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NOTE 1 General information
SATS ASA (parent) and subsidiaries represent the leading fitness club operator in the Nordic region with
276 fitness clubs. The business is run through wholly owned subsidiaries in Norway, Sweden, Finland
and Denmark. The Group is present in approximately 20 larger cities in these four countries. The Group
operates through the brands SATS, ELIXIA, Fresh Fitness, SATS Yoga and SATS Online.
SATS (the \u201cGroup\u201d) consists of SATS ASA (the \u201ccompany\u201d) and its subsidiaries. As an ASA entity, the
Group\u2019s parent company is subject to the Norwegian Public Limited Company Act. The accompanying
consolidated financial statements include the financial statements of SATS ASA and its subsidiaries. The
consolidated financial statements of the Group for the year ended December 31, 2023 are available at our
website.
The Group ownership is as follows: 27.4% by TG Nordic Invest, 23.9% by AF III Holdco AS, 6.4% by
Canica AS, 3.9% by Maaseide Promotion AS, 3.7% by SATS Management Invest AS and 34.7% by other
shareholders.
The parent, SATS ASA, is registered and domiciled in Norway and has its head office at Nydalsveien 28,
Oslo. The parent was established on March 11, 2011.
The consolidated financial statements were approved by the Board of Directors on March 22, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "SATS ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "SATS ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "Nydalsveien 28, Oslo", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "
NOTE 2 Basis of preparation
Financial reporting framework and basis of preparation
SATS ASA\u2019s consolidated financial statements are prepared in accordance with International Financial
Reporting Standards (IFRS) and interpretations by the IFRS Interpretations Committee (IFRIC) as endorsed
by the European Union (EU). There are no material differences between IFRS as issued by the IASB and as
endorsed by the EU for the consolidated financial statements of the Group.
Historical cost convention
The financial statements have been prepared on a historical cost basis, except for the following:
\u2022 Certain financial assets and liabilities (including derivative instruments) \u2013 measured at fair value
\u2022 Right-of-use assets \u2013 initially measured based on the corresponding lease liability
\u2022 Lease liabilities \u2013 initially measured at net present value of future lease payments
The functional currency of the parent company is Norwegian Kroner (NOK), and this is also the
presentation currency of both the parent company and the Group. All amounts are rounded to the nearest
NOK million, unless stated otherwise.
Significant accounting estimates
The preparation of consolidated financial statements in conformity with IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its judgment in the process of
applying the Group\u2019s accounting policies. Changes in assumptions may have a significant impact on the
consolidated financial statements in the period the assumptions changed. Management believes the
underlying assumptions are appropriate. The areas involving a higher degree of judgment or complexity,
or areas where assumptions and estimates are significant to the consolidated financial statements are
disclosed in Note 4 Critical estimates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "SATS ASA\u2019s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretations Committee (IFRIC) as endorsed by the European Union (EU). There are no material differences between IFRS as issued by the IASB and as endorsed by the EU for the consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "value": "
NOTE 3 Principles of consolidation and significant
accounting policies
Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group
controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement
with the entity and has the ability to affect those returns through its power to direct the activities of the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They
are deconsolidated from the date that control ceases. The acquisition method of accounting is used to
account for business combinations by the Group.
Intercompany transactions, balances and unrealized gains on transactions between Group companies
are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an
impairment of the transferred asset. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency
of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The
consolidated financial statements are presented in NOK which is SATS ASA\u2019s functional and presentation
currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at
the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities denominated in foreign currencies
at year-end exchange rates are generally recognized in profit or loss.
Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or
loss within financial expenses. All other foreign exchange gains and losses are presented within operating
profit.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange
rates at the date when the fair value was determined. Translation differences on assets and liabilities
carried at fair value are reported as part of the fair value gain or loss.
Group companies
The results and financial position of foreign operations that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
\u2022 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of
that balance sheet;
\u2022 income and expenses for each statement of profit or loss and statement of comprehensive income are
translated at average exchange rates (unless this is not a reasonable approximation of the cumulative
effect of the rates prevailing on the transaction dates, in which case income and expenses are translated
at the dates of the transactions); and
\u2022 all resulting exchange differences are recognized in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment in foreign
entities are recognized in other comprehensive income. When a foreign operation is sold, the associated
exchange differences are reclassified to profit or loss as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets
and liabilities of the foreign operation and translated at the closing rate.
Business combinations
The acquisition method of accounting is used to account for all business combinations, regardless of
whether equity instruments or other assets are acquired. The consideration transferred for the acquisition
of a subsidiary comprises the:
\u2022 fair values of the assets transferred;
\u2022 liabilities incurred to the former owners of the acquired business;
\u2022 equity interests issued by the Group;
\u2022 fair value of any asset or liability resulting from a contingent consideration arrangement; and
\u2022 fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination
are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group
recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either
at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable
assets.
Acquisition-related costs are expensed as incurred.
The excess of the
\u2022 consideration transferred;
\u2022 amount of any non-controlling interest in the acquired entity; and
\u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the
net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of
the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss
as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are
discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s
incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an
independent financier under comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a
financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit
or loss.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s
previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains
or losses arising from such remeasurement are recognized in profit or loss.
Revenue recognition
Please find a description of the nature of external revenues in SATS in Note 7 Revenue, contract assets and
advance payments from customers.
SATS recognizes as revenue the agreed transaction price in the contract with the customer at the time
when the Group transfers the control of a distinct product or service to a customer. Revenue is measured
at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of
returns, trade allowances, rebates and amounts collected on behalf of third parties. The Group bases its
estimates on historical results, taking into consideration the type of customer, the type of transaction and
the specifics of each arrangement. Revenue is recognized net of VAT, discounts and foreign exchange
effects if the transaction is in a foreign currency. Intra-group sales are eliminated on consolidation.
The nature of SATS revenue recognition is categorized as follows:
\u2022 Revenue related to sales of fitness club membership is recognized over the subscription period
\u2022 Revenue related to membership joining fees is recognized at contract inception
\u2022 Revenue from the sale of products in stores is recognized when the entity sells a product to the
customer
\u2022 Revenue from personal trainer sessions is recognized when the session has been delivered to the
customer
Right-of-use assets
The Group recognizes a right-of-use asset at the lease commencement date. The right-of-use asset is
initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, adjusted for initial direct costs and lease incentives
received. The right-of-use asset is subsequently depreciated using the straight-line method over the shorter
of the lease term or the useful life of the underlying asset. In addition, the right-of-use asset is reduced by
any impairment charges and adjusted for certain remeasurements of the lease liability.
Lease liabilities
The Group recognizes a lease liability at the lease commencement date. The lease liability is measured at
the present value of future lease payments at the commencement date, discounted using the interest rate
implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate.
SATS utilizes the incremental borrowing rate as the discount rate for virtually all lease agreements. The
Group has elected to separate lease and non-lease components included in lease payments for property
leases. Lease payments included in the measurement of the lease liability comprise the following:
\u2022 fixed payments, including in-substance fixed payments;
\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as
at the commencement date;
\u2022 (if any) amounts expected to be payable under a residual value guarantee;
\u2022 (if any) lease payments in an optional renewal period if the Group is reasonably certain to exercise an
extension option and penalties for early termination of a lease unless the Group is reasonably certain
not to terminate early.
The lease liability is measured at amortized cost using the effective interest rate method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a
change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee,
or if the Group changes its assessment of whether it will exercise a purchase, extension or termination
option. When the lease liability is remeasured, a matching adjustment is made to the carrying amount of
the right-of-use asset.
Impairment of assets
Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are
tested annually for impairment or more frequently if events or changes in circumstances indicate that they
might be impaired. Other assets are tested for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the
amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is
the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows
which are largely independent of the cash inflows from other assets or groups of assets (cash-generating
units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.
Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash
on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are
shown within borrowings in current liabilities in the balance sheet.
Other financial assets
All financial assets, excluding derivatives, meet the SPPI (solely payments of principal and interest) criteria
and are managed in a business model of Hold to Collect. These financial assets are in the measurement
category amortized cost. The Group measures its accounts receivables and cash and cash equivalents at
amortized cost. Subsequent to initial recognition, these assets are measured at amortized cost using the
effective interest method. Income from these financial assets is calculated on an effective yield basis and
is recognized in the income statement. Financial assets are classified as current assets, except for those
where management has the intention to hold the investment for over twelve months or financial assets
with maturities later than twelve months after the balance sheet date. These assets are classified as non-
current assets.
Impairment of financial assets
The Group assesses on a forward-looking basis the expected credit loss associated with its debt
instruments carried at amortized cost. The impairment methodology applied depends on whether there
has been a significant increase in credit risk.
While cash and cash equivalents also are subject to the impairment requirements, the expected credit
losses are immaterial. For accounts receivables and contract assets, the Group applies the simplified
approach to measuring expected credit losses, which uses a lifetime expected impairment provision for all
accounts receivables and contract assets.
Statement of cash flows
The cash flow statement is prepared using the indirect method.
Interest paid on trade payables and interest received on accounts receivables are presented as operating
cash flows. Interest paid on borrowings is classified as financial cash flows.
Cash flows are only classified as investing activities if they result in the recognition of an asset in the
balance sheet.
Cash payments for the principal portion of the lease liabilities are presented as cash flows from financing
activities, whereas cash payments for short-term lease payments, payments for leases of low-value assets
and variable lease payments that are not included in the measurement of the lease liabilities are presented
as cash flows from operating activities.
Cost of goods
Cost of goods is the cost of acquiring the products that a company sells during the period and includes
impairment of inventory, scrapping and obsolescence write-down.
Provisions
Provisions for legal claims, service warranties and make-good obligations are recognized when the Group
has a present legal or constructive obligation as a result of past events, it is probable that an outflow of
resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are
not recognized for future operating losses.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement
is determined by considering the class of obligations as a whole. A provision is recognized even if the
likelihood of an outflow with respect to any one item included in the same class of obligations may be
small.
Provisions are measured at the present value of management\u2019s best estimate of the expenditure required
to settle the present obligation at the end of the reporting period. The discount rate used to determine the
present value is a pre-tax rate that reflects current market assessments of the time value of money and
the risks specific to the liability. The increase in the provision due to the passage of time is recognized as
interest expense.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in NOK which is SATS ASA\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss within financial expenses. All other foreign exchange gains and losses are presented within operating profit. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "Group companies The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; \u2022 income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and \u2022 all resulting exchange differences are recognized in other comprehensive income. On consolidation, exchange differences arising from the translation of any net investment in foreign entities are recognized in other comprehensive income. When a foreign operation is sold, the associated exchange differences are reclassified to profit or loss as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred; \u2022 liabilities incurred to the former owners of the acquired business; \u2022 equity interests issued by the Group; \u2022 fair value of any asset or liability resulting from a contingent consideration arrangement; and \u2022 fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the \u2022 consideration transferred; \u2022 amount of any non-controlling interest in the acquired entity; and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "Revenue recognition Please find a description of the nature of external revenues in SATS in Note 7 Revenue, contract assets and advance payments from customers. SATS recognizes as revenue the agreed transaction price in the contract with the customer at the time when the Group transfers the control of a distinct product or service to a customer. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Revenue is recognized net of VAT, discounts and foreign exchange effects if the transaction is in a foreign currency. Intra-group sales are eliminated on consolidation. The nature of SATS revenue recognition is categorized as follows: \u2022 Revenue related to sales of fitness club membership is recognized over the subscription period \u2022 Revenue related to membership joining fees is recognized at contract inception \u2022 Revenue from the sale of products in stores is recognized when the entity sells a product to the customer \u2022 Revenue from personal trainer sessions is recognized when the session has been delivered to the customer ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, adjusted for initial direct costs and lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. In addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. ", "dimensions": { "concept": "satsasa:DescriptionOfAccountingPolicyForRightOfUseAssets", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, adjusted for initial direct costs and lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. In addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. Lease liabilities The Group recognizes a lease liability at the lease commencement date. The lease liability is measured at the present value of future lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. SATS utilizes the incremental borrowing rate as the discount rate for virtually all lease agreements. The Group has elected to separate lease and non-lease components included in lease payments for property leases. Lease payments included in the measurement of the lease liability comprise the following: \u2022 fixed payments, including in-substance fixed payments; \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 (if any) amounts expected to be payable under a residual value guarantee; \u2022 (if any) lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest rate method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a matching adjustment is made to the carrying amount of the right-of-use asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "Other financial assets All financial assets, excluding derivatives, meet the SPPI (solely payments of principal and interest) criteria and are managed in a business model of Hold to Collect. These financial assets are in the measurement category amortized cost. The Group measures its accounts receivables and cash and cash equivalents at amortized cost. Subsequent to initial recognition, these assets are measured at amortized cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and is recognized in the income statement. Financial assets are classified as current assets, except for those where management has the intention to hold the investment for over twelve months or financial assets with maturities later than twelve months after the balance sheet date. These assets are classified as non- current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "Impairment of financial assets The Group assesses on a forward-looking basis the expected credit loss associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. While cash and cash equivalents also are subject to the impairment requirements, the expected credit losses are immaterial. For accounts receivables and contract assets, the Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected impairment provision for all accounts receivables and contract assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "Statement of cash flows The cash flow statement is prepared using the indirect method. Interest paid on trade payables and interest received on accounts receivables are presented as operating cash flows. Interest paid on borrowings is classified as financial cash flows. Cash flows are only classified as investing activities if they result in the recognition of an asset in the balance sheet. Cash payments for the principal portion of the lease liabilities are presented as cash flows from financing activities, whereas cash payments for short-term lease payments, payments for leases of low-value assets and variable lease payments that are not included in the measurement of the lease liabilities are presented as cash flows from operating activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "Cost of goods Cost of goods is the cost of acquiring the products that a company sells during the period and includes impairment of inventory, scrapping and obsolescence write-down. ", "dimensions": { "concept": "satsasa:DescriptionOfAccountingPolicyForCostOfGoods", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "Provisions Provisions for legal claims, service warranties and make-good obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "Provisions Provisions for legal claims, service warranties and make-good obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "Provisions Provisions for legal claims, service warranties and make-good obligations are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognized for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "
NOTE 4 Critical estimates
Critical estimates
Estimates and judgments are continually evaluated and are based on historical experience as adjusted for
current market conditions and other factors.
Critical accounting estimates and assumptions
Management makes estimates and assumptions concerning the future. The resulting accounting
estimates, by definition, will seldom equal the related actual results. The estimates, assumptions and
management judgments that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are outlined below.
Impairment of intangible assets
The acquisition method was used to account for the historic business combinations results in the goodwill
amount. Internally developed software has been recognized at historic cost, has a finite useful life and is
subsequently carried at cost less accumulated amortization and impairment losses.
Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are
tested annually for impairment, or more frequently if events or changes in circumstances indicate that they
might be impaired.
Recognized goodwill and internally developed software are material to the 2023 financial statements as a
whole, and users of the Group\u2019s financial statements should note the inherent uncertainty pertaining to the
valuation of intangible assets.
The sensitivity analysis and valuation methodology for assessing goodwill are further described in Note
13 Intangible assets.
Goodwill
Goodwill is recognized at NOK 2 535 million as at the balance sheet date. The Group tests whether
goodwill has suffered any impairment on an annual basis. For the 2023 and 2022 reporting periods,
the recoverable amount of the cash generating units (CGUs) was determined based on value-in-use
calculations, which require the use of several assumptions. The calculations use cash flow projections
based on financial budgets and prognoses approved by management covering a five-year period for
Norway, Sweden, Finland and Denmark. Cash flows beyond these periods are extrapolated using the
estimated growth rates stated in Note 13 Intangible assets. These growth rates are consistent with
forecasts included in economic outlook reports specific to the area in which each CGU operates.
Internally developed software
Internally developed software is recognized at NOK 77 million per the balance sheet date. The Group
estimates the useful life of internally developed software to be at least three years based on the expected
useful economic life of the assets. However, the actual useful life may be shorter or longer than three
years, depending on software innovations, technical obsolescence of existing solutions and competitor
actions.
Depreciation of property, plant and equipment
The Group\u2019s assessment of the useful life of property, plant and equipment is determined by the expected
useful economic life of the assets, and is based on management\u2019s judgement and previous experience.
Due to the significant historic investments in leasehold improvements and other fitness equipment, any
deviation between actual and estimated useful lives could have a material effect on the consolidated
financial statement.
Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other
events impact our assessment. SATS has not identified material assets expected to have a significantly
shorter life due to climate-related risks. Please see Task Force on Climate-Related Financial Disclosures
(TCFD) report in this report for more detailed information about climate risk in SATS.
Recognition of income tax
Deferred tax assets recognized as at December 31, 2023 have been estimated based on future profitability
assumptions over a five-year horizon, and the deferred tax assets are recognized only to the extent that it is
probable that the tax assets will be realized.
NOTE 5 Judgements in applying the Group\u2019s accounting
policies
Critical judgements in applying the Group\u2019s accounting policies
Accounting estimates made by the Group\u2019s management are based on information available to
management at the time each estimate is made. Accordingly, actual outcomes may differ materially
from current expectations under different assumptions and conditions. The significant judgements that
management has made in applying its accounting policies, and the estimates and assumptions for which
there is a significant risk of a material adjustment to the Financial Statements within the next financial year,
are set out below.
Critical judgements in determining the lease term
In determining the lease term, management considers all facts and circumstances that create an
economic incentive to exercise an extension option or not exercise a termination option. Extension options
(or periods after termination options) are only included in the lease term if the lease is reasonably certain
to be extended (or not terminated).
The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes
obliged to exercise (or not to exercise). The assessment of reasonable certainty is only revised if a
significant event or a significant change in the circumstances occurs, which affects this assessment, and
is within the control of the lessee.
Extension options are at the latest reassessed the quarter before the date of the termination option,
which in practical terms means that the lease option is added to the lease liability when a quarter of the
agreement remains if the agreement is not to be terminated. The Danish lease agreements do not have
extension options; instead, the agreements are continuously prolonged until terminated. Six or twelve
months (according to the agreement) are continuously added to the lease liability if the agreement is not to
be terminated.
Critical judgements in recognizing revenue, joining fees
When a customer signs up for a fitness club membership, a joining fee will be charged to the overall
subscription amount. For this fee, the new members receive an automatic payment arrangement and a free
personal training introduction session. Management has defined the personal training introduction session
as the key performance obligation related to the introduction offering, and consequently the joining fee is
recognized as revenue at the subscription contract inception date.
Critical judgements in recognizing revenue, financing components
The Group does not expect to have any contracts where the period between the transfer of the promised
goods or services to the customer and payment by the customer exceeds one year. As a consequence, the
Group does not adjust any of the transaction prices for the time value of money.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "NOTE 6 Segment information General The Group\u2019s business is primarily the sale of fitness club memberships, personal trainer sessions and retail sales through the fitness clubs\u2019 stores and the Group\u2019s website. The Group\u2019s sales are made primarily from fitness clubs in Norway, Sweden, Finland and Denmark. The Group\u2019s chief operating decision maker is the Nordic Management Group, consisting of the CEO, Group functions (CFO, Chief Digital Officer, Chief Marketing Officer, Chief Product Officer and Chief People & Operations Officer), and the country managers. The Nordic Management Group is responsible for allocating resources and assessing the performance of the segments. The Group\u2019s performance is reviewed by the Nordic Management Group by geographical area of operations which are identified as Norway, Sweden, Finland and Denmark. The \u201cGroup functions and other\u201d column relates to other business activities, such as HQ functions, and other unallocated items (mainly derivatives). The Nordic Management Group primarily uses EBITDA 1 , EBITDA before impact of IFRS 16 1 and Country EBITDA before impact of IFRS 16 1 to assess the performance of the operating segments. However, the Nordic Management Group also receives information about the segments\u2019 revenue and the consolidated balance sheet of the Group on a monthly basis. None of the Group\u2019s customers amounts to 10% or more of total revenues.
Revenue recognition
The revenue recognition criteria in the segment information note are based on the Group\u2019s accounting
principles and are in accordance with IFRS 15. Please see Note 7 Revenue, contract assets and advanced
payments from customers for further information.
Operating segment information
Group
functions
SATS Group
Norway
Sweden
Finland
Denmark
and other
Total
(Amounts in NOK million)
FINANCIAL YEAR 2023
Revenue
Membership revenue
1,763
1,281
390
436
0
3,870
Other revenues
389
315
76
80
3
864
Total revenues
2,153
1,597
466
516
3
4,734
EBITDA
1
and EBITDA before impact of IFRS 16
1
reconcile to profit/loss as follows:
EBITDA before impact of IFRS 16
387
185
25
-13
29
614
Impact of IFRS 16
472
420
133
145
0
1,170
EBITDA
859
605
159
132
29
1,784
Depreciation and amortization
-421
-412
-132
-161
-52
-1,178
Operating profit/loss
437
193
27
-29
-22
607
Net financial items
-93
-76
-25
-69
-31
-293
Income tax expense/income
-44
-22
0
1
-24
-89
Profit/loss for the year
301
95
3
-98
-77
224
1
1
2
FINANCIAL YEAR 2022
Revenue
Membership revenue
1,543
1,088
280
335
0
3,246
Other revenues
397
289
81
67
1
836
Total revenues
1,940
1,377
361
403
1
4,082
EBITDA
1
and EBITDA before impact of IFRS 16
1
reconcile to profit/loss as follows:
EBITDA before impact of IFRS 16
123
14
-20
-74
56
99
Impact of IFRS 16
451
355
109
126
0
1,041
EBITDA
574
369
89
53
56
1,140
Depreciation and amortization
-438
-358
-111
-142
-72
-1,120
Operating profit/loss
136
11
-22
-90
-16
20
Net financial items
-100
-62
-21
-54
-44
-281
Income tax expense/income
-11
9
0
1
15
15
Profit/loss for the year
25
-42
-43
-143
-45
-246
1
1
2
1)
For further information about definitions, please see the Alternative performance measures.
2)
Financial income and expenses are allocated to Group functions and other since this type of activity is derived by the
central treasury function, which manages the cash position of the Group.
Financial statement per segment
Segments\u2019 assets and liabilities are measured in the same way as in the financial statements. The assets
are allocated based on the operations of the segment and the physical location of the asset. The Group\u2019s
borrowings and derivative financial instruments are not considered to be segment liabilities but are
managed by the treasury function.
Group
functions
SATS Group
Norway
Sweden
Finland
Denmark
and other
Total
(Amounts in NOK million)
FINANCIAL YEAR 2023
Total non-current intangible assets
1,673
225
642
10
78
2,628
Non-current tangible assets
2,015
2,015
618
627
0
5,275
Total non-current financial assets
0
1
0
46
53
100
Deferred tax asset
58
64
23
1
31
178
Current assets
723
309
150
-8
-371
802
Total assets
4,468
2,613
1,434
676
-208
8,983
Total liabilities
2,221
2,477
794
1,347
1,124
7,963
Investments
53
44
15
15
39
167
FINANCIAL YEAR 2022
Total non-current intangible assets
1,675
212
601
15
84
2,588
Non-current tangible assets
2,049
1,665
580
590
0
4,884
Total non-current financial assets
0
1
0
39
56
96
Deferred tax asset
100
59
22
1
57
239
Current assets
456
202
142
64
5
868
Total assets
4,280
2,140
1,345
707
203
8,675
Total liabilities
2,337
2,039
749
1,246
1,443
7,815
Investments
73
87
15
28
53
256
1
1
1)
Non-current tangible assets consist mainly of right-of-use assets, capitalized improvements on the leased fitness club
facilities and fitness equipment and exclude financial instruments, deferred tax assets, post-employment benefit assets,
and rights arising under insurance contracts.
Membership revenue
Other revenue
2022
(Amounts in NOK million)
Norway
1,543
397
1,940
Sweden
1,088
289
1,377
Finland
280
81
361
Denmark
335
67
403
Group functions and other
0
1
1
Revenue from contracts with customers
3,246
836
4,082
Point-of-time revenue recognition
Other revenue
836
Membership revenue 54
Total point-of-time revenue recognition
890
Period-of-time revenue recognition
Membership revenue
3,192
Total period-of-time revenue recognition
3,192
1 1) Consists of joining fee and invoicing fee. Contract assets and contract liabilities Contract assets and contract liabilities (advance payments from customers) are disclosed in the Statement of financial position. Practical expedient Management expects that a minimum of 90% of the transaction price allocated to the unsatisfied contracts as at December 31 will be recognized as revenue during the next financial year. The remaining 10% is expected to be recognized in the financial year thereafter. The amount disclosed above does not include variable consideration. Contract assets Contract assets are recognized whenever a performance obligation is satisfied before consideration is received and relates mainly to PT subscription arrangements where the customer can pay the consideration over an extended credit period. Access to 25 PT sessions is normally paid over six months, whereas access to 50 PT sessions is normally paid over twelve months. Contract assets are assessed for impairment in accordance with IFRS 9. As at December 31, 2023, contract assets have been reviewed for impairment, with no material impaired charge recognized. Contract liabilities (Advance payments from customers) Advance payments from customers are recognized if SATS receives consideration or if it has the unconditional right to receive consideration in advance of performance. A large portion of the Group\u2019s customers pay the monthly membership subscription fee in advance, and these prepayments are recognized as non-financial debt and will be settled in the Group\u2019s services. Non-redeemed gift cards relate to prepayments from customers related to the use of PT training sessions. Non-redeemed gift cards are recognized as revenue at the card\u2019s expiry date, normally after one year. The following table shows the revenue recognized in 2023 that relates to advance payments from customers.
Contract liabilities 2023
(Amounts in NOK million at December 31)
Contract liabilities as at the balance sheet date
Membership subscriptions
379
Gift cards
1
PT sessions
182
Revenue recognized from contract liabilities
2023
(Amounts in NOK million)
Revenue recognized in this period that was included in the contract liability balance at
the beginning of the period
Membership subscriptions
348
Gift cards
3
PT sessions
253
Compensation packages related to COVID-19 Compensation packages related to COVID-19 and club closure across the club network are recorded as other revenue. No COVID compensation was received in 2023. In 2022, there was compensation received amounting to 15 MNOK", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "
General
The Group\u2019s business is primarily the sale of fitness club memberships, personal trainer sessions and retail
sales through the fitness clubs\u2019 stores and the Group\u2019s website. The Group\u2019s sales are made primarily from
fitness clubs in Norway, Sweden, Finland and Denmark.
The Group\u2019s chief operating decision maker is the Nordic Management Group, consisting of the CEO,
Group functions (CFO, Chief Digital Officer, Chief Marketing Officer, Chief Product Officer and Chief People
& Operations Officer), and the country managers. The Nordic Management Group is responsible for
allocating resources and assessing the performance of the segments.
The Group\u2019s performance is reviewed by the Nordic Management Group by geographical area of operations
which are identified as Norway, Sweden, Finland and Denmark. The \u201cGroup functions and other\u201d column
relates to other business activities, such as HQ functions, and other unallocated items (mainly derivatives).
The Nordic Management Group primarily uses EBITDA
1
, EBITDA before impact of IFRS 16
1
and Country
EBITDA before impact of IFRS 16
1
to assess the performance of the operating segments. However, the
Nordic Management Group also receives information about the segments\u2019 revenue and the consolidated
balance sheet of the Group on a monthly basis.
None of the Group\u2019s customers amounts to 10% or more of total revenues.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "
NOTE 7 Revenue, contract assets and advance payments
from customers
Disaggregation of revenue
In accordance with IFRS 15, management analyzes the revenue contracts with customers and
disaggregates the revenue into the following product categories, which depict how the nature, amount,
timing and uncertainty of revenue and cash flows are affected by economic factors:
\u2022 Membership fees, consisting of subscription and joining fees
\u2022 Other revenue, mainly consisting of personal training (PT) and product sales
Revenue from customers is disaggregated in the table below by geographical location, type of product, the
timing of the reception of revenue, and segment.
Revenue recognition - Membership fees
Membership subscription fees
The main product from SATS is fitness club memberships, where customers get access to one or more
of the Group\u2019s fitness club facilities. Most SATS memberships entail access at all opening hours, giving
the customer access to utilize the facilities at their own discretion, and should be defined as a service
arrangement. The subscription members simultaneously receive and consume the fitness club services
provided by SATS, and SATS therefore satisfies its performance obligation to its customers over time.
Consequently, membership subscription revenue is also recognized over time.
The customers enter into a contract with SATS when signing up for a subscription, through the website
registration page, at a fitness club, or through customer service or sales representatives. The customer
chooses the preferred subscription arrangement, where the terms, adjusted for any given rebates, are the
same for all customers. The normal binding subscription period is twelve months where neither SATS nor
the customer can terminate the subscription.
Revenue related to sales of fitness club membership is recognized over the subscription period.
Discounts with binding agreements
For some sales campaigns, customers can receive free months if they agree to a corresponding addition to
the binding subscription period. The transaction price will be calculated based on the monthly subscription
fee multiplied by the commitment period, i.e., twelve months of monthly fee payments over a thirteen-
month subscription period.
Joining fees
When a customer signs up for a fitness club membership, a joining fee will be charged to the overall
subscription amount. For this fee, the new members receive a membership registration, an automatic
payment arrangement, and one free PT introduction session. The introduction session has commercial
value to the customer, and normally the customer utilizes the PT introduction session the first month after
the contract inception date.
Management has made the assessment that the PT introduction session is the key performance obligation
related to the joining arrangement, and the joining fee is consequently recognized as revenue at the
subscription contract inception date. All other revenue related to membership subscriptions is recognized
over the membership period.
Revenue recognition - Other
PT sessions
PT sessions, where customers receive advice, inspiration and guidance from a certified fitness instructor,
are offered as an additional service to SATS membership subscribers. PT sessions can be purchased
individually or as prepaid access cards containing a given number of sessions. The price of a PT session
is determined by the experience level of the instructor, the number of participants at each session and the
number of prepaid sessions included in the access cards. Since the customer simultaneously receives and
consumes the benefits provided by the PTs as the sessions unfold, the performance obligation is satisfied
when the session is delivered. Revenue related to PT sessions is thus recognized at the point in time when
the session is carried out.
Product sales
Various fitness and training products, like sportswear, fitness gear, bars and energy drinks, are sold at the
SATS fitness club retail areas.
Sales are recognized when control of the products has been transferred, which is the point in time when
the products are delivered to the customer. Payment of the transaction price is due immediately when the
customer purchases the product and takes delivery in-store. The Group has a limited return policy for the
customers, which does not materially affect the revenue recognition from the sale of goods.
Disaggregation of revenue from contracts
with customers
Membership revenue
Other revenue
2023
(Amounts in NOK million)
Norway
1,763
389
2,153
Sweden
1,281
315
1,597
Finland
390
76
466
Denmark
436
80
516
Group functions and other
0
3
3
Revenue from contracts with customers
3,870
864
4,734
Point-of-time revenue recognition
Other revenue
864
Membership revenue 41
Total point-of-time revenue recognition
905
Period-of-time revenue recognition
Membership revenue
3,829
Total period-of-time revenue recognition
3,829
1
1)
Consists of joining fee and invoicing fee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "NOTE 7 Revenue, contract assets and advance payments from customers Disaggregation of revenue In accordance with IFRS 15, management analyzes the revenue contracts with customers and disaggregates the revenue into the following product categories, which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: \u2022 Membership fees, consisting of subscription and joining fees \u2022 Other revenue, mainly consisting of personal training (PT) and product sales Revenue from customers is disaggregated in the table below by geographical location, type of product, the timing of the reception of revenue, and segment. Revenue recognition - Membership fees Membership subscription fees The main product from SATS is fitness club memberships, where customers get access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access at all opening hours, giving the customer access to utilize the facilities at their own discretion, and should be defined as a service arrangement. The subscription members simultaneously receive and consume the fitness club services provided by SATS, and SATS therefore satisfies its performance obligation to its customers over time. Consequently, membership subscription revenue is also recognized over time. The customers enter into a contract with SATS when signing up for a subscription, through the website registration page, at a fitness club, or through customer service or sales representatives. The customer chooses the preferred subscription arrangement, where the terms, adjusted for any given rebates, are the same for all customers. The normal binding subscription period is twelve months where neither SATS nor the customer can terminate the subscription. Revenue related to sales of fitness club membership is recognized over the subscription period. Discounts with binding agreements For some sales campaigns, customers can receive free months if they agree to a corresponding addition to the binding subscription period. The transaction price will be calculated based on the monthly subscription fee multiplied by the commitment period, i.e., twelve months of monthly fee payments over a thirteen- month subscription period. Joining fees When a customer signs up for a fitness club membership, a joining fee will be charged to the overall subscription amount. For this fee, the new members receive a membership registration, an automatic payment arrangement, and one free PT introduction session. The introduction session has commercial value to the customer, and normally the customer utilizes the PT introduction session the first month after the contract inception date. Management has made the assessment that the PT introduction session is the key performance obligation related to the joining arrangement, and the joining fee is consequently recognized as revenue at the subscription contract inception date. All other revenue related to membership subscriptions is recognized over the membership period. Revenue recognition - Other PT sessions PT sessions, where customers receive advice, inspiration and guidance from a certified fitness instructor, are offered as an additional service to SATS membership subscribers. PT sessions can be purchased individually or as prepaid access cards containing a given number of sessions. The price of a PT session is determined by the experience level of the instructor, the number of participants at each session and the number of prepaid sessions included in the access cards. Since the customer simultaneously receives and consumes the benefits provided by the PTs as the sessions unfold, the performance obligation is satisfied when the session is delivered. Revenue related to PT sessions is thus recognized at the point in time when the session is carried out. Product sales Various fitness and training products, like sportswear, fitness gear, bars and energy drinks, are sold at the SATS fitness club retail areas. Sales are recognized when control of the products has been transferred, which is the point in time when the products are delivered to the customer. Payment of the transaction price is due immediately when the customer purchases the product and takes delivery in-store. The Group has a limited return policy for the customers, which does not materially affect the revenue recognition from the sale of goods.
Disaggregation of revenue from contracts
with customers
Membership revenue
Other revenue
2023
(Amounts in NOK million)
Norway
1,763
389
2,153
Sweden
1,281
315
1,597
Finland
390
76
466
Denmark
436
80
516
Group functions and other
0
3
3
Revenue from contracts with customers
3,870
864
4,734
Point-of-time revenue recognition
Other revenue
864
Membership revenue 41
Total point-of-time revenue recognition
905
Period-of-time revenue recognition
Membership revenue
3,829
Total period-of-time revenue recognition
3,829
1 1) Consists of joining fee and invoicing fee.
Membership revenue
Other revenue
2022
(Amounts in NOK million)
Norway
1,543
397
1,940
Sweden
1,088
289
1,377
Finland
280
81
361
Denmark
335
67
403
Group functions and other
0
1
1
Revenue from contracts with customers
3,246
836
4,082
Point-of-time revenue recognition
Other revenue
836
Membership revenue 54
Total point-of-time revenue recognition
890
Period-of-time revenue recognition
Membership revenue
3,192
Total period-of-time revenue recognition
3,192
1
1)
Consists of joining fee and invoicing fee.
Contract assets and contract liabilities
Contract assets and contract liabilities (advance payments from customers) are disclosed in the
Statement of financial position.
Practical expedient
Management expects that a minimum of 90% of the transaction price allocated to the unsatisfied
contracts as at December 31 will be recognized as revenue during the next financial year. The remaining
10% is expected to be recognized in the financial year thereafter. The amount disclosed above does not
include variable consideration.
Contract assets
Contract assets are recognized whenever a performance obligation is satisfied before consideration
is received and relates mainly to PT subscription arrangements where the customer can pay the
consideration over an extended credit period. Access to 25 PT sessions is normally paid over six months,
whereas access to 50 PT sessions is normally paid over twelve months. Contract assets are assessed for
impairment in accordance with IFRS 9. As at December 31, 2023, contract assets have been reviewed for
impairment, with no material impaired charge recognized.
Contract liabilities (Advance payments from customers)
Advance payments from customers are recognized if SATS receives consideration or if it has the
unconditional right to receive consideration in advance of performance. A large portion of the Group\u2019s
customers pay the monthly membership subscription fee in advance, and these prepayments are
recognized as non-financial debt and will be settled in the Group\u2019s services. Non-redeemed gift cards relate
to prepayments from customers related to the use of PT training sessions. Non-redeemed gift cards are
recognized as revenue at the card\u2019s expiry date, normally after one year.
The following table shows the revenue recognized in 2023 that relates to advance payments from
customers.
Contract liabilities 2023
(Amounts in NOK million at December 31)
Contract liabilities as at the balance sheet date
Membership subscriptions
379
Gift cards
1
PT sessions
182
Revenue recognized from contract liabilities
2023
(Amounts in NOK million)
Revenue recognized in this period that was included in the contract liability balance at
the beginning of the period
Membership subscriptions
348
Gift cards
3
PT sessions
253
Compensation packages related to COVID-19
Compensation packages related to COVID-19 and club closure across the club network are recorded as
other revenue. No COVID compensation was received in 2023. In 2022, there was compensation received
amounting to 15 MNOK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "NOTE 7 Revenue, contract assets and advance payments from customers Disaggregation of revenue In accordance with IFRS 15, management analyzes the revenue contracts with customers and disaggregates the revenue into the following product categories, which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: \u2022 Membership fees, consisting of subscription and joining fees \u2022 Other revenue, mainly consisting of personal training (PT) and product sales Revenue from customers is disaggregated in the table below by geographical location, type of product, the timing of the reception of revenue, and segment. Revenue recognition - Membership fees Membership subscription fees The main product from SATS is fitness club memberships, where customers get access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access at all opening hours, giving the customer access to utilize the facilities at their own discretion, and should be defined as a service arrangement. The subscription members simultaneously receive and consume the fitness club services provided by SATS, and SATS therefore satisfies its performance obligation to its customers over time. Consequently, membership subscription revenue is also recognized over time. The customers enter into a contract with SATS when signing up for a subscription, through the website registration page, at a fitness club, or through customer service or sales representatives. The customer chooses the preferred subscription arrangement, where the terms, adjusted for any given rebates, are the same for all customers. The normal binding subscription period is twelve months where neither SATS nor the customer can terminate the subscription. Revenue related to sales of fitness club membership is recognized over the subscription period. Discounts with binding agreements For some sales campaigns, customers can receive free months if they agree to a corresponding addition to the binding subscription period. The transaction price will be calculated based on the monthly subscription fee multiplied by the commitment period, i.e., twelve months of monthly fee payments over a thirteen- month subscription period. Joining fees When a customer signs up for a fitness club membership, a joining fee will be charged to the overall subscription amount. For this fee, the new members receive a membership registration, an automatic payment arrangement, and one free PT introduction session. The introduction session has commercial value to the customer, and normally the customer utilizes the PT introduction session the first month after the contract inception date. Management has made the assessment that the PT introduction session is the key performance obligation related to the joining arrangement, and the joining fee is consequently recognized as revenue at the subscription contract inception date. All other revenue related to membership subscriptions is recognized over the membership period. Revenue recognition - Other PT sessions PT sessions, where customers receive advice, inspiration and guidance from a certified fitness instructor, are offered as an additional service to SATS membership subscribers. PT sessions can be purchased individually or as prepaid access cards containing a given number of sessions. The price of a PT session is determined by the experience level of the instructor, the number of participants at each session and the number of prepaid sessions included in the access cards. Since the customer simultaneously receives and consumes the benefits provided by the PTs as the sessions unfold, the performance obligation is satisfied when the session is delivered. Revenue related to PT sessions is thus recognized at the point in time when the session is carried out. Product sales Various fitness and training products, like sportswear, fitness gear, bars and energy drinks, are sold at the SATS fitness club retail areas. Sales are recognized when control of the products has been transferred, which is the point in time when the products are delivered to the customer. Payment of the transaction price is due immediately when the customer purchases the product and takes delivery in-store. The Group has a limited return policy for the customers, which does not materially affect the revenue recognition from the sale of goods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "NOTE 7 Revenue, contract assets and advance payments from customers Disaggregation of revenue In accordance with IFRS 15, management analyzes the revenue contracts with customers and disaggregates the revenue into the following product categories, which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: \u2022 Membership fees, consisting of subscription and joining fees \u2022 Other revenue, mainly consisting of personal training (PT) and product sales Revenue from customers is disaggregated in the table below by geographical location, type of product, the timing of the reception of revenue, and segment. Revenue recognition - Membership fees Membership subscription fees The main product from SATS is fitness club memberships, where customers get access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access at all opening hours, giving the customer access to utilize the facilities at their own discretion, and should be defined as a service arrangement. The subscription members simultaneously receive and consume the fitness club services provided by SATS, and SATS therefore satisfies its performance obligation to its customers over time. Consequently, membership subscription revenue is also recognized over time. The customers enter into a contract with SATS when signing up for a subscription, through the website registration page, at a fitness club, or through customer service or sales representatives. The customer chooses the preferred subscription arrangement, where the terms, adjusted for any given rebates, are the same for all customers. The normal binding subscription period is twelve months where neither SATS nor the customer can terminate the subscription. Revenue related to sales of fitness club membership is recognized over the subscription period. Discounts with binding agreements For some sales campaigns, customers can receive free months if they agree to a corresponding addition to the binding subscription period. The transaction price will be calculated based on the monthly subscription fee multiplied by the commitment period, i.e., twelve months of monthly fee payments over a thirteen- month subscription period. Joining fees When a customer signs up for a fitness club membership, a joining fee will be charged to the overall subscription amount. For this fee, the new members receive a membership registration, an automatic payment arrangement, and one free PT introduction session. The introduction session has commercial value to the customer, and normally the customer utilizes the PT introduction session the first month after the contract inception date. Management has made the assessment that the PT introduction session is the key performance obligation related to the joining arrangement, and the joining fee is consequently recognized as revenue at the subscription contract inception date. All other revenue related to membership subscriptions is recognized over the membership period. Revenue recognition - Other PT sessions PT sessions, where customers receive advice, inspiration and guidance from a certified fitness instructor, are offered as an additional service to SATS membership subscribers. PT sessions can be purchased individually or as prepaid access cards containing a given number of sessions. The price of a PT session is determined by the experience level of the instructor, the number of participants at each session and the number of prepaid sessions included in the access cards. Since the customer simultaneously receives and consumes the benefits provided by the PTs as the sessions unfold, the performance obligation is satisfied when the session is delivered. Revenue related to PT sessions is thus recognized at the point in time when the session is carried out. Product sales Various fitness and training products, like sportswear, fitness gear, bars and energy drinks, are sold at the SATS fitness club retail areas. Sales are recognized when control of the products has been transferred, which is the point in time when the products are delivered to the customer. Payment of the transaction price is due immediately when the customer purchases the product and takes delivery in-store. The Group has a limited return policy for the customers, which does not materially affect the revenue recognition from the sale of goods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "Compensation packages related to COVID-19 Compensation packages related to COVID-19 and club closure across the club network are recorded as other revenue. No COVID compensation was received in 2023. In 2022, there was compensation received amounting to 15 MNOK.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "NOTE 8 Personnel expenses Employee benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are expected to be settled wholly within twelve months after the end of the period in which the employees render the related service, are recognized in respect of employees\u2019 services up to the end of the reporting period. The liabilities are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Other long-term employee benefit obligations The liabilities for long-term leave and annual leave are not expected to be settled wholly within twelve months after the end of the period in which the employees render the related service. These liabilities are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
Personnel expenses 2023
2022
(Amounts in NOK million)
Salary expenses including bonuses, holiday pay and other costs
-1,422
-1,342
Social security contributions
-179
-160
Pension costs
-77
-69
Total personnel expenses
-1,677
-1,572
Full-time equivalents 2023
2022
Norway
894
1,068
Sweden
841
901
Finland
289
281
Denmark
237
212
Total
2,261
2,462
Personnel expenses increased while full-time equivalents decreased in 2023 compared to 2022. The increase in personnel expenses is primarily attributed to higher salaries and a weaker NOK, leading to higher personnel expenses when reconsolidating. Pensions Short-term obligations Norway Norwegian companies are required to have occupational pension schemes according to the law on compulsory occupational pension. The Norwegian companies\u2019 pension schemes meet the requirements of this act. The pension plans cover all employees and are reported as defined contribution under IFRS. Sweden Swedish companies are not required to provide occupational pension plans by Swedish law. However, employers covered by a Swedish collective bargaining agreement (CBA) are required to provide an occupational pension plan in accordance with the CBA. The Swedish legal entities\u2019 pension plans satisfy the requirements stipulated in the Swedish CBA. The pension plans cover all employees and are reported as defined contribution under IFRS. Finland Finnish companies are required to have occupational pension arrangements according to the laws and rules that apply to Finland. The Finnish companies\u2019 pension plans meet the requirements according to Finnish laws and regulations. The pension plans cover all employees and are reported as defined contribution under IFRS. Denmark Danish companies are not required to provide occupational pension plans by Danish law. Employees are thus not entitled to occupational pension schemes unless (a) the employment is covered by a collective agreement containing stipulations regarding pension or (b) it is explicitly agreed in the employment contract. The Danish companies\u2019 pension plans meet the requirements according to these regulations. The pension plans are reported as defined contribution under IFRS. As at December 31, 2023, the Group had obligations of NOK 10 million (NOK 15 million as at December 31, 2022). As at December 31, 2023 and December 31, 2022, the scheme covered 6,932 (6,488) employees. The Group recognized an expense of NOK 77 million in 2023 (NOK 69 million in 2022) related to defined contribution plans. Employee share purchase program (ESPP) A share-based investment programme was approved at the Company\u2019s annual general meeting held on May 26, 2020. All the employees of the Group, were offered to purchase shares in the Company for a maximum amount, which depended on position, with a 15-25 percent discount on the share price. The size of the discount depended on the duration of the lock-up obligation. Since the first initiation, the programme has been offered on an annual basis and in total 357 employees have applied for shares in the company. As part of the Share Investment Program, certain senior executives and other key employees, may be rewarded additional shares in the Company without consideration (Matching Shares) in the ratio 0.33:1 based on the number of shares acquired under the program, subject to certain conditions being fulfilled. The conditions for awarding Matching Shares acquired in 2020 have been fulfilled, and the board of directors has therefore during 2023 resolved to award a total of 507,316 shares to 15 Participants in the 2020 Share Investment Program (see Note 22 Earnings per share for further details) .
Management and Board remuneration
Compensation to senior executives is detailed below.
2023
2022
(Amounts in NOK million)
Salary
16
14
Other benefits
1
1
Pension benefits
2
3
Performance based bonus
8
18
Share Based Renumeration
3
1
Total remuniration for Senior executives
31
37
Remuneration to the members of the Board is summarized below.
2023
2022
(Amounts in NOK million)
Total fees for Board of Directors
2
2
More detailed information on the compensation to the Group\u2019s Senior executives and members of
the Board of Directors is provided in a separate remuneration report prepared in accordance with the
Norwegian Public Limited Liability Companies Act \u00a7 6-16b. The report for the financial year 2023 is
published on SATS\u2019 website www.satsgroup.com under \u2018General meetings\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "NOTE 8 Personnel expenses Employee benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are expected to be settled wholly within twelve months after the end of the period in which the employees render the related service, are recognized in respect of employees\u2019 services up to the end of the reporting period. The liabilities are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Other long-term employee benefit obligations The liabilities for long-term leave and annual leave are not expected to be settled wholly within twelve months after the end of the period in which the employees render the related service. These liabilities are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
Personnel expenses 2023
2022
(Amounts in NOK million)
Salary expenses including bonuses, holiday pay and other costs
-1,422
-1,342
Social security contributions
-179
-160
Pension costs
-77
-69
Total personnel expenses
-1,677
-1,572
Full-time equivalents 2023
2022
Norway
894
1,068
Sweden
841
901
Finland
289
281
Denmark
237
212
Total
2,261
2,462
Personnel expenses increased while full-time equivalents decreased in 2023 compared to 2022. The increase in personnel expenses is primarily attributed to higher salaries and a weaker NOK, leading to higher personnel expenses when reconsolidating. Pensions Short-term obligations Norway Norwegian companies are required to have occupational pension schemes according to the law on compulsory occupational pension. The Norwegian companies\u2019 pension schemes meet the requirements of this act. The pension plans cover all employees and are reported as defined contribution under IFRS. Sweden Swedish companies are not required to provide occupational pension plans by Swedish law. However, employers covered by a Swedish collective bargaining agreement (CBA) are required to provide an occupational pension plan in accordance with the CBA. The Swedish legal entities\u2019 pension plans satisfy the requirements stipulated in the Swedish CBA. The pension plans cover all employees and are reported as defined contribution under IFRS. Finland Finnish companies are required to have occupational pension arrangements according to the laws and rules that apply to Finland. The Finnish companies\u2019 pension plans meet the requirements according to Finnish laws and regulations. The pension plans cover all employees and are reported as defined contribution under IFRS. Denmark Danish companies are not required to provide occupational pension plans by Danish law. Employees are thus not entitled to occupational pension schemes unless (a) the employment is covered by a collective agreement containing stipulations regarding pension or (b) it is explicitly agreed in the employment contract. The Danish companies\u2019 pension plans meet the requirements according to these regulations. The pension plans are reported as defined contribution under IFRS. As at December 31, 2023, the Group had obligations of NOK 10 million (NOK 15 million as at December 31, 2022). As at December 31, 2023 and December 31, 2022, the scheme covered 6,932 (6,488) employees. The Group recognized an expense of NOK 77 million in 2023 (NOK 69 million in 2022) related to defined contribution plans. Employee share purchase program (ESPP) A share-based investment programme was approved at the Company\u2019s annual general meeting held on May 26, 2020. All the employees of the Group, were offered to purchase shares in the Company for a maximum amount, which depended on position, with a 15-25 percent discount on the share price. The size of the discount depended on the duration of the lock-up obligation. Since the first initiation, the programme has been offered on an annual basis and in total 357 employees have applied for shares in the company. As part of the Share Investment Program, certain senior executives and other key employees, may be rewarded additional shares in the Company without consideration (Matching Shares) in the ratio 0.33:1 based on the number of shares acquired under the program, subject to certain conditions being fulfilled. The conditions for awarding Matching Shares acquired in 2020 have been fulfilled, and the board of directors has therefore during 2023 resolved to award a total of 507,316 shares to 15 Participants in the 2020 Share Investment Program (see Note 22 Earnings per share for further details) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "
Employee benefits
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are
expected to be settled wholly within twelve months after the end of the period in which the employees
render the related service, are recognized in respect of employees\u2019 services up to the end of the reporting
period. The liabilities are measured at the amounts expected to be paid when the liabilities are settled. The
liabilities are presented as current employee benefit obligations in the balance sheet.
Other long-term employee benefit obligations
The liabilities for long-term leave and annual leave are not expected to be settled wholly within twelve
months after the end of the period in which the employees render the related service. These liabilities are
therefore measured as the present value of expected future payments to be made in respect of services
provided by employees up to the end of the reporting period using the projected unit credit method.
Consideration is given to expected future wage and salary levels, experience of employee departures
and periods of service. Expected future payments are discounted using market yields at the end of the
reporting period of high-quality corporate bonds with terms and currencies that match, as closely as
possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and
changes in actuarial assumptions are recognized in profit or loss.
The obligations are presented as current liabilities in the balance sheet if the entity does not have an
unconditional right to defer settlement for at least twelve months after the reporting period, regardless of
when the actual settlement is expected to occur.
Pensions
Short-term obligations
Norway
Norwegian companies are required to have occupational pension schemes according to the law on
compulsory occupational pension. The Norwegian companies\u2019 pension schemes meet the requirements of
this act. The pension plans cover all employees and are reported as defined contribution under IFRS.
Sweden
Swedish companies are not required to provide occupational pension plans by Swedish law. However,
employers covered by a Swedish collective bargaining agreement (CBA) are required to provide an
occupational pension plan in accordance with the CBA. The Swedish legal entities\u2019 pension plans satisfy
the requirements stipulated in the Swedish CBA. The pension plans cover all employees and are reported
as defined contribution under IFRS.
Finland
Finnish companies are required to have occupational pension arrangements according to the laws and
rules that apply to Finland. The Finnish companies\u2019 pension plans meet the requirements according
to Finnish laws and regulations. The pension plans cover all employees and are reported as defined
contribution under IFRS.
Denmark
Danish companies are not required to provide occupational pension plans by Danish law. Employees are
thus not entitled to occupational pension schemes unless (a) the employment is covered by a collective
agreement containing stipulations regarding pension or (b) it is explicitly agreed in the employment
contract. The Danish companies\u2019 pension plans meet the requirements according to these regulations. The
pension plans are reported as defined contribution under IFRS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "Employee share purchase program (ESPP) A share-based investment programme was approved at the Company\u2019s annual general meeting held on May 26, 2020. All the employees of the Group, were offered to purchase shares in the Company for a maximum amount, which depended on position, with a 15-25 percent discount on the share price. The size of the discount depended on the duration of the lock-up obligation. Since the first initiation, the programme has been offered on an annual basis and in total 357 employees have applied for shares in the company. As part of the Share Investment Program, certain senior executives and other key employees, may be rewarded additional shares in the Company without consideration (Matching Shares) in the ratio 0.33:1 based on the number of shares acquired under the program, subject to certain conditions being fulfilled. The conditions for awarding Matching Shares acquired in 2020 have been fulfilled, and the board of directors has therefore during 2023 resolved to award a total of 507,316 shares to 15 Participants in the 2020 Share Investment Program (see Note 22 Earnings per share for further details) ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "Management and Board remuneration Compensation to senior executives is detailed below.
2023
2022
(Amounts in NOK million)
Salary
16
14
Other benefits
1
1
Pension benefits
2
3
Performance based bonus
8
18
Share Based Renumeration
3
1
Total remuniration for Senior executives
31
37
Remuneration to the members of the Board is summarized below.
2023
2022
(Amounts in NOK million)
Total fees for Board of Directors
2
2
More detailed information on the compensation to the Group\u2019s Senior executives and members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6-16b. The report for the financial year 2023 is published on SATS\u2019 website www.satsgroup.com under \u2018General meetings\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "
NOTE 9 Other operating expenses
Other operating expenses 2023
2022
(Amounts in NOK million)
Property expenses
-657
-682
Marketing expenses
-110
-167
IT expenses
-133
-135
Other operating expenses
-236
-223
Total other operating expenses
-1,136
-1,208
1
1)
Property expenses consist of electricity, water, janitorial expenses, maintenance and short-term lease expenses for which
the underlying asset is of low value and hence IFRS 16 is not applied.
Please see Note 19 Accounts receivables and other current receivables.
Auditor's remuneration 2023
2022
(Amounts in NOK million)
Expensed auditor fees:
Statutory audit (including technical assistance - annual accounts)
-5.1
-3.9
Other attestation and assurance services
-0.3
-0.2
Tax advice (including technical assistance corporate tax papers)
0
-0.1
Total auditor's remuneration
-5.3
-4.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "
Auditor's remuneration 2023
2022
(Amounts in NOK million)
Expensed auditor fees:
Statutory audit (including technical assistance - annual accounts)
-5.1
-3.9
Other attestation and assurance services
-0.3
-0.2
Tax advice (including technical assistance corporate tax papers)
0
-0.1
Total auditor's remuneration
-5.3
-4.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "
NOTE 10 Realized net gain/loss
Net gain/loss 2023
2022
(Amounts in NOK million)
Net gain/loss on disposal of property, plant and equipment
0
-9
Net foreign exchange gains/losses
17
-2
Total net gain/loss
17
-12
", "dimensions": { "concept": "satsasa:DisclosureOfRealisedNetGainLoss", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "
NOTE 11 Net financial items
Interest and other financial income 2023
2022
(Amounts in NOK million)
Interest income financial institutions
50
12
Foreign exchange gains unrealized
35
0
Foreign exchange gains realized
20
0
Net gain derivatives unrealized
43
77
Other financial income
8
3
Total interest and other financial income
156
92
Interest and other financial expenses 2023
2022
(Amounts in NOK million)
Interest expense financial institutions
-171
-111
Interest on lease liabilities
-224
-189
Foreign exchange losses unrealized
0
-12
Net loss derivatives unrealized
-47
-30
Other financial expenses
-8
-32
Total interest and other financial expenses
-450
-373
Net financial items
-293
-281
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "
Interest and other financial income 2023
2022
(Amounts in NOK million)
Interest income financial institutions
50
12
Foreign exchange gains unrealized
35
0
Foreign exchange gains realized
20
0
Net gain derivatives unrealized
43
77
Other financial income
8
3
Total interest and other financial income
156
92
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "Interest and other financial expenses 2023 2022 (Amounts in NOK million) Interest expense financial institutions -171 -111 Interest on lease liabilities -224 -189 Foreign exchange losses unrealized 0 -12 Net loss derivatives unrealized -47 -30 Other financial expenses -8 -32 Total interest and other financial expenses -450 -373 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "NOTE 12 Tax Income tax The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively
Tax income 2023
2022
(Amounts in NOK million)
Tax payable
-18
-6
Adjustment deferred tax prior year
0
2
Change in deferred tax
-72
19
Total tax income
-89
15
Below is a specification of the tax effects of temporary differences and losses carried forward:
Deferred tax liabilities 2023
2022
(Amounts in NOK million at December 31)
Intangible assets
27
28
Gain and loss account
7
8
Financial instruments
9
10
Untaxed reserves
29
21
Revenues
2
2
Other items
3
2
Total deferred tax liabilities relating to temporary differences
78
71
Carrying amount deferred tax liabilities
78
71
Deferred tax assets 2023
2022
(Amounts in NOK million at December 31)
Fixed assets
50
47
Leasing
73
75
Receivables
11
22
Losses carried forward
19
78
Interest
26
17
Total deferred tax assets relating to temporary differences and losses
carried forward
178
239
Carrying amount deferred tax assets
178
239
Explanation of the change in the deferred tax assets and liabilities: 2023
2022
(Amounts in NOK million)
Net carrying amount deferred tax at January 1
168
141
Charge to profit or loss
-72
19
Charge direct to equity
-1
2
Acquisition of subsidiary
0
6
Exchange differences
5
0
Net carrying amount deferred tax at December 31
100
168
Losses carried forward as at December 31 2023
2022
(Amounts in NOK million)
Tax jurisdiction:
Norway (unlimited expiration)
0
276
Finland
222
226
Denmark (unlimited expiration)
947
818
Sweden (unlimited expiration)
93
86
Total losses carried forward
1,262
1,406
Losses carried forward as at December 31, 2023 - Finland
Unused tax losses incurred
Expiration Unused tax
year losses
(Amounts in NOK million)
2014
2024
27
2016
2026
14
2017
2027
22
2018
2028
0
2020
2030
36
2021
2031
88
2022
2032
35
Total losses carried forward as at December 31, 2023
222
Significant estimates and assumptions The unused tax losses in SATS Finland are not recognized in the Group\u2019s balance sheet as at the balance sheet date due to uncertainty whether future taxable profits will be available to offset the unused tax losses within a reasonable time frame. The Finnish entity showed good prospects with underlying growth in all clusters in 2019 before the pandemic and is expected to utilize unused tax losses when the revenues are back to pre-COVID-19 levels. Finland has in 2023 utilized losses carried forward from previous years, and indicates that they will be able to continue using them in the coming years. The tax losses must be utilized according to the table above. The recognized deferred tax asset of NOK 23 million in Finland as at the balance sheet date of December 31, 2023 is related to depreciation differences on fixed assets. At the balance sheet date of December 31, 2023, no deferred tax assets were recognized in Denmark due to uncertainty whether future taxable profits will be available to offset the unused tax losses within a reasonable time frame. SATS Sports Club Sweden AB and SATS Holding AB have losses carried forward of NOK 93 million that are recognized in the balance sheet as at December 31, 2023. As a consequence of acquisitions of subsidiaries within the Swedish segment followed by mergers with SATS Sports Club Sweden AB, the losses are frozen and cannot be utilized until 2025/2026. Additional acquisitions followed by mergers will result in a prolonged frozen period. The Group has in total a net deferred tax asset of NOK 361 million not recognized in the balance sheet as at December 31, 2023, consisting of losses carried forward and deferred tax assets on leasehold improvement, equipment, re-establishment obligation, provision for bad debts and deferred tax on goodwill and customer relations.
Reconciliation of tax expense 2023
2022
(Amounts in NOK million)
Profit/loss before tax
Norway
341
23
Sweden
68
-98
Finland
3
-43
Denmark
-98
-144
Corporate tax rates
Norway, 22%
-75
-5
Sweden, 20.6%
-14
20
Finland, 20%
-1
9
Denmark, 22%
22
32
Reconciling items:
Non-deductible expenses
-4
-3
Unused tax losses not recognized as deferred tax assets
-20
-39
Foreign currency effects
2
0
Corrections of prior year tax assessments
0
2
Others
1
-1
Calculated tax income
-89
15
Weighted average tax rate
28.5%
5.7%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "NOTE 12 Tax Income tax The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively .
Tax income 2023
2022
(Amounts in NOK million)
Tax payable
-18
-6
Adjustment deferred tax prior year
0
2
Change in deferred tax
-72
19
Total tax income
-89
15
Below is a specification of the tax effects of temporary differences and losses carried forward:
Deferred tax liabilities 2023
2022
(Amounts in NOK million at December 31)
Intangible assets
27
28
Gain and loss account
7
8
Financial instruments
9
10
Untaxed reserves
29
21
Revenues
2
2
Other items
3
2
Total deferred tax liabilities relating to temporary differences
78
71
Carrying amount deferred tax liabilities
78
71
Deferred tax assets 2023
2022
(Amounts in NOK million at December 31)
Fixed assets
50
47
Leasing
73
75
Receivables
11
22
Losses carried forward
19
78
Interest
26
17
Total deferred tax assets relating to temporary differences and losses
carried forward
178
239
Carrying amount deferred tax assets
178
239
Explanation of the change in the deferred tax assets and liabilities: 2023
2022
(Amounts in NOK million)
Net carrying amount deferred tax at January 1
168
141
Charge to profit or loss
-72
19
Charge direct to equity
-1
2
Acquisition of subsidiary
0
6
Exchange differences
5
0
Net carrying amount deferred tax at December 31
100
168
Losses carried forward as at December 31 2023
2022
(Amounts in NOK million)
Tax jurisdiction:
Norway (unlimited expiration)
0
276
Finland
222
226
Denmark (unlimited expiration)
947
818
Sweden (unlimited expiration)
93
86
Total losses carried forward
1,262
1,406
Losses carried forward as at December 31, 2023 - Finland Unused tax losses incurred
Expiration Unused tax
year losses
(Amounts in NOK million)
2014
2024
27
2016
2026
14
2017
2027
22
2018
2028
0
2020
2030
36
2021
2031
88
2022
2032
35
Total losses carried forward as at December 31, 2023
222
Significant estimates and assumptions
The unused tax losses in SATS Finland are not recognized in the Group\u2019s balance sheet as at the balance
sheet date due to uncertainty whether future taxable profits will be available to offset the unused tax
losses within a reasonable time frame. The Finnish entity showed good prospects with underlying growth
in all clusters in 2019 before the pandemic and is expected to utilize unused tax losses when the revenues
are back to pre-COVID-19 levels. Finland has in 2023 utilized losses carried forward from previous years,
and indicates that they will be able to continue using them in the coming years. The tax losses must be
utilized according to the table above.
The recognized deferred tax asset of NOK 23 million in Finland as at the balance sheet date of December
31, 2023 is related to depreciation differences on fixed assets.
At the balance sheet date of December 31, 2023, no deferred tax assets were recognized in Denmark
due to uncertainty whether future taxable profits will be available to offset the unused tax losses within a
reasonable time frame.
SATS Sports Club Sweden AB and SATS Holding AB have losses carried forward of NOK 93 million that
are recognized in the balance sheet as at December 31, 2023. As a consequence of acquisitions of
subsidiaries within the Swedish segment followed by mergers with SATS Sports Club Sweden AB, the
losses are frozen and cannot be utilized until 2025/2026. Additional acquisitions followed by mergers will
result in a prolonged frozen period.
The Group has in total a net deferred tax asset of NOK 361 million not recognized in the balance sheet
as at December 31, 2023, consisting of losses carried forward and deferred tax assets on leasehold
improvement, equipment, re-establishment obligation, provision for bad debts and deferred tax on goodwill
and customer relations.
Reconciliation of tax expense 2023
2022
(Amounts in NOK million)
Profit/loss before tax
Norway
341
23
Sweden
68
-98
Finland
3
-43
Denmark
-98
-144
Corporate tax rates
Norway, 22%
-75
-5
Sweden, 20.6%
-14
20
Finland, 20%
-1
9
Denmark, 22%
22
32
Reconciling items:
Non-deductible expenses
-4
-3
Unused tax losses not recognized as deferred tax assets
-20
-39
Foreign currency effects
2
0
Corrections of prior year tax assessments
0
2
Others
1
-1
Calculated tax income
-89
15
Weighted average tax rate
28.5%
5.7%
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "
Income tax
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income
based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets
and liabilities attributable to temporary differences and unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted
at the end of the reporting period in the countries where the company\u2019s subsidiaries and associates
operate and generate taxable income. Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability
in a transaction other than a business combination that at the time of the transaction affects neither
accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantially enacted by the end of the reporting period and are expected to apply
when the related deferred income tax asset is realized or the deferred income tax liability is settled.
Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to
utilize those temporary differences and losses.
Deferred tax liabilities and assets are not recognized for temporary differences between the carrying
amount and tax bases of investments in foreign operations where the company is able to control the
timing of the reversal of the temporary differences and it is probable that the differences will not reverse in
the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax
assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends
either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items
recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in
other comprehensive income or directly in equity, respectively .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "Income tax The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "NOTE 13 Intangible assets Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in- use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom for most CGUs. Software Costs associated with maintaining software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software include employee costs and an appropriate portion of relevant overheads. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage, three years. Amortization is presented in the line Depreciation and amortization.
Goodwill
Norway
Sweden
Finland
Denmark
Total goodwill
(Amounts in NOK million)
At January 1, 2022
Cost
1,838
215
581
0
2,634
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,640
215
571
0
2,425
Year ended December 31, 2022
Opening net book value
1,640
215
571
0
2,425
Effect of changes in foreign exchange cost
0
-6
30
0
24
Additions
29
0
0
0
29
Closing Net book value
1,669
209
601
0
2,478
At December 31, 2022
Cost
1,868
209
611
0
2,687
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
209
601
0
2,478
Year ended December 31, 2023
Opening net book value
1,669
209
601
0
2,478
Effect of changes in foreign exchange cost
0
15
42
0
56
Closing Net book value
1,669
223
642
0
2,535
At December 31, 2023
Cost
1,868
223
652
0
2,744
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
223
642
0
2,535
Useful life
Indefinite
Indefinite
Indefinite
Indefinite
Not Not Not Not
Amortization method amortized amortized amortized amortized
Internally Total other
Customer developed intangible
Other intangible assets
relations
Trademark
software Other assets
(Amounts in NOK million)
At January 1, 2022
Cost
59
268
420
4
750
Accumulated amortization and impairment
-31
-266
-308
-4
-608
Net book value
29
2
113
0
143
Year ended December 31, 2022
Opening net book value
29
2
113
0
143
Effect of changes in foreign exchange cost
1
0
-13
0
-11
Effect of changes in foreign exchange accumulated depreciation
-1
0
9
0
9
Acquisitions
6
0
0
0
6
Additions
2
0
53
0
55
Disposals
0
-1
-7
0
-7
Amortization charge
-13
0
-72
0
-85
Closing Net book value
25
1
84
0
109
At December 31, 2022
Cost
68
267
447
4
785
Accumulated amortization and impairment
-44
-266
-363
-4
-676
Net book value
25
1
84
0
109
Year ended December 31, 2023
Opening net book value
25
1
84
0
109
Effect of changes in foreign exchange cost
3
0
32
0
36
Effect of changes in foreign exchange accumulated depreciation
-2
0
-27
0
-29
Additions
0
0
39
0
39
Amortization charge
-11
0
-52
0
-62
Closing Net book value
15
1
77
0
93
At December 31, 2023
Cost
72
267
519
0
857
Accumulated amortization and impairment
-56
-266
-442
0
-764
Net book value
15
1
77
0
93
Useful life
3\u20137 years
10 years
3 years
1\u201310 years
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
1 1) Software consists of capitalized development expenditure being an internally generated intangible asset Impairment test: Key assumptions used for value-in-use calculation The fitness clubs in Norway, Sweden, Finland and Denmark (the segments) are considered to be the four cash-generating units (CGU) against which goodwill and trademark are tested. The members can move freely between the fitness clubs within each country. Allowing the members to exercise where they live, work etc. is an important part of the Group\u2019s customer offering. The Nordic Management Group also monitors the Group\u2019s performance at segment level. Norway, Sweden, Finland and Denmark are therefore deemed the smallest groups of assets that independently generate cash flow and whose cash flow is largely independent of the cash flows generated by other assets. The recoverable amount from the CGU is calculated by taking the historical cash flows for CGUs, taking into account expectations for moderate growth in the Norwegian, Swedish, Finnish and Danish markets. In connection with the impairment testing of goodwill, a sensitivity analysis has been carried out. The sensitivity analysis has tested changes in WACC and growth rates. All relevant CGUs have satisfactory headroom. The estimates used to determine future cash flows and WACC when calculating value in use are subject to uncertainty. The assumptions are described below: Outlook and budget assumtions Estimated future cash flow is based on budgets and business plans approved by the Board, based on management\u2019s best estimate, reflecting the Group\u2019s business planning process, and includes an assessment of the long-term market trends and the respective CGU\u2019s projected market share for each year within the planning horizon. The calculation takes into account expected future changes in market prices, purchase prices and salary increases. Impairment tests assume continuing operation of the CGUs and are calculated based on a value-in-use method. The calculations use cash flow projections covering a five-year period. The health and wellness sector is growing due to society\u2019s increased focus on health and well-being. Strong global trends, such as political initiatives for health and digitalization, are fueling health and fitness awareness. The addressable market in the Nordics is the most advanced in Europe in terms of penetration, and given highly fragmented markets in terms of market value, clubs and members, the consolidation potential is significant. In the near future, SATS will continue to be affected by general inflationary pressure and volatile electricity prices. However, in the long term, the Company is comfortable with its ability to increase prices in line with inflation. There are still no signs of members trading down due to lower purchasing power. With a combination of the underlying health and fitness wave and SATS\u2019 strong market position, the member base per club is also expected to develop well over time. SATS will focus on offering a comprehensive and high- quality equipment park, the position as the leading personal training destination in the Nordics, and a range of highly regarded niche concepts. The Company will continue to offer flexible memberships ensuring that SATS is relevant for everyone. SATS is committed to participating in this trend and developing an attractive, high-quality hybrid offering to stay relevant both for people who want to work out at a fitness club, outdoors, and at home. When impairment testing tangible/intangible fixed assets, management has used a five-year discounted cash flow to assess the value in use. Estimated future EBITDA (operating profit before depreciation, amortization, and impairment) is based on budgets for 2024 and business plans (2024-2026) approved by the Board, excluding new clubs in pipeline not yet opened. The business plans are based on management\u2019s best estimate, reflecting the group\u2019s business planning and budgeting process, and include an assessment of the long-term market trends and the respective CGU\u2019s projected market share for each year within the planning horizon. The calculation considers expected future changes in market prices, purchase prices, energy cost and salary increases. Growth rates Growth rates for revenues after the business plan period (2025-2026) vary somewhat per country and reflect considerations related to the following affecting volume: \u2022 recovery rate in the member base compared to pre-COVID 2019 \u2022 share of maturing clubs with ample room to grow \u2022 overall free capacity in club portfolio For 2024, inflation is expected to continue at higher levels than we have seen historically, and the business plan reflects local CPI levels (as observed per October 2023), both for revenues and cost. For 2025-2028, the impairment model assumes that inflation returns to historical levels and growth in prices and cost have been set at the same level (2.5-3%). Risk and uncertainty related to the expected level of inflation are balanced out as prices are expected to increase in line with cost. Given the scalability of the business, this assumption should be considered conservative. Cash flows beyond the five year period are based on an expected growth rate of 2% for an indefinite period. WACC Future cash flows are discounted to present value using a discount rate based on a calculation of a weighted average cost of capital (WACC). The after-tax discount rates are assumed to reflect specific risks relating to the relevant segments in which they operate. The rates have been adjusted for different interest levels relevant for the segments, but no other country specific risk adjustment has been done as the Nordic region is assumed to be subject to a similar macroeconomic risk profile. This is based on a risk-free rate, plus a risk premium. The market risk premium is assumed to be 6.0% in Norway, Sweden and Denmark and 6.6% in Finland. The risk-free interest rate is based on the 10-year government bond interest, 3.4% in Norway, 2.1% in Sweden, 2.8% in Finland, and 2.5% in Denmark. However, a premium is applied to arrive at a normalized risk-free rate of 2% for all countries as a best estimate for the normalized long-term interest rate. Management has not included any premium for project risk, currency risk or country risk for the Group\u2019s operations.The beta is based on observations of similar listed companies. The allocation between debt and equity corresponds to SATS\u2019 normalized capital structure as of December 2023. Sensitivity At December 31, 2023, the Group\u2019s value in use for each CGU was higher than the carrying amount of tested goodwill. For Norway and Sweden, the value in use is significantly higher than the carrying amount. Sensitivity analyses show that no reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying amount. For Finland specifically, headroom has significantly improved, and an increase in WACC of approximately 2.0% point, all else being equal, would make the estimated recoverable amount equal to the carrying amount. A reduction in terminal value growth of approximately 2.5% point would, all else being equal, make the estimated recoverable amount equal to the carrying amount.
WACC
2023
2022
Norway
7.4%
8.2%
Sweden
7.4%
8.2%
Finland
7.8%
8.7%
Denmark
7.4%
8.2%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "
Goodwill
Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it
is tested for impairment annually or more frequently if events or changes in circumstances indicate that
it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the
disposal of an entity include the carrying amount of goodwill relating to the entity sold.
The Group tests goodwill annually at year-end for impairment. The method used to estimate the
recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in-
use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom
for most CGUs.
Software
Costs associated with maintaining software programs are recognized as an expense as incurred.
Development costs that are directly attributable to the design and testing of identifiable and unique
software products controlled by the Group are recognized as intangible assets when the following criteria
are met:
\u2022 it is technically feasible to complete the software so that it will be available for use;
\u2022 management intends to complete the software and use or sell it;
\u2022 there is an ability to use or sell the software;
\u2022 it can be demonstrated how the software will generate probable future economic benefits;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the
software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalized as part of the software include employee costs and an
appropriate portion of relevant overheads.
Capitalized development costs are recorded as intangible assets and amortized from the point at
which the asset is ready for use. Capitalized costs for internally developed software are amortized
over the estimated period of usage, three years. Amortization is presented in the line Depreciation and
amortization.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in- use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom for most CGUs. Software Costs associated with maintaining software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software include employee costs and an appropriate portion of relevant overheads. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage, three years. Amortization is presented in the line Depreciation and amortization.
Goodwill
Norway
Sweden
Finland
Denmark
Total goodwill
(Amounts in NOK million)
At January 1, 2022
Cost
1,838
215
581
0
2,634
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,640
215
571
0
2,425
Year ended December 31, 2022
Opening net book value
1,640
215
571
0
2,425
Effect of changes in foreign exchange cost
0
-6
30
0
24
Additions
29
0
0
0
29
Closing Net book value
1,669
209
601
0
2,478
At December 31, 2022
Cost
1,868
209
611
0
2,687
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
209
601
0
2,478
Year ended December 31, 2023
Opening net book value
1,669
209
601
0
2,478
Effect of changes in foreign exchange cost
0
15
42
0
56
Closing Net book value
1,669
223
642
0
2,535
At December 31, 2023
Cost
1,868
223
652
0
2,744
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
223
642
0
2,535
Useful life
Indefinite
Indefinite
Indefinite
Indefinite
Not Not Not Not
Amortization method amortized amortized amortized amortized
Internally Total other
Customer developed intangible
Other intangible assets
relations
Trademark
software Other assets
(Amounts in NOK million)
At January 1, 2022
Cost
59
268
420
4
750
Accumulated amortization and impairment
-31
-266
-308
-4
-608
Net book value
29
2
113
0
143
Year ended December 31, 2022
Opening net book value
29
2
113
0
143
Effect of changes in foreign exchange cost
1
0
-13
0
-11
Effect of changes in foreign exchange accumulated depreciation
-1
0
9
0
9
Acquisitions
6
0
0
0
6
Additions
2
0
53
0
55
Disposals
0
-1
-7
0
-7
Amortization charge
-13
0
-72
0
-85
Closing Net book value
25
1
84
0
109
At December 31, 2022
Cost
68
267
447
4
785
Accumulated amortization and impairment
-44
-266
-363
-4
-676
Net book value
25
1
84
0
109
Year ended December 31, 2023
Opening net book value
25
1
84
0
109
Effect of changes in foreign exchange cost
3
0
32
0
36
Effect of changes in foreign exchange accumulated depreciation
-2
0
-27
0
-29
Additions
0
0
39
0
39
Amortization charge
-11
0
-52
0
-62
Closing Net book value
15
1
77
0
93
At December 31, 2023
Cost
72
267
519
0
857
Accumulated amortization and impairment
-56
-266
-442
0
-764
Net book value
15
1
77
0
93
Useful life
3\u20137 years
10 years
3 years
1\u201310 years
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
1 1) Software consists of capitalized development expenditure being an internally generated intangible asset
Impairment test: Key assumptions used for value-in-use calculation
The fitness clubs in Norway, Sweden, Finland and Denmark (the segments) are considered to be the four
cash-generating units (CGU) against which goodwill and trademark are tested. The members can move
freely between the fitness clubs within each country. Allowing the members to exercise where they live,
work etc. is an important part of the Group\u2019s customer offering. The Nordic Management Group also
monitors the Group\u2019s performance at segment level. Norway, Sweden, Finland and Denmark are therefore
deemed the smallest groups of assets that independently generate cash flow and whose cash flow is
largely independent of the cash flows generated by other assets. The recoverable amount from the CGU
is calculated by taking the historical cash flows for CGUs, taking into account expectations for moderate
growth in the Norwegian, Swedish, Finnish and Danish markets.
In connection with the impairment testing of goodwill, a sensitivity analysis has been carried out. The
sensitivity analysis has tested changes in WACC and growth rates. All relevant CGUs have satisfactory
headroom. The estimates used to determine future cash flows and WACC when calculating value in use
are subject to uncertainty. The assumptions are described below:
Outlook and budget assumtions
Estimated future cash flow is based on budgets and business plans approved by the Board, based
on management\u2019s best estimate, reflecting the Group\u2019s business planning process, and includes an
assessment of the long-term market trends and the respective CGU\u2019s projected market share for each year
within the planning horizon. The calculation takes into account expected future changes in market prices,
purchase prices and salary increases. Impairment tests assume continuing operation of the CGUs and are
calculated based on a value-in-use method. The calculations use cash flow projections covering a five-year
period.
The health and wellness sector is growing due to society\u2019s increased focus on health and well-being.
Strong global trends, such as political initiatives for health and digitalization, are fueling health and fitness
awareness. The addressable market in the Nordics is the most advanced in Europe in terms of penetration,
and given highly fragmented markets in terms of market value, clubs and members, the consolidation
potential is significant.
In the near future, SATS will continue to be affected by general inflationary pressure and volatile electricity
prices. However, in the long term, the Company is comfortable with its ability to increase prices in line
with inflation. There are still no signs of members trading down due to lower purchasing power. With a
combination of the underlying health and fitness wave and SATS\u2019 strong market position, the member base
per club is also expected to develop well over time. SATS will focus on offering a comprehensive and high-
quality equipment park, the position as the leading personal training destination in the Nordics, and a range
of highly regarded niche concepts. The Company will continue to offer flexible memberships ensuring
that SATS is relevant for everyone. SATS is committed to participating in this trend and developing an
attractive, high-quality hybrid offering to stay relevant both for people who want to work out at a fitness
club, outdoors, and at home.
When impairment testing tangible/intangible fixed assets, management has used a five-year discounted
cash flow to assess the value in use. Estimated future EBITDA (operating profit before depreciation,
amortization, and impairment) is based on budgets for 2024 and business plans (2024-2026) approved by
the Board, excluding new clubs in pipeline not yet opened. The business plans are based on management\u2019s
best estimate, reflecting the group\u2019s business planning and budgeting process, and include an assessment
of the long-term market trends and the respective CGU\u2019s projected market share for each year within the
planning horizon. The calculation considers expected future changes in market prices, purchase prices,
energy cost and salary increases.
Growth rates
Growth rates for revenues after the business plan period (2025-2026) vary somewhat per country and
reflect considerations related to the following affecting volume:
\u2022 recovery rate in the member base compared to pre-COVID 2019
\u2022 share of maturing clubs with ample room to grow
\u2022 overall free capacity in club portfolio
For 2024, inflation is expected to continue at higher levels than we have seen historically, and the business
plan reflects local CPI levels (as observed per October 2023), both for revenues and cost. For 2025-2028,
the impairment model assumes that inflation returns to historical levels and growth in prices and cost
have been set at the same level (2.5-3%). Risk and uncertainty related to the expected level of inflation are
balanced out as prices are expected to increase in line with cost. Given the scalability of the business, this
assumption should be considered conservative. Cash flows beyond the five year period are based on an
expected growth rate of 2% for an indefinite period.
WACC
Future cash flows are discounted to present value using a discount rate based on a calculation of a
weighted average cost of capital (WACC). The after-tax discount rates are assumed to reflect specific risks
relating to the relevant segments in which they operate. The rates have been adjusted for different interest
levels relevant for the segments, but no other country specific risk adjustment has been done as the Nordic
region is assumed to be subject to a similar macroeconomic risk profile. This is based on a risk-free rate,
plus a risk premium. The market risk premium is assumed to be 6.0% in Norway, Sweden and Denmark
and 6.6% in Finland. The risk-free interest rate is based on the 10-year government bond interest, 3.4% in
Norway, 2.1% in Sweden, 2.8% in Finland, and 2.5% in Denmark. However, a premium is applied to arrive at
a normalized risk-free rate of 2% for all countries as a best estimate for the normalized long-term interest
rate. Management has not included any premium for project risk, currency risk or country risk for the
Group\u2019s operations.The beta is based on observations of similar listed companies. The allocation between
debt and equity corresponds to SATS\u2019 normalized capital structure as of December 2023.
Sensitivity
At December 31, 2023, the Group\u2019s value in use for each CGU was higher than the carrying amount
of tested goodwill. For Norway and Sweden, the value in use is significantly higher than the carrying
amount. Sensitivity analyses show that no reasonable change in any of the key assumptions would cause
the recoverable amount to be lower than the carrying amount. For Finland specifically, headroom has
significantly improved, and an increase in WACC of approximately 2.0% point, all else being equal, would
make the estimated recoverable amount equal to the carrying amount. A reduction in terminal value growth
of approximately 2.5% point would, all else being equal, make the estimated recoverable amount equal to
the carrying amount.
WACC
2023
2022
Norway
7.4%
8.2%
Sweden
7.4%
8.2%
Finland
7.8%
8.7%
Denmark
7.4%
8.2%
NOTE 14 Leases The Group\u2019s leasing activities The Group leases fitness club premises, office buildings, equipment and vehicles. Rental contracts are typically made for fixed periods of six months to fifteen years but may have extension options as described below. The Group\u2019s lease contracts may contain both lease and non-lease components, and SATS allocates the consideration in the contract to the lease and non-lease components based on their relative stand- alone prices. Lease terms are negotiated on an individual basis and contain different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. However, for leases of certain premises, the Group grants the lessors guarantee contracts on behalf of its subsidiaries. These financial guarantee contracts amounted to NOK 251 million as at December 31, 2023 (NOK 263 million as at December 31, 2022). The guarantees are provided by SATS Holding AB. In addition, there is one club as at December 31, 2023 where the lease contract does not specify the guarantee amount. Several of the lease agreements for the fitness clubs include leasehold improvement provided by the lessor as a lease incentive. The assets obtained by the Group are recognized as furniture and fittings at fair value and depreciated over the shorter of their useful life or the lease term. Rent is annually adjusted for virtually all premises\u2019 lease contracts in accordance with the relevant CPI index. Key accounting principles Leases are recognized as a lease liability with a corresponding right-of-use asset at the date at which the leased asset is available for use by the Group. Lease contracts with a lease term of less than twelve months and lease contracts for which the underlying asset has a low value are not capitalized since the payments are recognized in the income statement on a straight-line basis over the lease contract period. SATS presents the right-of-use assets and lease liabilities as separate line-items on the statement of financial position. Lease liabilities are split into current, due within one year, and non-current, due after more than one year. In the statement of profit or loss, the depreciation and impairment expenses related to the right-of-use asset are presented as part of the total depreciation and impairment expenses. The interest expenses related to the lease liabilities are presented as part of the interest expense. Lease liabilities Lease liabilities are recognized at the present value of future lease payments, according to the lease agreement, at the commencement date. The Group has elected to separate lease and non-lease components included in lease payments for property leases. Lease payments included in the measurement of the lease liability comprise the following: \u2022 fixed payments, including in-substance fixed payments; \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 (if any) amounts expected to be payable under a residual value guarantee; and \u2022 (if any) lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest rate method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a matching adjustment is made to the carrying amount of the right- of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Upon modification of a lease, the remeasurement of the lease liability is performed using the applicable discount rate at the date of the remeasurement. Extension and termination options Most Norwegian and Finnish lease contracts contain renewal options. In Sweden, the fitness club leasing contracts are automatically renewed if not explicitly agreed otherwise. Danish legislation will under normal circumstances grant the lessor a unilateral right to extend the lease term. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of club premises, the following factors are normally the most relevant: \u2022 If there are significant penalty payments to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate). \u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate). \u2022 Otherwise, the Group considers other factors including historical lease durations, club profitability and the costs and business disruption required to replace the leased asset. Most extension options in premises leases have not been included in the lease liability because the Group could replace the assets without significant cost or business disruption. Incremental borrowing rate The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the lessee\u2019s incremental borrowing rate is used, which is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The Group\u2019s long-term borrowing interest rate is the applicable IBOR plus a margin dependent on the leverage ratio of the Group. If SATS Group were to acquire the right-of-use assets on similar terms and in a similar economic environment, management expects that the borrowing terms would be comparable to the terms from the current financing agreement with the Group\u2019s lenders, adjusted for certain items specific to the lease, such as term, country, currency, security, etc.
Commitments in relation to leases are payable as follows: 2023
2022
(Amounts in NOK million at December 31)
Less than 1 year
1,145
1,044
1\u20132 years
1,014
924
2\u20133 years
871
802
3\u20134 years
763
667
4\u20135 years
608
568
More than 5 years
1,374
1,186
Minimum lease payments
5,775
5,190
Future finance charges
-837
-655
Recognized as a liability
4,938
4,535
The present value of lease liabilities are as follows: 2023
2022
(Amounts in NOK million at December 31)
Less than 1 year
929
869
1\u20132 years
849
810
2\u20133 years
747
724
3\u20134 years
674
619
4\u20135 years
549
545
More than 5 years
1,190
969
Present value of lease payments
4,938
4,535
Cash flows from lease agreements
2023
2022
Property lease agreements
1,178
1,055
Short-term lease agreements and leases of assets of low value
20
22
Total cash flows from lease agreements
1,198
1,077
Lease liability
(Amounts in NOK million)
At December 31, 2021
4,452
Year ended December 31, 2022
Effect of changes in foreign exchange
13
Additions new lease
393
Effects from exercise of extension options
297
Modification of contractual lease terms
2
Amortizations
-1,053
Interest expense on lease liabilites
189
Disposals sold clubs
-8
CPI index adjustments
250
Closing Net book value December 31, 2022
4,535
Lease liability
(Amounts in NOK million)
At December 31, 2022
4,535
Year ended December 31, 2023
Effect of changes in foreign exchange
181
Additions new lease
219
Effects from exercise of extension options
699
Modification of contractual lease terms
-11
Amortizations
-1,177
Interest expense on lease liabilites
224
Disposals sold clubs
-44
CPI index adjustments
312
Closing Net book value December 31, 2023
4,938
Options to extend but not yet started, amounts to NOK 277 million as at the balance sheet date (NOK 421 as at December 31, 2022) and are included in the total lease liability of NOK 4,938 million (NOK 4,535 million as at December 31, 2022).
Lease terms
In determining the lease term, management considers all facts and circumstances that create an econo-
mic incentive to exercise an extension option or not exercise a termination option. Extension options, or
periods after termination options, are only included in the lease term if the lease is reasonably certain to be
extended or not terminated.
For leases of center premises, the following factors are normally the most relevant:
\u2022 If there are significant penalties to terminate or not extend, the Group is typically reasonably certain to
extend.
\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically
reasonably certain to extend.
\u2022 Otherwise, the Group considers other factors including historical lease durations and the costs and
business disruption required to replace the leased premises.
Most extension options have not been included in the lease liability because the Group could replace the
assets without significant cost or business disruption.
Lease terms - sensitivity analysis
2023
2022
(Amounts in NOK million at December 31)
Options to extend, not yet committed to
1,484
1,139
Leases not yet commenced, to which the lessee is committed
94
299
Options to extend, not yet committed to, is the present value of extension options that the Group has not
chosen to include in Lease liabilites as at the balance sheet date. Leases not yet commenced, to which the
lessee is commited, is the present value of lease liabilities for clubs not yet opened as at the balance sheet
date. NOK 94 million includes three clubs in Sweden.
Right-of-use assets
Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease
liability, adjusted for lease payments made at or before the commencement date, any lease incentives
received, initial direct costs, and restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term
on a straight-line basis.
In 2023, there were no indications of impairment, hence no impairment test has been undertaken for right-
of-use assets, and no impairment charge to right-of-use assets was recognized as at the reporting date.
RoU assets
Premise Other Total
rental leases RoU assets
(Amounts in NOK million)
At January 1, 2022
Cost
9,904
82
9,986
Accumulated depreciation
-5,841
-68
-5,909
Net book value
4,063
15
4,077
Year ended December 31, 2022
At January 1, 2022
4,063
15
4,077
Additions/disposals
932
4
936
Effect of changes in foreign exchange cost
24
2
26
Depreciation charge
-851
-9
-860
Effect of changes in foreign exchange accumulated depreciation
-16
-2
-18
Closing Net book value
4,152
9
4,161
At December 31, 2022
Cost
10,815
87
10,903
Accumulated depreciation
-6,663
-78
-6,741
Net book value
4,152
9
4,161
Year ended December 31, 2023
At 1 January 2023
4,152
9
4,161
Additions/disposals
1,175
5
1,180
Effect of changes in foreign exchange cost
298
4
302
Depreciation charge
-933
-8
-940
Effect of changes in foreign exchange accumulated depreciation
-129
-4
-133
Closing Net book value
4,563
7
4,570
At December 31, 2023
Cost
12,212
97
12,309
Accumulated depreciation
-7,649
-90
-7,739
Net book value
4,563
7
4,570
Useful life
1\u201315 years
1\u20135 years
Depreciation method
Straight-line Straight-line
Amounts recognized in profit and loss 2023
2022
(Amounts in NOK million)
Depreciation expense on right-of-use assets
-940
-860
Interest expense on lease liabilities
-224
-189
Expense relating to short-term leases and leases of low value
-17
-16
NOTE 15 Property, plant and equipment Property, plant and equipment All property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable value. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. Property, plant and equipment
Leasehold Fitness Other equipment, Total fixed
improvements equipment fixtures and fittings assets
(Amounts in NOK million)
At January 1, 2022
Cost
1,421
851
477
2,749
Accumulated depreciation and impairment
-991
-651
-416
-2,058
Net book value
431
200
61
691
Year ended December 31, 2022
Opening net book value
431
200
61
691
Effect of changes in foreign exchange cost
10
3
2
15
Effect of changes in foreign exchange
accumulated depreciation
-10
-2
-1
-14
Reclassification additions
1
0
-1
0
Acquisition cost
4
15
5
24
Acquisition accumulated depreciation
-3
-9
-3
-15
Additions
89
82
29
199
Disposals cost
-94
-14
-9
-117
Disposals accumulated depreciation
94
14
6
114
Reclassification depreciations
0
-1
0
0
Depreciation charge
-91
-55
-30
-175
Closing Net book value
431
233
59
723
At December 31, 2022
Cost
1,431
935
503
2,868
Accumulated depreciation and impairment
-1,001
-702
-443
-2,146
Net book value
431
233
59
723
1 1) Leasehold improvements relate to refurbishments of leased premises. These lease contracts have a contract period of ten years or beyond. The depreciation period is estimated to correspond with the expected economic useful life of the improvement. Expected useful life is adjusted if the contract period is altered before initial expiration date. Property, plant and equipment
Leasehold Fitness Other equipment, Total fixed
improvements equipment fixtures and fittings assets
(Amounts in NOK million)
Year ended December 31, 2023
Opening net book value
431
233
59
723
Effect of changes in foreign exchange cost
63
34
16
114
Effect of changes in foreign exchange
accumulated depreciation
-44
-24
-14
-82
Additions
49
57
21
127
Disposals cost
-42
-13
-31
-86
Disposals accumulated depreciation
41
12
31
84
Depreciation charge
-88
-59
-28
-175
Closing Net book value
411
240
54
705
At December 31, 2023
Cost
1,502
1,013
509
3,024
Accumulated depreciation and impairment
-1,091
-773
-455
-2,319
Net book value
411
240
54
705
Useful life
10 years
5 \u2013 9 years
3 \u2013 7 years
Depreciation method
Straight-line Straight-line
Straight-line
1 1 1) Leasehold improvements relate to refurbishments of leased premises. These lease contracts have a contract period of ten years or beyond. The depreciation period is estimated to correspond with the expected economic useful life of the improvement. Expected useful life is adjusted if the contract period is altered before initial expiration date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in- use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom for most CGUs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in- use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom for most CGUs. Software Costs associated with maintaining software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software include employee costs and an appropriate portion of relevant overheads. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage, three years. Amortization is presented in the line Depreciation and amortization. Key accounting principles Leases are recognized as a lease liability with a corresponding right-of-use asset at the date at which the leased asset is available for use by the Group. Lease contracts with a lease term of less than twelve months and lease contracts for which the underlying asset has a low value are not capitalized since the payments are recognized in the income statement on a straight-line basis over the lease contract period. SATS presents the right-of-use assets and lease liabilities as separate line-items on the statement of financial position. Lease liabilities are split into current, due within one year, and non-current, due after more than one year. In the statement of profit or loss, the depreciation and impairment expenses related to the right-of-use asset are presented as part of the total depreciation and impairment expenses. The interest expenses related to the lease liabilities are presented as part of the interest expense. Lease liabilities Lease liabilities are recognized at the present value of future lease payments, according to the lease agreement, at the commencement date. The Group has elected to separate lease and non-lease components included in lease payments for property leases. Lease payments included in the measurement of the lease liability comprise the following: \u2022 fixed payments, including in-substance fixed payments; \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 (if any) amounts expected to be payable under a residual value guarantee; and \u2022 (if any) lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest rate method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a matching adjustment is made to the carrying amount of the right- of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Upon modification of a lease, the remeasurement of the lease liability is performed using the applicable discount rate at the date of the remeasurement. Extension and termination options Most Norwegian and Finnish lease contracts contain renewal options. In Sweden, the fitness club leasing contracts are automatically renewed if not explicitly agreed otherwise. Danish legislation will under normal circumstances grant the lessor a unilateral right to extend the lease term. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of club premises, the following factors are normally the most relevant: \u2022 If there are significant penalty payments to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate). \u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate). \u2022 Otherwise, the Group considers other factors including historical lease durations, club profitability and the costs and business disruption required to replace the leased asset. Most extension options in premises leases have not been included in the lease liability because the Group could replace the assets without significant cost or business disruption. Incremental borrowing rate The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the lessee\u2019s incremental borrowing rate is used, which is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The Group\u2019s long-term borrowing interest rate is the applicable IBOR plus a margin dependent on the leverage ratio of the Group. If SATS Group were to acquire the right-of-use assets on similar terms and in a similar economic environment, management expects that the borrowing terms would be comparable to the terms from the current financing agreement with the Group\u2019s lenders, adjusted for certain items specific to the lease, such as term, country, currency, security, etc. Property, plant and equipment All property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable value. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "Goodwill Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized, but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. The Group tests goodwill annually at year-end for impairment. The method used to estimate the recoverable amount is value in use, based on discounted cash flow analysis (DCF). Based on the value-in- use calculation, the estimated recoverable amount exceeds the carrying amount with significant headroom for most CGUs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "Software Costs associated with maintaining software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software include employee costs and an appropriate portion of relevant overheads. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage, three years. Amortization is presented in the line Depreciation and amortization.
Goodwill
Norway
Sweden
Finland
Denmark
Total goodwill
(Amounts in NOK million)
At January 1, 2022
Cost
1,838
215
581
0
2,634
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,640
215
571
0
2,425
Year ended December 31, 2022
Opening net book value
1,640
215
571
0
2,425
Effect of changes in foreign exchange cost
0
-6
30
0
24
Additions
29
0
0
0
29
Closing Net book value
1,669
209
601
0
2,478
At December 31, 2022
Cost
1,868
209
611
0
2,687
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
209
601
0
2,478
Year ended December 31, 2023
Opening net book value
1,669
209
601
0
2,478
Effect of changes in foreign exchange cost
0
15
42
0
56
Closing Net book value
1,669
223
642
0
2,535
At December 31, 2023
Cost
1,868
223
652
0
2,744
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
223
642
0
2,535
Useful life
Indefinite
Indefinite
Indefinite
Indefinite
Not Not Not Not
Amortization method amortized amortized amortized amortized
Internally Total other
Customer developed intangible
Other intangible assets
relations
Trademark
software Other assets
(Amounts in NOK million)
At January 1, 2022
Cost
59
268
420
4
750
Accumulated amortization and impairment
-31
-266
-308
-4
-608
Net book value
29
2
113
0
143
Year ended December 31, 2022
Opening net book value
29
2
113
0
143
Effect of changes in foreign exchange cost
1
0
-13
0
-11
Effect of changes in foreign exchange accumulated depreciation
-1
0
9
0
9
Acquisitions
6
0
0
0
6
Additions
2
0
53
0
55
Disposals
0
-1
-7
0
-7
Amortization charge
-13
0
-72
0
-85
Closing Net book value
25
1
84
0
109
At December 31, 2022
Cost
68
267
447
4
785
Accumulated amortization and impairment
-44
-266
-363
-4
-676
Net book value
25
1
84
0
109
Year ended December 31, 2023
Opening net book value
25
1
84
0
109
Effect of changes in foreign exchange cost
3
0
32
0
36
Effect of changes in foreign exchange accumulated depreciation
-2
0
-27
0
-29
Additions
0
0
39
0
39
Amortization charge
-11
0
-52
0
-62
Closing Net book value
15
1
77
0
93
At December 31, 2023
Cost
72
267
519
0
857
Accumulated amortization and impairment
-56
-266
-442
0
-764
Net book value
15
1
77
0
93
Useful life
3\u20137 years
10 years
3 years
1\u201310 years
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
1 1) Software consists of capitalized development expenditure being an internally generated intangible asset Impairment test: Key assumptions used for value-in-use calculation The fitness clubs in Norway, Sweden, Finland and Denmark (the segments) are considered to be the four cash-generating units (CGU) against which goodwill and trademark are tested. The members can move freely between the fitness clubs within each country. Allowing the members to exercise where they live, work etc. is an important part of the Group\u2019s customer offering. The Nordic Management Group also monitors the Group\u2019s performance at segment level. Norway, Sweden, Finland and Denmark are therefore deemed the smallest groups of assets that independently generate cash flow and whose cash flow is largely independent of the cash flows generated by other assets. The recoverable amount from the CGU is calculated by taking the historical cash flows for CGUs, taking into account expectations for moderate growth in the Norwegian, Swedish, Finnish and Danish markets. In connection with the impairment testing of goodwill, a sensitivity analysis has been carried out. The sensitivity analysis has tested changes in WACC and growth rates. All relevant CGUs have satisfactory headroom. The estimates used to determine future cash flows and WACC when calculating value in use are subject to uncertainty. The assumptions are described below: Outlook and budget assumtions Estimated future cash flow is based on budgets and business plans approved by the Board, based on management\u2019s best estimate, reflecting the Group\u2019s business planning process, and includes an assessment of the long-term market trends and the respective CGU\u2019s projected market share for each year within the planning horizon. The calculation takes into account expected future changes in market prices, purchase prices and salary increases. Impairment tests assume continuing operation of the CGUs and are calculated based on a value-in-use method. The calculations use cash flow projections covering a five-year period. The health and wellness sector is growing due to society\u2019s increased focus on health and well-being. Strong global trends, such as political initiatives for health and digitalization, are fueling health and fitness awareness. The addressable market in the Nordics is the most advanced in Europe in terms of penetration, and given highly fragmented markets in terms of market value, clubs and members, the consolidation potential is significant. In the near future, SATS will continue to be affected by general inflationary pressure and volatile electricity prices. However, in the long term, the Company is comfortable with its ability to increase prices in line with inflation. There are still no signs of members trading down due to lower purchasing power. With a combination of the underlying health and fitness wave and SATS\u2019 strong market position, the member base per club is also expected to develop well over time. SATS will focus on offering a comprehensive and high- quality equipment park, the position as the leading personal training destination in the Nordics, and a range of highly regarded niche concepts. The Company will continue to offer flexible memberships ensuring that SATS is relevant for everyone. SATS is committed to participating in this trend and developing an attractive, high-quality hybrid offering to stay relevant both for people who want to work out at a fitness club, outdoors, and at home. When impairment testing tangible/intangible fixed assets, management has used a five-year discounted cash flow to assess the value in use. Estimated future EBITDA (operating profit before depreciation, amortization, and impairment) is based on budgets for 2024 and business plans (2024-2026) approved by the Board, excluding new clubs in pipeline not yet opened. The business plans are based on management\u2019s best estimate, reflecting the group\u2019s business planning and budgeting process, and include an assessment of the long-term market trends and the respective CGU\u2019s projected market share for each year within the planning horizon. The calculation considers expected future changes in market prices, purchase prices, energy cost and salary increases. Growth rates Growth rates for revenues after the business plan period (2025-2026) vary somewhat per country and reflect considerations related to the following affecting volume: \u2022 recovery rate in the member base compared to pre-COVID 2019 \u2022 share of maturing clubs with ample room to grow \u2022 overall free capacity in club portfolio For 2024, inflation is expected to continue at higher levels than we have seen historically, and the business plan reflects local CPI levels (as observed per October 2023), both for revenues and cost. For 2025-2028, the impairment model assumes that inflation returns to historical levels and growth in prices and cost have been set at the same level (2.5-3%). Risk and uncertainty related to the expected level of inflation are balanced out as prices are expected to increase in line with cost. Given the scalability of the business, this assumption should be considered conservative. Cash flows beyond the five year period are based on an expected growth rate of 2% for an indefinite period. WACC Future cash flows are discounted to present value using a discount rate based on a calculation of a weighted average cost of capital (WACC). The after-tax discount rates are assumed to reflect specific risks relating to the relevant segments in which they operate. The rates have been adjusted for different interest levels relevant for the segments, but no other country specific risk adjustment has been done as the Nordic region is assumed to be subject to a similar macroeconomic risk profile. This is based on a risk-free rate, plus a risk premium. The market risk premium is assumed to be 6.0% in Norway, Sweden and Denmark and 6.6% in Finland. The risk-free interest rate is based on the 10-year government bond interest, 3.4% in Norway, 2.1% in Sweden, 2.8% in Finland, and 2.5% in Denmark. However, a premium is applied to arrive at a normalized risk-free rate of 2% for all countries as a best estimate for the normalized long-term interest rate. Management has not included any premium for project risk, currency risk or country risk for the Group\u2019s operations.The beta is based on observations of similar listed companies. The allocation between debt and equity corresponds to SATS\u2019 normalized capital structure as of December 2023. Sensitivity At December 31, 2023, the Group\u2019s value in use for each CGU was higher than the carrying amount of tested goodwill. For Norway and Sweden, the value in use is significantly higher than the carrying amount. Sensitivity analyses show that no reasonable change in any of the key assumptions would cause the recoverable amount to be lower than the carrying amount. For Finland specifically, headroom has significantly improved, and an increase in WACC of approximately 2.0% point, all else being equal, would make the estimated recoverable amount equal to the carrying amount. A reduction in terminal value growth of approximately 2.5% point would, all else being equal, make the estimated recoverable amount equal to the carrying amount.
WACC
2023
2022
Norway
7.4%
8.2%
Sweden
7.4%
8.2%
Finland
7.8%
8.7%
Denmark
7.4%
8.2%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "Software Costs associated with maintaining software programs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalized as part of the software include employee costs and an appropriate portion of relevant overheads. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Capitalized costs for internally developed software are amortized over the estimated period of usage, three years. Amortization is presented in the line Depreciation and amortization. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "
NOTE 14 Leases
The Group\u2019s leasing activities
The Group leases fitness club premises, office buildings, equipment and vehicles. Rental contracts are
typically made for fixed periods of six months to fifteen years but may have extension options as described
below. The Group\u2019s lease contracts may contain both lease and non-lease components, and SATS allocates
the consideration in the contract to the lease and non-lease components based on their relative stand-
alone prices.
Lease terms are negotiated on an individual basis and contain different terms and conditions. The lease
agreements do not impose any covenants other than the security interests in the leased assets that
are held by the lessor. However, for leases of certain premises, the Group grants the lessors guarantee
contracts on behalf of its subsidiaries. These financial guarantee contracts amounted to NOK 251 million
as at December 31, 2023 (NOK 263 million as at December 31, 2022). The guarantees are provided by
SATS Holding AB. In addition, there is one club as at December 31, 2023 where the lease contract does not
specify the guarantee amount.
Several of the lease agreements for the fitness clubs include leasehold improvement provided by the lessor
as a lease incentive. The assets obtained by the Group are recognized as furniture and fittings at fair value
and depreciated over the shorter of their useful life or the lease term.
Rent is annually adjusted for virtually all premises\u2019 lease contracts in accordance with the relevant CPI
index.
Key accounting principles
Leases are recognized as a lease liability with a corresponding right-of-use asset at the date at which
the leased asset is available for use by the Group. Lease contracts with a lease term of less than twelve
months and lease contracts for which the underlying asset has a low value are not capitalized since the
payments are recognized in the income statement on a straight-line basis over the lease contract period.
SATS presents the right-of-use assets and lease liabilities as separate line-items on the statement of
financial position. Lease liabilities are split into current, due within one year, and non-current, due after
more than one year. In the statement of profit or loss, the depreciation and impairment expenses related
to the right-of-use asset are presented as part of the total depreciation and impairment expenses. The
interest expenses related to the lease liabilities are presented as part of the interest expense.
Lease liabilities
Lease liabilities are recognized at the present value of future lease payments, according to the lease
agreement, at the commencement date.
The Group has elected to separate lease and non-lease components included in lease payments for
property leases. Lease payments included in the measurement of the lease liability comprise the following:
\u2022 fixed payments, including in-substance fixed payments;
\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as
at the commencement date;
\u2022 (if any) amounts expected to be payable under a residual value guarantee; and
\u2022 (if any) lease payments in an optional renewal period if the Group is reasonably certain to exercise an
extension option and penalties for early termination of a lease unless the Group is reasonably certain
not to terminate early.
The lease liability is measured at amortized cost using the effective interest rate method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a
change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee or if
the Group changes its assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is remeasured, a matching adjustment is made to the carrying amount of the right-
of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or
loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of
the liability for each period.
Upon modification of a lease, the remeasurement of the lease liability is performed using the applicable
discount rate at the date of the remeasurement.
Extension and termination options
Most Norwegian and Finnish lease contracts contain renewal options. In Sweden, the fitness club leasing
contracts are automatically renewed if not explicitly agreed otherwise. Danish legislation will under normal
circumstances grant the lessor a unilateral right to extend the lease term.
In determining the lease term, management considers all facts and circumstances that create an
economic incentive to exercise an extension option or not exercise a termination option. Extension options
are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For
leases of club premises, the following factors are normally the most relevant:
\u2022 If there are significant penalty payments to terminate (or not extend), the Group is typically reasonably
certain to extend (or not terminate).
\u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically
reasonably certain to extend (or not terminate).
\u2022 Otherwise, the Group considers other factors including historical lease durations, club profitability and
the costs and business disruption required to replace the leased asset.
Most extension options in premises leases have not been included in the lease liability because the Group
could replace the assets without significant cost or business disruption.
Incremental borrowing rate
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
readily determined, which is generally the case, the lessee\u2019s incremental borrowing rate is used, which is
the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of
similar value to the right-of-use asset in a similar economic environment with similar terms, security and
conditions.
The Group\u2019s long-term borrowing interest rate is the applicable IBOR plus a margin dependent on the
leverage ratio of the Group. If SATS Group were to acquire the right-of-use assets on similar terms and in a
similar economic environment, management expects that the borrowing terms would be comparable to the
terms from the current financing agreement with the Group\u2019s lenders, adjusted for certain items specific to
the lease, such as term, country, currency, security, etc.
Commitments in relation to leases are payable as follows: 2023
2022
(Amounts in NOK million at December 31)
Less than 1 year
1,145
1,044
1\u20132 years
1,014
924
2\u20133 years
871
802
3\u20134 years
763
667
4\u20135 years
608
568
More than 5 years
1,374
1,186
Minimum lease payments
5,775
5,190
Future finance charges
-837
-655
Recognized as a liability
4,938
4,535
The present value of lease liabilities are as follows: 2023
2022
(Amounts in NOK million at December 31)
Less than 1 year
929
869
1\u20132 years
849
810
2\u20133 years
747
724
3\u20134 years
674
619
4\u20135 years
549
545
More than 5 years
1,190
969
Present value of lease payments
4,938
4,535
Cash flows from lease agreements
2023
2022
Property lease agreements
1,178
1,055
Short-term lease agreements and leases of assets of low value
20
22
Total cash flows from lease agreements
1,198
1,077
Lease liability
(Amounts in NOK million)
At December 31, 2021
4,452
Year ended December 31, 2022
Effect of changes in foreign exchange
13
Additions new lease
393
Effects from exercise of extension options
297
Modification of contractual lease terms
2
Amortizations
-1,053
Interest expense on lease liabilites
189
Disposals sold clubs
-8
CPI index adjustments
250
Closing Net book value December 31, 2022
4,535
Lease liability
(Amounts in NOK million)
At December 31, 2022
4,535
Year ended December 31, 2023
Effect of changes in foreign exchange
181
Additions new lease
219
Effects from exercise of extension options
699
Modification of contractual lease terms
-11
Amortizations
-1,177
Interest expense on lease liabilites
224
Disposals sold clubs
-44
CPI index adjustments
312
Closing Net book value December 31, 2023
4,938
Options to extend but not yet started, amounts to NOK 277 million as at the balance sheet date (NOK 421
as at December 31, 2022) and are included in the total lease liability of NOK 4,938 million (NOK 4,535
million as at December 31, 2022).
Lease terms In determining the lease term, management considers all facts and circumstances that create an econo- mic incentive to exercise an extension option or not exercise a termination option. Extension options, or periods after termination options, are only included in the lease term if the lease is reasonably certain to be extended or not terminated. For leases of center premises, the following factors are normally the most relevant: \u2022 If there are significant penalties to terminate or not extend, the Group is typically reasonably certain to extend. \u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend. \u2022 Otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased premises. Most extension options have not been included in the lease liability because the Group could replace the assets without significant cost or business disruption.
Lease terms - sensitivity analysis
2023
2022
(Amounts in NOK million at December 31)
Options to extend, not yet committed to
1,484
1,139
Leases not yet commenced, to which the lessee is committed
94
299
Options to extend, not yet committed to, is the present value of extension options that the Group has not chosen to include in Lease liabilites as at the balance sheet date. Leases not yet commenced, to which the lessee is commited, is the present value of lease liabilities for clubs not yet opened as at the balance sheet date. NOK 94 million includes three clubs in Sweden. Right-of-use assets Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, adjusted for lease payments made at or before the commencement date, any lease incentives received, initial direct costs, and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. In 2023, there were no indications of impairment, hence no impairment test has been undertaken for right- of-use assets, and no impairment charge to right-of-use assets was recognized as at the reporting date. RoU assets
Premise Other Total
rental leases RoU assets
(Amounts in NOK million)
At January 1, 2022
Cost
9,904
82
9,986
Accumulated depreciation
-5,841
-68
-5,909
Net book value
4,063
15
4,077
Year ended December 31, 2022
At January 1, 2022
4,063
15
4,077
Additions/disposals
932
4
936
Effect of changes in foreign exchange cost
24
2
26
Depreciation charge
-851
-9
-860
Effect of changes in foreign exchange accumulated depreciation
-16
-2
-18
Closing Net book value
4,152
9
4,161
At December 31, 2022
Cost
10,815
87
10,903
Accumulated depreciation
-6,663
-78
-6,741
Net book value
4,152
9
4,161
Year ended December 31, 2023
At 1 January 2023
4,152
9
4,161
Additions/disposals
1,175
5
1,180
Effect of changes in foreign exchange cost
298
4
302
Depreciation charge
-933
-8
-940
Effect of changes in foreign exchange accumulated depreciation
-129
-4
-133
Closing Net book value
4,563
7
4,570
At December 31, 2023
Cost
12,212
97
12,309
Accumulated depreciation
-7,649
-90
-7,739
Net book value
4,563
7
4,570
Useful life
1\u201315 years
1\u20135 years
Depreciation method
Straight-line Straight-line
Amounts recognized in profit and loss 2023
2022
(Amounts in NOK million)
Depreciation expense on right-of-use assets
-940
-860
Interest expense on lease liabilities
-224
-189
Expense relating to short-term leases and leases of low value
-17
-16
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "Key accounting principles Leases are recognized as a lease liability with a corresponding right-of-use asset at the date at which the leased asset is available for use by the Group. Lease contracts with a lease term of less than twelve months and lease contracts for which the underlying asset has a low value are not capitalized since the payments are recognized in the income statement on a straight-line basis over the lease contract period. SATS presents the right-of-use assets and lease liabilities as separate line-items on the statement of financial position. Lease liabilities are split into current, due within one year, and non-current, due after more than one year. In the statement of profit or loss, the depreciation and impairment expenses related to the right-of-use asset are presented as part of the total depreciation and impairment expenses. The interest expenses related to the lease liabilities are presented as part of the interest expense. Lease liabilities Lease liabilities are recognized at the present value of future lease payments, according to the lease agreement, at the commencement date. The Group has elected to separate lease and non-lease components included in lease payments for property leases. Lease payments included in the measurement of the lease liability comprise the following: \u2022 fixed payments, including in-substance fixed payments; \u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 (if any) amounts expected to be payable under a residual value guarantee; and \u2022 (if any) lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest rate method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a matching adjustment is made to the carrying amount of the right- of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Upon modification of a lease, the remeasurement of the lease liability is performed using the applicable discount rate at the date of the remeasurement. Extension and termination options Most Norwegian and Finnish lease contracts contain renewal options. In Sweden, the fitness club leasing contracts are automatically renewed if not explicitly agreed otherwise. Danish legislation will under normal circumstances grant the lessor a unilateral right to extend the lease term. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of club premises, the following factors are normally the most relevant: \u2022 If there are significant penalty payments to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate). \u2022 If any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate). \u2022 Otherwise, the Group considers other factors including historical lease durations, club profitability and the costs and business disruption required to replace the leased asset. Most extension options in premises leases have not been included in the lease liability because the Group could replace the assets without significant cost or business disruption. Incremental borrowing rate The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the lessee\u2019s incremental borrowing rate is used, which is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. The Group\u2019s long-term borrowing interest rate is the applicable IBOR plus a margin dependent on the leverage ratio of the Group. If SATS Group were to acquire the right-of-use assets on similar terms and in a similar economic environment, management expects that the borrowing terms would be comparable to the terms from the current financing agreement with the Group\u2019s lenders, adjusted for certain items specific to the lease, such as term, country, currency, security, etc. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "Right-of-use assets Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, adjusted for lease payments made at or before the commencement date, any lease incentives received, initial direct costs, and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. In 2023, there were no indications of impairment, hence no impairment test has been undertaken for right- of-use assets, and no impairment charge to right-of-use assets was recognized as at the reporting date. RoU assets
Premise Other Total
rental leases RoU assets
(Amounts in NOK million)
At January 1, 2022
Cost
9,904
82
9,986
Accumulated depreciation
-5,841
-68
-5,909
Net book value
4,063
15
4,077
Year ended December 31, 2022
At January 1, 2022
4,063
15
4,077
Additions/disposals
932
4
936
Effect of changes in foreign exchange cost
24
2
26
Depreciation charge
-851
-9
-860
Effect of changes in foreign exchange accumulated depreciation
-16
-2
-18
Closing Net book value
4,152
9
4,161
At December 31, 2022
Cost
10,815
87
10,903
Accumulated depreciation
-6,663
-78
-6,741
Net book value
4,152
9
4,161
Year ended December 31, 2023
At 1 January 2023
4,152
9
4,161
Additions/disposals
1,175
5
1,180
Effect of changes in foreign exchange cost
298
4
302
Depreciation charge
-933
-8
-940
Effect of changes in foreign exchange accumulated depreciation
-129
-4
-133
Closing Net book value
4,563
7
4,570
At December 31, 2023
Cost
12,212
97
12,309
Accumulated depreciation
-7,649
-90
-7,739
Net book value
4,563
7
4,570
Useful life
1\u201315 years
1\u20135 years
Depreciation method
Straight-line Straight-line
Amounts recognized in profit and loss 2023
2022
(Amounts in NOK million)
Depreciation expense on right-of-use assets
-940
-860
Interest expense on lease liabilities
-224
-189
Expense relating to short-term leases and leases of low value
-17
-16
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "
NOTE 15 Property, plant and equipment
Property, plant and equipment
All property, plant and equipment are stated at historical cost less depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to
the Group and the cost of the item can be measured reliably. The carrying amount of any component
accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are
charged to profit or loss during the reporting period in which they are incurred. An asset\u2019s carrying amount
is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its
estimated recoverable value. Gains and losses on disposals are determined by comparing proceeds with
carrying amount. These are included in profit or loss.
Property, plant and equipment
Leasehold Fitness Other equipment, Total fixed
improvements equipment fixtures and fittings assets
(Amounts in NOK million)
At January 1, 2022
Cost
1,421
851
477
2,749
Accumulated depreciation and impairment
-991
-651
-416
-2,058
Net book value
431
200
61
691
Year ended December 31, 2022
Opening net book value
431
200
61
691
Effect of changes in foreign exchange cost
10
3
2
15
Effect of changes in foreign exchange
accumulated depreciation
-10
-2
-1
-14
Reclassification additions
1
0
-1
0
Acquisition cost
4
15
5
24
Acquisition accumulated depreciation
-3
-9
-3
-15
Additions
89
82
29
199
Disposals cost
-94
-14
-9
-117
Disposals accumulated depreciation
94
14
6
114
Reclassification depreciations
0
-1
0
0
Depreciation charge
-91
-55
-30
-175
Closing Net book value
431
233
59
723
At December 31, 2022
Cost
1,431
935
503
2,868
Accumulated depreciation and impairment
-1,001
-702
-443
-2,146
Net book value
431
233
59
723
1
1)
Leasehold improvements relate to refurbishments of leased premises. These lease contracts have a contract period of
ten years or beyond. The depreciation period is estimated to correspond with the expected economic useful life of the
improvement. Expected useful life is adjusted if the contract period is altered before initial expiration date.
Property, plant and equipment
Leasehold Fitness Other equipment, Total fixed
improvements equipment fixtures and fittings assets
(Amounts in NOK million)
Year ended December 31, 2023
Opening net book value
431
233
59
723
Effect of changes in foreign exchange cost
63
34
16
114
Effect of changes in foreign exchange
accumulated depreciation
-44
-24
-14
-82
Additions
49
57
21
127
Disposals cost
-42
-13
-31
-86
Disposals accumulated depreciation
41
12
31
84
Depreciation charge
-88
-59
-28
-175
Closing Net book value
411
240
54
705
At December 31, 2023
Cost
1,502
1,013
509
3,024
Accumulated depreciation and impairment
-1,091
-773
-455
-2,319
Net book value
411
240
54
705
Useful life
10 years
5 \u2013 9 years
3 \u2013 7 years
Depreciation method
Straight-line Straight-line
Straight-line
1
1
1)
Leasehold improvements relate to refurbishments of leased premises. These lease contracts have a contract period of
ten years or beyond. The depreciation period is estimated to correspond with the expected economic useful life of the
improvement. Expected useful life is adjusted if the contract period is altered before initial expiration date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "Property, plant and equipment All property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable value. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "Property, plant and equipment All property, plant and equipment are stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable value. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "
NOTE 16 Other non-current receivables
Other non-current receivables
Other non-current receivables are measured at amortized cost using the effective interest method. Please
see Note 25 Financial risk factors for a description of the Group\u2019s credit risk assessment.
2023
2022
(Amounts in NOK million at December 31)
Deposits
46
40
Loan to related parties
17
10
Total other non-current receivables
63
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "
NOTE 17 Interest in other entities in the Group
The consolidated financial statements include the following companies:
Subsidiaries
Organization Business Voting Ownership
number
office
Country
percentage percentage
SATS Holding AB
556628-6562
Stockholm
Sweden
100%
100%
SATS Sports Club Sweden AB
556563-2527
Stockholm
Sweden
100%
100%
SATS Finland Oy
0459885-5
Helsinki
Finland
100%
100%
Fresh Fitness AS
995-415-569
Oslo
Norway
100%
100%
SATS Norway AS
892-625-522
Oslo
Norway
100%
100%
SATS Vest AS
948-942-003
Oslo
Norway
100%
100%
SATS Danmark A/S
20-37-05-99
Copenhagen
Denmark
100%
100%
Please see Note 13 Intangible assets for further information on impairment testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "NOTE 17 Interest in other entities in the Group The consolidated financial statements include the following companies: Subsidiaries
Organization Business Voting Ownership
number
office
Country
percentage percentage
SATS Holding AB
556628-6562
Stockholm
Sweden
100%
100%
SATS Sports Club Sweden AB
556563-2527
Stockholm
Sweden
100%
100%
SATS Finland Oy
0459885-5
Helsinki
Finland
100%
100%
Fresh Fitness AS
995-415-569
Oslo
Norway
100%
100%
SATS Norway AS
892-625-522
Oslo
Norway
100%
100%
SATS Vest AS
948-942-003
Oslo
Norway
100%
100%
SATS Danmark A/S
20-37-05-99
Copenhagen
Denmark
100%
100%
Please see Note 13 Intangible assets for further information on impairment testing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "
NOTE 18 Inventories
Inventories
Inventories consist mainly of clothing, sports equipment, energy bars and soft drinks. Inventories are
measured at the lower of cost and net realizable value using the first-in first-out (FIFO) method. The
Group\u2019s inventories only consist of finished goods for sale to customers. The cost of inventories consist of
direct costs related to the acquisition of the goods. Net realizable value is the estimated sales price less
relevant variable costs to sell. Costs of purchased inventory are determined after deducting rebates and
discounts.
2023
2022
(Amounts in NOK million at December 31)
Inventories at cost
54,951
62,340
Impairment
-412
-5,750
Total inventories
54,539
56,590
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "Inventories Inventories consist mainly of clothing, sports equipment, energy bars and soft drinks. Inventories are measured at the lower of cost and net realizable value using the first-in first-out (FIFO) method. The Group\u2019s inventories only consist of finished goods for sale to customers. The cost of inventories consist of direct costs related to the acquisition of the goods. Net realizable value is the estimated sales price less relevant variable costs to sell. Costs of purchased inventory are determined after deducting rebates and discounts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "
NOTE 19 Accounts receivable and other current receivables
Accounts receivable
Accounts receivables are measured at amortized cost using the effective interest method, less provision
for impairment. Please see Note 25 Financial risk factors for a description of the Group\u2019s credit risk
assessment.
Impairment of accounts receivable and contract assets (financial asset at amortized cost)
Accounts receivables, contract assets and other current receivables are measured at amortized cost.
Impairment losses are measured at lifetime expected credit losses in accordance with IFRS 9.
SATS\u2019 impairment model regarding accounts receivable, contract assets and other current assets is a
simplified approach based on lifetime expected credit losses (ECL). Impairment is based on an estimate of
the probability of default for the financial assets reflecting an unbiased and probability-weighted amount
determined by evaluating a range of possible outcomes: the time value of money and reasonable available
information related to past events, current conditions and forecasts of future economic conditions.
SATS uses an impairment model with the following characteristics:
\u2022 The receivables are aggregated into portfolios based on the credit risk of the customers and type of
receivable. One portfolio is the receivables where invoicing occurs automatically. This portfolio has
a comparatively low risk of default, and therefore an impairment loss is recognized based on the
expectation of a few of the accounts not being paid. Another portfolio is the receivables for customers
in the first year of membership that have a non-cancellable agreement. The credit risk for these
receivables is higher than the automatic payment portfolio, and an impairment loss is recognized on
these receivables.
\u2022 For the receivables with a high/higher probability of default, a provision matrix is developed based
on known sales and the historic default rates for these sales. The provision matrix is based on
the probability of expected losses, so even receivables not yet in default have an impairment loss
recognized.
\u2022 On top of the provision matrix, an individual assessment is performed on specific customer receivables,
typically if a customer has declared bankruptcy. Receivables are also assessed for credit risk on a
country-by-country basis.
Loss allowance and ageing of accounts receivables 2023
2022
(Amounts in NOK million)
Accounts receivables
318
379
Loss allowance
-181
-253
Total
136
126
Age of trade receivables 2023
Not due
61
30\u201360 days
45
60\u201390 days
16
90\u2013120 days
6
120\u2013365 days
45
>365 days
145
Total accounts receivables, gross
318
Total accounts receivables, net
136
Loss allowance at December 31, 2022
-253
Reversals during the year
2
Provisions during the year
69
Loss allowance at December 31, 2023
-181
Other current receivables 2023
2022
(Amounts in NOK million at December 31)
Credit cards
7
5
VAT receivables
20
9
Prepaid taxes
22
22
Other current receivables
37
19
Total other current receivables
86
54
Prepaid expenses and accrued income 2023
2022
(Amounts in NOK million at December 31)
Prepaid rent
26
29
Prepaid property expenses
31
27
Prepaid marketing expenses
30
27
Prepaid websale expenses
0
48
Contract asset
71
110
Other prepaid expenses
80
45
Total prepaid expenses and accrued income
237
287
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "NOTE 19 Accounts receivable and other current receivables Accounts receivable Accounts receivables are measured at amortized cost using the effective interest method, less provision for impairment. Please see Note 25 Financial risk factors for a description of the Group\u2019s credit risk assessment. Impairment of accounts receivable and contract assets (financial asset at amortized cost) Accounts receivables, contract assets and other current receivables are measured at amortized cost. Impairment losses are measured at lifetime expected credit losses in accordance with IFRS 9. SATS\u2019 impairment model regarding accounts receivable, contract assets and other current assets is a simplified approach based on lifetime expected credit losses (ECL). Impairment is based on an estimate of the probability of default for the financial assets reflecting an unbiased and probability-weighted amount determined by evaluating a range of possible outcomes: the time value of money and reasonable available information related to past events, current conditions and forecasts of future economic conditions. SATS uses an impairment model with the following characteristics: \u2022 The receivables are aggregated into portfolios based on the credit risk of the customers and type of receivable. One portfolio is the receivables where invoicing occurs automatically. This portfolio has a comparatively low risk of default, and therefore an impairment loss is recognized based on the expectation of a few of the accounts not being paid. Another portfolio is the receivables for customers in the first year of membership that have a non-cancellable agreement. The credit risk for these receivables is higher than the automatic payment portfolio, and an impairment loss is recognized on these receivables. \u2022 For the receivables with a high/higher probability of default, a provision matrix is developed based on known sales and the historic default rates for these sales. The provision matrix is based on the probability of expected losses, so even receivables not yet in default have an impairment loss recognized. \u2022 On top of the provision matrix, an individual assessment is performed on specific customer receivables, typically if a customer has declared bankruptcy. Receivables are also assessed for credit risk on a country-by-country basis.
Loss allowance and ageing of accounts receivables 2023
2022
(Amounts in NOK million)
Accounts receivables
318
379
Loss allowance
-181
-253
Total
136
126
Age of trade receivables 2023
Not due
61
30\u201360 days
45
60\u201390 days
16
90\u2013120 days
6
120\u2013365 days
45
>365 days
145
Total accounts receivables, gross
318
Total accounts receivables, net
136
Loss allowance at December 31, 2022
-253
Reversals during the year
2
Provisions during the year
69
Loss allowance at December 31, 2023
-181
Other current receivables 2023
2022
(Amounts in NOK million at December 31)
Credit cards
7
5
VAT receivables
20
9
Prepaid taxes
22
22
Other current receivables
37
19
Total other current receivables
86
54
Prepaid expenses and accrued income 2023
2022
(Amounts in NOK million at December 31)
Prepaid rent
26
29
Prepaid property expenses
31
27
Prepaid marketing expenses
30
27
Prepaid websale expenses
0
48
Contract asset
71
110
Other prepaid expenses
80
45
Total prepaid expenses and accrued income
237
287
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "NOTE 19 Accounts receivable and other current receivables Accounts receivable Accounts receivables are measured at amortized cost using the effective interest method, less provision for impairment. Please see Note 25 Financial risk factors for a description of the Group\u2019s credit risk assessment. Impairment of accounts receivable and contract assets (financial asset at amortized cost) Accounts receivables, contract assets and other current receivables are measured at amortized cost. Impairment losses are measured at lifetime expected credit losses in accordance with IFRS 9. SATS\u2019 impairment model regarding accounts receivable, contract assets and other current assets is a simplified approach based on lifetime expected credit losses (ECL). Impairment is based on an estimate of the probability of default for the financial assets reflecting an unbiased and probability-weighted amount determined by evaluating a range of possible outcomes: the time value of money and reasonable available information related to past events, current conditions and forecasts of future economic conditions. SATS uses an impairment model with the following characteristics: \u2022 The receivables are aggregated into portfolios based on the credit risk of the customers and type of receivable. One portfolio is the receivables where invoicing occurs automatically. This portfolio has a comparatively low risk of default, and therefore an impairment loss is recognized based on the expectation of a few of the accounts not being paid. Another portfolio is the receivables for customers in the first year of membership that have a non-cancellable agreement. The credit risk for these receivables is higher than the automatic payment portfolio, and an impairment loss is recognized on these receivables. \u2022 For the receivables with a high/higher probability of default, a provision matrix is developed based on known sales and the historic default rates for these sales. The provision matrix is based on the probability of expected losses, so even receivables not yet in default have an impairment loss recognized. \u2022 On top of the provision matrix, an individual assessment is performed on specific customer receivables, typically if a customer has declared bankruptcy. Receivables are also assessed for credit risk on a country-by-country basis.
Loss allowance and ageing of accounts receivables 2023
2022
(Amounts in NOK million)
Accounts receivables
318
379
Loss allowance
-181
-253
Total
136
126
Age of trade receivables 2023
Not due
61
30\u201360 days
45
60\u201390 days
16
90\u2013120 days
6
120\u2013365 days
45
>365 days
145
Total accounts receivables, gross
318
Total accounts receivables, net
136
Loss allowance at December 31, 2022
-253
Reversals during the year
2
Provisions during the year
69
Loss allowance at December 31, 2023
-181
Other current receivables 2023
2022
(Amounts in NOK million at December 31)
Credit cards
7
5
VAT receivables
20
9
Prepaid taxes
22
22
Other current receivables
37
19
Total other current receivables
86
54
Prepaid expenses and accrued income 2023
2022
(Amounts in NOK million at December 31)
Prepaid rent
26
29
Prepaid property expenses
31
27
Prepaid marketing expenses
30
27
Prepaid websale expenses
0
48
Contract asset
71
110
Other prepaid expenses
80
45
Total prepaid expenses and accrued income
237
287
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "NOTE 19 Accounts receivable and other current receivables Accounts receivable Accounts receivables are measured at amortized cost using the effective interest method, less provision for impairment. Please see Note 25 Financial risk factors for a description of the Group\u2019s credit risk assessment. Impairment of accounts receivable and contract assets (financial asset at amortized cost) Accounts receivables, contract assets and other current receivables are measured at amortized cost. Impairment losses are measured at lifetime expected credit losses in accordance with IFRS 9. SATS\u2019 impairment model regarding accounts receivable, contract assets and other current assets is a simplified approach based on lifetime expected credit losses (ECL). Impairment is based on an estimate of the probability of default for the financial assets reflecting an unbiased and probability-weighted amount determined by evaluating a range of possible outcomes: the time value of money and reasonable available information related to past events, current conditions and forecasts of future economic conditions. SATS uses an impairment model with the following characteristics: \u2022 The receivables are aggregated into portfolios based on the credit risk of the customers and type of receivable. One portfolio is the receivables where invoicing occurs automatically. This portfolio has a comparatively low risk of default, and therefore an impairment loss is recognized based on the expectation of a few of the accounts not being paid. Another portfolio is the receivables for customers in the first year of membership that have a non-cancellable agreement. The credit risk for these receivables is higher than the automatic payment portfolio, and an impairment loss is recognized on these receivables. \u2022 For the receivables with a high/higher probability of default, a provision matrix is developed based on known sales and the historic default rates for these sales. The provision matrix is based on the probability of expected losses, so even receivables not yet in default have an impairment loss recognized. \u2022 On top of the provision matrix, an individual assessment is performed on specific customer receivables, typically if a customer has declared bankruptcy. Receivables are also assessed for credit risk on a country-by-country basis.
Loss allowance and ageing of accounts receivables 2023
2022
(Amounts in NOK million)
Accounts receivables
318
379
Loss allowance
-181
-253
Total
136
126
Age of trade receivables 2023
Not due
61
30\u201360 days
45
60\u201390 days
16
90\u2013120 days
6
120\u2013365 days
45
>365 days
145
Total accounts receivables, gross
318
Total accounts receivables, net
136
Loss allowance at December 31, 2022
-253
Reversals during the year
2
Provisions during the year
69
Loss allowance at December 31, 2023
-181
Other current receivables 2023
2022
(Amounts in NOK million at December 31)
Credit cards
7
5
VAT receivables
20
9
Prepaid taxes
22
22
Other current receivables
37
19
Total other current receivables
86
54
Prepaid expenses and accrued income 2023
2022
(Amounts in NOK million at December 31)
Prepaid rent
26
29
Prepaid property expenses
31
27
Prepaid marketing expenses
30
27
Prepaid websale expenses
0
48
Contract asset
71
110
Other prepaid expenses
80
45
Total prepaid expenses and accrued income
237
287
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "Accounts receivable Accounts receivables are measured at amortized cost using the effective interest method, less provision for impairment. Please see Note 25 Financial risk factors for a description of the Group\u2019s credit risk assessment. Impairment of accounts receivable and contract assets (financial asset at amortized cost) Accounts receivables, contract assets and other current receivables are measured at amortized cost. Impairment losses are measured at lifetime expected credit losses in accordance with IFRS 9. SATS\u2019 impairment model regarding accounts receivable, contract assets and other current assets is a simplified approach based on lifetime expected credit losses (ECL). Impairment is based on an estimate of the probability of default for the financial assets reflecting an unbiased and probability-weighted amount determined by evaluating a range of possible outcomes: the time value of money and reasonable available information related to past events, current conditions and forecasts of future economic conditions. SATS uses an impairment model with the following characteristics: \u2022 The receivables are aggregated into portfolios based on the credit risk of the customers and type of receivable. One portfolio is the receivables where invoicing occurs automatically. This portfolio has a comparatively low risk of default, and therefore an impairment loss is recognized based on the expectation of a few of the accounts not being paid. Another portfolio is the receivables for customers in the first year of membership that have a non-cancellable agreement. The credit risk for these receivables is higher than the automatic payment portfolio, and an impairment loss is recognized on these receivables. \u2022 For the receivables with a high/higher probability of default, a provision matrix is developed based on known sales and the historic default rates for these sales. The provision matrix is based on the probability of expected losses, so even receivables not yet in default have an impairment loss recognized. \u2022 On top of the provision matrix, an individual assessment is performed on specific customer receivables, typically if a customer has declared bankruptcy. Receivables are also assessed for credit risk on a country-by-country basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "
NOTE 20 Cash and cash equivalents
Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on
hand, deposits and restricted deposits held at call with financial institutions, other short-term, highly liquid
investments with original maturities of three months or less that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value and bank overdrafts. Bank
overdrafts are shown within borrowings in current liabilities in the balance sheet.
2023
2022
(Amounts in NOK million at December 31)
Cash and cash equivalents
282
345
Of which are restricted cash:
Restricted bank deposits for employee tax withholdings
23
22
Please see Note 25 Financial risk factors for further information about the Group\u2019s credit risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "NOTE 20 Cash and cash equivalents Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, deposits and restricted deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.
2023
2022
(Amounts in NOK million at December 31)
Cash and cash equivalents
282
345
Of which are restricted cash:
Restricted bank deposits for employee tax withholdings
23
22
Please see Note 25 Financial risk factors for further information about the Group\u2019s credit risk management.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, deposits and restricted deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "
NOTE 21 Share capital
As at December 31, 2023, share capital amounted to NOK 435 million consisting of 204,694,588 ordinary
shares at a face value of NOK 2.1250 per share.
Overview of the shareholders as at December 31, 2023
Shareholder
Number of Ownership Voting
ordinary shares percentage percentage
TG Nordic Invest
56,103,145
27.4%
27.4%
AF III HOLDCO AS
48,988,455
23.9%
23.9%
Canica AS
13,172,428
6.4%
6.4%
Maaseide Promotion AS
7,990,976
3.9%
3.9%
Sats Management Invest AS
7,591,213
3.7%
3.7%
Salt Value AS
5,761,330
2.8%
2.8%
Funkybiz AS
5,000,000
2.4%
2.4%
Velven G\u00e5rd AS
3,822,251
1.9%
1.9%
Verdipapirfondet KLP Aksjenorge
3,801,073
1.9%
1.9%
J.P. Morgan SE
3,496,228
1.7%
1.7%
Ingvarda AS
2,000,000
1.0%
1.0%
Avanza Bank AB
1,925,685
0.9%
0.9%
Wenaasgruppen AS
1,364,000
0.7%
0.7%
State Street Bank and Trust Comp
1,361,967
0.7%
0.7%
HFN Group AS
1,107,806
0.5%
0.5%
Alcancia Capital AS
1,044,179
0.5%
0.5%
J.P. Morgan SE
1,013,144
0.5%
0.5%
Nordnet Bank AB
1,005,489
0.5%
0.5%
VPF Sparebank 1 Norge Verdi
990,000
0.5%
0.5%
J.P. Morgan SE
970,000
0.5%
0.5%
Other
36,185,219
17.7%
17.7%
Total
204,694,588
100.0%
100.0%
All shares have been fully paid and have the same rights.
Repurchase program
On March 30, 2023, SATS announced a share repurchase program under which the company repurchased
2,000,000 own shares, representing 0.98% of the total number of shares in the company. The repurchased
shares was and will be used for the following two purposes under the share investment program:
1. Delivery of matching shares to the relevant employees in accordance with the terms and conditions
of the Share Investment Program. As of the balance sheet date of December 31, 2023, the company will
deliver 74,851 matching shares to employees in 2024, 155,656 shares in 2025 and 969,381 shares in 2026.
2. Delivery of shares to new employees who was offered to participate in the Share Investment Program.
As at the balance sheet date of December 31, 2023, the company holds 618,461 treasury shares.
Shares in SATS Management Invest held by the Board of Directors and Executive Management:
Ownership percentage
Executive management including CEO
26.18%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "NOTE 21 Share capital As at December 31, 2023, share capital amounted to NOK 435 million consisting of 204,694,588 ordinary shares at a face value of NOK 2.1250 per share. Overview of the shareholders as at December 31, 2023 Shareholder
Number of Ownership Voting
ordinary shares percentage percentage
TG Nordic Invest
56,103,145
27.4%
27.4%
AF III HOLDCO AS
48,988,455
23.9%
23.9%
Canica AS
13,172,428
6.4%
6.4%
Maaseide Promotion AS
7,990,976
3.9%
3.9%
Sats Management Invest AS
7,591,213
3.7%
3.7%
Salt Value AS
5,761,330
2.8%
2.8%
Funkybiz AS
5,000,000
2.4%
2.4%
Velven G\u00e5rd AS
3,822,251
1.9%
1.9%
Verdipapirfondet KLP Aksjenorge
3,801,073
1.9%
1.9%
J.P. Morgan SE
3,496,228
1.7%
1.7%
Ingvarda AS
2,000,000
1.0%
1.0%
Avanza Bank AB
1,925,685
0.9%
0.9%
Wenaasgruppen AS
1,364,000
0.7%
0.7%
State Street Bank and Trust Comp
1,361,967
0.7%
0.7%
HFN Group AS
1,107,806
0.5%
0.5%
Alcancia Capital AS
1,044,179
0.5%
0.5%
J.P. Morgan SE
1,013,144
0.5%
0.5%
Nordnet Bank AB
1,005,489
0.5%
0.5%
VPF Sparebank 1 Norge Verdi
990,000
0.5%
0.5%
J.P. Morgan SE
970,000
0.5%
0.5%
Other
36,185,219
17.7%
17.7%
Total
204,694,588
100.0%
100.0%
All shares have been fully paid and have the same rights. Repurchase program On March 30, 2023, SATS announced a share repurchase program under which the company repurchased 2,000,000 own shares, representing 0.98% of the total number of shares in the company. The repurchased shares was and will be used for the following two purposes under the share investment program: 1. Delivery of matching shares to the relevant employees in accordance with the terms and conditions of the Share Investment Program. As of the balance sheet date of December 31, 2023, the company will deliver 74,851 matching shares to employees in 2024, 155,656 shares in 2025 and 969,381 shares in 2026. 2. Delivery of shares to new employees who was offered to participate in the Share Investment Program. As at the balance sheet date of December 31, 2023, the company holds 618,461 treasury shares. Shares in SATS Management Invest held by the Board of Directors and Executive Management:
Ownership percentage
Executive management including CEO
26.18%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "NOTE 22 Earnings per share General Basic earnings per share are calculated by dividing: \u2022 the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares, \u2022 by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares. Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account: \u2022 the post-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and \u2022 the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. Dilutive shares are disregarded in the calculation of diluted EPS when a loss is reported. On March 30, 2023, SATS announced a share repurchase program under which the company repurchased 2,000,000 own shares in 2023. As at the balance sheet date of December 31, 2023, the company holds 618,461 treasury shares. SATS announced a successful equity raise on February 16, 2022, through an allocation of 30,800,000 new shares at a subscription price of NOK 19.5 per share, with gross proceeds of NOK 600,600,000. Additionally, SATS announced another successful equity raise on June 15, 2023, through an allocation of 1,648,466 new shares at a subscription price of NOK 5.08 per share, with gross proceeds of NOK 8,374,961. The share capital increase pertaining to the issuance of shares was registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret) on March 15, 2022 and June 24, 2023, respectively. In 2022, a total of 264,321 shares were aquired by Sondre Gravir and 288,992 by other key employees. The price paid per share was NOK 5.67, which included a discount of 25%. The pre-discounted price is the volume-weighted average share price during the ten trading days prior to the expiry of the Application Period. The transfer of shares under the program reduced Treasury shares within equity by NOK 3 million. In 2023, a total of 393,660 shares were aquired by Sondre Gravir and 2,524,339 by other key employees. The price paid per share was NOK 5.08, which included a discount of 25%. The pre-discounted price is the volume-weighted average share price during the ten trading days prior to the expiry of the Application Period. The transfer of shares under the program reduced Treasury shares within equity by NOK 14.8 million. The number of outstanding shares have therefore been adjusted as a weighted average for 2023 and 2022. On July 2, 2023, the board of directors resolved to award a total of 475,157 matching shares to 15 participants as a part of the share investment program implemented in 2020. The value of the matching shares is NOK 8.10 each, representing the trading price of the company\u2019s shares at the close of trading on June 30, 2023, with a 19% discount to reflect the one-year lock-up obligation. Additionally, on October 2, 2023, the board of directors resolved to award a total of 32,157 matching shares to the CEO Sondre Gravir as a part of the share investment program implemented in 2020. The value of the matching shares is NOK 9.85 each, representing the trading price of the company\u2019s shares at the close of trading on September 29, 2023, with a 17.65% discount to reflect the one-year lock-up obligation. The company\u2019s new share capital is NOK 434,975,999.50, comprising in total 204,694,588 shares, each with a nominal value of NOK 2.125. The denominator for 2023 is calculated as a weighted average. The Share Investment Program implies that the company on the balance sheet date of December 31, 2023 will deliver 74,851 matching shares to employees in 2024, 155,656 shares in 2025 and 969,381 shares in 2026. The denominator for diluted earnings per share has therefore been adjusted as a weighted average for 2023. Allocation of matching shares is further contingent upon the company\u2019s performance over time.
Basic earnings per share 2023
2022
(Amounts in NOK)
From continuing operations attributable to the ordinary equity
1.10
-1.25
Total basic earnings per share attributable to the ordinary equity
1.10
-1.25
Total number of outstanding shares
203,103,000
196,915,471
Diluted earnings per share 2023
2022
(Amounts in NOK per share)
From continuing operations attributable to the ordinary equity
1.10
-1.25
Total diluted earnings per share attributable to the ordinary equity
1.10
-1.25
Total number of outstanding shares
204,069,165
196,915,471
Reconciliation of earnings used in calculating earnings per share 2023
2022
(Amounts in NOK million)
Basic earnings per share
Profit/loss attributable to equity holders of the Group
224
-246
Profit/loss attributable to the ordinary equity used in calculating basic
earnings per share
224
-246
Diluted earnings per share
Profit/loss used in calculating diluted earnings per share
224
-246
Profit/loss attributable to the ordinary equity used in calculating
diluted earnings per share
224
-246
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "
General
Basic earnings per share are calculated by dividing:
\u2022 the profit attributable to owners of the company, excluding any costs of servicing equity other than
ordinary shares,
\u2022 by the weighted average number of ordinary shares outstanding during the financial year, adjusted for
bonus elements in ordinary shares issued during the year and excluding treasury shares.
Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take
into account:
\u2022 the post-income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares; and
\u2022 the weighted average number of additional ordinary shares that would have been outstanding assuming
the conversion of all dilutive potential ordinary shares.
Dilutive shares are disregarded in the calculation of diluted EPS when a loss is reported.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "General Basic earnings per share are calculated by dividing: \u2022 the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares, \u2022 by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares. Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account: \u2022 the post-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and \u2022 the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. Dilutive shares are disregarded in the calculation of diluted EPS when a loss is reported. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "General Basic earnings per share are calculated by dividing: \u2022 the profit attributable to owners of the company, excluding any costs of servicing equity other than ordinary shares, \u2022 by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares. Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account: \u2022 the post-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and \u2022 the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. Dilutive shares are disregarded in the calculation of diluted EPS when a loss is reported. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "
NOTE 23 Borrowings
Borrowings
Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are
subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs)
and the redemption amount is recognized in profit or loss over the period of the borrowings using the
effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction
costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this
case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable
that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity
services and amortized over the period of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified in the contract is
discharged, cancelled or expired. The difference between the carrying amount of a financial liability that
has been extinguished or transferred to another party and the consideration paid, including any non-
cash assets transferred or liabilities assumed, is recognized in profit or loss as other income or financial
expense.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer
settlement of the liability for at least twelve months after the reporting period.
Overview of interest bearing liabilities 2023
2022
(Amounts in NOK million at December 31)
Current
Accrued interest cost
17
19
Leases
929
869
Total current interest-bearing liabilities
946
888
Non-current
Bank borrowings
1,721
1,970
Leases
4,009
3,666
Total non-current interest-bearing liabilities
5,730
5,636
Total interest-bearing liabilities
6,676
6,524
The fair value of the interest-bearing liabilities is considered to be equal to the book value according to the
amortized cost as shown above. With the aim of achieving a more balanced internal and external exchange
rate exposure, a redistribution of loans in different currencies has taken place in 2023. The bank facility
in NOK has decreased by 691 million, while in DKK, it has increased by 450 million. The Group has bank
facilities in NOK, SEK, EUR and DKK. As at the balance sheet date of December 31, 2023, the bank facility
in SEK amounts to 650 million, in EUR amount to 6 million and the bank facility in DKK amounts to 450
million, which corresponds to NOK 658 million, NOK 71 million and NOK 679 million, respectively. All the
bank facilities have floating interest rates.
The long-term loan facility agreement
The company has an unsecured revolving credit facility (RCF) agreement, consisting of a multicurrency
RCF with a maximum principal amount of NOK 2,500 million. As at the balance sheet date of December 31,
2023, the remaining undrawn amount amounted up to approximately NOK 656 million.
Interests on borrowings under the new facility will be paid at an annual interest rate equal to the applicable
IBOR plus a margin reliant on the leverage ratio of the Group.
The facility will mature in full in September 2025, and no installment payments are due before this time.
Interest payable will depend on the principal amount of the facility at any given time. However, based on
a draw down of NOK 1,844 million as at the balance sheet date of December 31, 2023, the annual interest
payment is expected to be in the range of NOK 86 to 117 million.
Payment profile for the Group\u2019s borrowings
The following table shows the undiscounted payment profile of the Group\u2019s borrowings, based on the
remaining loan period at the balance sheet date:
Borrowing facilities Total
(Amounts in NOK million)
Less than 1 year
117
1\u20132 years
1,809
2\u20133 years
0
3\u20135 years
0
More than 5 years
0
Payment profile for borrowings
1,926
Financial borrowing facility covenants
The loan facility agreement includes a financial covenant requiring the leverage ratio, Net Debt to EBITDA
before IFRS 16, not to exceed 4.0x. The facility agreement does not contain any restrictions on dividend
payments.
Compliance with financial borrowing covenants
SATS ASA executes the financing functions within the Group, holds the long-term financing agreement
with the Group\u2019s long-term lenders, and provides long-term financing to other Group entities. SATS ASA has
complied with the financial covenants related to its borrowing facility throughout 2022 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non- cash assets transferred or liabilities assumed, is recognized in profit or loss as other income or financial expense. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "
NOTE 24 Reconciliation of cash and cash equivalents and
borrowings
Liabilities arising from financing activities
Cash and cash
equivalents
Borrowings
Leases
Total
(Amounts in NOK million)
Net debt January 1, 2022
-281
2,103
4,452
6,274
Cash flows
Net cash flow from operations
-1,082
0
0
-1,082
Net cash flow from investing
313
0
0
313
Net cash flow from financing
681
0
0
681
Repayments of borrowings
0
-309
0
-309
Proceeds from borrowings
0
200
0
200
Installments on lease liabilities
0
0
-852
-852
Interest on lease liabilities
0
0
-189
-189
Non-cash changes
Net additions \u2013 leases
0
0
1,107
1,107
Depreciation bank costs
0
3
0
3
Foreign exchange rate changes
24
-16
17
26
Other changes
0
8
0
8
Net debt December 31, 2022
-345
1,989
4,535
6,178
Cash flows
Net cash flow from operations
-1,758
0
0
-1,758
Net cash flow from investing
172
0
0
172
Net cash flow from financing
1,587
0
0
1,587
Repayments of borrowings
0
-288
0
-288
Installments on lease liabilities
0
0
-947
-947
Interest on lease liabilities
0
0
-224
-224
Non-cash changes
Net additions \u2013 leases
0
0
1,393
1,393
Depreciation bank costs
0
3
0
3
Foreign exchange rate changes
63
36
180
279
Other changes
0
-2
0
-2
Net debt December 31, 2023
-282
1,738
4,938
6,394
", "dimensions": { "concept": "satsasa:DisclosureOfReconciliationOfCashAndCashEquivalentsAndBorrowings", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "
NOTE 25 Financial risk factors
Overview
Through its activities, the Group will be exposed to different types of financial risks: market risk, credit risk
and liquidity risk. This note presents information related to the Group\u2019s exposure to such risks, the Group\u2019s
objectives, policies and procedures for risk management and handling, as well as the Group\u2019s management
of capital. Additional quantitative information is included in this note. The Group does not apply hedge
accounting.
Risk management
The Group\u2019s overall risk management plan is to ensure the ongoing liquidity in the Group, defined as being
able to meet its obligations at any time. This also includes being able to meet the financial covenants
related to the Group\u2019s borrowings.
Risk management of the Group is maintained by a central finance function in accordance with the
guidelines approved by the Board. The Group\u2019s finance function identifies, measures, mitigates and reports
on financial risks in close cooperation with the various operating units.
Risk management policies and procedures are reviewed regularly to take into account changes in the
market and the Group\u2019s activities.
Market risk
Market risk can be defined as the risk that the Group\u2019s income and expenses, future cash flows or fair value
of financial instruments will vary as a result of changes in market prices. The market price includes three
types of risks: exchange risks, interest risks and price risks.
Market risk is monitored and managed continuously by the Group through a combination of natural
hedging techniques and financial derivatives.
Foreign exchange risk
The Group operates internationally and is exposed to changes in foreign exchange rates. For risk
management purposes, the Group has identified three types of exchange exposures:
\u2022 Net investment;
\u2022 Profit after tax in foreign currency; and
\u2022 Borrowings in foreign currency.
As an international group, SATS is exposed to the risk associated with converting the currency related to
legal entities with a functional currency different from the Group\u2019s presentation currency. Such translation
exposure does not yield an immediate result on the cash flow. It can still affect the Group\u2019s financial
covenants and is therefore closely monitored. Exposure of foreign subsidiaries\u2019 equity is partly naturally
hedged through borrowings in corresponding currency.
The Group\u2019s business model is such that the subsidiaries\u2019 sales and operating expenses are incurred in
local currency, reducing the exposure to foreign exchange rate fluctuations in the profit or loss. The net
of those cash flows is meant to be able to cover the borrowings in local currency, reducing the exposure
related to borrowings in local currency due to changes in the foreign exchange rates. Please see Note 23
Borrowings for a payment profile of the Group\u2019s borrowings.
Interest rate risk The Group\u2019s interest rate risk is mainly related to loans where an element of the interest rate is not fixed. See Note 23 Borrowings for an overview of such loans. An increase in floating rates would lead to an increase in interest costs and reduce net income and cash flow. Swap contracts are used to manage interest rate risk. Effects from derivatives used for hedging of interest rate risk are not included in the following analysis.
Impact on profit/loss after tax
Interest rate - sensitivity analysis
2023
2022
(Amounts in NOK million)
Interest rates - increase 100 basis points
-15
-16
Interest rates - decrease 100 basis points
15
16
2 1 1 1) Holding all other variables constant. 2) Estimated impact given a tax rate of 22.0%. Profit/loss after tax is as sensitive to changes in the interest rate in 2023 as in 2022 because of the same level of borrowings in 2023 and 2022. Overview of non-overdue interest rate swaps per December 31, 2023 Interest rate swaps
Notional in Unrealized gain
currency million
Maturity
Fixed rate
December 31
(Amounts in NOK million)
IRS NOK
694
28.10.2026
1.751
36
IRS EUR
200
28.10.2024
0.430
6
Fair value of the Group\u2019s interest rate swaps as at December 31, 2023 in NOK million
43
Overview of non-overdue interest rate swaps per December 31, 2022 Interest rate swaps
Notional in Unrealized loss
currency million
Maturity
Fixed rate
December 31
(Amounts in NOK million)
IRS NOK
694
28.10.2026
1.751
36
IRS EUR
200
28.10.2024
0.430
11
Fair value of the Group\u2019s interest rate swaps as at December 31, 2022 in NOK million
47
Changes in fair value are presented within financial income and financial expense in the income statement. Please see Note 11 Financial income and financial expenses. The carrying amounts of the Group\u2019s foreign currency-denominated monetary assets and monetary liabilities at the reporting date are as follows:
Assets
Liabilities
Exposure to currency
2023
2022
2023
2022
(Amounts in million at December 31)
SEK
177
733
650
651
EUR
5
14
6
6
DKK
511
-1
450
0
The following significant exchange rates have been applied.
Year-end spot rate
2023
2022
SEK
1,013
0,945
EUR
11,241
10,514
DKK
1,508
1,414
The Group applies monthly average exchange rates. Sensitivity analysis As shown below, the Group is primarily exposed to changes in the SEK/NOK, EUR/NOK and DKK/NOK exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from the profit or loss in the Group\u2019s foreign subsidiaries, borrowings, intercompany loans and bank accounts in other currencies than where the legal entity is located. EUR, SEK and DKK strengthened by 10% against NOK in the sensitivity analysis below.
Exchange rate - sensitivity analysis 2023
2022
(Amounts in NOK million)
SEK/NOK exchange rate - increase 10%
51
50
EUR/NOK exchange rate - increase 10%
-1
3
DKK/NOK exchange rate - increase 10%
-1
-14
Impact on Profit/loss after tax
49
38
1 1 1 1) Holding all other variables constant. Profit/loss after tax is less sensitive to changes in EUR/NOK and DKK/NOK in 2023 than in 2022 and equally sensitive to changes in SEK/NOK. Net income has improved in all segments leading to a less negative effect when reconsolidating. In 2023, an amortization of an internal loan in SEK was made with the aim to have a more balanced internal and external exchange rate exposure. This results in less positive effect when reconsolidating and neturalize the effect from improved net income. The Group\u2019s exposure to other changes in foreign exchange movements is not material.
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Group. SATS ASA\u2019s credit risk refers to the risk of the Group\u2019s accounts receivables and
investment in liquid assets. As the daily business is to a large part based on customer prepayments and
direct debit arrangements, the Group\u2019s credit risk is considered low.
The Group has a credit management policy to only cooperate with financial institutions with high credit
rating.
At the end of the reporting period, the Group\u2019s maximum credit risk exposure was NOK 239 million. The
Group does usually not demand collateral for receivables. The bad debt provision for accounts receivables
was NOK 181 million as at the balance sheet date.
Liquidity risk
The Group\u2019s liquidity risk is characterized by a potential risk of not being able to meet obligations to
vendors and loan creditors. The ability to service the debt, and ultimately continue as a going concern,
depends on the Group\u2019s cash flow from operating activities. The Group regularly monitors the cash flow
situation by setting up cash flow forecasts based on the forecasts of the liquidity reserves, including cash
equivalents and borrowing facilities. The forecasts are set by the individual subsidiaries and are regularly
monitored by the Group. Please see Note 23 Borrowings for information on funding sources and a payment
profile.
To be able to maintain a sufficient flexibility in the source of funding, the Group has total available
borrowing facilities of NOK 2,500 million as at December 31, 2023 (NOK 2,500 million as at December
31, 2022) of which 656 million has not been drawn down as at the balance sheet date. In addition, the
Group has cash and cash equivalents of NOK 282 million as at December 31, 2023 (NOK 345 million as at
December 31, 2022).
Net presentation of financial assets and liabilities as at December 31, 2023
Maturity profile 1\u20133 months
3\u201312 months
1\u20135 years
More than 5 years
Total
(Amounts in NOK million)
Accounts receivables
121
51
145
0
318
Other current receivables
86
0
0
0
86
Cash and cash equivalents
282
0
0
0
282
Financial assets
489
51
145
0
685
Borrowings
0
0
1,724
0
1,724
Lease liabilities
297
847
3,256
1,374
5,775
Trade payables
130
0
0
0
130
Other current liabilities
415
0
0
0
415
Payment of interest
30
87
86
0
202
Financial liabilities
871
934
5,066
1,374
8,245
Net financial liabilities
-383
-883
-4,920
-1,374
-7,560
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value.
Net presentation of financial assets and liabilities as at December 31, 2022
Maturity profile 1\u20133 months
3\u201312 months
1\u20135 years
More than 5 years
Total
(Amounts in NOK million)
Accounts receivables
121
48
209
0
379
Other current receivables
54
0
0
0
54
Cash and cash equivalents
345
0
0
0
345
Financial assets
521
48
209
0
778
Borrowings
0
0
1,976
0
1,976
Lease liabilities
271
773
2,960
1,186
5,190
Trade payables
116
0
0
0
116
Other current liabilities
423
0
0
0
423
Payment of interest
28
85
157
0
270
Financial liabilities
838
857
5,093
1,186
7,975
Net financial liabilities
-318
-809
-4,884
-1,186
-7,197
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value.
Capital management
The Group\u2019s main goal is to maximize shareholder value while ensuring the Group\u2019s ability to continue
operations, as well as to make sure that covenant criteria are met (please see Note 23 Borrowings for
financial covenant requirements). The Group has an overall target to maintain a capital structure that binds
capital in the most optimal way given the current market situation. The Group makes changes to its capital
structure as necessary based on an ongoing assessment of the business\u2019s financial situation and future
prospects in the short and medium term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "Market risk Market risk can be defined as the risk that the Group\u2019s income and expenses, future cash flows or fair value of financial instruments will vary as a result of changes in market prices. The market price includes three types of risks: exchange risks, interest risks and price risks. Market risk is monitored and managed continuously by the Group through a combination of natural hedging techniques and financial derivatives. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "Foreign exchange risk The Group operates internationally and is exposed to changes in foreign exchange rates. For risk management purposes, the Group has identified three types of exchange exposures: \u2022 Net investment; \u2022 Profit after tax in foreign currency; and \u2022 Borrowings in foreign currency. As an international group, SATS is exposed to the risk associated with converting the currency related to legal entities with a functional currency different from the Group\u2019s presentation currency. Such translation exposure does not yield an immediate result on the cash flow. It can still affect the Group\u2019s financial covenants and is therefore closely monitored. Exposure of foreign subsidiaries\u2019 equity is partly naturally hedged through borrowings in corresponding currency. The Group\u2019s business model is such that the subsidiaries\u2019 sales and operating expenses are incurred in local currency, reducing the exposure to foreign exchange rate fluctuations in the profit or loss. The net of those cash flows is meant to be able to cover the borrowings in local currency, reducing the exposure related to borrowings in local currency due to changes in the foreign exchange rates. Please see Note 23 Borrowings for a payment profile of the Group\u2019s borrowings.
The carrying amounts of the Group\u2019s foreign currency-denominated monetary assets and monetary
liabilities at the reporting date are as follows:
Assets
Liabilities
Exposure to currency
2023
2022
2023
2022
(Amounts in million at December 31)
SEK
177
733
650
651
EUR
5
14
6
6
DKK
511
-1
450
0
The following significant exchange rates have been applied.
Year-end spot rate
2023
2022
SEK
1,013
0,945
EUR
11,241
10,514
DKK
1,508
1,414
The Group applies monthly average exchange rates.
Sensitivity analysis
As shown below, the Group is primarily exposed to changes in the SEK/NOK, EUR/NOK and DKK/NOK
exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from the
profit or loss in the Group\u2019s foreign subsidiaries, borrowings, intercompany loans and bank accounts in
other currencies than where the legal entity is located. EUR, SEK and DKK strengthened by 10% against
NOK in the sensitivity analysis below.
Exchange rate - sensitivity analysis 2023
2022
(Amounts in NOK million)
SEK/NOK exchange rate - increase 10%
51
50
EUR/NOK exchange rate - increase 10%
-1
3
DKK/NOK exchange rate - increase 10%
-1
-14
Impact on Profit/loss after tax
49
38
1
1
1
1)
Holding all other variables constant.
Profit/loss after tax is less sensitive to changes in EUR/NOK and DKK/NOK in 2023 than in 2022 and
equally sensitive to changes in SEK/NOK. Net income has improved in all segments leading to a less
negative effect when reconsolidating. In 2023, an amortization of an internal loan in SEK was made with
the aim to have a more balanced internal and external exchange rate exposure. This results in less positive
effect when reconsolidating and neturalize the effect from improved net income.
The Group\u2019s exposure to other changes in foreign exchange movements is not material.
", "dimensions": { "concept": "satsasa:DisclosureOfForeignExchangeRisk", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "
Interest rate risk
The Group\u2019s interest rate risk is mainly related to loans where an element of the interest rate is not fixed.
See Note 23 Borrowings for an overview of such loans. An increase in floating rates would lead to an
increase in interest costs and reduce net income and cash flow. Swap contracts are used to manage
interest rate risk. Effects from derivatives used for hedging of interest rate risk are not included in the
following analysis.
Impact on profit/loss after tax
Interest rate - sensitivity analysis
2023
2022
(Amounts in NOK million)
Interest rates - increase 100 basis points
-15
-16
Interest rates - decrease 100 basis points
15
16
2
1
1
1)
Holding all other variables constant.
2)
Estimated impact given a tax rate of 22.0%.
Profit/loss after tax is as sensitive to changes in the interest rate in 2023 as in 2022 because of the same
level of borrowings in 2023 and 2022.
Overview of non-overdue interest rate swaps per December 31, 2023
Interest rate swaps
Notional in Unrealized gain
currency million
Maturity
Fixed rate
December 31
(Amounts in NOK million)
IRS NOK
694
28.10.2026
1.751
36
IRS EUR
200
28.10.2024
0.430
6
Fair value of the Group\u2019s interest rate swaps as at December 31, 2023 in NOK million
43
Overview of non-overdue interest rate swaps per December 31, 2022
Interest rate swaps
Notional in Unrealized loss
currency million
Maturity
Fixed rate
December 31
(Amounts in NOK million)
IRS NOK
694
28.10.2026
1.751
36
IRS EUR
200
28.10.2024
0.430
11
Fair value of the Group\u2019s interest rate swaps as at December 31, 2022 in NOK million
47
Changes in fair value are presented within financial income and financial expense in the income statement.
Please see Note 11 Financial income and financial expenses.
", "dimensions": { "concept": "satsasa:DisclosureOfInterestRateRisk", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. SATS ASA\u2019s credit risk refers to the risk of the Group\u2019s accounts receivables and investment in liquid assets. As the daily business is to a large part based on customer prepayments and direct debit arrangements, the Group\u2019s credit risk is considered low. The Group has a credit management policy to only cooperate with financial institutions with high credit rating. At the end of the reporting period, the Group\u2019s maximum credit risk exposure was NOK 239 million. The Group does usually not demand collateral for receivables. The bad debt provision for accounts receivables was NOK 181 million as at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "Liquidity risk The Group\u2019s liquidity risk is characterized by a potential risk of not being able to meet obligations to vendors and loan creditors. The ability to service the debt, and ultimately continue as a going concern, depends on the Group\u2019s cash flow from operating activities. The Group regularly monitors the cash flow situation by setting up cash flow forecasts based on the forecasts of the liquidity reserves, including cash equivalents and borrowing facilities. The forecasts are set by the individual subsidiaries and are regularly monitored by the Group. Please see Note 23 Borrowings for information on funding sources and a payment profile. To be able to maintain a sufficient flexibility in the source of funding, the Group has total available borrowing facilities of NOK 2,500 million as at December 31, 2023 (NOK 2,500 million as at December 31, 2022) of which 656 million has not been drawn down as at the balance sheet date. In addition, the Group has cash and cash equivalents of NOK 282 million as at December 31, 2023 (NOK 345 million as at December 31, 2022). Net presentation of financial assets and liabilities as at December 31, 2023
Maturity profile 1\u20133 months
3\u201312 months
1\u20135 years
More than 5 years
Total
(Amounts in NOK million)
Accounts receivables
121
51
145
0
318
Other current receivables
86
0
0
0
86
Cash and cash equivalents
282
0
0
0
282
Financial assets
489
51
145
0
685
Borrowings
0
0
1,724
0
1,724
Lease liabilities
297
847
3,256
1,374
5,775
Trade payables
130
0
0
0
130
Other current liabilities
415
0
0
0
415
Payment of interest
30
87
86
0
202
Financial liabilities
871
934
5,066
1,374
8,245
Net financial liabilities
-383
-883
-4,920
-1,374
-7,560
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value. Net presentation of financial assets and liabilities as at December 31, 2022
Maturity profile 1\u20133 months
3\u201312 months
1\u20135 years
More than 5 years
Total
(Amounts in NOK million)
Accounts receivables
121
48
209
0
379
Other current receivables
54
0
0
0
54
Cash and cash equivalents
345
0
0
0
345
Financial assets
521
48
209
0
778
Borrowings
0
0
1,976
0
1,976
Lease liabilities
271
773
2,960
1,186
5,190
Trade payables
116
0
0
0
116
Other current liabilities
423
0
0
0
423
Payment of interest
28
85
157
0
270
Financial liabilities
838
857
5,093
1,186
7,975
Net financial liabilities
-318
-809
-4,884
-1,186
-7,197
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "The Group\u2019s liquidity risk is characterized by a potential risk of not being able to meet obligations to vendors and loan creditors. The ability to service the debt, and ultimately continue as a going concern, depends on the Group\u2019s cash flow from operating activities. The Group regularly monitors the cash flow situation by setting up cash flow forecasts based on the forecasts of the liquidity reserves, including cash equivalents and borrowing facilities. The forecasts are set by the individual subsidiaries and are regularly monitored by the Group. Please see Note 23 Borrowings for information on funding sources and a payment profile. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "Capital management The Group\u2019s main goal is to maximize shareholder value while ensuring the Group\u2019s ability to continue operations, as well as to make sure that covenant criteria are met (please see Note 23 Borrowings for financial covenant requirements). The Group has an overall target to maintain a capital structure that binds capital in the most optimal way given the current market situation. The Group makes changes to its capital structure as necessary based on an ongoing assessment of the business\u2019s financial situation and future prospects in the short and medium term.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "
NOTE 26 Financial instruments
Derivatives
Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative
investments.
Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is
entered into and are subsequently remeasured to their fair value through profit and loss at the end of each
reporting period. The fair values are based on observable market prices obtained from external parties and
are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The
derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current
asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no
intention to close the position within twelve months from the balance sheet date.
Changes in the fair value of any derivative instrument are recognized immediately in profit or loss and are
included in financial income or financial expense if they are economic hedges for financing related risks.
Derivatives that are economic hedges for operational cash flows are included in operating gain and loss.
The fair values of the outstanding derivatives as at the balance sheet date are disclosed below.
The Group has the following derivative financial instruments: 2023
20221
(Amounts in NOK million at December 31)
Non-current assets
Interest rate swap contracts
36
47
Total non-current derivative financial instrument assets
36
47
Current assets
Interest rate swap contracts
6
0
Total current derivative financial instrument assets
6
0
Fair value estimates
The Group\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the
end of the reporting period.
Level 1: The fair value of financial instruments traded in active markets (such as publicly traded
derivatives, and trading of available-for-sale securities) is based on quoted market prices at the end of the
reporting period. The quoted market price used for financial assets held by the Group is the current bid
price. These instruments are included in Level 1.
Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-
the-counter derivatives) is determined using valuation techniques which maximize the use of observable
market data and rely as little as possible on entity-specific estimates. If all significant inputs required for
fair value of an instrument are observable, the instrument is included in Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in Level 3. This is the case for unlisted equity securities
Specific valuation techniques used to value financial instruments include:
\u2022 he use of quoted market prices or dealer quotes for similar instruments;
\u2022 the fair value of interest rate swaps calculated as the present value of the estimated future cash flows
based on observable yield curves;
\u2022 the fair value of forward foreign exchange contracts determined using forward exchange rates at the
balance sheet date; and
\u2022 the fair value of the remaining financial instruments determined using discounted cash flow analysis.
All of the resulting fair value estimates are included in Level 2 except for certain derivative contracts where
the fair values have been determined based on present values and the discount rates used were adjusted
for counterparty or own credit risk.
Other financial instruments
Financial assets (excluding derivative financial instruments)
All financial assets, excluding derivatives, meet the SPPI criteria and are managed in a business model
of Hold to Collect. Therefore all financial assets, excluding derivatives, are allocated to the category
amortized cost.
The Group measures its accounts receivables and other receivables and cash and cash equivalents at
amortized cost. Subsequent to initial recognition, these assets are measured at amortized cost using the
effective interest method. Income from these financial assets is calculated on an effective yield basis and
recognized in the income statement.
Investments in unquoted equity securities are designated as fair value through other comprehensive
income if they are held as long-term strategic investments that are not expected to be sold in the short to
medium term. All fair value movements in respect of those assets are recognized in other comprehensive
income and are not recycled to profit or loss. The financial assets are classified as current assets, except
for those with maturities later than twelve months after the balance sheet date. These assets are classified
as non-current assets.
Financial liabilities (excluding derivative financial instruments)
The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including
contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial
liabilities at fair value net of transaction costs and they are subsequently measured at amortized cost
using the effective interest method. Transaction costs are amortized using the effective interest method
over the maturity of the loan. Contingent consideration is subsequently measured at its fair value.
Financial instruments as at December 31, 2023 Assets
Assets measured at Fair value through
amortized cost
profit and loss
Total
(Amounts in NOK million)
Other non-current receivables
63
0
63
Accounts receivable
136
0
136
Other current receivables
86
0
86
Derivatives
0
43
43
Cash and cash equivalents
282
0
282
Total financial assets
567
43
610
Liabilities
Liabilities measured Fair value through
at amortized cost
profit and loss
Total
(Amounts in NOK million)
Borrowings
1,738
0
1,738
Leases
4,938
0
4,938
Trade and other payables
130
0
130
Other current liabilities
415
0
415
Total financial liabilities
7,220
0
7,220
Financial instruments as at December 31, 2022 Assets
Assets measured at Fair value through
amortized cost
profit and loss
Total
(Amounts in NOK million)
Other non-current receivables
50
0
50
Accounts receivable
126
0
126
Other current receivables
54
0
54
Derivatives
0
47
47
Cash and cash equivalents
345
0
345
Total financial assets
574
47
621
Liabilities
Liabilities measured Fair value through
at amortized cost
profit and loss
Total
(Amounts in NOK million)
Borrowings
1,989
0
1,989
Leases
4,535
0
4,535
Trade and other payables
116
0
116
Other current liabilities
423
0
423
Total financial liabilities
7,063
0
7,063
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "Derivatives Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Changes in the fair value of any derivative instrument are recognized immediately in profit or loss and are included in financial income or financial expense if they are economic hedges for financing related risks. Derivatives that are economic hedges for operational cash flows are included in operating gain and loss. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below. Fair value estimates The Group\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading of available-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. Level 2: The fair value of financial instruments that are not traded in an active market (for example, over- the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required for fair value of an instrument are observable, the instrument is included in Level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is the case for unlisted equity securities Specific valuation techniques used to value financial instruments include: \u2022 he use of quoted market prices or dealer quotes for similar instruments; \u2022 the fair value of interest rate swaps calculated as the present value of the estimated future cash flows based on observable yield curves; \u2022 the fair value of forward foreign exchange contracts determined using forward exchange rates at the balance sheet date; and \u2022 the fair value of the remaining financial instruments determined using discounted cash flow analysis. All of the resulting fair value estimates are included in Level 2 except for certain derivative contracts where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk. Other financial instruments Financial assets (excluding derivative financial instruments) All financial assets, excluding derivatives, meet the SPPI criteria and are managed in a business model of Hold to Collect. Therefore all financial assets, excluding derivatives, are allocated to the category amortized cost. The Group measures its accounts receivables and other receivables and cash and cash equivalents at amortized cost. Subsequent to initial recognition, these assets are measured at amortized cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and recognized in the income statement. Investments in unquoted equity securities are designated as fair value through other comprehensive income if they are held as long-term strategic investments that are not expected to be sold in the short to medium term. All fair value movements in respect of those assets are recognized in other comprehensive income and are not recycled to profit or loss. The financial assets are classified as current assets, except for those with maturities later than twelve months after the balance sheet date. These assets are classified as non-current assets. Financial liabilities (excluding derivative financial instruments) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "Derivatives Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Changes in the fair value of any derivative instrument are recognized immediately in profit or loss and are included in financial income or financial expense if they are economic hedges for financing related risks. Derivatives that are economic hedges for operational cash flows are included in operating gain and loss. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below. Other financial instruments Financial assets (excluding derivative financial instruments) All financial assets, excluding derivatives, meet the SPPI criteria and are managed in a business model of Hold to Collect. Therefore all financial assets, excluding derivatives, are allocated to the category amortized cost. The Group measures its accounts receivables and other receivables and cash and cash equivalents at amortized cost. Subsequent to initial recognition, these assets are measured at amortized cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and recognized in the income statement. Investments in unquoted equity securities are designated as fair value through other comprehensive income if they are held as long-term strategic investments that are not expected to be sold in the short to medium term. All fair value movements in respect of those assets are recognized in other comprehensive income and are not recycled to profit or loss. The financial assets are classified as current assets, except for those with maturities later than twelve months after the balance sheet date. These assets are classified as non-current assets. Financial liabilities (excluding derivative financial instruments) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "Derivatives Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Changes in the fair value of any derivative instrument are recognized immediately in profit or loss and are included in financial income or financial expense if they are economic hedges for financing related risks. Derivatives that are economic hedges for operational cash flows are included in operating gain and loss. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below.
The Group has the following derivative financial instruments: 2023
20221
(Amounts in NOK million at December 31)
Non-current assets
Interest rate swap contracts
36
47
Total non-current derivative financial instrument assets
36
47
Current assets
Interest rate swap contracts
6
0
Total current derivative financial instrument assets
6
0
Fair value estimates The Group\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading of available-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. Level 2: The fair value of financial instruments that are not traded in an active market (for example, over- the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required for fair value of an instrument are observable, the instrument is included in Level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is the case for unlisted equity securities Specific valuation techniques used to value financial instruments include: \u2022 he use of quoted market prices or dealer quotes for similar instruments; \u2022 the fair value of interest rate swaps calculated as the present value of the estimated future cash flows based on observable yield curves; \u2022 the fair value of forward foreign exchange contracts determined using forward exchange rates at the balance sheet date; and \u2022 the fair value of the remaining financial instruments determined using discounted cash flow analysis. All of the resulting fair value estimates are included in Level 2 except for certain derivative contracts where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk. Other financial instruments Financial assets (excluding derivative financial instruments) All financial assets, excluding derivatives, meet the SPPI criteria and are managed in a business model of Hold to Collect. Therefore all financial assets, excluding derivatives, are allocated to the category amortized cost. The Group measures its accounts receivables and other receivables and cash and cash equivalents at amortized cost. Subsequent to initial recognition, these assets are measured at amortized cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and recognized in the income statement. Investments in unquoted equity securities are designated as fair value through other comprehensive income if they are held as long-term strategic investments that are not expected to be sold in the short to medium term. All fair value movements in respect of those assets are recognized in other comprehensive income and are not recycled to profit or loss. The financial assets are classified as current assets, except for those with maturities later than twelve months after the balance sheet date. These assets are classified as non-current assets. Financial liabilities (excluding derivative financial instruments) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value.
Financial instruments as at December 31, 2023
Assets
Assets measured at Fair value through
amortized cost
profit and loss
Total
(Amounts in NOK million)
Other non-current receivables
63
0
63
Accounts receivable
136
0
136
Other current receivables
86
0
86
Derivatives
0
43
43
Cash and cash equivalents
282
0
282
Total financial assets
567
43
610
Liabilities
Liabilities measured Fair value through
at amortized cost
profit and loss
Total
(Amounts in NOK million)
Borrowings
1,738
0
1,738
Leases
4,938
0
4,938
Trade and other payables
130
0
130
Other current liabilities
415
0
415
Total financial liabilities
7,220
0
7,220
Financial instruments as at December 31, 2022
Assets
Assets measured at Fair value through
amortized cost
profit and loss
Total
(Amounts in NOK million)
Other non-current receivables
50
0
50
Accounts receivable
126
0
126
Other current receivables
54
0
54
Derivatives
0
47
47
Cash and cash equivalents
345
0
345
Total financial assets
574
47
621
Liabilities
Liabilities measured Fair value through
at amortized cost
profit and loss
Total
(Amounts in NOK million)
Borrowings
1,989
0
1,989
Leases
4,535
0
4,535
Trade and other payables
116
0
116
Other current liabilities
423
0
423
Total financial liabilities
7,063
0
7,063
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "Derivatives Derivatives are only used for economic hedging purposes to reduce cash flow risk and not as speculative investments. Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. Changes in the fair value of any derivative instrument are recognized immediately in profit or loss and are included in financial income or financial expense if they are economic hedges for financing related risks. Derivatives that are economic hedges for operational cash flows are included in operating gain and loss. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below.
The Group has the following derivative financial instruments: 2023
20221
(Amounts in NOK million at December 31)
Non-current assets
Interest rate swap contracts
36
47
Total non-current derivative financial instrument assets
36
47
Current assets
Interest rate swap contracts
6
0
Total current derivative financial instrument assets
6
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "Derivatives are classified as FVPL and initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value through profit and loss at the end of each reporting period. The fair values are based on observable market prices obtained from external parties and are based on mid-range marked interest rates and prices, excluding margins, at the reporting date. The derivatives are defined as Level 2 in the fair value hierarchy. The derivatives are classified as non-current asset or liability if the maturity date is later than twelve months from the balance sheet date and there is no intention to close the position within twelve months from the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "Fair value estimates The Group\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading of available-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. Level 2: The fair value of financial instruments that are not traded in an active market (for example, over- the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required for fair value of an instrument are observable, the instrument is included in Level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is the case for unlisted equity securities Specific valuation techniques used to value financial instruments include: \u2022 he use of quoted market prices or dealer quotes for similar instruments; \u2022 the fair value of interest rate swaps calculated as the present value of the estimated future cash flows based on observable yield curves; \u2022 the fair value of forward foreign exchange contracts determined using forward exchange rates at the balance sheet date; and \u2022 the fair value of the remaining financial instruments determined using discounted cash flow analysis. All of the resulting fair value estimates are included in Level 2 except for certain derivative contracts where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "Fair value estimates The Group\u2019s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading of available-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. Level 2: The fair value of financial instruments that are not traded in an active market (for example, over- the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required for fair value of an instrument are observable, the instrument is included in Level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is the case for unlisted equity securities Specific valuation techniques used to value financial instruments include: \u2022 he use of quoted market prices or dealer quotes for similar instruments; \u2022 the fair value of interest rate swaps calculated as the present value of the estimated future cash flows based on observable yield curves; \u2022 the fair value of forward foreign exchange contracts determined using forward exchange rates at the balance sheet date; and \u2022 the fair value of the remaining financial instruments determined using discounted cash flow analysis. All of the resulting fair value estimates are included in Level 2 except for certain derivative contracts where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "Financial liabilities (excluding derivative financial instruments) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "Financial liabilities (excluding derivative financial instruments) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "Financial liabilities (excluding derivative financial instruments) The Group\u2019s financial liabilities consist of trade and other payables, other financial liabilities (including contingent considerations and lease liabilities) and borrowings. The Group initially recognizes its financial liabilities at fair value net of transaction costs and they are subsequently measured at amortized cost using the effective interest method. Transaction costs are amortized using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "
NOTE 27 Other current liabilities
Contract liabilities
A large portion of the Group\u2019s customers pay the monthly membership subscription fee in advance. These
prepayments are recognized as non-financial debt and will be settled in the Group\u2019s services.
2023
2022
(Amounts in NOK million at December 31)
Contract liabilities
548
584
Total deferred revenue
548
584
Trade payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of
financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of
recognition. Trade and other payables are presented as current liabilities unless payment is not due within
twelve months after the reporting period. They are recognized initially at their fair value and subsequently
measured at amortized cost using the effective interest method.
Other current liabilities by nature 2023
2022
(Amounts in NOK million at December 31)
Accrued employee benefit expenses
85
83
Accrued vacation pay
91
89
Accrued rent
18
5
Accrued rent discounts
40
44
Customer liabilities
51
41
Other current liabilities
129
161
Total other current liabilities
415
423
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "NOTE 28 Related parties The following table presents an overview of transactions with related parties. Remuneration to executive staff and the Board of Directors and share capital information are presented in Note 8 Personnel expenses and Note 21 Share capital, respectively, and are not included in the following overview : Balance sheet items
Related party
Relationship
Type of services
2023
2022
(Amounts in NOK million)
Key employees
Employees
Loan
17
10
Total related party profit or loss items
17
10
All transactions with related parties are priced at market terms, and there are no special conditions attached to them. Transactions with subsidiaries have been eliminated in consolidated statements and do not represent transactions with related parties. In December 2022 and March 2023, total loans of NOK 9.7 million and NOK 6.5 million, respectively, were issued to key employees participating in a partly debt-financed share investment program. The terms are regulated according to the arm\u2019s length principle. Please see Note 8 Personnel expenses for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "The following table presents an overview of transactions with related parties. Remuneration to executive staff and the Board of Directors and share capital information are presented in Note 8 Personnel expenses and Note 21 Share capital, respectively, and are not included in the following overview ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "
NOTE 29 New IFRS standards
New standards and amendments \u2013 applicable January 1, 2023
The following standards and interpretations apply for the first time to financial reporting periods
commencing on or after January 1, 2023. SATS has not identified any significant impact to the Group\u2019s
consolidated financial statements as a result of the mentioned amendments:
Income Taxes - Amendments to IAS 12
The International Accounting Standards Boards issued Deferred Tax related to Assets and Liabilites
arising from a Single Transaction in May 2021 that aims to clarify how companies account for deferred
tax on leases and decommissioning obligations. The amendments narrowed the scope of the recognition
exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to
transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences.
Presentation of Financial Statements and Making Materiality Judgements - Amendments to IAS 1 and IFRS
Practice Statements 2
The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The
amendments replace all instances of the term \u201csignificant accounting policies\u201d with \u201cmaterial accounting
policy information\u201d. Accounting policy information is material if, when considered together with other
information included in an entity\u2019s financial statements, it can reasonably be expected to influence
decisions that the primary users of general purpose financial statements make on the basis of those
financial statements.
The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that
relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed.
Accounting policy information may be material because of the nature of the related transactions, other
events or conditions, even if the amounts are immaterial. However, not all accounting policy information
relating to material transactions, other events or conditions is itself material.
The IASB has also developed guidance and examples to explain and demonstrate the application of the
\u201cour-step materiality process\u201d described in IFRS Practice Statement 2.
No changes have been made to any of the current accounting standards.
Accounting Policies, Changes in Accounting Estimates and Errors - Amendments to IAS 8
The amendments replace the definition of a change in accounting estimates with a definition of accounting
estimates. Under the new definition, accounting estimates are \u201cmonetary amounts in financial statements
that are subject to measurement uncertainty\u201d. The definition of a change in accounting estimates was
deleted.
Standards not yet effective
The below amendments to IFRS applicable to SATS have been issued but were not yet effective on the
balance sheet date. Except for IAS 1, management, at the date of the Board approval of these financial
statements, has not identified any significant potential impacts to the Group\u2019s consolidated financial
statements as a result of these amendments. None of the following standards have been subject to early
adaptation.
Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1
rights that exist at the end of the reporting period. Classification is unaffected by the expectations of
the entity or events after the reporting date (e.g., the receipt of a waiver or a breach of covenant). The
amendments also clarify what IAS 1 means when it refers to the \u201csettlement\u201d of a liability.
The amendments could affect the classification of liabilities from non-current to current if any non-
compliance with loan covenants is expected for further reporting periods.
The standard will be applied retrospectively in accordance with the normal requirements in IAS 8
Accounting Policies, Changes in Accounting Estimates and Errors.
Lease Liability in a Sale and Leaseback \u2013 Amendment to IFRS 16 Leases
The amendments to IFRS 16 add subsequent measurement requirements for sale and leaseback
transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. The amendments
require the seller-lessee to determine \u2018lease payments\u2019 or \u2018revised lease payments\u2019 such that the seller-
lessee does not recognise a gain or loss that relates to the right of use retained by the seller-lessee, after
the commencement date.
The amendments do not affect the gain or loss recognised by the seller-lessee relating to the partial or full
termination of a lease. Without these new requirements, a seller-lessee may have recognised a gain on
the right of use it retains solely because of a remeasurement of the lease liability (for example, following
a lease modification or change in the lease term) applying the general requirements in IFRS 16. This could
have been particularly the case in a leaseback that includes variable lease payments that do not depend on
an index or rate.
As part of the amendments, the IASB amended an Illustrative Example in IFRS 16 and added a new
example to illustrate the subsequent measurement of a right-of-use asset and lease liability in a sale and
leaseback transaction with variable lease payments that do not depend on an index or rate. The illustrative
examples also clarify that the liability, that arises from a sale and leaseback transaction that qualifies as a
sale applying IFRS 15, is a lease liability.
The amendments are effective for annual reporting periods beginning on or after January 1, 2024. Earlier
application is permitted. If a seller-lessee applies the amendments for an earlier period, it is required to
disclose that fact.
A seller-lessee applies the amendments retrospectively in accordance with IAS 8 to sale and leaseback
transactions entered into after the date of initial application, which is defined as the beginning of the
annual reporting period in which the entity first applied IFRS 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "
NOTE 30 Events after the balance sheet date
On January 10, 2024, SATS announced a share investment program for certain senior executives and
certain other key employees who were employed by the SATS Group following completion of the 2023
share investment program, with the results announced on January 11, 2024. Nine employees applied for a
total of 372,223 shares. The Shares allocated in the Share Investment Program will be settled through the
Company\u2019s sale of existing shares in the Company listed on the Oslo Stock Exchange, held in treasury.
The Board of Directors is not aware of any events that occurred after the balance sheet date, or any new
information regarding existing matters, that can have a material effect on the 2023 consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "Nydalsveien 28 0484 Oslo Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }