees for further Fees for tax 1)Audit fees assurance services services Other fees NOK in millions, excluding VAT 2023 2022 2023 2022 2023 2022 2023 2022 Telenor ASA 6.7 7.0 1.7 0.7 1.4 0.6 1.7 0.1 Other Group companies 33.1 32.7 2.6 5.6 16.8 14.7 5.1 8.7 Total Group auditor 39.8 39.7 4.4 6.4 18.3 15.3 6.7 8.8 Other auditors in subsidiaries 0.6 0.5 0.1 0.0 0.0 0.0 0.0 0.0 Total 40.5 40.2 4.4 6.4 18.3 15.3 6.7 8.8 1)Fees for tax services in 2022 has been corrected as communicated at the AGM 2023. Fees for audit services include fees associated with the required statutory and financial audits. Further assurance services principally include other attestation services required by laws and regulations, attestations related to information system, audits, attestations and agreed upon procedures reported on to regulators and other third parties. Fees for tax services include tax compliance and advice regarding tax rules and consequences, as well as tax due diligence services in connection with acquisitions, disposals, and other transactions. Other fees relate primarily to process/system/project/supplier reviews, financial due diligence services and consultations in connection with acquisitions, disposals, and other transactions.",
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"value": "NOTE 40 Events after the reporting period Divestment of Telenor Satellite to Space Norway On 4 January 2024, Telenor announced the closing of the transaction regarding the sale of Telenor Satellite to Space Norway. The transaction of agreed sales price of NOK 2.36 billion resulted in a gain for Telenor of around NOK 1.3 billion which will be recorded in Q1 2024. Dividends Grameenphone (Bangladesh) On 5 February 2024, the Board of Directors of Grameenphone Ltd. proposed final dividend for 2023 of BDT 12.5 per share, which corresponds to approximately NOK 1.6 billion total dividend and approximately NOK 0.7 billion for the non-controlling interests ownership share. Collection of proof of submission of income tax return from suppliers (Bangladesh) On 22 June 2023, a new \u2018Income Tax Act 2023\u2019 was introduced in Bangladesh imposing the mandatory presentation of proof of submission of income tax return (PSR) for local suppliers & service providers. Due to ambiguity on PSR compliance requirement for government entities, e.g. Bangladesh Telecommunication Regulatory Commission (BTRC) and Bangladesh Railway (BR), Grameenphone maintained provisions for the tax disallowance from the enactment date of the new Act up to 31 December 2023. Subsequently on 27 February 2024, a General Order issued by the National Board of Revenue exempted both BTRC and BR from the requirement of PSR compliance for the Assessment Year 2023-24; thereby resolving the aforementioned disallowance risk for Grameenphone in the relevant period. The financial statements for 2023 have not been adjusted as this is a non-adjusting event after the reporting period. Impact from significant events in True Corporation in Q4 2024 Telenor recognises the share of net income under the equity method from the associated companies True Corporation and CelcomDigi with a one quarter lag, as the financial results from these entities may not be available at the time Telenor publishes its results. Adjustments are made for significant transactions or events known in the market before the annual report of Telenor is published. On 22 February 2024, True Corporation issued their Q4 2023 results where they reported three significant one-time effects, amounting to NOK 838 million. Telenor has included the significant one-time effects in the line \u201cshare of net income (loss) from associated companies and joint ventures\u201d in the income statement for 2023. The reported one-time effects from True, reduce Telenor\u2019s carrying amount of True Corporation and hence the required impairment in 2023, resulting in \u201cimpairment and gain (loss) of associated companies and joint ventures\u201d in the income statement has decreased with the same amount. The net income for the Telenor Group remains unchanged. Refer to note 35 for further information. ",
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