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"iso4217:USD" } }, "f59802": { "value": "24103000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f59805": { "value": "17480000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "s10_notes__7__7": { "value": "NOTE 1Summary of Significant Accounting PoliciesGeneral InformationAtlantic Sapphire ASA (\u201cASA\u201d) is a Norwegian companyheadquartered in Vikebukt, Norway and listed on the Oslo Stock Exchange with the ticker symbol ASA. ASA owns the following subsidiaries (collectively, \u201cAtlantic Sapphire\u201d, the \u201cCompany\u201d, or the \u201cGroup\u201d):\u2022 Atlantic Sapphire Denmark A/S (\u201cASDK\u201d, registered in Hvide Sande, Denmark)\u2022 Atlantic Sapphire USA LLC (\u201cASUS\u201d, registered in Miami, Florida, US)\u2022 AS Purchasing, LLC (\u201cASP\u201d, registered in Miami, Florida, US)\u2022 S.F. Development, L.L.C. (\u201cASSF\u201d, registered in Miami, Florida, US)\u2022 Atlantic Sapphire IP, LLC (\u201cASIP\u201d, registered in Miami, Florida, US)The Group owns and operates a land-based Atlantic salmon farm Homestead, Florida, US (the \u201cMiami Bluehouse\u201d facility) and has previously operated a land-based Atlantic salmon farm in Hvide \u00aeSande, Denmark (the \u201cDenmark Bluehouse\u201d facility). A Bluehousefacility (\u201cBluehouse\u201d) is proprietary production technologydeveloped by the Group in collaboration with a wide range of supply chain partners to optimize growing conditions for Atlantic salmon. A Bluehouse contains the facilities needed to grow and produce Atlantic salmon from egg hatchery to grow-out tanks to primary processing. The Miami Bluehouse also incorporates value-added processing. Consolidated operations enable the Group to control the entire production cycle without having to transport salmon to and from ocean-based net pens. The Miami Bluehouse (Phase 1) has an annual production capacity of approximately 19,500 tons HOG.On 15 September 2021, a fire broke out in the Denmark Bluehouse. All employees were reported safe without injuries. Substantially all property, plant, and equipment related to its saltwater ongrowing systems and approximately 170 tons of standing biomass in the Danish facility\u2019s ongrowing systems with a book value of USD 0.8m were lost in the fire (see Note 5 \u2013 Biological Assets). On 10 May 2022, the Group agreed on a cash settlement of DKK 180.0m (USD 25.3m equivalent upon receipt in June 2022)which is included as part of the Group\u2019s other income. The Group allocated the settlement proceeds towards US operations and construction, and the Group is currently reviewing its strategy for its Danish operations with demolition efforts currently underway subsequently in 2023.Basis for Preparation of the Annual AccountsThe consolidated financial statements were prepared in accordanwith International Financial Reporting Standards (\u201cIFRS\u201d) as adopteby the European Union (\u201cEU\u201d) and mandatory for financial years beginning on or after 1 January 2022, and additional Norwegian disclosure requirements under the Norwegian Accounting Act as of 31 December 2022. References to \u201cIFRS\u201d in these consolidated financial statements refer to IFRS as adopted by the EU.The consolidated financial statements have been prepared based on uniform accounting principles for similar transactions andevents under otherwise similar circumstances and are expressed in United States (\u201cUS\u201d) dollars (\u201cUSD\u201d). The consolidated financial statements are based on historical cost, except for biological assets at fair value less cost to sell.New and Amended IFRS Standards Adopted by the GroupThere are numerous standards, amendments to standards, and interpretations in 2022 that have been issued by the IASB that are effective in future accounting periods. The Group has decided not to early adopt any as they are not expected to have significant effect on the Group\u2019s consolidated financial statements.The Group did not adopt any new standards, amendments to standards, and interpretations in 2022 that would impact the Group\u2019s consolidated financial statements for the year ended 31 December 2022.Other amendments, interpretations, and changes based on the annual improvement cycle were also adopted by the Group but had no material impact nor were they expected to significantly affect the current or future reporting periods.ConsolidationSubsidiaries are all entities over which the Group has control. The Group considers control over an entity to exist when the Group is e exposed to, or has the right to, variable returns from its involvement d with the entity and can affect those returns through its ability to direct the operations of the entity. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.The accompanying consolidated financial statements includethe accounts of ASA, ASDK, ASUS, ASP, ASSF, and ASIP. When necessary, adjustments are made to the local financial statements of the Group subsidiaries to conform with the consolidated Group\u2019s accounting policies presented under IFRS.All intercompany balances, transactions, and unrealized gains from intercompany transactions are eliminated upon consolidation.Unrealized losses from intercompany transactions are alsoeliminated upon consolidation unless the transaction provides evidence of an impairment of the transferred asset.The assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date in which the Group gains control until the date in which the Group ceases to control the subsidiary.Foreign CurrencyItems included in the respective financial statements of each entity within the Group are measured using the functional currency of the primary economic environment in which the entity operates. The accompanying consolidated financial statements are presented in USD.Foreign currency transactions are translated using the applicable exchange rate at the time of the transaction. Receivables, debt, and other monetary items in foreign currency are measured at the exchange rate at the end of the reporting period, and the translation differences are recognized as part of the Group\u2019s consolidated net profit or loss. Other assets in foreign currencies are translated at the exchange rate in effect on the transaction date.Upon consolidation, exchange differences arising from thetranslation of non-USD denominated Group entities and non-USD denominated investments are recognized as part of consolidated other comprehensive income or loss (\u201cOCI\u201d). When a foreign operation is sold, the associated exchange differences related to the gain or loss on sale are reclassified to profit or loss.The profit and loss transactions of non-USD denominated Group entities are translated to the presentation currency using the average exchange rate for the reporting period. The assets and liabilities of respective entities are translated at the exchange rate at the end of the reporting period.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 exchange rate.Use of Estimates and JudgementsThe preparation of the consolidated financial statements inaccordance with IFRS requires management to make accounting estimates and assumptions that affect the recognized amounts of consolidated assets, liabilities, income, and expenses. Theestimates and underlying assumptions are based on the Group\u2019s prior experience and information perceived to be relevant and probable when the judgments are made.Estimates are reviewed on an ongoing basis and actual values and results may deviate from these estimates. Adjustments to accounting estimates are recognized in the period in which the estimates are revised.The evaluations and estimates deemed to be of greatestsignificance for the Group are as follows:Fair Value Adjustment of BiomassBiological assets are measured at fair value less costs to sell, with any change therein recognized in profit or loss. The estimated fair value of the biological assets is based on historical prices achieved and the most relevant forward prices for salmon at the reporting period date in the respective markets in which the Group operates. The fair value calculation considers estimates of biomass volumes, quality, size distribution, production cost, mortality, and normal costs of harvest and sale (see Note 5 \u2013 Biological Assets).ProvisionsA provision is recognized when the Group has a legal orconstructive obligation as a result of a past event, it is likely that there will be a financial settlement as a result of this obligation, and the amount can be reliable. If the effect is significant, the provision is calculated by discounting future cash flows using a discounted pre-tax rate that reflects market assessments of time, value of money, and if relevant, risks specifically related to the obligation. Provisions are reviewed at each reporting period date and their level reflects the best estimate of the liability. Changes in best estimates are recognized in the accompanying consolidated statements of operations.Classification of Current vs. Non-Current ItemsAssets are classified as current when they are expected to be realized or sold, to be used in the Group\u2019s normal operating cycle, falls due, or is expected to be realized within 12 months after the end of the reporting period date. Other assets are classified as non-current. Liabilities are classified as current when they are expected to be settled in the normal operating cycle of the Group, are expected to be settled within 12 months of the end of the reporting period, or if the Group does not have an unconditional right to postpone settlement for at least 12 months after the reporting period date.Revenue RecognitionThe Group operates proprietary Bluehouse facilities for land-based salmon farming and derives revenue from the sale of salmon. Revenue from salmon sales is recognized when the customer obtains control of the goods transferred and there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the goods upon delivery (i.e. at a point in time). The Group grants certain customers sales incentives such as rebates or discounts and treats these as a reduction of revenue at the time the sale is recognized.A receivable is recognized when the goods are delivered as this is the point in time in which consideration is unconditional and only the passage of time is required before payment is due. Depending on credit assessment, customers are generally provided 30-day payment terms.LeasesLeases are recognized under IFRS 16, Leases, in which all leasing agreements with a duration exceeding 12 months are to becapitalized as financial leases. The Group assesses whether a legally enforceable contract is or contains a lease at the inception date of the contract. The assessment includes several criteria to be determined based on judgment that includes whether there is an identifiable asset in connection to the lease, whether the Group has the right to control the use of the identifiable asset, and whether the Group can obtain substantially all economic benefits from the identifiable asset.The Group recognizes a right-of-use (\u201cROU\u201d) asset and a lease liability at the lease commencement date. The lease liability is calculated based on the present value of the contractual minimum lease payments using the implicit interest rate of the lease. The Group uses the incremental borrowing rate in the case the implicit rate cannot be readily determined from the lease contract. The contractual minimum lease payments consist of fixed or variable payments, including those resulting from options in whichmanagement is reasonably certain it will exercise during the lease term. The lease liability is subsequently measured at amortized cost under the effective interest rate during the lease term and may also be adjusted to management\u2019s reassessment of future lease payments based on options exercised, renegotiations, or changes of an index rate. The ROU asset is calculated based on the lease liability, plus initial direct costs towards the lease, and less any incentives granted by the lessor. The ROU asset is subsequently amortized under the straight-line method under the shorter of the lease term or the useful life of the underlying asset and is included as part of depreciation and amortization in the accompanying consolidated statements of operations.Leases that fall under the IFRS 16 short-term exception are recognized on a straight-line method over the lease term.TaxesTax expense consists of the tax payable and changes to deferred tax. Tax is recognized in the accompanying consolidated statements of operations, except to the extent that it relates to items recognized in consolidated OCI or directly in consolidated equity.Deferred tax assets and liabilities are calculated based on the temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements andtheir tax bases, together with tax losses carried forward at the consolidated statement of financial position date. Deferred tax assets and liabilities are calculated based on the applicable tax rates and legislations that are expected to apply when the assets are realized or the liabilities are settled, based on the tax rates and legislations that have been enacted or substantially enacted on the consolidated statement of financial position date. Deferred tax assets are recognized only when convincing evidence can support the availability of future taxable profits will be available, against which the assets can be utilized. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. The entities included in the Group\u2019s consolidated financial statements are subject to income tax in the respective countries in which they are domiciled.Investments and Other Financial AssetsThe Group classifies its financial assets based on the following measurement categories:\u2022 Those to be measured at amortized cost,\u2022 Those to be measured subsequently at fair value (through other comprehensive income or loss), and\u2022 Those to be measured subsequently at fair value (through profit or loss).Upon initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVPL\u201d), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in the accompanying consolidated statements of operations.Financial Assets at Amortized CostTrade receivables consist of amounts due from customers for goods sold in the ordinary course of business and are generally due for settlement within 30 days and classified as current. Trade receivables are initially recognized at the amount of consideration that is unconditional and when no element of financing is present. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interestmethod.Other financial assets are classified at amortized cost only if both of the following criteria are met:\u2022 The asset is held within a business model whose objective is to collect the contractual cash flows, and\u2022 The contractual terms give rise to cash flows that are solely payments of principal and interest.Financial Assets at Fair Value Through Other Comprehensive Income or LossFinancial assets at fair value through other comprehensive income or loss (\u201cFVOCI\u201d) comprise of equity securities that are not held for trading, and in which the Group has irrevocably elected at initial recognition to recognize in this category. These are strategic investments, and the Group considers this classification to be more relevant.Upon disposal of such equity investments, any related balance within the FVOCI reserve is reclassified to retained earnings.Dividends from such equity instruments are recognized as part of other income in the accompanying consolidated statements of operations.Property, Plant, and EquipmentProperty, plant, and equipment is capitalized at acquisitioncost, which includes capitalized borrowing costs under IAS 23, Borrowing Costs, less accumulated depreciation and impairment losses, if any. Acquisition costs include expenditures that are directly attributable to the acquisition and placement of fixed assets in service. Costs of major replacements and renewals that substantially extend the economic life and functionality of fixed asset are capitalized. Costs associated with normal maintenance and repairs are expensed as incurred.Assets are normally considered property, plant, and equipment if the useful economic life exceeds one year. Straight-linedepreciation is applied over the useful life of property, plant, and equipment based on the asset\u2019s historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, that portion is depreciated separately. The asset\u2019s residual value and useful life are evaluated annually. Gains or losses arising from the disposal or retirement of an asset are determined as the difference between the sales proceeds and the carrying amount of the asset and recognized as part of other income in the accompanying consolidatedstatements of operations.Depreciation is charged to expense when the property, plant or equipment is ready for use or placed in service. As such, assets under construction are not depreciated.ImpairmentManagement reviews long-lived assets for impairment annually, or more frequently, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows, which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the asset\u2019s carrying value to determine if an adjustment for impairment to such asset is necessary. The effect of any impairment would be to expense the difference between the fair value of such asset and its carrying value. Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. As of 31 December 2022 and 2021, management considered an allowance for impairment necessary for long-lived assets lost in the September 2021 Denmark fire (see Note 4 \u2013 Other Operating Expenses and Income and Note 9 \u2013 Property, Plant, and Equipment).InventoriesInventories consist of feed, raw materials, packaging, spare parts, and processed fish. Inventories are measured at the lower of cost or net realizable value under the first-in-first-out principle. Cost price includes both the production or acquisition costs for goods and the costs of bringing goods into saleable condition. Net realizable value consists of estimated sales price less remaining costs to sell. Generally, feed, raw materials, packaging, and spare parts are maintained at cost whereas processed fish is recognized at net realizable value. Live fish are accounted for separately as biological assets under IAS 41, Agriculture, and IFRS 13, Fair Value Measurement.Biological AssetsUnder the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomass\u201d) are measured at fair value less cost to sell, unless fair value is not readily measured. For further information regarding the Group\u2019s biological assets, see Note 5 \u2013 Biological Assets.Trade and Other ReceivablesTrade receivables are initially recognized at amortized cost, less a provision for expected credit losses. Credit loss provisions are based on individual customer assessments over a 12-month period.Cash and Restricted CashCash includes cash on hand and bank deposits. Restrictedcash is not available for immediate or general business useand is presented separately in the accompanying consolidated statements of financial position. Cash equivalents consist of short-term investments that can be converted into a known amount in cash within three months and contain an insignificant risk element. The Group did not hold any cash equivalents as of 31 December 2022 and 2021.BorrowingsBorrowings are recognized at fair value when proceeds havebeen received, less transaction costs. In subsequent periods, borrowings are recognized at amortized cost calculated using the effective interest method. The difference between theproceeds from borrowings received (less transaction costs) and its redemption value is reflected over the term of the borrowing as part of financial expense in the accompanying consolidated statements of operations.Trade and Other PayablesTrade and other payables represent unpaid liabilities for goods and services provided to the Group prior to the end of the financial year and are presented as current liabilities unless payment is not due within 12 months after the reporting period. Trade and other payables are recognized initially at their fair value and are subsequently measured at amortized cost using the effective interest method.Employee BenefitsLiabilities for wages and salaries, including non-monetary benefits and accumulating sick leave, are recognized with respect toemployees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. Such amounts are generally expected to be settled in full within 12 months after the end of the reporting period in which the employees render the related service, and liabilities for wages and salaries are presented as part of trade and other payables in the accompanying consolidated statements of financial position.PensionsThe Group offers a defined contribution plan to its employees and pays contributions to publicly or privately administeredpension insurance plans on a mandatory, contractual, or voluntary basis. The Group has no further payment obligations once the contributions have been paid. Contributions are recognized as employee benefit expense when they are due and are included as part of salary and personnel costs in the accompanyingconsolidated statements of operations. Prepaid contributions are recognized as an asset to the extent in which a cash refund or a reduction in the future payments is available.Share Option ProgramShare-based compensation benefits are provided to employees through an employee share scheme (see Note 18 \u2013 Share Option Program). The total expense is recognized over the vesting period, which is the period over which all specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions and recognizes the impact of the revision to original estimates, if any, in the accompanying consolidated statements of operations, with a corresponding adjustment to equity. Social security contributions payable in connection with an option grant are considered an integral part of the grant itself and the charges are treated as cash-settled transactions.Statements of Cash FlowsThe accompanying consolidated statements of cash flows are prepared in accordance with the indirect method.ReclassificationCertain amounts in the Group\u2019s 2021 consolidated financialstatements have been reclassified to conform to the 2022presentation. The reclassifications have no effect on the Group\u2019s consolidated financial position or previously reported results of consolidated operations.In the 2021 Annual Report, interest received of USD 3.4m was previously presented as part of net cash used in operatingactivities. In the 2022 Annual Report, interest received is now presented as part of net cash used in investing activities.In the 2021 Annual Report, other income of USD 0.2m waspreviously presented net against other operating expenses.In the 2022 Annual Report, other income was presented as a separate line item to distinguish the insurance proceeds from the 15 September 2021 Denmark Bluehouse fire (see Note 4 \u2013 Other Operating Expenses and Income).", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__5": { "value": "NOTE 1Summary of Significant Accounting PoliciesGeneral InformationAtlantic Sapphire ASA (\u201cASA\u201d) is a Norwegian companyheadquartered in Vikebukt, Norway and listed on the Oslo Stock Exchange with the ticker symbol ASA. ASA owns the following subsidiaries (collectively, \u201cAtlantic Sapphire\u201d, the \u201cCompany\u201d, or the \u201cGroup\u201d):\u2022 Atlantic Sapphire Denmark A/S (\u201cASDK\u201d, registered in Hvide Sande, Denmark)\u2022 Atlantic Sapphire USA LLC (\u201cASUS\u201d, registered in Miami, Florida, US)\u2022 AS Purchasing, LLC (\u201cASP\u201d, registered in Miami, Florida, US)\u2022 S.F. Development, L.L.C. (\u201cASSF\u201d, registered in Miami, Florida, US)\u2022 Atlantic Sapphire IP, LLC (\u201cASIP\u201d, registered in Miami, Florida, US)The Group owns and operates a land-based Atlantic salmon farm Homestead, Florida, US (the \u201cMiami Bluehouse\u201d facility) and has previously operated a land-based Atlantic salmon farm in Hvide \u00aeSande, Denmark (the \u201cDenmark Bluehouse\u201d facility). A Bluehousefacility (\u201cBluehouse\u201d) is proprietary production technologydeveloped by the Group in collaboration with a wide range of supply chain partners to optimize growing conditions for Atlantic salmon. A Bluehouse contains the facilities needed to grow and produce Atlantic salmon from egg hatchery to grow-out tanks to primary processing. The Miami Bluehouse also incorporates value-added processing. Consolidated operations enable the Group to control the entire production cycle without having to transport salmon to and from ocean-based net pens. The Miami Bluehouse (Phase 1) has an annual production capacity of approximately 19,500 tons HOG.On 15 September 2021, a fire broke out in the Denmark Bluehouse. All employees were reported safe without injuries. Substantially all property, plant, and equipment related to its saltwater ongrowing systems and approximately 170 tons of standing biomass in the Danish facility\u2019s ongrowing systems with a book value of USD 0.8m were lost in the fire (see Note 5 \u2013 Biological Assets). On 10 May 2022, the Group agreed on a cash settlement of DKK 180.0m (USD 25.3m equivalent upon receipt in June 2022)which is included as part of the Group\u2019s other income. The Group allocated the settlement proceeds towards US operations and construction, and the Group is currently reviewing its strategy for its Danish operations with demolition efforts currently underway subsequently in 2023.Basis for Preparation of the Annual AccountsThe consolidated financial statements were prepared in accordanwith International Financial Reporting Standards (\u201cIFRS\u201d) as adopteby the European Union (\u201cEU\u201d) and mandatory for financial years beginning on or after 1 January 2022, and additional Norwegian disclosure requirements under the Norwegian Accounting Act as of 31 December 2022. References to \u201cIFRS\u201d in these consolidated financial statements refer to IFRS as adopted by the EU.The consolidated financial statements have been prepared based on uniform accounting principles for similar transactions andevents under otherwise similar circumstances and are expressed in United States (\u201cUS\u201d) dollars (\u201cUSD\u201d). The consolidated financial statements are based on historical cost, except for biological assets at fair value less cost to sell.New and Amended IFRS Standards Adopted by the GroupThere are numerous standards, amendments to standards, and interpretations in 2022 that have been issued by the IASB that are effective in future accounting periods. The Group has decided not to early adopt any as they are not expected to have significant effect on the Group\u2019s consolidated financial statements.The Group did not adopt any new standards, amendments to standards, and interpretations in 2022 that would impact the Group\u2019s consolidated financial statements for the year ended 31 December 2022.Other amendments, interpretations, and changes based on the annual improvement cycle were also adopted by the Group but had no material impact nor were they expected to significantly affect the current or future reporting periods.ConsolidationSubsidiaries are all entities over which the Group has control. The Group considers control over an entity to exist when the Group is e exposed to, or has the right to, variable returns from its involvement d with the entity and can affect those returns through its ability to direct the operations of the entity. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.The accompanying consolidated financial statements includethe accounts of ASA, ASDK, ASUS, ASP, ASSF, and ASIP. When necessary, adjustments are made to the local financial statements of the Group subsidiaries to conform with the consolidated Group\u2019s accounting policies presented under IFRS.All intercompany balances, transactions, and unrealized gains from intercompany transactions are eliminated upon consolidation.Unrealized losses from intercompany transactions are alsoeliminated upon consolidation unless the transaction provides evidence of an impairment of the transferred asset.The assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date in which the Group gains control until the date in which the Group ceases to control the subsidiary.Foreign CurrencyItems included in the respective financial statements of each entity within the Group are measured using the functional currency of the primary economic environment in which the entity operates. The accompanying consolidated financial statements are presented in USD.Foreign currency transactions are translated using the applicable exchange rate at the time of the transaction. Receivables, debt, and other monetary items in foreign currency are measured at the exchange rate at the end of the reporting period, and the translation differences are recognized as part of the Group\u2019s consolidated net profit or loss. Other assets in foreign currencies are translated at the exchange rate in effect on the transaction date.Upon consolidation, exchange differences arising from thetranslation of non-USD denominated Group entities and non-USD denominated investments are recognized as part of consolidated other comprehensive income or loss (\u201cOCI\u201d). When a foreign operation is sold, the associated exchange differences related to the gain or loss on sale are reclassified to profit or loss.The profit and loss transactions of non-USD denominated Group entities are translated to the presentation currency using the average exchange rate for the reporting period. The assets and liabilities of respective entities are translated at the exchange rate at the end of the reporting period.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 exchange rate.Use of Estimates and JudgementsThe preparation of the consolidated financial statements inaccordance with IFRS requires management to make accounting estimates and assumptions that affect the recognized amounts of consolidated assets, liabilities, income, and expenses. Theestimates and underlying assumptions are based on the Group\u2019s prior experience and information perceived to be relevant and probable when the judgments are made.Estimates are reviewed on an ongoing basis and actual values and results may deviate from these estimates. Adjustments to accounting estimates are recognized in the period in which the estimates are revised.The evaluations and estimates deemed to be of greatestsignificance for the Group are as follows:Fair Value Adjustment of BiomassBiological assets are measured at fair value less costs to sell, with any change therein recognized in profit or loss. The estimated fair value of the biological assets is based on historical prices achieved and the most relevant forward prices for salmon at the reporting period date in the respective markets in which the Group operates. The fair value calculation considers estimates of biomass volumes, quality, size distribution, production cost, mortality, and normal costs of harvest and sale (see Note 5 \u2013 Biological Assets).ProvisionsA provision is recognized when the Group has a legal orconstructive obligation as a result of a past event, it is likely that there will be a financial settlement as a result of this obligation, and the amount can be reliable. If the effect is significant, the provision is calculated by discounting future cash flows using a discounted pre-tax rate that reflects market assessments of time, value of money, and if relevant, risks specifically related to the obligation. Provisions are reviewed at each reporting period date and their level reflects the best estimate of the liability. Changes in best estimates are recognized in the accompanying consolidated statements of operations.Classification of Current vs. Non-Current ItemsAssets are classified as current when they are expected to be realized or sold, to be used in the Group\u2019s normal operating cycle, falls due, or is expected to be realized within 12 months after the end of the reporting period date. Other assets are classified as non-current. Liabilities are classified as current when they are expected to be settled in the normal operating cycle of the Group, are expected to be settled within 12 months of the end of the reporting period, or if the Group does not have an unconditional right to postpone settlement for at least 12 months after the reporting period date.Revenue RecognitionThe Group operates proprietary Bluehouse facilities for land-based salmon farming and derives revenue from the sale of salmon. Revenue from salmon sales is recognized when the customer obtains control of the goods transferred and there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the goods upon delivery (i.e. at a point in time). The Group grants certain customers sales incentives such as rebates or discounts and treats these as a reduction of revenue at the time the sale is recognized.A receivable is recognized when the goods are delivered as this is the point in time in which consideration is unconditional and only the passage of time is required before payment is due. Depending on credit assessment, customers are generally provided 30-day payment terms.LeasesLeases are recognized under IFRS 16, Leases, in which all leasing agreements with a duration exceeding 12 months are to becapitalized as financial leases. The Group assesses whether a legally enforceable contract is or contains a lease at the inception date of the contract. The assessment includes several criteria to be determined based on judgment that includes whether there is an identifiable asset in connection to the lease, whether the Group has the right to control the use of the identifiable asset, and whether the Group can obtain substantially all economic benefits from the identifiable asset.The Group recognizes a right-of-use (\u201cROU\u201d) asset and a lease liability at the lease commencement date. The lease liability is calculated based on the present value of the contractual minimum lease payments using the implicit interest rate of the lease. The Group uses the incremental borrowing rate in the case the implicit rate cannot be readily determined from the lease contract. The contractual minimum lease payments consist of fixed or variable payments, including those resulting from options in whichmanagement is reasonably certain it will exercise during the lease term. The lease liability is subsequently measured at amortized cost under the effective interest rate during the lease term and may also be adjusted to management\u2019s reassessment of future lease payments based on options exercised, renegotiations, or changes of an index rate. The ROU asset is calculated based on the lease liability, plus initial direct costs towards the lease, and less any incentives granted by the lessor. The ROU asset is subsequently amortized under the straight-line method under the shorter of the lease term or the useful life of the underlying asset and is included as part of depreciation and amortization in the accompanying consolidated statements of operations.Leases that fall under the IFRS 16 short-term exception are recognized on a straight-line method over the lease term.TaxesTax expense consists of the tax payable and changes to deferred tax. Tax is recognized in the accompanying consolidated statements of operations, except to the extent that it relates to items recognized in consolidated OCI or directly in consolidated equity.Deferred tax assets and liabilities are calculated based on the temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements andtheir tax bases, together with tax losses carried forward at the consolidated statement of financial position date. Deferred tax assets and liabilities are calculated based on the applicable tax rates and legislations that are expected to apply when the assets are realized or the liabilities are settled, based on the tax rates and legislations that have been enacted or substantially enacted on the consolidated statement of financial position date. Deferred tax assets are recognized only when convincing evidence can support the availability of future taxable profits will be available, against which the assets can be utilized. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. The entities included in the Group\u2019s consolidated financial statements are subject to income tax in the respective countries in which they are domiciled.Investments and Other Financial AssetsThe Group classifies its financial assets based on the following measurement categories:\u2022 Those to be measured at amortized cost,\u2022 Those to be measured subsequently at fair value (through other comprehensive income or loss), and\u2022 Those to be measured subsequently at fair value (through profit or loss).Upon initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVPL\u201d), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in the accompanying consolidated statements of operations.Financial Assets at Amortized CostTrade receivables consist of amounts due from customers for goods sold in the ordinary course of business and are generally due for settlement within 30 days and classified as current. Trade receivables are initially recognized at the amount of consideration that is unconditional and when no element of financing is present. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interestmethod.Other financial assets are classified at amortized cost only if both of the following criteria are met:\u2022 The asset is held within a business model whose objective is to collect the contractual cash flows, and\u2022 The contractual terms give rise to cash flows that are solely payments of principal and interest.Financial Assets at Fair Value Through Other Comprehensive Income or LossFinancial assets at fair value through other comprehensive income or loss (\u201cFVOCI\u201d) comprise of equity securities that are not held for trading, and in which the Group has irrevocably elected at initial recognition to recognize in this category. These are strategic investments, and the Group considers this classification to be more relevant.Upon disposal of such equity investments, any related balance within the FVOCI reserve is reclassified to retained earnings.Dividends from such equity instruments are recognized as part of other income in the accompanying consolidated statements of operations.Property, Plant, and EquipmentProperty, plant, and equipment is capitalized at acquisitioncost, which includes capitalized borrowing costs under IAS 23, Borrowing Costs, less accumulated depreciation and impairment losses, if any. Acquisition costs include expenditures that are directly attributable to the acquisition and placement of fixed assets in service. Costs of major replacements and renewals that substantially extend the economic life and functionality of fixed asset are capitalized. Costs associated with normal maintenance and repairs are expensed as incurred.Assets are normally considered property, plant, and equipment if the useful economic life exceeds one year. Straight-linedepreciation is applied over the useful life of property, plant, and equipment based on the asset\u2019s historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, that portion is depreciated separately. The asset\u2019s residual value and useful life are evaluated annually. Gains or losses arising from the disposal or retirement of an asset are determined as the difference between the sales proceeds and the carrying amount of the asset and recognized as part of other income in the accompanying consolidatedstatements of operations.Depreciation is charged to expense when the property, plant or equipment is ready for use or placed in service. As such, assets under construction are not depreciated.ImpairmentManagement reviews long-lived assets for impairment annually, or more frequently, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows, which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the asset\u2019s carrying value to determine if an adjustment for impairment to such asset is necessary. The effect of any impairment would be to expense the difference between the fair value of such asset and its carrying value. Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. As of 31 December 2022 and 2021, management considered an allowance for impairment necessary for long-lived assets lost in the September 2021 Denmark fire (see Note 4 \u2013 Other Operating Expenses and Income and Note 9 \u2013 Property, Plant, and Equipment).InventoriesInventories consist of feed, raw materials, packaging, spare parts, and processed fish. Inventories are measured at the lower of cost or net realizable value under the first-in-first-out principle. Cost price includes both the production or acquisition costs for goods and the costs of bringing goods into saleable condition. Net realizable value consists of estimated sales price less remaining costs to sell. Generally, feed, raw materials, packaging, and spare parts are maintained at cost whereas processed fish is recognized at net realizable value. Live fish are accounted for separately as biological assets under IAS 41, Agriculture, and IFRS 13, Fair Value Measurement.Biological AssetsUnder the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomass\u201d) are measured at fair value less cost to sell, unless fair value is not readily measured. For further information regarding the Group\u2019s biological assets, see Note 5 \u2013 Biological Assets.Trade and Other ReceivablesTrade receivables are initially recognized at amortized cost, less a provision for expected credit losses. Credit loss provisions are based on individual customer assessments over a 12-month period.Cash and Restricted CashCash includes cash on hand and bank deposits. Restrictedcash is not available for immediate or general business useand is presented separately in the accompanying consolidated statements of financial position. Cash equivalents consist of short-term investments that can be converted into a known amount in cash within three months and contain an insignificant risk element. The Group did not hold any cash equivalents as of 31 December 2022 and 2021.BorrowingsBorrowings are recognized at fair value when proceeds havebeen received, less transaction costs. In subsequent periods, borrowings are recognized at amortized cost calculated using the effective interest method. The difference between theproceeds from borrowings received (less transaction costs) and its redemption value is reflected over the term of the borrowing as part of financial expense in the accompanying consolidated statements of operations.Trade and Other PayablesTrade and other payables represent unpaid liabilities for goods and services provided to the Group prior to the end of the financial year and are presented as current liabilities unless payment is not due within 12 months after the reporting period. Trade and other payables are recognized initially at their fair value and are subsequently measured at amortized cost using the effective interest method.Employee BenefitsLiabilities for wages and salaries, including non-monetary benefits and accumulating sick leave, are recognized with respect toemployees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. Such amounts are generally expected to be settled in full within 12 months after the end of the reporting period in which the employees render the related service, and liabilities for wages and salaries are presented as part of trade and other payables in the accompanying consolidated statements of financial position.PensionsThe Group offers a defined contribution plan to its employees and pays contributions to publicly or privately administeredpension insurance plans on a mandatory, contractual, or voluntary basis. The Group has no further payment obligations once the contributions have been paid. Contributions are recognized as employee benefit expense when they are due and are included as part of salary and personnel costs in the accompanyingconsolidated statements of operations. Prepaid contributions are recognized as an asset to the extent in which a cash refund or a reduction in the future payments is available.Share Option ProgramShare-based compensation benefits are provided to employees through an employee share scheme (see Note 18 \u2013 Share Option Program). The total expense is recognized over the vesting period, which is the period over which all specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions and recognizes the impact of the revision to original estimates, if any, in the accompanying consolidated statements of operations, with a corresponding adjustment to equity. Social security contributions payable in connection with an option grant are considered an integral part of the grant itself and the charges are treated as cash-settled transactions.Statements of Cash FlowsThe accompanying consolidated statements of cash flows are prepared in accordance with the indirect method.ReclassificationCertain amounts in the Group\u2019s 2021 consolidated financialstatements have been reclassified to conform to the 2022presentation. The reclassifications have no effect on the Group\u2019s consolidated financial position or previously reported results of consolidated operations.In the 2021 Annual Report, interest received of USD 3.4m was previously presented as part of net cash used in operatingactivities. In the 2022 Annual Report, interest received is now presented as part of net cash used in investing activities.In the 2021 Annual Report, other income of USD 0.2m waspreviously presented net against other operating expenses.In the 2022 Annual Report, other income was presented as a separate line item to distinguish the insurance proceeds from the 15 September 2021 Denmark Bluehouse fire (see Note 4 \u2013 Other Operating Expenses and Income).NOTE 2Capital Management and Financial RiskCapital management represents the Group\u2019s policy to assess, acquire, and utilize its capital base efficiently towards satisfactory operations and future development of the business to foster and maintain investor, lender, and market confidence. The Group\u2019s capitmanagement contemplates available alternatives, the cyclicalnature of the fish farming industry, and current socioeconomic factors. Access to borrowings is monitored periodically and the Group engages in dialogue continuously with its lenders.The Group has obtained capital primarily from equity raisesand interest-bearing borrowings. The Group\u2019s interest-bearingborrowings require certain financial covenants to be maintained. In anticipation of potentially not being able to meet its net interest-bearing debt (\u201cNIBD\u201d) to EBITDA requirement as of 31 December 2022, the Group received a formal waiver from the Lenders dated 12 December 2022 (see Note 19 \u2013 Borrowings).As of 31 December 2022 and 2021, the Group\u2019s consolidated equity consisted of USD 296.4m and USD 239.6m, respectively, equity share, which comprise of total equity divided by total assets, was 83% and 77%, respectively, and net interest-bearing debt, which comprise of total interest-bearing borrowings excluding the effects of IFRS 16, was USD 23.2m and USD 33.0m, respectively. The Group\u2019s Board of Directors considers the Group\u2019s capital base adequate given the scale of its operations.On 12 May 2021, ASA\u2019s Board of Directors were given proxy to increase the share capital with up to NOK 1,600,000 through the issuance of up to 16,000,000 new shares, with a face value of NOK 0.10. On 19 May 2022, the 12 May 2021 authorization was withdrawn, and the Group\u2019s Board of Directors was given theauthority to increase total authorized share capital with up to NOK 1,800,000 through the issuance of up to 18,000,000 total shares, with a face value of NOK 0.10. The authorization may be used several times within this limit.The Group holds financial instruments necessary for its operations. The Group\u2019s principal financial liabilities, other than interest-bearing borrowings and excluding the effects of IFRS 16, consist of trade and other payables and comprise most of the Group\u2019s third-party financing. The Group\u2019s principal financial assetsal consist of trade and other receivables, cash and restricted cash, and other investments. The Group\u2019s significant accounting policies regarding financial instruments are disclosed in Note 1 \u2013 Significant Accounting Policies, and the Group\u2019s financial instruments are detailed in Note 13 \u2013 Financial Instruments.The Group believes it has sufficient financing to achieve steady-state biomass and generate positive cash flow from operations. As it relates to US Phase 2 expansion, additional financing will be needed, however, the Group has full discretion over the speed of the construction which allows the Group to better manage liquidity. On 31 March 2022, the Group\u2019s 2020 Credit Facility was amended to provide an additional three-month credit facility in an aggregate amount of up to USD 25.0m (the \u201cFacility\u201d). On 1 July 2022, the USD 25.0m Facility under the amended 2020 Credit Facility was repaid following Tranche 1 proceeds from the 29 June 2022 equity raise. The eighth amendment to the 2020 Credit Facility was formally committed and signed on 25 August 2022. The debt wasstructured under the same key terms such as interest marginand covenants, and the total amounts were restructured into a fully committed credit facility of USD 200.0m. See Note 19 \u2013Borrowings for further details.Subsequently, the Group\u2019s 2020 Credit Facility was amendedfurther on 31 March 2023 (see Note 23 \u2013 Subsequent Events).The Group\u2019s risk management is carried out by the Group\u2019s Finance Department. The Group is exposed to market risk, credit risk, and liquidity risk.Market RiskInterest RateThe Group\u2019s interest rate risk relates primarily from borrowings from financial institutions with variable rate interest. When possible, the Group manages its interest rate risk by entering fixed-interest loans. The Group through ASUS holds the US Term Loan which carried an annualized borrowing rate of SOFR plus 4.0% as of 31 December 2022 (see Note 19 \u2013 Borrowings). The margin grid calls (USD 1,000) 2022 2021Interest expense effect on a 1% increase on floating interest rate 598 517 As of 31 December 2022 and 2021, the Group\u2019s cash balances were held in the following currencies: (USD 1,000) 2022 2021USD 21,117 15,920 NOK 2,446 816 DKK 97 137 EUR 23 139 Total cash 23,683 17,012 As of 31 December 2022 and 2021, all of the Group\u2019s long-term interest-bearing borrowing balances were held in USD.Foreign Currency SensitivityFor the years ended 31 December 2022 and 2021, the Group\u2019s main source of sensitivity to exchange rate movement was due to the NOK-denominated capital raise to fund USD-denominated construction and other expenses in the US and Denmark as follows: (USD 1,000) 2022 2021Capital raise effect in USD from a 10% reduction in the value of NOK to USD (12,421) (11,904)for a maximum of 4.0% and allows for a lower margin based on the net debt to EBITDA ratio. Currently, the Group does not maintain a program to hedge its variable rate exposure. Changes in the interest rate can affect future investment opportunities.Interest Rate SensitivityFor the years ended 31 December 2022 and 2021, the following represents the Group\u2019s potential interest expense effect based on a 1% increase on the floating interest rate:Foreign CurrencyThe Group\u2019s foreign currency risk relates to the Group\u2019s operating, investing, and financing activities denominated in a foreigncurrency. This includes the Group\u2019s revenues, expenses, capital expenditures, and net investments in foreign subsidiaries. The Group\u2019s reporting currency is the United States dollar (\u201cUSD\u201d), and the predominant currencies transacted by the Group\u2019ssubsidiaries are the USD, the Norwegian krone (\u201cNOK\u201d), the Danish krone (\u201cDKK\u201d), and the EU euro (\u201cEUR\u201d).The Group manages its foreign currency risk by maintainingcash balances in foreign currency denominated bank accounts, analyzing future obligations by currency, and transferring funds as needed. The Group has not entered into derivative or other agreements to reduce the exchange rate risk and the relatedmarket risk.The following are the remaining contractual maturities of the Group\u2019s financial liabilities as of 31 December 2022 and 2021, which include gross undiscounted principal and interest payments and exclude the impact of netting agreements: Trade Interest As of 31 December 2022 and other Lease on lease Interest on (USD 1,000)payablesliabilitiesliabilities BorrowingsborrowingsUp to 3 months 11,698 101 51 1,450 903 Between 3 and 12 months - 315 140 18,550 1,726Between 1 and 2 years - 473 156 26,837 705Between 2 and 5 years - 1,357 271 - - Over 5 years - 388 181 - - Total financial liabilities 11,698 2,634 799 46,837 3,334Trade Interest As of 31 December 2021 and other Lease on lease Interest on (USD 1,000)payablesliabilitiesliabilities BorrowingsborrowingsUp to 3 months 19,018 79 38 - 579 Between 3 and 12 months - 245 108 - 1,769 Between 1 and 2 years - 372 129 50,000 772 Between 2 and 5 years - 1,290 308 - - Over 5 years - 1,180 239 - - Total financial liabilities 19,018 3,166 822 50,000 3,120 The Group completed equity capital raises in the amount of NOK 1,231m (USD 125m) on 29 June 2022 and NOK 1,016m (USD 121m) on 3 June 2021.As of 31 December 2022, the amended 2020 Credit Facility totaled a fully committed amount of USD 200m (see Note 19 \u2013 Borrowings).Credit RiskFinancial instruments, which potentially subject the Group to credit risk, consist principally of cash and trade receivables. Cash is maintained with major financial institutions. The Group extends credit to some of its customers and management recognizes that extending credit and setting appropriate reserves for accounts receivable is largely a subjective decision based on knowledge of the customer. Accordingly, the Group trades only with recognized and creditworthy third parties and does not require collateral on trade receivables from its customers. Management periodically evaluates credit exposure in the aggregate and by individual credit and periodically reviews the creditworthiness of its customers to ensure the overall quality of the Group\u2019s credit portfolio. This takes into consideration expected 12-month and lifetime credit losses as well as other risks that may have arisen since original recognition. Further, the Group\u2019s trade receivables are credit insured unless an exception is approved by the CEO. The Group has not experienced any material losses on its trade receivables. Credit risk associated with revenue is limited to the amount of trade receivables outstanding for each customer.Liquidity RiskThe Group continuously monitors liquidity and financialprojections through budgets and monthly updated forecasts. The Group believes that it is appropriate to prepare the Annual Report based on a going concern assumption based on its forecasted performance in which it has sufficient financing to achieve steady state biomass and generate positive cash flow from operations. The Group\u2019s estimation on its future financial position and liquidity requirements is based on several key assumptions, which are subject to various risks and uncertainties:\u2022 Salmon spot prices, which have historically been volatile. \u2022 Impacts from fluctuations in production, harvest volumes, and biological issues.\u2022 Changes in feed process, which generally correlate to the marine and agricultural commodity prices of the main ingredients. \u2022 Full discretion over the speed of US Phase 2 construction, which may allow the Group to better manage liquidity, but at the potential cost of delays and timing of expanded production.The provisions of the amended 2020 Credit Facility containfinancial covenants to be maintained by the Group (see Note 19 \u2013 Borrowings). The Group believes it has made reasonable judgments and estimates with respect to the key assumptions above. Should there be any potential adverse impacts or factors to the above that may materially affect the Group\u2019s overall operational and construction plan, it could lead to a breach in the Group\u2019s required minimum EBITDA covenant. In turn, this would require the Group to obtain a formal waiver from its Lenders to prevent outstanding borrowings from becoming currently due.* EBITDA adjusted for fair value adjustment on biological assets, impairment of non-current assets, and insurance settlement proceeds from DenmarkNOTE 3SegmentsThe Group has two strategic divisions, which represent itsreportable segments. The Group\u2019s executive managementreviews the internal management reports of each division. As of 31 December 2022 and 2021, the Group\u2019s reportable segments consisted of the following:Fish Farming (Denmark)The Group owns and has previously operated a proprietary Bluehouse land-based salmon farm in Hvide Sande, Denmarkthrough ASDK. Principal operations comprise of the production and sale of salmon. On 15 September 2021, a fire broke out in the Denmark Bluehouse in which substantially all property, plant, and equipment related to its saltwater ongrowing systems were lost (see Note 9 \u2013 Property, Plant, and Equipment). Operations during the year ended 31 December 2022 consisted of clean-up efforts of the site.Fish Farming (US)The Group owns the land in Homestead, FL, US through ASSF and operates the proprietary Bluehouse land-based salmon farm through ASUS. All fish systems from US Phase 1 construction of the Miami Bluehouse were substantially complete as of 31 December 2021 and is projected to reach steady state US Phase 1 operations in Q3 2023 when the Group commences producing the equivalent of 9,500 tons HOG of annualized harvest volumes in the US. The US Phase 2 expansion project is currently under construction and is expected to add an additional estimated 15,000 tons HOG of annual production capacity, for a total capacity of approximately 25,000 tons HOG.For the years ended 31 December 2022 and 2021, the Group\u2019s segment information consisted of the following:Year ended 31 December 2022 Fish farming Fish farming Other and(USD 1,000)DenmarkUSeliminations ConsolidatedRevenue from sale of salmon - 18,954 - 18,954 EBITDA 37,974 (71,489) (14,527) (48,042)EBITDA, pre-fair value adjustment on biological assets 37,974 (71,584) (14,527) (48,137)EBITDA, adjusted* 12,652 (71,584) (14,527) (73,459)Pre-tax income (loss) 37,904 (96,529) (6,381) (65,006)Total assets 910 351,821 4,820 357,551 Total liabilities 870 152,089 (91,790) 61,169Depreciation and amortization 36 14,182 (1) 14,217 Interest income - 506 4,401 4,907 Interest expense 34 11,364 (3,744) 7,654Impairment of non-current assets - - - - Insurance proceeds 25,322 - - 25,322 Capital expenditures - 52,447 - 52,447 Cash flows from operating activities 24,888 (79,055) 1,263 (52,904)Cash flows from investing activities - (56,323) 499 (55,824)Cash flows from financing activities (24,916) 148,757 (7,306) 116,535* EBITDA adjusted for fair value adjustment on biological assets and impairment of non-current assetsYear ended 31 December 2021 Fish farming Fish farming Other and(USD 1,000)DenmarkUSeliminations ConsolidatedRevenue from sale of salmon 3,560 13,291 - 16,851 EBITDA (43,461) (71,403) (2,373) (117,237)EBITDA, pre-fair value adjustment on biological assets (45,062) (71,231) (2,373) (118,666)EBITDA, adjusted* (10,308) (71,231) (2,373) (83,912)Pre-tax loss (48,076) (89,528) 4,826 (132,778)Total assets 1,488 298,617 11,635 311,740 Total liabilities 40,045 154,216 (122,077) 72,184 Depreciation and amortization 2,899 12,157 - 15,056 Interest income - 1,388 1,974 3,362 Interest expense 1,716 7,356 (5,225) 3,847 Impairment of non-current assets 34,754 - - 34,754 Insurance proceeds - - - - Capital expenditures 1,908 55,549 - 57,457 Cash flows from operating activities (3,386) (65,113) (2,739) (71,238)Cash flows from investing activities (2,674) (53,850) 1,975 (54,549)Cash flows from financing activities 5,198 112,805 (3,144) 114,859 For the years ended 31 December 2022 and 2021, significantly all the Group\u2019s revenue consisted of the sale of salmon, and the Group\u2019s disaggregation of revenue with customers consisted of the following: (USD 1,000) 2022 2021Revenue from external customers in:United States 18,604 12,716 Canada 350 600 Denmark - 1,168 Other countries - 2,367 Total revenue from external customers 18,954 16,851 For the years ended 31 December 2022 and 2021, the Group\u2019s concentration of revenue consisted of the following:(USD 1,000) 2022 2021Sales per customer:Customer A 7,594 4,735 Customer B 1,948 9 Customer C 1,430 165 Customer D 1,402 778 Customer E 911 90 Other customers 5,669 11,074 Total revenue from external customers 18,954 16,851 NOTE 4Other Operating Expenses and IncomeOther Operating ExpensesFor the years ended 31 December 2022 and 2021, the Group\u2019s other operating expenses consisted of the following:(USD 1,000) Note 2022 2021Selling, general, and administrative 7,230 7,814 Professional fees 7 2,411 4,071 Leases 8 6,217 8,927 Maintenance and supplies 451 3,911 Total other operating expenses 16,309 24,723 Other IncomeFor the years ended 31 December 2022 and 2021, the Group\u2019s other income consisted of the following:(USD 1,000) 2022 2021Other income and gain 583 1,278 Income from insurance settlement 25,322 - Income from land lease - 9 Other expense and loss (133) (1,141)Disposal of non-current assets (230) 5 Total other income, net 25,542 151 The Group incurred USD 1.6m (USD 1.2m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2022 and USD 1.3m in property taxes (USD 0.9m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2021. The amounts are included as part of selling, general, and administrative expenses within the Group\u2019s other operating expenses.In January 2021, ASUS experienced a breakdown in its internal chiller plant causing temporary temperature instability. As aresult, ASUS incurred costs including USD 5.9m and USD 8.1m on temporary chiller leases for the years ended 31 December Insurance Settlement ProceedsOn 15 September 2021, a fire broke out in the Denmark Bluehouse. Substantially all property, plant, and equipment related to itssaltwater ongrowing systems were lost in the fire and an impairment of non-current assets of USD 34.8m was previously recognized. The Group did not recognize an insurance claim receivable as of 31 December 2021 as the probability of the insurance claim was not virtually certain prior to the conclusion of the Danish police\u2019s (Midt- og Vestjyllands Politi) investigation on 1 April 2022 inwhich they announced that the cause of the fire was inconclusive and that there was no evidence of arson in connection with the incident.2022 and 2021, respectively, and USD 2.9m on generator fuel and supplies for the year ended 31 December 2021. No amounts were incurred on generator fuel and supplies for the year ended 31 December 2022 as the equipment was connected to the electrical grid at the beginning of the year.The amounts are included as part of leases and maintenance and supplies, respectively, within the Group\u2019s other operatingexpenses. The Group subsequently incurred approximately USD 1.0m in similar short-term costs as of the date of this report.On 10 May 2022, the Group agreed on a cash settlement of DKK 180.0m (USD 25.3m equivalent upon receipt in June 2022) which is included as part of the Group\u2019s other income. The Group allocated the settlement proceeds towards US operations and construction, and the Group is currently reviewing its strategy for its Danish operations with demolition efforts currently underway subsequently in 2023.NOTE 5 Biological AssetsFair Value Measurement of Biological AssetsUnder the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomass\u201d) are measured at fair value less cost to sell, unless fair value is not readily measured. Biomass comprises of salmon roe and live fish in tanks from fry to adult grow-out. The historical cost of biological assets (\u201cproduction costs\u201d) includes all costs required to raise salmon from roe to harvest. Direct production costs, which include salmon roe and other raw materials such as feed, are allocated fully to production costs. Indirect production costs, which consist of salary andpersonnel costs, depreciation, and other overhead costs, are allocated based on a ratio of actual vs hypothetical feed capacity per fish system that approximates normal capacity under IAS 2. Portions of indirect production costs attributed to underutilized Bluehouse tank capacity are recognized as period cost under cost of materials in the accompanying consolidated statements of operations.Non-Harvestable Fish (Measured at Cost)Fish with a live weight below 1 kg, including salmon roe, areconsidered non-harvestable due to its little biological conversion and are therefore measured at historical cost (IAS 41.24). Fish measured at cost are routinely assessed for impairment losses whenever events or changes in circumstances indicate that the carrying value may not be recoverable.Harvestable Fish (Measured at Fair Value Less Cost to Sell)Fish held in tanks with a live weight over 1 kg are consideredharvestable and is therefore calculated based on an impliedestimated fair value of the fish in a hypothetical market using a future cash flow model that calculates the net present value of the estimated revenue cash flows from harvested biomass based on the available biomass as of the reporting period date as a starting point, less estimated remaining costs to sell until the fish is harvested from a specific batch. The Group utilizes several key assumptions to estimate the fair value of biological assets:\u2022 Estimated revenues: The key element in approximating fair value is the assumed market price expected to be achieved on the future date in which the fish is to be harvested. Our estimated market price is based on a variety of sources including, but not limited to, the Group\u2019s historical sales prices achieved and quoted forward market prices as per the NASDAQ salmon index to improve reliability and comparability of the price estimation. \u2022 Remaining costs to sell: Estimated revenues are reducedby remaining costs to sell (production costs, processing costs, and freight costs) to determine the Group\u2019s gross marginreturned to farm.\u2022 Biological performance: Our estimated market price and remaining cost to sell are based on an overall understanding of the quality of the batch being harvested. Changes in biology, anticipated quality and size, or overall biomass volume mayaffect the market price and remaining costs to sell.\u2022 Time to market: The time to market for live fish is based on a growth table for each generation of fish. The Group considers a live fish weight of 4.5 kg to be the optimal harvest weight with an expected growth period of approximately 20 to 22 months. \u2022 Mortality: Expected mortality rates are used to estimate the expected volume of biomass that will reach optimal harvest weight. On average, an estimated 64% of the number of fish is expected to reach the optimal harvest weight. This considers both natural mortality and culling. \u2022 Discount rate: The discount rate used towards the Group\u2019s net present value calculation is based on the Group\u2019s annualized borrowing rate of SOFR plus 4.0% as of 31 December 2022 (see Note 19 \u2013 Borrowings). The stated interest rate is based on an interest rate grid that allows for a lower interest rate to be implemented in the future, upon reaching certain milestones.The difference between the fair value and the remaining cost to sell is recognized under fair value adjustments in the accompanying consolidated statements of operations to adjust the biomass value on the balance sheet accordingly. As the key assumptions above towards biomass input are not derived from observable markets, biomass valuation is categorized at Level 3 in the fair valuehierarchy under IFRS 13. As of 31 December 2022, all biological assets weighing above 1 kg were classified as Level 3 and there were no transfers to or from Level 1 or Level 2 during the year. Incident-Based MortalityIncident-based mortality is recognized when a Bluehouse system experiences elevated or substantial mortality due to an incident out of expected normal capacity. In such cases, mortality expense is included as part of cost of materials in the accompanyingconsolidated statements of operations, and the fair value associated with the affected biomass is then adjusted under fair value adjustments in the accompanying consolidated statements of operations. As of 31 December 2022 and 2021, the Group\u2019s biological assets consisted of the following: (USD 1,000) 2022 2021Cost of biological assets 26,489 24,688 Fair value adjustments (7,799) (7,893)Total biological assets 18,690 16,795 Cost of biological assets (harvestable fish) 19,505 16,240 Fair value adjustments (7,799) (7,893)Total biological assets of harvestable fish 11,706 8,347 Cost of biological assets (non-harvestable fish) 6,984 8,448 Total biological assets 18,690 16,795 The following represents a reconciliation of changes in the carrying amount of the Group\u2019s consolidated biological assets for the years ended 31 December 2022 and 2021:(USD 1,000) 2022 2021Biological assets at beginning of year 16,795 24,610 Gain (loss) arising from changes in fair value less costs to sell 95 1,429 Increases due to production and purchases 60,407 53,064 Net changes in production depreciation (120) (792)Decreases due to harvest (28,738) (32,657)Decreases due to mortality (13,803) (12,011)Decreases due to underutilized plant capacity (15,929) (16,616)Net exchange rate differences (17) (232)Biological assets at end of year 18,690 16,795 As of 31 December 2022 and 2021, the Group\u2019s physical volumes of biological assets consisted of the followin2022 2021Live weight of biomass (in tons RLW)Non-harvestable fish 581 882 Harvestable fish 1,815 1,691 Total live weight of biomass (in tons RLW) 2,396 2,573 Number of fish (in thousands)Non-harvestable fish 4,623 4,581 Harvestable fish 1,152 488 Total number of fish (in thousands) 5,775 5,069 Volume of fish harvested during the year (tons gutted weight) 2,253 2,374 Sensitivity AnalysisAlthough the Group has acquired expertise in assessing various factors regarding biomass, the estimate of unrealized fairvalue adjustment under IFRS 13 is based on several uncertain assumptions, and the realized profit ultimately achieved upon the sale of inventory may differ from the calculations of fair value accordingly. Such assumptions include biomass volume andgrowth rate, biomass quality and size distribution, production costs, fish mortality, and market price.Biomass Volume and Growth Rate:Biomass volume and growth rate is estimated from the changes between known tank density prior to the release of fish in tanks and the current tank density with live fish. The difference in densities is then used to estimate growth between any given period, which gives little uncertainty with respect to biomass volume and growth rate.Biomass Quality and Size Distribution:Biomass quality prior to harvest is estimated based on periodic samples obtained throughout the life of a given batch. However, the actual biomass quality for the entire batch population is difficult to assess prior to harvest and some degree of variation of quality is expected. Fair value is first assessed as superior quality fish and the estimated price per kg is reduced on downgraded ordinary and production grade fish based on standard rates from industry benchmarks. Biomass size distribution prior to harvest is estimated from counting and grading systems prior to harvest. Although some degree of variation is expected, actual fish size is not expected to deviate substantially from the average distribution for the overall batch and therefore, the Group\u2019s estimated value of biomass with this respect.Incident-Based MortalityOn 23 March 2021, ASUS experienced an incident in one of its grow-out systems in the Miami Bluehouse that resulted in approximately 500 tons (HOG) of fish lost with an average weight of approximately 1kg, equivalent of around 5% of annualizedUS Phase 1 harvest volumes. Other independent systems in the Miami Bluehouse were unaffected. The value of the biomassrepresented by the affected fish was USD 4.6m and the Group received approximately USD 1.6m (EUR 1.5m) in biomass insurance proceeds subsequently on 12 April 2023. Prior to this incident, ASUS had identified a center drain design issue with all US Phase 1 grow-out systems. Although work had commenced to rectify the issue prior to this incident, the affected system had not yet been modified. Today, among other risk-mitigating initiatives, ASUS split all its six independent US Phase 1 grow-out systems into twelve.On 9 July 2021, ASDK experienced an incident in one of its grow-out systems in the Denmark Bluehouse that resulted in a loss of approximately 500 tons (HOG). On 15 September 2021, a fire broke out in the Denmark Bluehouse. All employees were reported safe without injuries. Approximately 170 tons of standing biomass in the Danish facility\u2019s ongrowing systems with a book value of USD 0.8m were lost. See Note 4 \u2013 Other Operating Expenses and Income for further details regarding insurance proceeds.During the year ended 31 December 2022, ASUS experienced above normal and increasing mortality in certain systems, notably from September 2022 through December 2022. In turn, fish from these systems were harvested earlier and at a lower average weight of approximately 2kg HOG than originally planned. A thorough investigation and audit of our systems was set in place and no sign of diseases or any issues with any production inputs were identified. ASUS attributed the elevated mortality levels primarily to sedimentation and anoxic areas inside the RAS systems.Accordingly, an action plan was executed to reset and upgrade all biofilters, to enact organizational changes, protocol improvements, and upgrades to equipment and automation. Additionally, over 100 new camera inspection points were installed in the RAS systems to enable us to monitor new areas through visible inspection that were not previously available due to the design of the systems and to minimize the potential risk of sludge sedimentation.Production Costs:Estimated future production costs are based on the Group\u2019s prognoses taking into consideration factors such as uncertainty with feed prices or other biomass cost developments. Changes in the Group\u2019s estimation towards production costs would influence the value of biomass and is recognized accordingly as part of the fair value adjustments in the accompanying consolidated statements of operations.Fish Mortality:Mortality under normal capacity is expected and directly affects the fair value estimates as it ultimately results in a reduction in harvestable biomass volumes. Further, overall production costs for a given batch includes the cost of fish that will perish under expected mortality.Market Price:The key element in the fair value model of biological assets is the estimated forward market price that is expected to be received in the future when the fish is harvested. The estimated market price in each market is normally derived from the Group\u2019s latest price achievement and overall understanding of the quality of the batch being harvested. An increase in anticipated forward market prices would increase the fair value of the biological assets and vice versa. A change in production costs will generally have lesser impact on the estimated fair value calculation that a similar change in anticipated forward market prices.The fair value of the Group\u2019s biological assets was calculated based on different parameters.As of 31 December 2022 and 2021, the estimated effect on the book value of biological assets was as follows:(USD 1,000) Note 2022 2021Change in biomass size 2% 542 217 Change in forward price 2% 636 272 Change in discount rate 2% (175) (48)NOTE 6Salary and Personnel CostsDuring the ordinary course of business, the Group capitalizes portions of total salary and personnel costs towards biological assets and assets under construction.For the years ended 31 December 2022 and 2021, the Group\u2019s salary and personnel costs consisted of the following:(USD 1,000) 2022 2021Salaries, including holiday pay and bonuses 17,100 17,702 Payroll taxes 1,119 1,155 Pension costs 346 488 Share-based compensation benefits 576 1,559 Temporary labor 893 2,416 Other payroll costs and benefits 278 716 Total salary and personnel costs 20,312 24,036 Less: production labor capitalized towards biological assets (10,083) (10,455)Less: construction labor capitalized towards assets under construction (1,632) (1,275)Less: processing labor towards cost of materials (2,303) (1,722)Total salary and personnel costs 6,294 10,584 For the years ended 31 December 2022 and 2021, the Group employed 177 and 166 full-time employees, respectively.For the years ended 31 December 2022 and 2021, total compensation to the Group\u2019s Board of Directors consisted of the following: (USD 1,000) 2022 2021Johan E. Andreassen, Chairman of the Board and CEO - - Patrice Flanagan, Director 64 68 Alexander Reus, Director (3) 68 82 Andr\u00e9 Skarb\u00f8, Director 64 68 Tone Bj\u00f8rnov, Director 89 68 Runar Vatne, Director (1) 34 72 Kenneth Andersen, Director (2) 34 - Ellen Marie S\u00e6tre, Director 74 68 Total Board of Directors 427 426 (1) Stepped down as director 3 August 2022(2) Elected as new director 3 August 2022(3) Stepped down as director 5 December 2022For the years ended 31 December 2022 and 2021, the Group\u2019s remuneration to executive management consisted of the following:Executive managementPensionOtherShare-based(USD 1,000) Salary Bonuscontributionbenefits TotalcompensationYear ended 31 December 2022Johan E. Andreassen, CEO 500 - 12 - 512 - Jon-Birger L\u00f8vik, COO (Stepped in on 7 March 2022) 308 - 7 - 315 - Svein Taklo, CDIO 290 - 12 - 302 - Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director 255 - 10 - 265 - Alejandro Castro, CBO 255 - 10 - 265 - Danielle Villoch, CLO (Stepped down on 19 June 2022) 127 - 5 - 132 - Total remuneration to executive management 1,735 - 56 - 1,791 - Year ended 31 December 2021Johan E. Andreassen, CEO 502 - 12 - 514 591 Dharma Rajeswaran, COO (Stepped down on 16 August 2021) 176 - 11 110 297 - Svein Taklo, CDIO 286 - 11 - 297 - Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director 238 - 8 - 246 - Alejandro Castro, CBO 238 - 9 - 247 - Cristina Espejo, CPO (Stepped down on 11 August 2021) 157 - 10 90 257 - Danielle Villoch, CLO 251 - 10 - 261 - Total remuneration to executive management 1,848 - 71 200 2,119 591 Total remuneration to executive management is included aspart of total salary and personnel costs in the accompanying consolidated statements of operations.A bonus scheme is in place for executive management based on the Group\u2019s revenue, operating profits, and commensurate performance. The Group\u2019s remuneration to executive management consists of the Group\u2019s ordinary pension schemes (see Note20 \u2013 Pensions) and no additional pension scheme for executive management is in place. There are severance clauses in each respective executive officer\u2019s employment agreements withvarying terms based on termination for cause or not-for-cause. For the year ended 31 December 2021, USD 110k was paid to Dharma Rajeswaran, who stepped down as the Group\u2019s COO on 16 August 2021, and USD 90k was paid to Cristina Espejo, who stepped down as the Group\u2019s CPO on 11 August 2021. For the year ended 31 December 2022, an additional USD 177k was paid to Dharma Rajeswaran and an additional USD 164k was paid to Cristina Espejo.Board of Directors\u2019 Statement on Remuneration of Executive Management The Group\u2019s Board of Directors determines the principlesapplicable to the Group\u2019s policy for compensation of executive management and, as a separate document from this AnnualReport, presented its statement on such principles for the 2022 financial year during the Group\u2019s Annual General Meeting (\u201cAGM\u201d) in accordance with Section 6-16a of the Norwegian Public Limited Liability Companies Act.Pursuant to Section 5-6 (3) of the Norwegian Public Limited Companies Act, the Group\u2019s AGM held a consultative vote over this statement. However, the guidelines related to share-based executive\u2019s respective roles and responsibilities within the Group, as well as such person\u2019s experience as it relates to his or her position. Over time, Atlantic Sapphire expects the base salaries of executive management to be at or around the market median for comparable positions in the industry and in the US.The Group may pay above or below the market median for certain individuals for a variety of reasons, including, but not limited to, knowledge and skill, scarcity of qualified candidates, individual capabilities and contributions, time in the industry and organization, importance of the role to the Group overall and potential for future growth.Variable CompensationThe Group offers a short-term annual cash incentive program plan designed to drive desired performance and business results throughout the Group. This program is based on predetermined goals and key performance indicators for each fiscal year with corresponding compensation awards determined at a \u201cminimum\u201d, \u201ctarget\u201d, or a \u201cmaximum\u201d level. The program for 2022 was comprised of the following three performance areas: US construction costs, biomass growth, and EBITDA. This program has a maximum payout for any senior executive at 12% of such an individual\u2019s annual base salary. No amounts were paid out in 2022.Long-Term Incentive ProgramThe key objectives of Atlantic Sapphire\u2019s long-term incentive(\u201cLTI\u201d) program are to align the interests of executive management, employees and shareholders and provide the Group\u2019s employees an opportunity to share in the value creation and long-termdevelopment of the Group.The Group has a share option scheme that was approved by the Group\u2019s Annual General Meeting in 2022, which authorized up to 2,000,000 shares. In 2022, no new share options were granted to employees under the share option scheme, and no options were incentive schemes (see \u201cLong-Term Incentive Program\u201d below) was voted on and binding for the Group\u2019s Board of Directors (cf. Section 5-6 (3) of the Norwegian Public Limited Companies Act).The following principles guide the determination of compensation and other incentive awards regarding the remuneration of the Group\u2019s executive management. The Group\u2019s remuneration policy seeks to promote growth, reward performance, and motivate executive management to maximize the creation of sustainable, long-term shareholder value.Guidelines for Executive Management CompensationAtlantic Sapphire\u2019s long-term goal is to transform the salmon farming industry and become a global leader in sustainable, high-quality protein production through innovation and the responsible implementation of land-based aquaculture technology. Executive management plays a critical role in achieving this goal.The principles supporting the Group\u2019s remuneration policy are as follows:\u2022 Offer executive compensation that is competitive, both on industry and national (US) levels, to attract and retain top managerial talent.\u2022 Emphasize a collaborative culture and a lean organizational structure.\u2022 Provide incentives that foster the creation of sustainable, long term shareholder value.\u2022 Ensure that the Group\u2019s executive management is aligned with key organizational goals.Fixed CompensationFixed compensation comes in the form of base salaries paid to executive management and are intended to attract and retain talented individuals. It is set to reflect market standards, each granted as part of the Group\u2019s annual long-term incentive program.Individual LTI grants will be determined based on the Group\u2019s performance, comparable market practices and performance. At this time, the LTI grants provided by the Group include the following: 1) Share options granted at the five-day trading average as of the date of grant, and 2) Performance-based share options granted at a strike price of 30% above the five-day trading average as of the date of grant. All share options referenced above and granted under the LTI program are subject to a four-year vesting period and certain other requirements.Retirement BenefitsThe Group has a 401(k) plan, which is open to all employees after the first three months of employment. The Group will make a matching contribution on each employee\u2019s behalf equal to (1) 100% of such employee\u2019s contribution up to 3% of such employee\u2019s base salary, plus (2) 50% of the amount of such employee\u2019s contribution that exceeds 3% of base salary, up to 5% of the employee\u2019s base salary, for the calendar year. The 401(k) plan has no vesting requirements.Severance PayThe Group has individual employment agreements with executive management, which also provide for certain terms and conditions with respect to notice periods and severance pay should the Group terminate or request the resignation of the executive.Benefits in KindIn addition to fixed and variable compensation, members ofexecutive management are provided with other benefits, such as a mobile phone, laptop, and a transportation reimbursement. Executive management also receive health, vision, and dental insurance, as well as short-term and long-term disability and life insurance. Other than health insurance, the total value of these benefits are de minimis and account only for a limited portion of each executive\u2019s total remuneration package.NOTE 7Auditor\u2019s FeesFor the years ended 31 December 2022 and 2021, remuneration to the Group\u2019s auditors, excluding VAT, consisted of the following:(USD 1,000) 2022 2021Statutory auditing services 380 343 Tax advisory services - - Other services - - Total auditor's fees 380 343 Total amounts towards auditor\u2019s fees are included as part of professional fees in other operating expenses (see Note 4 \u2013 Other Operating Expenses and Income).NOTE 8LeasesThe Group leases certain land, offices, vehicles, and equipment under various lease agreements with lessors under IFRS 16,Leases, in which the Group establishes a right-of-use asset and lease liability for material leases. The Group\u2019s leases do not contain variable lease payment terms. For the years ended 31 December 2022 and 2021, total rent expense recognized under the short-term exemption under IFRS 16 consisted of USD 6.2m and USD 8.9m, respectively, and is included as part of leases in other operating expenses (see Note 4 \u2013 Other Operating Expenses and Income).For the years ended 31 December 2022 and 2021, the reconciliation of the Group\u2019s right-of-use asset and liability consisted of the following:Year ended 31 December 2022Right-of-use Lease (USD 1,000)assetliabilityCarrying amount, opening balance 2,604 3,166 New contracts 2,361 2,361 Amortization (333) - Lease payments - (262)Termination of agreements (2,095) (2,584)Currency effects (25) (47)Carrying amount, closing balance 2,512 2,634 In January 2021, ASUS experienced a breakdown in its internal chiller plant causing temporary temperature instability. As aresult, ASUS incurred costs including USD 5.9m and USD 8.1m on temporary chiller leases for the years ended 31 December 2022 and 2021, respectively. The amounts exclude any future insurance or claim proceeds and are included as part of leases in other operating expenses.Year ended 31 December 2021Right-of-use Lease (USD 1,000)assetliabilityCarrying amount, opening balance 3,337 3,573 Amortization (450) - Lease payments - (349)Termination of agreements (242) - Currency effects (41) (58)Carrying amount, closing balance 2,604 3,166 For the years ended 31 December 2022 and 2021, amortization of the Group\u2019s right-of-use assets was USD 0.3m and USD0.4m, respectively, and is included as part of depreciation and amortization in the accompanying consolidated statements of operations. Lease liability interest expense for the years ended 31 December 2022 and 2021 was USD 0.2m, and is included as part of finance expense in the accompanying consolidated statements of operations.Land LeaseThe Denmark Bluehouse was built upon land that is still currently leased under an agreement with a third party. The lease commenced on 1 April 2018 and expires on 31 October 2037.Office LeasesASUS held lease arrangements of corporate premises (\u201cSuite2400\u201d) in Miami, Florida and had previously recognized a right-of-use asset and related lease liability with a commencement date of 23 September 2020. On 3 March 2022, ASUS terminated its Suite 2400 office lease of corporate premises in Miami, Florida ahead of the original lease term. In connection with the early lease termination, ASUS agreed to pay approximately USD 0.3m, which consisted of USD 0.1m in the equivalent of three-monthly rent installments and USD 0.2m in commissions and other administrative costs. Such amounts were included as part of leases within the Group\u2019s other operating expenses and the remaining right of use asset and lease liability associated with the Suite 2400 office lease were written off accordingly.For the years ended 31 December 2022 and 2021, total office lease expense was USD 0.1m and USD 0.2m, respectively, and the amounts are included as part of leases in other operating expenses.Vehicle LeasesDuring the ordinary course of business, the Group leases certain vehicles under lease agreements with third parties to facilitate operations. ASDK holds a forklift lease through a right-of-use asset and the related lease liability. All other vehicle rent is included as part of other operating expenses in the accompanying consolidated statements of operations as the Group considers the overall potential right-of-use assets and lease liabilities associated with vehicles to have a marginal effect on the consolidated financial statements as a whole.Equipment LeasesDuring the ordinary course of business, the Group leases certain equipment under lease agreements with third parties to facilitate operations. ASDK held a lease for its automated feed system through a right-of-use asset and the related lease liability. As a result of the September 2021 Denmark fire, an impairment was recognized over the right-of-use asset and the related lease liability was settled subsequently in 2022. In 2022, ASUS entered into lease agreements of processing equipment in Miami, Florida under Meridian Leasing. Subject to the provisions of the lease agreements, two separate components were identified: a fileting line and a packing line with total minimum lease contract payments of approximately USD 2.5m and USD 0.3m, respectively. In accordance with IFRS 16, ASUS recognized the present value of the allocated minimum lease payments towards the filleting line and packing line components as a right-of-use asset and the related lease liability in June and December 2022, respectively. The fileting line and packing line lease terms commenced on 1 July 2022 and 1 January 2023, respectively, and both respective components are payable in 60 monthly installments based on an annual interest rate of Prime Lending Rate plus 4.5%.Future Lease PaymentsAs of 31 December 2022 and 2021, the Group\u2019s future lease payments under non-cancellable leases consisted of the following: (USD 1,000) Land Office Vehicles Equipment TotalAs of 31 December 2022Less than one year 35 - 10 571 616 Between one and five years 160 - 10 2,032 2,202 More than five years 584 - - - 584 Total future lease payments 779 - 20 2,603 3,402 As of 31 December 2021Less than one year 36 432 19 277 764 Between one and five years 168 1,862 32 - 2,062 More than five years 694 501 - - 1,195 Total future lease payments 898 2,795 51 277 4,021 Excluding temporary chiller leases, all other equipment rent is included as part of other operating expenses in the accompanying consolidated statements of operations as the Group considers the overall potential right-of-use assets and lease liabilities associated with equipment to have a marginal effect on the consolidated financial statements as a whole. For the years ended 31 December 2022 and 2021, total equipment lease expense was USD 21k and USD 0.3m, respectively, and the amounts are included as part of leases in other operating expenses.As of 31 December 2021, the total amount of USD 2.8m in future office lease payments was related to the Suite 2400 lease under ASUS that was subsequently terminated in 2022.NOTE 9Property, Plant, and EquipmentAs of 31 December 2022 and 2021, the Group\u2019s property, plant, and equipment, net consisted of the following:Production, Equipment plant, and and other Assets under (USD 1,000) Land Buildingsmachinerymovables Softwareconstruction TotalAt 1 January 2022Cost 8,714 154,833 96,616 1,364 782 66,007 328,316 Less: accumulated depreciation, amortization, and impairment - (24,905) (37,414) (888) (287) (373) (63,867)Opening net book amount 8,714 129,928 59,202 476 495 65,634 264,449 Year ended 31 December 2022Opening net book amount 8,714 129,928 59,202 476 495 65,634 264,449 Additions - - - 12 (17) 52,454 52,449 Reclassifications - 2,697 14,442 2,267 - (19,406) - Depreciation and amortization charge - (4,659) (8,498) (390) (217) - (13,764)Net exchange rate differences - (11) (1) - - - (12)Closing net book amount 8,714 127,955 65,145 2,365 261 98,682 303,122 At 31 December 2022Cost 8,714 157,519 111,057 3,643 765 99,055 380,753 Less: accumulated depreciation, amortization, and impairment - (29,564) (45,912) (1,278) (504) (373) (77,631)Closing net book amount 8,714 127,955 65,145 2,365 261 98,682 303,122 Production, Equipment plant, and and other Assets under (USD 1,000)Land Buildingsmachinerymovables Softwareconstruction TotalAt 1 January 2021Cost 8,714 134,641 84,323 1,379 561 42,810 272,428 Less: accumulated depreciation, amortization, and impairment - (4,983) (9,738) (565) (62) - (15,348)Opening net book amount 8,714 129,658 74,585 814 499 42,810 257,080 Year ended 31 December 2021Opening net book amount 8,714 129,658 74,585 814 499 42,810 257,080 Additions - - - 48 221 57,188 57,457 Reclassifications - 20,602 12,685 25 - (33,312) - Disposals - - - (21) - - (21)Depreciation and amortization charge - (5,184) (8,215) (201) (225) - (13,825)Impairment loss - (14,738) (19,461) (182) - (373) (34,754)Net exchange rate differences - (410) (392) (7) - (679) (1,488)Closing net book amount 8,714 129,928 59,202 476 495 65,634 264,449 At 31 December 2021Cost 8,714 154,833 96,616 1,364 782 66,007 328,316 Less: accumulated depreciation, amortization, and impairment - (24,905) (37,414) (888) (287) (373) (63,867)Closing net book amount 8,714 129,928 59,202 476 495 65,634 264,449 Economic life(Non-depreciable) 15-25 years 10-15 years 3-7 years 3 Years (Not in service)Depreciation plan(Non-depreciable) 20 Years 15 Years 5 Years 3 Years (Not in service)Depreciation and Amortization ExpenseFor the years ended 31 December 2022 and 2021, the Group\u2019s depreciation and amortization consisted of the following:(USD 1,000) 2022 2021Fixed asset depreciation and amortization 13,764 13,825 Right of use depreciation 333 439 Changes in biomass 120 792 Total depreciation and amortization 14,217 15,056 Overall Input descriptionNPVEBITDA would need to decrease by: 15.36%Harvest volumes would need to decrease by: 20.51%The discount rate would need to increase from: 10.0% to 12.2%Gross depreciation attributed to the US Phase 1 Bluehouseis capitalized to biological assets during production andsubsequently expensed as period cost upon the harvest of live fish out of the Bluehouse. As such, the total depreciation and amortization expense presented on the Group\u2019s accompanying consolidated statements of operations includes the net effect of biomass depreciation from production and harvest.Debt Secured by BorrowingsSubstantially all the Group\u2019s property, plant, and equipment are secured by its borrowings (see Note 19 \u2013 Borrowings).Contractual CommitmentsThe Group has built, or is in the process of building, Bluehouse facilities in Homestead, Florida, US. As of 31 December 2022 and 2021, significant capital expenditures contracted for at the end of the reporting periods, but not recognized as liabilities, were related to US Phase 2 construction based on signed bid packages. Such amounts are based on projected billings on The Group believes it has made reasonable judgments andestimates with respect to the underlying significant assumptions above. Should there be a change in such assumptions, whichinfluences the projected cash flows, it may result in a need to recognize a potential impairment in future periods.Atlantic Sapphire Denmark A/SOn 15 September 2021, a fire broke out in the Denmark Bluehouse. Substantially all property, plant, and equipment related to itssaltwater ongrowing systems were lost in the fire and an impairment of non-current assets of USD 34.8m was recognized. The Danish facility was insured against fire for the full book value of thefacility of approximately USD 33m. Although the Group believed work completed based on the speed of construction determined solely at the Group\u2019s discretion. The Group expects to incur only demobilization costs should the scope of work not be completed.Impairment of Non-Current AssetsAtlantic Sapphire USA LLCFor the year ended 31 December 2022, certain indicators existed that led us to test for impairment under IAS 36. Such factors included market value declines in ASA\u2019s share price from 2021 to 2022, accumulated losses from prior years, higher-than-normal mortality levels and production challenges in Q4 2022, and external market factors that caused inflationary pressure and increased interest rates. Our impairment test consisted of a discounted cash flow analysis based on forecasts for the next 5 years, with a terminal value thereafter, based on following underlying significant assumptions, which are subject to various risks and uncertainties:that the insurance claim was probable as of 31 December 2021, the Group was not virtually certain of the insurance claim prior to the subsequent conclusion of the police report on 1 April2022 indicating that there was no evidence of arson. As such, the Group did not recognize an insurance claim receivable as of 31 December 2021. On 10 May 2022, the Group agreed on a cash settlement of DKK 180.0m (USD 25.3m equivalent upon receipt in June 2022) which is included as part of the Group\u2019s other income (see Note 4 \u2013 Other Operating Expenses and Income).\u2022 Achievement of steady state operations and consistent harvest volumes.\u2022 Capital expenditures, including the completion and commis-sioning of Phase 2 construction.\u2022 EBITDA / margins.\u2022 Discount rate.As of 31 December 2022, the recoverable amount substantially exceeded the carrying amount of the cash generating unit (the \u201cCGU\u201d) based on projected cash flows for US Phase 1 and US Phase 2.The projected discounted cash flows were subjected to different scenario analyses. Inputs included changes in EBITDA, harvest volumes, and changes in the discount rate. For the recoverable amount to equal the total carrying amount and reduce theestimated headroom to zero, holding all other inputs constant:NOTE 10Finance Income and ExpenseFor the years ended 31 December 2022 and 2021, finance income and expense, net consisted of the following:(USD 1,000) 2022 2021Interest income 618 19 Interest expense (4,005) (2,626)Finance and commitment fees (3,649) (1,221)Other finance income 202 1,156 Currency exchange effects 4,087 2,187 Total finance expense, net (2,747) (485)In accordance with IFRS 9, Financial Instruments, debt modification costs are considered towards presenting borrowings at amortised cost using the effective interest rate method and amortizedover the life of borrowings as part of finance and commitment fees as part of total finance expense, net in the accompanying consolidated statements of operations. During the year ended 31 December 2022, ASUS incurred USD 1.9m in debt modification costs in connection to the amended 2020 Credit Facility. Of the USD 1.9m in debt modification costs, USD 1.6m was expensed upon modification, while USD 0.3m was recognized against borrowings as part of effective interest.As of 31 December 2020, Phase 1 construction of the Miami Bluehouse was significantly completed and no proceeds from borrowings were obtained in 2021 or 2022 towards construction. As such, borrowing costs were no longer capitalized under IAS 23, Borrowing Costs, and expensed as period cost as interest expense during the years ended 31 December 2022 and 2021.For the year ended 31 December 2022, other finance income consisted of USD 0.2m in a patronage refund in connection with the amended 2020 Credit Facility. For the year ended 31 December 2021, other finance income consisted of USD 1.2m in complete forgiveness of outstanding principal on the PPP Loan (see Note 19 \u2013 Borrowings).NOTE 11TaxesFor the years ended 31 December 2022 and 2021, the Group\u2019s income tax expense consisted of the following:(USD 1,000) 2022 2021Income tax expenseCurrent tax - - Deferred tax - - Income tax expense (benefit) - - Current tax on profits for the year - - Current tax - - Deferred tax due to changes in temporary differences (15,975) (31,526)Effect of change in tax rate 1,968 - Tax losses for which no deferred tax asset is recognized 14,007 31,526 Deferred tax - - Effective tax rate 0.00% 0.00%For the years ended 31 December 2022 and 2021, the reconciliation of the Group\u2019s tax expense with the Norwegian tax rate consisted of the following: (USD 1,000) 2022 2021Reconciliation of tax benefit with the nominal tax rate(Loss) profit before tax (65,006) (132,778)Nominal tax rate 22.00% 22.00%Expected tax benefit using nominal tax rate (14,301) (29,211)Non-deductible expenses (income) (855) (708)Effect from different tax rate in other countries (1,973) (2,995)Tax losses for which no deferred tax asset is recognized 17,003 32,571 Non-deductible share-based payment expenses 126 343 Income tax - -Changes in Tax RateThe nominal tax rate in Norway remained at 22% in 2022 and 2021.As of 31 December 2022 and 2021, the Group\u2019s deferred tax balances consisted of the following:(USD 1,000) 2022 2021Deferred tax balancesThe balance comprises temporary differences attributable to:Deferred tax assets:Tax losses 84,114 46,996 Property, plant, and equipment 1,788 8,590 Lease liability 526 - Other 2,021 2,697 Set-off tax (16,779) (621)Net deferred tax assets after set-off 71,670 57,662 Unrecognized deferred tax assets (71,670) (57,662)Net deferred tax assets - - Deferred tax liabilities:Property, plant, and equipment 16,262 58 Right of use asset 517 554 Other - 9 Set-off tax (16,779) (621)Net deferred tax liabilities - - As of 31 December 2022 and 2021, the Group\u2019s carry forward of tax losses consisted of the following:(USD 1,000) 2022 2021Tax losses carried forwardExpires (2033 and forward) 4,320 4,320 Never expires 353,687 189,921 Total tax losses carried forward 358,007 194,241 Tax losses for which deferred tax asset is recognized - - Tax losses for which no deferred tax asset is recognized 358,007 194,241 Potential tax benefit 84,114 46,996 As of 31 December 2022, the Group had an estimated USD 358.0m of carry forward of tax losses attributed to Norway (USD 10.1m), Denmark (USD 40.9m), and US (USD 307.0m).* The options that would result in issue of 12,677 ordinary shares in 2021 (no ordinary shares in 2022) are not included in the calculation of diluted earnings per share because they are anti-dilutive and would decrease loss per share.NOTE 12Earnings per ShareBasic earnings per share calculations are based on the weighted average number of common shares outstanding during the period, while diluted earnings per share calculations are performed using the average number of common shares and dilutive common shares equivalents outstanding during each period.Options are dilutive when they result in the issue of ordinary shares for less than the average market price of ordinary shares during the period. The difference between the number of ordinary shares issued and the number of ordinary shares that would have been issued at the average market price in the period is treated as an issue of ordinary shares for no consideration.Under IAS 33, the calculation of earnings per share for theyears ended 31 December 2022 and 2021 were presentedretrospectively and adjusted as the private placements in 2022 and 2023 represented shares issued below the market rate prior to the respective transactions. Following the 29 June 2022 private placement, the number of shares for 2021 and the first half of 2022 were adjusted with a factor of 1.03, while a factor of 1.11 was used for both 2021 and 2022 following the subsequent 16 March 2023 private placement.For the years ended 31 December 2022 and 2021, the Group\u2019s earnings per share consisted of the following:2022 2021Loss attributable to the ordinary equity holders of the Group (65,006,000) (132,778,000)Loss for calculation of diluted earnings per share (65,006,000) (132,778,000)Weighted average number of shares outstanding 123,298,000 86,729,384 Options* - - Weighted average number of ordinary shares and potential ordinary shares 123,298,000 86,729,384 Basic earnings per share (USD per share) (0.53) (1.53)Diluted earnings per share (USD per share) (0.53) (1.53)Retrospectively adjusted weighted average number of shares outstanding 138,558,737 99,371,798Options* - - Retrospectively adjusted weighted average number of ordinary shares and potential ordinary shares138,558,737 99,371,798Retrospectively adjusted basic earnings per share (USD per share) (0.47) (1.34)Retrospectively adjusted diluted earnings per share (USD per share) (0.47) (1.34)NOTE 13Financial InstrumentsAs of 31 December 2022 and 2021, the Group\u2019s financial instruments consisted of the following:Financial assetsAmortized Fair value (USD 1,000)costthrough OCI TotalAs of 31 December 2022Trade and other receivables 3,190 - 3,190 Cash 23,683 - 23,683 Restricted cash 420 - 420 Other investments - 6 6 Total financial assets 27,293 6 27,299 As of 31 December 2021Trade and other receivables 1,475 - 1,475 Cash 17,012 - 17,012 Restricted cash 468 - 468 Other investments - 6 6 Total financial assets 18,955 6 18,961 Financial liabilitiesAmortized Fair value (USD 1,000)costthrough OCI TotalAs of 31 December 2022Trade and other payables 11,698 - 11,698Borrowings 46,837 - 46,837Total financial liabilities 58,535 - 58,535As of 31 December 2021Trade and other payables 19,018 - 19,018 Borrowings 50,000 - 50,000 Total financial liabilities 69,018 - 69,018 Cash and restricted cash(USD 1,000) 2022 2021A+ or better 24,103 17,480NOTE 14Trade and Other ReceivablesAs of 31 December 2022 and 2021, the Group\u2019s trade and other receivables consisted of the following:(USD 1,000) 2022 2021Trade receivables 1,847 1,403 Other current receivables - 46 Other non-current receivables 1,343 26 Total trade and other receivables, net 3,190 1,475 As of 31 December 2022 and 2021, the Group\u2019s trade and other receivables, specified by currencies, consisted of the following:(USD 1,000) 2022 2021USD 3,190 1,253 DKK - 148 EUR - 48 NOK - 26 Total trade and other receivables 3,190 1,475 As of 31 December 2022 and 2021, the Group\u2019s trade and other receivables were due within one year and considered fullycollectible. Accordingly, the fair value of the Group\u2019s trade and other receivables was equal to nominal value, no material bad debt was recognized for the years then ended, and management did not consider a provision for uncollectible accounts necessary.Receivables denominated in foreign currencies are valued at the daily rate. Due to the short-term nature of current receivables, their carrying amount is considered equal to their fair value.NOTE 15InventoriesAs of 31 December 2022 and 2021, the Group\u2019s inventories consisted of the following:(USD 1,000) 2022 2021Raw materials 1,562 742 Spare parts inventory 2,107 1,472 Finished goods inventory 699 4,376 Total inventories 4,368 6,590 NOTE 16Cash and Restricted CashAs of 31 December 2022 and 2021, the Group\u2019s cash and restricted cash consisted of the following:(USD 1,000) 2022 2021Cash 23,683 17,012 Restricted cash (short-term) 420 468 Total cash and restricted cash 24,103 17,480 Of the Group\u2019s short-term restricted cash, USD 0.4m was obtained in connection with agency bonding requirements for water well permits in Florida.The Group\u2019s inventory consists primarily of raw materials, spare parts, and finished products. Raw materials comprise mainly of feed for smolt and marine-phase fish production, and packaging materials used towards processing. Spare parts comprise ofconsumables to be used at a future date through operations. Finished goods inventory comprise of all salmon products ready for sale which include fresh head-on-gutted salmon, processed salmon products, and frozen salmon products.For the year ended 31 December 2022 and 2021, the Group recognized a USD 2.3m and USD 1.2m write-off of its frozen finished goods inventory, respectively, attributed to excess costs above the expected selling price minus future costs to sell.NOTE 17Share Capital and ShareholdersAtlantic Sapphire ASA has one class of shares that confer the same rights in the Group. As of 31 December 2022 and 2021, the Group\u2019s share capital consisted of the following:2022 2021Total number of shares as of 1 January 91,048,551 80,663,551Shares issued during the year 62,217,858 10,385,000Total number of shares as of 31 December 153,266,409 91,048,551Nominal value as of 31 December (NOK) 0.10 0.10Share capital (total number of shares at nominal value) (NOK 1,000) 15,327 9,105Share capital (total number of shares at nominal value) (USD 1,000) 1,677 1,051On 3 June 2021, the Group raised approximately NOK 1,016m (USD 121m) in gross proceeds through a private placement of 10,300,000 new shares, at a price per share of NOK 98.60, which was approximately equal to the last closing price on 2 June 2021. Net proceeds from the transaction were NOK 985m (USD 119m).For the year ended 31 December 2021, 85,000 shares were issued related to the Group\u2019s employee share option program, bringing the total shares outstanding to 91,048,551, each with par value of NOK 0.10.capital increased by NOK 1.8m through issuance of 18,000,000 new shares, each with a par value of NOK 0.10. Net proceeds from Tranche 1 were NOK 356.6m (USD 36.1m).On 21 July 2022, the share capital increase from the first sub-tranche of Tranche 2 was registered with the NRBE and share capital increased by NOK 3.1m through issuance of 31,047,666 new shares, each with a par value of NOK 0.10. Net proceeds from the first sub-tranche of Tranche 2 were NOK 615.2m (USD 61.8m). On 27 July 2022, the share capital increase from the second sub-tranche of Tranche 2 was registered with the NRBE and share capital increased by NOK 1.1m through issuance of 11,013,310 new shares, each with a par value of NOK 0.10. Net proceeds from the second sub tranche of Tranche 2 were NOK 218.4m (USD 22.1m).On 10 August 2022, the Group approved and published aprospectus (the \u201c2022 Prospectus\u201d), and on 11 August 2022, commenced the subscription period in the subsequent offering (the \u201cSubsequent Offering\u201d) of up to 9,000,000 new shares (the \u201cOffer Shares\u201d), each at a subscription price per share of NOK 20.50. By the end of the subscription period on 24 August 2022, the Group received valid subscriptions for a total of 2,156,882 Offer Shares and these were allocated by the Board of Directors in accordance with the allocation criteria set out in the 2022 Prospectus. The Subsequent Offering raised gross proceeds of approximately NOK 44.0m (approximately USD 4.5m). Accordingly, the Board of Directors resolved to increase the Group\u2019s share On 29 June 2022, the Group raised NOK 1,231m (approximately USD 125m) in gross proceeds through a private placement of 60,060,976 new shares, at a price per share of NOK 20.50. The private placement was divided in two tranches in which the first tranche (\u201cTranche 1\u201d) consisted of 18,000,000 new shares and the second tranche (\u201cTranche 2\u201d) consisted of 42,060,976 new shares. Tranche 1 of 18,000,000 new shares was issued pursuant to Board authorization granted by the 2022 AGM. On 30 June 2022, the share capital increase from Tranche 1 was registered with the Norwegian Register of Business Enterprises (\u201cNRBE\u201d) and share capital with NOK 215,688.20 through the issuance of 2,156,882 Offer Shares, each with a par value of NOK 0.10.For the year ended 31 December 2022, no shares were issued related to the Group\u2019s employee share option program, and as of 31 December 2022, the Group had 153,266,409 total shares outstanding, each with par value of NOK 0.10.Equity Transaction CostsFor the years ended 31 December 2022 and 2021, total equity transaction costs arising on share issues amounted to USD 4.6m and USD 3.5m, respectively. Such amounts are net against the Group\u2019s share premium balance in the accompanying consolidated statements of financial position.As of 31 December 2022 and 2021, the Group\u2019s total number of shares issued and outstanding consisted of the following:2022 2021Number 2022Number of 2021Shareholderof shares% of sharesshares% of sharesUBS AG 11,154,568 7.28% 3,413,062 3.75%ALSCO AS 10,427,344 6.80% 9,939,540 10.92%STRAWBERRY CAPITAL AS 9,229,380 6.02% 250,000 0.27%SKAGEN KON-TIKI VERDIPAPIRFOND 8,148,000 5.32% 4,931,417 5.42%JOH JOHANNSON EIENDOM AS 7,649,929 4.99% 1,698,967 1.87%VATNE EQUITY AS 7,439,024 4.85% 5,000,000 5.49%NORDLAKS HOLDING AS 7,317,073 4.77% - 0.00%THE BANK OF NEW YORK MELLON 6,392,353 4.17% 4,199,153 4.61%STATE STREET BANK AND TRUST COMP 5,117,800 3.34% 1,909,436 2.10%MORGAN STANLEY & CO. INT. PLC. 4,990,420 3.26% 3,639,145 4.00%CITIBANK, N.A. 3,534,230 2.31% 2,884,992 3.17%RBC INVESTOR SERVICES BANK S.A. 2,549,478 1.66% 2,738,168 3.01%THE NORTHERN TRUST COMP, LONDON BR 2,400,000 1.57% 1,779,000 1.95%COLUMBI SALMON AS 2,074,536 1.35% - 0.00%ASINVEST AS 1,764,066 1.15% 1,062,915 1.17%NORSK LANDBRUKSKJEMI AS 1,700,000 1.11% 900,000 0.99%U.S. BANK NATIONAL ASSOCIATION 1,545,364 1.01% 1,347,598 1.48%FOUGNER INVEST AS 1,298,108 0.85% 588,663 0.65%J.P. MORGAN SE 1,284,342 0.84% - 0.00%WENAASGRUPPEN AS 1,210,441 0.79% - 0.00%Total number of shares attributed to the 20 largest shareholders 97,226,456 63.44% 46,282,056 50.83%Total number of shares attributed to other shareholders 56,039,953 36.56% 44,766,495 49.17%Total number of shares issued and outstanding 153,266,409 100.00% 91,048,551 100.00%As of 31 December 2022 and 2021, shares directly or indirectly held by members of the Board of Directors, Chief Executive Officer, and Executive Management consisted of the following:2022 2021Number 2022Number of 2021Shareholderof shares% of sharesshares% of sharesRunar Vatne, Member of the Board 7,839,024 5.11% 5,400,000 5.93%Johan E. Andreassen, Chairman of the Board and CEO 6,287,442 4.10% 6,043,540 6.64%Bj\u00f8rn-Vegard L\u00f8vik, Chair of the Nomination Committee 5,213,672 3.40% 4,969,770 5.46%Andre Skarb\u00f8, Member of the Board 1,764,066 1.15% 1,062,915 1.17%Alexander Reus, Member of the Board 1,601,051 1.04% 1,635,051 1.80%Jon-Birger L\u00f8vik, COO (As of 7 March 2022 Step-In Date) 158,086 0.10% - 0.00%Svein Taklo, CDIO 44,814 0.03% 35,058 0.04%Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director 29,850 0.02% 17,655 0.02%Tone Bj\u00f8rnov, Member of the Board 19,406 0.01% 7,650 0.01%Patrice Flanagan, Member of the Board 4,900 0.00% 4,900 0.01%Alejandro Castro, CBO 920 0.00% 920 0.00%Danielle Villoch, CLO (As of 19 June 2022 Step-Down Date) 487 0.00% 487 0.00%Thue Holm, CTO - 0.00% 697,899 0.77%Dharma Rajeswaran, COO (As of 9 August 2021 Step-Down Date) - 0.00% 11,935 0.01%Cristina Espejo, CPO (As of 10 August 2021 Step-Down Date) - 0.00% 3,300 0.00%NOTE 18Share Option ProgramIn accordance with the authorization granted by the Group\u2019s AGM, for senior executives and key personnel employed by the Group the Group\u2019s Board of Directors introduced a share option program and its subsidiaries (the \u201cProgram\u201d). As of 31 December 2022 and 2021, the Program included up to 1,584,491 and 1,650,535 shares, respectively, with a term between three and four years as follows:2022 2021Weighted 2022Weighted 2021average exercise Number of average exercise Number of price (NOK)sharesprice (NOK)sharesOutstanding at 1 January 208.88 1,650,535 111.98 683,438 Granted during the year - - 222.61 1,354,570 Forfeited during the year 137.99 (38,735) 102.73 (266,242)Exercised during the year - - 28.00 (85,000)Lapsed during the year 75.17 (27,309) 98.44 (36,231)Outstanding at 31 December 212.92 1,584,491 208.88 1,650,535 The following information is relevant in the determination of the fair value of options granted for the years ended 31 December 2022 and 2021:2022 2021Option pricing model used Black Scholes Black ScholesWeighted average share price at grant date (NOK) - 94.16 Exercise price (NOK) 14.74 87.70 Weighted average contractual life (days) 1,825 1,646 Expected volatility 31.18% 31.00%Expected dividend growth rate 0.00% 0.00%Risk-free interest rate 1.12% 0.65%For the year ended 31 December 2022, no share options were outstanding that had vested and were exercisable, and no share options were granted.For the year ended 31 December 2021, the total number of share options outstanding that had vested and were exercisable were 12,677, and the weighted average fair value of each share option granted was NOK 17.53 (USD 2.04).The exercise price of options outstanding as of 31 December 2021 ranged between NOK 28 and NOK 400 and their weighted average contractual life was 4.5 years. NOTE 19 BorrowingsDNB Credit AgreementThe Group holds a Green credit facility (the \u201c2020 Credit Facility\u201d) with DNB Bank ASA (\u201cDNB\u201d), Farm Credit of Florida, ACA (\u201cFarm Credit\u201d), and DNB Markets, Inc, which can be utilized towards the Group\u2019s Bluehouses and operations therein considered green.ASUS and ASDK are listed as borrowers (the \u201cBorrowers\u201d), and ASA, ASSF, and ASP are listed as guarantors (the \u201cGuarantors\u201d). As of 1 January 2021, the Group\u2019s amended 2020 Credit Facility consisted of USD 150m through a USD 50m US Term Loan,USD 20m revolving credit facility (\u201cRCF\u201d), and USD 80m in delayed draw term loans. The amended 2020 Credit Facility bore an amended interest rate of LIBOR plus an applicable margin and maturity date of 21 April 2023, with a portion of the RCF available for use towards ASDK\u2019s working capital requirements or as standby Letters of Credit towards equipment financing.On 28 January 2021, the Group\u2019s 2020 Credit Facility was amended to increase the total credit facility from USD 150m to USD 200m comprising of the existing USD 50m US Term Loan, USD 20m RCF, USD 32m committed term loan for Phase 2 capital expenditures, and a USD 98m uncommitted accordion facility on the same terms and conditions as the Group\u2019s committed term loans. On 31 March 2022, the Group\u2019s 2020 Credit Facility was amended to provide an additional three-month credit facility in an aggregate amount of up to USD 25.0m (the \u201cFacility\u201d) with DNB Capital, LLC as lender. The Facility was secured by a second priority security interest and lien on all assets and equity interests held by the Group and carried an annualized borrowing rate of SOFR plus an applicable margin of 7.0% from 31 March 2022 to 30 April 2022, 7.5% from 1 May 2022 to 31 May 2022, and 8.0% from 1 June 2022 to 30 June 2022. Further, the annualized borrowing rate on all credit facilities was amended to SOFR plus an applicable margin determined by a margin grid, which calls for a maximum of 4.0% and allows for a lower margin upon reaching certain milestones, and the Group\u2019s minimum EBITDA covenant was adjusted towards all credit facilities. On 1 July 2022, the USD 25.0m Facility under the amended 2020 Credit Facility was repaid following Tranche 1 proceeds from the 29 June 2022 equity raise. On 25 August 2022, the eighth amendment to the 2020 Credit Facility was formally committed and signed. The debt was structured under the same key terms such as interest margin and covenants, and the total amounts were restructured into a fully committed credit facility of USD 200.0m, of which USD 50.0m is attributed to the drawn US Term Loan, USD 20.0m is attributed to the RCF, and USD 130.0m is attribut-ed to a delayed undrawn Term Loan for Phase 2 capital expenditures. Of the drawn USD 50.0m US Term Loan, USD 30.0m bears a maturity date of 21 April 2024 and USD 20.0m bears a maturity date of 21 April 2023. The USD 20.0m RCF bears a maturity date of 21 April 2024. Of the delayed undrawn USD 130.0m Term Loan, USD 118.0m bears a maturity date of 21 April 2024 and USD 12.0m bears a maturity date of 21 April 2023. The Group incurred amendment and extension fees of approximately USD 1.9m, of which USD 1.6m was expensed upon modification, while USD 0.3m was recognized against borrowings as part of effective interest.PPP LoanOn 18 April 2020, ASUS obtained a two-year loan payable to PNC Bank, National Association (\u201cPNC\u201d) under the Paycheck Protection Program (the \u201cProgram\u201d) as part of the Coronavirus Aid, Relief, and Economic Security (\u201cCARES\u201d) Act passed in March 2020 (the \u201cPPP Loan\u201d). The full outstanding amount on the PPP Loan was forgiven under the Program on 7 September 2021.As of 31 December 2022 and 2021, the Group\u2019s borrowings consisted of the following:(USD 1,000) 2022 2021ASUS has an amended USD 50.0m term loan with DNB (the \u201cUS Term Loan\u201d). The US Term Loan bears an amended interest rate of SOFR plus an applicable margin (4.0% at 31 December 2022). USD 18.6m matures 46,837 50,000 on 21 April 2023 and USD 30.0m matures on 21 April 2024. USD 47.1m was outstanding on the US Term Loan as of 31 December 2022 and is presented at amortised cost.ASUS has an amended three-year USD 20.0m revolving credit facility commitment with DNB (the \u201cRCF\u201d). The RCF will finance ASUS\u2019 working capital requirements or serve as standby Letters of Credit towards equipment financing. Of the total RCF amount, USD 4.0m is also available towards ASDK\u2019s working capital requirements. - - As of 31 December 2022, USD 17.4m was available on the RCF (USD 20.0m undrawn, less USD 2.6m allocated to a letter of credit towards Meridian Leasing for the leasing of processing equipment).ASUS had a USD 25.0m facility with DNB (the \u201c\u201dFacility\u201d\u201d). The Facility bore an interest rate of SOFR plus an - - applicable monthly margin. The Facility was due on and paid subsequently on 1 July 2022. ASUS had a two-year loan payable (the \u201c\u201dPPP Loan\u201d\u201d) to PNC Bank, National Association (\u201c\u201dPNC\u201d\u201d). The PPP Loan was obtained on April 2020 under the Paycheck Protection Program (the \u201c\u201dProgram\u201d\u201d) as part of the - - Coronavirus Aid, Relief, and Economic Security (\u201c\u201dCARES\u201d\u201d) Act passed in March 2020. The PPP Loan bore an interest rate of 1% and the full outstanding amount was forgiven under the Program on 7 September 2021.Total borrowings 46,837 50,000 Less: current portion of borrowings 18,550 - Non-current portion of borrowings 28,287 50,000 The above amounts are presented at amortised cost using the effective interest rate method.The borrowing base on the USD 20m RCF is tied to the amount of outstanding trade receivables, product inventory, and standing biomass. This calculation is reviewed periodically, and the balance is adjusted accordingly. The amended delay draw USD 130.0m Term Loan will be available for the Group\u2019s use subject to a one-time fulfillment of an incurrence tests related to an operational milestone with respect to harvest volume and reaching certain EBITDA metrics. The main operational milestones and financial metrics are a minimum required annualized production level to be maintained for at least two months, aggregate positive EBITDA over the last three months prior to drawdown, a minimum EBITDA level prior to drawdown, and compliance with financial covenants agreed under the amended 2020 Credit Facility.The following are the remaining contractual maturities on the Group\u2019s borrowings as of 31 December 2022 and 2021: (USD 1,000) 2022 2021Up to 3 months 1,450 - Between 3 and 12 months 18,550 - Between 1 and 2 years 26,837 50,000Between 2 and 5 years - - Over 5 years - - Total 46,837 50,000The 2020 Credit Facility is secured by substantially all Group\u2019s assets, which includes existing and after-acquired personal and real property held, the equity interest held by the Borrowers and the Guarantors in their respective subsidiaries, certain receivables, and certain bank accounts perfected under First Priority security. The provisions of the 2020 Credit Facility require, among other things, certain financial performance covenants to be maintained as defined in the agreements. This includes certain covenants that limit the Group\u2019s ability to, among other things, grant liens, incur additional indebtedness, make acquisitions or investments, dispose of certain assets, make dividends and distributions,change the nature of their businesses, enter certain transactions with affiliates, or amend the terms of material indebtedness.In anticipation of not being able to meet its net interest-bearing debt (\u201cNIBD\u201d) to EBITDA requirement as of 31 December 2022, the Group received a formal waiver from the Lenders dated 12 December 2022. Subsequently, the Group\u2019s 2020 Credit Facility was amended further on 31 March 2023 (see Note 23 \u2013 Subsequent Events).The following represents a reconciliation of changes in the carrying amount of the Group\u2019s borrowings and lease liabilities for the years ended 31 December 2022 and 2021:Lease (USD 1,000) BorrowingsliabilitiesBalance at 1 January 2022 50,000 3,166 Changes from financing cash flowsProceeds from borrowings 29,500 - Payments towards borrowings (32,663) (262)Total changes from financing cash flows 46,837 2,904 New contracts - 2,361 Termination of agreements - (2,584)Currency effects - (47)Balance at 31 December 2022 46,837 2,634 Lease (USD 1,000) BorrowingsliabilitiesBalance at 1 January 2021 51,156 3,573 Changes from financing cash flowsProceeds from borrowings 10,495 - Payments towards borrowings (10,495) (349)Total changes from financing cash flows 51,156 3,224 Forgiveness of debt (1,156) - Currency effects - (58)Balance at 31 December 2021 50,000 3,166 NOTE 20 Pensions The Group\u2019s employees are covered by different pension plans that vary from country to country depending on the respective subsidiary\u2019s location. All pension plans are assessed to be defined contribution plans. In Norway, ASA is subject to the requirements of the Mandatory Company Pensions Act, and ASA\u2019s pension plan follows its requirements. In the US, the Group offers a Safe Harbor 401(k) salary deferral participation retirement plan to all employees. As of 31 December 2022 and 2021, 118 and 95 employees participated in the Group\u2019s pension plans, respectively.The Group\u2019s pension plan provisions require the Group to pay premiums to public or private administrative pension plans on a mandatory, contractual, or voluntary basis. There are no further obligations once the annual premiums are paid. The premiums are accounted for as personnel expenses as soon as they are incurred. Prepaid premiums are accounted for as an asset to the extent that future benefits can be determined as plausible.For the years ended 31 December 2022 and 2021, the Group\u2019s total pension cost consisted of USD 0.3m and USD 0.5m, respectively, and are included as part of salary and personnel costs in the accompanying consolidated statements of operations.NOTE 21Related Party TransactionsDuring the ordinary course of business, the Group engages in transactions with related parties similar to what managementbelieves would have been agreed upon between unrelated parties.During the ordinary course of business, Langsand Processing AS (\u201cLPAS\u201d), a related party, provides harvesting services for ASDK. Although the Group holds a minority ownership interest in LPAS, the Group does not hold control over LPAS for consolidation purposes. For the year ended 31 December 2021, ASDK incurred harvesting costs of USD 0.4m. ASDK did not incur harvesting costs following the 15 September 2021 Denmark Bluehouse fire. Such amounts are included as part of cost of materials in the accompanying consolidated statements of operations.During the ordinary course of business, the Group may sell salmon products to Platina Seafood, Inc. (\u201cPlatina\u201d), an entity under majority ownership by a related party of Johan E. Andreassen, the Group\u2019s Chairman of the Board and CEO. On 8 September 2022, Platina rebranded as NovoMar, Inc. (\u201cNovoMar\u201d). For the year ended 31 December 2022, the Group sold USD 0.2m of salmon products to NovoMar. For the year ended 31 December 2021, the Group sold USD 1.1m of salmon products to Platina. NOTE 22Contingencies and Legal ClaimsThe Group has evaluated contingencies and legal claims from 31 December 2022 through the date in which the consolidated financial statements were issued.The Group is currently involved in an arbitration against OHLA Building, Inc. (\u201cOHL\u201d), who performed work in connection with the construction of Phase 1 of the Homestead Bluehouse, which is ongoing and not settled as of the date of this report. OHL has made a claim for the Group\u2019s alleged failure to pay for approved work and change order, in the aggregate amount of approximately USD 4.2m, and also reimbursement of attorneys\u2019 fees and interest. The Group is denying that there has been a failure of payment, and has filed a counterclaim in the arbitration, in the aggregate amount of USD 20.0m (such number may be adjusted up significantly later in the process), on the grounds of alleged faulty workmanship by OHL and its subcontractors. In connection with the dispute with OHL, the sub-contractors Billund Aquaculture A/S (\u201cBillund Design\u201d), a company that was engaged by the Group for design work related to Phase 1 and acted as sub-contractor to OHL in the construction of Phase 1, and Billund Aquaculture US Corp. (\u201cBillund Construction\u201d), a company that was engaged by OHL as a sub-contractor to OHL in the construction of Phase 1, have also each become party to the arbitration process. The Group, OHL, Billund Design and Billund Construction participated in a mediation with a view to reach an amicable solution in October 2022. Such mediation was unsuccessful, and the matter is therefore expected to move forward to a formal arbitration hearing and is currently expected to take place, at the earliest, in Q4 2023.NOTE 23Subsequent EventsThe Group has evaluated subsequent events from 31 December 2022 through the date in which the consolidated financialstatements were issued.Private PlacementOn 16 March 2023, the Group raised NOK 595m (approximately USD 55m) in gross proceeds through a private placement of119,000,000 new shares, at a price per share of NOK 5.00. The private placement was divided in two tranches in which the first tranche (\u201cTranche 1\u201d) consisted of 30,653,281 new shares and the second tranche (\u201cTranche 2\u201d) consisted of 88,346,719 new shares.On 11 April 2023, the Group held an Extraordinary General Meeting (the \u201cApril 2023 EGM\u201d). Through the April 2023 EGM, the Board of Directors was given the authority to increase the Company\u2019s share capital with up to NOK 11,900,000 through the issuance of 119,000,000 shares, each with a face value of NOK 0.10, at a subscription price of NOK 5.00 per share. Further, the Board of Directors was authorized to increase the Company\u2019s share capital with up to NOK 2,000,000 through the issuance of 20,000,000 new shares, each with a par value of NOK 0.10, as part of aSubsequent Offering. The subscription price per new share upon use of the authorization shall be NOK 5.00. Tranche 1 of 30,653,281 new shares was issued pursuant to Board authorization granted by the April 2023 EGM. On 12 April 2023, the share capital increase from Tranche 1 was registered with the Norwegian Register of Business Enterprises (\u201cNRBE\u201d) and share capital increased by NOK 3.1m through issuance of 30,653,281 new shares, each with a par value of NOK 0.10. Gross proceeds from Tranche 1 were NOK 153.3m (approximately USD 14.2m).On 12 April 2023, the share capital increase from Tranche 2 was registered with the NRBE and share capital increased by NOK8,834,671.90 through issuance of 88,346,719 new shares, each with a par value of NOK 0.10. Gross proceeds from Tranche 2 were NOK 441.7m (approximately USD 40.8m). These shares became tradeable under the same ISIN number as the existing shares of the Company upon approval of the prospectus on 14 April 2023.Ninth Amendment to 2020 Credit FacilityThe ninth amendment to the 2020 Credit Facility was formally committed and signed on 31 March 2023. The debt was structured under many of the same key terms such as covenants, and the total amounts were restructured into a fully committed credit facility of USD 170.0m directly with DNB with an extended maturity date of 21 April 2025, of which USD 50.0m is attributed to the drawn US Term Loan (of which USD 4.2m had been repaid as of the date of this report), USD 20.0m is attributed to the RCF (of which USD 17.4m is available), and USD 100.0m is attributed to a delayed undrawn Term Loan for Phase 2 capital expenditures. Further, the maximum applicable interest margin was increased from 4.0% to 5.0% and allows for a lower margin based upon an interest rate grid, with NIBD to EBITDA as the criteria. The Group incurred amendment and extension fees of approximately USD 1.0m.Subsequent OfferingOn 14 April 2023, the Group approved and published a prospectus (the \u201c2023 Prospectus\u201d) and intends to carry out a subsequent offering (the \u201cSubsequent Offering\u201d) of up to 20,000,000 new shares (the \u201cOffer Shares\u201d), each at a subscription price per share of NOK 5.00. The 2023 Prospectus was published on 14 April 2023 and the Subsequent Offering subscription period was commenced on 17 April 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__9": { "value": "Atlantic Sapphire ASA (\u201cASA\u201d) is a Norwegian companyheadquartered in Vikebukt, Norway and listed on the Oslo Stock Exchange with the ticker symbol ASA. ASA owns the following subsidiaries (collectively, \u201cAtlantic Sapphire\u201d, the \u201cCompany\u201d, or the \u201cGroup\u201d):\u2022 Atlantic Sapphire Denmark A/S (\u201cASDK\u201d, registered in Hvide Sande, Denmark)\u2022 Atlantic Sapphire USA LLC (\u201cASUS\u201d, registered in Miami, Florida, US)\u2022 AS Purchasing, LLC (\u201cASP\u201d, registered in Miami, Florida, US)\u2022 S.F. Development, L.L.C. (\u201cASSF\u201d, registered in Miami, Florida, US)\u2022 Atlantic Sapphire IP, LLC (\u201cASIP\u201d, registered in Miami, Florida, US)The Group owns and operates a land-based Atlantic salmon farm Homestead, Florida, US (the \u201cMiami Bluehouse\u201d facility) and has previously operated a land-based Atlantic salmon farm in Hvide \u00aeSande, Denmark (the \u201cDenmark Bluehouse\u201d facility). A Bluehousefacility (\u201cBluehouse\u201d) is proprietary production technologydeveloped by the Group in collaboration with a wide range of supply chain partners to optimize growing conditions for Atlantic salmon. A Bluehouse contains the facilities needed to grow and produce Atlantic salmon from egg hatchery to grow-out tanks to primary processing. The Miami Bluehouse also incorporates value-added processing. Consolidated operations enable the Group to control the entire production cycle without having to transport salmon to and from ocean-based net pens. The Miami Bluehouse (Phase 1) has an annual production capacity of approximately 19,500 tons HOG.On 15 September 2021, a fire broke out in the Denmark Bluehouse. All employees were reported safe without injuries. Substantially all property, plant, and equipment related to its saltwater ongrowing systems and approximately 170 tons of standing biomass in the Danish facility\u2019s ongrowing systems with a book value of USD 0.8m were lost in the fire (see Note 5 \u2013 Biological Assets). On 10 May 2022, the Group agreed on a cash settlement of DKK 180.0m (USD 25.3m equivalent upon receipt in June 2022)which is included as part of the Group\u2019s other income. The Group allocated the settlement proceeds towards US operations and construction, and the Group is currently reviewing its strategy for its Danish operations with demolition efforts currently underway subsequently in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__8": { "value": "Atlantic Sapphire ASA (\u201cASA\u201d) is a Norwegian companyheadquartered in Vikebukt, Norway and listed on the Oslo Stock Exchange with the ticker symbol ASA. ASA owns the following subsidiaries (collectively, \u201cAtlantic Sapphire\u201d, the \u201cCompany\u201d, or the \u201cGroup\u201d):\u2022 Atlantic Sapphire Denmark A/S (\u201cASDK\u201d, registered in Hvide Sande, Denmark)\u2022 Atlantic Sapphire USA LLC (\u201cASUS\u201d, registered in Miami, Florida, US)\u2022 AS Purchasing, LLC (\u201cASP\u201d, registered in Miami, Florida, US)\u2022 S.F. Development, L.L.C. (\u201cASSF\u201d, registered in Miami, Florida, US)\u2022 Atlantic Sapphire IP, LLC (\u201cASIP\u201d, registered in Miami, Florida, US)The Group owns and operates a land-based Atlantic salmon farm Homestead, Florida, US (the \u201cMiami Bluehouse\u201d facility) and has previously operated a land-based Atlantic salmon farm in Hvide \u00aeSande, Denmark (the \u201cDenmark Bluehouse\u201d facility). A Bluehousefacility (\u201cBluehouse\u201d) is proprietary production technologydeveloped by the Group in collaboration with a wide range of supply chain partners to optimize growing conditions for Atlantic salmon. A Bluehouse contains the facilities needed to grow and produce Atlantic salmon from egg hatchery to grow-out tanks to primary processing. The Miami Bluehouse also incorporates value-added processing. Consolidated operations enable the Group to control the entire production cycle without having to transport salmon to and from ocean-based net pens. The Miami Bluehouse (Phase 1) has an annual production capacity of approximately 19,500 tons HOG.On 15 September 2021, a fire broke out in the Denmark Bluehouse. All employees were reported safe without injuries. Substantially all property, plant, and equipment related to its saltwater ongrowing systems and approximately 170 tons of standing biomass in the Danish facility\u2019s ongrowing systems with a book value of USD 0.8m were lost in the fire (see Note 5 \u2013 Biological Assets). On 10 May 2022, the Group agreed on a cash settlement of DKK 180.0m (USD 25.3m equivalent upon receipt in June 2022)which is included as part of the Group\u2019s other income. The Group allocated the settlement proceeds towards US operations and construction, and the Group is currently reviewing its strategy for its Danish operations with demolition efforts currently underway subsequently in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__10": { "value": "The consolidated financial statements were prepared in accordanwith International Financial Reporting Standards (\u201cIFRS\u201d) as adopteby the European Union (\u201cEU\u201d) and mandatory for financial years beginning on or after 1 January 2022, and additional Norwegian disclosure requirements under the Norwegian Accounting Act as of 31 December 2022. References to \u201cIFRS\u201d in these consolidated financial statements refer to IFRS as adopted by the EU.The consolidated financial statements have been prepared based on uniform accounting principles for similar transactions andevents under otherwise similar circumstances and are expressed in United States (\u201cUS\u201d) dollars (\u201cUSD\u201d). The consolidated financial statements are based on historical cost, except for biological assets at fair value less cost to sell.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__11": { "value": "There are numerous standards, amendments to standards, and interpretations in 2022 that have been issued by the IASB that are effective in future accounting periods. The Group has decided not to early adopt any as they are not expected to have significant effect on the Group\u2019s consolidated financial statements.The Group did not adopt any new standards, amendments to standards, and interpretations in 2022 that would impact the Group\u2019s consolidated financial statements for the year ended 31 December 2022.Other amendments, interpretations, and changes based on the annual improvement cycle were also adopted by the Group but had no material impact nor were they expected to significantly affect the current or future reporting periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__13": { "value": "Subsidiaries are all entities over which the Group has control. The Group considers control over an entity to exist when the Group is e exposed to, or has the right to, variable returns from its involvement d with the entity and can affect those returns through its ability to direct the operations of the entity. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.The accompanying consolidated financial statements includethe accounts of ASA, ASDK, ASUS, ASP, ASSF, and ASIP. When necessary, adjustments are made to the local financial statements of the Group subsidiaries to conform with the consolidated Group\u2019s accounting policies presented under IFRS.All intercompany balances, transactions, and unrealized gains from intercompany transactions are eliminated upon consolidation.Unrealized losses from intercompany transactions are alsoeliminated upon consolidation unless the transaction provides evidence of an impairment of the transferred asset.The assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date in which the Group gains control until the date in which the Group ceases to control the subsidiary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__12": { "value": "Subsidiaries are all entities over which the Group has control. The Group considers control over an entity to exist when the Group is e exposed to, or has the right to, variable returns from its involvement d with the entity and can affect those returns through its ability to direct the operations of the entity. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.The accompanying consolidated financial statements includethe accounts of ASA, ASDK, ASUS, ASP, ASSF, and ASIP. When necessary, adjustments are made to the local financial statements of the Group subsidiaries to conform with the consolidated Group\u2019s accounting policies presented under IFRS.All intercompany balances, transactions, and unrealized gains from intercompany transactions are eliminated upon consolidation.Unrealized losses from intercompany transactions are alsoeliminated upon consolidation unless the transaction provides evidence of an impairment of the transferred asset.The assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date in which the Group gains control until the date in which the Group ceases to control the subsidiary.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__15": { "value": "Items included in the respective financial statements of each entity within the Group are measured using the functional currency of the primary economic environment in which the entity operates. The accompanying consolidated financial statements are presented in USD.Foreign currency transactions are translated using the applicable exchange rate at the time of the transaction. Receivables, debt, and other monetary items in foreign currency are measured at the exchange rate at the end of the reporting period, and the translation differences are recognized as part of the Group\u2019s consolidated net profit or loss. Other assets in foreign currencies are translated at the exchange rate in effect on the transaction date.Upon consolidation, exchange differences arising from thetranslation of non-USD denominated Group entities and non-USD denominated investments are recognized as part of consolidated other comprehensive income or loss (\u201cOCI\u201d). When a foreign operation is sold, the associated exchange differences related to the gain or loss on sale are reclassified to profit or loss.The profit and loss transactions of non-USD denominated Group entities are translated to the presentation currency using the average exchange rate for the reporting period. The assets and liabilities of respective entities are translated at the exchange rate at the end of the reporting period.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 exchange rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__14": { "value": "Items included in the respective financial statements of each entity within the Group are measured using the functional currency of the primary economic environment in which the entity operates. The accompanying consolidated financial statements are presented in USD.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__16": { "value": "The preparation of the consolidated financial statements inaccordance with IFRS requires management to make accounting estimates and assumptions that affect the recognized amounts of consolidated assets, liabilities, income, and expenses. Theestimates and underlying assumptions are based on the Group\u2019s prior experience and information perceived to be relevant and probable when the judgments are made.Estimates are reviewed on an ongoing basis and actual values and results may deviate from these estimates. Adjustments to accounting estimates are recognized in the period in which the estimates are revised.The evaluations and estimates deemed to be of greatestsignificance for the Group are as follows:Fair Value Adjustment of BiomassBiological assets are measured at fair value less costs to sell, with any change therein recognized in profit or loss. The estimated fair value of the biological assets is based on historical prices achieved and the most relevant forward prices for salmon at the reporting period date in the respective markets in which the Group operates. The fair value calculation considers estimates of biomass volumes, quality, size distribution, production cost, mortality, and normal costs of harvest and sale (see Note 5 \u2013 Biological Assets).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__17": { "value": "A provision is recognized when the Group has a legal orconstructive obligation as a result of a past event, it is likely that there will be a financial settlement as a result of this obligation, and the amount can be reliable. If the effect is significant, the provision is calculated by discounting future cash flows using a discounted pre-tax rate that reflects market assessments of time, value of money, and if relevant, risks specifically related to the obligation. Provisions are reviewed at each reporting period date and their level reflects the best estimate of the liability. Changes in best estimates are recognized in the accompanying consolidated statements of operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__18": { "value": "The Group operates proprietary Bluehouse facilities for land-based salmon farming and derives revenue from the sale of salmon. Revenue from salmon sales is recognized when the customer obtains control of the goods transferred and there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the goods upon delivery (i.e. at a point in time). The Group grants certain customers sales incentives such as rebates or discounts and treats these as a reduction of revenue at the time the sale is recognized.A receivable is recognized when the goods are delivered as this is the point in time in which consideration is unconditional and only the passage of time is required before payment is due. Depending on credit assessment, customers are generally provided 30-day payment terms.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__19": { "value": "Leases are recognized under IFRS 16, Leases, in which all leasing agreements with a duration exceeding 12 months are to becapitalized as financial leases. The Group assesses whether a legally enforceable contract is or contains a lease at the inception date of the contract. The assessment includes several criteria to be determined based on judgment that includes whether there is an identifiable asset in connection to the lease, whether the Group has the right to control the use of the identifiable asset, and whether the Group can obtain substantially all economic benefits from the identifiable asset.The Group recognizes a right-of-use (\u201cROU\u201d) asset and a lease liability at the lease commencement date. The lease liability is calculated based on the present value of the contractual minimum lease payments using the implicit interest rate of the lease. The Group uses the incremental borrowing rate in the case the implicit rate cannot be readily determined from the lease contract. The contractual minimum lease payments consist of fixed or variable payments, including those resulting from options in whichmanagement is reasonably certain it will exercise during the lease term. The lease liability is subsequently measured at amortized cost under the effective interest rate during the lease term and may also be adjusted to management\u2019s reassessment of future lease payments based on options exercised, renegotiations, or changes of an index rate. The ROU asset is calculated based on the lease liability, plus initial direct costs towards the lease, and less any incentives granted by the lessor. The ROU asset is subsequently amortized under the straight-line method under the shorter of the lease term or the useful life of the underlying asset and is included as part of depreciation and amortization in the accompanying consolidated statements of operations.Leases that fall under the IFRS 16 short-term exception are recognized on a straight-line method over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__20": { "value": "Tax expense consists of the tax payable and changes to deferred tax. Tax is recognized in the accompanying consolidated statements of operations, except to the extent that it relates to items recognized in consolidated OCI or directly in consolidated equity.Deferred tax assets and liabilities are calculated based on the temporary differences between the carrying amount of assets and liabilities in the consolidated financial statements andtheir tax bases, together with tax losses carried forward at the consolidated statement of financial position date. Deferred tax assets and liabilities are calculated based on the applicable tax rates and legislations that are expected to apply when the assets are realized or the liabilities are settled, based on the tax rates and legislations that have been enacted or substantially enacted on the consolidated statement of financial position date. Deferred tax assets are recognized only when convincing evidence can support the availability of future taxable profits will be available, against which the assets can be utilized. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. The entities included in the Group\u2019s consolidated financial statements are subject to income tax in the respective countries in which they are domiciled.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__21": { "value": "The Group classifies its financial assets based on the following measurement categories:\u2022 Those to be measured at amortized cost,\u2022 Those to be measured subsequently at fair value (through other comprehensive income or loss), and\u2022 Those to be measured subsequently at fair value (through profit or loss).Upon initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (\u201cFVPL\u201d), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in the accompanying consolidated statements of operations.Financial Assets at Amortized CostTrade receivables consist of amounts due from customers for goods sold in the ordinary course of business and are generally due for settlement within 30 days and classified as current. Trade receivables are initially recognized at the amount of consideration that is unconditional and when no element of financing is present. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interestmethod.Other financial assets are classified at amortized cost only if both of the following criteria are met:\u2022 The asset is held within a business model whose objective is to collect the contractual cash flows, and\u2022 The contractual terms give rise to cash flows that are solely payments of principal and interest.Financial Assets at Fair Value Through Other Comprehensive Income or LossFinancial assets at fair value through other comprehensive income or loss (\u201cFVOCI\u201d) comprise of equity securities that are not held for trading, and in which the Group has irrevocably elected at initial recognition to recognize in this category. These are strategic investments, and the Group considers this classification to be more relevant.Upon disposal of such equity investments, any related balance within the FVOCI reserve is reclassified to retained earnings.Dividends from such equity instruments are recognized as part of other income in the accompanying consolidated statements of operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__23": { "value": "Property, plant, and equipment is capitalized at acquisitioncost, which includes capitalized borrowing costs under IAS 23, Borrowing Costs, less accumulated depreciation and impairment losses, if any.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__22": { "value": "Property, plant, and equipment is capitalized at acquisitioncost, which includes capitalized borrowing costs under IAS 23, Borrowing Costs, less accumulated depreciation and impairment losses, if any. Acquisition costs include expenditures that are directly attributable to the acquisition and placement of fixed assets in service. Costs of major replacements and renewals that substantially extend the economic life and functionality of fixed asset are capitalized. Costs associated with normal maintenance and repairs are expensed as incurred.Assets are normally considered property, plant, and equipment if the useful economic life exceeds one year. Straight-linedepreciation is applied over the useful life of property, plant, and equipment based on the asset\u2019s historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, that portion is depreciated separately. The asset\u2019s residual value and useful life are evaluated annually. Gains or losses arising from the disposal or retirement of an asset are determined as the difference between the sales proceeds and the carrying amount of the asset and recognized as part of other income in the accompanying consolidatedstatements of operations.Depreciation is charged to expense when the property, plant or equipment is ready for use or placed in service. As such, assets under construction are not depreciated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__24": { "value": "Depreciation is charged to expense when the property, plant or equipment is ready for use or placed in service. As such, assets under construction are not depreciated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__25": { "value": "Management reviews long-lived assets for impairment annually, or more frequently, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows, which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units).If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the asset\u2019s carrying value to determine if an adjustment for impairment to such asset is necessary. The effect of any impairment would be to expense the difference between the fair value of such asset and its carrying value. Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. As of 31 December 2022 and 2021, management considered an allowance for impairment necessary for long-lived assets lost in the September 2021 Denmark fire (see Note 4 \u2013 Other Operating Expenses and Income and Note 9 \u2013 Property, Plant, and Equipment).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__26": { "value": "Inventories consist of feed, raw materials, packaging, spare parts, and processed fish. Inventories are measured at the lower of cost or net realizable value under the first-in-first-out principle. Cost price includes both the production or acquisition costs for goods and the costs of bringing goods into saleable condition. Net realizable value consists of estimated sales price less remaining costs to sell. Generally, feed, raw materials, packaging, and spare parts are maintained at cost whereas processed fish is recognized at net realizable value. Live fish are accounted for separately as biological assets under IAS 41, Agriculture, and IFRS 13, Fair Value Measurement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__28": { "value": "Under the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomass\u201d) are measured at fair value less cost to sell, unless fair value is not readily measured. For further information regarding the Group\u2019s biological assets, see Note 5 \u2013 Biological Assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__27-1": { "value": "Under the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomass\u201d) are measured at fair value less cost to sell, unless fair value is not readily measured. For further information regarding the Group\u2019s biological assets, see Note 5 \u2013 Biological Assets.Fair Value Measurement of Biological AssetsUnder the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomass\u201d) are measured at fair value less cost to sell, unless fair value is not readily measured. Biomass comprises of salmon roe and live fish in tanks from fry to adult grow-out. The historical cost of biological assets (\u201cproduction costs\u201d) includes all costs required to raise salmon from roe to harvest. Direct production costs, which include salmon roe and other raw materials such as feed, are allocated fully to production costs. Indirect production costs, which consist of salary andpersonnel costs, depreciation, and other overhead costs, are allocated based on a ratio of actual vs hypothetical feed capacity per fish system that approximates normal capacity under IAS 2. Portions of indirect production costs attributed to underutilized Bluehouse tank capacity are recognized as period cost under cost of materials in the accompanying consolidated statements of operations.Non-Harvestable Fish (Measured at Cost)Fish with a live weight below 1 kg, including salmon roe, areconsidered non-harvestable due to its little biological conversion and are therefore measured at historical cost (IAS 41.24). Fish measured at cost are routinely assessed for impairment losses whenever events or changes in circumstances indicate that the carrying value may not be recoverable.Harvestable Fish (Measured at Fair Value Less Cost to Sell)Fish held in tanks with a live weight over 1 kg are consideredharvestable and is therefore calculated based on an impliedestimated fair value of the fish in a hypothetical market using a future cash flow model that calculates the net present value of the estimated revenue cash flows from harvested biomass based on the available biomass as of the reporting period date as a starting point, less estimated remaining costs to sell until the fish is harvested from a specific batch. The Group utilizes several key assumptions to estimate the fair value of biological assets:\u2022 Estimated revenues: The key element in approximating fair value is the assumed market price expected to be achieved on the future date in which the fish is to be harvested. Our estimated market price is based on a variety of sources including, but not limited to, the Group\u2019s historical sales prices achieved and quoted forward market prices as per the NASDAQ salmon index to improve reliability and comparability of the price estimation. \u2022 Remaining costs to sell: Estimated revenues are reducedby remaining costs to sell (production costs, processing costs, and freight costs) to determine the Group\u2019s gross marginreturned to farm.\u2022 Biological performance: Our estimated market price and remaining cost to sell are based on an overall understanding of the quality of the batch being harvested. Changes in biology, anticipated quality and size, or overall biomass volume mayaffect the market price and remaining costs to sell.\u2022 Time to market: The time to market for live fish is based on a growth table for each generation of fish. The Group considers a live fish weight of 4.5 kg to be the optimal harvest weight with an expected growth period of approximately 20 to 22 months. \u2022 Mortality: Expected mortality rates are used to estimate the expected volume of biomass that will reach optimal harvest weight. On average, an estimated 64% of the number of fish is expected to reach the optimal harvest weight. This considers both natural mortality and culling. \u2022 Discount rate: The discount rate used towards the Group\u2019s net present value calculation is based on the Group\u2019s annualized borrowing rate of SOFR plus 4.0% as of 31 December 2022 (see Note 19 \u2013 Borrowings). The stated interest rate is based on an interest rate grid that allows for a lower interest rate to be implemented in the future, upon reaching certain milestones.The difference between the fair value and the remaining cost to sell is recognized under fair value adjustments in the accompanying consolidated statements of operations to adjust the biomass value on the balance sheet accordingly. As the key assumptions above towards biomass input are not derived from observable markets, biomass valuation is categorized at Level 3 in the fair valuehierarchy under IFRS 13. As of 31 December 2022, all biological assets weighing above 1 kg were classified as Level 3 and there were no transfers to or from Level 1 or Level 2 during the year. Incident-Based MortalityIncident-based mortality is recognized when a Bluehouse system experiences elevated or substantial mortality due to an incident out of expected normal capacity. In such cases, mortality expense is included as part of cost of materials in the accompanyingconsolidated statements of operations, and the fair value associated with the affected biomass is then adjusted under fair value adjustments in the accompanying consolidated statements of operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__29": { "value": "Trade receivables are initially recognized at amortized cost, less a provision for expected credit losses. Credit loss provisions are based on individual customer assessments over a 12-month period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__31": { "value": "Cash includes cash on hand and bank deposits. Restrictedcash is not available for immediate or general business useand is presented separately in the accompanying consolidated statements of financial position. Cash equivalents consist of short-term investments that can be converted into a known amount in cash within three months and contain an insignificant risk element. The Group did not hold any cash equivalents as of 31 December 2022 and 2021.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__30": { "value": "Cash includes cash on hand and bank deposits. Restrictedcash is not available for immediate or general business useand is presented separately in the accompanying consolidated statements of financial position. Cash equivalents consist of short-term investments that can be converted into a known amount in cash within three months and contain an insignificant risk element. The Group did not hold any cash equivalents as of 31 December 2022 and 2021.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__32": { "value": "Borrowings are recognized at fair value when proceeds havebeen received, less transaction costs. In subsequent periods, borrowings are recognized at amortized cost calculated using the effective interest method. The difference between theproceeds from borrowings received (less transaction costs) and its redemption value is reflected over the term of the borrowing as part of financial expense in the accompanying consolidated statements of operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__33": { "value": "Trade and other payables represent unpaid liabilities for goods and services provided to the Group prior to the end of the financial year and are presented as current liabilities unless payment is not due within 12 months after the reporting period. Trade and other payables are recognized initially at their fair value and are subsequently measured at amortized cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__34": { "value": "Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave, are recognized with respect toemployees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. Such amounts are generally expected to be settled in full within 12 months after the end of the reporting period in which the employees render the related service, and liabilities for wages and salaries are presented as part of trade and other payables in the accompanying consolidated statements of financial position.PensionsThe Group offers a defined contribution plan to its employees and pays contributions to publicly or privately administeredpension insurance plans on a mandatory, contractual, or voluntary basis. The Group has no further payment obligations once the contributions have been paid. Contributions are recognized as employee benefit expense when they are due and are included as part of salary and personnel costs in the accompanyingconsolidated statements of operations. Prepaid contributions are recognized as an asset to the extent in which a cash refund or a reduction in the future payments is available.Share Option ProgramShare-based compensation benefits are provided to employees through an employee share scheme (see Note 18 \u2013 Share Option Program). The total expense is recognized over the vesting period, which is the period over which all specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions and recognizes the impact of the revision to original estimates, if any, in the accompanying consolidated statements of operations, with a corresponding adjustment to equity. Social security contributions payable in connection with an option grant are considered an integral part of the grant itself and the charges are treated as cash-settled transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__35": { "value": "Share-based compensation benefits are provided to employees through an employee share scheme (see Note 18 \u2013 Share Option Program). The total expense is recognized over the vesting period, which is the period over which all specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions and recognizes the impact of the revision to original estimates, if any, in the accompanying consolidated statements of operations, with a corresponding adjustment to equity. Social security contributions payable in connection with an option grant are considered an integral part of the grant itself and the charges are treated as cash-settled transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__36": { "value": "The accompanying consolidated statements of cash flows are prepared in accordance with the indirect method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__37": { "value": "Certain amounts in the Group\u2019s 2021 consolidated financialstatements have been reclassified to conform to the 2022presentation. The reclassifications have no effect on the Group\u2019s consolidated financial position or previously reported results of consolidated operations.In the 2021 Annual Report, interest received of USD 3.4m was previously presented as part of net cash used in operatingactivities. In the 2022 Annual Report, interest received is now presented as part of net cash used in investing activities.In the 2021 Annual Report, other income of USD 0.2m waspreviously presented net against other operating expenses.In the 2022 Annual Report, other income was presented as a separate line item to distinguish the insurance proceeds from the 15 September 2021 Denmark Bluehouse fire (see Note 4 \u2013 Other Operating Expenses and Income).", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__39": { "value": "Capital management represents the Group\u2019s policy to assess, acquire, and utilize its capital base efficiently towards satisfactory operations and future development of the business to foster and maintain investor, lender, and market confidence. The Group\u2019s capitmanagement contemplates available alternatives, the cyclicalnature of the fish farming industry, and current socioeconomic factors. Access to borrowings is monitored periodically and the Group engages in dialogue continuously with its lenders.The Group has obtained capital primarily from equity raisesand interest-bearing borrowings. The Group\u2019s interest-bearingborrowings require certain financial covenants to be maintained. In anticipation of potentially not being able to meet its net interest-bearing debt (\u201cNIBD\u201d) to EBITDA requirement as of 31 December 2022, the Group received a formal waiver from the Lenders dated 12 December 2022 (see Note 19 \u2013 Borrowings).", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__40": { "value": "As of 31 December 2022 and 2021, the Group\u2019s consolidated equity consisted of USD 296.4m and USD 239.6m, respectively, equity share, which comprise of total equity divided by total assets, was 83% and 77%, respectively, and net interest-bearing debt, which comprise of total interest-bearing borrowings excluding the effects of IFRS 16, was USD 23.2m and USD 33.0m, respectively. The Group\u2019s Board of Directors considers the Group\u2019s capital base adequate given the scale of its operations.On 12 May 2021, ASA\u2019s Board of Directors were given proxy to increase the share capital with up to NOK 1,600,000 through the issuance of up to 16,000,000 new shares, with a face value of NOK 0.10. On 19 May 2022, the 12 May 2021 authorization was withdrawn, and the Group\u2019s Board of Directors was given theauthority to increase total authorized share capital with up to NOK 1,800,000 through the issuance of up to 18,000,000 total shares, with a face value of NOK 0.10. The authorization may be used several times within this limit.The Group holds financial instruments necessary for its operations. The Group\u2019s principal financial liabilities, other than interest-bearing borrowings and excluding the effects of IFRS 16, consist of trade and other payables and comprise most of the Group\u2019s third-party financing. The Group\u2019s principal financial assetsal consist of trade and other receivables, cash and restricted cash, and other investments. The Group\u2019s significant accounting policies regarding financial instruments are disclosed in Note 1 \u2013 Significant Accounting Policies, and the Group\u2019s financial instruments are detailed in Note 13 \u2013 Financial Instruments.The Group believes it has sufficient financing to achieve steady-state biomass and generate positive cash flow from operations. As it relates to US Phase 2 expansion, additional financing will be needed, however, the Group has full discretion over the speed of the construction which allows the Group to better manage liquidity. On 31 March 2022, the Group\u2019s 2020 Credit Facility was amended to provide an additional three-month credit facility in an aggregate amount of up to USD 25.0m (the \u201cFacility\u201d). On 1 July 2022, the USD 25.0m Facility under the amended 2020 Credit Facility was repaid following Tranche 1 proceeds from the 29 June 2022 equity raise. The eighth amendment to the 2020 Credit Facility was formally committed and signed on 25 August 2022. The debt wasstructured under the same key terms such as interest marginand covenants, and the total amounts were restructured into a fully committed credit facility of USD 200.0m. See Note 19 \u2013Borrowings for further details.Subsequently, the Group\u2019s 2020 Credit Facility was amendedfurther on 31 March 2023 (see Note 23 \u2013 Subsequent Events).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__41": { "value": "The Group\u2019s risk management is carried out by the Group\u2019s Finance Department. The Group is exposed to market risk, credit risk, and liquidity risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__42": { "value": "Interest RateThe Group\u2019s interest rate risk relates primarily from borrowings from financial institutions with variable rate interest. When possible, the Group manages its interest rate risk by entering fixed-interest loans. The Group through ASUS holds the US Term Loan which carried an annualized borrowing rate of SOFR plus 4.0% as of 31 December 2022 (see Note 19 \u2013 Borrowings). The margin grid calls (USD 1,000) 2022 2021Interest expense effect on a 1% increase on floating interest rate 598 517 As of 31 December 2022 and 2021, the Group\u2019s cash balances were held in the following currencies: (USD 1,000) 2022 2021USD 21,117 15,920 NOK 2,446 816 DKK 97 137 EUR 23 139 Total cash 23,683 17,012 As of 31 December 2022 and 2021, all of the Group\u2019s long-term interest-bearing borrowing balances were held in USD.Foreign Currency SensitivityFor the years ended 31 December 2022 and 2021, the Group\u2019s main source of sensitivity to exchange rate movement was due to the NOK-denominated capital raise to fund USD-denominated construction and other expenses in the US and Denmark as follows: (USD 1,000) 2022 2021Capital raise effect in USD from a 10% reduction in the value of NOK to USD (12,421) (11,904)for a maximum of 4.0% and allows for a lower margin based on the net debt to EBITDA ratio. Currently, the Group does not maintain a program to hedge its variable rate exposure. Changes in the interest rate can affect future investment opportunities.Interest Rate SensitivityFor the years ended 31 December 2022 and 2021, the following represents the Group\u2019s potential interest expense effect based on a 1% increase on the floating interest rate:Foreign CurrencyThe Group\u2019s foreign currency risk relates to the Group\u2019s operating, investing, and financing activities denominated in a foreigncurrency. This includes the Group\u2019s revenues, expenses, capital expenditures, and net investments in foreign subsidiaries. The Group\u2019s reporting currency is the United States dollar (\u201cUSD\u201d), and the predominant currencies transacted by the Group\u2019ssubsidiaries are the USD, the Norwegian krone (\u201cNOK\u201d), the Danish krone (\u201cDKK\u201d), and the EU euro (\u201cEUR\u201d).The Group manages its foreign currency risk by maintainingcash balances in foreign currency denominated bank accounts, analyzing future obligations by currency, and transferring funds as needed. The Group has not entered into derivative or other agreements to reduce the exchange rate risk and the relatedmarket risk.The following are the remaining contractual maturities of the Group\u2019s financial liabilities as of 31 December 2022 and 2021, which include gross undiscounted principal and interest payments and exclude the impact of netting agreements: Trade Interest As of 31 December 2022 and other Lease on lease Interest on (USD 1,000)payablesliabilitiesliabilities BorrowingsborrowingsUp to 3 months 11,698 101 51 1,450 903 Between 3 and 12 months - 315 140 18,550 1,726Between 1 and 2 years - 473 156 26,837 705Between 2 and 5 years - 1,357 271 - - Over 5 years - 388 181 - - Total financial liabilities 11,698 2,634 799 46,837 3,334Trade Interest As of 31 December 2021 and other Lease on lease Interest on (USD 1,000)payablesliabilitiesliabilities BorrowingsborrowingsUp to 3 months 19,018 79 38 - 579 Between 3 and 12 months - 245 108 - 1,769 Between 1 and 2 years - 372 129 50,000 772 Between 2 and 5 years - 1,290 308 - - Over 5 years - 1,180 239 - - Total financial liabilities 19,018 3,166 822 50,000 3,120 The Group completed equity capital raises in the amount of NOK 1,231m (USD 125m) on 29 June 2022 and NOK 1,016m (USD 121m) on 3 June 2021.As of 31 December 2022, the amended 2020 Credit Facility totaled a fully committed amount of USD 200m (see Note 19 \u2013 Borrowings).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__43": { "value": "Financial instruments, which potentially subject the Group to credit risk, consist principally of cash and trade receivables. Cash is maintained with major financial institutions. The Group extends credit to some of its customers and management recognizes that extending credit and setting appropriate reserves for accounts receivable is largely a subjective decision based on knowledge of the customer. Accordingly, the Group trades only with recognized and creditworthy third parties and does not require collateral on trade receivables from its customers. Management periodically evaluates credit exposure in the aggregate and by individual credit and periodically reviews the creditworthiness of its customers to ensure the overall quality of the Group\u2019s credit portfolio. This takes into consideration expected 12-month and lifetime credit losses as well as other risks that may have arisen since original recognition. Further, the Group\u2019s trade receivables are credit insured unless an exception is approved by the CEO. The Group has not experienced any material losses on its trade receivables. Credit risk associated with revenue is limited to the amount of trade receivables outstanding for each customer.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__44": { "value": "The Group continuously monitors liquidity and financialprojections through budgets and monthly updated forecasts. The Group believes that it is appropriate to prepare the Annual Report based on a going concern assumption based on its forecasted performance in which it has sufficient financing to achieve steady state biomass and generate positive cash flow from operations. The Group\u2019s estimation on its future financial position and liquidity requirements is based on several key assumptions, which are subject to various risks and uncertainties:\u2022 Salmon spot prices, which have historically been volatile. \u2022 Impacts from fluctuations in production, harvest volumes, and biological issues.\u2022 Changes in feed process, which generally correlate to the marine and agricultural commodity prices of the main ingredients. \u2022 Full discretion over the speed of US Phase 2 construction, which may allow the Group to better manage liquidity, but at the potential cost of delays and timing of expanded production.The provisions of the amended 2020 Credit Facility containfinancial covenants to be maintained by the Group (see Note 19 \u2013 Borrowings). The Group believes it has made reasonable judgments and estimates with respect to the key assumptions above. Should there be any potential adverse impacts or factors to the above that may materially affect the Group\u2019s overall operational and construction plan, it could lead to a breach in the Group\u2019s required minimum EBITDA covenant. In turn, this would require the Group to obtain a formal waiver from its Lenders to prevent outstanding borrowings from becoming currently due.* EBITDA adjusted for fair value adjustment on biological assets, impairment of non-current assets, and insurance settlement proceeds from Denmark", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__46": { "value": "The Group has two strategic divisions, which represent itsreportable segments. The Group\u2019s executive managementreviews the internal management reports of each division. As of 31 December 2022 and 2021, the Group\u2019s reportable segments consisted of the following:Fish Farming (Denmark)The Group owns and has previously operated a proprietary Bluehouse land-based salmon farm in Hvide Sande, Denmarkthrough ASDK. Principal operations comprise of the production and sale of salmon. On 15 September 2021, a fire broke out in the Denmark Bluehouse in which substantially all property, plant, and equipment related to its saltwater ongrowing systems were lost (see Note 9 \u2013 Property, Plant, and Equipment). Operations during the year ended 31 December 2022 consisted of clean-up efforts of the site.Fish Farming (US)The Group owns the land in Homestead, FL, US through ASSF and operates the proprietary Bluehouse land-based salmon farm through ASUS. All fish systems from US Phase 1 construction of the Miami Bluehouse were substantially complete as of 31 December 2021 and is projected to reach steady state US Phase 1 operations in Q3 2023 when the Group commences producing the equivalent of 9,500 tons HOG of annualized harvest volumes in the US. The US Phase 2 expansion project is currently under construction and is expected to add an additional estimated 15,000 tons HOG of annual production capacity, for a total capacity of approximately 25,000 tons HOG.For the years ended 31 December 2022 and 2021, the Group\u2019s segment information consisted of the following:Year ended 31 December 2022 Fish farming Fish farming Other and(USD 1,000)DenmarkUSeliminations ConsolidatedRevenue from sale of salmon - 18,954 - 18,954 EBITDA 37,974 (71,489) (14,527) (48,042)EBITDA, pre-fair value adjustment on biological assets 37,974 (71,584) (14,527) (48,137)EBITDA, adjusted* 12,652 (71,584) (14,527) (73,459)Pre-tax income (loss) 37,904 (96,529) (6,381) (65,006)Total assets 910 351,821 4,820 357,551 Total liabilities 870 152,089 (91,790) 61,169Depreciation and amortization 36 14,182 (1) 14,217 Interest income - 506 4,401 4,907 Interest expense 34 11,364 (3,744) 7,654Impairment of non-current assets - - - - Insurance proceeds 25,322 - - 25,322 Capital expenditures - 52,447 - 52,447 Cash flows from operating activities 24,888 (79,055) 1,263 (52,904)Cash flows from investing activities - (56,323) 499 (55,824)Cash flows from financing activities (24,916) 148,757 (7,306) 116,535* EBITDA adjusted for fair value adjustment on biological assets and impairment of non-current assetsYear ended 31 December 2021 Fish farming Fish farming Other and(USD 1,000)DenmarkUSeliminations ConsolidatedRevenue from sale of salmon 3,560 13,291 - 16,851 EBITDA (43,461) (71,403) (2,373) (117,237)EBITDA, pre-fair value adjustment on biological assets (45,062) (71,231) (2,373) (118,666)EBITDA, adjusted* (10,308) (71,231) (2,373) (83,912)Pre-tax loss (48,076) (89,528) 4,826 (132,778)Total assets 1,488 298,617 11,635 311,740 Total liabilities 40,045 154,216 (122,077) 72,184 Depreciation and amortization 2,899 12,157 - 15,056 Interest income - 1,388 1,974 3,362 Interest expense 1,716 7,356 (5,225) 3,847 Impairment of non-current assets 34,754 - - 34,754 Insurance proceeds - - - - Capital expenditures 1,908 55,549 - 57,457 Cash flows from operating activities (3,386) (65,113) (2,739) (71,238)Cash flows from investing activities (2,674) (53,850) 1,975 (54,549)Cash flows from financing activities 5,198 112,805 (3,144) 114,859 For the years ended 31 December 2022 and 2021, significantly all the Group\u2019s revenue consisted of the sale of salmon, and the Group\u2019s disaggregation of revenue with customers consisted of the following: (USD 1,000) 2022 2021Revenue from external customers in:United States 18,604 12,716 Canada 350 600 Denmark - 1,168 Other countries - 2,367 Total revenue from external customers 18,954 16,851 For the years ended 31 December 2022 and 2021, the Group\u2019s concentration of revenue consisted of the following:(USD 1,000) 2022 2021Sales per customer:Customer A 7,594 4,735 Customer B 1,948 9 Customer C 1,430 165 Customer D 1,402 778 Customer E 911 90 Other customers 5,669 11,074 Total revenue from external customers 18,954 16,851", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__48-1": { "value": "Other Operating ExpensesFor the years ended 31 December 2022 and 2021, the Group\u2019s other operating expenses consisted of the following:(USD 1,000) Note 2022 2021Selling, general, and administrative 7,230 7,814 Professional fees 7 2,411 4,071 Leases 8 6,217 8,927 Maintenance and supplies 451 3,911 Total other operating expenses 16,309 24,723 Other IncomeFor the years ended 31 December 2022 and 2021, the Group\u2019s other income consisted of the following:(USD 1,000) 2022 2021Other income and gain 583 1,278 Income from insurance settlement 25,322 - Income from land lease - 9 Other expense and loss (133) (1,141)Disposal of non-current assets (230) 5 Total other income, net 25,542 151 The Group incurred USD 1.6m (USD 1.2m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2022 and USD 1.3m in property taxes (USD 0.9m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2021. The amounts are included as part of selling, general, and administrative expenses within the Group\u2019s other operating expenses.In January 2021, ASUS experienced a breakdown in its internal chiller plant causing temporary temperature instability. As aresult, ASUS incurred costs including USD 5.9m and USD 8.1m on temporary chiller leases for the years ended 31 December Insurance Settlement ProceedsOn 15 September 2021, a fire broke out in the Denmark Bluehouse. Substantially all property, plant, and equipment related to itssaltwater ongrowing systems were lost in the fire and an impairment of non-current assets of USD 34.8m was previously recognized. The Group did not recognize an insurance claim receivable as of 31 December 2021 as the probability of the insurance claim was not virtually certain prior to the conclusion of the Danish police\u2019s (Midt- og Vestjyllands Politi) investigation on 1 April 2022 inwhich they announced that the cause of the fire was inconclusive and that there was no evidence of arson in connection with the incident.2022 and 2021, respectively, and USD 2.9m on generator fuel and supplies for the year ended 31 December 2021. No amounts were incurred on generator fuel and supplies for the year ended 31 December 2022 as the equipment was connected to the electrical grid at the beginning of the year.The amounts are included as part of leases and maintenance and supplies, respectively, within the Group\u2019s other operatingexpenses. The Group subsequently incurred approximately USD 1.0m in similar short-term costs as of the date of this report.On 10 May 2022, the Group agreed on a cash settlement of DKK 180.0m (USD 25.3m equivalent upon receipt in June 2022) which is included as part of the Group\u2019s other income. The Group allocated the settlement proceeds towards US operations and construction, and the Group is currently reviewing its strategy for its Danish operations with demolition efforts currently underway subsequently in 2023.For the years ended 31 December 2022 and 2021, remuneration to the Group\u2019s auditors, excluding VAT, consisted of the following:(USD 1,000) 2022 2021Statutory auditing services 380 343 Tax advisory services - - Other services - - Total auditor's fees 380 343 Total amounts towards auditor\u2019s fees are included as part of professional fees in other operating expenses (see Note 4 \u2013 Other Operating Expenses and Income).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__49-1": { "value": "For the years ended 31 December 2022 and 2021, the Group\u2019s other operating expenses consisted of the following:(USD 1,000) Note 2022 2021Selling, general, and administrative 7,230 7,814 Professional fees 7 2,411 4,071 Leases 8 6,217 8,927 Maintenance and supplies 451 3,911 Total other operating expenses 16,309 24,723 Other IncomeFor the years ended 31 December 2022 and 2021, the Group\u2019s other income consisted of the following:(USD 1,000) 2022 2021Other income and gain 583 1,278 Income from insurance settlement 25,322 - Income from land lease - 9 Other expense and loss (133) (1,141)Disposal of non-current assets (230) 5 Total other income, net 25,542 151 The Group incurred USD 1.6m (USD 1.2m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2022 and USD 1.3m in property taxes (USD 0.9m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2021. The amounts are included as part of selling, general, and administrative expenses within the Group\u2019s other operating expenses.In January 2021, ASUS experienced a breakdown in its internal chiller plant causing temporary temperature instability. As aresult, ASUS incurred costs including USD 5.9m and USD 8.1m on temporary chiller leases for the years ended 31 December Insurance Settlement ProceedsOn 15 September 2021, a fire broke out in the Denmark Bluehouse. Substantially all property, plant, and equipment related to itssaltwater ongrowing systems were lost in the fire and an impairment of non-current assets of USD 34.8m was previously recognized. The Group did not recognize an insurance claim receivable as of 31 December 2021 as the probability of the insurance claim was not virtually certain prior to the conclusion of the Danish police\u2019s (Midt- og Vestjyllands Politi) investigation on 1 April 2022 inwhich they announced that the cause of the fire was inconclusive and that there was no evidence of arson in connection with the incident.2022 and 2021, respectively, and USD 2.9m on generator fuel and supplies for the year ended 31 December 2021. No amounts were incurred on generator fuel and supplies for the year ended 31 December 2022 as the equipment was connected to the electrical grid at the beginning of the year.The amounts are included as part of leases and maintenance and supplies, respectively, within the Group\u2019s other operatingexpenses. The Group subsequently incurred approximately USD 1.0m in similar short-term costs as of the date of this report.For the years ended 31 December 2022 and 2021, remuneration to the Group\u2019s auditors, excluding VAT, consisted of the following:(USD 1,000) 2022 2021Statutory auditing services 380 343 Tax advisory services - - Other services - - Total auditor's fees 380 343 Total amounts towards auditor\u2019s fees are included as part of professional fees in other operating expenses (see Note 4 \u2013 Other Operating Expenses and Income).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__50": { "value": "For the years ended 31 December 2022 and 2021, the Group\u2019s other income consisted of the following:(USD 1,000) 2022 2021Other income and gain 583 1,278 Income from insurance settlement 25,322 - Income from land lease - 9 Other expense and loss (133) (1,141)Disposal of non-current assets (230) 5 Total other income, net 25,542 151 The Group incurred USD 1.6m (USD 1.2m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2022 and USD 1.3m in property taxes (USD 0.9m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2021. The amounts are included as part of selling, general, and administrative expenses within the Group\u2019s other operating expenses.In January 2021, ASUS experienced a breakdown in its internal chiller plant causing temporary temperature instability. As aresult, ASUS incurred costs including USD 5.9m and USD 8.1m on temporary chiller leases for the years ended 31 December Insurance Settlement ProceedsOn 15 September 2021, a fire broke out in the Denmark Bluehouse. Substantially all property, plant, and equipment related to itssaltwater ongrowing systems were lost in the fire and an impairment of non-current assets of USD 34.8m was previously recognized. The Group did not recognize an insurance claim receivable as of 31 December 2021 as the probability of the insurance claim was not virtually certain prior to the conclusion of the Danish police\u2019s (Midt- og Vestjyllands Politi) investigation on 1 April 2022 inwhich they announced that the cause of the fire was inconclusive and that there was no evidence of arson in connection with the incident.2022 and 2021, respectively, and USD 2.9m on generator fuel and supplies for the year ended 31 December 2021. No amounts were incurred on generator fuel and supplies for the year ended 31 December 2022 as the equipment was connected to the electrical grid at the beginning of the year.The amounts are included as part of leases and maintenance and supplies, respectively, within the Group\u2019s other operatingexpenses. The Group subsequently incurred approximately USD 1.0m in similar short-term costs as of the date of this report.On 10 May 2022, the Group agreed on a cash settlement of DKK 180.0m (USD 25.3m equivalent upon receipt in June 2022) which is included as part of the Group\u2019s other income. The Group allocated the settlement proceeds towards US operations and construction, and the Group is currently reviewing its strategy for its Danish operations with demolition efforts currently underway subsequently in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__54": { "value": "Fair Value Measurement of Biological AssetsUnder the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomass\u201d) are measured at fair value less cost to sell, unless fair value is not readily measured. Biomass comprises of salmon roe and live fish in tanks from fry to adult grow-out. The historical cost of biological assets (\u201cproduction costs\u201d) includes all costs required to raise salmon from roe to harvest. Direct production costs, which include salmon roe and other raw materials such as feed, are allocated fully to production costs. Indirect production costs, which consist of salary andpersonnel costs, depreciation, and other overhead costs, are allocated based on a ratio of actual vs hypothetical feed capacity per fish system that approximates normal capacity under IAS 2. Portions of indirect production costs attributed to underutilized Bluehouse tank capacity are recognized as period cost under cost of materials in the accompanying consolidated statements of operations.Non-Harvestable Fish (Measured at Cost)Fish with a live weight below 1 kg, including salmon roe, areconsidered non-harvestable due to its little biological conversion and are therefore measured at historical cost (IAS 41.24). Fish measured at cost are routinely assessed for impairment losses whenever events or changes in circumstances indicate that the carrying value may not be recoverable.Harvestable Fish (Measured at Fair Value Less Cost to Sell)Fish held in tanks with a live weight over 1 kg are consideredharvestable and is therefore calculated based on an impliedestimated fair value of the fish in a hypothetical market using a future cash flow model that calculates the net present value of the estimated revenue cash flows from harvested biomass based on the available biomass as of the reporting period date as a starting point, less estimated remaining costs to sell until the fish is harvested from a specific batch. The Group utilizes several key assumptions to estimate the fair value of biological assets:\u2022 Estimated revenues: The key element in approximating fair value is the assumed market price expected to be achieved on the future date in which the fish is to be harvested. Our estimated market price is based on a variety of sources including, but not limited to, the Group\u2019s historical sales prices achieved and quoted forward market prices as per the NASDAQ salmon index to improve reliability and comparability of the price estimation. \u2022 Remaining costs to sell: Estimated revenues are reducedby remaining costs to sell (production costs, processing costs, and freight costs) to determine the Group\u2019s gross marginreturned to farm.\u2022 Biological performance: Our estimated market price and remaining cost to sell are based on an overall understanding of the quality of the batch being harvested. Changes in biology, anticipated quality and size, or overall biomass volume mayaffect the market price and remaining costs to sell.\u2022 Time to market: The time to market for live fish is based on a growth table for each generation of fish. The Group considers a live fish weight of 4.5 kg to be the optimal harvest weight with an expected growth period of approximately 20 to 22 months. \u2022 Mortality: Expected mortality rates are used to estimate the expected volume of biomass that will reach optimal harvest weight. On average, an estimated 64% of the number of fish is expected to reach the optimal harvest weight. This considers both natural mortality and culling. \u2022 Discount rate: The discount rate used towards the Group\u2019s net present value calculation is based on the Group\u2019s annualized borrowing rate of SOFR plus 4.0% as of 31 December 2022 (see Note 19 \u2013 Borrowings). The stated interest rate is based on an interest rate grid that allows for a lower interest rate to be implemented in the future, upon reaching certain milestones.The difference between the fair value and the remaining cost to sell is recognized under fair value adjustments in the accompanying consolidated statements of operations to adjust the biomass value on the balance sheet accordingly. As the key assumptions above towards biomass input are not derived from observable markets, biomass valuation is categorized at Level 3 in the fair valuehierarchy under IFRS 13. As of 31 December 2022, all biological assets weighing above 1 kg were classified as Level 3 and there were no transfers to or from Level 1 or Level 2 during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__52": { "value": "Fair Value Measurement of Biological AssetsUnder the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomass\u201d) are measured at fair value less cost to sell, unless fair value is not readily measured. Biomass comprises of salmon roe and live fish in tanks from fry to adult grow-out. The historical cost of biological assets (\u201cproduction costs\u201d) includes all costs required to raise salmon from roe to harvest. Direct production costs, which include salmon roe and other raw materials such as feed, are allocated fully to production costs. Indirect production costs, which consist of salary andpersonnel costs, depreciation, and other overhead costs, are allocated based on a ratio of actual vs hypothetical feed capacity per fish system that approximates normal capacity under IAS 2. Portions of indirect production costs attributed to underutilized Bluehouse tank capacity are recognized as period cost under cost of materials in the accompanying consolidated statements of operations.Non-Harvestable Fish (Measured at Cost)Fish with a live weight below 1 kg, including salmon roe, areconsidered non-harvestable due to its little biological conversion and are therefore measured at historical cost (IAS 41.24). Fish measured at cost are routinely assessed for impairment losses whenever events or changes in circumstances indicate that the carrying value may not be recoverable.Harvestable Fish (Measured at Fair Value Less Cost to Sell)Fish held in tanks with a live weight over 1 kg are consideredharvestable and is therefore calculated based on an impliedestimated fair value of the fish in a hypothetical market using a future cash flow model that calculates the net present value of the estimated revenue cash flows from harvested biomass based on the available biomass as of the reporting period date as a starting point, less estimated remaining costs to sell until the fish is harvested from a specific batch. The Group utilizes several key assumptions to estimate the fair value of biological assets:\u2022 Estimated revenues: The key element in approximating fair value is the assumed market price expected to be achieved on the future date in which the fish is to be harvested. Our estimated market price is based on a variety of sources including, but not limited to, the Group\u2019s historical sales prices achieved and quoted forward market prices as per the NASDAQ salmon index to improve reliability and comparability of the price estimation. \u2022 Remaining costs to sell: Estimated revenues are reducedby remaining costs to sell (production costs, processing costs, and freight costs) to determine the Group\u2019s gross marginreturned to farm.\u2022 Biological performance: Our estimated market price and remaining cost to sell are based on an overall understanding of the quality of the batch being harvested. Changes in biology, anticipated quality and size, or overall biomass volume mayaffect the market price and remaining costs to sell.\u2022 Time to market: The time to market for live fish is based on a growth table for each generation of fish. The Group considers a live fish weight of 4.5 kg to be the optimal harvest weight with an expected growth period of approximately 20 to 22 months. \u2022 Mortality: Expected mortality rates are used to estimate the expected volume of biomass that will reach optimal harvest weight. On average, an estimated 64% of the number of fish is expected to reach the optimal harvest weight. This considers both natural mortality and culling. \u2022 Discount rate: The discount rate used towards the Group\u2019s net present value calculation is based on the Group\u2019s annualized borrowing rate of SOFR plus 4.0% as of 31 December 2022 (see Note 19 \u2013 Borrowings). The stated interest rate is based on an interest rate grid that allows for a lower interest rate to be implemented in the future, upon reaching certain milestones.The difference between the fair value and the remaining cost to sell is recognized under fair value adjustments in the accompanying consolidated statements of operations to adjust the biomass value on the balance sheet accordingly. As the key assumptions above towards biomass input are not derived from observable markets, biomass valuation is categorized at Level 3 in the fair valuehierarchy under IFRS 13. As of 31 December 2022, all biological assets weighing above 1 kg were classified as Level 3 and there were no transfers to or from Level 1 or Level 2 during the year. Incident-Based MortalityIncident-based mortality is recognized when a Bluehouse system experiences elevated or substantial mortality due to an incident out of expected normal capacity. In such cases, mortality expense is included as part of cost of materials in the accompanyingconsolidated statements of operations, and the fair value associated with the affected biomass is then adjusted under fair value adjustments in the accompanying consolidated statements of operations. As of 31 December 2022 and 2021, the Group\u2019s biological assets consisted of the following: (USD 1,000) 2022 2021Cost of biological assets 26,489 24,688 Fair value adjustments (7,799) (7,893)Total biological assets 18,690 16,795 Cost of biological assets (harvestable fish) 19,505 16,240 Fair value adjustments (7,799) (7,893)Total biological assets of harvestable fish 11,706 8,347 Cost of biological assets (non-harvestable fish) 6,984 8,448 Total biological assets 18,690 16,795 The following represents a reconciliation of changes in the carrying amount of the Group\u2019s consolidated biological assets for the years ended 31 December 2022 and 2021:(USD 1,000) 2022 2021Biological assets at beginning of year 16,795 24,610 Gain (loss) arising from changes in fair value less costs to sell 95 1,429 Increases due to production and purchases 60,407 53,064 Net changes in production depreciation (120) (792)Decreases due to harvest (28,738) (32,657)Decreases due to mortality (13,803) (12,011)Decreases due to underutilized plant capacity (15,929) (16,616)Net exchange rate differences (17) (232)Biological assets at end of year 18,690 16,795 As of 31 December 2022 and 2021, the Group\u2019s physical volumes of biological assets consisted of the followin2022 2021Live weight of biomass (in tons RLW)Non-harvestable fish 581 882 Harvestable fish 1,815 1,691 Total live weight of biomass (in tons RLW) 2,396 2,573 Number of fish (in thousands)Non-harvestable fish 4,623 4,581 Harvestable fish 1,152 488 Total number of fish (in thousands) 5,775 5,069 Volume of fish harvested during the year (tons gutted weight) 2,253 2,374 Sensitivity AnalysisAlthough the Group has acquired expertise in assessing various factors regarding biomass, the estimate of unrealized fairvalue adjustment under IFRS 13 is based on several uncertain assumptions, and the realized profit ultimately achieved upon the sale of inventory may differ from the calculations of fair value accordingly. Such assumptions include biomass volume andgrowth rate, biomass quality and size distribution, production costs, fish mortality, and market price.Biomass Volume and Growth Rate:Biomass volume and growth rate is estimated from the changes between known tank density prior to the release of fish in tanks and the current tank density with live fish. The difference in densities is then used to estimate growth between any given period, which gives little uncertainty with respect to biomass volume and growth rate.Biomass Quality and Size Distribution:Biomass quality prior to harvest is estimated based on periodic samples obtained throughout the life of a given batch. However, the actual biomass quality for the entire batch population is difficult to assess prior to harvest and some degree of variation of quality is expected. Fair value is first assessed as superior quality fish and the estimated price per kg is reduced on downgraded ordinary and production grade fish based on standard rates from industry benchmarks. Biomass size distribution prior to harvest is estimated from counting and grading systems prior to harvest. Although some degree of variation is expected, actual fish size is not expected to deviate substantially from the average distribution for the overall batch and therefore, the Group\u2019s estimated value of biomass with this respect.Incident-Based MortalityOn 23 March 2021, ASUS experienced an incident in one of its grow-out systems in the Miami Bluehouse that resulted in approximately 500 tons (HOG) of fish lost with an average weight of approximately 1kg, equivalent of around 5% of annualizedUS Phase 1 harvest volumes. Other independent systems in the Miami Bluehouse were unaffected. The value of the biomassrepresented by the affected fish was USD 4.6m and the Group received approximately USD 1.6m (EUR 1.5m) in biomass insurance proceeds subsequently on 12 April 2023. Prior to this incident, ASUS had identified a center drain design issue with all US Phase 1 grow-out systems. Although work had commenced to rectify the issue prior to this incident, the affected system had not yet been modified. Today, among other risk-mitigating initiatives, ASUS split all its six independent US Phase 1 grow-out systems into twelve.On 9 July 2021, ASDK experienced an incident in one of its grow-out systems in the Denmark Bluehouse that resulted in a loss of approximately 500 tons (HOG). On 15 September 2021, a fire broke out in the Denmark Bluehouse. All employees were reported safe without injuries. Approximately 170 tons of standing biomass in the Danish facility\u2019s ongrowing systems with a book value of USD 0.8m were lost. See Note 4 \u2013 Other Operating Expenses and Income for further details regarding insurance proceeds.During the year ended 31 December 2022, ASUS experienced above normal and increasing mortality in certain systems, notably from September 2022 through December 2022. In turn, fish from these systems were harvested earlier and at a lower average weight of approximately 2kg HOG than originally planned. A thorough investigation and audit of our systems was set in place and no sign of diseases or any issues with any production inputs were identified. ASUS attributed the elevated mortality levels primarily to sedimentation and anoxic areas inside the RAS systems.Accordingly, an action plan was executed to reset and upgrade all biofilters, to enact organizational changes, protocol improvements, and upgrades to equipment and automation. Additionally, over 100 new camera inspection points were installed in the RAS systems to enable us to monitor new areas through visible inspection that were not previously available due to the design of the systems and to minimize the potential risk of sludge sedimentation.Production Costs:Estimated future production costs are based on the Group\u2019s prognoses taking into consideration factors such as uncertainty with feed prices or other biomass cost developments. Changes in the Group\u2019s estimation towards production costs would influence the value of biomass and is recognized accordingly as part of the fair value adjustments in the accompanying consolidated statements of operations.Fish Mortality:Mortality under normal capacity is expected and directly affects the fair value estimates as it ultimately results in a reduction in harvestable biomass volumes. Further, overall production costs for a given batch includes the cost of fish that will perish under expected mortality.Market Price:The key element in the fair value model of biological assets is the estimated forward market price that is expected to be received in the future when the fish is harvested. The estimated market price in each market is normally derived from the Group\u2019s latest price achievement and overall understanding of the quality of the batch being harvested. An increase in anticipated forward market prices would increase the fair value of the biological assets and vice versa. A change in production costs will generally have lesser impact on the estimated fair value calculation that a similar change in anticipated forward market prices.The fair value of the Group\u2019s biological assets was calculated based on different parameters.As of 31 December 2022 and 2021, the estimated effect on the book value of biological assets was as follows:(USD 1,000) Note 2022 2021Change in biomass size 2% 542 217 Change in forward price 2% 636 272 Change in discount rate 2% (175) (48)", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__56": { "value": "During the ordinary course of business, the Group capitalizes portions of total salary and personnel costs towards biological assets and assets under construction.For the years ended 31 December 2022 and 2021, the Group\u2019s salary and personnel costs consisted of the following:(USD 1,000) 2022 2021Salaries, including holiday pay and bonuses 17,100 17,702 Payroll taxes 1,119 1,155 Pension costs 346 488 Share-based compensation benefits 576 1,559 Temporary labor 893 2,416 Other payroll costs and benefits 278 716 Total salary and personnel costs 20,312 24,036 Less: production labor capitalized towards biological assets (10,083) (10,455)Less: construction labor capitalized towards assets under construction (1,632) (1,275)Less: processing labor towards cost of materials (2,303) (1,722)Total salary and personnel costs 6,294 10,584 For the years ended 31 December 2022 and 2021, the Group employed 177 and 166 full-time employees, respectively.For the years ended 31 December 2022 and 2021, total compensation to the Group\u2019s Board of Directors consisted of the following: (USD 1,000) 2022 2021Johan E. Andreassen, Chairman of the Board and CEO - - Patrice Flanagan, Director 64 68 Alexander Reus, Director (3) 68 82 Andr\u00e9 Skarb\u00f8, Director 64 68 Tone Bj\u00f8rnov, Director 89 68 Runar Vatne, Director (1) 34 72 Kenneth Andersen, Director (2) 34 - Ellen Marie S\u00e6tre, Director 74 68 Total Board of Directors 427 426 (1) Stepped down as director 3 August 2022(2) Elected as new director 3 August 2022(3) Stepped down as director 5 December 2022For the years ended 31 December 2022 and 2021, the Group\u2019s remuneration to executive management consisted of the following:Executive managementPensionOtherShare-based(USD 1,000) Salary Bonuscontributionbenefits TotalcompensationYear ended 31 December 2022Johan E. Andreassen, CEO 500 - 12 - 512 - Jon-Birger L\u00f8vik, COO (Stepped in on 7 March 2022) 308 - 7 - 315 - Svein Taklo, CDIO 290 - 12 - 302 - Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director 255 - 10 - 265 - Alejandro Castro, CBO 255 - 10 - 265 - Danielle Villoch, CLO (Stepped down on 19 June 2022) 127 - 5 - 132 - Total remuneration to executive management 1,735 - 56 - 1,791 - Year ended 31 December 2021Johan E. Andreassen, CEO 502 - 12 - 514 591 Dharma Rajeswaran, COO (Stepped down on 16 August 2021) 176 - 11 110 297 - Svein Taklo, CDIO 286 - 11 - 297 - Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director 238 - 8 - 246 - Alejandro Castro, CBO 238 - 9 - 247 - Cristina Espejo, CPO (Stepped down on 11 August 2021) 157 - 10 90 257 - Danielle Villoch, CLO 251 - 10 - 261 - Total remuneration to executive management 1,848 - 71 200 2,119 591", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__57": { "value": "For the years ended 31 December 2022 and 2021, the Group\u2019s remuneration to executive management consisted of the following:Executive managementPensionOtherShare-based(USD 1,000) Salary Bonuscontributionbenefits TotalcompensationYear ended 31 December 2022Johan E. Andreassen, CEO 500 - 12 - 512 - Jon-Birger L\u00f8vik, COO (Stepped in on 7 March 2022) 308 - 7 - 315 - Svein Taklo, CDIO 290 - 12 - 302 - Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director 255 - 10 - 265 - Alejandro Castro, CBO 255 - 10 - 265 - Danielle Villoch, CLO (Stepped down on 19 June 2022) 127 - 5 - 132 - Total remuneration to executive management 1,735 - 56 - 1,791 - Year ended 31 December 2021Johan E. Andreassen, CEO 502 - 12 - 514 591 Dharma Rajeswaran, COO (Stepped down on 16 August 2021) 176 - 11 110 297 - Svein Taklo, CDIO 286 - 11 - 297 - Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director 238 - 8 - 246 - Alejandro Castro, CBO 238 - 9 - 247 - Cristina Espejo, CPO (Stepped down on 11 August 2021) 157 - 10 90 257 - Danielle Villoch, CLO 251 - 10 - 261 - Total remuneration to executive management 1,848 - 71 200 2,119 591 Total remuneration to executive management is included aspart of total salary and personnel costs in the accompanying consolidated statements of operations.A bonus scheme is in place for executive management based on the Group\u2019s revenue, operating profits, and commensurate performance. The Group\u2019s remuneration to executive management consists of the Group\u2019s ordinary pension schemes (see Note20 \u2013 Pensions) and no additional pension scheme for executive management is in place. There are severance clauses in each respective executive officer\u2019s employment agreements withvarying terms based on termination for cause or not-for-cause. For the year ended 31 December 2021, USD 110k was paid to Dharma Rajeswaran, who stepped down as the Group\u2019s COO on 16 August 2021, and USD 90k was paid to Cristina Espejo, who stepped down as the Group\u2019s CPO on 11 August 2021. For the year ended 31 December 2022, an additional USD 177k was paid to Dharma Rajeswaran and an additional USD 164k was paid to Cristina Espejo.Board of Directors\u2019 Statement on Remuneration of Executive Management The Group\u2019s Board of Directors determines the principlesapplicable to the Group\u2019s policy for compensation of executive management and, as a separate document from this AnnualReport, presented its statement on such principles for the 2022 financial year during the Group\u2019s Annual General Meeting (\u201cAGM\u201d) in accordance with Section 6-16a of the Norwegian Public Limited Liability Companies Act.Pursuant to Section 5-6 (3) of the Norwegian Public Limited Companies Act, the Group\u2019s AGM held a consultative vote over this statement. However, the guidelines related to share-based executive\u2019s respective roles and responsibilities within the Group, as well as such person\u2019s experience as it relates to his or her position. Over time, Atlantic Sapphire expects the base salaries of executive management to be at or around the market median for comparable positions in the industry and in the US.The Group may pay above or below the market median for certain individuals for a variety of reasons, including, but not limited to, knowledge and skill, scarcity of qualified candidates, individual capabilities and contributions, time in the industry and organization, importance of the role to the Group overall and potential for future growth.Variable CompensationThe Group offers a short-term annual cash incentive program plan designed to drive desired performance and business results throughout the Group. This program is based on predetermined goals and key performance indicators for each fiscal year with corresponding compensation awards determined at a \u201cminimum\u201d, \u201ctarget\u201d, or a \u201cmaximum\u201d level. The program for 2022 was comprised of the following three performance areas: US construction costs, biomass growth, and EBITDA. This program has a maximum payout for any senior executive at 12% of such an individual\u2019s annual base salary. No amounts were paid out in 2022.Long-Term Incentive ProgramThe key objectives of Atlantic Sapphire\u2019s long-term incentive(\u201cLTI\u201d) program are to align the interests of executive management, employees and shareholders and provide the Group\u2019s employees an opportunity to share in the value creation and long-termdevelopment of the Group.The Group has a share option scheme that was approved by the Group\u2019s Annual General Meeting in 2022, which authorized up to 2,000,000 shares. In 2022, no new share options were granted to employees under the share option scheme, and no options were incentive schemes (see \u201cLong-Term Incentive Program\u201d below) was voted on and binding for the Group\u2019s Board of Directors (cf. Section 5-6 (3) of the Norwegian Public Limited Companies Act).The following principles guide the determination of compensation and other incentive awards regarding the remuneration of the Group\u2019s executive management. The Group\u2019s remuneration policy seeks to promote growth, reward performance, and motivate executive management to maximize the creation of sustainable, long-term shareholder value.Guidelines for Executive Management CompensationAtlantic Sapphire\u2019s long-term goal is to transform the salmon farming industry and become a global leader in sustainable, high-quality protein production through innovation and the responsible implementation of land-based aquaculture technology. Executive management plays a critical role in achieving this goal.The principles supporting the Group\u2019s remuneration policy are as follows:\u2022 Offer executive compensation that is competitive, both on industry and national (US) levels, to attract and retain top managerial talent.\u2022 Emphasize a collaborative culture and a lean organizational structure.\u2022 Provide incentives that foster the creation of sustainable, long term shareholder value.\u2022 Ensure that the Group\u2019s executive management is aligned with key organizational goals.Fixed CompensationFixed compensation comes in the form of base salaries paid to executive management and are intended to attract and retain talented individuals. It is set to reflect market standards, each granted as part of the Group\u2019s annual long-term incentive program.Individual LTI grants will be determined based on the Group\u2019s performance, comparable market practices and performance. At this time, the LTI grants provided by the Group include the following: 1) Share options granted at the five-day trading average as of the date of grant, and 2) Performance-based share options granted at a strike price of 30% above the five-day trading average as of the date of grant. All share options referenced above and granted under the LTI program are subject to a four-year vesting period and certain other requirements.Retirement BenefitsThe Group has a 401(k) plan, which is open to all employees after the first three months of employment. The Group will make a matching contribution on each employee\u2019s behalf equal to (1) 100% of such employee\u2019s contribution up to 3% of such employee\u2019s base salary, plus (2) 50% of the amount of such employee\u2019s contribution that exceeds 3% of base salary, up to 5% of the employee\u2019s base salary, for the calendar year. The 401(k) plan has no vesting requirements.Severance PayThe Group has individual employment agreements with executive management, which also provide for certain terms and conditions with respect to notice periods and severance pay should the Group terminate or request the resignation of the executive.Benefits in KindIn addition to fixed and variable compensation, members ofexecutive management are provided with other benefits, such as a mobile phone, laptop, and a transportation reimbursement. Executive management also receive health, vision, and dental insurance, as well as short-term and long-term disability and life insurance. Other than health insurance, the total value of these benefits are de minimis and account only for a limited portion of each executive\u2019s total remuneration package.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__59": { "value": "For the years ended 31 December 2022 and 2021, remuneration to the Group\u2019s auditors, excluding VAT, consisted of the following:(USD 1,000) 2022 2021Statutory auditing services 380 343 Tax advisory services - - Other services - - Total auditor's fees 380 343 Total amounts towards auditor\u2019s fees are included as part of professional fees in other operating expenses (see Note 4 \u2013 Other Operating Expenses and Income).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__63": { "value": "The Group leases certain land, offices, vehicles, and equipment under various lease agreements with lessors under IFRS 16,Leases, in which the Group establishes a right-of-use asset and lease liability for material leases. The Group\u2019s leases do not contain variable lease payment terms. For the years ended 31 December 2022 and 2021, total rent expense recognized under the short-term exemption under IFRS 16 consisted of USD 6.2m and USD 8.9m, respectively, and is included as part of leases in other operating expenses (see Note 4 \u2013 Other Operating Expenses and Income).For the years ended 31 December 2022 and 2021, the reconciliation of the Group\u2019s right-of-use asset and liability consisted of the following:Year ended 31 December 2022Right-of-use Lease (USD 1,000)assetliabilityCarrying amount, opening balance 2,604 3,166 New contracts 2,361 2,361 Amortization (333) - Lease payments - (262)Termination of agreements (2,095) (2,584)Currency effects (25) (47)Carrying amount, closing balance 2,512 2,634 In January 2021, ASUS experienced a breakdown in its internal chiller plant causing temporary temperature instability. As aresult, ASUS incurred costs including USD 5.9m and USD 8.1m on temporary chiller leases for the years ended 31 December 2022 and 2021, respectively. The amounts exclude any future insurance or claim proceeds and are included as part of leases in other operating expenses.Year ended 31 December 2021Right-of-use Lease (USD 1,000)assetliabilityCarrying amount, opening balance 3,337 3,573 Amortization (450) - Lease payments - (349)Termination of agreements (242) - Currency effects (41) (58)Carrying amount, closing balance 2,604 3,166 For the years ended 31 December 2022 and 2021, amortization of the Group\u2019s right-of-use assets was USD 0.3m and USD0.4m, respectively, and is included as part of depreciation and amortization in the accompanying consolidated statements of operations. Lease liability interest expense for the years ended 31 December 2022 and 2021 was USD 0.2m, and is included as part of finance expense in the accompanying consolidated statements of operations.Land LeaseThe Denmark Bluehouse was built upon land that is still currently leased under an agreement with a third party. The lease commenced on 1 April 2018 and expires on 31 October 2037.Office LeasesASUS held lease arrangements of corporate premises (\u201cSuite2400\u201d) in Miami, Florida and had previously recognized a right-of-use asset and related lease liability with a commencement date of 23 September 2020. On 3 March 2022, ASUS terminated its Suite 2400 office lease of corporate premises in Miami, Florida ahead of the original lease term. In connection with the early lease termination, ASUS agreed to pay approximately USD 0.3m, which consisted of USD 0.1m in the equivalent of three-monthly rent installments and USD 0.2m in commissions and other administrative costs. Such amounts were included as part of leases within the Group\u2019s other operating expenses and the remaining right of use asset and lease liability associated with the Suite 2400 office lease were written off accordingly.For the years ended 31 December 2022 and 2021, total office lease expense was USD 0.1m and USD 0.2m, respectively, and the amounts are included as part of leases in other operating expenses.Vehicle LeasesDuring the ordinary course of business, the Group leases certain vehicles under lease agreements with third parties to facilitate operations. ASDK holds a forklift lease through a right-of-use asset and the related lease liability. All other vehicle rent is included as part of other operating expenses in the accompanying consolidated statements of operations as the Group considers the overall potential right-of-use assets and lease liabilities associated with vehicles to have a marginal effect on the consolidated financial statements as a whole.Equipment LeasesDuring the ordinary course of business, the Group leases certain equipment under lease agreements with third parties to facilitate operations. ASDK held a lease for its automated feed system through a right-of-use asset and the related lease liability. As a result of the September 2021 Denmark fire, an impairment was recognized over the right-of-use asset and the related lease liability was settled subsequently in 2022. In 2022, ASUS entered into lease agreements of processing equipment in Miami, Florida under Meridian Leasing. Subject to the provisions of the lease agreements, two separate components were identified: a fileting line and a packing line with total minimum lease contract payments of approximately USD 2.5m and USD 0.3m, respectively. In accordance with IFRS 16, ASUS recognized the present value of the allocated minimum lease payments towards the filleting line and packing line components as a right-of-use asset and the related lease liability in June and December 2022, respectively. The fileting line and packing line lease terms commenced on 1 July 2022 and 1 January 2023, respectively, and both respective components are payable in 60 monthly installments based on an annual interest rate of Prime Lending Rate plus 4.5%.Future Lease PaymentsAs of 31 December 2022 and 2021, the Group\u2019s future lease payments under non-cancellable leases consisted of the following: (USD 1,000) Land Office Vehicles Equipment TotalAs of 31 December 2022Less than one year 35 - 10 571 616 Between one and five years 160 - 10 2,032 2,202 More than five years 584 - - - 584 Total future lease payments 779 - 20 2,603 3,402 As of 31 December 2021Less than one year 36 432 19 277 764 Between one and five years 168 1,862 32 - 2,062 More than five years 694 501 - - 1,195 Total future lease payments 898 2,795 51 277 4,021 Excluding temporary chiller leases, all other equipment rent is included as part of other operating expenses in the accompanying consolidated statements of operations as the Group considers the overall potential right-of-use assets and lease liabilities associated with equipment to have a marginal effect on the consolidated financial statements as a whole. For the years ended 31 December 2022 and 2021, total equipment lease expense was USD 21k and USD 0.3m, respectively, and the amounts are included as part of leases in other operating expenses.As of 31 December 2021, the total amount of USD 2.8m in future office lease payments was related to the Suite 2400 lease under ASUS that was subsequently terminated in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__65": { "value": "As of 31 December 2022 and 2021, the Group\u2019s property, plant, and equipment, net consisted of the following:Production, Equipment plant, and and other Assets under (USD 1,000) Land Buildingsmachinerymovables Softwareconstruction TotalAt 1 January 2022Cost 8,714 154,833 96,616 1,364 782 66,007 328,316 Less: accumulated depreciation, amortization, and impairment - (24,905) (37,414) (888) (287) (373) (63,867)Opening net book amount 8,714 129,928 59,202 476 495 65,634 264,449 Year ended 31 December 2022Opening net book amount 8,714 129,928 59,202 476 495 65,634 264,449 Additions - - - 12 (17) 52,454 52,449 Reclassifications - 2,697 14,442 2,267 - (19,406) - Depreciation and amortization charge - (4,659) (8,498) (390) (217) - (13,764)Net exchange rate differences - (11) (1) - - - (12)Closing net book amount 8,714 127,955 65,145 2,365 261 98,682 303,122 At 31 December 2022Cost 8,714 157,519 111,057 3,643 765 99,055 380,753 Less: accumulated depreciation, amortization, and impairment - (29,564) (45,912) (1,278) (504) (373) (77,631)Closing net book amount 8,714 127,955 65,145 2,365 261 98,682 303,122 Production, Equipment plant, and and other Assets under (USD 1,000)Land Buildingsmachinerymovables Softwareconstruction TotalAt 1 January 2021Cost 8,714 134,641 84,323 1,379 561 42,810 272,428 Less: accumulated depreciation, amortization, and impairment - (4,983) (9,738) (565) (62) - (15,348)Opening net book amount 8,714 129,658 74,585 814 499 42,810 257,080 Year ended 31 December 2021Opening net book amount 8,714 129,658 74,585 814 499 42,810 257,080 Additions - - - 48 221 57,188 57,457 Reclassifications - 20,602 12,685 25 - (33,312) - Disposals - - - (21) - - (21)Depreciation and amortization charge - (5,184) (8,215) (201) (225) - (13,825)Impairment loss - (14,738) (19,461) (182) - (373) (34,754)Net exchange rate differences - (410) (392) (7) - (679) (1,488)Closing net book amount 8,714 129,928 59,202 476 495 65,634 264,449 At 31 December 2021Cost 8,714 154,833 96,616 1,364 782 66,007 328,316 Less: accumulated depreciation, amortization, and impairment - (24,905) (37,414) (888) (287) (373) (63,867)Closing net book amount 8,714 129,928 59,202 476 495 65,634 264,449 Economic life(Non-depreciable) 15-25 years 10-15 years 3-7 years 3 Years (Not in service)Depreciation plan(Non-depreciable) 20 Years 15 Years 5 Years 3 Years (Not in service)Depreciation and Amortization ExpenseFor the years ended 31 December 2022 and 2021, the Group\u2019s depreciation and amortization consisted of the following:(USD 1,000) 2022 2021Fixed asset depreciation and amortization 13,764 13,825 Right of use depreciation 333 439 Changes in biomass 120 792 Total depreciation and amortization 14,217 15,056 Overall Input descriptionNPVEBITDA would need to decrease by: 15.36%Harvest volumes would need to decrease by: 20.51%The discount rate would need to increase from: 10.0% to 12.2%Gross depreciation attributed to the US Phase 1 Bluehouseis capitalized to biological assets during production andsubsequently expensed as period cost upon the harvest of live fish out of the Bluehouse. As such, the total depreciation and amortization expense presented on the Group\u2019s accompanying consolidated statements of operations includes the net effect of biomass depreciation from production and harvest.Debt Secured by BorrowingsSubstantially all the Group\u2019s property, plant, and equipment are secured by its borrowings (see Note 19 \u2013 Borrowings).Contractual CommitmentsThe Group has built, or is in the process of building, Bluehouse facilities in Homestead, Florida, US. As of 31 December 2022 and 2021, significant capital expenditures contracted for at the end of the reporting periods, but not recognized as liabilities, were related to US Phase 2 construction based on signed bid packages. Such amounts are based on projected billings on The Group believes it has made reasonable judgments andestimates with respect to the underlying significant assumptions above. Should there be a change in such assumptions, whichinfluences the projected cash flows, it may result in a need to recognize a potential impairment in future periods.Atlantic Sapphire Denmark A/SOn 15 September 2021, a fire broke out in the Denmark Bluehouse. Substantially all property, plant, and equipment related to itssaltwater ongrowing systems were lost in the fire and an impairment of non-current assets of USD 34.8m was recognized. The Danish facility was insured against fire for the full book value of thefacility of approximately USD 33m. Although the Group believed work completed based on the speed of construction determined solely at the Group\u2019s discretion. The Group expects to incur only demobilization costs should the scope of work not be completed.Impairment of Non-Current AssetsAtlantic Sapphire USA LLCFor the year ended 31 December 2022, certain indicators existed that led us to test for impairment under IAS 36. Such factors included market value declines in ASA\u2019s share price from 2021 to 2022, accumulated losses from prior years, higher-than-normal mortality levels and production challenges in Q4 2022, and external market factors that caused inflationary pressure and increased interest rates. Our impairment test consisted of a discounted cash flow analysis based on forecasts for the next 5 years, with a terminal value thereafter, based on following underlying significant assumptions, which are subject to various risks and uncertainties:that the insurance claim was probable as of 31 December 2021, the Group was not virtually certain of the insurance claim prior to the subsequent conclusion of the police report on 1 April2022 indicating that there was no evidence of arson. As such, the Group did not recognize an insurance claim receivable as of 31 December 2021. On 10 May 2022, the Group agreed on a cash settlement of DKK 180.0m (USD 25.3m equivalent upon receipt in June 2022) which is included as part of the Group\u2019s other income (see Note 4 \u2013 Other Operating Expenses and Income).\u2022 Achievement of steady state operations and consistent harvest volumes.\u2022 Capital expenditures, including the completion and commis-sioning of Phase 2 construction.\u2022 EBITDA / margins.\u2022 Discount rate.As of 31 December 2022, the recoverable amount substantially exceeded the carrying amount of the cash generating unit (the \u201cCGU\u201d) based on projected cash flows for US Phase 1 and US Phase 2.The projected discounted cash flows were subjected to different scenario analyses. Inputs included changes in EBITDA, harvest volumes, and changes in the discount rate. For the recoverable amount to equal the total carrying amount and reduce theestimated headroom to zero, holding all other inputs constant:", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__66": { "value": "Gross depreciation attributed to the US Phase 1 Bluehouseis capitalized to biological assets during production andsubsequently expensed as period cost upon the harvest of live fish out of the Bluehouse. As such, the total depreciation and amortization expense presented on the Group\u2019s accompanying consolidated statements of operations includes the net effect of biomass depreciation from production and harvest.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__67": { "value": "facility was insured against fire for the full book value of thefacility of approximately USD 33m. Although the Group believed work completed based on the speed of construction determined solely at the Group\u2019s discretion. The Group expects to incur only demobilization costs should the scope of work not be completed.Impairment of Non-Current AssetsAtlantic Sapphire USA LLCFor the year ended 31 December 2022, certain indicators existed that led us to test for impairment under IAS 36. Such factors included market value declines in ASA\u2019s share price from 2021 to 2022, accumulated losses from prior years, higher-than-normal mortality levels and production challenges in Q4 2022, and external market factors that caused inflationary pressure and increased interest rates. Our impairment test consisted of a discounted cash flow analysis based on forecasts for the next 5 years, with a terminal value thereafter, based on following underlying significant assumptions, which are subject to various risks and uncertainties:that the insurance claim was probable as of 31 December 2021, the Group was not virtually certain of the insurance claim prior to the subsequent conclusion of the police report on 1 April2022 indicating that there was no evidence of arson. As such, the Group did not recognize an insurance claim receivable as of 31 December 2021. On 10 May 2022, the Group agreed on a cash settlement of DKK 180.0m (USD 25.3m equivalent upon receipt in June 2022) which is included as part of the Group\u2019s other income (see Note 4 \u2013 Other Operating Expenses and Income).\u2022 Achievement of steady state operations and consistent harvest volumes.\u2022 Capital expenditures, including the completion and commis-sioning of Phase 2 construction.\u2022 EBITDA / margins.\u2022 Discount rate.As of 31 December 2022, the recoverable amount substantially exceeded the carrying amount of the cash generating unit (the \u201cCGU\u201d) based on projected cash flows for US Phase 1 and US Phase 2.The projected discounted cash flows were subjected to different scenario analyses. Inputs included changes in EBITDA, harvest volumes, and changes in the discount rate. For the recoverable amount to equal the total carrying amount and reduce theestimated headroom to zero, holding all other inputs constant:", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__69": { "value": "For the years ended 31 December 2022 and 2021, finance income and expense, net consisted of the following:(USD 1,000) 2022 2021Interest income 618 19 Interest expense (4,005) (2,626)Finance and commitment fees (3,649) (1,221)Other finance income 202 1,156 Currency exchange effects 4,087 2,187 Total finance expense, net (2,747) (485)In accordance with IFRS 9, Financial Instruments, debt modification costs are considered towards presenting borrowings at amortised cost using the effective interest rate method and amortizedover the life of borrowings as part of finance and commitment fees as part of total finance expense, net in the accompanying consolidated statements of operations. During the year ended 31 December 2022, ASUS incurred USD 1.9m in debt modification costs in connection to the amended 2020 Credit Facility. Of the USD 1.9m in debt modification costs, USD 1.6m was expensed upon modification, while USD 0.3m was recognized against borrowings as part of effective interest.As of 31 December 2020, Phase 1 construction of the Miami Bluehouse was significantly completed and no proceeds from borrowings were obtained in 2021 or 2022 towards construction. As such, borrowing costs were no longer capitalized under IAS 23, Borrowing Costs, and expensed as period cost as interest expense during the years ended 31 December 2022 and 2021.For the year ended 31 December 2022, other finance income consisted of USD 0.2m in a patronage refund in connection with the amended 2020 Credit Facility. For the year ended 31 December 2021, other finance income consisted of USD 1.2m in complete forgiveness of outstanding principal on the PPP Loan (see Note 19 \u2013 Borrowings).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__70": { "value": "During the year ended 31 December 2022, ASUS incurred USD 1.9m in debt modification costs in connection to the amended 2020 Credit Facility. Of the USD 1.9m in debt modification costs, USD 1.6m was expensed upon modification, while USD 0.3m was recognized against borrowings as part of effective interest.As of 31 December 2020, Phase 1 construction of the Miami Bluehouse was significantly completed and no proceeds from borrowings were obtained in 2021 or 2022 towards construction. As such, borrowing costs were no longer capitalized under IAS 23, Borrowing Costs, and expensed as period cost as interest expense during the years ended 31 December 2022 and 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__71": { "value": "For the year ended 31 December 2022, other finance income consisted of USD 0.2m in a patronage refund in connection with the amended 2020 Credit Facility. For the year ended 31 December 2021, other finance income consisted of USD 1.2m in complete forgiveness of outstanding principal on the PPP Loan (see Note 19 \u2013 Borrowings).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__73": { "value": "For the years ended 31 December 2022 and 2021, the Group\u2019s income tax expense consisted of the following:(USD 1,000) 2022 2021Income tax expenseCurrent tax - - Deferred tax - - Income tax expense (benefit) - - Current tax on profits for the year - - Current tax - - Deferred tax due to changes in temporary differences (15,975) (31,526)Effect of change in tax rate 1,968 - Tax losses for which no deferred tax asset is recognized 14,007 31,526 Deferred tax - - Effective tax rate 0.00% 0.00%For the years ended 31 December 2022 and 2021, the reconciliation of the Group\u2019s tax expense with the Norwegian tax rate consisted of the following: (USD 1,000) 2022 2021Reconciliation of tax benefit with the nominal tax rate(Loss) profit before tax (65,006) (132,778)Nominal tax rate 22.00% 22.00%Expected tax benefit using nominal tax rate (14,301) (29,211)Non-deductible expenses (income) (855) (708)Effect from different tax rate in other countries (1,973) (2,995)Tax losses for which no deferred tax asset is recognized 17,003 32,571 Non-deductible share-based payment expenses 126 343 Income tax - -Changes in Tax RateThe nominal tax rate in Norway remained at 22% in 2022 and 2021.As of 31 December 2022 and 2021, the Group\u2019s deferred tax balances consisted of the following:(USD 1,000) 2022 2021Deferred tax balancesThe balance comprises temporary differences attributable to:Deferred tax assets:Tax losses 84,114 46,996 Property, plant, and equipment 1,788 8,590 Lease liability 526 - Other 2,021 2,697 Set-off tax (16,779) (621)Net deferred tax assets after set-off 71,670 57,662 Unrecognized deferred tax assets (71,670) (57,662)Net deferred tax assets - - Deferred tax liabilities:Property, plant, and equipment 16,262 58 Right of use asset 517 554 Other - 9 Set-off tax (16,779) (621)Net deferred tax liabilities - - As of 31 December 2022 and 2021, the Group\u2019s carry forward of tax losses consisted of the following:(USD 1,000) 2022 2021Tax losses carried forwardExpires (2033 and forward) 4,320 4,320 Never expires 353,687 189,921 Total tax losses carried forward 358,007 194,241 Tax losses for which deferred tax asset is recognized - - Tax losses for which no deferred tax asset is recognized 358,007 194,241 Potential tax benefit 84,114 46,996 As of 31 December 2022, the Group had an estimated USD 358.0m of carry forward of tax losses attributed to Norway (USD 10.1m), Denmark (USD 40.9m), and US (USD 307.0m).* The options that would result in issue of 12,677 ordinary shares in 2021 (no ordinary shares in 2022) are not included in the calculation of diluted earnings per share because they are anti-dilutive and would decrease loss per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__75": { "value": "Basic earnings per share calculations are based on the weighted average number of common shares outstanding during the period, while diluted earnings per share calculations are performed using the average number of common shares and dilutive common shares equivalents outstanding during each period.Options are dilutive when they result in the issue of ordinary shares for less than the average market price of ordinary shares during the period. The difference between the number of ordinary shares issued and the number of ordinary shares that would have been issued at the average market price in the period is treated as an issue of ordinary shares for no consideration.Under IAS 33, the calculation of earnings per share for theyears ended 31 December 2022 and 2021 were presentedretrospectively and adjusted as the private placements in 2022 and 2023 represented shares issued below the market rate prior to the respective transactions. Following the 29 June 2022 private placement, the number of shares for 2021 and the first half of 2022 were adjusted with a factor of 1.03, while a factor of 1.11 was used for both 2021 and 2022 following the subsequent 16 March 2023 private placement.For the years ended 31 December 2022 and 2021, the Group\u2019s earnings per share consisted of the following:2022 2021Loss attributable to the ordinary equity holders of the Group (65,006,000) (132,778,000)Loss for calculation of diluted earnings per share (65,006,000) (132,778,000)Weighted average number of shares outstanding 123,298,000 86,729,384 Options* - - Weighted average number of ordinary shares and potential ordinary shares 123,298,000 86,729,384 Basic earnings per share (USD per share) (0.53) (1.53)Diluted earnings per share (USD per share) (0.53) (1.53)Retrospectively adjusted weighted average number of shares outstanding 138,558,737 99,371,798Options* - - Retrospectively adjusted weighted average number of ordinary shares and potential ordinary shares138,558,737 99,371,798Retrospectively adjusted basic earnings per share (USD per share) (0.47) (1.34)Retrospectively adjusted diluted earnings per share (USD per share) (0.47) (1.34)", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__77": { "value": "As of 31 December 2022 and 2021, the Group\u2019s financial instruments consisted of the following:Financial assetsAmortized Fair value (USD 1,000)costthrough OCI TotalAs of 31 December 2022Trade and other receivables 3,190 - 3,190 Cash 23,683 - 23,683 Restricted cash 420 - 420 Other investments - 6 6 Total financial assets 27,293 6 27,299 As of 31 December 2021Trade and other receivables 1,475 - 1,475 Cash 17,012 - 17,012 Restricted cash 468 - 468 Other investments - 6 6 Total financial assets 18,955 6 18,961 Financial liabilitiesAmortized Fair value (USD 1,000)costthrough OCI TotalAs of 31 December 2022Trade and other payables 11,698 - 11,698Borrowings 46,837 - 46,837Total financial liabilities 58,535 - 58,535As of 31 December 2021Trade and other payables 19,018 - 19,018 Borrowings 50,000 - 50,000 Total financial liabilities 69,018 - 69,018 Cash and restricted cash(USD 1,000) 2022 2021A+ or better 24,103 17,480", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__80": { "value": "As of 31 December 2022 and 2021, the Group\u2019s trade and other receivables consisted of the following:(USD 1,000) 2022 2021Trade receivables 1,847 1,403 Other current receivables - 46 Other non-current receivables 1,343 26 Total trade and other receivables, net 3,190 1,475 As of 31 December 2022 and 2021, the Group\u2019s trade and other receivables, specified by currencies, consisted of the following:(USD 1,000) 2022 2021USD 3,190 1,253 DKK - 148 EUR - 48 NOK - 26 Total trade and other receivables 3,190 1,475 As of 31 December 2022 and 2021, the Group\u2019s trade and other receivables were due within one year and considered fullycollectible. Accordingly, the fair value of the Group\u2019s trade and other receivables was equal to nominal value, no material bad debt was recognized for the years then ended, and management did not consider a provision for uncollectible accounts necessary.Receivables denominated in foreign currencies are valued at the daily rate. Due to the short-term nature of current receivables, their carrying amount is considered equal to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__79": { "value": "As of 31 December 2022 and 2021, the Group\u2019s trade and other receivables consisted of the following:(USD 1,000) 2022 2021Trade receivables 1,847 1,403 Other current receivables - 46 Other non-current receivables 1,343 26 Total trade and other receivables, net 3,190 1,475 As of 31 December 2022 and 2021, the Group\u2019s trade and other receivables, specified by currencies, consisted of the following:(USD 1,000) 2022 2021USD 3,190 1,253 DKK - 148 EUR - 48 NOK - 26 Total trade and other receivables 3,190 1,475 As of 31 December 2022 and 2021, the Group\u2019s trade and other receivables were due within one year and considered fullycollectible. Accordingly, the fair value of the Group\u2019s trade and other receivables was equal to nominal value, no material bad debt was recognized for the years then ended, and management did not consider a provision for uncollectible accounts necessary.Receivables denominated in foreign currencies are valued at the daily rate. Due to the short-term nature of current receivables, their carrying amount is considered equal to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__82": { "value": "As of 31 December 2022 and 2021, the Group\u2019s inventories consisted of the following:(USD 1,000) 2022 2021Raw materials 1,562 742 Spare parts inventory 2,107 1,472 Finished goods inventory 699 4,376 Total inventories 4,368 6,590", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__84": { "value": "As of 31 December 2022 and 2021, the Group\u2019s cash and restricted cash consisted of the following:(USD 1,000) 2022 2021Cash 23,683 17,012 Restricted cash (short-term) 420 468 Total cash and restricted cash 24,103 17,480 Of the Group\u2019s short-term restricted cash, USD 0.4m was obtained in connection with agency bonding requirements for water well permits in Florida.The Group\u2019s inventory consists primarily of raw materials, spare parts, and finished products. Raw materials comprise mainly of feed for smolt and marine-phase fish production, and packaging materials used towards processing. Spare parts comprise ofconsumables to be used at a future date through operations. Finished goods inventory comprise of all salmon products ready for sale which include fresh head-on-gutted salmon, processed salmon products, and frozen salmon products.For the year ended 31 December 2022 and 2021, the Group recognized a USD 2.3m and USD 1.2m write-off of its frozen finished goods inventory, respectively, attributed to excess costs above the expected selling price minus future costs to sell.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__87": { "value": "Atlantic Sapphire ASA has one class of shares that confer the same rights in the Group. As of 31 December 2022 and 2021, the Group\u2019s share capital consisted of the following:2022 2021Total number of shares as of 1 January 91,048,551 80,663,551Shares issued during the year 62,217,858 10,385,000Total number of shares as of 31 December 153,266,409 91,048,551Nominal value as of 31 December (NOK) 0.10 0.10Share capital (total number of shares at nominal value) (NOK 1,000) 15,327 9,105Share capital (total number of shares at nominal value) (USD 1,000) 1,677 1,051On 3 June 2021, the Group raised approximately NOK 1,016m (USD 121m) in gross proceeds through a private placement of 10,300,000 new shares, at a price per share of NOK 98.60, which was approximately equal to the last closing price on 2 June 2021. Net proceeds from the transaction were NOK 985m (USD 119m).For the year ended 31 December 2021, 85,000 shares were issued related to the Group\u2019s employee share option program, bringing the total shares outstanding to 91,048,551, each with par value of NOK 0.10.capital increased by NOK 1.8m through issuance of 18,000,000 new shares, each with a par value of NOK 0.10. Net proceeds from Tranche 1 were NOK 356.6m (USD 36.1m).On 21 July 2022, the share capital increase from the first sub-tranche of Tranche 2 was registered with the NRBE and share capital increased by NOK 3.1m through issuance of 31,047,666 new shares, each with a par value of NOK 0.10. Net proceeds from the first sub-tranche of Tranche 2 were NOK 615.2m (USD 61.8m). On 27 July 2022, the share capital increase from the second sub-tranche of Tranche 2 was registered with the NRBE and share capital increased by NOK 1.1m through issuance of 11,013,310 new shares, each with a par value of NOK 0.10. Net proceeds from the second sub tranche of Tranche 2 were NOK 218.4m (USD 22.1m).On 10 August 2022, the Group approved and published aprospectus (the \u201c2022 Prospectus\u201d), and on 11 August 2022, commenced the subscription period in the subsequent offering (the \u201cSubsequent Offering\u201d) of up to 9,000,000 new shares (the \u201cOffer Shares\u201d), each at a subscription price per share of NOK 20.50. By the end of the subscription period on 24 August 2022, the Group received valid subscriptions for a total of 2,156,882 Offer Shares and these were allocated by the Board of Directors in accordance with the allocation criteria set out in the 2022 Prospectus. The Subsequent Offering raised gross proceeds of approximately NOK 44.0m (approximately USD 4.5m). Accordingly, the Board of Directors resolved to increase the Group\u2019s share On 29 June 2022, the Group raised NOK 1,231m (approximately USD 125m) in gross proceeds through a private placement of 60,060,976 new shares, at a price per share of NOK 20.50. The private placement was divided in two tranches in which the first tranche (\u201cTranche 1\u201d) consisted of 18,000,000 new shares and the second tranche (\u201cTranche 2\u201d) consisted of 42,060,976 new shares. Tranche 1 of 18,000,000 new shares was issued pursuant to Board authorization granted by the 2022 AGM. On 30 June 2022, the share capital increase from Tranche 1 was registered with the Norwegian Register of Business Enterprises (\u201cNRBE\u201d) and share capital with NOK 215,688.20 through the issuance of 2,156,882 Offer Shares, each with a par value of NOK 0.10.For the year ended 31 December 2022, no shares were issued related to the Group\u2019s employee share option program, and as of 31 December 2022, the Group had 153,266,409 total shares outstanding, each with par value of NOK 0.10.Equity Transaction CostsFor the years ended 31 December 2022 and 2021, total equity transaction costs arising on share issues amounted to USD 4.6m and USD 3.5m, respectively. Such amounts are net against the Group\u2019s share premium balance in the accompanying consolidated statements of financial position.As of 31 December 2022 and 2021, the Group\u2019s total number of shares issued and outstanding consisted of the following:2022 2021Number 2022Number of 2021Shareholderof shares% of sharesshares% of sharesUBS AG 11,154,568 7.28% 3,413,062 3.75%ALSCO AS 10,427,344 6.80% 9,939,540 10.92%STRAWBERRY CAPITAL AS 9,229,380 6.02% 250,000 0.27%SKAGEN KON-TIKI VERDIPAPIRFOND 8,148,000 5.32% 4,931,417 5.42%JOH JOHANNSON EIENDOM AS 7,649,929 4.99% 1,698,967 1.87%VATNE EQUITY AS 7,439,024 4.85% 5,000,000 5.49%NORDLAKS HOLDING AS 7,317,073 4.77% - 0.00%THE BANK OF NEW YORK MELLON 6,392,353 4.17% 4,199,153 4.61%STATE STREET BANK AND TRUST COMP 5,117,800 3.34% 1,909,436 2.10%MORGAN STANLEY & CO. INT. PLC. 4,990,420 3.26% 3,639,145 4.00%CITIBANK, N.A. 3,534,230 2.31% 2,884,992 3.17%RBC INVESTOR SERVICES BANK S.A. 2,549,478 1.66% 2,738,168 3.01%THE NORTHERN TRUST COMP, LONDON BR 2,400,000 1.57% 1,779,000 1.95%COLUMBI SALMON AS 2,074,536 1.35% - 0.00%ASINVEST AS 1,764,066 1.15% 1,062,915 1.17%NORSK LANDBRUKSKJEMI AS 1,700,000 1.11% 900,000 0.99%U.S. BANK NATIONAL ASSOCIATION 1,545,364 1.01% 1,347,598 1.48%FOUGNER INVEST AS 1,298,108 0.85% 588,663 0.65%J.P. MORGAN SE 1,284,342 0.84% - 0.00%WENAASGRUPPEN AS 1,210,441 0.79% - 0.00%Total number of shares attributed to the 20 largest shareholders 97,226,456 63.44% 46,282,056 50.83%Total number of shares attributed to other shareholders 56,039,953 36.56% 44,766,495 49.17%Total number of shares issued and outstanding 153,266,409 100.00% 91,048,551 100.00%As of 31 December 2022 and 2021, shares directly or indirectly held by members of the Board of Directors, Chief Executive Officer, and Executive Management consisted of the following:2022 2021Number 2022Number of 2021Shareholderof shares% of sharesshares% of sharesRunar Vatne, Member of the Board 7,839,024 5.11% 5,400,000 5.93%Johan E. Andreassen, Chairman of the Board and CEO 6,287,442 4.10% 6,043,540 6.64%Bj\u00f8rn-Vegard L\u00f8vik, Chair of the Nomination Committee 5,213,672 3.40% 4,969,770 5.46%Andre Skarb\u00f8, Member of the Board 1,764,066 1.15% 1,062,915 1.17%Alexander Reus, Member of the Board 1,601,051 1.04% 1,635,051 1.80%Jon-Birger L\u00f8vik, COO (As of 7 March 2022 Step-In Date) 158,086 0.10% - 0.00%Svein Taklo, CDIO 44,814 0.03% 35,058 0.04%Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director 29,850 0.02% 17,655 0.02%Tone Bj\u00f8rnov, Member of the Board 19,406 0.01% 7,650 0.01%Patrice Flanagan, Member of the Board 4,900 0.00% 4,900 0.01%Alejandro Castro, CBO 920 0.00% 920 0.00%Danielle Villoch, CLO (As of 19 June 2022 Step-Down Date) 487 0.00% 487 0.00%Thue Holm, CTO - 0.00% 697,899 0.77%Dharma Rajeswaran, COO (As of 9 August 2021 Step-Down Date) - 0.00% 11,935 0.01%Cristina Espejo, CPO (As of 10 August 2021 Step-Down Date) - 0.00% 3,300 0.00%", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__86": { "value": "Atlantic Sapphire ASA has one class of shares that confer the same rights in the Group. As of 31 December 2022 and 2021, the Group\u2019s share capital consisted of the following:2022 2021Total number of shares as of 1 January 91,048,551 80,663,551Shares issued during the year 62,217,858 10,385,000Total number of shares as of 31 December 153,266,409 91,048,551Nominal value as of 31 December (NOK) 0.10 0.10Share capital (total number of shares at nominal value) (NOK 1,000) 15,327 9,105Share capital (total number of shares at nominal value) (USD 1,000) 1,677 1,051On 3 June 2021, the Group raised approximately NOK 1,016m (USD 121m) in gross proceeds through a private placement of 10,300,000 new shares, at a price per share of NOK 98.60, which was approximately equal to the last closing price on 2 June 2021. Net proceeds from the transaction were NOK 985m (USD 119m).For the year ended 31 December 2021, 85,000 shares were issued related to the Group\u2019s employee share option program, bringing the total shares outstanding to 91,048,551, each with par value of NOK 0.10.capital increased by NOK 1.8m through issuance of 18,000,000 new shares, each with a par value of NOK 0.10. Net proceeds from Tranche 1 were NOK 356.6m (USD 36.1m).On 21 July 2022, the share capital increase from the first sub-tranche of Tranche 2 was registered with the NRBE and share capital increased by NOK 3.1m through issuance of 31,047,666 new shares, each with a par value of NOK 0.10. Net proceeds from the first sub-tranche of Tranche 2 were NOK 615.2m (USD 61.8m). On 27 July 2022, the share capital increase from the second sub-tranche of Tranche 2 was registered with the NRBE and share capital increased by NOK 1.1m through issuance of 11,013,310 new shares, each with a par value of NOK 0.10. Net proceeds from the second sub tranche of Tranche 2 were NOK 218.4m (USD 22.1m).On 10 August 2022, the Group approved and published aprospectus (the \u201c2022 Prospectus\u201d), and on 11 August 2022, commenced the subscription period in the subsequent offering (the \u201cSubsequent Offering\u201d) of up to 9,000,000 new shares (the \u201cOffer Shares\u201d), each at a subscription price per share of NOK 20.50. By the end of the subscription period on 24 August 2022, the Group received valid subscriptions for a total of 2,156,882 Offer Shares and these were allocated by the Board of Directors in accordance with the allocation criteria set out in the 2022 Prospectus. The Subsequent Offering raised gross proceeds of approximately NOK 44.0m (approximately USD 4.5m). Accordingly, the Board of Directors resolved to increase the Group\u2019s share On 29 June 2022, the Group raised NOK 1,231m (approximately USD 125m) in gross proceeds through a private placement of 60,060,976 new shares, at a price per share of NOK 20.50. The private placement was divided in two tranches in which the first tranche (\u201cTranche 1\u201d) consisted of 18,000,000 new shares and the second tranche (\u201cTranche 2\u201d) consisted of 42,060,976 new shares. Tranche 1 of 18,000,000 new shares was issued pursuant to Board authorization granted by the 2022 AGM. On 30 June 2022, the share capital increase from Tranche 1 was registered with the Norwegian Register of Business Enterprises (\u201cNRBE\u201d) and share capital with NOK 215,688.20 through the issuance of 2,156,882 Offer Shares, each with a par value of NOK 0.10.For the year ended 31 December 2022, no shares were issued related to the Group\u2019s employee share option program, and as of 31 December 2022, the Group had 153,266,409 total shares outstanding, each with par value of NOK 0.10.Equity Transaction CostsFor the years ended 31 December 2022 and 2021, total equity transaction costs arising on share issues amounted to USD 4.6m and USD 3.5m, respectively. Such amounts are net against the Group\u2019s share premium balance in the accompanying consolidated statements of financial position.As of 31 December 2022 and 2021, the Group\u2019s total number of shares issued and outstanding consisted of the following:2022 2021Number 2022Number of 2021Shareholderof shares% of sharesshares% of sharesUBS AG 11,154,568 7.28% 3,413,062 3.75%ALSCO AS 10,427,344 6.80% 9,939,540 10.92%STRAWBERRY CAPITAL AS 9,229,380 6.02% 250,000 0.27%SKAGEN KON-TIKI VERDIPAPIRFOND 8,148,000 5.32% 4,931,417 5.42%JOH JOHANNSON EIENDOM AS 7,649,929 4.99% 1,698,967 1.87%VATNE EQUITY AS 7,439,024 4.85% 5,000,000 5.49%NORDLAKS HOLDING AS 7,317,073 4.77% - 0.00%THE BANK OF NEW YORK MELLON 6,392,353 4.17% 4,199,153 4.61%STATE STREET BANK AND TRUST COMP 5,117,800 3.34% 1,909,436 2.10%MORGAN STANLEY & CO. INT. PLC. 4,990,420 3.26% 3,639,145 4.00%CITIBANK, N.A. 3,534,230 2.31% 2,884,992 3.17%RBC INVESTOR SERVICES BANK S.A. 2,549,478 1.66% 2,738,168 3.01%THE NORTHERN TRUST COMP, LONDON BR 2,400,000 1.57% 1,779,000 1.95%COLUMBI SALMON AS 2,074,536 1.35% - 0.00%ASINVEST AS 1,764,066 1.15% 1,062,915 1.17%NORSK LANDBRUKSKJEMI AS 1,700,000 1.11% 900,000 0.99%U.S. BANK NATIONAL ASSOCIATION 1,545,364 1.01% 1,347,598 1.48%FOUGNER INVEST AS 1,298,108 0.85% 588,663 0.65%J.P. MORGAN SE 1,284,342 0.84% - 0.00%WENAASGRUPPEN AS 1,210,441 0.79% - 0.00%Total number of shares attributed to the 20 largest shareholders 97,226,456 63.44% 46,282,056 50.83%Total number of shares attributed to other shareholders 56,039,953 36.56% 44,766,495 49.17%Total number of shares issued and outstanding 153,266,409 100.00% 91,048,551 100.00%As of 31 December 2022 and 2021, shares directly or indirectly held by members of the Board of Directors, Chief Executive Officer, and Executive Management consisted of the following:2022 2021Number 2022Number of 2021Shareholderof shares% of sharesshares% of sharesRunar Vatne, Member of the Board 7,839,024 5.11% 5,400,000 5.93%Johan E. Andreassen, Chairman of the Board and CEO 6,287,442 4.10% 6,043,540 6.64%Bj\u00f8rn-Vegard L\u00f8vik, Chair of the Nomination Committee 5,213,672 3.40% 4,969,770 5.46%Andre Skarb\u00f8, Member of the Board 1,764,066 1.15% 1,062,915 1.17%Alexander Reus, Member of the Board 1,601,051 1.04% 1,635,051 1.80%Jon-Birger L\u00f8vik, COO (As of 7 March 2022 Step-In Date) 158,086 0.10% - 0.00%Svein Taklo, CDIO 44,814 0.03% 35,058 0.04%Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director 29,850 0.02% 17,655 0.02%Tone Bj\u00f8rnov, Member of the Board 19,406 0.01% 7,650 0.01%Patrice Flanagan, Member of the Board 4,900 0.00% 4,900 0.01%Alejandro Castro, CBO 920 0.00% 920 0.00%Danielle Villoch, CLO (As of 19 June 2022 Step-Down Date) 487 0.00% 487 0.00%Thue Holm, CTO - 0.00% 697,899 0.77%Dharma Rajeswaran, COO (As of 9 August 2021 Step-Down Date) - 0.00% 11,935 0.01%Cristina Espejo, CPO (As of 10 August 2021 Step-Down Date) - 0.00% 3,300 0.00%", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__89": { "value": "In accordance with the authorization granted by the Group\u2019s AGM, for senior executives and key personnel employed by the Group the Group\u2019s Board of Directors introduced a share option program and its subsidiaries (the \u201cProgram\u201d). As of 31 December 2022 and 2021, the Program included up to 1,584,491 and 1,650,535 shares, respectively, with a term between three and four years as follows:2022 2021Weighted 2022Weighted 2021average exercise Number of average exercise Number of price (NOK)sharesprice (NOK)sharesOutstanding at 1 January 208.88 1,650,535 111.98 683,438 Granted during the year - - 222.61 1,354,570 Forfeited during the year 137.99 (38,735) 102.73 (266,242)Exercised during the year - - 28.00 (85,000)Lapsed during the year 75.17 (27,309) 98.44 (36,231)Outstanding at 31 December 212.92 1,584,491 208.88 1,650,535 The following information is relevant in the determination of the fair value of options granted for the years ended 31 December 2022 and 2021:2022 2021Option pricing model used Black Scholes Black ScholesWeighted average share price at grant date (NOK) - 94.16 Exercise price (NOK) 14.74 87.70 Weighted average contractual life (days) 1,825 1,646 Expected volatility 31.18% 31.00%Expected dividend growth rate 0.00% 0.00%Risk-free interest rate 1.12% 0.65%For the year ended 31 December 2022, no share options were outstanding that had vested and were exercisable, and no share options were granted.For the year ended 31 December 2021, the total number of share options outstanding that had vested and were exercisable were 12,677, and the weighted average fair value of each share option granted was NOK 17.53 (USD 2.04).The exercise price of options outstanding as of 31 December 2021 ranged between NOK 28 and NOK 400 and their weighted average contractual life was 4.5 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__92": { "value": "DNB Credit AgreementThe Group holds a Green credit facility (the \u201c2020 Credit Facility\u201d) with DNB Bank ASA (\u201cDNB\u201d), Farm Credit of Florida, ACA (\u201cFarm Credit\u201d), and DNB Markets, Inc, which can be utilized towards the Group\u2019s Bluehouses and operations therein considered green.ASUS and ASDK are listed as borrowers (the \u201cBorrowers\u201d), and ASA, ASSF, and ASP are listed as guarantors (the \u201cGuarantors\u201d). As of 1 January 2021, the Group\u2019s amended 2020 Credit Facility consisted of USD 150m through a USD 50m US Term Loan,USD 20m revolving credit facility (\u201cRCF\u201d), and USD 80m in delayed draw term loans. The amended 2020 Credit Facility bore an amended interest rate of LIBOR plus an applicable margin and maturity date of 21 April 2023, with a portion of the RCF available for use towards ASDK\u2019s working capital requirements or as standby Letters of Credit towards equipment financing.On 28 January 2021, the Group\u2019s 2020 Credit Facility was amended to increase the total credit facility from USD 150m to USD 200m comprising of the existing USD 50m US Term Loan, USD 20m RCF, USD 32m committed term loan for Phase 2 capital expenditures, and a USD 98m uncommitted accordion facility on the same terms and conditions as the Group\u2019s committed term loans. On 31 March 2022, the Group\u2019s 2020 Credit Facility was amended to provide an additional three-month credit facility in an aggregate amount of up to USD 25.0m (the \u201cFacility\u201d) with DNB Capital, LLC as lender. The Facility was secured by a second priority security interest and lien on all assets and equity interests held by the Group and carried an annualized borrowing rate of SOFR plus an applicable margin of 7.0% from 31 March 2022 to 30 April 2022, 7.5% from 1 May 2022 to 31 May 2022, and 8.0% from 1 June 2022 to 30 June 2022. Further, the annualized borrowing rate on all credit facilities was amended to SOFR plus an applicable margin determined by a margin grid, which calls for a maximum of 4.0% and allows for a lower margin upon reaching certain milestones, and the Group\u2019s minimum EBITDA covenant was adjusted towards all credit facilities. On 1 July 2022, the USD 25.0m Facility under the amended 2020 Credit Facility was repaid following Tranche 1 proceeds from the 29 June 2022 equity raise. On 25 August 2022, the eighth amendment to the 2020 Credit Facility was formally committed and signed. The debt was structured under the same key terms such as interest margin and covenants, and the total amounts were restructured into a fully committed credit facility of USD 200.0m, of which USD 50.0m is attributed to the drawn US Term Loan, USD 20.0m is attributed to the RCF, and USD 130.0m is attribut-ed to a delayed undrawn Term Loan for Phase 2 capital expenditures. Of the drawn USD 50.0m US Term Loan, USD 30.0m bears a maturity date of 21 April 2024 and USD 20.0m bears a maturity date of 21 April 2023. The USD 20.0m RCF bears a maturity date of 21 April 2024. Of the delayed undrawn USD 130.0m Term Loan, USD 118.0m bears a maturity date of 21 April 2024 and USD 12.0m bears a maturity date of 21 April 2023. The Group incurred amendment and extension fees of approximately USD 1.9m, of which USD 1.6m was expensed upon modification, while USD 0.3m was recognized against borrowings as part of effective interest.PPP LoanOn 18 April 2020, ASUS obtained a two-year loan payable to PNC Bank, National Association (\u201cPNC\u201d) under the Paycheck Protection Program (the \u201cProgram\u201d) as part of the Coronavirus Aid, Relief, and Economic Security (\u201cCARES\u201d) Act passed in March 2020 (the \u201cPPP Loan\u201d). The full outstanding amount on the PPP Loan was forgiven under the Program on 7 September 2021.As of 31 December 2022 and 2021, the Group\u2019s borrowings consisted of the following:(USD 1,000) 2022 2021ASUS has an amended USD 50.0m term loan with DNB (the \u201cUS Term Loan\u201d). The US Term Loan bears an amended interest rate of SOFR plus an applicable margin (4.0% at 31 December 2022). USD 18.6m matures 46,837 50,000 on 21 April 2023 and USD 30.0m matures on 21 April 2024. USD 47.1m was outstanding on the US Term Loan as of 31 December 2022 and is presented at amortised cost.ASUS has an amended three-year USD 20.0m revolving credit facility commitment with DNB (the \u201cRCF\u201d). The RCF will finance ASUS\u2019 working capital requirements or serve as standby Letters of Credit towards equipment financing. Of the total RCF amount, USD 4.0m is also available towards ASDK\u2019s working capital requirements. - - As of 31 December 2022, USD 17.4m was available on the RCF (USD 20.0m undrawn, less USD 2.6m allocated to a letter of credit towards Meridian Leasing for the leasing of processing equipment).ASUS had a USD 25.0m facility with DNB (the \u201c\u201dFacility\u201d\u201d). The Facility bore an interest rate of SOFR plus an - - applicable monthly margin. The Facility was due on and paid subsequently on 1 July 2022. ASUS had a two-year loan payable (the \u201c\u201dPPP Loan\u201d\u201d) to PNC Bank, National Association (\u201c\u201dPNC\u201d\u201d). The PPP Loan was obtained on April 2020 under the Paycheck Protection Program (the \u201c\u201dProgram\u201d\u201d) as part of the - - Coronavirus Aid, Relief, and Economic Security (\u201c\u201dCARES\u201d\u201d) Act passed in March 2020. The PPP Loan bore an interest rate of 1% and the full outstanding amount was forgiven under the Program on 7 September 2021.Total borrowings 46,837 50,000 Less: current portion of borrowings 18,550 - Non-current portion of borrowings 28,287 50,000 The above amounts are presented at amortised cost using the effective interest rate method.The borrowing base on the USD 20m RCF is tied to the amount of outstanding trade receivables, product inventory, and standing biomass. This calculation is reviewed periodically, and the balance is adjusted accordingly. The amended delay draw USD 130.0m Term Loan will be available for the Group\u2019s use subject to a one-time fulfillment of an incurrence tests related to an operational milestone with respect to harvest volume and reaching certain EBITDA metrics. The main operational milestones and financial metrics are a minimum required annualized production level to be maintained for at least two months, aggregate positive EBITDA over the last three months prior to drawdown, a minimum EBITDA level prior to drawdown, and compliance with financial covenants agreed under the amended 2020 Credit Facility.The following are the remaining contractual maturities on the Group\u2019s borrowings as of 31 December 2022 and 2021: (USD 1,000) 2022 2021Up to 3 months 1,450 - Between 3 and 12 months 18,550 - Between 1 and 2 years 26,837 50,000Between 2 and 5 years - - Over 5 years - - Total 46,837 50,000The 2020 Credit Facility is secured by substantially all Group\u2019s assets, which includes existing and after-acquired personal and real property held, the equity interest held by the Borrowers and the Guarantors in their respective subsidiaries, certain receivables, and certain bank accounts perfected under First Priority security. The provisions of the 2020 Credit Facility require, among other things, certain financial performance covenants to be maintained as defined in the agreements. This includes certain covenants that limit the Group\u2019s ability to, among other things, grant liens, incur additional indebtedness, make acquisitions or investments, dispose of certain assets, make dividends and distributions,change the nature of their businesses, enter certain transactions with affiliates, or amend the terms of material indebtedness.In anticipation of not being able to meet its net interest-bearing debt (\u201cNIBD\u201d) to EBITDA requirement as of 31 December 2022, the Group received a formal waiver from the Lenders dated 12 December 2022. Subsequently, the Group\u2019s 2020 Credit Facility was amended further on 31 March 2023 (see Note 23 \u2013 Subsequent Events).The following represents a reconciliation of changes in the carrying amount of the Group\u2019s borrowings and lease liabilities for the years ended 31 December 2022 and 2021:Lease (USD 1,000) BorrowingsliabilitiesBalance at 1 January 2022 50,000 3,166 Changes from financing cash flowsProceeds from borrowings 29,500 - Payments towards borrowings (32,663) (262)Total changes from financing cash flows 46,837 2,904 New contracts - 2,361 Termination of agreements - (2,584)Currency effects - (47)Balance at 31 December 2022 46,837 2,634 Lease (USD 1,000) BorrowingsliabilitiesBalance at 1 January 2021 51,156 3,573 Changes from financing cash flowsProceeds from borrowings 10,495 - Payments towards borrowings (10,495) (349)Total changes from financing cash flows 51,156 3,224 Forgiveness of debt (1,156) - Currency effects - (58)Balance at 31 December 2021 50,000 3,166", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__91": { "value": "DNB Credit AgreementThe Group holds a Green credit facility (the \u201c2020 Credit Facility\u201d) with DNB Bank ASA (\u201cDNB\u201d), Farm Credit of Florida, ACA (\u201cFarm Credit\u201d), and DNB Markets, Inc, which can be utilized towards the Group\u2019s Bluehouses and operations therein considered green.ASUS and ASDK are listed as borrowers (the \u201cBorrowers\u201d), and ASA, ASSF, and ASP are listed as guarantors (the \u201cGuarantors\u201d). As of 1 January 2021, the Group\u2019s amended 2020 Credit Facility consisted of USD 150m through a USD 50m US Term Loan,USD 20m revolving credit facility (\u201cRCF\u201d), and USD 80m in delayed draw term loans. The amended 2020 Credit Facility bore an amended interest rate of LIBOR plus an applicable margin and maturity date of 21 April 2023, with a portion of the RCF available for use towards ASDK\u2019s working capital requirements or as standby Letters of Credit towards equipment financing.On 28 January 2021, the Group\u2019s 2020 Credit Facility was amended to increase the total credit facility from USD 150m to USD 200m comprising of the existing USD 50m US Term Loan, USD 20m RCF, USD 32m committed term loan for Phase 2 capital expenditures, and a USD 98m uncommitted accordion facility on the same terms and conditions as the Group\u2019s committed term loans. On 31 March 2022, the Group\u2019s 2020 Credit Facility was amended to provide an additional three-month credit facility in an aggregate amount of up to USD 25.0m (the \u201cFacility\u201d) with DNB Capital, LLC as lender. The Facility was secured by a second priority security interest and lien on all assets and equity interests held by the Group and carried an annualized borrowing rate of SOFR plus an applicable margin of 7.0% from 31 March 2022 to 30 April 2022, 7.5% from 1 May 2022 to 31 May 2022, and 8.0% from 1 June 2022 to 30 June 2022. Further, the annualized borrowing rate on all credit facilities was amended to SOFR plus an applicable margin determined by a margin grid, which calls for a maximum of 4.0% and allows for a lower margin upon reaching certain milestones, and the Group\u2019s minimum EBITDA covenant was adjusted towards all credit facilities. On 1 July 2022, the USD 25.0m Facility under the amended 2020 Credit Facility was repaid following Tranche 1 proceeds from the 29 June 2022 equity raise. On 25 August 2022, the eighth amendment to the 2020 Credit Facility was formally committed and signed. The debt was structured under the same key terms such as interest margin and covenants, and the total amounts were restructured into a fully committed credit facility of USD 200.0m, of which USD 50.0m is attributed to the drawn US Term Loan, USD 20.0m is attributed to the RCF, and USD 130.0m is attribut-ed to a delayed undrawn Term Loan for Phase 2 capital expenditures. Of the drawn USD 50.0m US Term Loan, USD 30.0m bears a maturity date of 21 April 2024 and USD 20.0m bears a maturity date of 21 April 2023. The USD 20.0m RCF bears a maturity date of 21 April 2024. Of the delayed undrawn USD 130.0m Term Loan, USD 118.0m bears a maturity date of 21 April 2024 and USD 12.0m bears a maturity date of 21 April 2023. The Group incurred amendment and extension fees of approximately USD 1.9m, of which USD 1.6m was expensed upon modification, while USD 0.3m was recognized against borrowings as part of effective interest.PPP LoanOn 18 April 2020, ASUS obtained a two-year loan payable to PNC Bank, National Association (\u201cPNC\u201d) under the Paycheck Protection Program (the \u201cProgram\u201d) as part of the Coronavirus Aid, Relief, and Economic Security (\u201cCARES\u201d) Act passed in March 2020 (the \u201cPPP Loan\u201d). The full outstanding amount on the PPP Loan was forgiven under the Program on 7 September 2021.As of 31 December 2022 and 2021, the Group\u2019s borrowings consisted of the following:(USD 1,000) 2022 2021ASUS has an amended USD 50.0m term loan with DNB (the \u201cUS Term Loan\u201d). The US Term Loan bears an amended interest rate of SOFR plus an applicable margin (4.0% at 31 December 2022). USD 18.6m matures 46,837 50,000 on 21 April 2023 and USD 30.0m matures on 21 April 2024. USD 47.1m was outstanding on the US Term Loan as of 31 December 2022 and is presented at amortised cost.ASUS has an amended three-year USD 20.0m revolving credit facility commitment with DNB (the \u201cRCF\u201d). The RCF will finance ASUS\u2019 working capital requirements or serve as standby Letters of Credit towards equipment financing. Of the total RCF amount, USD 4.0m is also available towards ASDK\u2019s working capital requirements. - - As of 31 December 2022, USD 17.4m was available on the RCF (USD 20.0m undrawn, less USD 2.6m allocated to a letter of credit towards Meridian Leasing for the leasing of processing equipment).ASUS had a USD 25.0m facility with DNB (the \u201c\u201dFacility\u201d\u201d). The Facility bore an interest rate of SOFR plus an - - applicable monthly margin. The Facility was due on and paid subsequently on 1 July 2022. ASUS had a two-year loan payable (the \u201c\u201dPPP Loan\u201d\u201d) to PNC Bank, National Association (\u201c\u201dPNC\u201d\u201d). The PPP Loan was obtained on April 2020 under the Paycheck Protection Program (the \u201c\u201dProgram\u201d\u201d) as part of the - - Coronavirus Aid, Relief, and Economic Security (\u201c\u201dCARES\u201d\u201d) Act passed in March 2020. The PPP Loan bore an interest rate of 1% and the full outstanding amount was forgiven under the Program on 7 September 2021.Total borrowings 46,837 50,000 Less: current portion of borrowings 18,550 - Non-current portion of borrowings 28,287 50,000 The above amounts are presented at amortised cost using the effective interest rate method.The borrowing base on the USD 20m RCF is tied to the amount of outstanding trade receivables, product inventory, and standing biomass. This calculation is reviewed periodically, and the balance is adjusted accordingly. The amended delay draw USD 130.0m Term Loan will be available for the Group\u2019s use subject to a one-time fulfillment of an incurrence tests related to an operational milestone with respect to harvest volume and reaching certain EBITDA metrics. The main operational milestones and financial metrics are a minimum required annualized production level to be maintained for at least two months, aggregate positive EBITDA over the last three months prior to drawdown, a minimum EBITDA level prior to drawdown, and compliance with financial covenants agreed under the amended 2020 Credit Facility.The following are the remaining contractual maturities on the Group\u2019s borrowings as of 31 December 2022 and 2021: (USD 1,000) 2022 2021Up to 3 months 1,450 - Between 3 and 12 months 18,550 - Between 1 and 2 years 26,837 50,000Between 2 and 5 years - - Over 5 years - - Total 46,837 50,000The 2020 Credit Facility is secured by substantially all Group\u2019s assets, which includes existing and after-acquired personal and real property held, the equity interest held by the Borrowers and the Guarantors in their respective subsidiaries, certain receivables, and certain bank accounts perfected under First Priority security. The provisions of the 2020 Credit Facility require, among other things, certain financial performance covenants to be maintained as defined in the agreements. This includes certain covenants that limit the Group\u2019s ability to, among other things, grant liens, incur additional indebtedness, make acquisitions or investments, dispose of certain assets, make dividends and distributions,change the nature of their businesses, enter certain transactions with affiliates, or amend the terms of material indebtedness.In anticipation of not being able to meet its net interest-bearing debt (\u201cNIBD\u201d) to EBITDA requirement as of 31 December 2022, the Group received a formal waiver from the Lenders dated 12 December 2022. Subsequently, the Group\u2019s 2020 Credit Facility was amended further on 31 March 2023 (see Note 23 \u2013 Subsequent Events).The following represents a reconciliation of changes in the carrying amount of the Group\u2019s borrowings and lease liabilities for the years ended 31 December 2022 and 2021:Lease (USD 1,000) BorrowingsliabilitiesBalance at 1 January 2022 50,000 3,166 Changes from financing cash flowsProceeds from borrowings 29,500 - Payments towards borrowings (32,663) (262)Total changes from financing cash flows 46,837 2,904 New contracts - 2,361 Termination of agreements - (2,584)Currency effects - (47)Balance at 31 December 2022 46,837 2,634 Lease (USD 1,000) BorrowingsliabilitiesBalance at 1 January 2021 51,156 3,573 Changes from financing cash flowsProceeds from borrowings 10,495 - Payments towards borrowings (10,495) (349)Total changes from financing cash flows 51,156 3,224 Forgiveness of debt (1,156) - Currency effects - (58)Balance at 31 December 2021 50,000 3,166", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__93": { "value": "The 2020 Credit Facility is secured by substantially all Group\u2019s assets, which includes existing and after-acquired personal and real property held, the equity interest held by the Borrowers and the Guarantors in their respective subsidiaries, certain receivables, and certain bank accounts perfected under First Priority security.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__95": { "value": "The Group\u2019s employees are covered by different pension plans that vary from country to country depending on the respective subsidiary\u2019s location. All pension plans are assessed to be defined contribution plans. In Norway, ASA is subject to the requirements of the Mandatory Company Pensions Act, and ASA\u2019s pension plan follows its requirements. In the US, the Group offers a Safe Harbor 401(k) salary deferral participation retirement plan to all employees. As of 31 December 2022 and 2021, 118 and 95 employees participated in the Group\u2019s pension plans, respectively.The Group\u2019s pension plan provisions require the Group to pay premiums to public or private administrative pension plans on a mandatory, contractual, or voluntary basis. There are no further obligations once the annual premiums are paid. The premiums are accounted for as personnel expenses as soon as they are incurred. Prepaid premiums are accounted for as an asset to the extent that future benefits can be determined as plausible.For the years ended 31 December 2022 and 2021, the Group\u2019s total pension cost consisted of USD 0.3m and USD 0.5m, respectively, and are included as part of salary and personnel costs in the accompanying consolidated statements of operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__97": { "value": "During the ordinary course of business, the Group engages in transactions with related parties similar to what managementbelieves would have been agreed upon between unrelated parties.During the ordinary course of business, Langsand Processing AS (\u201cLPAS\u201d), a related party, provides harvesting services for ASDK. Although the Group holds a minority ownership interest in LPAS, the Group does not hold control over LPAS for consolidation purposes. For the year ended 31 December 2021, ASDK incurred harvesting costs of USD 0.4m. ASDK did not incur harvesting costs following the 15 September 2021 Denmark Bluehouse fire. Such amounts are included as part of cost of materials in the accompanying consolidated statements of operations.During the ordinary course of business, the Group may sell salmon products to Platina Seafood, Inc. (\u201cPlatina\u201d), an entity under majority ownership by a related party of Johan E. Andreassen, the Group\u2019s Chairman of the Board and CEO. On 8 September 2022, Platina rebranded as NovoMar, Inc. (\u201cNovoMar\u201d). For the year ended 31 December 2022, the Group sold USD 0.2m of salmon products to NovoMar. For the year ended 31 December 2021, the Group sold USD 1.1m of salmon products to Platina.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__99": { "value": "The Group has evaluated contingencies and legal claims from 31 December 2022 through the date in which the consolidated financial statements were issued.The Group is currently involved in an arbitration against OHLA Building, Inc. (\u201cOHL\u201d), who performed work in connection with the construction of Phase 1 of the Homestead Bluehouse, which is ongoing and not settled as of the date of this report. OHL has made a claim for the Group\u2019s alleged failure to pay for approved work and change order, in the aggregate amount of approximately USD 4.2m, and also reimbursement of attorneys\u2019 fees and interest. The Group is denying that there has been a failure of payment, and has filed a counterclaim in the arbitration, in the aggregate amount of USD 20.0m (such number may be adjusted up significantly later in the process), on the grounds of alleged faulty workmanship by OHL and its subcontractors. In connection with the dispute with OHL, the sub-contractors Billund Aquaculture A/S (\u201cBillund Design\u201d), a company that was engaged by the Group for design work related to Phase 1 and acted as sub-contractor to OHL in the construction of Phase 1, and Billund Aquaculture US Corp. (\u201cBillund Construction\u201d), a company that was engaged by OHL as a sub-contractor to OHL in the construction of Phase 1, have also each become party to the arbitration process. The Group, OHL, Billund Design and Billund Construction participated in a mediation with a view to reach an amicable solution in October 2022. Such mediation was unsuccessful, and the matter is therefore expected to move forward to a formal arbitration hearing and is currently expected to take place, at the earliest, in Q4 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__7__101": { "value": "The Group has evaluated subsequent events from 31 December 2022 through the date in which the consolidated financialstatements were issued.Private PlacementOn 16 March 2023, the Group raised NOK 595m (approximately USD 55m) in gross proceeds through a private placement of119,000,000 new shares, at a price per share of NOK 5.00. The private placement was divided in two tranches in which the first tranche (\u201cTranche 1\u201d) consisted of 30,653,281 new shares and the second tranche (\u201cTranche 2\u201d) consisted of 88,346,719 new shares.On 11 April 2023, the Group held an Extraordinary General Meeting (the \u201cApril 2023 EGM\u201d). Through the April 2023 EGM, the Board of Directors was given the authority to increase the Company\u2019s share capital with up to NOK 11,900,000 through the issuance of 119,000,000 shares, each with a face value of NOK 0.10, at a subscription price of NOK 5.00 per share. Further, the Board of Directors was authorized to increase the Company\u2019s share capital with up to NOK 2,000,000 through the issuance of 20,000,000 new shares, each with a par value of NOK 0.10, as part of aSubsequent Offering. The subscription price per new share upon use of the authorization shall be NOK 5.00. Tranche 1 of 30,653,281 new shares was issued pursuant to Board authorization granted by the April 2023 EGM. On 12 April 2023, the share capital increase from Tranche 1 was registered with the Norwegian Register of Business Enterprises (\u201cNRBE\u201d) and share capital increased by NOK 3.1m through issuance of 30,653,281 new shares, each with a par value of NOK 0.10. Gross proceeds from Tranche 1 were NOK 153.3m (approximately USD 14.2m).On 12 April 2023, the share capital increase from Tranche 2 was registered with the NRBE and share capital increased by NOK8,834,671.90 through issuance of 88,346,719 new shares, each with a par value of NOK 0.10. Gross proceeds from Tranche 2 were NOK 441.7m (approximately USD 40.8m). These shares became tradeable under the same ISIN number as the existing shares of the Company upon approval of the prospectus on 14 April 2023.Ninth Amendment to 2020 Credit FacilityThe ninth amendment to the 2020 Credit Facility was formally committed and signed on 31 March 2023. The debt was structured under many of the same key terms such as covenants, and the total amounts were restructured into a fully committed credit facility of USD 170.0m directly with DNB with an extended maturity date of 21 April 2025, of which USD 50.0m is attributed to the drawn US Term Loan (of which USD 4.2m had been repaid as of the date of this report), USD 20.0m is attributed to the RCF (of which USD 17.4m is available), and USD 100.0m is attributed to a delayed undrawn Term Loan for Phase 2 capital expenditures. Further, the maximum applicable interest margin was increased from 4.0% to 5.0% and allows for a lower margin based upon an interest rate grid, with NIBD to EBITDA as the criteria. The Group incurred amendment and extension fees of approximately USD 1.0m.Subsequent OfferingOn 14 April 2023, the Group approved and published a prospectus (the \u201c2023 Prospectus\u201d) and intends to carry out a subsequent offering (the \u201cSubsequent Offering\u201d) of up to 20,000,000 new shares (the \u201cOffer Shares\u201d), each at a subscription price per share of NOK 5.00. The 2023 Prospectus was published on 14 April 2023 and the Subsequent Offering subscription period was commenced on 17 April 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f99678": { "value": "Atlantic Sapphire ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f99679": { "value": "Atlantic Sapphire ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f99680": { "value": "Atlantic Sapphire ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-133-1": { "value": "Daugstadvegen 445, 6392 Vikebukt, Norway ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f99727": { "value": "Vestnes, Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-136-1": { "value": "Public limited liability company: Allmennaksjeselskap (ASA)", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-138-1": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-139-1": { "value": "Homestead, Florida", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-140-1": { "value": "45102010, Farming, Fishing, Ranching, and Plantations", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }