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Dividend policy
SATS\u2019 leverage and dividend policy aims to ensure
prudent leverage going forward, with excess cash
returned to shareholders. The company targets a net
debt (current and non-current bank borrowings less
cash and cash equivalents) to adjusted EBITDA before
impact of IFRS 16 at the lower end of the 1.5x to 2.0x
range. Excess capital will be returned to shareholders
while considering long-term financial robustness,
growth opportunities and strategic initiatives. The aim
is to distribute at least 50 percent of annual net profit
as a combination of share buybacks and semi-annual
dividends.
When proposing a payout, the Board of Directors
reserves the right to deviate from its current leverage
targets taking into consideration internal and external
factors such as material acquisitions, macroeconomic
conditions and the capital markets environment.
Deviations from Section 3 of the Code: None.
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}, "fact-280": { "value": "91000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-281": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-282": { "value": "-2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-283": { "value": "-63000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": 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"value": "
NOTE 1 General information
SATS (\u201cthe Group\u201d) consists of SATS ASA (\u201cthe company\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, 2024, are available on our
website.
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 27, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "SATS ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "SATS ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "Nydalsveien 28, Oslo", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-293": { "value": "
NOTE 2 Basis of preparing the consolidated financial
statements
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.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-325": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-288": { "value": "
Consolidation principles
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 (\u201cthe functional currency\u201d). The
consolidated financial statements are presented in NOK, which is SATS ASA\u2019s functional and presentation
currency.
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.
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.
Significant accounting policies
The following description of accounting principles relevant for presentation and consolidation applies
to SATS ASA\u2019s 2024 financial reporting, including comparative figures. The accounting policies for items
covered by specific note disclosures are incorporated in the individual notes.
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.
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 are recognized when the Group has a present legal or constructive obligation as a result of past
events, it is probable 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. The provision is calculated
on the basis of the best estimate of anticipated expenses. If the effect is material, anticipated future cash
flows will be discounted using a current pre-tax interest rate that reflects the risks specific to the provision.
Critical estimates and significant accounting judgements
Estimates and judgements are continually evaluated and are based on historical experience as adjusted for
current market conditions and other factors.
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 judgements that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are set out below and disclosed in the
relevant notes.
\u2022 Deferred tax assets (Note 9 Tax)
\u2022 Impairment of intangible assets (Note 10 Intangible assets)
\u2022 Depreciation of property, plant and equipment (Note 12 Property, plant and equipment)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-292": { "value": "Consolidation principles 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-291": { "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 (\u201cthe functional currency\u201d). The consolidated financial statements are presented in NOK, which is SATS ASA\u2019s functional and presentation currency. 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:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-324": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-298": { "value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-294": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-295": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-296": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "value": "Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable 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. The provision is calculated on the basis of the best estimate of anticipated expenses. If the effect is material, anticipated future cash flows will be discounted using a current pre-tax interest rate that reflects the risks specific to the provision. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-326": { "value": "Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable 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. The provision is calculated on the basis of the best estimate of anticipated expenses. If the effect is material, anticipated future cash flows will be discounted using a current pre-tax interest rate that reflects the risks specific to the provision. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-297": { "value": "Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable 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. The provision is calculated on the basis of the best estimate of anticipated expenses. If the effect is material, anticipated future cash flows will be discounted using a current pre-tax interest rate that reflects the risks specific to the provision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "value": "Critical estimates and significant accounting judgements Estimates and judgements are continually evaluated and are based on historical experience as adjusted for current market conditions and other factors. 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 judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below and disclosed in the relevant notes. \u2022 Deferred tax assets (Note 9 Tax) \u2022 Impairment of intangible assets (Note 10 Intangible assets) \u2022 Depreciation of property, plant and equipment (Note 12 Property, plant and equipment)
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 and disclosed in the relevant notes.
\u2022 Critical judgements in recognizing revenue, joining fees (Note 4 Revenue, contract assets and advance
payments from customers)
\u2022 Critical judgements in recognizing revenue, financing components (Note 4 Revenue, contract assets and
advance payments from customers)
\u2022 Critical judgements in determining the lease term (Note 11 Leases)
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 that 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.
For leases of club 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-299": { "value": "
New and amended standards adopted by the Group
The Group has not changed its presentation or accounting principles or adopted new standards that
significantly affect the financial reporting in 2024 or the comparison with previous periods.
At the time of preparing the financial statements for 2024, there were no changes in standards,
interpretations of standards, or issued but not yet effective standards that are expected to significantly
affect the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-300": { "value": "NOTE 3 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 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 & Communication 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 head office functions, and other unallocated items. 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 percent or more of total revenue.
Revenue recognition
The revenue recognition criteria in the segment information note are based on the Group`s accounting
principles and are in accordance with IFRS 15. Please see Note 4 Revenue, contract assets and advance
payments from customers for additional information.
Operating segment information
Group
functions
SATS Group
Norway
Sweden
Finland
Denmark
and other
Total
(Amounts in NOK million)
FINANCIAL YEAR 2024
Revenue
Membership revenue
1,887
1,397
422
487
0
4,193
Other revenue
378
311
79
102
1
871
Total revenue
2,265
1,708
501
589
1
5,064
EBITDA
1
and EBITDA before impact of IFRS 16
1
reconcile to profit/loss as follows:
EBITDA before impact of IFRS 16
1
489
152
29
24
44
738
Impact of IFRS 16
466
460
137
141
0
1,204
EBITDA
1
955
612
165
165
44
1,942
Depreciation and amortization
-416
-441
-137
-148
-55
-1,198
Operating profit/loss
539
171
29
17
-11
744
Net financial items
2
-84
-95
-25
-69
-37
-310
Income tax expense/income
-79
-18
0
1
-12
-108
Profit/loss for the year
376
58
3
-51
-60
326
FINANCIAL YEAR 2023
Revenue
Membership revenue
1,763
1,281
390
436
0
3,870
Other revenue
389
315
76
80
3
864
Total revenue
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
1
387
185
25
-13
29
614
Impact of IFRS 16
472
420
133
145
0
1,170
EBITDA
1
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
2
-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)
For additional information about definitions, please see 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 2024
Total non-current intangible assets
1,674
232
674
5
75
2,661
Non-current tangible assets
1
2,034
2,184
615
616
0
5,449
Total non-current financial assets
0
0
0
41
48
89
Deferred tax asset
57
64
25
1
39
185
Current assets
1,009
278
174
-65
-444
952
Total assets
4,773
2,759
1,487
598
-282
9,336
Total liabilities
2,146
2,609
809
1,354
1,073
7,991
Investments
86
88
16
44
52
287
FINANCIAL YEAR 2023
Total non-current intangible assets
1,673
225
642
10
78
2,628
Non-current tangible assets
1
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
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "
General
The Group\u2019s business is primarily the sale of fitness club memberships, personal trainer sessions and retail
sales through the fitness clubs 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 & Communication 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 head office functions, and other unallocated items.
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 percent or more of total revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-301": { "value": "NOTE 4 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 depicts 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 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. 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. Membership fees Membership subscription fees The main product from SATS is fitness club memberships, where customers receive access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access during 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 discounts, are the same for all customers. The normal binding subscription period is twelve months, during which 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.
Critical judgements in recognizing revenue, joining fees
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 \u2013 Other revenue
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
2024
(Amounts in NOK million)
Norway
1,887
378
2,265
Sweden
1,397
311
1,708
Finland
422
79
501
Denmark
487
102
589
Group functions and other
0
1
1
Revenue from contracts with customers
4,193
871
5,064
Point-of-time revenue recognition
Other revenue
871
Membership revenue
1
41
Total point-of-time revenue recognition
913
Period-of-time revenue recognition
Membership revenue
4,151
Total period-of-time revenue recognition
4,151
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
1
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)
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 percent 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
percent 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, 2024, 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 revenue. 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 2024 that relates to advance payments from
customers.
Contract liabilities
2024
(Amounts in NOK million at December 31)
Contract liabilities as at the balance sheet date
Membership subscriptions
430
Gift cards
1
PT sessions
244
Revenue recognized from contract liabilities
2024
(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
379
Gift cards
1
PT sessions
182
Compensation packages related to COVID-19
Compensation packages related to COVID-19 and club closure across the club network are recorded
as other revenue. In 2024, there was compensation received amounting to NOK 18 million. No COVID
compensation was received in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-327": { "value": "NOTE 4 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 depicts 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 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. 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. Membership fees Membership subscription fees The main product from SATS is fitness club memberships, where customers receive access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access during 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 discounts, are the same for all customers. The normal binding subscription period is twelve months, during which 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. Critical judgements in recognizing revenue, joining fees 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 \u2013 Other revenue 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
2024
(Amounts in NOK million)
Norway
1,887
378
2,265
Sweden
1,397
311
1,708
Finland
422
79
501
Denmark
487
102
589
Group functions and other
0
1
1
Revenue from contracts with customers
4,193
871
5,064
Point-of-time revenue recognition
Other revenue
871
Membership revenue
1
41
Total point-of-time revenue recognition
913
Period-of-time revenue recognition
Membership revenue
4,151
Total period-of-time revenue recognition
4,151
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
1
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) 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 percent 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 percent 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, 2024, 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 revenue. 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 2024 that relates to advance payments from customers.
Contract liabilities
2024
(Amounts in NOK million at December 31)
Contract liabilities as at the balance sheet date
Membership subscriptions
430
Gift cards
1
PT sessions
244
Revenue recognized from contract liabilities
2024
(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
379
Gift cards
1
PT sessions
182
Compensation packages related to COVID-19 Compensation packages related to COVID-19 and club closure across the club network are recorded as other revenue. In 2024, there was compensation received amounting to NOK 18 million. No COVID compensation was received in 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "NOTE 4 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 depicts 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 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. 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. Membership fees Membership subscription fees The main product from SATS is fitness club memberships, where customers receive access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access during 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 discounts, are the same for all customers. The normal binding subscription period is twelve months, during which 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. Critical judgements in recognizing revenue, joining fees 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 \u2013 Other revenue 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "value": "NOTE 4 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 depicts 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 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. 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. Membership fees Membership subscription fees The main product from SATS is fitness club memberships, where customers receive access to one or more of the Group\u2019s fitness club facilities. Most SATS memberships entail access during 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 discounts, are the same for all customers. The normal binding subscription period is twelve months, during which 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. Critical judgements in recognizing revenue, joining fees 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 \u2013 Other revenue 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "value": "
Revenue recognition
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.
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:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "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. In 2024, there was compensation received amounting to NOK 18 million. No COVID compensation was received in 2023. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-302": { "value": "
NOTE 5 Personnel expenses
Employee benefits
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulated 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.
Personnel expenses
2024
2023
(Amounts in NOK million)
Salary expenses including bonuses, holiday pay and other costs
-1,568
-1,422
Social security contributions
-200
-179
Pension costs
-93
-77
Total personnel expenses
-1,861
-1,677
Full-time equivalents
2024
2023
Norway
858
894
Sweden
877
841
Finland
260
289
Denmark
263
237
Total
2,258
2,261
Personnel expenses increased while the number of full-time equivalents remained at the same level as
in 2023. The increase in personnel expenses is primarily attributed to higher salaries and a weaker NOK,
leading to higher personnel expenses when translating foreign currency financials.
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, 2024, the Group had obligations of NOK 18 million (NOK 10 million as at December 31,
2023). As at December 31, 2024, and December 31, 2023, the scheme covered 7 393 (6 932) employees.
The Group recognized an expense of NOK 93 million in 2024 (NOK 77 million in 2023) related to defined
contribution plans.
Employee share purchase program (ESPP)
A share-based investment program 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 their position, with a 15\u201325 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 program has
been offered on an annual basis and in total 368 employees have applied for shares in the company.
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 percent. 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. In 2024, a total of 372,223 shares were aquired by key employees. The price paid per share
was NOK 12.39, which included a discount of 25 percent. 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 4.6 million.
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) at a ratio of 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 2021 have been fulfilled, and the Board of
Directors has therefore during 2024 resolved to award a total of 67 819 shares to 9 Participants in the
2021 Share Investment Program.
Management and Board remuneration
Compensation to senior executives is detailed below.
2024
2023
(Amounts in NOK million)
Salary
18
16
Other benefits
2
1
Pension benefits
3
2
Performance based bonus
9
8
Share Based Remuneration
1
3
Total remuniration for Senior executives
33
31
Remuneration to the members of the Board is summarized below.
2024
2023
(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 2024 is
published on SATS\u2019 website www.satsgroup.com under \u201cGeneral meetings\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "value": "NOTE 5 Personnel expenses Employee benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulated 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.
Personnel expenses
2024
2023
(Amounts in NOK million)
Salary expenses including bonuses, holiday pay and other costs
-1,568
-1,422
Social security contributions
-200
-179
Pension costs
-93
-77
Total personnel expenses
-1,861
-1,677
Full-time equivalents
2024
2023
Norway
858
894
Sweden
877
841
Finland
260
289
Denmark
263
237
Total
2,258
2,261
Personnel expenses increased while the number of full-time equivalents remained at the same level as in 2023. The increase in personnel expenses is primarily attributed to higher salaries and a weaker NOK, leading to higher personnel expenses when translating foreign currency financials. 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, 2024, the Group had obligations of NOK 18 million (NOK 10 million as at December 31, 2023). As at December 31, 2024, and December 31, 2023, the scheme covered 7 393 (6 932) employees. The Group recognized an expense of NOK 93 million in 2024 (NOK 77 million in 2023) related to defined contribution plans. Employee share purchase program (ESPP) A share-based investment program 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 their position, with a 15\u201325 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 program has been offered on an annual basis and in total 368 employees have applied for shares in the company. 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 percent. 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. In 2024, a total of 372,223 shares were aquired by key employees. The price paid per share was NOK 12.39, which included a discount of 25 percent. 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 4.6 million. 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) at a ratio of 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 2021 have been fulfilled, and the Board of Directors has therefore during 2024 resolved to award a total of 67 819 shares to 9 Participants in the 2021 Share Investment Program. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "value": "Employee benefits Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulated 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-328": { "value": "Employee share purchase program (ESPP) A share-based investment program 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 their position, with a 15\u201325 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 program has been offered on an annual basis and in total 368 employees have applied for shares in the company. 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 percent. 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. In 2024, a total of 372,223 shares were aquired by key employees. The price paid per share was NOK 12.39, which included a discount of 25 percent. 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 4.6 million. 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) at a ratio of 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 2021 have been fulfilled, and the Board of Directors has therefore during 2024 resolved to award a total of 67 819 shares to 9 Participants in the 2021 Share Investment Program. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-330": { "value": "Management and Board remuneration Compensation to senior executives is detailed below.
2024
2023
(Amounts in NOK million)
Salary
18
16
Other benefits
2
1
Pension benefits
3
2
Performance based bonus
9
8
Share Based Remuneration
1
3
Total remuniration for Senior executives
33
31
Remuneration to the members of the Board is summarized below.
2024
2023
(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 2024 is published on SATS\u2019 website www.satsgroup.com under \u201cGeneral meetings\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-304": { "value": "
NOTE 6 Other operating expenses
Other operating expenses
2024
2023
(Amounts in NOK million)
Property expenses
1
-660
-657
Marketing expenses
-119
-110
IT expenses
-138
-133
Other operating expenses
-202
-236
Total other operating expenses
-1,119
-1,136
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
2024
2023
(Amounts in NOK million)
Expensed auditor fees:
Statutory audit
Deloitte Norway
-4
-4
Deloitte abroad
-2
-2
Other attestation and assurance services
Deloitte Norway
1
-1
0
Total auditor's remuneration
-7
-5
1)
In other attestation and assurance services for the year 2024, the attestation and assurance of the sustainability
report is included with NOK 0.6 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-329": { "value": "
Auditor's remuneration
2024
2023
(Amounts in NOK million)
Expensed auditor fees:
Statutory audit
Deloitte Norway
-4
-4
Deloitte abroad
-2
-2
Other attestation and assurance services
Deloitte Norway
1
-1
0
Total auditor's remuneration
-7
-5
1)
In other attestation and assurance services for the year 2024, the attestation and assurance of the sustainability report is included with NOK 0.6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-303": { "value": "
NOTE 7 Realized net gain/loss
Realized net gain/loss
2024
2023
(Amounts in NOK million)
Realized net foreign exchange gains/losses
-81
17
Total realized net gain/loss
-81
17
", "dimensions": { "concept": "satsasa:DisclosureOfRealisedNetGainLoss", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-305": { "value": "
NOTE 8 Net financial items
Interest income and other financial income
2024
2023
(Amounts in NOK million)
Interest income financial institutions
39
50
Foreign exchange gains unrealized
87
35
Foreign exchange gains realized
1
20
Net gain derivatives unrealized
17
43
Other financial income
11
8
Total interest income and other financial income
154
156
Interest expense and other financial expenses
2024
2023
(Amounts in NOK million)
Interest expense financial institutions
-88
-171
Interest on lease liabilities
-246
-224
Foreign exchange losses realized
-79
0
Net loss derivatives unrealized
-37
-47
Net loss derivatives realized
-4
0
Other financial expenses
-11
-8
Total interest expense and other financial expenses
-465
-450
Net financial items
-310
-293
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-331": { "value": "
Interest income and other financial income
2024
2023
(Amounts in NOK million)
Interest income financial institutions
39
50
Foreign exchange gains unrealized
87
35
Foreign exchange gains realized
1
20
Net gain derivatives unrealized
17
43
Other financial income
11
8
Total interest income and other financial income
154
156
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-332": { "value": "Interest expense and other financial expenses 2024 2023 (Amounts in NOK million) Interest expense financial institutions -88 -171 Interest on lease liabilities -246 -224 Foreign exchange losses realized -79 0 Net loss derivatives unrealized -37 -47 Net loss derivatives realized -4 0 Other financial expenses -11 -8 Total interest expense and other financial expenses -465 -450 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-306": { "value": "
NOTE 9 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.
The Group has assessed the applicability of the OECD Pillar 2 rules and concluded that it is not in scope.
Therefore, no impact on the Group\u2019s tax position is expected.
Tax expense
2024
2023
(Amounts in NOK million)
Tax payable
-86
-18
Change in deferred tax
-22
-72
Total tax income
-108
-89
Below is a specification of the tax effects of temporary differences and losses carried forward:
Deferred tax liabilities
2024
2023
(Amounts in NOK million at December 31)
Intangible assets
28
27
Gain and loss account
5
7
Financial instruments
30
9
Untaxed reserves
32
29
Revenues
3
2
Other items
6
3
Total deferred tax liabilities relating to temporary differences
103
78
Carrying amount deferred tax liabilities
103
78
Deferred tax assets
2024
2023
(Amounts in NOK million at December 31)
Fixed assets
48
50
Leasing
76
73
Receivables
10
11
Losses carried forward
19
19
Interest
33
26
Total deferred tax assets relating to temporary differences and losses
185
178
carried forward
Carrying amount deferred tax assets
185
178
Explanation of the change in the deferred tax assets and liabilities:
2024
2023
(Amounts in NOK million)
Net carrying amount deferred tax at January 1
100
168
Charge to profit or loss
-22
-72
Charge direct to equity
-1
-1
Exchange differences
5
5
Net carrying amount deferred tax at December 31
82
100
Losses carried forward as at December 31
2024
2023
(Amounts in NOK million)
Tax jurisdiction:
Norway (unlimited expiration)
0
0
Finland
205
222
Denmark (unlimited expiration)
1,037
947
Sweden (unlimited expiration)
94
93
Total losses carried forward
1,336
1,262
Losses carried forward as at December 31, 2024 \u2013 Finland
Expiration Unused tax
Unused tax losses incurred year losses
(Amounts in NOK million)
2016
2026
15
2017
2027
23
2020
2030
38
2021
2031
93
2022
2032
36
Total losses carried forward as at December 31, 2024
205
Significant estimates on deferred tax assets
Deferred tax assets recognized as at December 31, 2024, 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 they will be realized.
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 surrounding 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 revenue are back to pre-COVID-19 levels. In 2024, the Finnish entity utilized losses carried
forward from previous years and indicated that it will be able to continue using them in the next few years.
The tax losses must be utilized according to the table above.
The recognized deferred tax asset of NOK 25 million in Finland as at the balance sheet date of December
31, 2024, is related to depreciation differences on fixed assets.
At the balance sheet date of December 31, 2024, no deferred tax assets were recognized in Denmark due
to uncertainty surrounding 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 94 million that
are recognized in the balance sheet as at December 31, 2024. 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 2027. Additional acquisitions followed by mergers will result
in a prolonged frozen period.
The Group has in total a net deferred tax asset of NOK 270 million not recognized in the balance sheet
as at December 31, 2024, 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
2024
2023
(Amounts in NOK million)
Profit/loss before tax
Norway
454
341
Sweden
28
68
Finland
3
3
Denmark
-52
-98
Corporate tax rates
Norway, 22%
-100
-75
Sweden, 20.6%
-6
-14
Finland, 20%
-1
-1
Denmark, 22%
11
22
Reconciling items:
Non-deductible expenses
-2
-4
Unused tax losses not recognized as deferred tax assets
-10
-20
Foreign currency effects
0
2
Other
-1
1
Calculated tax expense
-108
-89
Weighted average tax rate
24.9%
28.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-333": { "value": "NOTE 9 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. The Group has assessed the applicability of the OECD Pillar 2 rules and concluded that it is not in scope. Therefore, no impact on the Group\u2019s tax position is expected.
Tax expense
2024
2023
(Amounts in NOK million)
Tax payable
-86
-18
Change in deferred tax
-22
-72
Total tax income
-108
-89
Below is a specification of the tax effects of temporary differences and losses carried forward:
Deferred tax liabilities
2024
2023
(Amounts in NOK million at December 31)
Intangible assets
28
27
Gain and loss account
5
7
Financial instruments
30
9
Untaxed reserves
32
29
Revenues
3
2
Other items
6
3
Total deferred tax liabilities relating to temporary differences
103
78
Carrying amount deferred tax liabilities
103
78
Deferred tax assets
2024
2023
(Amounts in NOK million at December 31)
Fixed assets
48
50
Leasing
76
73
Receivables
10
11
Losses carried forward
19
19
Interest
33
26
Total deferred tax assets relating to temporary differences and losses
185
178
carried forward
Carrying amount deferred tax assets
185
178
Explanation of the change in the deferred tax assets and liabilities:
2024
2023
(Amounts in NOK million)
Net carrying amount deferred tax at January 1
100
168
Charge to profit or loss
-22
-72
Charge direct to equity
-1
-1
Exchange differences
5
5
Net carrying amount deferred tax at December 31
82
100
Losses carried forward as at December 31
2024
2023
(Amounts in NOK million)
Tax jurisdiction:
Norway (unlimited expiration)
0
0
Finland
205
222
Denmark (unlimited expiration)
1,037
947
Sweden (unlimited expiration)
94
93
Total losses carried forward
1,336
1,262
Losses carried forward as at December 31, 2024 \u2013 Finland
Expiration Unused tax
Unused tax losses incurred year losses
(Amounts in NOK million)
2016
2026
15
2017
2027
23
2020
2030
38
2021
2031
93
2022
2032
36
Total losses carried forward as at December 31, 2024
205
Significant estimates on deferred tax assets Deferred tax assets recognized as at December 31, 2024, 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 they will be realized. 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 surrounding 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 revenue are back to pre-COVID-19 levels. In 2024, the Finnish entity utilized losses carried forward from previous years and indicated that it will be able to continue using them in the next few years. The tax losses must be utilized according to the table above. The recognized deferred tax asset of NOK 25 million in Finland as at the balance sheet date of December 31, 2024, is related to depreciation differences on fixed assets. At the balance sheet date of December 31, 2024, no deferred tax assets were recognized in Denmark due to uncertainty surrounding 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 94 million that are recognized in the balance sheet as at December 31, 2024. 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 2027. Additional acquisitions followed by mergers will result in a prolonged frozen period. The Group has in total a net deferred tax asset of NOK 270 million not recognized in the balance sheet as at December 31, 2024, 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
2024
2023
(Amounts in NOK million)
Profit/loss before tax
Norway
454
341
Sweden
28
68
Finland
3
3
Denmark
-52
-98
Corporate tax rates
Norway, 22%
-100
-75
Sweden, 20.6%
-6
-14
Finland, 20%
-1
-1
Denmark, 22%
11
22
Reconciling items:
Non-deductible expenses
-2
-4
Unused tax losses not recognized as deferred tax assets
-10
-20
Foreign currency effects
0
2
Other
-1
1
Calculated tax expense
-108
-89
Weighted average tax rate
24.9%
28.5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "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. The Group has assessed the applicability of the OECD Pillar 2 rules and concluded that it is not in scope. Therefore, no impact on the Group\u2019s tax position is expected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "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. The Group has assessed the applicability of the OECD Pillar 2 rules and concluded that it is not in scope. Therefore, no impact on the Group\u2019s tax position is expected. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-307": { "value": "
NOTE 10 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, 2023
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
Year ended December 31, 2024
Opening net book value
1,669
223
642
0
2,535
Effect of changes in foreign exchange cost
0
4
32
0
35
Closing Net book value
1,669
227
674
0
2,570
At December 31, 2024
Cost
1,868
227
684
0
2,779
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
227
674
0
2,570
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
1
Other assets
(Amounts in NOK million)
At January 1, 2023
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
Year ended December 31, 2024
Opening net book value
15
1
77
0
93
Effect of changes in foreign exchange cost
2
0
9
0
11
Effect of changes in foreign exchange accumulated depreciation
-2
0
-8
0
-9
Additions
0
0
63
0
63
Amortization charge
-9
0
-58
0
-67
Closing Net book value
7
1
83
0
91
At December 31, 2024
Cost
74
267
590
0
931
Accumulated amortization and impairment
-67
-266
-507
0
-840
Net book value
7
1
83
0
91
Useful life
3\u20137 years
10 years
3 years
1\u201310 years
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
1)
Software consists of capitalized development expenditure and is an internally generated intangible 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
that 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.
Significant estimates on impairment of intangible assets
Recognized goodwill and internally developed software are material to the 2024 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 acquisition method was used to account for the historic business
combinations\u2019 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
Goodwill is recognized at NOK 2,570 million as at the balance sheet date. The Group tests on an
annual basis whether goodwill has suffered any impairment. For the 2024 and 2023 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
for Norway, Sweden, Finland and Denmark based on financial budgets and prognoses approved by
management covering a five-year period. Cash flows beyond these periods are extrapolated using the
estimated growth rates. 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 83 million per the balance sheet date. The Group
estimates the useful life of internally developed software to be 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.
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 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 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.
Market outlook
As society increasingly emphasizes health and wellness, alongside significant global trends like political
health initiatives and digital transformation, awareness around fitness is on the rise. This shift is driving
growth within the health and wellness sector. Fitness clubs, particularly full-service operators, are pivotal
to the health and wellness landscape and have the potential to expand into related areas. The Nordic
region stands out as the most advanced market in Europe regarding membership penetration. Although
the markets exhibit fragmentation in terms of value, clubs, and membership numbers, there remains
substantial potential for consolidation. Nordic markets demonstrate a \u201cpenetration premium\u201d compared
to the rest of Europe and are expected to maintain this advantage. Membership fees in Nordic fitness
clubs are the most affordable in Europe, particularly when considered against overall leisure spending and
similar offerings.
SATS sees several avenues for growth going forward, and we continue to follow the strategy we set
several years ago. We will keep growing the club portfolio, filling out our existing clusters and potentially
also entering new attractive clusters. We also see the opportunity of improving the average revenue per
member by offering adjacent products and services, continued development of our personal training and
retail offering, and pricing optimization. We continue to improve the scale and platform advantages as the
operating leverage drives a high drop-through of incremental revenue. In addition, we will focus on club and
overhead cost discipline.
Budget assumptions
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 2025 and business plans (2025\u20132026) approved
by the Board, excluding new clubs not yet opened. Estimated future cash flow is based on budgets and
business plans approved by the Board, based on management\u2019s best estimate and 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.
Growth rates
Growth rates for revenue after the business plan period (2025\u20132026) vary somewhat per country and
reflect considerations related to the following affecting volume:
\u2022 current trend in underlying KPIs affecting trend (e.g., visits per member, GX-share)
\u2022 share of maturing clubs with ample room to grow
\u2022 overall free capacity in club portfolio
For 2025 inflation is expected to come down compared to the higher levels we have seen the past few
years, and the business plan reflects local CPI levels (as observed per October 2024), both for revenue and
cost. For 2027\u20132029 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\u20133 percent). 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 percent 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 4.6 percent in Norway, Sweden and
Denmark and 5.2 percent in Finland. The risk-free interest rate is based on the 10-year government bond
interest, 3.5 percent in Norway, 2.0 percent in Sweden, 2.5 percent in Finland, and 1.8 percent in Denmark.
However, a premium is applied to arrive at a normalized risk-free rate of 2 percent 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 2024.
Sensitivity
At December 31, 2024, the Group\u2019s value in use for each CGU was higher than the carrying amount of
tested goodwill. 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.
WACC
2024
2023
Norway
6.5%
7.4%
Sweden
6.5%
7.4%
Finland
6.9%
7.8%
Denmark
6.5%
7.4%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "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 statemet 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. Significant estimates on 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. Management has performed a review of the economic useful life for fixed assets, resulting in adjustments to the depreciation periods for a certain group of assets. With effect from January 1, 2024, the depreciation period for exercise equipment has been prolonged by two years compared to the previous year, from 5\u20139 years to 7\u201312 years. As a result of this adjustment, depreciation expenses for the current period have decreased by NOK 21 million. Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other events impacts our assessment. SATS has not identified material assets expected to have a significantly shorter life due to climate-related risks. For more information about climate risks in SATS, please see the section on Climate change in this report. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "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, 2023
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
Year ended December 31, 2024
Opening net book value
1,669
223
642
0
2,535
Effect of changes in foreign exchange cost
0
4
32
0
35
Closing Net book value
1,669
227
674
0
2,570
At December 31, 2024
Cost
1,868
227
684
0
2,779
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
227
674
0
2,570
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
1
Other assets
(Amounts in NOK million)
At January 1, 2023
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
Year ended December 31, 2024
Opening net book value
15
1
77
0
93
Effect of changes in foreign exchange cost
2
0
9
0
11
Effect of changes in foreign exchange accumulated depreciation
-2
0
-8
0
-9
Additions
0
0
63
0
63
Amortization charge
-9
0
-58
0
-67
Closing Net book value
7
1
83
0
91
At December 31, 2024
Cost
74
267
590
0
931
Accumulated amortization and impairment
-67
-266
-507
0
-840
Net book value
7
1
83
0
91
Useful life
3\u20137 years
10 years
3 years
1\u201310 years
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
1) Software consists of capitalized development expenditure and is an internally generated intangible 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 that 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. Significant estimates on impairment of intangible assets Recognized goodwill and internally developed software are material to the 2024 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 acquisition method was used to account for the historic business combinations\u2019 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 Goodwill is recognized at NOK 2,570 million as at the balance sheet date. The Group tests on an annual basis whether goodwill has suffered any impairment. For the 2024 and 2023 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 for Norway, Sweden, Finland and Denmark based on financial budgets and prognoses approved by management covering a five-year period. Cash flows beyond these periods are extrapolated using the estimated growth rates. 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 83 million per the balance sheet date. The Group estimates the useful life of internally developed software to be 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. 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 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 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. Market outlook As society increasingly emphasizes health and wellness, alongside significant global trends like political health initiatives and digital transformation, awareness around fitness is on the rise. This shift is driving growth within the health and wellness sector. Fitness clubs, particularly full-service operators, are pivotal to the health and wellness landscape and have the potential to expand into related areas. The Nordic region stands out as the most advanced market in Europe regarding membership penetration. Although the markets exhibit fragmentation in terms of value, clubs, and membership numbers, there remains substantial potential for consolidation. Nordic markets demonstrate a \u201cpenetration premium\u201d compared to the rest of Europe and are expected to maintain this advantage. Membership fees in Nordic fitness clubs are the most affordable in Europe, particularly when considered against overall leisure spending and similar offerings. SATS sees several avenues for growth going forward, and we continue to follow the strategy we set several years ago. We will keep growing the club portfolio, filling out our existing clusters and potentially also entering new attractive clusters. We also see the opportunity of improving the average revenue per member by offering adjacent products and services, continued development of our personal training and retail offering, and pricing optimization. We continue to improve the scale and platform advantages as the operating leverage drives a high drop-through of incremental revenue. In addition, we will focus on club and overhead cost discipline. Budget assumptions 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 2025 and business plans (2025\u20132026) approved by the Board, excluding new clubs not yet opened. Estimated future cash flow is based on budgets and business plans approved by the Board, based on management\u2019s best estimate and 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. Growth rates Growth rates for revenue after the business plan period (2025\u20132026) vary somewhat per country and reflect considerations related to the following affecting volume: \u2022 current trend in underlying KPIs affecting trend (e.g., visits per member, GX-share) \u2022 share of maturing clubs with ample room to grow \u2022 overall free capacity in club portfolio For 2025 inflation is expected to come down compared to the higher levels we have seen the past few years, and the business plan reflects local CPI levels (as observed per October 2024), both for revenue and cost. For 2027\u20132029 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\u20133 percent). 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 percent 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 4.6 percent in Norway, Sweden and Denmark and 5.2 percent in Finland. The risk-free interest rate is based on the 10-year government bond interest, 3.5 percent in Norway, 2.0 percent in Sweden, 2.5 percent in Finland, and 1.8 percent in Denmark. However, a premium is applied to arrive at a normalized risk-free rate of 2 percent 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 2024. Sensitivity At December 31, 2024, the Group\u2019s value in use for each CGU was higher than the carrying amount of tested goodwill. 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.
WACC
2024
2023
Norway
6.5%
7.4%
Sweden
6.5%
7.4%
Finland
6.9%
7.8%
Denmark
6.5%
7.4%
NOTE 11 Leases The Group\u2019s leasing activities The Group leases fitness club premises, office buildings, equipment and vehicles. Rental contracts are typically signed 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 272 million as at December 31, 2024 (NOK 251 million as at December 31, 2023). The guarantees are provided by SATS ASA and SATS Holding AB. In addition, there is one club as at December 31, 2024, 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 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 statemet 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. 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 that 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. For leases of club 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.
Commitments in relation to leases are payable as follows:
2024
2023
(Amounts in NOK million at December 31)
Less than 1 year
1,182
1,145
1\u20132 years
1,074
1,014
2\u20133 years
956
871
3\u20134 years
785
763
4\u20135 years
639
608
More than 5 years
1,229
1,374
Minimum lease payments
5,866
5,775
Future finance charges
-816
-837
Recognized as a liability
5,050
4,938
The present value of lease liabilities are as follows:
2024
2023
(Amounts in NOK million at December 31)
Less than 1 year
959
929
1\u20132 years
894
849
2\u20133 years
822
747
3\u20134 years
688
674
4\u20135 years
572
549
More than 5 years
1,115
1,190
Present value of lease payments
5,050
4,938
Cash flows from lease agreements
2024
2023
Property lease agreements
1,220
1,178
Short-term lease agreements and leases of assets of low value
16
20
Total cash flows from lease agreements
1,236
1,198
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
At December 31, 2023
4,938
Year ended December 31, 2024
Effect of changes in foreign exchange
84
Additions new lease
113
Effects from exercise of extension options
746
Modification of contractual lease terms
-2
Amortizations
-1,213
Interest expense on lease liabilites
246
Disposals sold clubs
-2
CPI index adjustments
140
Closing Net book value December 31, 2024
5,050
Options to extend but not yet started amounts to NOK 314 million as at the balance sheet date (NOK 277 million as at December 31, 2023) and are included in the total lease liability of NOK 5,341 million (NOK 4,938 million as at December 31, 2023).
Lease terms \u2013 sensitivity analysis
2024
2023
(Amounts in NOK million at December 31)
Options to extend, not yet committed to
1,838
1,484
Leases not yet commenced, to which the lessee is committed
41
94
Options to extend, not yet committed to is the present value of extension options that are not included 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 41 milli- on relates to two clubs in Sweden. Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. 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 addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. In 2024, 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.
Premise Other Total
RoU assets rental leases RoU assets
(Amounts in NOK million)
At January 1, 2023
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 January 1, 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
Year ended December 31, 2024
At January 1, 2024
4,563
7
4,570
Additions/disposals
989
4
993
Effect of changes in foreign exchange cost
164
3
167
Depreciation charge
-981
-4
-985
Effect of changes in foreign exchange accumulated depreciation
-85
-3
-88
Closing Net book value
4,650
8
4,657
At December 31, 2024
Cost
13,272
99
13,371
Accumulated depreciation
-8,622
-91
-8,714
Net book value
4,650
8
4,657
Useful life
1\u201315 years
1\u20135 years
Depreciation method
Straight-line Straight-line
Amounts recognized in profit and loss
2024
2023
(Amounts in NOK million)
Depreciation expense on right-of-use assets
-985
-940
Interest expense on lease liabilities
-246
-224
Expense relating to short-term leases and leases of low value
-19
-17
NOTE 12 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.
Significant estimates on 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.
Management has performed a review of the economic useful life for fixed assets, resulting in adjustments
to the depreciation periods for a certain group of assets. With effect from January 1, 2024, the depreciation
period for exercise equipment has been prolonged by two years compared to the previous year, from 5\u20139
years to 7\u201312 years. As a result of this adjustment, depreciation expenses for the current period have
decreased by NOK 21 million.
Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other
events impacts our assessment. SATS has not identified material assets expected to have a significantly
shorter life due to climate-related risks. For more information about climate risks in SATS, please see the
section on Climate change in this report.
Leasehold Fitness Other equipment, Total fixed
Property, plant and equipment
improvements
2
equipment fixtures and fittings assets
(Amounts in NOK million)
At January 1, 2023
Cost
1,431
935
503
2,868
Accumulated depreciation and impairment
-1,001
-702
-443
-2,146
Net book value
431
233
59
723
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
-44
-24
-14
-82
accumulated depreciation
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
Year ended December 31, 2024
Opening net book value
411
240
54
705
Effect of changes in foreign exchange cost
29
17
8
54
Effect of changes in foreign exchange
-22
-13
-7
-41
accumulated depreciation
Additions
116
81
27
224
Disposals cost
-316
-27
-73
-416
Disposals accumulated depreciation
314
27
73
413
Depreciation charge
1
-85
-36
-26
-146
Closing Net book value
447
289
56
792
At December 31, 2024
Cost
1,331
1,085
470
2,886
Accumulated depreciation and impairment
-885
-796
-414
-2,094
Net book value
447
289
56
792
Useful life
10 years
2
7 \u2013 12 years
3 \u2013 7 years
Depreciation method
Straight-line
Straight-line
Straight-line
1) With effect from January 1, 2024, the Group has changed the estimated useful life of fitness equipment from 5\u20139 years to 7\u201312 years. As a result of this adjustment, depreciation expenses for the current period have decreased by NOK 21 million. 2) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-334": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "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:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "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:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-335": { "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, 2023
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
Year ended December 31, 2024
Opening net book value
1,669
223
642
0
2,535
Effect of changes in foreign exchange cost
0
4
32
0
35
Closing Net book value
1,669
227
674
0
2,570
At December 31, 2024
Cost
1,868
227
684
0
2,779
Accumulated impairment
-199
0
-10
0
-209
Net book value
1,669
227
674
0
2,570
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
1
Other assets
(Amounts in NOK million)
At January 1, 2023
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
Year ended December 31, 2024
Opening net book value
15
1
77
0
93
Effect of changes in foreign exchange cost
2
0
9
0
11
Effect of changes in foreign exchange accumulated depreciation
-2
0
-8
0
-9
Additions
0
0
63
0
63
Amortization charge
-9
0
-58
0
-67
Closing Net book value
7
1
83
0
91
At December 31, 2024
Cost
74
267
590
0
931
Accumulated amortization and impairment
-67
-266
-507
0
-840
Net book value
7
1
83
0
91
Useful life
3\u20137 years
10 years
3 years
1\u201310 years
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
1) Software consists of capitalized development expenditure and is an internally generated intangible 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 that 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. Significant estimates on impairment of intangible assets Recognized goodwill and internally developed software are material to the 2024 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 acquisition method was used to account for the historic business combinations\u2019 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 Goodwill is recognized at NOK 2,570 million as at the balance sheet date. The Group tests on an annual basis whether goodwill has suffered any impairment. For the 2024 and 2023 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 for Norway, Sweden, Finland and Denmark based on financial budgets and prognoses approved by management covering a five-year period. Cash flows beyond these periods are extrapolated using the estimated growth rates. 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 83 million per the balance sheet date. The Group estimates the useful life of internally developed software to be 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. 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 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 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. Market outlook As society increasingly emphasizes health and wellness, alongside significant global trends like political health initiatives and digital transformation, awareness around fitness is on the rise. This shift is driving growth within the health and wellness sector. Fitness clubs, particularly full-service operators, are pivotal to the health and wellness landscape and have the potential to expand into related areas. The Nordic region stands out as the most advanced market in Europe regarding membership penetration. Although the markets exhibit fragmentation in terms of value, clubs, and membership numbers, there remains substantial potential for consolidation. Nordic markets demonstrate a \u201cpenetration premium\u201d compared to the rest of Europe and are expected to maintain this advantage. Membership fees in Nordic fitness clubs are the most affordable in Europe, particularly when considered against overall leisure spending and similar offerings. SATS sees several avenues for growth going forward, and we continue to follow the strategy we set several years ago. We will keep growing the club portfolio, filling out our existing clusters and potentially also entering new attractive clusters. We also see the opportunity of improving the average revenue per member by offering adjacent products and services, continued development of our personal training and retail offering, and pricing optimization. We continue to improve the scale and platform advantages as the operating leverage drives a high drop-through of incremental revenue. In addition, we will focus on club and overhead cost discipline. Budget assumptions 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 2025 and business plans (2025\u20132026) approved by the Board, excluding new clubs not yet opened. Estimated future cash flow is based on budgets and business plans approved by the Board, based on management\u2019s best estimate and 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. Growth rates Growth rates for revenue after the business plan period (2025\u20132026) vary somewhat per country and reflect considerations related to the following affecting volume: \u2022 current trend in underlying KPIs affecting trend (e.g., visits per member, GX-share) \u2022 share of maturing clubs with ample room to grow \u2022 overall free capacity in club portfolio For 2025 inflation is expected to come down compared to the higher levels we have seen the past few years, and the business plan reflects local CPI levels (as observed per October 2024), both for revenue and cost. For 2027\u20132029 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\u20133 percent). 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 percent 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 4.6 percent in Norway, Sweden and Denmark and 5.2 percent in Finland. The risk-free interest rate is based on the 10-year government bond interest, 3.5 percent in Norway, 2.0 percent in Sweden, 2.5 percent in Finland, and 1.8 percent in Denmark. However, a premium is applied to arrive at a normalized risk-free rate of 2 percent 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 2024. Sensitivity At December 31, 2024, the Group\u2019s value in use for each CGU was higher than the carrying amount of tested goodwill. 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.
WACC
2024
2023
Norway
6.5%
7.4%
Sweden
6.5%
7.4%
Finland
6.9%
7.8%
Denmark
6.5%
7.4%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "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 that 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. 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-308": { "value": "NOTE 11 Leases The Group\u2019s leasing activities The Group leases fitness club premises, office buildings, equipment and vehicles. Rental contracts are typically signed 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 272 million as at December 31, 2024 (NOK 251 million as at December 31, 2023). The guarantees are provided by SATS ASA and SATS Holding AB. In addition, there is one club as at December 31, 2024, 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 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 statemet 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. 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 that 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. For leases of club 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.
Commitments in relation to leases are payable as follows:
2024
2023
(Amounts in NOK million at December 31)
Less than 1 year
1,182
1,145
1\u20132 years
1,074
1,014
2\u20133 years
956
871
3\u20134 years
785
763
4\u20135 years
639
608
More than 5 years
1,229
1,374
Minimum lease payments
5,866
5,775
Future finance charges
-816
-837
Recognized as a liability
5,050
4,938
The present value of lease liabilities are as follows:
2024
2023
(Amounts in NOK million at December 31)
Less than 1 year
959
929
1\u20132 years
894
849
2\u20133 years
822
747
3\u20134 years
688
674
4\u20135 years
572
549
More than 5 years
1,115
1,190
Present value of lease payments
5,050
4,938
Cash flows from lease agreements
2024
2023
Property lease agreements
1,220
1,178
Short-term lease agreements and leases of assets of low value
16
20
Total cash flows from lease agreements
1,236
1,198
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
At December 31, 2023
4,938
Year ended December 31, 2024
Effect of changes in foreign exchange
84
Additions new lease
113
Effects from exercise of extension options
746
Modification of contractual lease terms
-2
Amortizations
-1,213
Interest expense on lease liabilites
246
Disposals sold clubs
-2
CPI index adjustments
140
Closing Net book value December 31, 2024
5,050
Options to extend but not yet started amounts to NOK 314 million as at the balance sheet date (NOK 277
million as at December 31, 2023) and are included in the total lease liability of NOK 5,341 million (NOK
4,938 million as at December 31, 2023).
Lease terms \u2013 sensitivity analysis
2024
2023
(Amounts in NOK million at December 31)
Options to extend, not yet committed to
1,838
1,484
Leases not yet commenced, to which the lessee is committed
41
94
Options to extend, not yet committed to is the present value of extension options that are not included 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 41 milli-
on relates to two clubs in Sweden.
Right-of-use assets
The Group recognizes a right-of-use asset at the lease commencement date. 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 addition, the right-of-use asset is reduced by any
impairment charges and adjusted for certain remeasurements of the lease liability. In 2024, 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.
Premise Other Total
RoU assets rental leases RoU assets
(Amounts in NOK million)
At January 1, 2023
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 January 1, 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
Year ended December 31, 2024
At January 1, 2024
4,563
7
4,570
Additions/disposals
989
4
993
Effect of changes in foreign exchange cost
164
3
167
Depreciation charge
-981
-4
-985
Effect of changes in foreign exchange accumulated depreciation
-85
-3
-88
Closing Net book value
4,650
8
4,657
At December 31, 2024
Cost
13,272
99
13,371
Accumulated depreciation
-8,622
-91
-8,714
Net book value
4,650
8
4,657
Useful life
1\u201315 years
1\u20135 years
Depreciation method
Straight-line Straight-line
Amounts recognized in profit and loss
2024
2023
(Amounts in NOK million)
Depreciation expense on right-of-use assets
-985
-940
Interest expense on lease liabilities
-246
-224
Expense relating to short-term leases and leases of low value
-19
-17
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "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 statemet 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "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. Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. 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 addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. In 2024, 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "value": "Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. 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 addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. In 2024, 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. 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:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "value": "Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. 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 addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. In 2024, 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. ", "dimensions": { "concept": "satsasa:DescriptionOfAccountingPolicyForRightOfUseAssets", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-336": { "value": "Right-of-use assets The Group recognizes a right-of-use asset at the lease commencement date. 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 addition, the right-of-use asset is reduced by any impairment charges and adjusted for certain remeasurements of the lease liability. In 2024, 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.
Premise Other Total
RoU assets rental leases RoU assets
(Amounts in NOK million)
At January 1, 2023
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 January 1, 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
Year ended December 31, 2024
At January 1, 2024
4,563
7
4,570
Additions/disposals
989
4
993
Effect of changes in foreign exchange cost
164
3
167
Depreciation charge
-981
-4
-985
Effect of changes in foreign exchange accumulated depreciation
-85
-3
-88
Closing Net book value
4,650
8
4,657
At December 31, 2024
Cost
13,272
99
13,371
Accumulated depreciation
-8,622
-91
-8,714
Net book value
4,650
8
4,657
Useful life
1\u201315 years
1\u20135 years
Depreciation method
Straight-line Straight-line
Amounts recognized in profit and loss
2024
2023
(Amounts in NOK million)
Depreciation expense on right-of-use assets
-985
-940
Interest expense on lease liabilities
-246
-224
Expense relating to short-term leases and leases of low value
-19
-17
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-309": { "value": "NOTE 12 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. Significant estimates on 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. Management has performed a review of the economic useful life for fixed assets, resulting in adjustments to the depreciation periods for a certain group of assets. With effect from January 1, 2024, the depreciation period for exercise equipment has been prolonged by two years compared to the previous year, from 5\u20139 years to 7\u201312 years. As a result of this adjustment, depreciation expenses for the current period have decreased by NOK 21 million. Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other events impacts our assessment. SATS has not identified material assets expected to have a significantly shorter life due to climate-related risks. For more information about climate risks in SATS, please see the section on Climate change in this report.
Leasehold Fitness Other equipment, Total fixed
Property, plant and equipment
improvements
2
equipment fixtures and fittings assets
(Amounts in NOK million)
At January 1, 2023
Cost
1,431
935
503
2,868
Accumulated depreciation and impairment
-1,001
-702
-443
-2,146
Net book value
431
233
59
723
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
-44
-24
-14
-82
accumulated depreciation
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
Year ended December 31, 2024
Opening net book value
411
240
54
705
Effect of changes in foreign exchange cost
29
17
8
54
Effect of changes in foreign exchange
-22
-13
-7
-41
accumulated depreciation
Additions
116
81
27
224
Disposals cost
-316
-27
-73
-416
Disposals accumulated depreciation
314
27
73
413
Depreciation charge
1
-85
-36
-26
-146
Closing Net book value
447
289
56
792
At December 31, 2024
Cost
1,331
1,085
470
2,886
Accumulated depreciation and impairment
-885
-796
-414
-2,094
Net book value
447
289
56
792
Useful life
10 years
2
7 \u2013 12 years
3 \u2013 7 years
Depreciation method
Straight-line
Straight-line
Straight-line
1)
With effect from January 1, 2024, the Group has changed the estimated useful life of fitness equipment from 5\u20139 years
to 7\u201312 years. As a result of this adjustment, depreciation expenses for the current period have decreased by NOK 21
million.
2)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "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. Significant estimates on 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. Management has performed a review of the economic useful life for fixed assets, resulting in adjustments to the depreciation periods for a certain group of assets. With effect from January 1, 2024, the depreciation period for exercise equipment has been prolonged by two years compared to the previous year, from 5\u20139 years to 7\u201312 years. As a result of this adjustment, depreciation expenses for the current period have decreased by NOK 21 million. Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other events impacts our assessment. SATS has not identified material assets expected to have a significantly shorter life due to climate-related risks. For more information about climate risks in SATS, please see the section on Climate change in this report. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "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. Significant estimates on 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. Management has performed a review of the economic useful life for fixed assets, resulting in adjustments to the depreciation periods for a certain group of assets. With effect from January 1, 2024, the depreciation period for exercise equipment has been prolonged by two years compared to the previous year, from 5\u20139 years to 7\u201312 years. As a result of this adjustment, depreciation expenses for the current period have decreased by NOK 21 million. Physical climate risk such as changes to weather patterns and severity of rain, wind, flooding, and other events impacts our assessment. SATS has not identified material assets expected to have a significantly shorter life due to climate-related risks. For more information about climate risks in SATS, please see the section on Climate change in this report. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-310": { "value": "
NOTE 13 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 22 Financial risk factors for a description of the Group\u2019s credit risk assessment and Note 25
Related parties for more information about loan to related parties.
2024
2023
(Amounts in NOK million at December 31)
Deposits
41
46
Loan to related parties
15
17
Total other non-current receivables
56
63
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-312": { "value": "
NOTE 14 Group structure
The consolidated financial statements include the following companies:
Corporate Business Voting Ownership
Subsidiaries ID 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 10 Intangible assets for further information on impairment testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-337": { "value": "NOTE 14 Group structure The consolidated financial statements include the following companies:
Corporate Business Voting Ownership
Subsidiaries ID 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 10 Intangible assets for further information on impairment testing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-311": { "value": "
NOTE 15 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.
2024
2023
(Amounts in NOK million at December 31)
Inventories at cost
56
55
Impairment
-3
0
Total inventories
54
55
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-313": { "value": "
NOTE 16 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 22 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
2024
2023
(Amounts in NOK million at December 31)
Accounts receivables
345
318
Loss allowance
-186
-181
Total
159
136
Age of accounts receivables
2024
Not due
87
30\u201360 days
39
60\u201390 days
11
90\u2013120 days
6
120\u2013365 days
40
>365 days
163
Total accounts receivables, gross
345
Total accounts receivables, net
159
Loss allowance at December 31, 2023
-181
Reversals during the year
1
Provisions during the year
-6
Loss allowance at December 31, 2024
-186
Other current receivables
2024
2023
(Amounts in NOK million at December 31)
Credit cards
6
7
VAT receivables
28
20
Prepaid taxes
30
22
Other current receivables
67
37
Total other current receivables
131
86
Prepaid expenses and accrued income
2024
2023
(Amounts in NOK million at December 31)
Prepaid rent
27
26
Prepaid property expenses
27
31
Prepaid marketing expenses
8
30
Contract assets
104
71
Other prepaid expenses
72
80
Total prepaid expenses and accrued income
237
237
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-338": { "value": "NOTE 16 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 22 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
2024
2023
(Amounts in NOK million at December 31)
Accounts receivables
345
318
Loss allowance
-186
-181
Total
159
136
Age of accounts receivables
2024
Not due
87
30\u201360 days
39
60\u201390 days
11
90\u2013120 days
6
120\u2013365 days
40
>365 days
163
Total accounts receivables, gross
345
Total accounts receivables, net
159
Loss allowance at December 31, 2023
-181
Reversals during the year
1
Provisions during the year
-6
Loss allowance at December 31, 2024
-186
Other current receivables
2024
2023
(Amounts in NOK million at December 31)
Credit cards
6
7
VAT receivables
28
20
Prepaid taxes
30
22
Other current receivables
67
37
Total other current receivables
131
86
Prepaid expenses and accrued income
2024
2023
(Amounts in NOK million at December 31)
Prepaid rent
27
26
Prepaid property expenses
27
31
Prepaid marketing expenses
8
30
Contract assets
104
71
Other prepaid expenses
72
80
Total prepaid expenses and accrued income
237
237
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "NOTE 16 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 22 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
2024
2023
(Amounts in NOK million at December 31)
Accounts receivables
345
318
Loss allowance
-186
-181
Total
159
136
Age of accounts receivables
2024
Not due
87
30\u201360 days
39
60\u201390 days
11
90\u2013120 days
6
120\u2013365 days
40
>365 days
163
Total accounts receivables, gross
345
Total accounts receivables, net
159
Loss allowance at December 31, 2023
-181
Reversals during the year
1
Provisions during the year
-6
Loss allowance at December 31, 2024
-186
Other current receivables
2024
2023
(Amounts in NOK million at December 31)
Credit cards
6
7
VAT receivables
28
20
Prepaid taxes
30
22
Other current receivables
67
37
Total other current receivables
131
86
Prepaid expenses and accrued income
2024
2023
(Amounts in NOK million at December 31)
Prepaid rent
27
26
Prepaid property expenses
27
31
Prepaid marketing expenses
8
30
Contract assets
104
71
Other prepaid expenses
72
80
Total prepaid expenses and accrued income
237
237
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "value": "NOTE 16 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 22 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
2024
2023
(Amounts in NOK million at December 31)
Accounts receivables
345
318
Loss allowance
-186
-181
Total
159
136
Age of accounts receivables
2024
Not due
87
30\u201360 days
39
60\u201390 days
11
90\u2013120 days
6
120\u2013365 days
40
>365 days
163
Total accounts receivables, gross
345
Total accounts receivables, net
159
Loss allowance at December 31, 2023
-181
Reversals during the year
1
Provisions during the year
-6
Loss allowance at December 31, 2024
-186
Other current receivables
2024
2023
(Amounts in NOK million at December 31)
Credit cards
6
7
VAT receivables
28
20
Prepaid taxes
30
22
Other current receivables
67
37
Total other current receivables
131
86
Prepaid expenses and accrued income
2024
2023
(Amounts in NOK million at December 31)
Prepaid rent
27
26
Prepaid property expenses
27
31
Prepaid marketing expenses
8
30
Contract assets
104
71
Other prepaid expenses
72
80
Total prepaid expenses and accrued income
237
237
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "value": "Accounts receivable Accounts receivables are measured at amortized cost using the effective interest method, less provision for impairment. Please see Note 22 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-314": { "value": "
NOTE 17 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.
2024
2023
(Amounts in NOK million at December 31)
Cash and cash equivalents
371
282
Of which are restricted cash:
Restricted bank deposits for employee tax withholdings
23
23
Please see Note 22 Financial risk factors for further information about the Group\u2019s credit risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-339": { "value": "NOTE 17 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.
2024
2023
(Amounts in NOK million at December 31)
Cash and cash equivalents
371
282
Of which are restricted cash:
Restricted bank deposits for employee tax withholdings
23
23
Please see Note 22 Financial risk factors for further information about the Group\u2019s credit risk management.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "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:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-315": { "value": "
NOTE 18 Share capital
As at December 31, 2024, 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, 2024
Number of Ownership Voting
Shareholder ordinary shares percentage percentage
TG Nordic Invest
46,347,035
22.6%
22.6%
Salt Value AS
8,726,865
4.3%
4.3%
Maaseide Holdco AS
7,990,976
3.9%
3.9%
Sats Management Invest AS
7,591,213
3.7%
3.7%
J.P. Morgan SE, SE
5,596,154
2.7%
2.7%
Verdipapirfondet KLP AksjeNorge
5,257,569
2.6%
2.6%
VPF DNB AM Norske Aksjer
5,193,380
2.5%
2.5%
J.P. Morgan SE, FIN
5,193,380
2.5%
2.5%
Funkybiz AS
5,000,000
2.4%
2.4%
The Bank of New York Mellon SA/NV, UK
4,096,066
2.0%
2.0%
Vevlen G\u00e5rd AS
3,900,000
1.9%
1.9%
Morgan Stanley & Co. Int. Plc.
3,562,534
1.7%
1.7%
The Bank of New York Mellon SA/NV, IE
3,088,000
1.5%
1.5%
Skandinaviska Enskilda Banken AB
2,949,885
1.4%
1.4%
UBS AG
2,890,702
1.4%
1.4%
J.P. Morgan SE, LU
2,772,305
1.4%
1.4%
N.A. Citibank
2,734,868
1.3%
1.3%
VPF Sparebank 1 Norge Verdi
2,712,627
1.3%
1.3%
Sole Active AS
2,246,057
1.1%
1.1%
Verdipapirfondet DNB SMB
2,043,456
1.0%
1.0%
Other
74,801,516
36.5%
36.5%
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 percent of the total number of shares in the company. The
repurchased shares were 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.
2. Delivery of shares to new employees who were offered participation in the Share Investment Program.
As at the balance sheet date of December 31, 2024, the company held 234.114 treasury shares.
Shares in SATS Management Invest held by the Board of Directors and Executive Management:
Ownership percentage
Executive management including CEO
8.4%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-340": { "value": "NOTE 18 Share capital As at December 31, 2024, 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, 2024
Number of Ownership Voting
Shareholder ordinary shares percentage percentage
TG Nordic Invest
46,347,035
22.6%
22.6%
Salt Value AS
8,726,865
4.3%
4.3%
Maaseide Holdco AS
7,990,976
3.9%
3.9%
Sats Management Invest AS
7,591,213
3.7%
3.7%
J.P. Morgan SE, SE
5,596,154
2.7%
2.7%
Verdipapirfondet KLP AksjeNorge
5,257,569
2.6%
2.6%
VPF DNB AM Norske Aksjer
5,193,380
2.5%
2.5%
J.P. Morgan SE, FIN
5,193,380
2.5%
2.5%
Funkybiz AS
5,000,000
2.4%
2.4%
The Bank of New York Mellon SA/NV, UK
4,096,066
2.0%
2.0%
Vevlen G\u00e5rd AS
3,900,000
1.9%
1.9%
Morgan Stanley & Co. Int. Plc.
3,562,534
1.7%
1.7%
The Bank of New York Mellon SA/NV, IE
3,088,000
1.5%
1.5%
Skandinaviska Enskilda Banken AB
2,949,885
1.4%
1.4%
UBS AG
2,890,702
1.4%
1.4%
J.P. Morgan SE, LU
2,772,305
1.4%
1.4%
N.A. Citibank
2,734,868
1.3%
1.3%
VPF Sparebank 1 Norge Verdi
2,712,627
1.3%
1.3%
Sole Active AS
2,246,057
1.1%
1.1%
Verdipapirfondet DNB SMB
2,043,456
1.0%
1.0%
Other
74,801,516
36.5%
36.5%
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 percent of the total number of shares in the company. The repurchased shares were 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. 2. Delivery of shares to new employees who were offered participation in the Share Investment Program. As at the balance sheet date of December 31, 2024, the company held 234.114 treasury shares. Shares in SATS Management Invest held by the Board of Directors and Executive Management:
Ownership percentage
Executive management including CEO
8.4%
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-316": { "value": "
NOTE 19 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.
The company\u2019s 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 2024 is calculated as a weighted average.
The Share Investment Program implies that the company on the balance sheet date of December 31, 2024,
will deliver 181,982 matching shares to employees in 2025, 723,344 shares in 2026 and 124,072 shares in
2027. The denominator for diluted earnings per share has therefore been adjusted as a weighted average
for 2024. Allocation of matching shares is further contingent upon the company\u2019s performance over time.
Basic earnings per share
2024
2023
(Amounts in NOK)
From continuing operations attributable to the ordinary equity
1.59
1.10
Total basic earnings per share attributable to the ordinary equity
1.59
1.10
Weighted number of outstanding shares
204,426,382
203,103,000
Diluted earnings per share
2024
2023
(Amounts in NOK per share)
From continuing operations attributable to the ordinary equity
1.59
1.10
Total diluted earnings per share attributable to the ordinary equity
1.59
1.10
Weighted number of outstanding shares
205,458,913
204,069,165
Reconciliation of earnings used in calculating earnings per share
2024
2023
(Amounts in NOK million)
Basic earnings per share
Profit attributable to equity holders of the Group
326
224
Profit attributable to the ordinary equity used in calculating basic
earnings per share
326
224
Diluted earnings per share
Profit used in calculating diluted earnings per share
326
224
Profit attributable to the ordinary equity used in calculating
diluted earnings per share
326
224
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-317": { "value": "
NOTE 20 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
2024
2023
(Amounts in NOK million at December 31)
Current
Accrued interest cost
12
17
Leases
959
929
Total current interest-bearing liabilities
971
946
Non-current
Bank borrowings
1,440
1,721
Leases
4,090
4,009
Total non-current interest-bearing liabilities
5,530
5,730
Total interest-bearing liabilities
6,501
6,676
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. The Group has bank facilities in NOK, SEK, EUR and DKK. As at the
balance sheet date of December 31, 2024, the bank facility in SEK amounts to 550 million, in EUR to 7
million, and in DKK to 450 million, which corresponds to NOK 566 million, NOK 86 million and NOK 712
million, respectively. All the bank facilities have floating interest rates.
Long-term loan facility agreement
In July 2024, the company signed a new 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, 2024, the remaining undrawn amount amounted up to approximately NOK 931 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 July 2027, with options for extension for up to two one-year terms. 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 the current draw-down, IBOR and margin, the interest payment
for the next twelve months is expected to be at NOK 61 million before any gains or losses from the swap.
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
61
1\u20132 years
61
2\u20133 years
1,485
3\u20135 years
0
More than 5 years
0
Payment profile for borrowings
1,607
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 3.5x. 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 2023 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-318": { "value": "
NOTE 21 Reconciliation of cash and cash equivalents and
borrowings
Cash and cash
Liabilities arising from financing activities
equivalents
Borrowings
Leases
Total
(Amounts in NOK million)
Net debt January 1, 2023
-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
Cash flows
Net cash flow from operations
-1,953
0
0
-1,953
Net cash flow from investing
282
0
0
282
Net cash flow from financing
1,580
0
0
1,580
Repayments of borrowings
0
-435
0
-435
Proceeds from borrowings
0
113
0
113
Paid borrowing expenses
0
-11
0
-11
Installments on lease liabilities
0
0
-962
-962
Interest on lease liabilities
0
0
-246
-246
Non-cash changes
Net additions \u2013 leases
0
0
1,234
1,234
Depreciation bank costs
0
4
0
4
Foreign exchange rate changes
2
47
86
135
Other changes
0
-5
0
-5
Net debt December 31, 2024
-371
1,451
5,050
6,130
", "dimensions": { "concept": "satsasa:DisclosureOfReconciliationOfCashAndCashEquivalentsAndBorrowings", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-319": { "value": "NOTE 22 Financial risk factors Overview Through its activities, the Group is 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 20 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
2024
2023
2024
2023
(Amounts in million at December 31)
SEK
-84
177
550
650
EUR
3
5
7
6
DKK
531
511
450
450
The following significant exchange rates have been applied.
Year-end spot rate
2024
2023
SEK
1.029
1.013
EUR
11.795
11.241
DKK
1.582
1.508
The Group applies monthly average exchange rates. Exchange rates are quoted from the Norwegian
central bank (norges-bank.no).
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 percent
against NOK in the sensitivity analysis below.
Exchange rate \u2013 sensitivity analysis
2024
2023
(Amounts in NOK million)
SEK/NOK exchange rate \u2013 increase 10%
1
45
51
EUR/NOK exchange rate \u2013 increase 10%
1
-4
-1
DKK/NOK exchange rate \u2013 increase 10%
1
6
-1
Impact on Profit/loss after tax
46
49
1)
Holding all other variables constant.
Profit/loss after tax is less sensitive to changes in SEK/NOK in 2024 than in 2023 and more sensitive
to changes in EUR/NOK and DKK/NOK. The lower result in Sweden in 2024 compared to 2023 results in
a smaller positive effect when reconsolidating. Net income has improved in Denmark leading to a less
negative effect when reconsolidating.
The Group\u2019s exposure to other changes in foreign exchange movements is not material.
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 20 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
2
Interest rate \u2013 sensitivity analysis
2024
2023
(Amounts in NOK million)
Interest rates \u2013 increase 100 basis points
1
-12
-15
Interest rates \u2013 decrease 100 basis points
1
12
15
1)
Holding all other variables constant.
2)
Estimated impact given a tax rate of 22.0%.
Profit/loss after tax is less sensitive to changes in the interest rate in 2024 compared to 2023 due to lower
bank borrowings in 2024.
Overview of non-overdue interest rate swaps and commodity contracts per December 31, 2024
Notional in Unrealized gain
Interest rate swaps
currency million
Maturity
Fixed rate
December 31
(Amounts in NOK million)
IRS NOK
694
28.10.2026
1.751
33
Fair value of the Group\u2019s interest rate swaps as at December 31, 2024, in NOK million
33
Underlying
quantity in Unrealized loss
Commodity contracts
Thousand MWH
Maturity
Fixed price
December 31
(Amounts in NOK million)
Commodity contracts NOK
2.0 \u2013 2.2
31.12.2026
700
-8
Commodity contracts SEK
1.3 \u2013 1.5
31.12.2026
485
-2
Fair value of the Group\u2019s commodity contracts as at December 31, 2024, in NOK million
-10
Overview of non-overdue interest rate swaps per December 31, 2023
Notional in Unrealized gain
Interest rate swaps
currency million
Maturity
Fixed rate
December 31
(Amounts in NOK million)
IRS NOK
694
28.10.2026
1.751
36
IRS SEK
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
Changes in fair value are presented within financial income and financial expense in the income statement.
Please see Note 8 Financial income and financial expenses.
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 a high credit
rating.
At the end of the reporting period, the Group\u2019s maximum credit risk exposure was NOK 305 million. The
Group does usually not demand collateral for receivables. The bad debt provision for accounts receivables
was NOK 186 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 20 Borrowings for information on funding sources and a payment
profile.
To be able to maintain sufficient flexibility in the source of funding, the Group has total available borrowing
facilities of NOK 2,500 million as at December 31, 2024 (NOK 2,500 million as at December 31, 2023), of
which NOK 931 million has not been drawn down as at the balance sheet date. In addition, the Group has
cash and cash equivalents of NOK 371 million as at December 31, 2024 (NOK 282 million as at December
31, 2023), whereof NOK 23 million (NOK 23 million) is restricted cash.
Presentation of financial assets and liabilities as at December 31, 2024
Maturity profile
1\u20133 months
3\u201312 months
1\u20135 years
More than 5 years
Total
(Amounts in NOK million)
Accounts receivables
136
46
163
0
345
Other current receivables
131
0
0
0
131
Cash and cash equivalents
371
0
0
0
371
Financial assets
639
46
163
0
848
Borrowings
0
0
1,449
0
1,449
Lease liabilities
306
876
3,454
1,229
5,866
Trade payables
178
0
0
0
178
Other current liabilities
360
0
0
0
360
Payment of interest
15
46
97
0
158
Financial liabilities
860
922
5,000
1,229
8,012
Net financial liabilities
-221
-877
-4,837
-1,229
-7,164
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value.
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
686
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
-382
-883
-4,920
-1,374
-7,560
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value.
Capital management
The Company\u2019s leverage and shareholder distribution policy is to ensure prudent leverage, with excess
cash returned to shareholders. The long-term target leverage is the lower end of 1.5\u20132.0x net debt (current
and non-current bank borrowings less cash and cash equivalents) to EBITDA before impact of IFRS 16.
The Group intends to maintain a stable leverage ratio within the stated range by returning excess capital to
shareholders via a combination of dividends and share buybacks. When proposing a payout, the Board of
Directors reserves the right to deviate from its current leverage targets, taking into consideration internal
and external factors such as material acquisitions, macroeconomic conditions and the capital markets
environment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-341": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-342": { "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 20
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
2024
2023
2024
2023
(Amounts in million at December 31)
SEK
-84
177
550
650
EUR
3
5
7
6
DKK
531
511
450
450
The following significant exchange rates have been applied.
Year-end spot rate
2024
2023
SEK
1.029
1.013
EUR
11.795
11.241
DKK
1.582
1.508
The Group applies monthly average exchange rates. Exchange rates are quoted from the Norwegian central bank (norges-bank.no). 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 percent against NOK in the sensitivity analysis below.
Exchange rate \u2013 sensitivity analysis
2024
2023
(Amounts in NOK million)
SEK/NOK exchange rate \u2013 increase 10%
1
45
51
EUR/NOK exchange rate \u2013 increase 10%
1
-4
-1
DKK/NOK exchange rate \u2013 increase 10%
1
6
-1
Impact on Profit/loss after tax
46
49
1) Holding all other variables constant. Profit/loss after tax is less sensitive to changes in SEK/NOK in 2024 than in 2023 and more sensitive to changes in EUR/NOK and DKK/NOK. The lower result in Sweden in 2024 compared to 2023 results in a smaller positive effect when reconsolidating. Net income has improved in Denmark leading to a less negative effect when reconsolidating. The Group\u2019s exposure to other changes in foreign exchange movements is not material. ", "dimensions": { "concept": "satsasa:DisclosureOfForeignExchangeRisk", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-343": { "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 20 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
2
Interest rate \u2013 sensitivity analysis
2024
2023
(Amounts in NOK million)
Interest rates \u2013 increase 100 basis points
1
-12
-15
Interest rates \u2013 decrease 100 basis points
1
12
15
1) Holding all other variables constant. 2) Estimated impact given a tax rate of 22.0%. Profit/loss after tax is less sensitive to changes in the interest rate in 2024 compared to 2023 due to lower bank borrowings in 2024. Overview of non-overdue interest rate swaps and commodity contracts per December 31, 2024
Notional in Unrealized gain
Interest rate swaps
currency million
Maturity
Fixed rate
December 31
(Amounts in NOK million)
IRS NOK
694
28.10.2026
1.751
33
Fair value of the Group\u2019s interest rate swaps as at December 31, 2024, in NOK million
33
Underlying
quantity in Unrealized loss
Commodity contracts
Thousand MWH
Maturity
Fixed price
December 31
(Amounts in NOK million)
Commodity contracts NOK
2.0 \u2013 2.2
31.12.2026
700
-8
Commodity contracts SEK
1.3 \u2013 1.5
31.12.2026
485
-2
Fair value of the Group\u2019s commodity contracts as at December 31, 2024, in NOK million
-10
Overview of non-overdue interest rate swaps per December 31, 2023
Notional in Unrealized gain
Interest rate swaps
currency million
Maturity
Fixed rate
December 31
(Amounts in NOK million)
IRS NOK
694
28.10.2026
1.751
36
IRS SEK
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
Changes in fair value are presented within financial income and financial expense in the income statement. Please see Note 8 Financial income and financial expenses. ", "dimensions": { "concept": "satsasa:DisclosureOfInterestRateRisk", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-344": { "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 a high credit rating. At the end of the reporting period, the Group\u2019s maximum credit risk exposure was NOK 305 million. The Group does usually not demand collateral for receivables. The bad debt provision for accounts receivables was NOK 186 million as at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-345": { "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 20 Borrowings for information on funding sources and a payment profile. To be able to maintain sufficient flexibility in the source of funding, the Group has total available borrowing facilities of NOK 2,500 million as at December 31, 2024 (NOK 2,500 million as at December 31, 2023), of which NOK 931 million has not been drawn down as at the balance sheet date. In addition, the Group has cash and cash equivalents of NOK 371 million as at December 31, 2024 (NOK 282 million as at December 31, 2023), whereof NOK 23 million (NOK 23 million) is restricted cash. Presentation of financial assets and liabilities as at December 31, 2024
Maturity profile
1\u20133 months
3\u201312 months
1\u20135 years
More than 5 years
Total
(Amounts in NOK million)
Accounts receivables
136
46
163
0
345
Other current receivables
131
0
0
0
131
Cash and cash equivalents
371
0
0
0
371
Financial assets
639
46
163
0
848
Borrowings
0
0
1,449
0
1,449
Lease liabilities
306
876
3,454
1,229
5,866
Trade payables
178
0
0
0
178
Other current liabilities
360
0
0
0
360
Payment of interest
15
46
97
0
158
Financial liabilities
860
922
5,000
1,229
8,012
Net financial liabilities
-221
-877
-4,837
-1,229
-7,164
Financial liabilities are measured at nominal amounts if this is a reasonably approximate fair value. 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
686
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
-382
-883
-4,920
-1,374
-7,560
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "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 20 Borrowings for information on funding sources and a payment profile. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-346": { "value": "Capital management The Company\u2019s leverage and shareholder distribution policy is to ensure prudent leverage, with excess cash returned to shareholders. The long-term target leverage is the lower end of 1.5\u20132.0x net debt (current and non-current bank borrowings less cash and cash equivalents) to EBITDA before impact of IFRS 16. The Group intends to maintain a stable leverage ratio within the stated range by returning excess capital to shareholders via a combination of dividends and share buybacks. When proposing a payout, the Board of Directors reserves the right to deviate from its current leverage targets, taking into consideration internal and external factors such as material acquisitions, macroeconomic conditions and the capital markets environment.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-320": { "value": "
NOTE 23 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. The fair values of the outstanding derivatives as at the
balance sheet date are disclosed below.
The Group has the following derivative financial instruments:
2024
2023
(Amounts in NOK million at December 31)
Non-current assets
Interest rate swap contracts
33
36
Total non-current derivative financial instrument assets
33
36
Current assets
Interest rate swap contracts
0
6
Total current derivative financial instrument assets
0
6
Non-current liabilities
Commodity contracts
4
0
Total non-current derivative financial instrument liabilities
4
0
Current liabilities
Commodity contracts
6
0
Total current derivative financial instrument liabilities
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 that 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 the 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 (solely payments of principal and interest)
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 where management has the intention to hold the investment for over twelve months or 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.
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, 2024
Assets measured at Fair value through
Assets amortized cost
profit and loss
Total
(Amounts in NOK million)
Other non-current receivables
56
0
56
Accounts receivable
159
0
159
Other current receivables
131
0
131
Derivatives
0
33
33
Cash and cash equivalents
371
0
371
Total financial assets
718
33
750
Liabilities measured Fair value through
Liabilities at amortized cost
profit and loss
Total
(Amounts in NOK million)
Borrowings
1,451
0
1,451
Leases
5,050
0
5,050
Trade and other payables
178
0
178
Derivatives
0
10
10
Other current liabilities
360
0
360
Total financial liabilities
7,039
10
7,050
Financial instruments as at December 31, 2023
Assets measured at Fair value through
Assets 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 measured Fair value through
Liabilities 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "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. 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 that 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 the 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 (solely payments of principal and interest) 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 where management has the intention to hold the investment for over twelve months or 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "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. 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 (solely payments of principal and interest) 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 where management has the intention to hold the investment for over twelve months or 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "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. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below.
The Group has the following derivative financial instruments:
2024
2023
(Amounts in NOK million at December 31)
Non-current assets
Interest rate swap contracts
33
36
Total non-current derivative financial instrument assets
33
36
Current assets
Interest rate swap contracts
0
6
Total current derivative financial instrument assets
0
6
Non-current liabilities
Commodity contracts
4
0
Total non-current derivative financial instrument liabilities
4
0
Current liabilities
Commodity contracts
6
0
Total current derivative financial instrument liabilities
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 that 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 the 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 (solely payments of principal and interest) 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 where management has the intention to hold the investment for over twelve months or 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. 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, 2024
Assets measured at Fair value through
Assets amortized cost
profit and loss
Total
(Amounts in NOK million)
Other non-current receivables
56
0
56
Accounts receivable
159
0
159
Other current receivables
131
0
131
Derivatives
0
33
33
Cash and cash equivalents
371
0
371
Total financial assets
718
33
750
Liabilities measured Fair value through
Liabilities at amortized cost
profit and loss
Total
(Amounts in NOK million)
Borrowings
1,451
0
1,451
Leases
5,050
0
5,050
Trade and other payables
178
0
178
Derivatives
0
10
10
Other current liabilities
360
0
360
Total financial liabilities
7,039
10
7,050
Financial instruments as at December 31, 2023
Assets measured at Fair value through
Assets 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 measured Fair value through
Liabilities 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-347": { "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. The fair values of the outstanding derivatives as at the balance sheet date are disclosed below.
The Group has the following derivative financial instruments:
2024
2023
(Amounts in NOK million at December 31)
Non-current assets
Interest rate swap contracts
33
36
Total non-current derivative financial instrument assets
33
36
Current assets
Interest rate swap contracts
0
6
Total current derivative financial instrument assets
0
6
Non-current liabilities
Commodity contracts
4
0
Total non-current derivative financial instrument liabilities
4
0
Current liabilities
Commodity contracts
6
0
Total current derivative financial instrument liabilities
6
0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "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 that 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 the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "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 that 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 the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "value": "Other financial instruments Financial assets (excluding derivative financial instruments) 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. 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 where management has the intention to hold the investment for over twelve months or 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-349": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "value": "
NOTE 24 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 revenue.
2024
2023
(Amounts in NOK million at December 31)
Contract liabilities
653
548
Total deferred revenue
653
548
Trade payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of
the financial year that 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
2024
2023
(Amounts in NOK million at December 31)
Accrued employee benefit expenses
93
85
Accrued vacation pay
98
91
Accrued rent
1
18
Accrued rent discounts
40
40
Customer liabilities
27
51
Other current liabilities
101
129
Total other current liabilities
360
415
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-321": { "value": "
NOTE 25 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 5 Personnel expenses
and Note 18 Share capital, respectively, and are not included in the following overview:
Balance sheet items
Related party
Relationship
Type of services
2024
2023
(Amounts in NOK million)
Key employees
Employees
Loan
15
17
Total related party profit or loss items
15
17
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 2024, a total of NOK 0.3 million in loans (NOK 6.5 million in 2023) was issued to key employees
participating in a partly debt-financed share investment program. During 2024, NOK 3 million of loans
were repaid. The terms are regulated according to the arm\u2019s length principle. Please see Note 5 Personnel
expenses for additional information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "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 5 Personnel expenses and Note 18 Share capital, respectively, and are not included in the following overview: ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-322": { "value": "
NOTE 26 Events after the balance sheet date
On February 11, 2025, the Board of Directors of SATS ASA resolved to initiate a share buyback program
with a maximum consideration of NOK 100 million. The buyback program was commenced on February
17, 2025, and will not end later than April 25, 2025.
Additionally, the Board of Directors has approved a new investment program aimed aligning the interests
of the participants with those of the Company\u2019s shareholders. A total of 223 participants in the Share
Investment Program have applied for and been allocated 2,094,198 shares in the Company.
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 could have a material effect on the 2024 consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-323": { "value": "Nydalsveien 28 0484 Oslo Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300UWBMWYM7YQRF97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }