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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 in Homestead, Florida, US (the \u201cMiami Bluehouse\u201d facility) and previously operated a land-based Atlantic salmon farm in Hvide Sande, Denmark (the \u201cDenmark Bluehouse\u201d facility). A Bluehouse\u00ae facility (\u201cBluehouse\u201d) is proprietary production technology developed 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. Phase 1 of the Miami Bluehouse has an annual design production capacity of 1approximately 9,500 tons HOG.Subsequently on 4 March 2024, AS Purchasing, LLC, a wholly owned subsidiary of ASA, filed for voluntary dissolution under the Florida Division of Corporations as it was utilized for US Phase 1 construction and no longer held formal operations since its completion.Basis for Preparation of the Annual AccountsThe consolidated financial statements were prepared inaccordance with IFRS\u00ae Accounting Standards (\u201cIFRS\u201d)as adopted by the European Union (\u201cEU\u201d) and mandatory for financial years beginning on or after 1 January 2023, and additional Norwegian disclosure requirements underthe Norwegian Accounting Act as of 31 December 2023. References to \u201cIFRS\u201d in these consolidated financialstatements refer to IFRS as adopted by the EU.The consolidated financial statements have been prepared based on uniform accounting principles for similar transactioand events under otherwise similar circumstances andare 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.1 HOG \u2013 \u201cHead-On-Gutted\u201d fish, a term used industry-wide, is approximately 83% of live weight fish.Going ConcernThe Board confirms that it is appropriate to prepare the Annual Report based on a going concern assumption pursuantto section 3-3a of the Norwegian Accounting Act. Thisconfirmation is based on the Group\u2019s forecasted performance in 2024 and the Group\u2019s plans to receive external financing to support funding of the Phase 2 expansion.The Group believes it has sufficient financing to achieve proven state biomass and generate positive cash flow from operations. As it relates to US Phase 2 expansion, the Group has full discretion over the speed of the construction which allows the Group to better manage liquidity. Subsequently on 29 February 2024, the Group raised NOK 369.0m(approximately USD 35.0m) in gross proceeds through a private placement of 307,125,000 new shares, at a price per share of NOK 1.20. The issuance of the new shares was approved by the Extraordinary General Meeting on 22 March 2024. Further, the Group\u2019s 2020 Credit Facility was amended further on 25 March 2024 which, among other things, extended the maturity date to 21 October 2026. See Note 23 \u2013 Subsequent Events for further detail.New and Amended IFRS Standards Adopted by the GroupnsThere are numerous standards, amendments to standards, and interpretations in 2023 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 arenot expected to have a significant effect on the Group\u2019s consolidated financial statements.The Group did not adopt any new standards, amendments to standards, and interpretations in 2023 that would impact the Group\u2019s consolidated financial statements for the year ended 31 December 2023.Other amendments, interpretations, and changes basedon the annual improvement cycle were assessed by theGroup 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 hascontrol. The Group considers control over an entity to exist when the Group is exposed to, or has the right to, variable returns from its involvement 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 include the 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 theconsolidated Group\u2019s accounting policies presented underIFRS.All intercompany balances, transactions, and unrealizedgains from intercompany transactions are eliminatedupon consolidation. Unrealized losses from intercompany transactions are also eliminated 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 theapplicable exchange rate at the time of the transaction. Receivables, debt, and other monetary items in foreigncurrency 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 the translation of non-USD denominated Group entities andnon-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 into 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 from theacquisition of a foreign operation are treated as assetsand liabilities of the foreign operation and translated at the closing exchange rate.Use of Estimates and JudgementsThe preparation of the consolidated financial statements in accordance with IFRS requires management to makeaccounting estimates and assumptions that affect therecognized amounts of consolidated assets, liabilities,income, and expenses. The estimates and underlyingassumptions 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 greatest significance for the Group are as follows:FAIR VALUE ADJUSTMENT OF BIOMASSBiological assets are measured at fair value less cost 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 therespective markets in which the Group operates. The fair value calculation considers estimates of biomass volumes, quality, size distribution, production cost, mortality, andnormal costs of harvest and sale (see Note 5 \u2013 Biological Assets).ProvisionsA provision is recognized when the Group has a legal or constructive 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 realizedwithin 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.Receivables are 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 aregenerally 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 be capitalized as financial leases. The Group assesses whether a legally enforceable contract is or contains alease at the inception date of the contract. The assessment includes several criteria to be determined based onjudgment 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 which management is reasonably certainit 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 paymentsbased 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 subsequentlyamortized 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 changesto deferred tax. Tax is recognized in the accompanyingconsolidated 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 and their 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 supportthe 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 thefollowing 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 financialasset 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 of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method.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.Property, Plant, and EquipmentProperty, plant, and equipment is capitalized at acquisition cost, which includes capitalized borrowing costs underIAS 23, Borrowing Costs, less accumulated depreciationand impairment losses, if any. Acquisition costs includeexpenditures 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 a fixed asset are capitalized. Costs associated with normal maintenance and repairs are expensed as incurred.Assets are normally considered property, plant, andequipment if the useful economic life exceeds one year. Straight-line depreciation 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 consolidated statements 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 impairmentannually, 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 aregrouped 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 forimpairment 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 2023 and 2022, management considered an allowance for impairment necessary for non-currentassets in the US and for those lost in the September 2021 Denmark fire (see 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 minus 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.Cash and Restricted CashCash includes cash on hand and bank deposits. Current restricted cash is not available for immediate or general business use and is presented separately from cash in the accompanying consolidated statements of financial position. Non-current restricted cash is presented separately asrestricted deposits in the accompanying consolidatedstatements of financial position and is not included as part of the cash and restricted cash balances presented in the accompanying consolidated statements of cash flows. 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 2023 and 2022.BorrowingsBorrowings are recognized at fair value when proceeds have been received, less transaction costs. In subsequent periods, borrowings are recognized at amortized cost calculated using the effective interest method. The difference between the proceeds 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.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 2022 consolidated financial statements have been reclassified to conform to the 2023 presentation. The reclassifications have no effect on the Group\u2019s consolidated financial position.In the 2022 Annual Report, the financial statement lineitem for \u201cCost of Goods Sold\u201d was previously named \u201cCost of Materials\u201d. The change in name aims to enhance clarity about what the amounts represent and to denote that such amounts also include cost elements other than materials but exclude depreciation, which is accounted for in a separate financial statement line item.In the 2022 Annual Report, the financial statement line item for \u201cSelling, General, and Administrative Costs\u201d was reviously named \u201cOther Operating Expenses\u201d. The change in name aims to enhance clarity about what the amounts represent and to denote that such costs are not associated with production either when incurred or sold.In the 2022 Annual Report, the financial statement line item for \u201cSelling, General, and Administrative Costs\u201d included the cost of temporary chiller leases of USD 5.9m. Temporary chiller leases represent part of the Group\u2019s cost of production. Prior to 2023 however, such amounts were previously recognized directly under \u201cSelling, General, and Administrative Costs\u201d to denote a direct write off as a period cost. Because similar amounts from 2023 onwards were prospectively capitalized as part of cost of production without an immediate write off, we reclassified the prior year USD 5.9m cost of temporary chiller leases from \u201cSelling, General, and AdministrativeCosts\u201d as part underutilized plant capacity under \u201cCost of Goods Sold\u201d. The reclassification resulted in an increase of USD 5.9m to \u201cCost of Goods Sold\u201d and a corresponding decrease to \u201cSelling, General, and Administrative\u201d costs in 2022. Further, although there is no balance sheet effect on biological assets, the cost of temporary chiller leases increases the line item of \u201cIncreases due to production and purchases\u201d by USD 5.9m and similarly reduces the line item of \u201cDecreases due to underutilized plant capacity\u201d in the reconciliation of changes in the carrying amount (see Note 5 \u2013 Biological Assets). The change in classification aims to enhance what the amounts represented prior to 2023 and have no effect on previously reported results of consolidated operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__5": { "value": "NOTE 1 Summary of Material Accounting Policies General 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 in Homestead, Florida, US (the \u201cMiami Bluehouse\u201d facility) and previously operated a land-based Atlantic salmon farm in Hvide Sande, Denmark (the \u201cDenmark Bluehouse\u201d facility). A Bluehouse\u00ae facility (\u201cBluehouse\u201d) is proprietary production technology developed 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. Phase 1 of the Miami Bluehouse has an annual design production capacity of 1approximately 9,500 tons HOG.Subsequently on 4 March 2024, AS Purchasing, LLC, a wholly owned subsidiary of ASA, filed for voluntary dissolution under the Florida Division of Corporations as it was utilized for US Phase 1 construction and no longer held formal operations since its completion.Basis for Preparation of the Annual AccountsThe consolidated financial statements were prepared inaccordance with IFRS\u00ae Accounting Standards (\u201cIFRS\u201d)as adopted by the European Union (\u201cEU\u201d) and mandatory for financial years beginning on or after 1 January 2023, and additional Norwegian disclosure requirements underthe Norwegian Accounting Act as of 31 December 2023. References to \u201cIFRS\u201d in these consolidated financialstatements refer to IFRS as adopted by the EU.The consolidated financial statements have been prepared based on uniform accounting principles for similar transactioand events under otherwise similar circumstances andare 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.1 HOG \u2013 \u201cHead-On-Gutted\u201d fish, a term used industry-wide, is approximately 83% of live weight fish.Going ConcernThe Board confirms that it is appropriate to prepare the Annual Report based on a going concern assumption pursuantto section 3-3a of the Norwegian Accounting Act. Thisconfirmation is based on the Group\u2019s forecasted performance in 2024 and the Group\u2019s plans to receive external financing to support funding of the Phase 2 expansion.The Group believes it has sufficient financing to achieve proven state biomass and generate positive cash flow from operations. As it relates to US Phase 2 expansion, the Group has full discretion over the speed of the construction which allows the Group to better manage liquidity. Subsequently on 29 February 2024, the Group raised NOK 369.0m(approximately USD 35.0m) in gross proceeds through a private placement of 307,125,000 new shares, at a price per share of NOK 1.20. The issuance of the new shares was approved by the Extraordinary General Meeting on 22 March 2024. Further, the Group\u2019s 2020 Credit Facility was amended further on 25 March 2024 which, among other things, extended the maturity date to 21 October 2026. See Note 23 \u2013 Subsequent Events for further detail.New and Amended IFRS Standards Adopted by the GroupnsThere are numerous standards, amendments to standards, and interpretations in 2023 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 arenot expected to have a significant effect on the Group\u2019s consolidated financial statements.The Group did not adopt any new standards, amendments to standards, and interpretations in 2023 that would impact the Group\u2019s consolidated financial statements for the year ended 31 December 2023.Other amendments, interpretations, and changes basedon the annual improvement cycle were assessed by theGroup 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 hascontrol. The Group considers control over an entity to exist when the Group is exposed to, or has the right to, variable returns from its involvement 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 include the 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 theconsolidated Group\u2019s accounting policies presented underIFRS.All intercompany balances, transactions, and unrealizedgains from intercompany transactions are eliminatedupon consolidation. Unrealized losses from intercompany transactions are also eliminated 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 theapplicable exchange rate at the time of the transaction. Receivables, debt, and other monetary items in foreigncurrency 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 the translation of non-USD denominated Group entities andnon-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 into 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 from theacquisition of a foreign operation are treated as assetsand liabilities of the foreign operation and translated at the closing exchange rate.Use of Estimates and JudgementsThe preparation of the consolidated financial statements in accordance with IFRS requires management to makeaccounting estimates and assumptions that affect therecognized amounts of consolidated assets, liabilities,income, and expenses. The estimates and underlyingassumptions 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 greatest significance for the Group are as follows:FAIR VALUE ADJUSTMENT OF BIOMASSBiological assets are measured at fair value less cost 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 therespective markets in which the Group operates. The fair value calculation considers estimates of biomass volumes, quality, size distribution, production cost, mortality, andnormal costs of harvest and sale (see Note 5 \u2013 Biological Assets).ProvisionsA provision is recognized when the Group has a legal or constructive 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 realizedwithin 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.Receivables are 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 aregenerally 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 be capitalized as financial leases. The Group assesses whether a legally enforceable contract is or contains alease at the inception date of the contract. The assessment includes several criteria to be determined based onjudgment 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 which management is reasonably certainit 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 paymentsbased 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 subsequentlyamortized 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 changesto deferred tax. Tax is recognized in the accompanyingconsolidated 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 and their 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 supportthe 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 thefollowing 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 financialasset 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 of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method.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.Property, Plant, and EquipmentProperty, plant, and equipment is capitalized at acquisition cost, which includes capitalized borrowing costs underIAS 23, Borrowing Costs, less accumulated depreciationand impairment losses, if any. Acquisition costs includeexpenditures 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 a fixed asset are capitalized. Costs associated with normal maintenance and repairs are expensed as incurred.Assets are normally considered property, plant, andequipment if the useful economic life exceeds one year. Straight-line depreciation 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 consolidated statements 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 impairmentannually, 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 aregrouped 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 forimpairment 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 2023 and 2022, management considered an allowance for impairment necessary for non-currentassets in the US and for those lost in the September 2021 Denmark fire (see 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 minus 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.Cash and Restricted CashCash includes cash on hand and bank deposits. Current restricted cash is not available for immediate or general business use and is presented separately from cash in the accompanying consolidated statements of financial position. Non-current restricted cash is presented separately asrestricted deposits in the accompanying consolidatedstatements of financial position and is not included as part of the cash and restricted cash balances presented in the accompanying consolidated statements of cash flows. 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 2023 and 2022.BorrowingsBorrowings are recognized at fair value when proceeds have been received, less transaction costs. In subsequent periods, borrowings are recognized at amortized cost calculated using the effective interest method. The difference between the proceeds 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.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 2022 consolidated financial statements have been reclassified to conform to the 2023 presentation. The reclassifications have no effect on the Group\u2019s consolidated financial position.In the 2022 Annual Report, the financial statement lineitem for \u201cCost of Goods Sold\u201d was previously named \u201cCost of Materials\u201d. The change in name aims to enhance clarity about what the amounts represent and to denote that such amounts also include cost elements other than materials but exclude depreciation, which is accounted for in a separate financial statement line item.In the 2022 Annual Report, the financial statement line item for \u201cSelling, General, and Administrative Costs\u201d was reviously named \u201cOther Operating Expenses\u201d. The change in name aims to enhance clarity about what the amounts represent and to denote that such costs are not associated with production either when incurred or sold.In the 2022 Annual Report, the financial statement line item for \u201cSelling, General, and Administrative Costs\u201d included the cost of temporary chiller leases of USD 5.9m. Temporary chiller leases represent part of the Group\u2019s cost of production. Prior to 2023 however, such amounts were previously recognized directly under \u201cSelling, General, and Administrative Costs\u201d to denote a direct write off as a period cost. Because similar amounts from 2023 onwards were prospectively capitalized as part of cost of production without an immediate write off, we reclassified the prior year USD 5.9m cost of temporary chiller leases from \u201cSelling, General, and AdministrativeCosts\u201d as part underutilized plant capacity under \u201cCost of Goods Sold\u201d. The reclassification resulted in an increase of USD 5.9m to \u201cCost of Goods Sold\u201d and a corresponding decrease to \u201cSelling, General, and Administrative\u201d costs in 2022. Further, although there is no balance sheet effect on biological assets, the cost of temporary chiller leases increases the line item of \u201cIncreases due to production and purchases\u201d by USD 5.9m and similarly reduces the line item of \u201cDecreases due to underutilized plant capacity\u201d in the reconciliation of changes in the carrying amount (see Note 5 \u2013 Biological Assets). The change in classification aims to enhance what the amounts represented prior to 2023 and have no effect on previously reported results of consolidated operations.NOTE 2 Capital Management And Financial RiskCapital management represents the Group\u2019s policy toassess, acquire, and utilize its capital base efficiently towards satisfactory operations and future development of thebusiness to foster and maintain investor, lender, and market confidence. The Group\u2019s capital management contemplates available alternatives, the cyclical nature of the fish farming industry, and current socioeconomic factors. Access toborrowings is monitored periodically and the Group engages in dialogue continuously with its lenders.The Group has obtained capital primarily from equity raises and interest-bearing borrowings. The Group\u2019s interest-bearing borrowings require certain financial covenants to be maintained. In anticipation of potentially not being able to meet its EBITDA requirement as of 31 December 2023, the Group received a formal waiver from the Lenders dated 21 December 2023 (see Note 19 \u2013 Borrowings).As of 31 December 2023 and 2022, the Group\u2019s consolidated equity consisted of USD 283.1m and USD 296.4m, respectiveequity share, which comprise of total equity divided by total assets, was 83% in both years, and net interest-bearingdebt, which comprise of total interest-bearing borrowings excluding the effects of IFRS 16, was USD 20.1m and USD 23.2m, respectively. The Group\u2019s Board of Directors (the \u201cBoard\u201d) considers the Group\u2019s capital base adequate given the scale of its operations.On 19 May 2022, ASA\u2019s Board of Directors were given proxy to increase total authorized share capital by 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. On 23 May 2023, the Group held its Annual General Meeting (the \u201c2023 AGM\u201d). Through the 2023 AGM, the Board was given the authority to increase total authorized share capital by up to NOK 5,500,000 through the issuance of up to 55,000,000 total shares, with a face value of NOK 0.10. The authorization was used as part of the September 2023 Private Placement. Further, the Extraordinary General Meeting (\u201cEGM\u201d) on11 October 2023 granted an authorization to the Boardto increase the share capital by up to NOK 15,608,000 through the issuance of up to 156,080,000 new shares in the Company. This authorization was subsequently used as part of the 29 February 2024 Private Placement.The Group holds the 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. TheGroup\u2019s principal financial assets consist of trade and other receivables, cash and restricted cash, restricted deposits, and other investments.y, The Group\u2019s material accounting policies regarding financial instruments are disclosed in Note 1 \u2013 Summary of Material Accounting Policies, and the Group\u2019s financial instruments are detailed in Note 13 \u2013 Financial Instruments.The Group believes it has sufficient financing to achieveproven state biomass and generate positive cash flow from operations. As it relates to US Phase 2 expansion, the Group has full discretion over the speed of the construction which allows the Group to better manage liquidity. Subsequently on 29 February 2024, the Group raised NOK 369.0m (approximately USD 35.0m) in gross proceeds through a private placement of 307,125,000 new shares, at a price per share of NOK 1.20. The issuance of the new shares was approved by the EGM on 22 March 2024. Further, the Group\u2019s 2020 Credit Facility was amended further on 25 March 2024 which, among other things, extended the maturity date to 21 October 2026. See Note 23 \u2013 Subsequent Events for further detail.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 5.0% as of 31 December 2023 (see Note 19 \u2013 Borrowings). The margin grid calls for a maximum of 5.0% 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 2023 and 2022, the following represents the Group\u2019s potential interestexpense effect based on a 1% increase on the floatinginterest rate:(USD 1,000) 2023 2022Interest expense effect on a 1% increase on floating interest rate 454 598Market RiskFOREIGN CURRENCYThe Group\u2019s foreign currency risk relates to the Group\u2019s operating, investing, and financing activities denominated in a foreign currency. This includes the Group\u2019s revenues, expenses, capital expenditures, and net investments inforeign subsidiaries. The Group\u2019s reporting currency is the United States dollar (\u201cUSD\u201d), and the predominant currencies transacted by the Group\u2019s subsidiaries 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 maintaining cash balances in foreign currency denominated bankaccounts, analyzing future obligations by currency, andtransferring funds as needed. The Group has not entered into derivative or other agreements to reduce the exchange rate risk and the related market risk.As of 31 December 2023 and 2022, the Group\u2019s cash balances were held in the following currencies:(USD 1,000) 2023 2022USD 15,347 21,117 NOK 6,733 2,446 DKK 403 97 EUR 53 23 Total cash 22,536 23,683 As of 31 December 2023 and 2022, all of the Group\u2019s long-term interest-bearing borrowing balances were held in USD.FOREIGN CURRENCY SENSITIVITYFor the years ended 31 December 2023 and 2022, the Group\u2019s sensitivity to exchange rate movement was limited to its exposure to monetary items in a currency different than their functional currency.Credit RiskFinancial instruments, which potentially subject theGroup to credit risk, consist principally of cash and trade receivables. Cash is maintained with major financialinstitutions. The Group extends credit to some of itscustomers and management recognizes that extending credit and setting appropriate reserves for accountsreceivable is largely a subjective decision based onknowledge of the customer. Accordingly, the Group trades only with recognized and creditworthy third parties anddoes not require collateral on trade receivables from its customers. Management periodically evaluates creditexposure in the aggregate and by individual credit andperiodically 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 tradereceivables are credit insured unless an exception isapproved 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 proven state biomass and generate positive cash flow from operations. Subsequently, the 2020 Credit Facility was amended further on 25 March 2024 (see Note 23 \u2013 Subsequent Events for further details). 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 Our internal outlook on price achievement (vs 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 contain financial 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.The following are the remaining contractual maturities of the Group\u2019s financial liabilities as of 31 December 2023 and 2022, which include gross undiscounted principal and interest payments and exclude the impact of netting agreements: AS OF TRADE AND INTEREST ON INTEREST 31 DECEMBER 2023 OTHER LEASE LEASE ON (USD 1,000)PAYABLESLIABILITIESLIABILITIES BORROWINGSBORROWINGS TOTALUp to 3 months 14,336 109 43 1,250 1,106 16,844 Between 3 and 12 months - 341 114 3,750 3,143 7,348 Between 1 and 2 years - 489 120 37,603 1,274 39,486 Between 2 and 5 years - 873 189 - - 1,062 Over 5 years - 367 187 - - 554 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64e\ue646\ue651\ue605\ue651\ue64e\ue646\ue647\ue64e\ue651\ue64e\ue659\ue64e\ue64a\ue658 14,336 2,179 653 42,603 5,523 65,294 AS OF TRADE AND INTEREST ON INTEREST 31 DECEMBER 2022 OTHER LEASE LEASE ON (USD 1,000)PAYABLESLIABILITIESLIABILITIES BORROWINGSBORROWINGS TOTALUp to 3 months 11,698 101 51 1,450 903 14,203 Between 3 and 12 months - 315 140 18,550 1,726 20,731 Between 1 and 2 years - 473 156 26,837 705 28,171 Between 2 and 5 years - 1,357 271 - - 1,628 Over 5 years - 388 181 - - 569 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64e\ue646\ue651\ue605\ue651\ue64e\ue646\ue647\ue64e\ue651\ue64e\ue659\ue64e\ue64a\ue658 11,698 2,634 799 46,837 3,334 65,302 The tenth amendment to the 2020 Credit Facility was formally signed and committed on 17 October 2023. The debt was structured under many of the same key terms while others were modified, and the total amounts were restructured into a fully committed credit facility of USD 165.9m and represents the amounts extended as of 31 December 2023 (see Note 19 \u2013 Borrowings for further details).Subsequently, the 2020 Credit Facility was amended further on 25 March 2024 (see Note 23 \u2013 Subsequent Events for further details).NOTE 3 SegmentsThe Group has two strategic divisions, which represent its reportable segments. The Group\u2019s executive management reviews the internal management reports of each division. As of 31 December 2023 and 2022, the Group\u2019s reportable segments consisted of the following:Denmark OperationsThe Group\u2019s initial production facility in Hvide Sande,Denmark is a wholly owned subsidiary located on thewest coast of Denmark and was in operation from 2011 to 2022. Since commencement of operations, approximately 45 batches of Atlantic salmon were introduced into theDenmark Bluehouse. The Denmark Bluehouse had an annual production capacity of approximately 2,400 tons HOG and a tank volume of approximately 17,000 m\u00b3, distributed across twenty tanks. Following the 15 September 2021 Denmark Bluehouse fire, production operations consisted of smolt production upuntil 2022 and clean-up efforts thereafter. 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 site with significant demolition efforts significantly complete by end of 2023.US OperationsThe Group owns the land in Homestead, FL, US throughASSF and operates the proprietary Bluehouse land-based salmon farm through ASUS. US Phase 1 construction of the Miami Bluehouse was complete as of 31 December 2021 and is projected to reach full production in H2 2024 once the Group has a fully stocked Phase 1 facility. The US Phase 2 expansion project is currently under construction andis expected to add an additional estimated 15,000 tonsHOG of annual production capacity, for a total capacity of approximately 25,000 tons HOG.For the years ended 31 December 2023 and 2022, theGroup\u2019s segment information consisted of the following:YEAR ENDED 31 DECEMBER 2023 DENMARK US OTHER AND(USD 1,000)OPERATIONSOPERATIONSELIMINATIONS CONSOLIDATEDRevenue from sale of salmon - 13,995 - 13,995 EBITDA (12) (111,651) (686) (112,349)EBITDA, pre-fair value adjustment (12) (97,556) (686) (98,254)EBITDA, adjusted* (12) (62,556) (686) (63,254)Pre-tax income (loss) (65) (137,748) 4,055 (133,758)Total assets 1,246 329,292 11,720 342,258 Total liabilities 1,282 154,773 (96,937) 59,118 Depreciation and amortization 23 13,815 1 13,839 Interest income 4 743 769 1,516 Interest expense 34 13,025 (3,973) 9,086 Capital expenditures - 21,399 - 21,399 Cash flows from operating activities (153) (77,988) 379 (77,762)Cash flows from investing activities 4 (34,252) 767 (33,481)Cash flows from financing activities 378 103,758 6,189 110,325 * EBITDA adjusted for fair value adjustment on biological assets, impairment of non-current assets, and insurance settlement proceeds from DenmarkFor the years ended 31 December 2022, the Group\u2019s segment information consisted of the followingYEAR ENDED 31 DECEMBER 2022DENMARK US OTHER AND(USD 1,000)OPERATIONSOPERATIONSELIMINATIONS CONSOLIDATEDRevenue from sale of salmon - 18,954 - 18,954 EBITDA 37,974 (71,489) (14,527) (48,042)EBITDA, pre-fair value adjustment 37,974 (71,584) (14,527) (48,137)EBITDA, adjusted* 12,652 (71,584) (14,527) (73,459)Pre-tax 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) 61,169 Depreciation and amortization 36 14,182 (1) 14,217 Interest income - 506 4,401 4,907 Interest expense 34 11,364 (3,744) 7,654 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, impairment of non-current assets, and insurance settlement proceeds from DenmarkFor the years ended 31 December 2023 and 2022, 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) 2023 2022Revenue from external customers in:United States 13,806 18,604 Canada 189 350 Other countries - - Total revenue from external customers 13,995 18,954 For the years ended 31 December 2023 and 2022, the Group\u2019s concentration of revenue consisted of the following:(USD 1,000) 2023 2022Sales per customer:Customer A 3,468 7,594 Customer B 1,226 1,402 Customer C 684 1,430 Customer D 650 177 Customer E 641 1,948 Other customers 7,326 6,403 Total revenue from external customers 13,995 18,954NOTE 4 Other Operating Expenses and IncomeSelling, General, and Administrative CostsFor the years ended 31 December 2023 and 2022, the Group\u2019s selling, general, and administrative (\u201cSG&A\u201d) costs consisted of the following:(USD 1,000) NOTE 2023 2022General and administrative costs 4,444 5,845 Professional fees 7 2,233 2,411 Sales and marketing 1,113 1,385 Leases 8 68 357 Maintenance and supplies 126 451 Total selling, general, and administrative costs 7,984 10,449 The Group incurred property taxes of USD 1.4m (USD 1.1m through ASUS and USD 0.3m through ASSF) for the year ended 31 December 2023 and USD 1.6m (USD 1.2m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2022. The amounts are included as part of general and administrative costs within the Group\u2019s SG&A costs.Other Income, NetFor the years ended 31 December 2023 and 2022, the Group\u2019s other income, net consisted of the following:(USD 1,000) 2023 2022Other income and gain 2,060 583 Income from insurance settlement - 25,322 Other expense and loss (137) (133)Disposal of non-current assets 4 (230)Total other income, net 1,927 25,542 Insurance Settlement ProceedsOn 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 site given that demolition was significantly completed by end of 2023.NOTE 5 Biological Assets Fair Value Measurement of Biological AssetsUnder the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomassare 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 and personnel costs, depreciation, and other overhead costs, are allocated based on a ratio of actual vs hypothetical feed capacity per fish system that approximates normalcapacity under IAS 2. Portions of indirect production costs attributed to underutilized Bluehouse tank capacity arerecognized as period cost under cost of goods sold in the accompanying consolidated statements of operations.NON-HARVESTABLE FISH \ue61fMEASURED AT COST\ue61eFish with a live weight below 1 kg, including salmon roe, are considered non-harvestable due to their 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 incircumstances indicate that the carrying value may not be recoverable.HARVESTABLE FISH \ue61fMEASURED AT FAIR VALUE LESS COST TO SELL\ue61eFish held in tanks with a live weight over 1 kg are considered harvestable and is therefore calculated based on an implied estimated 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 reduced by remaining costs to sell (production costs, processing costs, and freight costs) to determine the Group\u2019s gross margin returned to farm.\u2022 Biological performance: Our estimated market price and remaining cost to sell are based on an overall understandiof the quality of the batch being harvested. Changes in biology, anticipated quality and size, or overall biomass volume may affect 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 approximately 4 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 thenumber 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 weighted average cost of capital.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 value hierarchy under IFRS 13. As of 31 December 2023, 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 mortalitydue to an incident out of expected normal capacity. Insuch cases, mortality expense is included as part of ncost of goods sold in the accompanying consolidatedstatements of operations, and the fair value associatedwith the affected biomass is then adjusted under fair value adjustments in the accompanying consolidated statements of operations.As of 31 December 2023 and 2022, the Group\u2019s biological assets consisted of the following: (USD 1,000) 2023 2022Cost of biological assets 38,112 26,489 Fair value adjustments (21,894) (7,799)Total biological assets 16,218 18,690 Cost of biological assets (harvestable fish) 30,474 19,505 Fair value adjustments (21,894) (7,799)Total biological assets of harvestable fish 8,580 11,706 Cost of biological assets (non-harvestable fish) 7,638 6,984 Total biological assets 16,218 18,690 The following represents a reconciliation of changes in the carrying amount of the Group\u2019s consolidated biological assets for the years ended 31 December 2023 and 2022:(USD 1,000) 2023 2022Biological assets at beginning of year 18,690 16,795 (Loss) gain arising from changes in fair value less costs to sell (14,095) 95 Increases due to production and purchases 72,568 66,267Net changes in production depreciation 586 (120)Decreases due to harvest (23,755) (28,738)Decreases due to mortality (12,150) (13,803)Decreases due to underutilized plant capacity (25,626) (21,789)Net exchange rate differences - (17)Biological assets at end of year 16,218 18,690 As of 31 December 2023 and 2022, the Group\u2019s physical volumes of biological assets consisted of the following2023 2022Live weight of biomass (in tons RLW)Non-harvestable fish 647 581 Harvestable fish 2,402 1,815 Total live weight of biomass (in tons RLW) 3,049 2,396 Number of fish (in thousands)Non-harvestable fish 4,013 4,623Harvestable fish 1,558 1,152\ue639\ue654\ue659\ue646\ue651\ue605\ue653\ue65a\ue652\ue647\ue64a\ue657\ue605\ue654\ue64b\ue605\ue840\ue658\ue64d\ue605\ue60d\ue64e\ue653\ue605\ue659\ue64d\ue654\ue65a\ue658\ue646\ue653\ue649\ue658\ue60e 5,571 5,775Volume of fish harvested during the year (tons gutted weight) 1,545 2,253 Sensitivity AnalysisAlthough the Group has acquired expertise in assessing various factors regarding biomass, the estimate of unrealized fair value 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 and growth 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 onperiodic 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.PRODUCTION COSTS:Estimated future production costs are based on theGroup\u2019s prognoses taking into consideration factors such as uncertainty with feed prices or other biomass costdevelopments. Changes in the Group\u2019s estimation towards production costs would influence the value of biomassand are 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 overallunderstanding 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 than 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 2023 and 2022, the estimated effect on the book value of biological assets was as follows:(USD 1,000) INCREASE 2023 2022Change in biomass size 2% 403 217 Change in forward price 2% 490 272 Change in discount rate 2% (86) (48)Incident-Based MortalityDuring the year ended 31 December 2023, ASUS experienced elevated mortality levels in the periods where water quality conditions were suboptimal as described in the Board of Directors\u2019 report, but no single incident-based mortalityoccurred.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 thedesign of the systems and to minimize the potential risk of sludge sedimentation.NOTE 6 Salary 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 2023 and 2022, the Group\u2019s salary and personnel costs consisted of the following:(USD 1,000) 2023 2022Salaries, including holiday pay and bonuses 14,509 17,100 Payroll taxes 1,167 1,119 Pension costs 392 346 Share-based compensation benefits (365) 576 Temporary labor 725 893 Other payroll costs and benefits 164 278 Total salary and personnel costs 16,592 20,312 Less: production labor capitalized towards biological assets (9,977) (10,083)Less: construction labor capitalized towards assets under construction (450) (1,632)Less: processing labor recognized towards cost of materials (2,114) (2,303)Total administrative salary and personnel costs 4,051 6,294 For the years ended 31 December 2023 and 2022, the Group employed 158 and 177 full-time employees, respectively.For the years ended 31 December 2023 and 2022, total compensation to the Group\u2019s Board of Directors consisted of the following: (USD 1,000) 2023 2022Kenneth Jarl Andersen, Chairman (2, 5) 99 34 Johan E. Andreassen, Chairman (4) - - Eirik Welde, Deputy Chairman 50 - Marta Rojo Alonso, Director (5) 57 - Tone Bj\u00f8rnov, Director (4) 23 89 Patrice Flanagan, Director (4) 21 64 Alexander Reus, Director (3) - 68 Andr\u00e9 Skarb\u00f8, Director 68 64 Ellen Marie S\u00e6tre, Director 72 74 Runar Vatne, Director (1) - 34 Total Board of Directors 390 427 (1) Stepped down on 3 August 2022(2) Stepped in on 3 August 2022(3) Stepped down on 5 December 2022(4) Stepped down on 23 May 2023(5) Stepped in on 23 May 2023For the years ended 31 December 2023 and 2022, the Group\u2019s remuneration to executive management consisted of the following:EXECUTIVE MANAGEMENTPENSIONOTHERSHARE-BASED(USD 1,000) SALARY BONUSCONTRIBUTIONBENEFITS TOTALCOMPENSATIONYear ended 31 December 2023Johan E. Andreassen, CEO 500 - 13 2 515 848 Alejandro Castro, CBO (Stepped down on 26 March 2023) 69 - 3 - 72 - Valerie Leath, Director of Human Resources (Stepped in 01 March 2023) 168 3 7 2 180 7 Jon-Birger L\u00f8vik, COO (Stepped down on 30 November 2023) 300 - 12 2 314 - Karl \u00d8ystein \u00d8yehaug, CFO 270 - 10 2 282 246 Mario Palma, COO (Stepped in on 30 October 2023) 228 9 - - 237 - Svein Taklo, CDIO 296 - 12 2 310 - Total remuneration to executive management 1,831 12 57 10 1,910 1,101 Year ended 31 December 2022Johan E. Andreassen, CEO 500 - 12 - 512 - Alejandro Castro, CBO 255 - 10 - 265 - Jon-Birger L\u00f8vik, COO (Stepped in on 7 March 2022) 308 - 7 - 315 - Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director of ASA 255 - 10 - 265 - Svein Taklo, CDIO 290 - 12 - 302 - Danielle Villoch, CLO (Stepped down on 19 June 2022) 127 - 5 - 132 - Total remuneration to executive management 1,735 - 56 - 1,791 - Total remuneration to executive management is included as part 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 Note 20 \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 with varying terms based on termination for cause or not-for-cause. For the year ended 31 December 2023, USD 23k was paid to Jon-Birger L\u00f8vik (who stepped down as the Group\u2019s COO on 30 November 2023). For the year ended 31 December 2022, USD 177k was paid to Dharma Rajeswaran (who stepped down as the Group\u2019s COO on 16 August 2021) and USD 164k was paid to Cristina Espejo (who stepped down as the Group\u2019s CPO on 11 August 2021).Board of Directors\u2019 Statement on Remuneration of Executive Management The Group\u2019s Board of Directors determines the principles applicable to the Group\u2019s policy for compensation ofexecutive management and, as a separate document from this Annual Report, 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 toshare-based 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 ofcompensation 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-termshareholder 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 andthe 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 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 2023 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 2023 or 2022 with this respect.LONG-TERM INCENTIVE PROGRAMThe key objectives of Atlantic Sapphire\u2019s long-term incentive (\u201cLTI\u201d) program are to align the interests of executivemanagement, employees and shareholders and provide the Group\u2019s employees an opportunity to share in the value creation and long-term development 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 granted as part of the Group\u2019s annual long-term incentive program. On 23 May 2023, a share option scheme was approved by the Group\u2019s Annual General Meeting in 2023 that granted 14,000,000 share options to the CEO and 2,800,000 share options to the CFO. During 2023, an additional 1,710,000 share options were granted to other key personnel. See Note 18 \u2013 Share Option Program for further details.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 withexecutive 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 of executive management are provided with other benefits, such as a mobile phone, laptop, and transportationreimbursement. 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 7 Auditor\u2019s FeesFor the years ended 31 December 2023 and 2022, remuneration to the Group\u2019s auditors, excluding VAT, consisted of the following:(USD 1,000) 2023 2022Statutory auditing services 586 380 Tax advisory services - - Other services - - Total auditor's fees 586 380 Total amounts towards auditor\u2019s fees are included as part of professional fees in SG&A costs (see Note 4 \u2013 Other Operating Expenses and Income).NOTE 8 LeasesThe Group leases certain land, offices, vehicles, and For the years ended 31 December 2023 and 2022, total rent equipment under various lease agreements with lessors expense recognized under the short-term exemption under under IFRS 16, Leases, in which the Group establishes a IFRS 16 consisted of USD 0.1m and USD 0.4m, respectively, right-of-use asset and lease liability for material leases. The and is included as part of leases in SG&A costs (see Note Group\u2019s leases do not contain variable lease payment terms. 4 \u2013 Other Operating Expenses and Income).For the years ended 31 December 2023, the reconciliation of the Group\u2019s right-of-use asset and liability consisted of the following:YEAR ENDED 31 DECEMBER 2023RIGHT-OF-USE LEASE (USD 1,000)ASSETLIABILITYCarrying amount, opening balance 2,512 2,634 Amortization (495) - Lease payments - (418)Termination of agreements (54) (50)Currency effects 8 13 Carrying amount, closing balance 1,971 2,179 For the years ended 31 December 2022, 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 For the years ended 31 December 2023 and 2022,amortization of the Group\u2019s right-of-use assets was USD 0.5m and USD 0.3m, respectively, and is included as part of depreciation and amortization in the accompanyingconsolidated statements of operations. Lease liability interest expense for both years ended 31 December 2023 and 2022 was USD 0.2m, and the amounts are included as part of finanexpense in the accompanying consolidated statements of operations.Land LeaseThe Denmark Bluehouse was built upon land that is currently leased under an agreement with a third party. The current lease commenced on 1 April 2018 and expires on 31 October 2037.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 ce right-of-use asset and the related lease liability. As a result of the September 2021 Denmark fire, an impairment wasrecognized over the right-of-use asset and the related lease liability was settled 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, twoseparate components were identified: a fileting line and a packing line with total minimum lease contract paymentsof 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%.In January 2021, ASUS experienced a breakdown in its internal chiller plant causing temporary temperature instability.As a result, ASUS incurred costs including USD 4.4m and USD 5.9m on temporary chiller leases for the years ended 31 December 2023 and 2022, respectively. Amounts prior to 2023 were immediately written off as part of underutilized plant capacity within the Group\u2019s cost of goods sold andamounts from 2023 onwards were prospectively capitalized apart of monthly cost of production. The Group subsequently incurred approximately USD 1.1m in temporary chiller leases as of the date of this report.Future Lease PaymentsAs of 31 December 2023 and 2022, the Group\u2019s future lease payments under non-cancellable leases consisted of the following: (USD 1,000) LAND VEHICLES EQUIPMENT TOTALAs of 31 December 2023Less than one year 35 - 572 607 Between one and five years 211 - 1,460 1,671 More than five years 555 - - 555 Total future lease payments 801 - 2,032 2,833 As 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 3,402NOTE 9 Property, Plant, and EquipmentAs of 31 December 2023 and 2022, 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 2023Cost 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)Opening net book amount 8,714 127,955 65,145 2,365 261 98,682 303,122 Year ended 31 December 2023Opening net book amount 8,714 127,955 65,145 2,365 261 98,682 303,122 Additions - - - - - 21,401 21,401 Depreciation and amortization charge - (4,658) (8,498) (548) (225) - (13,929)Impairment loss - (14,985) (9,107) (336) - (10,572) (35,000)Net exchange rate differences - 5 - - - - 5 Closing net book amount 8,714 108,317 47,540 1,481 36 109,511 275,599 At 31 December 2023Cost 8,714 157,524 111,057 3,643 765 120,456 402,159 Less: accumulated depreciation, amortization, and impairment - (49,207) (63,517) (2,162) (729) (10,945) (126,560)Closing net book amount 8,714 108,317 47,540 1,481 36 109,511 275,599 Economic life (Perpetuity) 15-25 years 10-15 years 3-7 years 3 years (not in service)Depreciation plan (Perpetuity) 20 years 15 years 5 years 3 years (not in service)As of 31 December 2023 and 2022, 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 Economic life (Perpetuity) 15-25 years 10-15 years 3-7 years 3 years (not in service)Depreciation plan (Perpetuity) 20 years 15 years 5 years 3 years (not in service)Depreciation and Amortization ExpenseFor the years ended 31 December 2023 and 2022, the Group\u2019s depreciation and amortization consisted of the following:(USD 1,000) 2023 2022Fixed asset depreciation and amortization 13,929 13,764 Right of use depreciation 496 333 Changes in biomass (586) 120 Total depreciation and amortization 13,839 14,217 Gross depreciation attributed to the US Phase 1 Bluehouse is capitalized to biological assets during production and subsequently 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\u2019saccompanying consolidated statements of operationsincludes the net effect of biomass depreciation fromproduction 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 2023 and 2022, 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 amo unts are based onprojected billings on 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 2023, 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 2022 to 2023, accumulated losses from prior years, higher-than-normal mortality levels and production challenges throughout 2023, and external market factors that caused inflationary pressure and increased marketinterest rates. For purposes of the impairment assessment, we viewed both Phase 1 and Phase 2 of the Miami Bluehouse as one single cash generating unit (\u201cCGU\u201d) for ASUS. Phase 2 expansion comprises ongrowing saltwater farm capacity to Phase 1 and is reliant on the existing freshwater systems to bring biomass from egg to smolt. Therefore, Phase 2\u2019s ability to increase overall farm capacity with ongrowing saltwater systemscannot exist without the existence of Phase 1.The impairment assessment consisted of a discountedcash flow analysis based on forecasts for the next 5 years, with a terminal value thereafter, based on underlying key assumptions as detailed below, which are subject to various risks and uncertainties. As the key assumptions are not derived from observable markets, the recoverable amount of the CGU calculated is categorized at Level 3 in the fair value hierarchy under IFRS 13. Should there be a change in such assumptions or performance, which directly influence our discounted cash flow projections and scenarios, such change may result in a need to adjust or reverse the impairment allowance in future periods.The Group believes it has made reasonable judgments and estimates with respect to the underlying key assumptions below:\u2022 Discount rate.\u2022 Production and harvest assumptions.\u2022 EBITDA / margins.\u2022 Capital expenditure assumptions.\u2022 Weighted scenario analyses that contemplated sensitivity on the key inputs indicated above.Discount RateTo discount cash flows towards our discounted cash flow analysis, we used an internal weighted average cost of capital (\u201cWACC\u201d) calculation of 9.1%. The WACC is estimated based on a market approach and management applied an extra risk factor of 1% point on top of our baseline WACC given our limited operational history and as a new part of the salmon farming industry, and use of a weighted scenario approach. The growth rate in the terminal year is assumed to be zero. Production and Harvest AssumptionsBaseline Phase 1 production and harvest assumptions were based on those used towards the 2024 budget and subsequent modifications to the revised forecast. Our biological growth assumptions are based on empirical data obtained from the conventional industry and supported by growth seen under similar conditions in other land-based facilities. Although we believe that it is possible to achieve higher growth rates upon proven state, we also acknowledge that we\u2019ve historicallyfaced operational challenges that have affected our ability to maintain stable water quality at times. Therefore, at times, we may adjust the expected growth and resulting harvest at the individual batch level in the facility to provide a more accurate view specific to the respective batch. Under Phase 1 proven state production, the Phase 2production ramp-up is modeled to start approximately nine months prior to the commissioning of Phase 2 saltwater systems. The commissioning of Phase 2 increases production flexibility, allowing for an increase in harvest weights which temporarily results in lower harvest volumes to reach a fully stocked farm. This will result in accumulation of balance sheet cost of production and operational losses until total combined Phase 1 and 2 proven state standing biomass is achieved and full Phase 2 harvest can commence. Phase 1 Bluehouse design capacity is 9.5k kg HOG annual production, and Phase 2 Bluehouse design capacity provides for an additional 15.5k kg HOG annual production. Therefore, combined annual production capacity upon proven state Phase 1 and 2 is approximately 25.0k kg HOG.EBITDA / Margins\u2022 The budgeted EBITDA margin is expected to ramp up to 28% by terminal year.\u2022 Revenue / kg (HOG) is expected to increase once average harvest sizes and product quality have reached targeted levels, corresponding to an EBITDA / kg (HOG) of USD 4.2.\u2022 Cost of production: Variable costs are expected to directly correlate with the level of production and standingbiomass levels. Of note, average feed costs are expected to be steady at approximately USD 2/kg. Overhead costs are expected to increase in correlation to the available volume of commissioned systems used in production. \u2022 Selling, general, and administrative costs: Generaladministrative costs are expected to slightly increaseover time while selling costs are expected to increase in line with the increase in harvest and revenue volumes.Capital Expenditure AssumptionsIn 2023, the Group decided to pause Phase 2 construction while focusing on delivering the Phase 1 business first. As of 31 December, approximately 40% of Phase 2 construction had been completed. The Group assumes to be ready to resume construction with a final budget and design towards the end of H2 2024, but the decision to move ahead remains solely at the Company\u2019s discretion and subject to having the necessary financing in place. Our baseline scenario below assumes the completion and commissioning of Phase 2construction by the terminal year for modeling purposes.Weighted Scenario AssessmentGiven the impairment indicators above, notably the current market cap lower than the balance value of the Group\u2019s net assets, management utilized weighted scenarios towards its value in use test on the CGU based on the discounted cash flow analysis to quantitatively demonstrate risk directly as follows:\u2022 Scenario A \u2013 Baseline (25% weight): The baseline scenario represents the Company\u2019s best assessment of thebusiness today, and it is understood that the achievement of economies of scale is driven by the completion of Phase 2 construction and beyond. Although this is regarded as the most likely scenario and would have not resulted in an estimated impairment as a standalone, higher weights were assigned to the unfavorable scenarios below given our historical operational challenges and in the interest of taking a conservative approach. \u2022 Scenario B \u2013 Phase 1 only (10%): Based on the baseline scenario above, Company\u2019s clear expectation is that the goal is to finalize Phase 2 design and construction as soon as possible. Although not expected, a weight was assigned to this scenario to be conservative.\u2022 Scenario C \u2013 EBITDA +15% (5% weight): The Company assigned a lower weight to a scenario in which EBITDA was 15% above our baseline scenario given past performance.\u2022 Scenario D \u2013 EBITDA -15% (60% weight): Given previous past performance and taking a more conservativeapproach, the Company has assigned over double the baseline\u2019s weight to this scenario in which EBITDA was 15% under the baseline scenario from any single factor or combination thereof. We also added a price risk on remaining Phase 2 construction costs to complete at the higher range of our estimate.Sensitivity AnalysisAn EBITDA sensitivity of +/- 15% was incorporated in reference to scenarios C and D above towards the calculated NPV for the scenarios presented.An additional WACC sensitivity of +/- 0.5% would affect the above weighted scenarios as follows:INPUT DESCRIPTION\ue634\ue63b\ue62a\ue637\ue626\ue631\ue631\ue605\ue62e\ue633\ue628\ue637\ue62a\ue626\ue638\ue62a\ue605\ue884\ue629\ue62a\ue628\ue637\ue62a\ue626\ue638\ue62a\ue885\ue605 (USD MILLIONS) SENSITIVITYEFFECT ON WEIGHTED NPVWACC sensitivity +0.5% (33)WACC sensitivity -0.5% 35Based on our procedures and given the impairment indicators above, notably the current market capitalization of the Group being lower than the balance value of the Group\u2019s net assets, the Group estimated the recoverable amount of the CGU to be lower than the carrying amount of the CGU as of 31 December 2023 as follows:(USD MILLIONS) NPV WEIGHT % WEIGHTED NPVScenario A: Baseline 410 25% 103Scenario B: Phase 1 only 28 10% 3Scenario C: EBITDA (+15%) 505 5% 25Scenario D: EBITDA (-15%) 296 60% 178\ue63c\ue64a\ue64e\ue64c\ue64d\ue659\ue64a\ue649\ue605\ue633\ue635\ue63b\ue605\ue654\ue64b\ue605\ue648\ue646\ue658\ue64d\ue605\ue841\ue654\ue65c\ue658 100% 309Carrying amount of the CGU (as of 31 December 2023) 344Estimated impairment allowance (35)As such, the Group elected to recognize a USD 35.0m impairment allowance of non-current assets in the US and allocated the amount based on each respective fixed asset category\u2019s cost basis as of the 31 December 2023 year end.ATLANTIC SAPPHIRE DENMARK A/SOn 15 September 2021, a fire broke out in the Denmark Bluehouse. Substantially all property, plant, and equipment related to its saltwater ongrowing systems were lost in the fire and an impairment of non-current assets of USD 34.8m was recognized. 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). No adjustment or reversal of the impairment allowance has been recognized upon furtherassessment since the initial recognition in 2021.NOTE 10 Finance Income and ExpenseFor the years ended 31 December 2023 and 2022, finance income and expense, net consisted of the following:(USD 1,000) 2023 2022Interest income 1,290 618 Interest expense (4,925) (4,005)Loss on loan modification (601) - Finance and commitment fees (3,554) (3,649)Other finance income 226 202 Currency exchange effects (6) 4,087 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64a\ue605\ue64a\ue65d\ue655\ue64a\ue653\ue658\ue64a\ue611\ue605\ue653\ue64a\ue659 (7,570) (2,747)In accordance with IFRS 9, Financial Instruments, debtmodification costs are considered towards presentingborrowings at amortized cost using the effective interest rate method and amortized over 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. For the years ended 31 December 2023 and 2022, ASUS incurred USD 1.6m and 1.4m of debt modification costs in connection with the amended 2020 Credit Facility,respectively. As of 31 December 2022, USD 0.3m ofunamortized effective interest over the stated interest was recognized against borrowings. Upon further amendment in 2023, the existing net carrying value of the Group\u2019s borrowings was compared against the net present value of revised cash flows under the updated terms of borrowing. As a result, a modification loss on borrowings was recognized based on the difference between the stated interest over the effective interest and for the year ended 31 December 2023, the Group recognized USD 0.6m of loss on loan modification. As of 31 December 2023, the unamortized effective interest premium in connection to 2023 debt modifications was USD 0.5m and presented as part of borrowings in the Group\u2019s consolidated statements of position.No proceeds from borrowings were obtained in 2022 or 2023 towards construction that would require interest to be capitalized under IAS 23, Borrowing Costs. As such, all borrowing costs were expensed as period cost as interest expense during the years ended 31 December 2023 and 2022.For both years ended 31 December 2023 and 2022, other finance income consisted of USD 0.2m in a patronage refund in connection with the amended 2020 Credit Facility (see Note 19 \u2013 Borrowings).NOTE 11 TaxesFor the years ended 31 December 2023 and 2022, the Group\u2019s income tax expense consisted of the following: (USD 1,000) 2023 2022Income 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 (35,478) (15,975)Effect of change in tax rate 12 1,968 Tax losses for which no deferred tax asset is recognized 35,466 14,007 Deferred tax - - Effective tax rate 0.00% 0.00%For the years ended 31 December 2023 and 2022, the reconciliation of the Group\u2019s tax expense with the Norwegian tax ratconsisted of the following:(USD 1,000) 2023 2022Reconciliation of tax benefit with the nominal tax rate(Loss) profit before tax (133,758) (65,006)Nominal tax rate 22.00% 22.00%Expected tax benefit using nominal tax rate (29,427) (14,301)Non-deductible expenses (income) (1,296) (855)Effect from different tax rate in other countries (3,409) (1,973)Tax losses for which no deferred tax asset is recognized 34,132 17,003 Non-deductible share-based payment expenses - 126 Income tax - - Changes in Tax RateThe nominal tax rate in Norway remained at 22% in 2023 and 2022.As of 31 December 2023 and 2022, the Group\u2019s deferred tax balances consisted of the following:(USD 1,000) 2023 2022Deferred tax balancesThe balance comprises temporary differences attributable to:Deferred tax assets:Tax losses 104,795 84,114 Property, plant, and equipment 1,525 1,788 Lease liability 433 526 Other 5,437 2,021 Employee stock options 969 - Set-off tax (6,025) (16,779)Net deferred tax assets after set-off 107,134 71,670 Unrecognized deferred tax assets (107,134) (71,670)Net deferred tax assets - - Deferred tax liabilities:Property, plant, and equipment 5,614 16,262 Right of use asset 411 517 Other - - Set-off tax (6,025) (16,779)Net deferred tax liabilities - - The Group\u2019s set-off tax represents a netting of deferred tax liabilities against deferred tax assets given that the Group\u2019s deferred tax assets exceeded deferred tax liabilities as of 31 December 2023 and 2022.As of 31 December 2023 and 2022, the Group\u2019s carry forward of tax losses consisted of the following:(USD 1,000) 2023 2022Tax losses carried forwardExpires (2033 and forward) 4,320 4,320 Never expires 434,814 353,687 Total tax losses carried forward 439,134 358,007 Tax losses for which deferred tax asset is recognized - - Tax losses for which no deferred tax asset is recognized 439,134 358,007 Potential tax benefit 104,795 84,114 As of 31 December 2023, the Group had an estimated USD 433.0m of carry forward of tax losses attributed to Norway (USD 11.6m), Denmark (USD 40.9m), and US (USD 386.6m).NOTE 12 Earnings per ShareBasic earnings per share calculations are based on theweighted average number of common shares outstanding during the period, while diluted earnings per share calculatioare 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 the years ended 31 December 2023 and 2022 were presented ns retrospectively and adjusted as the private placementsin 2023 and 2024 represented shares issued below the market rate prior to the respective transactions. Following the 19 September 2023 private placement and subsequent offering, the number of shares for 2022 and 2023 prior to the new shares were adjusted with a factor of 1.03, while an additional factor of 1.05 was used for both 2022 and 2023 following the subsequent 29 February 2024 private placement.For the years ended 31 December 2023 and 2022, the Group\u2019s earnings per share consisted of the following:2023 2022Loss attributable to the ordinary equity holders of the Group (133,758,000) (65,006,000)Loss for calculation of diluted earnings per share (133,758,000) (65,006,000)Weighted average number of shares outstanding 379,961,553 123,298,000 Stock options* - - Weighted average number of ordinary and potential shares 379,961,553 123,298,000 Basic earnings per share (USD per share) (0.35) (0.53)Diluted earnings per share (USD per share) (0.35) (0.53)Retrospectively adjusted weighted average number of shares outstanding 408,065,954 147,770,382 Stock options* - - Retrospectively adjusted weighted average number of ordinary and potential shares 408,065,954 147,770,382 Retrospectively adjusted basic earnings per share (USD per share) (0.33) (0.44)Retrospectively adjusted diluted earnings per share (USD per share) (0.33) (0.44)* Stock options are not included in the calculation of diluted earnings per share because they are anti-dilutive and would decrease loss per share.NOTE 13 Financial InstrumentsAs of 31 December 2023 and 2022, the Group\u2019s financial instruments consisted of the following:FINANCIAL ASSETSAMORTIZED FAIR VALUE (USD 1,000)COSTTHROUGH OCI TOTALAs of 31 December 2023Trade and other receivables 1,636 - 1,636 Cash 22,536 - 22,536 Restricted cash 415 - 415 Restricted deposits 15,172 - 15,172 Other investments - 6 6 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64e\ue646\ue651\ue605\ue646\ue658\ue658\ue64a\ue659\ue658 39,759 6 39,765 As of 31 December 2022Trade and other receivables 3,190 - 3,190 Cash 23,683 - 23,683 Restricted cash 420 - 420 Other investments - 6 6 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64e\ue646\ue651\ue605\ue646\ue658\ue658\ue64a\ue659\ue658 27,293 6 27,299 FINANCIAL LIABILITIESAMORTIZED FAIR VALUE (USD 1,000)COSTTHROUGH OCI TOTALAs of 31 December 2023Trade and other payables 14,336 - 14,336 Borrowings 42,603 - 42,603 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64e\ue646\ue651\ue605\ue651\ue64e\ue646\ue647\ue64e\ue651\ue64e\ue659\ue64e\ue64a\ue658 56,939 - 56,939 As of 31 December 2022Trade and other payables 11,698 - 11,698 Borrowings 46,837 - 46,837 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64e\ue646\ue651\ue605\ue651\ue64e\ue646\ue647\ue64e\ue651\ue64e\ue659\ue64e\ue64a\ue658 58,535 - 58,535 CASH AND RESTRICTED CASH(USD 1,000) 2023 2022A+ or better 22,951 24,103NOTE 14 Trade and Other ReceivablesAs of 31 December 2023 and 2022, the Group\u2019s trade and other receivables consisted of the following:(USD 1,000) 2023 2022Trade receivables 1,146 1,847 Other current receivables 9 - Other non-current receivables 481 1,343 Total trade and other receivables, net 1,636 3,190 As of 31 December 2023 and 2022, the Group\u2019s trade and other receivables, specified by currencies, consisted of the following:(USD 1,000) 2023 2022USD 1,636 3,190 Other currencies - - Total trade and other receivables, net 1,636 3,190 As of 31 December 2023 and 2022, the Group\u2019s trade and other receivables were due within one year and considered fully collectible. Due to the short-term nature of current receivables, 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 accountsnecessary.NOTE 15 InventoriesAs of 31 December 2023 and 2022, the Group\u2019s inventories consisted of the following:(USD 1,000) 2023 2022Raw materials 991 1,562 Spare parts inventory 3,792 2,107 Finished goods inventory 356 699 Total inventories 5,139 4,368 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 for processing. Spare parts comprise of consumables to be used at a future date through operations. Finished goods 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, the Group recognized a USD 2.3m write-off of its finished goods inventory related to frozen stock, attributed to excess costs above the expected selling price minus future costs to sell. For the year ended 31 December 2023, there were no write-offs of its finished goods inventory. NOTE 16 Cash and Restricted CashAs of 31 December 2023 and 2022, the Group\u2019s cash and restricted cash consisted of the following:(USD 1,000) 2023 2022Cash 22,536 23,683 Restricted cash 415 420 Total cash and restricted cash 22,951 24,103 The Group\u2019s current restricted cash was obtained inconnection with agency bonding requirements for waterwell permits in Florida and required to be maintainedaccordingly. Potential withdrawal of current restricted cash is perfunctory by the Group and therefore included as part of the accompanying statements of cash flows. However, the Group views the amounts as partly restrictive in nature given its connection with operational permitting requirements and elected to maintain the amounts in a separate line item from cash in the accompanying statements of financial position.The Group\u2019s non-current restricted cash consists of aninterest-bearing restricted deposit in connection with amounts required to be held under the provisions of the amended 2020 Credit Facility (see Note 19 \u2013 Borrowings for further details). Potential withdrawal on the restricted deposit would require bank approval and is not perfunctory by the Group. Therefore, such amounts are treated as a separate investment account and presented separately from total cash andrestricted cash in the accompanying consolidated statements of financial position, and the amounts are excluded from the Group\u2019s consolidated cash and restricted cash balances in the accompanying consolidated statements of cash flows.NOTE 17 Share Capital and ShareholdersAtlantic Sapphire ASA has one class of shares that confer the same rights in the Group. As of 31 December 2023 and 2022, the Group\u2019s share capital consisted of the following:2023 2022Total number of shares as of 1 January 153,266,409 91,048,551Shares issued during the year 645,336,763 62,217,858Total number of shares as of 31 December 798,603,172 153,266,409Nominal value as of 31 December (NOK) 0.10 0.10Share capital (total number of shares at nominal value) (NOK 1,000) 79,860 15,327Share capital (total number of shares at nominal value) (USD 1,000) 7,663 1,677On 29 June 2022, the Group raised NOK 1,231m (approximateUSD 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. On30 June 2022, the share capital increase from Tranche 1 was registered with the Norwegian Register of Business Enterprises (\u201cNRBE\u201d) and share 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).lyn 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 a prospectus (the \u201c2022 Prospectus\u201d), and on 11 August 2022, commenced the subscription period in the subsequentoffering (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 NOK44.0m (approximately USD 4.5m). Accordingly, the Board of Directors resolved to increase the Group\u2019s 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.On 16 March 2023, the Group raised NOK 595m (approximatUSD 55m) in gross proceeds through a private placement of 119,000,000 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 NOK11,900,000 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 a Subsequent 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 NOK 8,834,671.90 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 lyrospectus on 14 April 2023.On 14 April 2023, the Group approved and published a prospectus (the \u201cApril 2023 Prospectus\u201d) and commenced the subscription period in the subsequent offering (the \u201cApril 2023 Subsequent Offering\u201d) of up to 20,000,000 new shares each at a subscription price per share of NOK 5.00. By the end of the subscription period on 17 April 2023, the April 2023 Subsequent Offering raised gross proceeds of approximately NOK 32.5m (approximately USD 3.0m)through the issuance of 6,706,606 new shares, each with a par value of NOK 0.10.On 19 September 2023, the Group raised NOK 702m(approximately USD 64.7m) in gross proceeds through a private placement of 501,428,571 new shares, at a price per share of NOK 1.40. The private placement was divided in two tranches in which the first tranche (\u201cTranche 1\u201d) consisted of 55,000,000 new shares and the second tranche (\u201cTranche 2\u201d) consisted of 446,428,571 new shares.On 21 September 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 5.5m through the issuance of 55,000,000 new shares, each with a par value of NOK 0.10. Gross proceeds from Tranche 1 were NOK 77.0m (approximately USD 7.1m).On 11 October 2023, the Group held an Extraordinary General Meeting (the \u201cOctober 2023 EGM\u201d). Through the October 2023 EGM, the Board of Directors was given the authority to increase the Company\u2019s share capital with up to NOK 44,642,857 through the issuance of 446,428,571 shares, each with a face value of NOK 0.10, at a subscription price of NOK 1.40 per share. Further, the Board of Directors was authorized to increase the Company\u2019s share capital with up to NOK 10,000,000 through the issuance of 100,000,000 new shares, each with a par value of NOK 0.10, as part of a Subsequent Offering. The subscription price per new share upon use of the authorization shall be NOK 1.40. On 12 October 2023, the share capital increase from Tranche 2 was registered with the NRBE and share capital increased by NOK 44.6m through issuance of 446,428,571 new shares, each with a par value of NOK 0.10. Gross proceeds from Tranche 2 were NOK 625.0m (approximately USD 57.6m).On 18 October 2023, the Group approved and published a prospectus (the \u201cOctober 2023 Prospectus\u201d) andcommenced the subscription period in the subsequentoffering (the \u201cNovember 2023 Subsequent Offering\u201d) of up to 100,000,000 new shares each at a subscription price per share of NOK 1.40. By the end of the subscription period on 7 November 2023, the November 2023 Subsequent Offering raised gross proceeds of approximately NOK 1.8m (approximately USD 0.2m) through the issuance of 18,201,586 new shares, each with a par value of NOK 0.10.No shares were exercised and issued related to the Group\u2019s employee share option program for the years ended 31 December 2023 and 2022.As of 31 December 2023 and 2022, the Group\u2019s total number of shares issued and outstanding consisted of the following:2023 2022NUMBER OF 2023NUMBER OF 2022SHAREHOLDERSHARES% OF SHARESSHARES% OF SHARESNORDLAKS HOLDING AS 98,357,244 12.32% 7,317,073 4.77%MORGAN STANLEY & CO. LLC 97,428,571 12.20% - 0.00%UBS SWITZERLAND AG 81,950,533 10.26% 619,442 0.40%STRAWBERRY CAPITAL AS 65,096,062 8.15% 9,229,380 6.02%JOH JOHANNSON EIENDOM AS 63,935,643 8.01% 7,649,929 4.99%MORGAN STANLEY & CO. INT. PLC. 48,592,756 6.08% 4,990,420 3.26%THE BANK OF NEW YORK MELLON 36,114,983 4.52% 51,849 0.03%BLUE FUTURE HOLDING AS 29,976,478 3.75% 721,621 0.47%J.P. MORGAN SE 23,290,093 2.92% - 0.00%THE NORTHERN TRUST COMP, LONDON BR 15,367,800 1.92% 2,400,000 1.57%CITIBANK, N.A. 20,369,196 2.55% 3,534,230 2.31%SKAGEN KON-TIKI VERDIPAPIRFOND 14,475,000 1.81% 8,148,000 5.32%WENAASGRUPPEN AS 12,137,038 1.52% 1,210,441 0.79%VATNE EQUITY AS 11,864,024 1.49% 7,439,024 4.85%ALSCO AS 10,427,344 1.31% 10,427,344 6.80%J.P. MORGAN SE 8,933,470 1.12% 950,843 0.62%ASINVEST AS 8,403,599 1.05% 1,764,066 1.15%FOUGNER INVEST AS 7,442,718 0.93% 1,298,108 0.85%NORSK LANDBRUKSKJEMI AS 4,396,110 0.55% 1,700,000 1.11%TACONIC AS 4,185,487 0.52% 1,135,487 0.74%Total number of shares attributed to the 20 largest shareholders 662,744,149 82.99% 70,587,257 46.06%Total number of shares attributed to other shareholders 135,859,023 17.01% 82,679,152 53.94%Total number of shares issued and outstanding 798,603,172 100.00% 153,266,409 100.00%Equity Transaction CostsFor the years ended 31 December 2023 and 2022, total equity transaction costs arising on share issues amounted to USD 5.9m and USD 4.6m, respectively. Such amounts are net against the Group\u2019s share premium balance in the accompanying consolidated statements of financial position.As of 31 December 2023 and 2022, shares directly orindirectly held by members of the Board of Directors, Chief Executive Officer, and Executive Management consisted of the following:2023 2022NUMBER OF 2023NUMBER OF 2022NAME AND TITLESHARES% OF SHARESSHARES% OF SHARESJohan E. Andreassen, CEO 6,287,442 0.79% 6,287,442 4.10%Andre Skarb\u00f8, Director of the Board 9,643,599 1.21% 1,764,066 1.15%Bj\u00f8rn-Vegard L\u00f8vik, Chair of the Nomination Committee 5,213,672 0.65% 5,213,672 3.40%Jon-Birger L\u00f8vik, COO (as of 31 October 2023 step-down date) 1,272,911 0.16% 158,086 0.10%Svein Taklo, CDIO 299,099 0.04% 44,814 0.03%Karl \u00d8ystein \u00d8yehaug, CFO 184,145 0.02% 29,850 0.02%Tone Bj\u00f8rnov, Director of the Board (as of 23 May 2023 step-down date) 39,406 0.00% 19,406 0.01%Patrice Flanagan, Director of the Board (as of 23 May 2023 step-down date) 4,900 0.00% 4,900 0.00%Alejandro Castro, CBO (as of March 2023 step-down date) 920 0.00% 920 0.00%Runar Vatne, Director of the Board (as of 3 August 2022 step-down date) - 0.00% 7,839,024 5.11%Alexander Reus, Director of the Board (as of 5 December 2022 step-down date) - 0.00% 1,601,051 1.04%Danielle Villoch, CLO (As of 19 June 2022 step-down date) - 0.00% 487 0.00%Certain shares are held indirectly by Johan E. Andreassen and Bj\u00f8rn-Vegard L\u00f8vik through Alsco AS, a jointly owned company by Mr. Andreassen and Mr. L\u00f8vik, and are allocated based on their respective ownership interests in Alsco AS. Further, certain shares are held indirectly by Mr. Andreassen through JEA Invest AS, a wholly owned company by Mr. Andreassen.NOTE 18 Share Option ProgramIn accordance with the authorization granted by the Group\u2019s AGM, the Group\u2019s Board of Directors introduced a shareoption program for senior executives and key personnelemployed by the Group and its subsidiaries (the \u201cProgram\u201d).As of 31 December 2023 and 2022, the Program included up to 19,008,586 and 1,584,491 outstanding share options granted, respectively, with contractual vesting terms between one and five years as follows:2023 WEIGHTED 2022 WEIGHTED AVERAGE 2023AVERAGE 2022EXERCISE PRICE NUMBER OF EXERCISE PRICE NUMBER OF \ue884\ue633\ue634\ue630\ue885SHARES\ue884\ue633\ue634\ue630\ue885SHARESOutstanding at 1 January 212.92 1,584,491 208.88 1,650,535 Granted during the year 12.03 18,510,000 - - Forfeited during the year 246.87 (1,060,905) 137.99 (38,735)Exercised during the year - - - - Lapsed during the year 71.19 (25,000) 75.17 (27,309)Outstanding at 31 December 15.60 19,008,586 212.92 1,584,491 Outstanding share options as of 31 DecemberNumber of share options with a weighted average share price over NOK 15 127.99 498,586 212.92 1,584,491 Number of share options with a weighted average share price under NOK 15 12.03 18,510,000 - - Total outstanding share options as of 31 December 15.60 19,008,586 212.92 1,584,491 For the year ended 31 December 2023, a negative expense of USD 0.4m was driven by a high number of forfeitures over the value of options vested. For the year ended 31 December 2022, an expense of USD 0.6m was recognized from the value of options vested.The following information is relevant in the determination of the fair value of options granted for the years ended 31 December 2023 and 2022:2023 2022Option pricing model used Black Scholes Black ScholesWeighted average share price at grant date (NOK) 5.01 - Exercise price (NOK) 2.91 14.74 Weighted average contractual life (days) 1,572 1,825 Expected volatility 52.90% 31.18%Expected dividend growth rate 0.00% 0.00%Risk-free interest rate 2.08% 1.12%On 23 May 2023, Johan E. Andreassen was granted a total of 14,000,000 share options divided into two tranches of 7,000,000 share options. The first tranche of 7,000,000 share options shall vest by 31 December 2024 and will lapse automatically if not exercised by 31 December 2025. The second tranche of 7,000,000 share options shall vest annually over five years and will lapse automatically if not exercised by 31 December 2028. The previous share options granted to Mr. Andreassen as part of the 2021 AGM shall expire upon the grant of these share options.On 23 May 2023, Karl \u00d8ystein \u00d8yehaug was granted a total of 2,800,000 share options that shall vest annually over four years and will lapse automatically if not exercised by 31 December 2028.An additional 1,710,000 share options were granted to other key personnel during the year ended 31 December 2023 resulting in a total amount of 18,510,000 share options granted for the year ended 31 December 2023. No share options were granted for the year ended 31 December 2022.Further, no share options were exercised and issued related to the Group\u2019s employee share option program for the years ended 31 December 2023 and 2022.NOTE 19 BorrowingsDNB Credit AgreementThe Group holds a Green credit facility (the \u201c2020 Credit Facility\u201d) with DNB Bank ASA (\u201cDNB\u201d) which can be utilized towards the Group\u2019s Bluehouses and operations thereinconsidered 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, theGroup\u2019s amended 2020 Credit Facility consisted of USD 150.0m through a USD 50.0m term loan (the \u201cUS TermLoan\u201d), USD 20.0m revolving credit facility (\u201cRCF\u201d), andUSD 80.0m 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.As of 1 January 2022, the Group\u2019s amended 2020 Credit Facility consisted of USD 200.0m through a USD 50.0m US Term Loan, USD 20.0m revolving credit facility, and USD 130.0m 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 31 March 2022, the seventh amendment to the 2020 Credit Facility was formally signed and committed. Theamendment provided 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 signed and committed. Thedebt 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 attributed 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.On 31 March 2023, the ninth amendment to the 2020 Credit Facility was formally signed and committed. The debt was structured under many of the same key terms while others were modified. Of note, 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. Further, the total amounts were restructured into a fully committed credit facility of USD 170.0m directly with DNB with an extended maturity date of April 21, 2025, of which USD 50.0m was attributed to the drawn US Term Loan, USD 20.0m was attributed to the RCF, and USD 100.0m was attributed to a delayed undrawn Term Loan for Phase 2 capital expenditures. The EBITDA covenant levels were also reset, and the Company incurred amendment and extension fees of approximately USD 1.0m.On 17 October 2023, the tenth amendment to the 2020 Credit Facility was formally signed and committed. The debt was structured under many of the same key terms while others were modified. Of note, the minimum required cash balance of USD 15.0m covenant was replaced with a required interest-bearing restricted deposit account of USD 15.0m. The total amounts were restructured into a fully committed credit facility of USD 165.9m extended to the Group, of which USD 45.9m is attributed to the drawn US Term Loan (of which USD 2.5m 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. The EBITDA covenant levels were also reset, and the Company incurred amendment and waiver fees of approximately USD 0.4m.As of 31 December 2023, the amended 2020 Credit Facility carried an annualized borrowing rate of SOFR plus an applicable margin determined by a grid (5.0% as of 31 December 2023).As of 31 December 2023 and 2022, the Group\u2019s borrowings consisted of the following:(USD 1,000) 2023 2022ASUS has an amended USD 45.9m term loan with DNB (the \u201cUS Term Loan\u201d). The US Term Loan bears an amended interest rate of SOFR plus an applicable margin (5.0% as of 31 December 42,603 46,837 2023) and matures on 21 April 2025. USD 42.1m was outstanding on the US Term Loan as of 31 December 2023 and is presented at amortized cost.ASUS has an amended 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 2023, 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).Total borrowings 42,603 46,837 Less: current portion of borrowings 5,000 18,550 Non-current portion of borrowings 37,603 28,287 The following are the remaining contractual maturities on the Group\u2019s borrowings as of 31 December 2023 and 2022: (USD 1,000) 2023 2022Up to 3 months 1,250 1,450 Between 3 and 12 months 3,750 18,550 Between 1 and 2 years 37,603 26,837 Between 2 and 5 years - - Over 5 years - - Total 42,603 46,837 The above amounts are presented at amortized cost using the effective interest rate method.The borrowing base on the USD 20.0m RCF is tied tothe amount of outstanding trade receivables, productinventory, and standing biomass. This calculation is reviewed periodically, and the balance is adjusted accordingly. The amended delay draw USD 100.0m 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 financialmetrics 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 amended 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 respectivesubsidiaries, certain receivables, and certain bank accounts perfected under First Priority security. The provisions of the amended 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 oftheir businesses, enter certain transactions with affiliates, or amend the terms of material indebtedness. Material financial covenants include maintaining a minimum book equity ratio of 45%, various trailing EBITDA requirements, and maintaining a minimum restricted USD 15.0m cash balance.In anticipation of potentially not being able to meet its EBITDA requirement as of 31 December 2023, the Group received a formal waiver from the Lenders dated 21 December 2023. Subsequently, the Group\u2019s 2020 Credit Facility was amended further on 25 March 2024 (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 2023 and 2022:LEASE (USD 1,000) BORROWINGSLIABILITIESBalance at 1 January 2023 46,837 2,634 Changes from financing cash flowsProceeds from borrowings 12,500 - Payments towards borrowings (17,335) (468)Total changes from financing cash flows 42,002 2,166 Amortization 601 - Currency effects - 13 Balance at 31 December 2023 42,603 2,179 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 Amortization - 2,361 Forgiveness of debt - (2,584)Currency effects - (47)Balance at 31 December 2022 46,837 2,634NOTE 20 Pensions The Group\u2019s employees are covered by different pension plans that vary from country to country depending onthe 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 2023 and 2022, 131 and 118 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 2023 and 2022, the Group\u2019s total pension cost consisted of USD 0.4m andUSD 0.3m, respectively, and are included as part of salary and personnel costs in the accompanying consolidatedstatements of operations.NOTE 21 Related Party TransactionsDuring the ordinary course of business, the Group engages in transactions with related parties similar to what management believes would have been agreed upon between unrelated parties.During the ordinary course of business, the Group may sell salmon products to NovoMar, Inc. (\u201cNovoMar\u201d), an entity under majority ownership by a related party of Johan E. Andreassen, the CEO of ASA. NovoMar was formerly Platina Seafood, Inc. prior to a rebrand on 8 September 2022. For the years ended 31 December 2023 and 2022, the Group sold USD 0.7m and USD 0.2m of salmon products to NovoMar, respectively. During the ordinary course of business, NovoMar provides harvesting services for the Group (the provision of such services commenced in June 2023). For the year ended 31 December 2023, the Group incurred harvesting costs of USD 0.2 million. Such amounts are included as part of cost of goods sold in the accompanying consolidated statements of operations.As of 31 December 2023 the Group had USD 0.1m due from NovoMar and the amounts are included as part of the Group\u2019s current trade and other receivables balance. The Group did not have any outstanding balances due from NovoMar as of 31 December 2022.NOTE 22 Contingencies and Legal ClaimsThe Group has evaluated contingencies and legal claims from 31 December 2023 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 Miami 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 5.6m, and 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 moved forward to a formal arbitration hearing and is currently underway and expected to be concluded, at the earliest, in H1 2025.As of 31 December 2023 and 2022, no claim receivable or payable was recognized within the consolidated financialstatements given the ongoing nature of the legal claim and the uncertainty of settlement towards either party as of the reporting dates and as of the date of this report.NOTE 23 Subsequent EventsThe Group has evaluated subsequent events from31 December 2023 through the date in which the consolidated financial statements were issued.Private PlacementOn 29 February 2024, the Group raised NOK 369.0m(approximately USD 35.0m) in gross proceeds through aprivate placement of 307,125,000 new shares at a price pershare of NOK 1.20. In connection with the Private Placement,the underwriters' underwriting commission of 5% was settledthrough the issuance of 15,356,243 in new shares at a priceper share of NOK 1.20. Following the issuance of the newshares, the total number of shares issued and outstandingwas 1,121,084,415. Eleventh Amendment to 2020 Credit FacilityOn 25 March 2024, the eleventh amendment to the 2020Credit Facility was formally signed and committed. The debtwas structured under many of the same key terms while others were modified. Of note, the maturity date was extended to21 October 2026 and the borrowing base on the RCF wasextended to include additional biomass and higher tradereceivable levels. The total amounts were restructured intoa fully committed credit facility of USD 162.1m, of which USD42.1m is attributed to the drawn US Term Loan, USD 20.0m isattributed to the RCF (of which USD 17.4m is available), andUSD 100.0m is attributed to a delayed undrawn Term Loanfor Phase 2 capital expenditures. The EBITDA covenants anddelay draw term loan incurrence test levels were also reset, and the Company incurred amendment and waiver fees of approximately USD 1.1m.AS Purchasing, LLCOn 4 March 2024, AS Purchasing, LLC, a wholly ownedsubsidiary of ASA, filed for voluntary dissolution under the Florida Division of Corporations. ASP had previously served as the purchasing arm for ASUS while construction of the Phase 1 Miami Bluehouse was underway and has not held active operations since its completion and therefore did not have any impact on the financial statements or accompanying notes presented within this report.ATLANTIC SAPPHIRE ASADaugstadvegen 445, 6392 Vikebukt, Norway CVR: 895436232", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__16": { "value": "General 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 in Homestead, Florida, US (the \u201cMiami Bluehouse\u201d facility) and previously operated a land-based Atlantic salmon farm in Hvide Sande, Denmark (the \u201cDenmark Bluehouse\u201d facility). A Bluehouse\u00ae facility (\u201cBluehouse\u201d) is proprietary production technology developed 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. Phase 1 of the Miami Bluehouse has an annual design production capacity of 1approximately 9,500 tons HOG.Subsequently on 4 March 2024, AS Purchasing, LLC, a wholly owned subsidiary of ASA, filed for voluntary dissolution under the Florida Division of Corporations as it was utilized for US Phase 1 construction and no longer held formal operations since its completion.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__15": { "value": "General 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 in Homestead, Florida, US (the \u201cMiami Bluehouse\u201d facility) and previously operated a land-based Atlantic salmon farm in Hvide Sande, Denmark (the \u201cDenmark Bluehouse\u201d facility). A Bluehouse\u00ae facility (\u201cBluehouse\u201d) is proprietary production technology developed 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. Phase 1 of the Miami Bluehouse has an annual design production capacity of 1approximately 9,500 tons HOG.Subsequently on 4 March 2024, AS Purchasing, LLC, a wholly owned subsidiary of ASA, filed for voluntary dissolution under the Florida Division of Corporations as it was utilized for US Phase 1 construction and no longer held formal operations since its completion.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__14": { "value": "Atlantic Sapphire ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__13": { "value": "Atlantic Sapphire ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__8": { "value": "Atlantic Sapphire ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__9": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__11": { "value": "Vikebukt", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__10": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__7": { "value": "The Group owns and operates a land-based Atlantic salmon farm", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__12": { "value": "Homestead, Florida", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__17": { "value": "Basis for Preparation of the Annual AccountsThe consolidated financial statements were prepared inaccordance with IFRS\u00ae Accounting Standards (\u201cIFRS\u201d)as adopted by the European Union (\u201cEU\u201d) and mandatory for financial years beginning on or after 1 January 2023, and additional Norwegian disclosure requirements underthe Norwegian Accounting Act as of 31 December 2023. References to \u201cIFRS\u201d in these consolidated financialstatements refer to IFRS as adopted by the EU.The consolidated financial statements have been prepared based on uniform accounting principles for similar transactioand events under otherwise similar circumstances andare 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.1 HOG \u2013 \u201cHead-On-Gutted\u201d fish, a term used industry-wide, is approximately 83% of live weight fish.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__18-1": { "value": "Going ConcernThe Board confirms that it is appropriate to prepare the Annual Report based on a going concern assumption pursuantto section 3-3a of the Norwegian Accounting Act. Thisconfirmation is based on the Group\u2019s forecasted performance in 2024 and the Group\u2019s plans to receive external financing to support funding of the Phase 2 expansion.The Group believes it has sufficient financing to achieve proven state biomass and generate positive cash flow from operations. As it relates to US Phase 2 expansion, the Group has full discretion over the speed of the construction which allows the Group to better manage liquidity. Subsequently on 29 February 2024, the Group raised NOK 369.0m(approximately USD 35.0m) in gross proceeds through a private placement of 307,125,000 new shares, at a price per share of NOK 1.20. The issuance of the new shares was approved by the Extraordinary General Meeting on 22 March 2024. Further, the Group\u2019s 2020 Credit Facility was amended further on 25 March 2024 which, among other things, extended the maturity date to 21 October 2026. See Note 23 \u2013 Subsequent Events for further detail.As of 31 December 2023 and 2022, the Group\u2019s consolidated equity consisted of USD 283.1m and USD 296.4m, respectiveequity share, which comprise of total equity divided by total assets, was 83% in both years, and net interest-bearingdebt, which comprise of total interest-bearing borrowings excluding the effects of IFRS 16, was USD 20.1m and USD 23.2m, respectively. The Group\u2019s Board of Directors (the \u201cBoard\u201d) considers the Group\u2019s capital base adequate given the scale of its operations.On 19 May 2022, ASA\u2019s Board of Directors were given proxy to increase total authorized share capital by 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. On 23 May 2023, the Group held its Annual General Meeting (the \u201c2023 AGM\u201d). Through the 2023 AGM, the Board was given the authority to increase total authorized share capital by up to NOK 5,500,000 through the issuance of up to 55,000,000 total shares, with a face value of NOK 0.10. The authorization was used as part of the September 2023 Private Placement. Further, the Extraordinary General Meeting (\u201cEGM\u201d) on11 October 2023 granted an authorization to the Boardto increase the share capital by up to NOK 15,608,000 through the issuance of up to 156,080,000 new shares in the Company. This authorization was subsequently used as part of the 29 February 2024 Private Placement.The Group holds the 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. TheGroup\u2019s principal financial assets consist of trade and other receivables, cash and restricted cash, restricted deposits, and other investments.y, The Group\u2019s material accounting policies regarding financial instruments are disclosed in Note 1 \u2013 Summary of Material Accounting Policies, and the Group\u2019s financial instruments are detailed in Note 13 \u2013 Financial Instruments.The Group believes it has sufficient financing to achieveproven state biomass and generate positive cash flow from operations. As it relates to US Phase 2 expansion, the Group has full discretion over the speed of the construction which allows the Group to better manage liquidity. Subsequently on 29 February 2024, the Group raised NOK 369.0m (approximately USD 35.0m) in gross proceeds through a private placement of 307,125,000 new shares, at a price per share of NOK 1.20. The issuance of the new shares was approved by the EGM on 22 March 2024. Further, the Group\u2019s 2020 Credit Facility was amended further on 25 March 2024 which, among other things, extended the maturity date to 21 October 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__19": { "value": "New and Amended IFRS Standards Adopted by the GroupnsThere are numerous standards, amendments to standards, and interpretations in 2023 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 arenot expected to have a significant effect on the Group\u2019s consolidated financial statements.The Group did not adopt any new standards, amendments to standards, and interpretations in 2023 that would impact the Group\u2019s consolidated financial statements for the year ended 31 December 2023.Other amendments, interpretations, and changes basedon the annual improvement cycle were assessed by theGroup 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__21": { "value": "ConsolidationSubsidiaries are all entities over which the Group hascontrol. The Group considers control over an entity to exist when the Group is exposed to, or has the right to, variable returns from its involvement 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 include the 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 theconsolidated Group\u2019s accounting policies presented underIFRS.All intercompany balances, transactions, and unrealizedgains from intercompany transactions are eliminatedupon consolidation. Unrealized losses from intercompany transactions are also eliminated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__20": { "value": "ConsolidationSubsidiaries are all entities over which the Group hascontrol. The Group considers control over an entity to exist when the Group is exposed to, or has the right to, variable returns from its involvement 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 include the 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 theconsolidated Group\u2019s accounting policies presented underIFRS.All intercompany balances, transactions, and unrealizedgains from intercompany transactions are eliminatedupon consolidation. Unrealized losses from intercompany transactions are also eliminated 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__23": { "value": "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 theapplicable exchange rate at the time of the transaction. Receivables, debt, and other monetary items in foreigncurrency 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 the translation of non-USD denominated Group entities andnon-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 into 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 from theacquisition of a foreign operation are treated as assetsand liabilities of the foreign operation and translated at the closing exchange rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__22": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__24": { "value": "Use of Estimates and JudgementsThe preparation of the consolidated financial statements in accordance with IFRS requires management to makeaccounting estimates and assumptions that affect therecognized amounts of consolidated assets, liabilities,income, and expenses. The estimates and underlyingassumptions 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 greatest significance for the Group are as follows:FAIR VALUE ADJUSTMENT OF BIOMASSBiological assets are measured at fair value less cost 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 therespective markets in which the Group operates. The fair value calculation considers estimates of biomass volumes, quality, size distribution, production cost, mortality, andnormal costs of harvest and sale (see Note 5 \u2013 Biological Assets).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__25": { "value": "ProvisionsA provision is recognized when the Group has a legal or constructive 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__26": { "value": "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.Receivables are 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 aregenerally provided 30-day payment terms.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__27": { "value": "LeasesLeases are recognized under IFRS 16, Leases, in which all leasing agreements with a duration exceeding 12 months are to be capitalized as financial leases. The Group assesses whether a legally enforceable contract is or contains alease at the inception date of the contract. The assessment includes several criteria to be determined based onjudgment 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 which management is reasonably certainit 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 paymentsbased 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 subsequentlyamortized 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__28": { "value": "TaxesTax expense consists of the tax payable and changesto deferred tax. Tax is recognized in the accompanyingconsolidated 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 and their 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 supportthe 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__29-1": { "value": "Investments and Other Financial AssetsThe Group classifies its financial assets based on thefollowing 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 financialasset 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 of collecting the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method.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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__31": { "value": "Property, Plant, and EquipmentProperty, plant, and equipment is capitalized at acquisition cost, which includes capitalized borrowing costs underIAS 23, Borrowing Costs, less accumulated depreciationand impairment losses, if any. Acquisition costs includeexpenditures 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 a fixed asset are capitalized. Costs associated with normal maintenance and repairs are expensed as incurred.Assets are normally considered property, plant, andequipment if the useful economic life exceeds one year. Straight-line depreciation 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 consolidated statements 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__32": { "value": "Property, plant, and equipment is capitalized at acquisition cost, which includes capitalized borrowing costs underIAS 23, Borrowing Costs, less accumulated depreciationand impairment losses, if any.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__33": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__34": { "value": "ImpairmentManagement reviews long-lived assets for impairmentannually, 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 aregrouped 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 forimpairment 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 2023 and 2022, management considered an allowance for impairment necessary for non-currentassets in the US and for those lost in the September 2021 Denmark fire (see Note 9 \u2013 Property, Plant, and Equipment).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__35": { "value": "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 minus 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__37": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__36-1": { "value": "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.NOTE 5 Biological Assets Fair Value Measurement of Biological AssetsUnder the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomassare 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 and personnel costs, depreciation, and other overhead costs, are allocated based on a ratio of actual vs hypothetical feed capacity per fish system that approximates normalcapacity under IAS 2. Portions of indirect production costs attributed to underutilized Bluehouse tank capacity arerecognized as period cost under cost of goods sold in the accompanying consolidated statements of operations.NON-HARVESTABLE FISH \ue61fMEASURED AT COST\ue61eFish with a live weight below 1 kg, including salmon roe, are considered non-harvestable due to their 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 incircumstances indicate that the carrying value may not be recoverable.HARVESTABLE FISH \ue61fMEASURED AT FAIR VALUE LESS COST TO SELL\ue61eFish held in tanks with a live weight over 1 kg are considered harvestable and is therefore calculated based on an implied estimated 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 reduced by remaining costs to sell (production costs, processing costs, and freight costs) to determine the Group\u2019s gross margin returned to farm.\u2022 Biological performance: Our estimated market price and remaining cost to sell are based on an overall understandiof the quality of the batch being harvested. Changes in biology, anticipated quality and size, or overall biomass volume may affect 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 approximately 4 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 thenumber 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 weighted average cost of capital.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 value hierarchy under IFRS 13. As of 31 December 2023, 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 mortalitydue to an incident out of expected normal capacity. Insuch cases, mortality expense is included as part of ncost of goods sold in the accompanying consolidatedstatements of operations, and the fair value associatedwith 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__39": { "value": "Cash and Restricted CashCash includes cash on hand and bank deposits. Current restricted cash is not available for immediate or general business use and is presented separately from cash in the accompanying consolidated statements of financial position. Non-current restricted cash is presented separately asrestricted deposits in the accompanying consolidatedstatements of financial position and is not included as part of the cash and restricted cash balances presented in the accompanying consolidated statements of cash flows. 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 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__38": { "value": "Cash and Restricted CashCash includes cash on hand and bank deposits. Current restricted cash is not available for immediate or general business use and is presented separately from cash in the accompanying consolidated statements of financial position. Non-current restricted cash is presented separately asrestricted deposits in the accompanying consolidatedstatements of financial position and is not included as part of the cash and restricted cash balances presented in the accompanying consolidated statements of cash flows. 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 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__40": { "value": "BorrowingsBorrowings are recognized at fair value when proceeds have been received, less transaction costs. In subsequent periods, borrowings are recognized at amortized cost calculated using the effective interest method. The difference between the proceeds 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__41": { "value": "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:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__42": { "value": "Statements of Cash FlowsThe 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__43": { "value": "ReclassificationCertain amounts in the Group\u2019s 2022 consolidated financial statements have been reclassified to conform to the 2023 presentation. The reclassifications have no effect on the Group\u2019s consolidated financial position.In the 2022 Annual Report, the financial statement lineitem for \u201cCost of Goods Sold\u201d was previously named \u201cCost of Materials\u201d. The change in name aims to enhance clarity about what the amounts represent and to denote that such amounts also include cost elements other than materials but exclude depreciation, which is accounted for in a separate financial statement line item.In the 2022 Annual Report, the financial statement line item for \u201cSelling, General, and Administrative Costs\u201d was reviously named \u201cOther Operating Expenses\u201d. The change in name aims to enhance clarity about what the amounts represent and to denote that such costs are not associated with production either when incurred or sold.In the 2022 Annual Report, the financial statement line item for \u201cSelling, General, and Administrative Costs\u201d included the cost of temporary chiller leases of USD 5.9m. Temporary chiller leases represent part of the Group\u2019s cost of production. Prior to 2023 however, such amounts were previously recognized directly under \u201cSelling, General, and Administrative Costs\u201d to denote a direct write off as a period cost. Because similar amounts from 2023 onwards were prospectively capitalized as part of cost of production without an immediate write off, we reclassified the prior year USD 5.9m cost of temporary chiller leases from \u201cSelling, General, and AdministrativeCosts\u201d as part underutilized plant capacity under \u201cCost of Goods Sold\u201d. The reclassification resulted in an increase of USD 5.9m to \u201cCost of Goods Sold\u201d and a corresponding decrease to \u201cSelling, General, and Administrative\u201d costs in 2022. Further, although there is no balance sheet effect on biological assets, the cost of temporary chiller leases increases the line item of \u201cIncreases due to production and purchases\u201d by USD 5.9m and similarly reduces the line item of \u201cDecreases due to underutilized plant capacity\u201d in the reconciliation of changes in the carrying amount (see Note 5 \u2013 Biological Assets). The change in classification aims to enhance what the amounts represented prior to 2023 and have no effect on previously reported results of consolidated operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__45": { "value": "Capital Management And Financial RiskCapital management represents the Group\u2019s policy toassess, acquire, and utilize its capital base efficiently towards satisfactory operations and future development of thebusiness to foster and maintain investor, lender, and market confidence. The Group\u2019s capital management contemplates available alternatives, the cyclical nature of the fish farming industry, and current socioeconomic factors. Access toborrowings is monitored periodically and the Group engages in dialogue continuously with its lenders.The Group has obtained capital primarily from equity raises and interest-bearing borrowings. The Group\u2019s interest-bearing borrowings require certain financial covenants to be maintained. In anticipation of potentially not being able to meet its EBITDA requirement as of 31 December 2023, the Group received a formal waiver from the Lenders dated 21 December 2023 (see Note 19 \u2013 Borrowings).", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__47": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__48": { "value": "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 5.0% as of 31 December 2023 (see Note 19 \u2013 Borrowings). The margin grid calls for a maximum of 5.0% 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 2023 and 2022, the following represents the Group\u2019s potential interestexpense effect based on a 1% increase on the floatinginterest rate:(USD 1,000) 2023 2022Interest expense effect on a 1% increase on floating interest rate 454 598Market RiskFOREIGN CURRENCYThe Group\u2019s foreign currency risk relates to the Group\u2019s operating, investing, and financing activities denominated in a foreign currency. This includes the Group\u2019s revenues, expenses, capital expenditures, and net investments inforeign subsidiaries. The Group\u2019s reporting currency is the United States dollar (\u201cUSD\u201d), and the predominant currencies transacted by the Group\u2019s subsidiaries 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 maintaining cash balances in foreign currency denominated bankaccounts, analyzing future obligations by currency, andtransferring funds as needed. The Group has not entered into derivative or other agreements to reduce the exchange rate risk and the related market risk.As of 31 December 2023 and 2022, the Group\u2019s cash balances were held in the following currencies:(USD 1,000) 2023 2022USD 15,347 21,117 NOK 6,733 2,446 DKK 403 97 EUR 53 23 Total cash 22,536 23,683 As of 31 December 2023 and 2022, all of the Group\u2019s long-term interest-bearing borrowing balances were held in USD.FOREIGN CURRENCY SENSITIVITYFor the years ended 31 December 2023 and 2022, the Group\u2019s sensitivity to exchange rate movement was limited to its exposure to monetary items in a currency different than their functional currency.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__49": { "value": "Credit RiskFinancial instruments, which potentially subject theGroup to credit risk, consist principally of cash and trade receivables. Cash is maintained with major financialinstitutions. The Group extends credit to some of itscustomers and management recognizes that extending credit and setting appropriate reserves for accountsreceivable is largely a subjective decision based onknowledge of the customer. Accordingly, the Group trades only with recognized and creditworthy third parties anddoes not require collateral on trade receivables from its customers. Management periodically evaluates creditexposure in the aggregate and by individual credit andperiodically 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 tradereceivables are credit insured unless an exception isapproved 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__50": { "value": "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 proven state biomass and generate positive cash flow from operations. Subsequently, the 2020 Credit Facility was amended further on 25 March 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__51": { "value": "NOTE 3 SegmentsThe Group has two strategic divisions, which represent its reportable segments. The Group\u2019s executive management reviews the internal management reports of each division. As of 31 December 2023 and 2022, the Group\u2019s reportable segments consisted of the following:Denmark OperationsThe Group\u2019s initial production facility in Hvide Sande,Denmark is a wholly owned subsidiary located on thewest coast of Denmark and was in operation from 2011 to 2022. Since commencement of operations, approximately 45 batches of Atlantic salmon were introduced into theDenmark Bluehouse. The Denmark Bluehouse had an annual production capacity of approximately 2,400 tons HOG and a tank volume of approximately 17,000 m\u00b3, distributed across twenty tanks. Following the 15 September 2021 Denmark Bluehouse fire, production operations consisted of smolt production upuntil 2022 and clean-up efforts thereafter. 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 site with significant demolition efforts significantly complete by end of 2023.US OperationsThe Group owns the land in Homestead, FL, US throughASSF and operates the proprietary Bluehouse land-based salmon farm through ASUS. US Phase 1 construction of the Miami Bluehouse was complete as of 31 December 2021 and is projected to reach full production in H2 2024 once the Group has a fully stocked Phase 1 facility. The US Phase 2 expansion project is currently under construction andis expected to add an additional estimated 15,000 tonsHOG of annual production capacity, for a total capacity of approximately 25,000 tons HOG.For the years ended 31 December 2023 and 2022, theGroup\u2019s segment information consisted of the following:YEAR ENDED 31 DECEMBER 2023 DENMARK US OTHER AND(USD 1,000)OPERATIONSOPERATIONSELIMINATIONS CONSOLIDATEDRevenue from sale of salmon - 13,995 - 13,995 EBITDA (12) (111,651) (686) (112,349)EBITDA, pre-fair value adjustment (12) (97,556) (686) (98,254)EBITDA, adjusted* (12) (62,556) (686) (63,254)Pre-tax income (loss) (65) (137,748) 4,055 (133,758)Total assets 1,246 329,292 11,720 342,258 Total liabilities 1,282 154,773 (96,937) 59,118 Depreciation and amortization 23 13,815 1 13,839 Interest income 4 743 769 1,516 Interest expense 34 13,025 (3,973) 9,086 Capital expenditures - 21,399 - 21,399 Cash flows from operating activities (153) (77,988) 379 (77,762)Cash flows from investing activities 4 (34,252) 767 (33,481)Cash flows from financing activities 378 103,758 6,189 110,325 * EBITDA adjusted for fair value adjustment on biological assets, impairment of non-current assets, and insurance settlement proceeds from DenmarkFor the years ended 31 December 2022, the Group\u2019s segment information consisted of the followingYEAR ENDED 31 DECEMBER 2022DENMARK US OTHER AND(USD 1,000)OPERATIONSOPERATIONSELIMINATIONS CONSOLIDATEDRevenue from sale of salmon - 18,954 - 18,954 EBITDA 37,974 (71,489) (14,527) (48,042)EBITDA, pre-fair value adjustment 37,974 (71,584) (14,527) (48,137)EBITDA, adjusted* 12,652 (71,584) (14,527) (73,459)Pre-tax 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) 61,169 Depreciation and amortization 36 14,182 (1) 14,217 Interest income - 506 4,401 4,907 Interest expense 34 11,364 (3,744) 7,654 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, impairment of non-current assets, and insurance settlement proceeds from DenmarkFor the years ended 31 December 2023 and 2022, 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) 2023 2022Revenue from external customers in:United States 13,806 18,604 Canada 189 350 Other countries - - Total revenue from external customers 13,995 18,954 For the years ended 31 December 2023 and 2022, the Group\u2019s concentration of revenue consisted of the following:(USD 1,000) 2023 2022Sales per customer:Customer A 3,468 7,594 Customer B 1,226 1,402 Customer C 684 1,430 Customer D 650 177 Customer E 641 1,948 Other customers 7,326 6,403 Total revenue from external customers 13,995 18,954", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__54": { "value": "Other Income, NetFor the years ended 31 December 2023 and 2022, the Group\u2019s other income, net consisted of the following:(USD 1,000) 2023 2022Other income and gain 2,060 583 Income from insurance settlement - 25,322 Other expense and loss (137) (133)Disposal of non-current assets 4 (230)Total other income, net 1,927 25,542 Insurance Settlement ProceedsOn 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 site given that demolition was significantly completed by end of 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__53-1": { "value": "NOTE 4 Other Operating Expenses and IncomeSelling, General, and Administrative CostsFor the years ended 31 December 2023 and 2022, the Group\u2019s selling, general, and administrative (\u201cSG&A\u201d) costs consisted of the following:(USD 1,000) NOTE 2023 2022General and administrative costs 4,444 5,845 Professional fees 7 2,233 2,411 Sales and marketing 1,113 1,385 Leases 8 68 357 Maintenance and supplies 126 451 Total selling, general, and administrative costs 7,984 10,449 The Group incurred property taxes of USD 1.4m (USD 1.1m through ASUS and USD 0.3m through ASSF) for the year ended 31 December 2023 and USD 1.6m (USD 1.2m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2022. The amounts are included as part of general and administrative costs within the Group\u2019s SG&A costs.NOTE 7 Auditor\u2019s FeesFor the years ended 31 December 2023 and 2022, remuneration to the Group\u2019s auditors, excluding VAT, consisted of the following:(USD 1,000) 2023 2022Statutory auditing services 586 380 Tax advisory services - - Other services - - Total auditor's fees 586 380 Total amounts towards auditor\u2019s fees are included as part of professional fees in SG&A costs (see Note 4 \u2013 Other Operating Expenses and Income).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__52-1": { "value": "NOTE 4 Other Operating Expenses and IncomeSelling, General, and Administrative CostsFor the years ended 31 December 2023 and 2022, the Group\u2019s selling, general, and administrative (\u201cSG&A\u201d) costs consisted of the following:(USD 1,000) NOTE 2023 2022General and administrative costs 4,444 5,845 Professional fees 7 2,233 2,411 Sales and marketing 1,113 1,385 Leases 8 68 357 Maintenance and supplies 126 451 Total selling, general, and administrative costs 7,984 10,449 The Group incurred property taxes of USD 1.4m (USD 1.1m through ASUS and USD 0.3m through ASSF) for the year ended 31 December 2023 and USD 1.6m (USD 1.2m through ASUS and USD 0.4m through ASSF) for the year ended 31 December 2022. The amounts are included as part of general and administrative costs within the Group\u2019s SG&A costs.Other Income, NetFor the years ended 31 December 2023 and 2022, the Group\u2019s other income, net consisted of the following:(USD 1,000) 2023 2022Other income and gain 2,060 583 Income from insurance settlement - 25,322 Other expense and loss (137) (133)Disposal of non-current assets 4 (230)Total other income, net 1,927 25,542 Insurance Settlement ProceedsOn 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 site given that demolition was significantly completed by end of 2023.NOTE 7 Auditor\u2019s FeesFor the years ended 31 December 2023 and 2022, remuneration to the Group\u2019s auditors, excluding VAT, consisted of the following:(USD 1,000) 2023 2022Statutory auditing services 586 380 Tax advisory services - - Other services - - Total auditor's fees 586 380 Total amounts towards auditor\u2019s fees are included as part of professional fees in SG&A costs (see Note 4 \u2013 Other Operating Expenses and Income).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__55": { "value": "NOTE 5 Biological Assets Fair Value Measurement of Biological AssetsUnder the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomassare 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 and personnel costs, depreciation, and other overhead costs, are allocated based on a ratio of actual vs hypothetical feed capacity per fish system that approximates normalcapacity under IAS 2. Portions of indirect production costs attributed to underutilized Bluehouse tank capacity arerecognized as period cost under cost of goods sold in the accompanying consolidated statements of operations.NON-HARVESTABLE FISH \ue61fMEASURED AT COST\ue61eFish with a live weight below 1 kg, including salmon roe, are considered non-harvestable due to their 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 incircumstances indicate that the carrying value may not be recoverable.HARVESTABLE FISH \ue61fMEASURED AT FAIR VALUE LESS COST TO SELL\ue61eFish held in tanks with a live weight over 1 kg are considered harvestable and is therefore calculated based on an implied estimated 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 reduced by remaining costs to sell (production costs, processing costs, and freight costs) to determine the Group\u2019s gross margin returned to farm.\u2022 Biological performance: Our estimated market price and remaining cost to sell are based on an overall understandiof the quality of the batch being harvested. Changes in biology, anticipated quality and size, or overall biomass volume may affect 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 approximately 4 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 thenumber 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 weighted average cost of capital.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 value hierarchy under IFRS 13. As of 31 December 2023, 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 mortalitydue to an incident out of expected normal capacity. Insuch cases, mortality expense is included as part of ncost of goods sold in the accompanying consolidatedstatements of operations, and the fair value associatedwith the affected biomass is then adjusted under fair value adjustments in the accompanying consolidated statements of operations.As of 31 December 2023 and 2022, the Group\u2019s biological assets consisted of the following: (USD 1,000) 2023 2022Cost of biological assets 38,112 26,489 Fair value adjustments (21,894) (7,799)Total biological assets 16,218 18,690 Cost of biological assets (harvestable fish) 30,474 19,505 Fair value adjustments (21,894) (7,799)Total biological assets of harvestable fish 8,580 11,706 Cost of biological assets (non-harvestable fish) 7,638 6,984 Total biological assets 16,218 18,690 The following represents a reconciliation of changes in the carrying amount of the Group\u2019s consolidated biological assets for the years ended 31 December 2023 and 2022:(USD 1,000) 2023 2022Biological assets at beginning of year 18,690 16,795 (Loss) gain arising from changes in fair value less costs to sell (14,095) 95 Increases due to production and purchases 72,568 66,267Net changes in production depreciation 586 (120)Decreases due to harvest (23,755) (28,738)Decreases due to mortality (12,150) (13,803)Decreases due to underutilized plant capacity (25,626) (21,789)Net exchange rate differences - (17)Biological assets at end of year 16,218 18,690 As of 31 December 2023 and 2022, the Group\u2019s physical volumes of biological assets consisted of the following2023 2022Live weight of biomass (in tons RLW)Non-harvestable fish 647 581 Harvestable fish 2,402 1,815 Total live weight of biomass (in tons RLW) 3,049 2,396 Number of fish (in thousands)Non-harvestable fish 4,013 4,623Harvestable fish 1,558 1,152\ue639\ue654\ue659\ue646\ue651\ue605\ue653\ue65a\ue652\ue647\ue64a\ue657\ue605\ue654\ue64b\ue605\ue840\ue658\ue64d\ue605\ue60d\ue64e\ue653\ue605\ue659\ue64d\ue654\ue65a\ue658\ue646\ue653\ue649\ue658\ue60e 5,571 5,775Volume of fish harvested during the year (tons gutted weight) 1,545 2,253 Sensitivity AnalysisAlthough the Group has acquired expertise in assessing various factors regarding biomass, the estimate of unrealized fair value 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 and growth 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 onperiodic 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.PRODUCTION COSTS:Estimated future production costs are based on theGroup\u2019s prognoses taking into consideration factors such as uncertainty with feed prices or other biomass costdevelopments. Changes in the Group\u2019s estimation towards production costs would influence the value of biomassand are 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 overallunderstanding 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 than 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 2023 and 2022, the estimated effect on the book value of biological assets was as follows:(USD 1,000) INCREASE 2023 2022Change in biomass size 2% 403 217 Change in forward price 2% 490 272 Change in discount rate 2% (86) (48)Incident-Based MortalityDuring the year ended 31 December 2023, ASUS experienced elevated mortality levels in the periods where water quality conditions were suboptimal as described in the Board of Directors\u2019 report, but no single incident-based mortalityoccurred.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 thedesign of the systems and to minimize the potential risk of sludge sedimentation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__57": { "value": "Fair Value Measurement of Biological AssetsUnder the provisions of IAS 41, Agriculture, and IFRS 13, Fair Value Measurement, biological assets (\u201cbiomassare 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 and personnel costs, depreciation, and other overhead costs, are allocated based on a ratio of actual vs hypothetical feed capacity per fish system that approximates normalcapacity under IAS 2. Portions of indirect production costs attributed to underutilized Bluehouse tank capacity arerecognized as period cost under cost of goods sold in the accompanying consolidated statements of operations.NON-HARVESTABLE FISH \ue61fMEASURED AT COST\ue61eFish with a live weight below 1 kg, including salmon roe, are considered non-harvestable due to their 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 incircumstances indicate that the carrying value may not be recoverable.HARVESTABLE FISH \ue61fMEASURED AT FAIR VALUE LESS COST TO SELL\ue61eFish held in tanks with a live weight over 1 kg are considered harvestable and is therefore calculated based on an implied estimated 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 reduced by remaining costs to sell (production costs, processing costs, and freight costs) to determine the Group\u2019s gross margin returned to farm.\u2022 Biological performance: Our estimated market price and remaining cost to sell are based on an overall understandiof the quality of the batch being harvested. Changes in biology, anticipated quality and size, or overall biomass volume may affect 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 approximately 4 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 thenumber 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 weighted average cost of capital.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 value hierarchy under IFRS 13. As of 31 December 2023, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__58": { "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 2023 and 2022, the Group\u2019s salary and personnel costs consisted of the following:(USD 1,000) 2023 2022Salaries, including holiday pay and bonuses 14,509 17,100 Payroll taxes 1,167 1,119 Pension costs 392 346 Share-based compensation benefits (365) 576 Temporary labor 725 893 Other payroll costs and benefits 164 278 Total salary and personnel costs 16,592 20,312 Less: production labor capitalized towards biological assets (9,977) (10,083)Less: construction labor capitalized towards assets under construction (450) (1,632)Less: processing labor recognized towards cost of materials (2,114) (2,303)Total administrative salary and personnel costs 4,051 6,294 For the years ended 31 December 2023 and 2022, the Group employed 158 and 177 full-time employees, respectively.For the years ended 31 December 2023 and 2022, total compensation to the Group\u2019s Board of Directors consisted of the following: (USD 1,000) 2023 2022Kenneth Jarl Andersen, Chairman (2, 5) 99 34 Johan E. Andreassen, Chairman (4) - - Eirik Welde, Deputy Chairman 50 - Marta Rojo Alonso, Director (5) 57 - Tone Bj\u00f8rnov, Director (4) 23 89 Patrice Flanagan, Director (4) 21 64 Alexander Reus, Director (3) - 68 Andr\u00e9 Skarb\u00f8, Director 68 64 Ellen Marie S\u00e6tre, Director 72 74 Runar Vatne, Director (1) - 34 Total Board of Directors 390 427 (1) Stepped down on 3 August 2022(2) Stepped in on 3 August 2022(3) Stepped down on 5 December 2022(4) Stepped down on 23 May 2023(5) Stepped in on 23 May 2023For the years ended 31 December 2023 and 2022, the Group\u2019s remuneration to executive management consisted of the following:EXECUTIVE MANAGEMENTPENSIONOTHERSHARE-BASED(USD 1,000) SALARY BONUSCONTRIBUTIONBENEFITS TOTALCOMPENSATIONYear ended 31 December 2023Johan E. Andreassen, CEO 500 - 13 2 515 848 Alejandro Castro, CBO (Stepped down on 26 March 2023) 69 - 3 - 72 - Valerie Leath, Director of Human Resources (Stepped in 01 March 2023) 168 3 7 2 180 7 Jon-Birger L\u00f8vik, COO (Stepped down on 30 November 2023) 300 - 12 2 314 - Karl \u00d8ystein \u00d8yehaug, CFO 270 - 10 2 282 246 Mario Palma, COO (Stepped in on 30 October 2023) 228 9 - - 237 - Svein Taklo, CDIO 296 - 12 2 310 - Total remuneration to executive management 1,831 12 57 10 1,910 1,101 Year ended 31 December 2022Johan E. Andreassen, CEO 500 - 12 - 512 - Alejandro Castro, CBO 255 - 10 - 265 - Jon-Birger L\u00f8vik, COO (Stepped in on 7 March 2022) 308 - 7 - 315 - Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director of ASA 255 - 10 - 265 - Svein Taklo, CDIO 290 - 12 - 302 - Danielle Villoch, CLO (Stepped down on 19 June 2022) 127 - 5 - 132 - Total remuneration to executive management 1,735 - 56 - 1,791 - ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__59": { "value": "For the years ended 31 December 2023 and 2022, the Group\u2019s remuneration to executive management consisted of the following:EXECUTIVE MANAGEMENTPENSIONOTHERSHARE-BASED(USD 1,000) SALARY BONUSCONTRIBUTIONBENEFITS TOTALCOMPENSATIONYear ended 31 December 2023Johan E. Andreassen, CEO 500 - 13 2 515 848 Alejandro Castro, CBO (Stepped down on 26 March 2023) 69 - 3 - 72 - Valerie Leath, Director of Human Resources (Stepped in 01 March 2023) 168 3 7 2 180 7 Jon-Birger L\u00f8vik, COO (Stepped down on 30 November 2023) 300 - 12 2 314 - Karl \u00d8ystein \u00d8yehaug, CFO 270 - 10 2 282 246 Mario Palma, COO (Stepped in on 30 October 2023) 228 9 - - 237 - Svein Taklo, CDIO 296 - 12 2 310 - Total remuneration to executive management 1,831 12 57 10 1,910 1,101 Year ended 31 December 2022Johan E. Andreassen, CEO 500 - 12 - 512 - Alejandro Castro, CBO 255 - 10 - 265 - Jon-Birger L\u00f8vik, COO (Stepped in on 7 March 2022) 308 - 7 - 315 - Karl \u00d8ystein \u00d8yehaug, CFO and Managing Director of ASA 255 - 10 - 265 - Svein Taklo, CDIO 290 - 12 - 302 - Danielle Villoch, CLO (Stepped down on 19 June 2022) 127 - 5 - 132 - Total remuneration to executive management 1,735 - 56 - 1,791 - Total remuneration to executive management is included as part 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 Note 20 \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 with varying terms based on termination for cause or not-for-cause. For the year ended 31 December 2023, USD 23k was paid to Jon-Birger L\u00f8vik (who stepped down as the Group\u2019s COO on 30 November 2023). For the year ended 31 December 2022, USD 177k was paid to Dharma Rajeswaran (who stepped down as the Group\u2019s COO on 16 August 2021) and USD 164k was paid to Cristina Espejo (who stepped down as the Group\u2019s CPO on 11 August 2021).Board of Directors\u2019 Statement on Remuneration of Executive Management The Group\u2019s Board of Directors determines the principles applicable to the Group\u2019s policy for compensation ofexecutive management and, as a separate document from this Annual Report, 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 toshare-based 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 ofcompensation 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-termshareholder 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 andthe 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 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 2023 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 2023 or 2022 with this respect.LONG-TERM INCENTIVE PROGRAMThe key objectives of Atlantic Sapphire\u2019s long-term incentive (\u201cLTI\u201d) program are to align the interests of executivemanagement, employees and shareholders and provide the Group\u2019s employees an opportunity to share in the value creation and long-term development 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 granted as part of the Group\u2019s annual long-term incentive program. On 23 May 2023, a share option scheme was approved by the Group\u2019s Annual General Meeting in 2023 that granted 14,000,000 share options to the CEO and 2,800,000 share options to the CFO. During 2023, an additional 1,710,000 share options were granted to other key personnel. See Note 18 \u2013 Share Option Program for further details.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 withexecutive 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 of executive management are provided with other benefits, such as a mobile phone, laptop, and transportationreimbursement. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__60": { "value": "NOTE 7 Auditor\u2019s FeesFor the years ended 31 December 2023 and 2022, remuneration to the Group\u2019s auditors, excluding VAT, consisted of the following:(USD 1,000) 2023 2022Statutory auditing services 586 380 Tax advisory services - - Other services - - Total auditor's fees 586 380 Total amounts towards auditor\u2019s fees are included as part of professional fees in SG&A costs (see Note 4 \u2013 Other Operating Expenses and Income).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__63": { "value": "NOTE 8 LeasesThe Group leases certain land, offices, vehicles, and For the years ended 31 December 2023 and 2022, total rent equipment under various lease agreements with lessors expense recognized under the short-term exemption under under IFRS 16, Leases, in which the Group establishes a IFRS 16 consisted of USD 0.1m and USD 0.4m, respectively, right-of-use asset and lease liability for material leases. The and is included as part of leases in SG&A costs (see Note Group\u2019s leases do not contain variable lease payment terms. 4 \u2013 Other Operating Expenses and Income).For the years ended 31 December 2023, the reconciliation of the Group\u2019s right-of-use asset and liability consisted of the following:YEAR ENDED 31 DECEMBER 2023RIGHT-OF-USE LEASE (USD 1,000)ASSETLIABILITYCarrying amount, opening balance 2,512 2,634 Amortization (495) - Lease payments - (418)Termination of agreements (54) (50)Currency effects 8 13 Carrying amount, closing balance 1,971 2,179 For the years ended 31 December 2022, 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 For the years ended 31 December 2023 and 2022,amortization of the Group\u2019s right-of-use assets was USD 0.5m and USD 0.3m, respectively, and is included as part of depreciation and amortization in the accompanyingconsolidated statements of operations. Lease liability interest expense for both years ended 31 December 2023 and 2022 was USD 0.2m, and the amounts are included as part of finanexpense in the accompanying consolidated statements of operations.Land LeaseThe Denmark Bluehouse was built upon land that is currently leased under an agreement with a third party. The current lease commenced on 1 April 2018 and expires on 31 October 2037.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 ce right-of-use asset and the related lease liability. As a result of the September 2021 Denmark fire, an impairment wasrecognized over the right-of-use asset and the related lease liability was settled 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, twoseparate components were identified: a fileting line and a packing line with total minimum lease contract paymentsof 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%.In January 2021, ASUS experienced a breakdown in its internal chiller plant causing temporary temperature instability.As a result, ASUS incurred costs including USD 4.4m and USD 5.9m on temporary chiller leases for the years ended 31 December 2023 and 2022, respectively. Amounts prior to 2023 were immediately written off as part of underutilized plant capacity within the Group\u2019s cost of goods sold andamounts from 2023 onwards were prospectively capitalized apart of monthly cost of production. The Group subsequently incurred approximately USD 1.1m in temporary chiller leases as of the date of this report.Future Lease PaymentsAs of 31 December 2023 and 2022, the Group\u2019s future lease payments under non-cancellable leases consisted of the following: (USD 1,000) LAND VEHICLES EQUIPMENT TOTALAs of 31 December 2023Less than one year 35 - 572 607 Between one and five years 211 - 1,460 1,671 More than five years 555 - - 555 Total future lease payments 801 - 2,032 2,833 As 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", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__64": { "value": "NOTE 9 Property, Plant, and EquipmentAs of 31 December 2023 and 2022, 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 2023Cost 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)Opening net book amount 8,714 127,955 65,145 2,365 261 98,682 303,122 Year ended 31 December 2023Opening net book amount 8,714 127,955 65,145 2,365 261 98,682 303,122 Additions - - - - - 21,401 21,401 Depreciation and amortization charge - (4,658) (8,498) (548) (225) - (13,929)Impairment loss - (14,985) (9,107) (336) - (10,572) (35,000)Net exchange rate differences - 5 - - - - 5 Closing net book amount 8,714 108,317 47,540 1,481 36 109,511 275,599 At 31 December 2023Cost 8,714 157,524 111,057 3,643 765 120,456 402,159 Less: accumulated depreciation, amortization, and impairment - (49,207) (63,517) (2,162) (729) (10,945) (126,560)Closing net book amount 8,714 108,317 47,540 1,481 36 109,511 275,599 Economic life (Perpetuity) 15-25 years 10-15 years 3-7 years 3 years (not in service)Depreciation plan (Perpetuity) 20 years 15 years 5 years 3 years (not in service)As of 31 December 2023 and 2022, 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 Economic life (Perpetuity) 15-25 years 10-15 years 3-7 years 3 years (not in service)Depreciation plan (Perpetuity) 20 years 15 years 5 years 3 years (not in service)Depreciation and Amortization ExpenseFor the years ended 31 December 2023 and 2022, the Group\u2019s depreciation and amortization consisted of the following:(USD 1,000) 2023 2022Fixed asset depreciation and amortization 13,929 13,764 Right of use depreciation 496 333 Changes in biomass (586) 120 Total depreciation and amortization 13,839 14,217 Gross depreciation attributed to the US Phase 1 Bluehouse is capitalized to biological assets during production and subsequently 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\u2019saccompanying consolidated statements of operationsincludes the net effect of biomass depreciation fromproduction 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 2023 and 2022, 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 amo unts are based onprojected billings on 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 2023, 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 2022 to 2023, accumulated losses from prior years, higher-than-normal mortality levels and production challenges throughout 2023, and external market factors that caused inflationary pressure and increased marketinterest rates. For purposes of the impairment assessment, we viewed both Phase 1 and Phase 2 of the Miami Bluehouse as one single cash generating unit (\u201cCGU\u201d) for ASUS. Phase 2 expansion comprises ongrowing saltwater farm capacity to Phase 1 and is reliant on the existing freshwater systems to bring biomass from egg to smolt. Therefore, Phase 2\u2019s ability to increase overall farm capacity with ongrowing saltwater systemscannot exist without the existence of Phase 1.The impairment assessment consisted of a discountedcash flow analysis based on forecasts for the next 5 years, with a terminal value thereafter, based on underlying key assumptions as detailed below, which are subject to various risks and uncertainties. As the key assumptions are not derived from observable markets, the recoverable amount of the CGU calculated is categorized at Level 3 in the fair value hierarchy under IFRS 13. Should there be a change in such assumptions or performance, which directly influence our discounted cash flow projections and scenarios, such change may result in a need to adjust or reverse the impairment allowance in future periods.The Group believes it has made reasonable judgments and estimates with respect to the underlying key assumptions below:\u2022 Discount rate.\u2022 Production and harvest assumptions.\u2022 EBITDA / margins.\u2022 Capital expenditure assumptions.\u2022 Weighted scenario analyses that contemplated sensitivity on the key inputs indicated above.Discount RateTo discount cash flows towards our discounted cash flow analysis, we used an internal weighted average cost of capital (\u201cWACC\u201d) calculation of 9.1%. The WACC is estimated based on a market approach and management applied an extra risk factor of 1% point on top of our baseline WACC given our limited operational history and as a new part of the salmon farming industry, and use of a weighted scenario approach. The growth rate in the terminal year is assumed to be zero. Production and Harvest AssumptionsBaseline Phase 1 production and harvest assumptions were based on those used towards the 2024 budget and subsequent modifications to the revised forecast. Our biological growth assumptions are based on empirical data obtained from the conventional industry and supported by growth seen under similar conditions in other land-based facilities. Although we believe that it is possible to achieve higher growth rates upon proven state, we also acknowledge that we\u2019ve historicallyfaced operational challenges that have affected our ability to maintain stable water quality at times. Therefore, at times, we may adjust the expected growth and resulting harvest at the individual batch level in the facility to provide a more accurate view specific to the respective batch. Under Phase 1 proven state production, the Phase 2production ramp-up is modeled to start approximately nine months prior to the commissioning of Phase 2 saltwater systems. The commissioning of Phase 2 increases production flexibility, allowing for an increase in harvest weights which temporarily results in lower harvest volumes to reach a fully stocked farm. This will result in accumulation of balance sheet cost of production and operational losses until total combined Phase 1 and 2 proven state standing biomass is achieved and full Phase 2 harvest can commence. Phase 1 Bluehouse design capacity is 9.5k kg HOG annual production, and Phase 2 Bluehouse design capacity provides for an additional 15.5k kg HOG annual production. Therefore, combined annual production capacity upon proven state Phase 1 and 2 is approximately 25.0k kg HOG.EBITDA / Margins\u2022 The budgeted EBITDA margin is expected to ramp up to 28% by terminal year.\u2022 Revenue / kg (HOG) is expected to increase once average harvest sizes and product quality have reached targeted levels, corresponding to an EBITDA / kg (HOG) of USD 4.2.\u2022 Cost of production: Variable costs are expected to directly correlate with the level of production and standingbiomass levels. Of note, average feed costs are expected to be steady at approximately USD 2/kg. Overhead costs are expected to increase in correlation to the available volume of commissioned systems used in production. \u2022 Selling, general, and administrative costs: Generaladministrative costs are expected to slightly increaseover time while selling costs are expected to increase in line with the increase in harvest and revenue volumes.Capital Expenditure AssumptionsIn 2023, the Group decided to pause Phase 2 construction while focusing on delivering the Phase 1 business first. As of 31 December, approximately 40% of Phase 2 construction had been completed. The Group assumes to be ready to resume construction with a final budget and design towards the end of H2 2024, but the decision to move ahead remains solely at the Company\u2019s discretion and subject to having the necessary financing in place. Our baseline scenario below assumes the completion and commissioning of Phase 2construction by the terminal year for modeling purposes.Weighted Scenario AssessmentGiven the impairment indicators above, notably the current market cap lower than the balance value of the Group\u2019s net assets, management utilized weighted scenarios towards its value in use test on the CGU based on the discounted cash flow analysis to quantitatively demonstrate risk directly as follows:\u2022 Scenario A \u2013 Baseline (25% weight): The baseline scenario represents the Company\u2019s best assessment of thebusiness today, and it is understood that the achievement of economies of scale is driven by the completion of Phase 2 construction and beyond. Although this is regarded as the most likely scenario and would have not resulted in an estimated impairment as a standalone, higher weights were assigned to the unfavorable scenarios below given our historical operational challenges and in the interest of taking a conservative approach. \u2022 Scenario B \u2013 Phase 1 only (10%): Based on the baseline scenario above, Company\u2019s clear expectation is that the goal is to finalize Phase 2 design and construction as soon as possible. Although not expected, a weight was assigned to this scenario to be conservative.\u2022 Scenario C \u2013 EBITDA +15% (5% weight): The Company assigned a lower weight to a scenario in which EBITDA was 15% above our baseline scenario given past performance.\u2022 Scenario D \u2013 EBITDA -15% (60% weight): Given previous past performance and taking a more conservativeapproach, the Company has assigned over double the baseline\u2019s weight to this scenario in which EBITDA was 15% under the baseline scenario from any single factor or combination thereof. We also added a price risk on remaining Phase 2 construction costs to complete at the higher range of our estimate.Sensitivity AnalysisAn EBITDA sensitivity of +/- 15% was incorporated in reference to scenarios C and D above towards the calculated NPV for the scenarios presented.An additional WACC sensitivity of +/- 0.5% would affect the above weighted scenarios as follows:INPUT DESCRIPTION\ue634\ue63b\ue62a\ue637\ue626\ue631\ue631\ue605\ue62e\ue633\ue628\ue637\ue62a\ue626\ue638\ue62a\ue605\ue884\ue629\ue62a\ue628\ue637\ue62a\ue626\ue638\ue62a\ue885\ue605 (USD MILLIONS) SENSITIVITYEFFECT ON WEIGHTED NPVWACC sensitivity +0.5% (33)WACC sensitivity -0.5% 35Based on our procedures and given the impairment indicators above, notably the current market capitalization of the Group being lower than the balance value of the Group\u2019s net assets, the Group estimated the recoverable amount of the CGU to be lower than the carrying amount of the CGU as of 31 December 2023 as follows:(USD MILLIONS) NPV WEIGHT % WEIGHTED NPVScenario A: Baseline 410 25% 103Scenario B: Phase 1 only 28 10% 3Scenario C: EBITDA (+15%) 505 5% 25Scenario D: EBITDA (-15%) 296 60% 178\ue63c\ue64a\ue64e\ue64c\ue64d\ue659\ue64a\ue649\ue605\ue633\ue635\ue63b\ue605\ue654\ue64b\ue605\ue648\ue646\ue658\ue64d\ue605\ue841\ue654\ue65c\ue658 100% 309Carrying amount of the CGU (as of 31 December 2023) 344Estimated impairment allowance (35)As such, the Group elected to recognize a USD 35.0m impairment allowance of non-current assets in the US and allocated the amount based on each respective fixed asset category\u2019s cost basis as of the 31 December 2023 year end.ATLANTIC SAPPHIRE DENMARK A/SOn 15 September 2021, a fire broke out in the Denmark Bluehouse. Substantially all property, plant, and equipment related to its saltwater ongrowing systems were lost in the fire and an impairment of non-current assets of USD 34.8m was recognized. 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). No adjustment or reversal of the impairment allowance has been recognized upon furtherassessment since the initial recognition in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__65": { "value": "Gross depreciation attributed to the US Phase 1 Bluehouse is capitalized to biological assets during production and subsequently 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\u2019saccompanying consolidated statements of operationsincludes the net effect of biomass depreciation fromproduction and harvest.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__66": { "value": "ATLANTIC SAPPHIRE USA LLCFor the year ended 31 December 2023, 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 2022 to 2023, accumulated losses from prior years, higher-than-normal mortality levels and production challenges throughout 2023, and external market factors that caused inflationary pressure and increased marketinterest rates. For purposes of the impairment assessment, we viewed both Phase 1 and Phase 2 of the Miami Bluehouse as one single cash generating unit (\u201cCGU\u201d) for ASUS. Phase 2 expansion comprises ongrowing saltwater farm capacity to Phase 1 and is reliant on the existing freshwater systems to bring biomass from egg to smolt. Therefore, Phase 2\u2019s ability to increase overall farm capacity with ongrowing saltwater systemscannot exist without the existence of Phase 1.The impairment assessment consisted of a discountedcash flow analysis based on forecasts for the next 5 years, with a terminal value thereafter, based on underlying key assumptions as detailed below, which are subject to various risks and uncertainties. As the key assumptions are not derived from observable markets, the recoverable amount of the CGU calculated is categorized at Level 3 in the fair value hierarchy under IFRS 13. Should there be a change in such assumptions or performance, which directly influence our discounted cash flow projections and scenarios, such change may result in a need to adjust or reverse the impairment allowance in future periods.The Group believes it has made reasonable judgments and estimates with respect to the underlying key assumptions below:\u2022 Discount rate.\u2022 Production and harvest assumptions.\u2022 EBITDA / margins.\u2022 Capital expenditure assumptions.\u2022 Weighted scenario analyses that contemplated sensitivity on the key inputs indicated above.Discount RateTo discount cash flows towards our discounted cash flow analysis, we used an internal weighted average cost of capital (\u201cWACC\u201d) calculation of 9.1%. The WACC is estimated based on a market approach and management applied an extra risk factor of 1% point on top of our baseline WACC given our limited operational history and as a new part of the salmon farming industry, and use of a weighted scenario approach. The growth rate in the terminal year is assumed to be zero. Production and Harvest AssumptionsBaseline Phase 1 production and harvest assumptions were based on those used towards the 2024 budget and subsequent modifications to the revised forecast. Our biological growth assumptions are based on empirical data obtained from the conventional industry and supported by growth seen under similar conditions in other land-based facilities. Although we believe that it is possible to achieve higher growth rates upon proven state, we also acknowledge that we\u2019ve historicallyfaced operational challenges that have affected our ability to maintain stable water quality at times. Therefore, at times, we may adjust the expected growth and resulting harvest at the individual batch level in the facility to provide a more accurate view specific to the respective batch. Under Phase 1 proven state production, the Phase 2production ramp-up is modeled to start approximately nine months prior to the commissioning of Phase 2 saltwater systems. The commissioning of Phase 2 increases production flexibility, allowing for an increase in harvest weights which temporarily results in lower harvest volumes to reach a fully stocked farm. This will result in accumulation of balance sheet cost of production and operational losses until total combined Phase 1 and 2 proven state standing biomass is achieved and full Phase 2 harvest can commence. Phase 1 Bluehouse design capacity is 9.5k kg HOG annual production, and Phase 2 Bluehouse design capacity provides for an additional 15.5k kg HOG annual production. Therefore, combined annual production capacity upon proven state Phase 1 and 2 is approximately 25.0k kg HOG.EBITDA / Margins\u2022 The budgeted EBITDA margin is expected to ramp up to 28% by terminal year.\u2022 Revenue / kg (HOG) is expected to increase once average harvest sizes and product quality have reached targeted levels, corresponding to an EBITDA / kg (HOG) of USD 4.2.\u2022 Cost of production: Variable costs are expected to directly correlate with the level of production and standingbiomass levels. Of note, average feed costs are expected to be steady at approximately USD 2/kg. Overhead costs are expected to increase in correlation to the available volume of commissioned systems used in production. \u2022 Selling, general, and administrative costs: Generaladministrative costs are expected to slightly increaseover time while selling costs are expected to increase in line with the increase in harvest and revenue volumes.Capital Expenditure AssumptionsIn 2023, the Group decided to pause Phase 2 construction while focusing on delivering the Phase 1 business first. As of 31 December, approximately 40% of Phase 2 construction had been completed. The Group assumes to be ready to resume construction with a final budget and design towards the end of H2 2024, but the decision to move ahead remains solely at the Company\u2019s discretion and subject to having the necessary financing in place. Our baseline scenario below assumes the completion and commissioning of Phase 2construction by the terminal year for modeling purposes.Weighted Scenario AssessmentGiven the impairment indicators above, notably the current market cap lower than the balance value of the Group\u2019s net assets, management utilized weighted scenarios towards its value in use test on the CGU based on the discounted cash flow analysis to quantitatively demonstrate risk directly as follows:\u2022 Scenario A \u2013 Baseline (25% weight): The baseline scenario represents the Company\u2019s best assessment of thebusiness today, and it is understood that the achievement of economies of scale is driven by the completion of Phase 2 construction and beyond. Although this is regarded as the most likely scenario and would have not resulted in an estimated impairment as a standalone, higher weights were assigned to the unfavorable scenarios below given our historical operational challenges and in the interest of taking a conservative approach. \u2022 Scenario B \u2013 Phase 1 only (10%): Based on the baseline scenario above, Company\u2019s clear expectation is that the goal is to finalize Phase 2 design and construction as soon as possible. Although not expected, a weight was assigned to this scenario to be conservative.\u2022 Scenario C \u2013 EBITDA +15% (5% weight): The Company assigned a lower weight to a scenario in which EBITDA was 15% above our baseline scenario given past performance.\u2022 Scenario D \u2013 EBITDA -15% (60% weight): Given previous past performance and taking a more conservativeapproach, the Company has assigned over double the baseline\u2019s weight to this scenario in which EBITDA was 15% under the baseline scenario from any single factor or combination thereof. We also added a price risk on remaining Phase 2 construction costs to complete at the higher range of our estimate.Sensitivity AnalysisAn EBITDA sensitivity of +/- 15% was incorporated in reference to scenarios C and D above towards the calculated NPV for the scenarios presented.An additional WACC sensitivity of +/- 0.5% would affect the above weighted scenarios as follows:INPUT DESCRIPTION\ue634\ue63b\ue62a\ue637\ue626\ue631\ue631\ue605\ue62e\ue633\ue628\ue637\ue62a\ue626\ue638\ue62a\ue605\ue884\ue629\ue62a\ue628\ue637\ue62a\ue626\ue638\ue62a\ue885\ue605 (USD MILLIONS) SENSITIVITYEFFECT ON WEIGHTED NPVWACC sensitivity +0.5% (33)WACC sensitivity -0.5% 35Based on our procedures and given the impairment indicators above, notably the current market capitalization of the Group being lower than the balance value of the Group\u2019s net assets, the Group estimated the recoverable amount of the CGU to be lower than the carrying amount of the CGU as of 31 December 2023 as follows:(USD MILLIONS) NPV WEIGHT % WEIGHTED NPVScenario A: Baseline 410 25% 103Scenario B: Phase 1 only 28 10% 3Scenario C: EBITDA (+15%) 505 5% 25Scenario D: EBITDA (-15%) 296 60% 178\ue63c\ue64a\ue64e\ue64c\ue64d\ue659\ue64a\ue649\ue605\ue633\ue635\ue63b\ue605\ue654\ue64b\ue605\ue648\ue646\ue658\ue64d\ue605\ue841\ue654\ue65c\ue658 100% 309Carrying amount of the CGU (as of 31 December 2023) 344Estimated impairment allowance (35)As such, the Group elected to recognize a USD 35.0m impairment allowance of non-current assets in the US and allocated the amount based on each respective fixed asset category\u2019s cost basis as of the 31 December 2023 year end.ATLANTIC SAPPHIRE DENMARK A/SOn 15 September 2021, a fire broke out in the Denmark Bluehouse. Substantially all property, plant, and equipment related to its saltwater ongrowing systems were lost in the fire and an impairment of non-current assets of USD 34.8m was recognized. 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). No adjustment or reversal of the impairment allowance has been recognized upon furtherassessment since the initial recognition in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__68": { "value": "No proceeds from borrowings were obtained in 2022 or 2023 towards construction that would require interest to be capitalized under IAS 23, Borrowing Costs. As such, all borrowing costs were expensed as period cost as interest expense during the years ended 31 December 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__69": { "value": "For both years ended 31 December 2023 and 2022, other finance income consisted of USD 0.2m in a patronage refund in connection with the amended 2020 Credit Facility (see Note 19 \u2013 Borrowings).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__67": { "value": "NOTE 10 Finance Income and ExpenseFor the years ended 31 December 2023 and 2022, finance income and expense, net consisted of the following:(USD 1,000) 2023 2022Interest income 1,290 618 Interest expense (4,925) (4,005)Loss on loan modification (601) - Finance and commitment fees (3,554) (3,649)Other finance income 226 202 Currency exchange effects (6) 4,087 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64a\ue605\ue64a\ue65d\ue655\ue64a\ue653\ue658\ue64a\ue611\ue605\ue653\ue64a\ue659 (7,570) (2,747)In accordance with IFRS 9, Financial Instruments, debtmodification costs are considered towards presentingborrowings at amortized cost using the effective interest rate method and amortized over 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. For the years ended 31 December 2023 and 2022, ASUS incurred USD 1.6m and 1.4m of debt modification costs in connection with the amended 2020 Credit Facility,respectively. As of 31 December 2022, USD 0.3m ofunamortized effective interest over the stated interest was recognized against borrowings. Upon further amendment in 2023, the existing net carrying value of the Group\u2019s borrowings was compared against the net present value of revised cash flows under the updated terms of borrowing. As a result, a modification loss on borrowings was recognized based on the difference between the stated interest over the effective interest and for the year ended 31 December 2023, the Group recognized USD 0.6m of loss on loan modification. As of 31 December 2023, the unamortized effective interest premium in connection to 2023 debt modifications was USD 0.5m and presented as part of borrowings in the Group\u2019s consolidated statements of position.No proceeds from borrowings were obtained in 2022 or 2023 towards construction that would require interest to be capitalized under IAS 23, Borrowing Costs. As such, all borrowing costs were expensed as period cost as interest expense during the years ended 31 December 2023 and 2022.For both years ended 31 December 2023 and 2022, other finance income consisted of USD 0.2m in a patronage refund in connection with the amended 2020 Credit Facility (see Note 19 \u2013 Borrowings).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__70": { "value": "NOTE 11 TaxesFor the years ended 31 December 2023 and 2022, the Group\u2019s income tax expense consisted of the following: (USD 1,000) 2023 2022Income 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 (35,478) (15,975)Effect of change in tax rate 12 1,968 Tax losses for which no deferred tax asset is recognized 35,466 14,007 Deferred tax - - Effective tax rate 0.00% 0.00%For the years ended 31 December 2023 and 2022, the reconciliation of the Group\u2019s tax expense with the Norwegian tax ratconsisted of the following:(USD 1,000) 2023 2022Reconciliation of tax benefit with the nominal tax rate(Loss) profit before tax (133,758) (65,006)Nominal tax rate 22.00% 22.00%Expected tax benefit using nominal tax rate (29,427) (14,301)Non-deductible expenses (income) (1,296) (855)Effect from different tax rate in other countries (3,409) (1,973)Tax losses for which no deferred tax asset is recognized 34,132 17,003 Non-deductible share-based payment expenses - 126 Income tax - - Changes in Tax RateThe nominal tax rate in Norway remained at 22% in 2023 and 2022.As of 31 December 2023 and 2022, the Group\u2019s deferred tax balances consisted of the following:(USD 1,000) 2023 2022Deferred tax balancesThe balance comprises temporary differences attributable to:Deferred tax assets:Tax losses 104,795 84,114 Property, plant, and equipment 1,525 1,788 Lease liability 433 526 Other 5,437 2,021 Employee stock options 969 - Set-off tax (6,025) (16,779)Net deferred tax assets after set-off 107,134 71,670 Unrecognized deferred tax assets (107,134) (71,670)Net deferred tax assets - - Deferred tax liabilities:Property, plant, and equipment 5,614 16,262 Right of use asset 411 517 Other - - Set-off tax (6,025) (16,779)Net deferred tax liabilities - - The Group\u2019s set-off tax represents a netting of deferred tax liabilities against deferred tax assets given that the Group\u2019s deferred tax assets exceeded deferred tax liabilities as of 31 December 2023 and 2022.As of 31 December 2023 and 2022, the Group\u2019s carry forward of tax losses consisted of the following:(USD 1,000) 2023 2022Tax losses carried forwardExpires (2033 and forward) 4,320 4,320 Never expires 434,814 353,687 Total tax losses carried forward 439,134 358,007 Tax losses for which deferred tax asset is recognized - - Tax losses for which no deferred tax asset is recognized 439,134 358,007 Potential tax benefit 104,795 84,114 As of 31 December 2023, the Group had an estimated USD 433.0m of carry forward of tax losses attributed to Norway (USD 11.6m), Denmark (USD 40.9m), and US (USD 386.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__71": { "value": "NOTE 12 Earnings per ShareBasic earnings per share calculations are based on theweighted average number of common shares outstanding during the period, while diluted earnings per share calculatioare 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 the years ended 31 December 2023 and 2022 were presented ns retrospectively and adjusted as the private placementsin 2023 and 2024 represented shares issued below the market rate prior to the respective transactions. Following the 19 September 2023 private placement and subsequent offering, the number of shares for 2022 and 2023 prior to the new shares were adjusted with a factor of 1.03, while an additional factor of 1.05 was used for both 2022 and 2023 following the subsequent 29 February 2024 private placement.For the years ended 31 December 2023 and 2022, the Group\u2019s earnings per share consisted of the following:2023 2022Loss attributable to the ordinary equity holders of the Group (133,758,000) (65,006,000)Loss for calculation of diluted earnings per share (133,758,000) (65,006,000)Weighted average number of shares outstanding 379,961,553 123,298,000 Stock options* - - Weighted average number of ordinary and potential shares 379,961,553 123,298,000 Basic earnings per share (USD per share) (0.35) (0.53)Diluted earnings per share (USD per share) (0.35) (0.53)Retrospectively adjusted weighted average number of shares outstanding 408,065,954 147,770,382 Stock options* - - Retrospectively adjusted weighted average number of ordinary and potential shares 408,065,954 147,770,382 Retrospectively adjusted basic earnings per share (USD per share) (0.33) (0.44)Retrospectively adjusted diluted earnings per share (USD per share) (0.33) (0.44)* Stock options 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:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__72": { "value": "NOTE 13 Financial InstrumentsAs of 31 December 2023 and 2022, the Group\u2019s financial instruments consisted of the following:FINANCIAL ASSETSAMORTIZED FAIR VALUE (USD 1,000)COSTTHROUGH OCI TOTALAs of 31 December 2023Trade and other receivables 1,636 - 1,636 Cash 22,536 - 22,536 Restricted cash 415 - 415 Restricted deposits 15,172 - 15,172 Other investments - 6 6 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64e\ue646\ue651\ue605\ue646\ue658\ue658\ue64a\ue659\ue658 39,759 6 39,765 As of 31 December 2022Trade and other receivables 3,190 - 3,190 Cash 23,683 - 23,683 Restricted cash 420 - 420 Other investments - 6 6 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64e\ue646\ue651\ue605\ue646\ue658\ue658\ue64a\ue659\ue658 27,293 6 27,299 FINANCIAL LIABILITIESAMORTIZED FAIR VALUE (USD 1,000)COSTTHROUGH OCI TOTALAs of 31 December 2023Trade and other payables 14,336 - 14,336 Borrowings 42,603 - 42,603 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64e\ue646\ue651\ue605\ue651\ue64e\ue646\ue647\ue64e\ue651\ue64e\ue659\ue64e\ue64a\ue658 56,939 - 56,939 As of 31 December 2022Trade and other payables 11,698 - 11,698 Borrowings 46,837 - 46,837 \ue639\ue654\ue659\ue646\ue651\ue605\ue840\ue653\ue646\ue653\ue648\ue64e\ue646\ue651\ue605\ue651\ue64e\ue646\ue647\ue64e\ue651\ue64e\ue659\ue64e\ue64a\ue658 58,535 - 58,535 CASH AND RESTRICTED CASH(USD 1,000) 2023 2022A+ or better 22,951 24,103", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__73": { "value": "NOTE 14 Trade and Other ReceivablesAs of 31 December 2023 and 2022, the Group\u2019s trade and other receivables consisted of the following:(USD 1,000) 2023 2022Trade receivables 1,146 1,847 Other current receivables 9 - Other non-current receivables 481 1,343 Total trade and other receivables, net 1,636 3,190 As of 31 December 2023 and 2022, the Group\u2019s trade and other receivables, specified by currencies, consisted of the following:(USD 1,000) 2023 2022USD 1,636 3,190 Other currencies - - Total trade and other receivables, net 1,636 3,190 As of 31 December 2023 and 2022, the Group\u2019s trade and other receivables were due within one year and considered fully collectible. Due to the short-term nature of current receivables, 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 accountsnecessary.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__75": { "value": "NOTE 15 InventoriesAs of 31 December 2023 and 2022, the Group\u2019s inventories consisted of the following:(USD 1,000) 2023 2022Raw materials 991 1,562 Spare parts inventory 3,792 2,107 Finished goods inventory 356 699 Total inventories 5,139 4,368 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 for processing. Spare parts comprise of consumables to be used at a future date through operations. Finished goods 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, the Group recognized a USD 2.3m write-off of its finished goods inventory related to frozen stock, attributed to excess costs above the expected selling price minus future costs to sell. For the year ended 31 December 2023, there were no write-offs of its finished goods inventory.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__74": { "value": "As of 31 December 2023 and 2022, the Group\u2019s trade and other receivables were due within one year and considered fully collectible. Due to the short-term nature of current receivables, 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 accountsnecessary.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__76": { "value": "NOTE 16 Cash and Restricted CashAs of 31 December 2023 and 2022, the Group\u2019s cash and restricted cash consisted of the following:(USD 1,000) 2023 2022Cash 22,536 23,683 Restricted cash 415 420 Total cash and restricted cash 22,951 24,103 The Group\u2019s current restricted cash was obtained inconnection with agency bonding requirements for waterwell permits in Florida and required to be maintainedaccordingly. Potential withdrawal of current restricted cash is perfunctory by the Group and therefore included as part of the accompanying statements of cash flows. However, the Group views the amounts as partly restrictive in nature given its connection with operational permitting requirements and elected to maintain the amounts in a separate line item from cash in the accompanying statements of financial position.The Group\u2019s non-current restricted cash consists of aninterest-bearing restricted deposit in connection with amounts required to be held under the provisions of the amended 2020 Credit Facility (see Note 19 \u2013 Borrowings for further details). Potential withdrawal on the restricted deposit would require bank approval and is not perfunctory by the Group. Therefore, such amounts are treated as a separate investment account and presented separately from total cash andrestricted cash in the accompanying consolidated statements of financial position, and the amounts are excluded from the Group\u2019s consolidated cash and restricted cash balances in the accompanying consolidated statements of cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__78": { "value": "NOTE 17 Share Capital and ShareholdersAtlantic Sapphire ASA has one class of shares that confer the same rights in the Group. As of 31 December 2023 and 2022, the Group\u2019s share capital consisted of the following:2023 2022Total number of shares as of 1 January 153,266,409 91,048,551Shares issued during the year 645,336,763 62,217,858Total number of shares as of 31 December 798,603,172 153,266,409Nominal value as of 31 December (NOK) 0.10 0.10Share capital (total number of shares at nominal value) (NOK 1,000) 79,860 15,327Share capital (total number of shares at nominal value) (USD 1,000) 7,663 1,677On 29 June 2022, the Group raised NOK 1,231m (approximateUSD 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. On30 June 2022, the share capital increase from Tranche 1 was registered with the Norwegian Register of Business Enterprises (\u201cNRBE\u201d) and share 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).lyn 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 a prospectus (the \u201c2022 Prospectus\u201d), and on 11 August 2022, commenced the subscription period in the subsequentoffering (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 NOK44.0m (approximately USD 4.5m). Accordingly, the Board of Directors resolved to increase the Group\u2019s 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.On 16 March 2023, the Group raised NOK 595m (approximatUSD 55m) in gross proceeds through a private placement of 119,000,000 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 NOK11,900,000 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 a Subsequent 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 NOK 8,834,671.90 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 lyrospectus on 14 April 2023.On 14 April 2023, the Group approved and published a prospectus (the \u201cApril 2023 Prospectus\u201d) and commenced the subscription period in the subsequent offering (the \u201cApril 2023 Subsequent Offering\u201d) of up to 20,000,000 new shares each at a subscription price per share of NOK 5.00. By the end of the subscription period on 17 April 2023, the April 2023 Subsequent Offering raised gross proceeds of approximately NOK 32.5m (approximately USD 3.0m)through the issuance of 6,706,606 new shares, each with a par value of NOK 0.10.On 19 September 2023, the Group raised NOK 702m(approximately USD 64.7m) in gross proceeds through a private placement of 501,428,571 new shares, at a price per share of NOK 1.40. The private placement was divided in two tranches in which the first tranche (\u201cTranche 1\u201d) consisted of 55,000,000 new shares and the second tranche (\u201cTranche 2\u201d) consisted of 446,428,571 new shares.On 21 September 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 5.5m through the issuance of 55,000,000 new shares, each with a par value of NOK 0.10. Gross proceeds from Tranche 1 were NOK 77.0m (approximately USD 7.1m).On 11 October 2023, the Group held an Extraordinary General Meeting (the \u201cOctober 2023 EGM\u201d). Through the October 2023 EGM, the Board of Directors was given the authority to increase the Company\u2019s share capital with up to NOK 44,642,857 through the issuance of 446,428,571 shares, each with a face value of NOK 0.10, at a subscription price of NOK 1.40 per share. Further, the Board of Directors was authorized to increase the Company\u2019s share capital with up to NOK 10,000,000 through the issuance of 100,000,000 new shares, each with a par value of NOK 0.10, as part of a Subsequent Offering. The subscription price per new share upon use of the authorization shall be NOK 1.40. On 12 October 2023, the share capital increase from Tranche 2 was registered with the NRBE and share capital increased by NOK 44.6m through issuance of 446,428,571 new shares, each with a par value of NOK 0.10. Gross proceeds from Tranche 2 were NOK 625.0m (approximately USD 57.6m).On 18 October 2023, the Group approved and published a prospectus (the \u201cOctober 2023 Prospectus\u201d) andcommenced the subscription period in the subsequentoffering (the \u201cNovember 2023 Subsequent Offering\u201d) of up to 100,000,000 new shares each at a subscription price per share of NOK 1.40. By the end of the subscription period on 7 November 2023, the November 2023 Subsequent Offering raised gross proceeds of approximately NOK 1.8m (approximately USD 0.2m) through the issuance of 18,201,586 new shares, each with a par value of NOK 0.10.No shares were exercised and issued related to the Group\u2019s employee share option program for the years ended 31 December 2023 and 2022.As of 31 December 2023 and 2022, the Group\u2019s total number of shares issued and outstanding consisted of the following:2023 2022NUMBER OF 2023NUMBER OF 2022SHAREHOLDERSHARES% OF SHARESSHARES% OF SHARESNORDLAKS HOLDING AS 98,357,244 12.32% 7,317,073 4.77%MORGAN STANLEY & CO. LLC 97,428,571 12.20% - 0.00%UBS SWITZERLAND AG 81,950,533 10.26% 619,442 0.40%STRAWBERRY CAPITAL AS 65,096,062 8.15% 9,229,380 6.02%JOH JOHANNSON EIENDOM AS 63,935,643 8.01% 7,649,929 4.99%MORGAN STANLEY & CO. INT. PLC. 48,592,756 6.08% 4,990,420 3.26%THE BANK OF NEW YORK MELLON 36,114,983 4.52% 51,849 0.03%BLUE FUTURE HOLDING AS 29,976,478 3.75% 721,621 0.47%J.P. MORGAN SE 23,290,093 2.92% - 0.00%THE NORTHERN TRUST COMP, LONDON BR 15,367,800 1.92% 2,400,000 1.57%CITIBANK, N.A. 20,369,196 2.55% 3,534,230 2.31%SKAGEN KON-TIKI VERDIPAPIRFOND 14,475,000 1.81% 8,148,000 5.32%WENAASGRUPPEN AS 12,137,038 1.52% 1,210,441 0.79%VATNE EQUITY AS 11,864,024 1.49% 7,439,024 4.85%ALSCO AS 10,427,344 1.31% 10,427,344 6.80%J.P. MORGAN SE 8,933,470 1.12% 950,843 0.62%ASINVEST AS 8,403,599 1.05% 1,764,066 1.15%FOUGNER INVEST AS 7,442,718 0.93% 1,298,108 0.85%NORSK LANDBRUKSKJEMI AS 4,396,110 0.55% 1,700,000 1.11%TACONIC AS 4,185,487 0.52% 1,135,487 0.74%Total number of shares attributed to the 20 largest shareholders 662,744,149 82.99% 70,587,257 46.06%Total number of shares attributed to other shareholders 135,859,023 17.01% 82,679,152 53.94%Total number of shares issued and outstanding 798,603,172 100.00% 153,266,409 100.00%Equity Transaction CostsFor the years ended 31 December 2023 and 2022, total equity transaction costs arising on share issues amounted to USD 5.9m and USD 4.6m, respectively. Such amounts are net against the Group\u2019s share premium balance in the accompanying consolidated statements of financial position.As of 31 December 2023 and 2022, shares directly orindirectly held by members of the Board of Directors, Chief Executive Officer, and Executive Management consisted of the following:2023 2022NUMBER OF 2023NUMBER OF 2022NAME AND TITLESHARES% OF SHARESSHARES% OF SHARESJohan E. Andreassen, CEO 6,287,442 0.79% 6,287,442 4.10%Andre Skarb\u00f8, Director of the Board 9,643,599 1.21% 1,764,066 1.15%Bj\u00f8rn-Vegard L\u00f8vik, Chair of the Nomination Committee 5,213,672 0.65% 5,213,672 3.40%Jon-Birger L\u00f8vik, COO (as of 31 October 2023 step-down date) 1,272,911 0.16% 158,086 0.10%Svein Taklo, CDIO 299,099 0.04% 44,814 0.03%Karl \u00d8ystein \u00d8yehaug, CFO 184,145 0.02% 29,850 0.02%Tone Bj\u00f8rnov, Director of the Board (as of 23 May 2023 step-down date) 39,406 0.00% 19,406 0.01%Patrice Flanagan, Director of the Board (as of 23 May 2023 step-down date) 4,900 0.00% 4,900 0.00%Alejandro Castro, CBO (as of March 2023 step-down date) 920 0.00% 920 0.00%Runar Vatne, Director of the Board (as of 3 August 2022 step-down date) - 0.00% 7,839,024 5.11%Alexander Reus, Director of the Board (as of 5 December 2022 step-down date) - 0.00% 1,601,051 1.04%Danielle Villoch, CLO (As of 19 June 2022 step-down date) - 0.00% 487 0.00%Certain shares are held indirectly by Johan E. Andreassen and Bj\u00f8rn-Vegard L\u00f8vik through Alsco AS, a jointly owned company by Mr. Andreassen and Mr. L\u00f8vik, and are allocated based on their respective ownership interests in Alsco AS. Further, certain shares are held indirectly by Mr. Andreassen through JEA Invest AS, a wholly owned company by Mr. Andreassen.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__77": { "value": "NOTE 17 Share Capital and ShareholdersAtlantic Sapphire ASA has one class of shares that confer the same rights in the Group. As of 31 December 2023 and 2022, the Group\u2019s share capital consisted of the following:2023 2022Total number of shares as of 1 January 153,266,409 91,048,551Shares issued during the year 645,336,763 62,217,858Total number of shares as of 31 December 798,603,172 153,266,409Nominal value as of 31 December (NOK) 0.10 0.10Share capital (total number of shares at nominal value) (NOK 1,000) 79,860 15,327Share capital (total number of shares at nominal value) (USD 1,000) 7,663 1,677On 29 June 2022, the Group raised NOK 1,231m (approximateUSD 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. On30 June 2022, the share capital increase from Tranche 1 was registered with the Norwegian Register of Business Enterprises (\u201cNRBE\u201d) and share 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).lyn 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 a prospectus (the \u201c2022 Prospectus\u201d), and on 11 August 2022, commenced the subscription period in the subsequentoffering (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 NOK44.0m (approximately USD 4.5m). Accordingly, the Board of Directors resolved to increase the Group\u2019s 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.On 16 March 2023, the Group raised NOK 595m (approximatUSD 55m) in gross proceeds through a private placement of 119,000,000 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 NOK11,900,000 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 a Subsequent 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 NOK 8,834,671.90 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 lyrospectus on 14 April 2023.On 14 April 2023, the Group approved and published a prospectus (the \u201cApril 2023 Prospectus\u201d) and commenced the subscription period in the subsequent offering (the \u201cApril 2023 Subsequent Offering\u201d) of up to 20,000,000 new shares each at a subscription price per share of NOK 5.00. By the end of the subscription period on 17 April 2023, the April 2023 Subsequent Offering raised gross proceeds of approximately NOK 32.5m (approximately USD 3.0m)through the issuance of 6,706,606 new shares, each with a par value of NOK 0.10.On 19 September 2023, the Group raised NOK 702m(approximately USD 64.7m) in gross proceeds through a private placement of 501,428,571 new shares, at a price per share of NOK 1.40. The private placement was divided in two tranches in which the first tranche (\u201cTranche 1\u201d) consisted of 55,000,000 new shares and the second tranche (\u201cTranche 2\u201d) consisted of 446,428,571 new shares.On 21 September 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 5.5m through the issuance of 55,000,000 new shares, each with a par value of NOK 0.10. Gross proceeds from Tranche 1 were NOK 77.0m (approximately USD 7.1m).On 11 October 2023, the Group held an Extraordinary General Meeting (the \u201cOctober 2023 EGM\u201d). Through the October 2023 EGM, the Board of Directors was given the authority to increase the Company\u2019s share capital with up to NOK 44,642,857 through the issuance of 446,428,571 shares, each with a face value of NOK 0.10, at a subscription price of NOK 1.40 per share. Further, the Board of Directors was authorized to increase the Company\u2019s share capital with up to NOK 10,000,000 through the issuance of 100,000,000 new shares, each with a par value of NOK 0.10, as part of a Subsequent Offering. The subscription price per new share upon use of the authorization shall be NOK 1.40. On 12 October 2023, the share capital increase from Tranche 2 was registered with the NRBE and share capital increased by NOK 44.6m through issuance of 446,428,571 new shares, each with a par value of NOK 0.10. Gross proceeds from Tranche 2 were NOK 625.0m (approximately USD 57.6m).On 18 October 2023, the Group approved and published a prospectus (the \u201cOctober 2023 Prospectus\u201d) andcommenced the subscription period in the subsequentoffering (the \u201cNovember 2023 Subsequent Offering\u201d) of up to 100,000,000 new shares each at a subscription price per share of NOK 1.40. By the end of the subscription period on 7 November 2023, the November 2023 Subsequent Offering raised gross proceeds of approximately NOK 1.8m (approximately USD 0.2m) through the issuance of 18,201,586 new shares, each with a par value of NOK 0.10.No shares were exercised and issued related to the Group\u2019s employee share option program for the years ended 31 December 2023 and 2022.As of 31 December 2023 and 2022, the Group\u2019s total number of shares issued and outstanding consisted of the following:2023 2022NUMBER OF 2023NUMBER OF 2022SHAREHOLDERSHARES% OF SHARESSHARES% OF SHARESNORDLAKS HOLDING AS 98,357,244 12.32% 7,317,073 4.77%MORGAN STANLEY & CO. LLC 97,428,571 12.20% - 0.00%UBS SWITZERLAND AG 81,950,533 10.26% 619,442 0.40%STRAWBERRY CAPITAL AS 65,096,062 8.15% 9,229,380 6.02%JOH JOHANNSON EIENDOM AS 63,935,643 8.01% 7,649,929 4.99%MORGAN STANLEY & CO. INT. PLC. 48,592,756 6.08% 4,990,420 3.26%THE BANK OF NEW YORK MELLON 36,114,983 4.52% 51,849 0.03%BLUE FUTURE HOLDING AS 29,976,478 3.75% 721,621 0.47%J.P. MORGAN SE 23,290,093 2.92% - 0.00%THE NORTHERN TRUST COMP, LONDON BR 15,367,800 1.92% 2,400,000 1.57%CITIBANK, N.A. 20,369,196 2.55% 3,534,230 2.31%SKAGEN KON-TIKI VERDIPAPIRFOND 14,475,000 1.81% 8,148,000 5.32%WENAASGRUPPEN AS 12,137,038 1.52% 1,210,441 0.79%VATNE EQUITY AS 11,864,024 1.49% 7,439,024 4.85%ALSCO AS 10,427,344 1.31% 10,427,344 6.80%J.P. MORGAN SE 8,933,470 1.12% 950,843 0.62%ASINVEST AS 8,403,599 1.05% 1,764,066 1.15%FOUGNER INVEST AS 7,442,718 0.93% 1,298,108 0.85%NORSK LANDBRUKSKJEMI AS 4,396,110 0.55% 1,700,000 1.11%TACONIC AS 4,185,487 0.52% 1,135,487 0.74%Total number of shares attributed to the 20 largest shareholders 662,744,149 82.99% 70,587,257 46.06%Total number of shares attributed to other shareholders 135,859,023 17.01% 82,679,152 53.94%Total number of shares issued and outstanding 798,603,172 100.00% 153,266,409 100.00%Equity Transaction CostsFor the years ended 31 December 2023 and 2022, total equity transaction costs arising on share issues amounted to USD 5.9m and USD 4.6m, respectively. Such amounts are net against the Group\u2019s share premium balance in the accompanying consolidated statements of financial position.As of 31 December 2023 and 2022, shares directly orindirectly held by members of the Board of Directors, Chief Executive Officer, and Executive Management consisted of the following:2023 2022NUMBER OF 2023NUMBER OF 2022NAME AND TITLESHARES% OF SHARESSHARES% OF SHARESJohan E. Andreassen, CEO 6,287,442 0.79% 6,287,442 4.10%Andre Skarb\u00f8, Director of the Board 9,643,599 1.21% 1,764,066 1.15%Bj\u00f8rn-Vegard L\u00f8vik, Chair of the Nomination Committee 5,213,672 0.65% 5,213,672 3.40%Jon-Birger L\u00f8vik, COO (as of 31 October 2023 step-down date) 1,272,911 0.16% 158,086 0.10%Svein Taklo, CDIO 299,099 0.04% 44,814 0.03%Karl \u00d8ystein \u00d8yehaug, CFO 184,145 0.02% 29,850 0.02%Tone Bj\u00f8rnov, Director of the Board (as of 23 May 2023 step-down date) 39,406 0.00% 19,406 0.01%Patrice Flanagan, Director of the Board (as of 23 May 2023 step-down date) 4,900 0.00% 4,900 0.00%Alejandro Castro, CBO (as of March 2023 step-down date) 920 0.00% 920 0.00%Runar Vatne, Director of the Board (as of 3 August 2022 step-down date) - 0.00% 7,839,024 5.11%Alexander Reus, Director of the Board (as of 5 December 2022 step-down date) - 0.00% 1,601,051 1.04%Danielle Villoch, CLO (As of 19 June 2022 step-down date) - 0.00% 487 0.00%Certain shares are held indirectly by Johan E. Andreassen and Bj\u00f8rn-Vegard L\u00f8vik through Alsco AS, a jointly owned company by Mr. Andreassen and Mr. L\u00f8vik, and are allocated based on their respective ownership interests in Alsco AS. Further, certain shares are held indirectly by Mr. Andreassen through JEA Invest AS, a wholly owned company by Mr. Andreassen.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__79": { "value": "NOTE 18 Share Option ProgramIn accordance with the authorization granted by the Group\u2019s AGM, the Group\u2019s Board of Directors introduced a shareoption program for senior executives and key personnelemployed by the Group and its subsidiaries (the \u201cProgram\u201d).As of 31 December 2023 and 2022, the Program included up to 19,008,586 and 1,584,491 outstanding share options granted, respectively, with contractual vesting terms between one and five years as follows:2023 WEIGHTED 2022 WEIGHTED AVERAGE 2023AVERAGE 2022EXERCISE PRICE NUMBER OF EXERCISE PRICE NUMBER OF \ue884\ue633\ue634\ue630\ue885SHARES\ue884\ue633\ue634\ue630\ue885SHARESOutstanding at 1 January 212.92 1,584,491 208.88 1,650,535 Granted during the year 12.03 18,510,000 - - Forfeited during the year 246.87 (1,060,905) 137.99 (38,735)Exercised during the year - - - - Lapsed during the year 71.19 (25,000) 75.17 (27,309)Outstanding at 31 December 15.60 19,008,586 212.92 1,584,491 Outstanding share options as of 31 DecemberNumber of share options with a weighted average share price over NOK 15 127.99 498,586 212.92 1,584,491 Number of share options with a weighted average share price under NOK 15 12.03 18,510,000 - - Total outstanding share options as of 31 December 15.60 19,008,586 212.92 1,584,491 For the year ended 31 December 2023, a negative expense of USD 0.4m was driven by a high number of forfeitures over the value of options vested. For the year ended 31 December 2022, an expense of USD 0.6m was recognized from the value of options vested.The following information is relevant in the determination of the fair value of options granted for the years ended 31 December 2023 and 2022:2023 2022Option pricing model used Black Scholes Black ScholesWeighted average share price at grant date (NOK) 5.01 - Exercise price (NOK) 2.91 14.74 Weighted average contractual life (days) 1,572 1,825 Expected volatility 52.90% 31.18%Expected dividend growth rate 0.00% 0.00%Risk-free interest rate 2.08% 1.12%On 23 May 2023, Johan E. Andreassen was granted a total of 14,000,000 share options divided into two tranches of 7,000,000 share options. The first tranche of 7,000,000 share options shall vest by 31 December 2024 and will lapse automatically if not exercised by 31 December 2025. The second tranche of 7,000,000 share options shall vest annually over five years and will lapse automatically if not exercised by 31 December 2028. The previous share options granted to Mr. Andreassen as part of the 2021 AGM shall expire upon the grant of these share options.On 23 May 2023, Karl \u00d8ystein \u00d8yehaug was granted a total of 2,800,000 share options that shall vest annually over four years and will lapse automatically if not exercised by 31 December 2028.An additional 1,710,000 share options were granted to other key personnel during the year ended 31 December 2023 resulting in a total amount of 18,510,000 share options granted for the year ended 31 December 2023. No share options were granted for the year ended 31 December 2022.Further, no share options were exercised and issued related to the Group\u2019s employee share option program for the years ended 31 December 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__81": { "value": "NOTE 19 BorrowingsDNB Credit AgreementThe Group holds a Green credit facility (the \u201c2020 Credit Facility\u201d) with DNB Bank ASA (\u201cDNB\u201d) which can be utilized towards the Group\u2019s Bluehouses and operations thereinconsidered 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, theGroup\u2019s amended 2020 Credit Facility consisted of USD 150.0m through a USD 50.0m term loan (the \u201cUS TermLoan\u201d), USD 20.0m revolving credit facility (\u201cRCF\u201d), andUSD 80.0m 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.As of 1 January 2022, the Group\u2019s amended 2020 Credit Facility consisted of USD 200.0m through a USD 50.0m US Term Loan, USD 20.0m revolving credit facility, and USD 130.0m 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 31 March 2022, the seventh amendment to the 2020 Credit Facility was formally signed and committed. Theamendment provided 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 signed and committed. Thedebt 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 attributed 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.On 31 March 2023, the ninth amendment to the 2020 Credit Facility was formally signed and committed. The debt was structured under many of the same key terms while others were modified. Of note, 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. Further, the total amounts were restructured into a fully committed credit facility of USD 170.0m directly with DNB with an extended maturity date of April 21, 2025, of which USD 50.0m was attributed to the drawn US Term Loan, USD 20.0m was attributed to the RCF, and USD 100.0m was attributed to a delayed undrawn Term Loan for Phase 2 capital expenditures. The EBITDA covenant levels were also reset, and the Company incurred amendment and extension fees of approximately USD 1.0m.On 17 October 2023, the tenth amendment to the 2020 Credit Facility was formally signed and committed. The debt was structured under many of the same key terms while others were modified. Of note, the minimum required cash balance of USD 15.0m covenant was replaced with a required interest-bearing restricted deposit account of USD 15.0m. The total amounts were restructured into a fully committed credit facility of USD 165.9m extended to the Group, of which USD 45.9m is attributed to the drawn US Term Loan (of which USD 2.5m 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. The EBITDA covenant levels were also reset, and the Company incurred amendment and waiver fees of approximately USD 0.4m.As of 31 December 2023, the amended 2020 Credit Facility carried an annualized borrowing rate of SOFR plus an applicable margin determined by a grid (5.0% as of 31 December 2023).As of 31 December 2023 and 2022, the Group\u2019s borrowings consisted of the following:(USD 1,000) 2023 2022ASUS has an amended USD 45.9m term loan with DNB (the \u201cUS Term Loan\u201d). The US Term Loan bears an amended interest rate of SOFR plus an applicable margin (5.0% as of 31 December 42,603 46,837 2023) and matures on 21 April 2025. USD 42.1m was outstanding on the US Term Loan as of 31 December 2023 and is presented at amortized cost.ASUS has an amended 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 2023, 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).Total borrowings 42,603 46,837 Less: current portion of borrowings 5,000 18,550 Non-current portion of borrowings 37,603 28,287 The following are the remaining contractual maturities on the Group\u2019s borrowings as of 31 December 2023 and 2022: (USD 1,000) 2023 2022Up to 3 months 1,250 1,450 Between 3 and 12 months 3,750 18,550 Between 1 and 2 years 37,603 26,837 Between 2 and 5 years - - Over 5 years - - Total 42,603 46,837 The above amounts are presented at amortized cost using the effective interest rate method.The borrowing base on the USD 20.0m RCF is tied tothe amount of outstanding trade receivables, productinventory, and standing biomass. This calculation is reviewed periodically, and the balance is adjusted accordingly. The amended delay draw USD 100.0m 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 financialmetrics 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 amended 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 respectivesubsidiaries, certain receivables, and certain bank accounts perfected under First Priority security. The provisions of the amended 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 oftheir businesses, enter certain transactions with affiliates, or amend the terms of material indebtedness. Material financial covenants include maintaining a minimum book equity ratio of 45%, various trailing EBITDA requirements, and maintaining a minimum restricted USD 15.0m cash balance.In anticipation of potentially not being able to meet its EBITDA requirement as of 31 December 2023, the Group received a formal waiver from the Lenders dated 21 December 2023. Subsequently, the Group\u2019s 2020 Credit Facility was amended further on 25 March 2024 (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 2023 and 2022:LEASE (USD 1,000) BORROWINGSLIABILITIESBalance at 1 January 2023 46,837 2,634 Changes from financing cash flowsProceeds from borrowings 12,500 - Payments towards borrowings (17,335) (468)Total changes from financing cash flows 42,002 2,166 Amortization 601 - Currency effects - 13 Balance at 31 December 2023 42,603 2,179 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 Amortization - 2,361 Forgiveness of debt - (2,584)Currency effects - (47)Balance at 31 December 2022 46,837 2,634", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__80": { "value": "NOTE 19 BorrowingsDNB Credit AgreementThe Group holds a Green credit facility (the \u201c2020 Credit Facility\u201d) with DNB Bank ASA (\u201cDNB\u201d) which can be utilized towards the Group\u2019s Bluehouses and operations thereinconsidered 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, theGroup\u2019s amended 2020 Credit Facility consisted of USD 150.0m through a USD 50.0m term loan (the \u201cUS TermLoan\u201d), USD 20.0m revolving credit facility (\u201cRCF\u201d), andUSD 80.0m 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.As of 1 January 2022, the Group\u2019s amended 2020 Credit Facility consisted of USD 200.0m through a USD 50.0m US Term Loan, USD 20.0m revolving credit facility, and USD 130.0m 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 31 March 2022, the seventh amendment to the 2020 Credit Facility was formally signed and committed. Theamendment provided 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 signed and committed. Thedebt 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 attributed 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.On 31 March 2023, the ninth amendment to the 2020 Credit Facility was formally signed and committed. The debt was structured under many of the same key terms while others were modified. Of note, 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. Further, the total amounts were restructured into a fully committed credit facility of USD 170.0m directly with DNB with an extended maturity date of April 21, 2025, of which USD 50.0m was attributed to the drawn US Term Loan, USD 20.0m was attributed to the RCF, and USD 100.0m was attributed to a delayed undrawn Term Loan for Phase 2 capital expenditures. The EBITDA covenant levels were also reset, and the Company incurred amendment and extension fees of approximately USD 1.0m.On 17 October 2023, the tenth amendment to the 2020 Credit Facility was formally signed and committed. The debt was structured under many of the same key terms while others were modified. Of note, the minimum required cash balance of USD 15.0m covenant was replaced with a required interest-bearing restricted deposit account of USD 15.0m. The total amounts were restructured into a fully committed credit facility of USD 165.9m extended to the Group, of which USD 45.9m is attributed to the drawn US Term Loan (of which USD 2.5m 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. The EBITDA covenant levels were also reset, and the Company incurred amendment and waiver fees of approximately USD 0.4m.As of 31 December 2023, the amended 2020 Credit Facility carried an annualized borrowing rate of SOFR plus an applicable margin determined by a grid (5.0% as of 31 December 2023).As of 31 December 2023 and 2022, the Group\u2019s borrowings consisted of the following:(USD 1,000) 2023 2022ASUS has an amended USD 45.9m term loan with DNB (the \u201cUS Term Loan\u201d). The US Term Loan bears an amended interest rate of SOFR plus an applicable margin (5.0% as of 31 December 42,603 46,837 2023) and matures on 21 April 2025. USD 42.1m was outstanding on the US Term Loan as of 31 December 2023 and is presented at amortized cost.ASUS has an amended 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 2023, 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).Total borrowings 42,603 46,837 Less: current portion of borrowings 5,000 18,550 Non-current portion of borrowings 37,603 28,287 The following are the remaining contractual maturities on the Group\u2019s borrowings as of 31 December 2023 and 2022: (USD 1,000) 2023 2022Up to 3 months 1,250 1,450 Between 3 and 12 months 3,750 18,550 Between 1 and 2 years 37,603 26,837 Between 2 and 5 years - - Over 5 years - - Total 42,603 46,837 The above amounts are presented at amortized cost using the effective interest rate method.The borrowing base on the USD 20.0m RCF is tied tothe amount of outstanding trade receivables, productinventory, and standing biomass. This calculation is reviewed periodically, and the balance is adjusted accordingly. The amended delay draw USD 100.0m 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 financialmetrics 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 amended 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 respectivesubsidiaries, certain receivables, and certain bank accounts perfected under First Priority security. The provisions of the amended 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 oftheir businesses, enter certain transactions with affiliates, or amend the terms of material indebtedness. Material financial covenants include maintaining a minimum book equity ratio of 45%, various trailing EBITDA requirements, and maintaining a minimum restricted USD 15.0m cash balance.In anticipation of potentially not being able to meet its EBITDA requirement as of 31 December 2023, the Group received a formal waiver from the Lenders dated 21 December 2023. Subsequently, the Group\u2019s 2020 Credit Facility was amended further on 25 March 2024 (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 2023 and 2022:LEASE (USD 1,000) BORROWINGSLIABILITIESBalance at 1 January 2023 46,837 2,634 Changes from financing cash flowsProceeds from borrowings 12,500 - Payments towards borrowings (17,335) (468)Total changes from financing cash flows 42,002 2,166 Amortization 601 - Currency effects - 13 Balance at 31 December 2023 42,603 2,179 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 Amortization - 2,361 Forgiveness of debt - (2,584)Currency effects - (47)Balance at 31 December 2022 46,837 2,634", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__82": { "value": "The amended 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 respectivesubsidiaries, certain receivables, and certain bank accounts perfected under First Priority security.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__83": { "value": "NOTE 20 Pensions The Group\u2019s employees are covered by different pension plans that vary from country to country depending onthe 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 2023 and 2022, 131 and 118 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 2023 and 2022, the Group\u2019s total pension cost consisted of USD 0.4m andUSD 0.3m, respectively, and are included as part of salary and personnel costs in the accompanying consolidatedstatements of operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__84": { "value": "NOTE 21 Related Party TransactionsDuring the ordinary course of business, the Group engages in transactions with related parties similar to what management believes would have been agreed upon between unrelated parties.During the ordinary course of business, the Group may sell salmon products to NovoMar, Inc. (\u201cNovoMar\u201d), an entity under majority ownership by a related party of Johan E. Andreassen, the CEO of ASA. NovoMar was formerly Platina Seafood, Inc. prior to a rebrand on 8 September 2022. For the years ended 31 December 2023 and 2022, the Group sold USD 0.7m and USD 0.2m of salmon products to NovoMar, respectively. During the ordinary course of business, NovoMar provides harvesting services for the Group (the provision of such services commenced in June 2023). For the year ended 31 December 2023, the Group incurred harvesting costs of USD 0.2 million. Such amounts are included as part of cost of goods sold in the accompanying consolidated statements of operations.As of 31 December 2023 the Group had USD 0.1m due from NovoMar and the amounts are included as part of the Group\u2019s current trade and other receivables balance. The Group did not have any outstanding balances due from NovoMar as of 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__85": { "value": "NOTE 22 Contingencies and Legal ClaimsThe Group has evaluated contingencies and legal claims from 31 December 2023 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 Miami 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 5.6m, and 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 moved forward to a formal arbitration hearing and is currently underway and expected to be concluded, at the earliest, in H1 2025.As of 31 December 2023 and 2022, no claim receivable or payable was recognized within the consolidated financialstatements given the ongoing nature of the legal claim and the uncertainty of settlement towards either party as of the reporting dates and as of the date of this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__86": { "value": "NOTE 23 Subsequent EventsThe Group has evaluated subsequent events from31 December 2023 through the date in which the consolidated financial statements were issued.Private PlacementOn 29 February 2024, the Group raised NOK 369.0m(approximately USD 35.0m) in gross proceeds through aprivate placement of 307,125,000 new shares at a price pershare of NOK 1.20. In connection with the Private Placement,the underwriters' underwriting commission of 5% was settledthrough the issuance of 15,356,243 in new shares at a priceper share of NOK 1.20. Following the issuance of the newshares, the total number of shares issued and outstandingwas 1,121,084,415. Eleventh Amendment to 2020 Credit FacilityOn 25 March 2024, the eleventh amendment to the 2020Credit Facility was formally signed and committed. The debtwas structured under many of the same key terms while others were modified. Of note, the maturity date was extended to21 October 2026 and the borrowing base on the RCF wasextended to include additional biomass and higher tradereceivable levels. The total amounts were restructured intoa fully committed credit facility of USD 162.1m, of which USD42.1m is attributed to the drawn US Term Loan, USD 20.0m isattributed to the RCF (of which USD 17.4m is available), andUSD 100.0m is attributed to a delayed undrawn Term Loanfor Phase 2 capital expenditures. The EBITDA covenants anddelay draw term loan incurrence test levels were also reset, and the Company incurred amendment and waiver fees of approximately USD 1.1m.AS Purchasing, LLCOn 4 March 2024, AS Purchasing, LLC, a wholly ownedsubsidiary of ASA, filed for voluntary dissolution under the Florida Division of Corporations. ASP had previously served as the purchasing arm for ASUS while construction of the Phase 1 Miami Bluehouse was underway and has not held active operations since its completion and therefore did not have any impact on the financial statements or accompanying notes presented within this report.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s8_notes__6__87": { "value": "Daugstadvegen 445, 6392 Vikebukt", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138007BY85FI48VX666", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }