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"value": "\n
\n
\n
\n
\nNOTES \u2013 SECTION 1
\n
\nBasis
\nof Preparation
\nThis section gives an overview of the financial accounting
\npolicies in general and an overview of the management\u2019s key
\naccounting estimates.
\n
\n
\n
\n
\n
\n\nNOTE 1. GENERAL INFORMATION
\nP/F Bakkafrost (\u201ccompany\u201d) is a public limited company dom-
\niciled in the Faroe Islands at Bakkavegur 9, Glyvrar.
\nP/F Bakkafrost was listed on Oslo Stock Exchange in 2010
\nwith the ticker code: BAKKA.
\n
\n\n\n
\n
\nNOTE 1.1 SUMMARY OF SIGNIFICANT
\nACCOUNTING POLICIES
\nThe principal accounting policies applied in the preparation
\nof these consolidated financial statements are set out below.
\nThese policies have been consistently applied to all periods
\npresented.
\n
\n\n
\n
\nNOTE 1.2 BASIS OF PRESENTATION
\n\nThe Annual Report comprises the income statement, state-
\nment of comprehensive income, statement of financial posi-
\ntion, specification of changes in equity, cash flow statement
\nand note disclosures for the Group. The accounting year
\nequals the calendar year. The financial statements were for-
\nmally drawn up in accordance with International Financial
\nReporting Standards (IFRS) and the interpretations issued by
\nthe International Accounting Standards Board as approved
\nby the European Community and the additional requirements
\nin the Faroese Financial Reporting act.
\n
\n\nThe Annual and Consolidated Report and Accounts for the
\nperiod 1 January to 31 December 2022 comprises both the
\nConsolidated Annual Report and Accounts for P/F Bakkafrost
\nand its subsidiaries (Group) and the separate Annual Ac-
\ncounts for the parent company.
\n\nThe financial statements were formally authorized for issue
\nby the Board of Directors on 31 March 2023.
\n
\n\nThe Annual Report has been prepared on a historical cost
\nbasis except for where IFRS requires recognition at fair value,
\nmainly valuation of licences, which are acquired by business
\ncombinations, and of biomass.
\nPreparation of the financial statements involves the use of
\nestimates and assumptions. Changes in estimates and esti-
\nmated assumptions are accounted for when they occur. De-
\nscriptions about the various estimates applied are given in
\nthe notes to the accounts where relevant.
\n
\n
\n\n
\n
\n\n
\n\n
\nNOTE 1.3 CONSOLIDATION PRINCIPLES
\nThe consolidated financial statements include P/F Bakkafrost
\nand the subsidiaries over which P/F Bakkafrost has a con-
\ntrolling influence either by shareholding or by agreement. A
\ncontrolling interest is normally deemed to exist when own-
\nership directly or indirectly exceeds 50% of the voting rights.
\nControlling interest may also exist by nature of agreement.
\nSimilarly, limitations in voting rights by agreement may im-
\npede exercise of control, and the investment concerned will
\nbe considered an associate.
\n\nNewly acquired subsidiaries are included from the date on
\nwhich a controlling interest is secured, and divested subsid-
\niaries are included up until the date of divestment. The con-
\nsolidated accounts have been prepared in accordance with
\nuniform accounting principles for similar transactions in all
\ncompanies included in the consolidated accounts.
\nAll material transactions and balances between Group Com-
\npanies have been eliminated.
\nShares in subsidiaries have been eliminated in the consoli-
\ndated financial statements in accordance with the acquisition
\nmethod. This means that the acquired company\u2019s assets and
\nliabilities are reported at fair value at the date of acquisition,
\nwith any excess value being classified as goodwill. Where the
\nfair value of the assets acquired exceeds the payment made,
\nthe difference is treated as negative goodwill in the Income
\nStatement.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n
\n\n
\n\nWhen shares are acquired in stages, the value basis of the
\nassets and liabilities is the date, the Group was formed. Later
\nacquisition of assets in existing subsidiaries will not affect
\nthe value of assets or liabilities, except for goodwill, which is
\ncalculated with each acquisition.
\n
\n\n
\n\n
\n\n
\n\nInvestments in companies in which the Group has a signifi-
\ncant influence (associated companies) are treated in accord-
\nance with the equity method in the consolidated accounts. A
\nconsiderable influence is normally deemed to exist when the
\nGroup owns 20%\u201350% of the voting capital. The Group\u2019s share
\nof the profits in such companies is based on profit after tax,
\nless internal gains, and depreciation on excess value due to
\nthe cost price of the shares being higher than the acquired
\nportion of book equity. In the Income Statement, the profit
\nshare is presented on a separate line, while the assets are
\npresented in the statement of financial position as non-cur-
\nrent financial assets. The accounting principles used by as-
\nsociated companies have been changed where necessary to
\nachieve consistency with the principles used by the Group.
\n
\n\n
\n\n
\n\n\nNOTE 1.4 TRANSLATION OF FOREIGN
\nCURRENCIES
\nFor each individual entity, which is recognized in the consoli-
\ndated accounts, a functional currency is determined in which
\nthe entity measures its results and financial position. The
\nfunctional currency is the currency of the primary economic
\nenvironment in which the entity operates. Transactions in
\nother currencies than the functional currency are transac-
\ntions in a foreign currency.
\nA foreign currency transaction is, on initial recognition, re-
\ncorded in the functional currency at the spot exchange rate
\nbetween the functional currency and the foreign currency on
\nthe date of the transaction.
\nAt each balance sheet date, receivables, payables, and oth-
\ner monetary items in foreign currency are translated to the
\nfunctional currency using the closing rate. Exchange differ-
\nences arising on the settlement of monetary items or on
\ntranslating monetary items, at rates different from those at
\nwhich they were translated on initial recognition during the
\nperiod or in previous financial statements, shall be recog-
\nnized in the income statement under financial revenues and
\nexpenses.
\nOn consolidation, the results and financial position of the
\nGroup\u2019s individual entities with different functional curren-
\ncies than the Group\u2019s presentation currency (DKK) are trans-
\nlated into the Group\u2019s presentation currency using the fol-
\nlowing procedure:
\n\u2022 Assets and liabilities are translated at the closing rate at
\nthe date of the balance sheet.
\n\u2022 Income and expenses are translated at exchange rates at
\nthe dates of the transactions.
\n\u2022 All resulting exchange differences are recognized directly
\nin equity as a separate component of equity. For practical
\nreasons an average rate for the period that approximates
\nthe exchange rates at the dates of the transactions is used.
\n
\n
\n\nNOTE 1.5 CLASSIFICATION PRINCIPLES
\nBiomass is recognized at fair value in the Statement of Fi-
\nnancial Position. Changes in biomass and inventory meas-
\nured at cost are presented as a one-line item in the Income
\nStatement. Biomass at cost consists of all production costs.
\nThe biomass is then adjusted to fair value, i.e., market value
\nless finishing costs, by adding or subtracting an IFRS adjust-
\nment. The IFRS adjustment is the difference between bio-
\nmass measured at cost and measured at fair value.
\nCash and cash equivalents consist of cash in hand and bank
\ndeposits. Assets, which form part of the production cycle or
\nfall due for payment within 12 months, are classified as cur-
\nrent assets. Other assets are classified as non-current assets.
\nLiabilities, which form part of the production cycle or fall
\ndue for payment within 12 months, are classified as current
\nliabilities. Other liabilities are classified as non-current lia-
\nbilities.
\n\nDividend proposals are not classified as liabilities until the
\nparent company has assumed an irrevocable obligation to
\npay the dividend, normally when dividend proposals have
\nbeen approved by the Annual General Meeting.
\n
\n\nNext year\u2019s instalments on long-term debts are classified as
\ncurrent liabilities.
\n\nChanges in the fair value of biological assets are presented
\non a line item separately from biomass changes measured at
\ncost under operating profit/loss. This allows the reader of the
\nFinancial Report to determine both production efficiency and
\nbiomass at fair value.
\n
\n\n\nNOTE 1.6 FUNCTIONAL CURRENCY
\nThe consolidated accounts are presented in Danish Kroner
\n(DKK), which is the Group\u2019s functional and presentation cur-
\nrency. All transactions in foreign currencies are translated
\ninto DKK at the time of transaction. In the statement of fi-
\nnancial position, monetary items in foreign currencies are
\ntranslated at the exchange rate in effect on the statement of
\nfinancial position date.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\nNOTE 1.7 NEW STANDARDS
\nStandards and interpretations, which are issued at the date
\nof the Group\u2019s Financial statements, but will become effec-
\ntive later, are disclosed below. The disclosures contain stand-
\nards including amendments, which may influence recognition
\nor measurements in the Financial statements, alter existing
\ndisclosures or require additional disclosures when effective
\nat a future date. The standards are implemented as they be-
\ncome effective.
\nNew standards, regulating issues not relevant to the Group
\nor with insignificant impact on the Group, are omitted from
\nthis narrative.
\nNew standards effective from 1 January 2023 and
\nOnly minor adjustments have been made in standards and
\ninterpretations (IFRIC) which are effective for the financial
\nyear 2022. Neither are new standards nor amendments to
\nthese from 2023 and forth expected to have any impact on
\nthe Bakkafrost Group.
\n
\n\n\nNOTE 1.8 ACCOUNTING ESTIMATES
\nThe preparation of financial statements in accordance with
\nIFRS requires the management to make judgement estimates
\nand assumptions that affect the application of accounting
\nprinciples and carrying amounts of assets and liabilities, in-
\ncome, and expenses. The estimates and underlying assump-
\ntions are based on experience and other factors perceived to
\nbe relevant and probable when the judgements were made.
\nEstimates are reviewed on an on-going basis, and actual val-
\nues and results may deviate from the initial estimates. Revi-
\nsion to accounting estimates is recognized in the period in
\nwhich the estimates are revised. The evaluations and esti-
\nmates, deemed to be of greatest significance for Bakkafrost
\nGroup\u2019s Financial Statements, are described in the notes.
\n
\n\n\nNOTE 1.9 IXBRL REPORTING
\nWe are required to file our annual report in the European
\nSingle Electronic Format (\u2018ESEF\u2019) using the XHTML format and
\nto tag the primary consolidated financial statements using
\nInline eXtensible Business Reporting Language (iXBRL). The
\niXBRL tags comply with the ESEF taxonomy. Where a finan-
\ncial statement line item is not defined in the ESEF taxon-
\nomy, an extension to the taxonomy has been created. The
\nannual report submitted to the Faroese Financial Supervi-
\nsory Authority consists of the XHTML document together
\nwith certain technical files, all included in a ZIP file named
\n2138007LH7OP4V112978-2022-12-31-en.
\n
\n\n
\n\n
\n\n
\n
\n
\nNOTES \u2013 SECTION 2
\n
\nResults for
\nthe Year
\nThis section gives more details on the results for the year,
\nincluding operating segments, taxes, and employee costs.
\n
\n
\n
\n\nNOTE 2.1 REVENUE
\nRevenue is measured at the fair value of the consideration
\nreceived or receivable for the sale of goods and services in
\nthe ordinary course of business. Revenue is recognized net of
\ndiscounts, VAT and other sales related taxes.
\nThe revenue of the Group is mainly from sales of salmon,
\nfishmeal, fish oil and fish feed. Sales revenue is recognized
\nwhen the goods are delivered, and both title and risk have
\npassed to the customer. This will normally be upon delivery.
\n
\n\n
\n
\n\nNOTE 2.2 MAJOR CUSTOMERS
\nIn 2022, there were no major customers - as defined in IFRS
\n8.34, compared to no major customer in 2021.
\n
\n\n
\n\n
\n
\n\n
\n\n
\n\n
\nNOTE 2.3 OPERATING SEGMENT INFORMATION
\n2022 \u2013 DKK 1,000
\nFarming FO
\nValue Added
\nProducts
\nFishmeal,
\noil and feed
\nFarming SCT
\nEliminations
\nBakkafros
\nGroup
\nExternal operating revenues 3,242,069 1,703,637 742,695 1,441,566 0 7,129,967
\nInternal operating revenues 1,390,512 0 1,690,799 0 -3,081,311 0
\nTotal operating revenues 4,632,581 1,703,637 2,433,494 1,441,566 -3,081,311 7,129,967
\n
\nDepreciation and amortization -298,677 -21,269 -25,882 -191,652 0 -537,480
\nOperating expenses -1,320,326 -342,680 -1,997,344 -982,145 -269,207 -4,911,702
\nInternal operating expenses -1,101,044 -1,390,512 0 -589,755 3,081,311 0
\nOther income 0 0 0 24,380 0 24,380
\nOperating EBIT 1,912,534 -50,824 410,268 -297,606 -269,207 1,705,165
\nFair value adjustments on biological assets 170,228 0 0 108,164 0 278,392
\nIncome from associates 4,415 0 53,182 0 0 57,597
\nRevenue tax -215,001 0 0 0 0 -215,001
\nEBIT 1,872,176 -50,824 463,450 -189,442 -269,207 1,826,153
\nOperating EBITDA 2,211,211 -29,555 436,150 -105,954 -269,207 2,242,645
\nINVESTMENTS
\nProperty, plant and equipment 681,395 9,170 140,624 435,867 1,267,056
\nDepreciation -298,677 -21,269 -25,882 -191,652 -537,480
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n2021 \u2013 DKK 1,000
\nFarming FO
\nValue Added
\nProducts
\nFishmeal,
\noil and feed
\nFarming SCT
\nEliminations
\nBakkafros
\nGroup
\nExternal operating revenue 2,665,396 1,195,195 237,867 1,455,391 0 5,553,849
\nInternal operating revenue 811,326 0 1,421,484 0 -2,232,810 0
\nTotal operating revenue 3,476,722 1,195,195 1,659,351 1,455,391 -2,232,810 5,553,849
\n
\nDepreciation and amortization -278,395 -21,316 -30,057 -200,666 0 -530,434
\nOperating expenses -1,241,170 -243,032 -1,353,124 -1,163,882 -229,890 -4,231,098
\nInternal operating expenses -1,052,267 -811,326 0 -369,217 2,232,810 0
\nOther income 0 0 0 28,877 0 28,877
\nOperating EBIT 904,890 119,521 276,170 -249,497 -229,890 821,194
\n
\nFair value adjustments on biological assets 539,040 0 0 -104,172 0 434,868
\nIncome from associates 294 0 29,818 0 0 30,112
\nRevenue tax -141,489 0 0 0 0 -141,489
\nEBIT 1,302,735 119,521 305,988 -353,669 -229,890 1,144,685
\n
\nOperating EBITDA 1,183,285 140,837 306,227 -48,831 -229,890 1,351,628
\n
\nINVESTMENTS
\nProperty, plant and equipment 601,185 720 29,430 436,533 1,067,868
\nDepreciation -278,395 -21,316 -30,057 -200,666 -530,434
\n
\n\n
\n\n
\n\n
\n\n
\n\n2022 2021
\nFARMING FO \u2013 DISTRIBUTION OF HARVESTED VOLUMES tgw % tgw %
\nHarvested FO volume used in VAP production 26,401 39.6% 21,974 32.7%
\nHarvested FO volume sold fresh/frozen 40,285 60.4% 45,243 67.3%
\nTotal harvested volumes 66,686 100.0% 67,217 100.0%
\n
\n
\nFOF SEGMENT \u2013 DISTRIBUTION OF FEED tonnes % tonnes %
\nVolumes used internally 123,118 96.3% 124,259 96.7%
\nExternal sold 4,722 3.7% 4,230 3.3%
\nTotal Sold volumes 127,840 100.0% 128,489 100.0%
\n
\n
\nPRODUCTION OF FISHMEAL AND FISH OIL tonnes % tonnes %
\nFishmeal 65,395 73.3% 34,962 81.1%
\nFish oil 23,862 26.7% 8,124 18.9%
\nTotal production 89,257 100.0% 43,086 100.0%
\n
\n
\nFARMING SCT \u2013 DISTRIBUTION OF HARVESTED VOLUMES tgw % tgw %
\nHarvested volume sold fresh/frozen 23,917 100.0% 29,672 100.0%
\nTotal harvested volumes 23,917 100.0% 29,672 100.0%
\n
\n\n
\n\n
\n
\n\n
\nGEOGRAPHIC BREAKDOWN OF SALES REVENUES BASED ON SEGMENTS AND CUSTOMER LOCATION
\n
\n2022 \u2013 DKK 1,000 Farming FO VAP FOF Farming SCT Total
\nWestern Europe 1,361,669 1,431,055 742,695 1,326,241 4,861,660
\nNorth America 1,102,303 119,255 0 72,078 1,293,636
\nAsia 583,572 51,109 0 28,831 663,512
\nEastern Europe 162,103 85,182 0 14,416 261,701
\nRest of the world 32,422 17,036 0 0 49,458
\nTotal 3,242,069 1,703,637 742,695 1,441,566 7,129,967
\n
\n2021 \u2013 DKK 1,000 Farming FO VAP FOF Farming SCT Total
\nWestern Europe 1,170,908 896,396 237,867 1,178,867 3,484,038
\nNorth America 693,003 179,279 0 145,539 1,017,821
\nAsia 453,117 11,952 0 130,985 596,054
\nEastern Europe 346,501 107,568 0 0 454,069
\nRest of the world 1,867 0 0 0 1,867
\nTotal 2,665,396 1,195,195 237,867 1,455,391 5,553,849
\nThe Group has four reportable segments in accordance with
\nIFRS 8, Operating Segments. The Group\u2019s main strategic business
\narea is aquaculture, which consists of four segments: fish farm-
\ning Faroe Islands and Scotland, value added products (VAP) and
\nproduction and sales of fishmeal, fish oil and fish feed (FOF).
\nThe same accounting principles, as described for the consol-
\nidated financial statements, have been applied for the seg-
\nment reporting. Intersegment transfers or transactions are
\nentered into under normal commercial terms and conditions,
\nand the measurement used in the segment reporting is the
\nsame as used for the third party\u2019s transactions. The pric-
\ning principle between the VAP and Farming FO segments is
\nbased on market reference prices for spot sale, and the pric-
\ning principle between the FOF and the Farming FO segments
\nis based on quarterly contracts.
\n
\n\n
\n\nACCOUNTING POLICIES SEGMENT REPORTING
\nFarming FO
\nFish farming involves the breeding and on-growing of salmon
\nas well as the harvesting, sales, and distribution of salmon.
\nThe Group has production facilities around the Faroe Islands.
\nThere are no significant differences in the production prop-
\nerties of the licences, and the Group therefore reports the
\nfarmed salmonids, including the sale of fresh salmon, as one
\nsegment. The salmon is sold on the spot market for salmon
\nproducts and to foreign seafood processing companies.
\nFarming SCT
\nThe Farming SCT segment comprises the total operation in the
\nScottish part of the Group. The operation in Scotland includes
\nsalmon farming, harvest, filleting, sales and administration.
\nValue added products (VAP)
\nA significant share of the farmed products is value added at
\nthe factory in Glyvrar. The outputs of the factory are pre-
\ndominantly portions for the retail market. The business seg-
\nment definition is based on the distinction between output
\nsold to the industrial market and the value-added products
\nfor the end-consumers in the retail market.
\nFishmeal, fish oil and fish feed (FOF)
\nFishmeal, fish oil and fish feed involve the production and
\nsale of fishmeal, fish oil and fish feed. The production of fish-
\nmeal, fish oil and fish feed are operated by Bakkafrost\u2019s sub-
\nsidiary Havsbr\u00fan, located in Fuglafj\u00f8r\u00f0ur.
\n
\n
\n\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\nNOTE 2.4 SALARIES AND OTHER PERSONNEL EXPENSES
\nDKK 1,000 2022 2021
\nWages and salaries 673,986 613,756
\nShare based payment 30,610 3,547
\nSocial security taxes 50,809 45,825
\nPension expenses 54,850 48,392
\nOther benefi ts 21,424 16,903
\nTotal payroll expenses 831,679 728,423
\n\nAverage number of full-time employees 1,778 1,653
\n
\n\n\nDKK 1,000 2022 2021
\nR\u00fani M. Hansen** Chairman of the Board 487 482
\nJohannes Jensen*** Deputy Chairman of the Board 90 274
\nAnnika Frederiksberg* Member of the Board 221 219
\nEinar Wathne Member of the Board 240 236
\nTeitur Samuelsen** Member of the Board 266 263
\n\u00d8ystein Sandvik** Member of the Board 289 283
\nGu\u00f0ri\u00f0 H\u00f8jgaard**** Member of the Board 147 0
\nTotal remuneration 1,740 1,757
\n* Annika Frederiksberg is also an employee in the Bakkafrost Group. For this, she received DKK 661 thousand (2021: DKK 656 thousand) and has been
\nawarded 245 restriced shares which equals 85 tDKK
\n** Member of the audit committee. Salary includes fee to the audit committee.
\n*** Member of the Board of Directors until May 2022
\n**** Member of the Board of Directors from May 2022
\n
\n\n\nRemuneration to corporate management
\nThe total remuneration to the corporate management con-
\nsists of basic salary (main element), benefi ts in-kind and pen-
\nsion schemes, but varies from person to person. The Group\u2019s
\nChief Executive Offi cer determines the remunerations to oth-
\ner management in agreement with the Chairman of the Board
\nof Directors. The total remuneration is determined based on
\nthe need to offer competitive terms in the various business
\nareas. The remunerations should promote the Group\u2019s com-
\npetitiveness in the relevant labour market.
\nThe total remuneration must neither pose a threat to Bakka-
\nfrost\u2019s reputation nor be market leading but should ensure
\nthat Bakkafrost attracts and retains senior executives with
\nthe desired skills and experience. The basic salary is subject
\nto an annual evaluation and is determined based on general
\nsalary levels in the labour market.
\n
\n\nNotice of Termination and Severance Payment
\nBakkafrost may terminate employment by giving Group Man-
\nagement Executives a notice period. The company\u2019s period of
\nnotice for the Group\u2019s Chief Executive Offi cer is 24 months.
\nThe company\u2019s period of notice for other Group Management
\nExecutives covers a period from 6 to 12 months.
\n\nSHARE-BASED PAYMENT
\nIn 2021, Bakkafrost implemented a share-based bonus
\nscheme for all employees in the Group. According to the
\nscheme, all employees are awarded free bonus shares de-
\npendent on achieved performance against certain KPIs and
\nBakkafrost Group\u2019s adjusted earnings per share being above
\na certain threshold. The bonus shares are awarded quarterly
\nas restricted shares units which are released pursuant only
\nto the Annual General Meeting resolution to pay dividends
\nto the shareholders. Employees still employed two calendar
\nyears after being awarded bonus shares, will additionally re-
\nceive free loyalty shares.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n Fixed remuneration Variable remuneration
\n2022 - DKK 1,000 Share saving
\nSalary and other benefits paid Salary Pension Other Total Bonus RSU 1* RSU 2** Plan*** Total Total
\nChief Executive Officer 2,048 195 89 2,332 0 402 402 136 940 3,272
\nManaging Director 1,485 141 0 1,626 0 292 292 93 677 2,303
\nChief Financial Officer 1,485 141 89 1,715 0 292 292 61 645 2,360
\nTotal remuneration 5,018 477 178 5,673 0 986 986 290 2,262 7,935
\n
\n2021 - DKK 1,000 Share saving
\nSalary and other benefits paid Salary Pension Other Total Bonus RSU 1* RSU 2** Plan*** Total Total
\nChief Executive Officer 2,099 168 89 2,356 0 0 0 117 117 2,473
\nManaging Director 1,727 140 0 1,867 58 0 0 97 155 2,022
\nChief Financial Officer 1,362 109 89 1,560 58 0 0 0 58 1,618
\nTotal remuneration 5,188 417 178 5,783 116 0 0 214 330 6,113
\n* Restricted Share Units 1 will be released out as shares if the AGM on 28 April 2023 pays out a dividend
\n** Restricted Share Units 2 will be released in shares in 2025 if the AGM on 8 April 2023 pays out a dividend and the employee still is hired
\n*** Matching shares in the share saving plan
\n Movements in share-based payment in DKK 1,000 Movements in share-based payment number of shares
\nOutstanding
\nper
\n01.01.22
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.22
\nOutstanding
\nper
\n01.01.22
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.22
\nChief Executive Officer 0 804 0 804 0 2,294 0 2,294
\nManaging Director 0 583 0 583 0 1,664 0 1,664
\nChief Financial Officer 0 583 0 583 0 1,664 0 1,664
\nTotal remuneration 0 1,970 0 1,970 0 5,622 0 5,622
\n
\n
\nOutstanding
\nper
\n01.01.21
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.21
\nOutstanding
\nper
\n01.01.21
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.21
\nChief Executive Officer 0 0 0 0 0 0 0 0
\nManaging Director 0 0 0 0 0 0 0 0
\nChief Financial Officer 0 0 0 0 0 0 0 0
\nTotal remuneration 0 0 0 0 0 0 0 0
\n
\n\n
\n\n
\n\n
\n\n\n
\n\n
\nEach quarter, the Board reviews and determines the param-
\neters used in the bonus scheme \u2013 e.g. overall size of bonus
\npool, KPIs and thresholds. The Board has the right to decide,
\nin its sole discretion, whether the bonus scheme will be con-
\ntinued in the following quarter, and the terms of the plan.
\nSHARE SAVING PLAN
\nBakkafrost has established a share saving plan for its em-
\nployees in the Faroe Islands. In 2022, the plan will be ex-
\ntended to all employees of the Group. It is the Board's inten-
\ntion that the plan shall be a continuing part of the company's
\nemployee incentive scheme. The Board shall, however, have
\nthe right to decide, in its sole discretion, whether the plan
\nwill be extended in the future, and the terms of the plan.
\nEmployees may invest up to 5% of their base salary in Bak-
\nkafrost shares. The saved amount is deducted from the
\nmonthly net salary and used to purchase Bakkafrost shares
\non behalf of the employees. The purchase will be made from
\nBakkafrost's treasury shares or on the market. An employee
\nmay not change the savings amount during the year, but an
\nemployee may cancel the subscription during the year. The
\npurchase price and the number of shares acquired by the
\ncompany will be reported in accordance with the applicable
\nregulations.
\nAfter a lock-in period of two calendar years, one extra match-
\ning share will be awarded for each share purchased. Shares
\ntransferred to employees are acquired by the company on
\nthe market.
\n
\n\nLOANS TO EMPLOYEES
\nAs at 31.12.2022, there are no loans to employees.
\n\n\nACCOUNTING POLICIES SHARE-BASED
\nPAYMENTS
\nThe share saving plan liabilities and payroll expense have
\nbeen allocated over the employees' contribution period. The
\ncontribution period is from when the employee signed the
\nshare saving plan and until the shares are granted. The fair
\nvalue of these liabilities will be determined using the number
\nof shares contracted at the start of the share saving plan,
\nusing the share price on the date of the employee signature,
\nadjustment is made for estimated leavers of the share saving
\nplan. The difference between the fair value and the share
\nprice, when the shares are granted, will be booked as a fi nan-
\ncial item in the income statement. The liability is recognized
\nin other equity reserves within equity.
\n
\n\n\nPENSIONS
\nThe Group operates a defi ned contribution pension scheme.
\nPension premiums are charged to the Income Statement as
\nthey accrue. The Group has no additional pension liabilities
\ntowards the employees, apart from these periodical pay-
\nments.
\n
\n\n
\n\n
\n
\n\n\n
\n\n
\n\nNOTE 2.5 OTHER OPERATING EXPENSES AND OTHER INCOME
\nDKK 1,000 2022 2021
\nMaintenance -239,362 -187,655
\nOperating expenses -418,158 -291,690
\nHealth -183,070 -227,542
\nFreight -686,183 -629,123
\nEnergy -364,513 -226,988
\nOther costs -99,013 -69,116
\nOther operating expenses total -1,990,299 -1,632,114
\nR&D Expenditure tax credit in SCT 28,877 44,041
\nOther income 28,877 44,041
\n
\n\n
\n\n
\n\n\nNOTE 2.6 RESEARCH AND DEVELOPMENT
\nEXPENSES
\nR&D expenditure occurs throughout the value chain. R&D is
\nbuilt in the Bakkafrost business model DNA.
\n Bakkafrost has a continual development of the entire value
\nchain. This is not seen as R&D but is an integrated part of
\nother operating expenses and salaries.
\nThe focus of Bakkafrost\u2019s R&D efforts has been evaluated and
\nslightly improved during recent years. Lice abatement, bio-
\nmass control and smolt quality remain high priorities, and
\nthe development and improvement of vaccines, nutrition and
\nfeeding, as well as operating technologies, are equally top-
\nical. In addition, Bakkafrost continuously performs assess-
\nments of its own operating practices.
\n Bakkafrost aims to expand its R&D activities in feed and
\nfeeding and sees a substantial need for greater focus on basic
\nknowledge of how the fi sh are fed and how we can maintain
\na healthy salmon. The past year has proven to be above our
\n
\n\n
\n\n
\n
\n
\n\nexpectations in terms of production improvements in farm-
\ning. We are convinced that our adaption of the mix of raw
\nmaterial has resulted in better nutritional quality in the feed.
\nIt is Bakkafrost\u2019s clearly expressed goal to initiate better and
\nmore comprehensive research into these issues under large-
\nscale conditions.
\n Bakkafrost focuses on reducing biological risk continuously
\nand has made several new investments and procedures to
\ndiminish this risk. Bakkafrost focuses on using non-medical
\nmethods in treatments against sea lice and has invested in
\nnew technology to follow this strategy.
\n Bakkafrost has a large-smolt strategy and aims at increas-
\ning smolt size to around 500 grams smolts in 2023 the
\n Faroe Islands. The strategy is also pivotal to the turnaround
\nof the operation in Scotland. The benefi ts are shorter pro-
\nduction time at sea and reduced biological risk. The hatch-
\nery at Strond, Klaksv\u00edk, is an essential part of this plan for
\nthe Faroe Islands. This hatchery is fully operational and can
\nproduce 8 million smolts at 500 g. In addition, Bakkafrost
\nis expanding Faroese hatchery capacity of the hatcheries
\nat Glyvradal, Nor\u00f0toftir and the new hatchery at \u00d3nav\u00edk. In
\nScotland, three large hatcheries will be built, the fi rst be-
\ning the hatchery at Applecross. All Bakkafrost\u2019s hatcheries
\nwill be based on state-of-the-art technology and advanced
\nRAS (water recirculation) systems. The capacity growth from
\nthese investments is crucial to enable harvest volume growth
\nto 150,000 tonnes for the Group in 2026.
\n
\n\n\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\nNOTE 2.7 NET FINANCIAL ITEMS
\nDKK 1,000 2022 2021
\nRealised profi t on fi nancial derivatives 4,889 4,942
\nOther fi nancial income 2,111 473
\nFinancial income 7,000 5,415
\nInterest expenses on long-term loans -53,135 -31,958
\nLoss on fi nancial derivatives -3,088 0
\nInterest expenses on credit lines -470 -403
\nInterest expenses on IFRS 16 (leases) -7,197 -7,468
\nInterest expenses on accounts payable -1,149 -779
\nFinancial expenses -65,039 -40,608
\nOther exchange differences -69,066 38,761
\nNet currency effects -69,066 38,761
\nOther fi nancial expenses -8,713 -10,591
\nOther fi nancial items -8,713 -10,591
\nNet fi nancial items -135,818 -7,023
\n\n\n\nACCOUNTING POLICIES FINANCIAL INCOME
\nInterest income is recognized on an accrual basis. Dividend
\nincome is recognized, when the shareholders\u2019 right to receive
\na dividend has been approved by the Annual General Meet-
\ning.
\n
\n\n
\n\n\n
\n\n
\n\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\nNOTE 2.8 TAX
\n\nThe tax expense for the year breaks down as follows:
\nDKK 1,000 2022 2021
\nTax payable 240,529 171,283
\nTax credit 0 -1,151
\nChange in deferred tax 105,476 3,494
\nTax expense on ordinary profi t 346,005 173,626
\nTax payable 237,780 170,997
\nTax payable in the statement of fi nancial position 237,780 170,997
\nSECTION 2
\nSpecifi cations of temporary differences and deferred tax
\nDKK 1,000 2022 2021
\n Temporary Temporary
\nDeferred tax assets Differences Deferred tax Differences Deferred tax
\nProperty, plant and equipment 21,083 5,271 32,450 8,037
\nBiomass 135,655 24,418 175,529 36,248
\nReceivables 1,245 224 1,995 359
\nDerivatives (Equity posted) 0 0 5,099 1,275
\nLosses carried forward 1,228,522 305,805 677,309 169,329
\nOther differances 1,207 302 0 0
\nTotal temporary differences 336,020 215,248
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\nDKK 1,000 2022 2021
\n Temporary Temporary
\nDeferred tax liabilities Differences Deferred tax Differences Deferred tax
\nLicences 3,690,715 896,381 3,601,916 874,182
\nGoodwill 11,592 2,039 0 0
\nResearch and development 541 119 0 0
\nProperty, plant and equipment 2,463,339 491,927 1,539,529 353,079
\nFinancial assets 149,582 26,925 92,302 16,614
\nBiomass 2,234,515 407,074 1,892,013 340,562
\nCurrency effects 0 0 1,219 240
\nDerivatives (Equity posted) 7,474 1,346 0 0
\nOther differances 289 62 21,428 5,357
\nTotal temporary differences 1,825,873 1,590,034
\nDeferred tax assets -336,020 -215,248
\nDeferred tax liabilities 1,825,873 1,590,034
\nDeferred tax liabilities (+) / assets (-) 1,489,853 1,374,786
\n
\n\nReconciliation from nominal to actual tax rate
\nDKK 1,000 2022 2021
\nProfi t before tax 1,690,335 1,137,662
\nExpected tax at nominal tax rate 292,568 178,385
\nPermanent differences 53,437 -4,759
\nCalculated tax expense 346,005 173,626
\nEffective tax rate excl. equity entries 20.47% 15.26%
\nNormal tax rate for countries in the Group:
\n- Faroe Islands 18%
\n- UK/Scotland 19% (25% from 2023)
\n- USA 21% + New Jersey 11.5%
\n- Denmark 22%
\n- France 25%
\n\n
\n\n
\n\nACCOUNTING POLICIES
\nThe tax expense is matched against the profi t or loss before
\ntax, as it appears in the accounts. Tax ascribable to equity
\ntransactions is taken to equity. The tax expense comprises
\ntax payable (tax on the year\u2019s direct taxable income) and
\nchanges in net deferred taxes. Deferred tax liabilities and
\ndeferred tax assets are presented net in the statement of
\nfi nancial position to the extent that tax assets and liabilities
\ncan be netted against each other.
\nDeferred tax in the statement of fi nancial position is a nom-
\ninal amount calculated based on temporary differences be-
\ntween accounting and tax values at their intended use, as
\nwell as the taxable loss carried forward at the end of the
\nfi nancial year.
\n
\n\n
\n\n
\n\nSIGNIFICANT ASSUMPTION ACCOUNTING FOR
\nDEFERRED TAX LIABILITIES
\nThe accounting of deferred taxes refl ects tax rates and tax
\nlaws that have been enacted or substantively enacted by the
\ndate of the statement of fi nancial position. The recognition of
\na deferred tax asset is based on expectations of profi tability
\nin the future. In addition, there are many transactions and
\ncalculations during the ordinary course of business for which
\nthe ultimate tax determination is uncertain.
\nDeferred taxes are calculated using the nominal tax rate ac-
\ncording to IAS 12.
\nSIGNIFICANT ASSUMPTION ACCOUNTING FOR
\nDEFERRED TAX ASSETS
\nDeferred tax assets, including tax loss carry forwards, are
\nassessed once a year. Losses are recognized if it is likely that
\nthey will be utilized in the foreseeable future.
\n
\n\n
\n\n
\nNOTES \u2013 SECTION 3
\n
\nAssets and
\nLiabilities
\nThis section gives more details on the assets that form the
\nbasis for the activities of Bakkafrost and the related liabil-
\nities.
\n\n
\n\n
\n\n
\n
\n\nNOTE 3.1 INTANGIBLE ASSETS
\nDKK 1,000 Goodwill Licences Brands Total
\nAcquisitions costs as at 01.01.22 669,319 3,720,158 108,400 4,497,877
\nReclassification -99,725 99,725 0 0
\nAdditions in the year 12,136 0 0 12,136
\nCurrency translation differences -1,309 0 0 -1,309
\nAcquisitions costs as at 31.12.22 580,421 3,819,883 108,400 4,508,704
\n
\nDepreciations and impairments 01.01.22 -2,151 0 0 -2,151
\nDepreciation during the year 2,151 0 0 2,151
\nAccumulated impairments/depreciation and write-downs as at 31.12.22 0 0 0 0
\n
\nNet book value as at 31.12.22 580,421 3,819,883 108,400 4,508,704
\n
\nDKK 1,000 Goodwill Licences Brands Total
\nAcquisitions costs as at 01.01.21 666,950 3,720,158 108,400 4,495,508
\nCurrency translation differences 2,369 0 0 2,369
\nAcquisitions costs as at 31.12.21 669,319 3,720,158 108,400 4,497,877
\n
\nDepreciations and impairments 01.01.21 -2,113 0 0 -2,113
\nDepreciation during the year -38 0 0 -38
\nAccumulated impairments/depreciation and write-downs as at 31.12.21 -2,151 0 0 -2,151
\n
\nNet book value as at 31.12.21 667,168 3,720,158 108,400 4,495,726
\n
\n\nIn the Faroe Islands, Bakkafrost operates its sea farming ac-
\ntivity in 14 identifiable CGUs based on single or groups of
\nsea farming licenses, seven out of which are issued by the
\ngovernment without consideration, and hence are not capi-
\ntalized. These belong to the North region.
\nThe other seven CGUs were acquired as part of business com-
\nbinations. Respectively, when acquiring the Vestlax Group,
\nHavsbr\u00fan Group and Faroe Farming, hence three groups of
\nCGUs. These belong to the West region. These are considered
\nas significant in comparison to the total carrying amount of
\ngoodwill and intangible assets with indefinite useful lives.
\nIn Scotland, Bakkafrost has chosen to include all the farming
\nin Scotland into one CGU.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n
\nImpairment testing
\nThe Group tests intangible assets annually for impairment or
\nmore frequently if there are indications that the assets are
\nimpaired. The annual impairment test is performed at year-
\nend. The Group has substantial assets with indefinite lives in
\nthe form of licenses. The licenses are subject to impairment
\ntesting in combination with goodwill in the annual test. The
\nGroup identifies each farming zone, which may contain one
\nor several licences or farming sites, as one cash-generating
\nunit.
\nThe procedure of impairment testing
\nImpairment testing is carried out by calculating the net pres-
\nent value of estimated future cash flows (value in use) for
\nthe cash-generating unit in line with IAS 36 and comparing
\nthe net present value of the cash flow towards the carry-
\ning amount of net assets held by the cash-generating unit
\n(CGU). The cash flow used in the calculations represents the
\nmanagement\u2019s best estimate at the time of reporting. If the
\ncarrying amount is higher than the calculated value in use,
\nthe assets are considered impaired. The estimated cash flow
\nis based on an assumption of continued operation. The ba-
\nsis for the estimated cash flow is the strategic plan for the
\nfollowing years. The strategic plans have been reviewed and
\nthe targets approved by the Group management.
\nThe considered operating conditions are costs of feed, smolt,
\nharvest, packaging, transport, and other costs. Other operat-
\ning conditions considered the same are mortality, production
\ntime, fallowing and harvest weight. CAPEX is also assumed
\nto be the same for all CGUs over the calculated period. All
\nCGUs are calculated with the same WACC. If there will be
\nvariances between the assumptions for the different CGUs in
\nthe future, this will be incorporated into the impairment test.
\nIndications of impairment
\nThe impairment testing at year-end did not result in identifi-
\ncation of impairment losses. Intangible assets were tested for
\nimpairment to evaluate if the cash flow from a conservative
\nestimate was sufficient to support the carrying amount of net
\nassets. The test confirmed the asset values.
\nThe key assumptions
\nThe key assumptions in the calculations of value in use are
\nharvest volume, prices, and costs, hence EBIDTA and WACC.
\nAmongst other assumptions are inflation, CAPEX, and termi-
\nnal growth.
\nIn general, the value in use has been determined based on
\nfuture strategic plans considering the expected development
\nin both macroeconomic and company-related conditions.
\nThe assumptions used, rest on uncertainty regarding product
\nprices, input prices, biological performance, and future reg-
\nulatory frameworks. Costs can normally be estimated with
\nmore accuracy than income. As profitability in the salmon
\nfarming industry historically has been very volatile, depend-
\ning on developments in the prices of salmon. Bakkafrost uses
\nbudgets and long-term plans for the first five years of the
\nanalysis but returns to long- term historic averages for prof-
\nitability in the sixth year and terminal period.
\nThe key assumptions used in determining the value in use are:
\n\u2022 Harvested volume is based on the current stocking plans
\nfor each unit, and forecasted figures for growth, assumed
\nharvest weight and mortality, based on historical figures.
\n\u2022 The costs are based on the Groups own assumptions, based
\non historical costs and expectations. The costs are expect-
\ned to remain stable but are calculated to increase with an
\ninflation rate of FO: 2.6% (2021: 0.9%) and SCT: 2.0% (2021:
\n2.3%)
\n\u2022 The forward prices are based on the Fish Pool index \u2013
\nwhich is a part of Oslo B\u00f8rs ASA \u2013 at the day of the calcula-
\ntion. The long-term forward prices are based on third-par-
\nties\u2019 sources with adjustments to local conditions.
\n\u2022 The WACC is FO: 9.6% (2021: 8.9%) and SCT 9.6% (2021:
\n8.9%) pre-tax and calculated in accordance with IAS 36.
\nThe WACC model is used for estimating the discount rate.
\nThe input data for the model is updated each year for the
\nannual impairment test. The choice of input data for the
\nmodel significantly influences the outcome of the model,
\nand to ensure that there is as little uncertainty as possible
\nwith regards to the calculation of the WACC, third-party
\nsources are used where available (interest, inflation, beta).
\nThe discount rate is based on a five-year average for ten-
\nyear bonds issued by the Danish government, with an ad-
\njustment margin for the food industry in the EU.
\n\u2022 The inflation is set to FO: 2.6% (2021: 0.9%) and SCT: 2.0%
\n(2021: 2.3%) for the budget period. This is done based on
\nthird-parties\u2019 sources. The terminal growth is set to 0%.
\n\u2022 Capital expenditure (CAPEX). In the 5-year forecast period,
\nthe capital expenditure necessary to meet the expected
\ngrowth in revenue and profit is taken into consideration.
\nCapital expenditures are aligned with the growth and re-
\nplacement plans. Capital expenditure to comply with cur-
\nrent laws and regulations has been included. Capex related
\nto committed and approved efficiency improvement pro-
\ngrammes has also been included to support the inclusion
\nof the benefits in the applied margin. Changes in applicable
\nlaws and regulations may affect future estimated capital
\nexpenditure needs; this is not reflected in the figures used
\nin the impairment test. Beyond the forecast period, capital
\nexpenditure will in general equal depreciation and relate
\nto maintenance investments.
\nSensitivity
\nIn connection with the impairment testing of intangible as-
\nsets, a sensitivity analysis has been carried out. Sensitivity
\nanalysis has been performed for each of the defined cash
\ngenerating units. With the assumptions used, the headroom
\nis DKK 20,198 million (DKK 10,900 million).
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\nACCOUNTING POLICIES
\nIntangible assets that are purchased individually are capital-
\nized at acquisition cost. Intangible assets acquired in connec-
\ntion with the purchase of a business entity are capitalized at
\nacquisition cost when the criteria for separate recognition
\nare met.
\nIntangible assets with a limited economic lifespan are depre-
\nciated systematically. Intangible assets are written down to
\nthe recoverable amount if the expected financial benefits do
\nnot cover their carrying amount.
\n\nCosts relating to research and development are charged as
\nexpenses as they accrue. R&D costs are capitalized in the
\nstatement of financial position, when it can be demonstrated
\nthat the relevant R&D projects carry economic benefits, that
\nthey can be technically finalized, and that the company in-
\ntends to and is financially able to reap the economic benefits.
\n
\n\nSea farming licences, which are purchased either as part of an
\nacquisition or business combination according to IFRS 3, are
\ncapitalized at cost less accumulated write-downs according
\nto a PPA analysis. Sea farming licences in the Faroe Islands
\nand Scotland are considered perpetual, given that certain
\npreconditions regarding environmental protection and ani-
\nmal welfare are met. Consequently, sea farming licences are
\nnot depreciated systematically, but are subject to an annual
\nimpairment test. If the carrying amount exceeds the recov-
\nerable amount, licences are considered impaired, and write-
\ndowns are entered and charged to the Income Statement.
\nThe assessment of indefinite life is reviewed annually to de-
\ntermine whether the indefinite life continues to be appropri-
\nate. If not, the change in useful life from indefinite to finite is
\nmade on a prospective basis.
\nLicenses with indefinite useful lives
\nThe sea farming licenses in the Faroe Islands are defined as
\nthe right to utilize a given area of fjords for farming fish.
\nThere are no provisions as to the maximum allowed biomass
\nat the given site, but the legislation has imposed strict meas-
\nures to regulate the farming activity to be environmentally
\nsustainable.
\nThe sea farming licenses in the Faroes are issued with a nom-
\ninal lifespan of 12 years. Licenses are renewed, unless there
\nis a specific reason against renewal, based on failure to fulfil
\nthe veterinary conditions set by the authorities. In connec-
\ntion with renewal of licenses, authorities may only decline
\nrenewal if specific legislation on area planning, animal wel-
\nfare or environmental protection conflicts with renewal of
\nthe licenses. Special emphasis is to be placed on the fact that
\nit is renewals of existing licenses. This means that sea farm-
\ning licenses are operated in a 12-year rolling lifespan system,
\nwhere the licenses are renewed every 12th year. In the very
\nrare cases, where the authorities have declined to renew li-
\ncenses to use locations for other purposes, the farmers have
\nobtained licenses from the authorities at other locations.
\nThe sea farming licenses in Scotland are perpetual if certain
\nenvironmental, operational, and biological conditions speci-
\nfied in the licenses continue to be met.
\nThe Group has therefore decided to account for sea farming
\nlicenses, which are capitalized, following the provisions for
\nintangible rights with indefinite useful lives.
\n\n
\n
\n
\n
\n\n
GOODWILL
\n
When the company assumes control over a separate business
\n
entity for a consideration that exceeds the fair value of the
\n
individual assets, the difference is entered as goodwill in the
\n
statement of financial position.
\n
Goodwill deriving from purchases of subsidiaries and asso-
\n
ciates is presented under intangible assets. Goodwill is not
\n
depreciated but is tested for impairment annually or more
\n
often if there are indications that its value is lower than the
\n
carrying amount. When assessing the need to write-down
\n
goodwill, this is assigned to relevant cash flow generating
\n
units or groups, which are expected to benefit from the ac-
\n
quisition.
\n
Write-downs are performed in accordance with an assess-
\n
ment of the recoverable value of each of the cash-flow
\n
generating units to which the goodwill is assigned. To iden-
\n
tify the Group\u2019s cash-flow generating units, the assets are
\n
grouped according to the lowest level to which separate and
\n
independent cash flows may be ascribed. Recoverable value
\n
is calculated based on value in use. This is arrived at by esti-
\n
mating future cash flows.
\n
If the calculated value in use is less than the carrying amount
\n
of the cash-flow generating unit, goodwill is written down
\n
first, and then other assets as required.
\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nSPECIFICATION OF CGUS - BOOKED VALUE TESTED AND SENSITIVITY
\nSensitivity analyses and booked value per CGU:
\n Total
\n booked EBITDA WACC WACC
\n Other value change change change
\nCGUs (1,000) Licenses assets***** tested WACC of +/-1% of -1% of +1%
\n
\n31/12/2022
\nThe Scottish Salmon Company acquisition**** 4,006,820 2,082,123 6,088,943 9.6% 455,069 2,213,869 -1,567,700
\nVestlax acquisition* 132,708 1,623,586 1,756,294 9.6% 92,103 876,396 -597,990
\nHavsbr\u00fan acquisition** 157,430 390,749 548,179 9.6% 304,962 2,901,845 -1,980,012
\nFaroe Farming acquisition*** 82,000 1,131,089 1,213,089 9.6% 176,018 1,674,891 -1,142,825
\nTOTAL 4,378,958 5,227,547 9,606,505 1,028,152 7,667,001 -5,288,527
\n
\n31/12/2021
\nThe Scottish Salmon Company acquisition**** 4,006,820 1,906,234 5,913,054 8.9% 382,619 2,378,574 -1,599,072
\nVestlax acquisition* 132,708 1,318,791 1,451,499 8.9% 57,039 365,472 -269,400
\nHavsbr\u00fan acquisition** 157,430 301,696 459,126 8.9% 188,862 1,210,119 -892,012
\nFaroe Farming acquisition*** 82,000 955,167 1,037,167 8.9% 109,008 514,853 -698,458
\nTOTAL 4,378,958 4,481,888 8,860,846 737,528 4,469,018 -3,458,942
\n* 4 CGUs in 7 licenses. Acquired in 2010.
\n** 2 CGUs in 2 licenses. Acquired in 2011.
\n*** 1 CGU in 2 licenses A-92. Acquired in 2016.
\n**** 7 CGUs in 44 licenses. Acquired in 2019.
\n***** Other assets consist of goodwill, PP&E, inventory, receivables, etc. which can be allocated to CGUs or are directly attributable to CGUs.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n
\n\nNOTE 3.2 PROPERTY, PLANT AND EQUIPMENT
\nPlant,
\n machinery,
\n Land operating Other
\n and equipment, operating Assets under
\nDKK 1,000 buildings fixtures etc. equipment Vessels construction Total
\nAcquisition costs as at 01.01.22 2,119,115 3,229,596 449,031 642,653 782,545 7,222,940
\nReclassification -7,409 78,750 76,650 47,418 -201,554 -6,145
\nAcquisitions during the year 28,092 176,326 23,856 495,140 543,642 1,267,056
\nDisposals and scrapping during the year -25,096 -73,359 -922 -3,120 0 -102,497
\nCurrency translation differences -2,757 -38,215 -509 -7,027 -9,763 -58,271
\nAcquisition costs as at 31.12.22 2,111,945 3,373,098 548,106 1,175,064 1,114,870 8,323,083
\nAccumulated depreciations and write-downs as at 01.01.22 -517,934 -1,443,109 -222,921 -150,199 0 -2,334,163
\nReclassification 18,118 38,087 -38,498 -28,346 0 -10,639
\nDepreciations during the year -77,220 -252,802 -58,987 -47,168 0 -436,177
\nAccumulated deprecations and write-downs on disposals and scrapping 24,926 67,661 73 3,053 0 95,713
\nCurrency translation differences 783 7,546 9 1,006 0 9,344
\nAccumulated depreciations and write-downs as at 31.12.22 -551,327 -1,582,617 -320,324 -221,654 0 -2,675,922
\nNet book value as at 31.12.22 1,560,618 1,790,481 227,782 953,410 1,114,870 5,647,161
\nAcquisition costs as at 01.01.21 1,936,967 2,746,675 406,493 450,899 387,946 5,928,980
\nReclassification 83,078 61,012 57,444 53,117 -52,912 201,739
\nAcquisitions during the year 72,206 432,757 41,218 81,455 440,231 1,067,867
\nDisposals and scrapping during the year -2,519 -96,842 -5,023 -373 0 -104,757
\nCurrency translation differences 29,383 85,994 -51,101 57,555 7,280 129,111
\nAcquisition costs as at 31.12.21 2,119,115 3,229,596 449,031 642,653 782,545 7,222,940
\nAccumulated depreciations and write-downs as at 01.01.21 -381,949 -1,043,442 -164,346 -118,644 0 -1,708,381
\nReclassification -44,377 -141,158 -16,205 0 0 -201,739
\nDepreciations during the year -80,574 -277,445 -45,526 -30,403 0 -433,948
\nAccumulated deprecations and write-downs on disposals and scrapping 2,519 94,787 4,239 242 0 101,788
\nCurrency translation differences -13,554 -75,850 -1,082 -1,394 0 -91,882
\nAccumulated depreciations and write-downs as at 31.12.21 -517,935 -1,443,108 -222,920 -150,199 0 -2,334,162
\nNet book value as at 31.12.21 1,601,180 1,786,488 226,111 492,454 782,545 4,888,778
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\nDescription of depreciations Estimated lifetime Depreciation method Scrap value
\nLand and buildings 10-25 years linear 10%
\nPlant, machinery, operating equipment, fixtures etc. 3-20 years linear 0%-10%
\nOther operating equipment 3-8 years linear 0%
\nShips 15-25 years linear 10%-13%
\n\n
\n\n
\n\nACCOUNTING POLICIES
\nProperty, plant, and equipment is capitalized at acquisition
\ncost, less accumulated depreciation and write downs. When
\nassets are sold, or divested, the book value is deducted, and
\nany loss or gain entered to the Income Statement. Ordinary
\ndepreciation commences from the date on which the asset
\ngoes into normal operation and is calculated based on its
\neconomic lifespan. Depreciation is assigned in a straight line
\nover the expected economic lifespan of the assets, taking
\ninto consideration the estimated residual value.
\nIf an asset comprises significant components with varying
\nlifespan, these components are depreciated separately. The
\nscrap value of the property, plant, and equipment as well as
\nthe depreciation period and depreciation method employed
\nare reassessed annually.
\nFacilities under construction are not depreciated. Deprecia-
\ntion is charged to expenses when the facilities are ready for
\nuse. If the situation or circumstances indicate that the carry-
\ning amount of an asset cannot be recovered, an assessment is
\nmade about whether to write-down its value. If the recover-
\nable value of the assets is less than the carrying amount and
\nthe impairment is not expected to be temporary, the assets
\nare written down to the recoverable value. The recoverable
\nvalue is the greater of net sales price or value in use. Value in
\nuse is the present value of the future cash flows, which the
\nasset will generate.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\nNOTE 3.3 LEASING
\n\nRight of use
\n Land and buldings Ships, and
\nDKK 1,000 & properties equipment TOTAL
\nBeginning balance 01.01.22 126,861 175,244 302,105
\nAdditions 0 253,383 253,383
\nAdjustments 4,184 -1,012 3,172
\nDepreciation -8,384 -95,070 -103,454
\nEffect of changes in currency exchange rate -2,381 -14,280 -16,661
\nEnding balance 31.12.22 120,280 318,265 438,545
\n
\n\n
\nLease liability
\nBeginning balance 01.01.22 -153,043 -180,378 -333,421
\nAdditions 0 -244,898 -244,898
\nEffect of changes in currency exchange rate 0 2,223 2,223
\nAdjustments 2,212 10,518 12,730
\nLease payments 13,001 97,833 110,834
\nInterests -2,448 -4,132 -6,580
\nEnding balance 31.12.22 -145,021 -314,549 -459,570
\nCurrent lease liability -12,682 -93,533 -106,215
\nNon-current lease liability -132,339 -221,016 -353,355
\n
\nMaturity analysis, undiscounted cash flow
\nUp to 1 year 106,215
\n1-2 years 96,670
\n2-3 years 90,716
\n3-4 years 53,167
\n4-5 years 39,090
\nMore than 5 years 73,712
\n
\n\n
\n\n
\n\n
\nRight of use
\n Land and buildings Ships, and
\nDKK 1,000 & properties other equipment TOTAL
\nBeginning balance 01.01.21 107,108 239,376 346,484
\nAdditions 10,322 10,752 21,074
\nAdjustments 17,267 305 17,572
\nDepreciation -7,835 -88,632 -96,467
\nEffect of changes in currency exchange rate -1 13,443 13,442
\nEnding balance 31.12.21 126,861 175,244 302,105
\n
\nLease liability
\nBeginning balance 01.01.21 -136,031 -252,182 -388,213
\nAdditions -9,962 -3,878 -13,840
\nEffect of changes in currency exchange rate 0 1,898 1,898
\nAdjustments -17,266 -304 -17,570
\nLease payments 12,769 102,482 115,251
\nInterests -2,554 -5,050 -7,604
\nEffect of changes in currency exchange rate 1 -23,344 -23,343
\nEnding balance 31.12.21 -153,043 -180,378 -333,421
\nCurrent lease liability -9,399 -78,608 -87,668
\nNon-current lease liability -143,644 -101,769 -245,753
\n
\nMaturity analysis, undiscounted cash flow
\nUp to 1 year 87,668
\n1-2 years 51,216
\n2-3 years 48,550
\n3-4 years 46,710
\n4-5 years 11,257
\nMore than 5 years 88,020
\n Bakkafrost has applied the rules for short-term leases and
\nleases with low value leasing assets and has expensed these
\nin the Income Statement. The amount is not material to the
\nGroup.
\n\n
\n\nAccounting policies
\nBased on the accounting policy applied, Bakkafrost recogniz-
\nes a right-of-use asset and a lease liability at the commence-
\nment date of the contract for all leases, conveying the right
\nto control the use of an identified asset for a period. The
\ncommencement date is the date on which a lessor makes an
\nunderlying asset available for use by a lessee.
\nThe right of use assets is recognized at cost. The cost of the
\nasset consists of the total discounted lease payments (the
\nlease obligation), plus lease payments paid at contract of the
\nagreement (e.g., upfront payments) less any lease incentives
\nreceived, plus any costs directly related to the conclusion of
\nthe agreement and the obligation to demolish or restore the
\nasset after use.
\nSubsequent measurement of the leasing asset is done ac-
\ncording to the same practice as for similar assets, that is
\nowned by the company. This means that leased assets are
\nclassified as tangible fixed assets, even if it is legally a right
\nof use asset.
\nThe lease obligation is recognized at the present value of the
\nlease payments obtained by discounting the lease payments,
\nusing the company\u2019s marginal borrowing rate, since the inter-
\nnal rate cannot be reasonably defined.
\nThe lease payments consist of the fixed lease payments,
\nguaranteed residual values and payment for exercise of pur-
\nchase option or payment for cancellation of lease when con-
\nsidered reasonably certain that the options are exercised. In
\naddition, variable lease payments which are adjusted, based
\n
\n\n
\n\n
\n\n
\n\n\n
\n\n
\n\non an index, whereas consumption-based leasing payments
\nare not recognized as part of the cost of the lease asset and
\nliability.
\nThe lease payments are distributed between an instalment
\nportion and an interest portion. The lease obligation is re-
\ncalculated at a constant interest rate, corresponding to the
\ndiscount rate used. At initial recognition, the value of the
\nleased asset corresponds to the value of the lease obligation,
\nunless upfront payments and/or there are recovery obliga-
\ntions regarding the asset.
\nThe Group chose to apply the two practical exceptions in
\nIFRS 16 regarding short term leases and low value assets.
\nShort term leases represent lease agreements shorter than
\n12 months from the date of the contract, and low value as-
\nsets represent lease agreements that are lower than DKK
\n35,000 each.
\n
\n\n
\n\n
\n\n\n
\nNOTE 3.4 COMPANIES IN THE GROUP
\nThe consolidated accounts for 2022 include the following subsidiaries and associates:
\n\n Nominal
\nSubsidiary Companies Currency Nature of Business Head Office Ownership share capital
\n Bakkafrost Farming P/F DKK Salmon farming Glyvrar 100% 19,762
\n Bakkafrost Processing P/F DKK Value adding of salmon (VAP) Glyvrar 100% 150,000
\n Bakkafrost Sales P/F DKK Sales of salmon and VAP products Glyvrar 100% 667
\n Bakkafrost Packaging P/F DKK Production of styrofoam boxes Glyvrar 100% 8,022
\nHavsbr\u00fan P/F DKK Production and sales of fishmeal, fish oil and fish feed Fuglafj\u00f8r\u00f0ur 100% 2,000
\n Bakkafrost UK Ltd. GBP Sales of salmon Grimsby 100% 2 GBP
\n Bakkafrost USA LLC USD Sales of salmon Clifton, New Jersey 100% 2,000,000 USD
\nF\u00f6rka P/F DKK Production of biogas and fertilizer Glyvrar 100% 5,000
\n Bakkafrost Scotland Ltd.* GBP Salmon Farming Edinburgh 100% 20,000,000
\nScottish Salmon 2020 (Jersey) Ltd. GBP In liquidation Edinburgh 100% 17,530,000
\nSv\u00ednoyar rognkelsisst\u00f8\u00f0 Sp/f DKK Lumpfish farming Sv\u00ednoy 100% 8,102,222
\nFaroe Seafood 2011 P/F DKK Trading fish Glyvrar 100% 2,000,000
\n Bakkafrost France SARL EUR Trading fish Boulogne, France 100% 160,000 EUR
\nMunkebo Seafood A/S DKK Production and sales of canned fish Munkebo 90% 1,800,000
\nFarCargo P/F** DKK Freight transportation of goods Glyvrar 70% 4,666,667
\n* Previously Scottish Salmon Company Ltd.
\n** Previously 07.07.2021 P/F
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\n Carrying Carrying
\nAssociated Companies Head Net Share of value value
\nDKK 1,000 Offi ce Ownership Additions the result 2022 2021
\nPelagos P/F Fuglafj\u00f8r\u00f0ur 30% 0 10,427 98,734 88,307
\nSalmon Proteins P/F* Ei\u00f0i 79% 0 312 5,176 4,864
\nSv\u00ednoyar rognkelsisst\u00f8\u00f0 Sp/f** Sv\u00ednoy 100% n/a n/a n/a 733
\nFF Skagen A/S*** Skagen 25% 90,854 38,512 129,366 n/a
\nTotal 233,276 93,904
\n Total assets Total assets Equity Equity Result Result
\n 2022 2021 2022 2021 2022 2021
\nPelagos P/F**** 540,104 540,104 291,441 291,441 97,495 97,495
\nSalmon Proteins P/F**** 9,557 9,557 6,183 6,183 407 407
\nSv\u00ednoyar rognkelsisst\u00f8\u00f0 Sp/f**** n/a 8,386 n/a -842 n/a -837
\nFF Skagen A/S**** 1,364,847 1,364,847 412,081 412,081 8,403 8,403
\n*Voting rights 30%. The voting rights are limited in the Articles of Association of P/F Salmon Proteins.
\n**Changed classifi cation to a subsidiary company during 2022
\n***Changed classifi cation to an associated company during 2022
\n****Information from 2021
\n
\n\n\nNOTE 3.5 SHARES AND HOLDINGS IN OTHER COMPANIES
\n Carrying Carrying
\nDKK 1,000 amount amount
\nCompanies 2022 2021
\nOthers 933 55,321
\nTotal 933 55,321
\nCompanies 2022 2021
\nOthers 933 55,321
\nTotal 933 55,321
\n
\n\n\nACCOUNTING POLICIES
\nInvestments in other companies are classifi ed as available
\nfor sale. Shares and holdings in which the Group does not
\nhave signifi cant infl uence are valued at cost as fair value
\ncannot be measured reliably.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\nNOTE 3.6 INVENTORY
\nDKK 1,000 2022 2021
\nRaw materials and goods in-progress 843,909 514,977
\nFinished goods 230,435 194,329
\nTotal inventory 1,074,344 709,306
\nRaw materials primarily consist of raw material to produce
\nfi shmeal, fi sh oil and fi sh feed and packaging materials used
\nin processing.
\nGoods in-progress include semi-fi nished products and spare
\nparts.
\nFinished products include all products ready for sale, such
\nas fi sh feed, fresh and frozen whole salmon, as well as pro-
\ncessed salmon products.
\nInventories are measured at full cost price.
\n\n
\n\nACCOUNTING POLICIES
\nInventories consist of inventories in the Farming FO unit,
\nFarming SCT unit, VAP unit and the FOF unit.
\nFARMING FO AND FARMING SCT
\nInventories include mainly feed, packaging materials and fi n-
\nished goods. Inventories of goods are stated at the lower of
\ncost and net realizable value.
\nThe cost of processed goods is a full production cost that in-
\ncludes direct material and personnel costs, and a percentage
\nof indirect processing costs. Interest costs are not included in
\nthe value of inventory.
\nThe cost price of purchased goods is the acquisition price.
\nCost is based on the FIFO principle.
\nNet realizable value is estimated sales price less selling
\n expenses.
\nVAP
\nInventories consist of raw material, additives, packaging ma-
\nterial and fi nished goods. Raw material in the VAP unit con-
\nsist basically of processed salmonids. Raw material is meas-
\nured at fair value at the time of harvesting.
\nPackaging material and additives are valued at the lesser of
\ncost or expected sales price less sales costs. The FIFO princi-
\nple is used concerning the periodic assignment of inventory
\ncosts.
\nFinished goods in inventory, fresh or frozen, are measured at
\nthe lesser of cost or the expected sales price less sales costs.
\nIn a case, where the cost price exceeds the sales price less
\nsales cost, impairment is entered and charged to the Income
\nStatement.
\nThe cost price of goods produced in-house is the full pro-
\nduction cost, including production costs, which can be only
\nindirectly allocated to produce goods, less general adminis-
\ntration costs.
\nFOF
\nRaw materials and purchased commodities are valued at the
\nlower of historical cost and net realizable value in accord-
\nance with the FIFO principle.
\nFinished goods are fi shmeal, oil and feed ready for delivery
\nto customer, valued at the lower of cost and net realizable
\nvalue. The cost of fi nished goods includes any processing
\ncosts that have incurred. Processing costs consist of logistics,
\nhandling and storage costs.
\nThe cost price of goods produced in-house is the full pro-
\nduction cost, including production costs, which can be only
\nindirectly allocated to produce goods, less general adminis-
\ntration costs.
\n
\n
\n
\n\n
\n
\n
\n\n
\n\n
\n\n
\n\nNOTE 3.7 BIOLOGICAL ASSETS
\nDKK 1,000 2022 2021
\nBiological assets carrying amount 01.01. 2,448,289 2,117,024
\nIncrease due to production or purchases 3,917,146 3,158,703
\nReduction due to harvesting or sale (costs of goods sold) -3,363,747 -2,931,526
\nReduction due to mortality (costs of incidents-based mortality) -282,768 -307,551
\nFair value adjustment at the beginning of the period reversed -604,707 -145,387
\nFair value reclassifi cation currency translation differences prior year 0 -24,452
\nFair value adjustments at the end of the period 883,099 604,707
\nReversal of elimination at the beginning of the period 134,193 80,083
\nEliminations -135,650 -134,193
\nCurrency translation differences -57,370 30,881
\nBiological assets carrying amount 31.12. 2,938,485 2,448,289
\nCost price biological assets 2,248,406 1,946,894
\nFair value adjustments at the end of the 883,099 604,707
\nEliminations -135,650 -134,193
\nCurrency translation differences -57,370 30,881
\nBiological assets carrying amount 2,938,485 2,448,289
\nBiomass on average (tonnes)
\n< 1 kg 4,737 5,070
\n1 < 2 kg 6,811 7,673
\n2 < 3 kg 8,608 10,026
\n3 < 4 kg 9,589 13,538
\n4 kg < 18,566 22,288
\nVolume of biomass at sea 48,311 58,595
\nNumber of fi sh on average (thousand)
\n< 1 kg 11,043 9,770
\n1 < 2 kg 4,595 5,255
\n2 < 3 kg 3,520 3,873
\n3 < 4 kg 2,717 3,920
\n4 kg < 3,877 4,595
\nTotal number of fi sh at sea 25,752 27,413
\nHarvested volumes (TGW) 90,603 96,889
\nNumber of smolts released (thousand)
\nQ1 4,237 4,044
\nQ2 6,166 5,233
\nQ3 6,563 7,022
\nQ4 8,459 9,236
\nTotal number of smolts released 25,425 25,535
\nChang
\ne in discount rate +1% -212,686 -150,709
\nChange in discount rate -1% 238,534 167,502
\nChange in sales price +5 DKK 353,080 423,223
\nChange in sales price -5 DKK -353,080 -423,223
\nChange in biomass volume +1% 18,217 8,982
\nChange in biomass volume -1% -18,217 -8,982
\nOne year forward prices in EUR FCA Oslo*
\nAt year end 7.50 6.72
\nQ1 (forward) 8.58 6.86
\nQ2 (forward) 8.96 6.81
\nQ3 (forward) 7.16 5.66
\nQ4 (forward) 7.31 6.15
\n* Source Fish Pool
\n
\n\n
\n\n
\n\n
\n\nACCOUNTING POLICIES
\nIAS 41 requires biomass to be accounted for at the estimated
\nfair value net of sales costs and harvesting costs. The calcu-
\nlation of the estimated fair value is based on market prices
\nfor harvested fish. In the accounts, the change in estimated
\nfair value is entered to the Income Statement on a continuous
\nbasis.
\nThe Group\u2019s biological assets are salmon at all stages of the
\nlife cycle. The fish is divided into two main groups, depend-
\ning on the stage of the life cycle. The first group is fish pro-
\nduced on land in fresh water. The second is, when the fish
\nare released to sea.
\nFor the first group, historical cost is deemed a reasonable
\napproach to fair value, as there is little biological transfor-
\nmation. This assessment must be seen in the light of the fact
\nthat smolts are currently released to sea at a stage when
\ntheir weight is still relatively low.
\nFor the second group, the fair value is calculated by applying
\na present value model at level 3 in the fair value hierarchy in
\nIFRS 13. In accordance with the principle in IFRS 13 for high-
\nest and best use, the Group considers optimal harvest weight
\nto be for Farming FO 5.2 kg gutted weight (6.3 kg live weight)
\nand for Farming SCT 4.9 kg gutted weight (6.0 kg live weight).
\nThe valuation model
\nThe valuation model calculates the net present value of ex-
\npected cash flow from biological assets.
\nChanges to estimated fair value of biological assets are pre-
\nsented on the line Fair value adjustments of biological assets
\nin the Income Statement.
\nThe measurement unit is the individual fish. However, for
\npractical reasons, cash flows and estimates are carried out
\nper locality.
\nMain components in the model are:
\n\u2022 Volume
\n\u2022 Production costs
\n\u2022 Sales price
\n\u2022 Discount rate
\nVolume
\nEstimated harvest volume is based on the actual number of
\nfish in the sea on the balance sheet date, minus estimated
\nfuture mortality from balance sheet date and multiplied by
\noptimal harvest weight per fish.
\nFuture monthly mortality is estimated to be for Farming FO
\n0.9% (2021: 0.9%) and for Farming SCT 2.0% (2021: 1.5%) of
\nthe number of incoming fish per month.
\nCost
\nEstimated future costs are based on the Group\u00b4s prognoses
\nper locality. Cost comprises mainly feed, production, harvest,
\nand transport costs.
\nPrice
\nEstimated sales prices are based on externally quoted prices
\nfrom Fish Pool with adjustments to local conditions.
\nFish Pool is a marketplace for financial purchase and sale
\nagreements for superior Norwegian salmon size 3-6 kg gut-
\nted weight. The volume on Fish Pool is, however, limited. This
\nmarket may therefore be considered insufficiently active and
\neffective. Despite this, Bakkafrost\u2019s opinion is that the ob-
\nservable forward prices are the best approach to a price for
\nthe sale of salmon.
\nThe prices are reduced for harvesting costs, freight costs to
\nmarket to arrive at a net value back-to-farm and for Farming
\nFO also revenue tax. The valuation also reflects the expected
\nquality grading.
\nDiscounts
\nThe estimated future cash flow is discounted monthly. The
\nmonthly discount rate on 31 December 2022 is 6.0% (2021:
\n6.0%) per month for Farming FO and 4.0% (2021: 4.0%) per
\nmonth for Farming SCT. The discount rate considers a risk
\n
\n\n
\n\n
\n\n
\n\n
\n\nadjustment and time value. The risk adjustment considers the
\nvolatility in volume, cost, and price.
\nMortality
\nMortality above normal will be accounted for when a farming
\nsite either experiences elevated mortality over time or mor-
\ntality due to an incident.
\nCosts related to abnormal mortality will be recognized in the
\nIncome Statement and presented on the line for changes in
\ninventory, while normal mortality is classified as part of pro-
\nduction costs.
\n Bakkafrost uses a common indicator and threshold for all
\nfarming sites to assess normal and abnormal mortality. In-
\ndication of abnormal mortality is when a farming site in a
\nmonth registers mortality exceeding 1.5% (2021: 1.5%) for
\nFarming FO and 4.0% (2021: 4.0%) for Farming SCT of the
\nincoming number of fish. A more detailed assessment is then
\ncarried out to evaluate, whether mortality is abnormal. These
\nassessments consider the cause of mortality and the size of
\nthe fish.
\nSIGNIFICANT ASSUMPTIONS SENSITIVITY
\nThe estimate of fair value of biomass will always be based on
\nuncertain assumptions, even though the company has built
\nsubstantial expertise in assessing these factors.
\nThe Group considers three components to be key parameters
\nfor valuation. These are: average price, monthly discount rate
\nand estimated biomass volume. In the table above a simu-
\nlated sensitivity analysis to changes in fair value of the bi-
\nological assets is portrayed in the event of changes in these
\nparameters.
\n
\n\n
\n\n
\n\n
\n\n
\nNOTE 3.8. ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
\nDKK 1,000 2022 2021
\nAccounts receivable 808,806 620,356
\nProvisions for bad debts -51 -32
\nNet accounts receivables 808,755 620,324
\nVAT 75,973 78,227
\nOther 26,477 93,979
\nTax receivables 65,822 109,701
\nOther receivables 168,272 281,907
\nTotal short-term receivables 977,027 902,231
\nLong-term receivables 0 8,102
\nTotal accounts receivable and other receivables 977,027 910,333
\nAGE DISTRIBUTION OF ACCOUNTS RECEIVABLE
\nDKK 1,000
\nReceivables not overdue 614,760 508,400
\nOverdue 0\u20136 months 190,538 103,258
\nOverdue more than 6 months 3,508 8,666
\nTotal 808,806 620,324
\nThe Group\u2019s exposure to credit risks related to accounts receivable is disclosed in Note 4.1.
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\nCURRENCY EXPOSURE TO ACCOUNTS RECEIVABLE
\nThe Group holds accounts receivable in foreign currencies amounting to DKK 672 million at year-end 2022. (2021: DKK 528 million).
\nBelow is presented the book value of receivables specifi ed in currency, translated into DKK employing the currency value at
\n31.12.
\nCURRENCY DISTRIBUTION OF RECEIVABLES
\nDKK 1,000 2022 2021
\nDKK 137,009 92,104
\nEUR 398,970 318,369
\nUSD 105,135 126,231
\nGBP 73,511 66,754
\nJPY 5,730 0
\nNOK 88,451 2,803
\nOthers 0 14,063
\nTotal 808,806 620,324
\n
\n\n\n
\n\n
\n\nACCOUNTING POLICIES
\nAccounts receivable and other receivables are presented at
\nface value less provisions for bad debts. Provisions for bad
\ndebts are made based on an individual assessment of the
\nreceivables concerned. Due to insignifi cant cost and the short
\ncredit period, amortized cost is equivalent to face value less
\nforeseeable losses.
\n
\n\n
\n\n
\n\n\nNOTE 3.9 CASH AND CASH EQUIVALENTS
\nCash and cash equivalents consist of short-term bank depos-
\nits and were DKK 720 million at year-end 2022, compared to
\nDKK 509 million at year-end 2021.
\n
\n\n
\n\n
\n
\n
\n\n
\n
\n\nNOTE 3.10 SHARE CAPITAL AND MAJOR SHAREHOLDERS
\nShare capital:
\nDKK 1,000 2022 2021
\nShare capital at 1 January 59,143 59,143
\nShare capital at 31 December 59,143 59,143
\nThe parent company\u2019s share capital comprises:
\nDKK No. of Shares Face Value Share Capital
\nOrdinary shares 59,143,000 1 59,143,000
\nTotal share capital 59,143,000
\nReconciliation of outstanding shares: 2022 2021
\nOutstanding shares at 1 January 59,075,165 59,044,071
\nSale of own shares to cover the employee bonus program 23,316 31,094
\nOutstanding shares at 31 December 59,098,481 59,075,165
\nTreasury shares at 31 December 44,519 67,835
\nSHAREHOLDERS
\nThese shareholders held directly or indirectly more than
\n5% of the shares in the company as at 31 December 2022:
\nFolketrygdfondet, Regin Jacobsen, Oddv\u00f8r Jacobsen and
\nThe Goldman Sachs Group, Inc..
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n\n
\n
\n\nShares owned directly and indirectly by the members of the Board of Directors and Group Management:
\nName Position No. of shares Shareholding
\nR\u00fani M. Hansen Chairman of the Board 10,761 0.02%
\nTeitur Samuelsen Member of the Board 100 0.00%
\nAnnika Frederiksberg Member of the Board 16,250 0.03%
\n\u00d8ystein Sandvik Member of the Board 0 0.00%
\nEinar Wathne Member of the Board 0 0.00%
\nGu\u00f0ri\u00f0 H\u00f8jgaard Member of the Board 0 0.00%
\nRegin Jacobsen Chief Executive Officer 4,617,351 7.81%
\nOdd Eliasen Managing Director 184,969 0.31%
\nH\u00f8gni D. Jakobsen Chief Financial Officer 74,593 0.13%
\n
\n\n\nDividend
\nThe Board has proposed a dividend per share of DKK 10.00
\nfor 2022. DKK 304 million were paid out for 2021. The div-
\nidends proposed are to be approved at the Annual General
\nMeeting and if approved, the total dividend payment will
\namount to DKK 591 million. The dividend proposal has not
\nbeen recognized as a liability at 31 December 2022 but is
\npresented as an item within equity.
\n
\n\n
\n\n
\n\n
\n\n
\n\nNOTE 3.11 INTEREST-BEARING DEBT
\nDKK 1,000 2022 2021
\nLong-term interest-bearing debt 3,383,289 2,634,968
\nTotal long-term interest-bearing debt 31.12. 3,383,289 2,634,968
\nTotal interest-bearing debt 3,383,289 2,634,968
\nCash and cash equivalents -719,603 -509,157
\nNet interest-bearing debt 2,663,686 2,125,811
\nThe maturity structure of the Group\u2019s fi nancial commitments
\nis based on undiscounted contractual payments. As the credit
\nlimit is not necessarily in the same currency of debt drawn,
\ncurrency fl uctuations affect the amount available under the
\nfacilities at any time.
\n
\n\n
\n\n
\n\nThe maturity plan of the Group\u2019s interest-bearing debt is as follows
\n 2022 2021
\nDKK 1,000 Carrying Contractual Carrying Contractual
\n amount amount amount payments
\nCredit facilities -3,383,289 -3,408,576 -2,634,968 -2,648,059
\nGross interest-bearing debt -3,383,289 -3,408,576 -2,634,968 -2,648,059
\nCredit line 5,205,550 5,205,550
\nLong-term interest-bearing debt -3,383,289 -2,634,968
\nCash and cash equivalents 719,603 509,157
\nTotal available credit lines 2,541,864 3,079,739
\nREMAINING PERIOD
\n31.12.2022 1\u20133 months 3\u201312 months 1\u20135 years > 5 years Total
\nInterest-bearing bank loans 0 0 3,383,289 0 3,383,289
\nAccounts payable and other debt 579,247 237,780 0 0 817,027
\nREMAINING PERIOD
\n31.12.2021 1\u20133 months 3\u201312 months 1\u20135 years > 5 years Total
\nInterest-bearing bank loans 0 0 2,634,968 0 2,634,968
\nAccounts payable and other debt 543,394 170,997 0 0 714,391
\n
\n\n
\n\n
\n\nThe difference between the carrying amount and the total
\nexpected payments in the table above is due to upfront ar-
\nrangement and legal fees incurred in connection with the re-
\nfinancing of the credit facilities. One long-term bank borrow-
\ning is drawn from a revolving credit facility, under which the
\nGroup may draw and pay down any amount. The contractual
\npayments illustrated in the table above do not reflect rollo-
\nver dates of loans drawn but are based on the maturity date
\nof the credit facilities.
\nINTEREST-BEARING DEBT IN MORE DETAIL
\nFinancing of the Bakkafrost Group is mainly executed by the
\nparent company. Subsidiaries can only enter external financ-
\ning if it is seen favourable for the whole Bakkafrost Group.
\nSustainability-linked financing
\nIn December 2021 the Group entered a term sheet for a sus-
\ntainability-linked EUR 700 million multicurrency revolving
\ncredit facility with a tenor of five years. The Facility Agree-
\nment was signed in March 2022. In February 2023 the Group
\nmade use of an extension option and extended the Facility
\nwith 12 months until February 2028.
\n
\nThe purpose of the Facility was to refinance Bakkafrost\u2019s ex-
\nisting bank facilities as well as general corporate purposes
\nincluding acquisitions. The Facility will serve as a robust and
\nflexible financial framework for the Group\u2019s investment plans
\naimed at organic growth for the Group and structural cost
\nreductions in Scotland, as described at the Capital Markets
\nDay 2021.
\nAs The Facility is sustainability-linked means that the margin
\npayable will be linked to Bakkafrost\u2019s performance against
\ncertain sustainability KPIs, consistent with the Group\u2019s over-
\nall ESG targets and ambitions. The Facility includes flexi-
\nbility for the parties to agree an additional amount of up
\nto EUR 150 million during the tenor. The principal financial
\ncovenants of the Facility are: (1) an equity ratio of no less
\nthan 35% and (2) an interest coverage ratio (EBITDA to net
\ninterest payable) of no less than 2x. The Bakkafrost Group
\ncomplied with these covenants at the end of 2022.
\nCo\u00f6peratieve Rabobank U.A, DNB Bank ASA and Nordea
\nBank ABPm (Filial i Norge), have agreed to continue their
\nsupport as lenders.
\nAt the end of 2022, the Group had unused committed credit
\nfacilities of DKK 2,542 million (DKK 3,080 million). In addi-
\ntion, the Group has an accordion of EUR 150 million.
\nMaturity analysis - contractual payments
\nDKK 1,000 2023 2024 2025 2026 2027 2028
\nLong-term credit facilities 0 0 0 0 0 3,383,289
\nGross interest-bearing debt 0 0 0 0 0 3,383,289
\n
\n
\nReconciliation of development in interest-bearing debt
\n 2021 Cash flows 2022
\nLong term interest-bearing debt 2.634.968 748.321 3.383.289
\nTotal interest-bearing debt 2.634.968 748.321 3.383.289
\n
\n 2020 Cash flows 2021
\nLong term interest-bearing debt 2.219.690 415.278 2.634.968
\nTotal interest-bearing debt 2.219.690 415.278 2.634.968
\n
\n\n
\n\n
\n\nNOTE 3.12 MORTGAGES AND GUARANTEES
\nCarrying amount of debt secured by mortgages and pledges
\nThe Bakkafrost Group has a group fi nancing. The Group com-
\npanies are liable jointly and severely for the balance without
\nlimitations for each other.
\nAs part of the guarantees are also any insurance refunds.
\nIn addition, the shares in larger subsidiaries have been
\npledged to the bank syndicate.
\nDKK 1,000 2022 2021
\nLong-term debt to fi nancial institutions 3,383,289 2,634,968
\nCarrying amount of assets pledged as security for recognized debt
\nLicences 3,819,883 3,720,158
\nProperty, plant and equipment 1,046,827 3,606,250
\nBiological assets (biomass) 2,938,485 2,448,289
\nInventory 131,770 703,600
\nTotal 7,936,965 10,478,297
\n
\n\n
\n\n
\n\nNOTE 3.13 DERIVATIVES
\nDKK 1,000 2022 2021
\nCurrency swaps regarding forward contracts -7,474 7,809
\nDerivatives total -7,474 7,809
\nThe fair value of derivatives held at the balance sheet date can be allocated as follows:
\n Recognized in Recognized in
\n the Income Recognized the Income Recognized
\n Fair Value Statement in equity Fair Value Statement in equity
\n 2022 2022 2022 2021 2021 2021
\nCurrency derivatives -7,474 0 -7,474 7,809 0 7,809
\nTotal -7,474 0 -7,474 7,809 0 7,809
\nThe expected timing of the effect on the income statement is as follows:
\n Interest and Interest and
\n Currency currency Total Currency currency Total
\n derivatives derivatives 2022 derivatives derivatives 2021
\nWithin one year -7,474 0 -7,474 4,602 0 4,602
\nBetween one and fi ve years 0 0 0 3,207 0 3,207
\nAfter fi ve years 0 0 0 0 0 0
\nTotal -7,474 0 -7,474 7,809 0 7,809
\n
\n\n
\n\n
\n
\n
\n\n
\n\n
\n
\n
\n\n
\n
\n
\nACCOUNTING POLICES
\nIn accordance with IFRS 9, financial instruments falling with-
\nin its remit are classified into the following categories: fair
\nvalue with changes in value entered to the Income State-
\nment, hold until maturity, loans and receivables, available for
\nsale, and other liabilities.
\n\nFinancial instruments at fair value with changes in value
\nentered to the Income Statement
\nFinancial instruments, which are held primarily for buying
\nor selling in the short term, are classified as being held for
\ntrading purposes. These instruments are included in the cat-
\negory of financial instruments recognized at fair value with
\nchanges in value entered to the Income Statement alongside
\nforward currency contracts, which are recognized at fair val-
\nue with changes in value, entered to the Income Statement.
\n
\n\n\n
\n\nHedge accounting
\nInterest rate swaps and forward currency settlement con-
\ntracts are used as hedges of its exposure to foreign currency
\nrisk, interest expenses and instalment payments in foreign
\ncurrencies. The hedges are cash flow hedges.
\nThe effective portion of the gain or loss on the hedging in-
\nstrument is recognized directly in other comprehensive in-
\ncome in the cash flow hedge reserve.
\nAmounts recognized as other comprehensive income are
\ntransferred to the Income Statement, when the hedged trans-
\naction affects profit or loss, and when financial liabilities are
\nsettled, such as when the hedged financial income or finan-
\ncial expense is recognized.
\nIf the forecast transactions or commitments are no longer ex-
\npected to occur, the cumulative gain or loss, previously rec-
\nognized in equity, is transferred to the Income Statement. If
\nthe hedging instrument expires or is sold, terminated, or ex-
\nercised without replacement or rollover, or if its designation
\nas a hedge is revoked, any cumulative gain or loss, previ-
\nously recognized in other comprehensive income, remain in
\nother comprehensive income until firm commitment affects
\nprofit or loss, or settlement payments are made.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n\n
\nNOTE 3.14 PROVISIONS
\nA provision is recognized when, and only when, the compa-
\nny has a valid liability (legal or self-imposed) deriving from
\nan event which has occurred, and when it is probable (more
\nlikely than not) that a financial settlement will take place
\nbecause of that liability, and when the amount in question
\ncan be reliably quantified. Provisions are reviewed on each
\nclosing date, and the level reflects the best estimate for the
\nliability. The Group has no provisions as per 31 December
\n2022, compared to no provisions as per 31 December 2021.
\n\n
\n\nPROVISIONS FOR ONEROUS CONTRACTS
\nACCOUNTING POLICIES
\nThe Group enters sales contracts for value added salmon
\nproducts (VAP) on an on-going basis. The contracts involve
\nphysical settlement, and deliveries associated with the con-
\ntracts form part of the Group\u2019s normal business activities.
\nThe contracts contain no built-in derivative elements.
\nWith respect to fixed-price contracts, which result in the
\nGroup being obligated to sell salmon products at a price
\nless than production cost (including fair value adjustment of
\nraw materials at the point of harvesting), the contracts are
\nconsidered onerous, and provisions are calculated and en-
\ntered to the statement of financial position. The provision is
\ncharged to the Income Statement.
\n
\n\n
\n\nSIGNIFICANT ASSUMPTION
\nThe company holds long-term sale contracts related to salm-
\non products. These contracts do not contain any elements
\nof embedded derivatives and are therefore not treated as
\nfinancial instruments. The contracts are settled, based exclu-
\nsively on the assumption that delivery of salmon products
\nshould take place. The contracts are not tradable, nor do they
\ncontain a clause for settlement in cash or cash equivalents.
\nProvisions are made for estimated onerous contracts that
\noblige the Group to sell fish at a price less than calculated
\nproduction costs including raw materials, biomass, measured
\nat fair value.
\n
\n
\n\n
\n\n
\n
\n
\n
\n
\nNOTES \u2013 SECTION 4
\n
\n
\nCapital
\nStructure and
\nFinancing Items
\nThis section gives an insight into the capital structure and
\nfinancing items.
\n
\nNOTE 4.1 FINANCIAL RISK MANAGEMENT
\n\nCAPITAL MANAGEMENT
\nThe Group\u2019s objective, when managing capital, is to maintain
\na capital structure able to support the operations and max-
\nimize shareholder value. The farming business is character-
\nized by price volatility and challenging production dynamics.
\nThe Group must be financially solid in order to be able to
\ncope with fluctuations in profits and financial position, and
\nthe consolidated equity ratio shall at no time be lower than
\n35%. At 31 December 2022, the Group\u2019s equity ratio was 62%
\n(64%).
\nThe Group manages the capital structure and adjusts corre-
\nsponding to changes in the underlying economic conditions.
\nIn December Bakkafrost entered a term sheet for a sustaina-
\nbility-linked EUR 700 million multicurrency revolving credit
\nfacility with a tenor of five years. The facility agreement was
\nsigned in March 2022. In February 2023 the Group made
\nuse of an extension option and extended the Facility with 12
\nmonths until February 2028.
\nAccording to the Group\u2019s dividend policy, under normal cir-
\ncumstances, average dividends over several years should be
\n30 to 50% of the adjusted net profit. The Board has proposed
\na dividend of DKK 10.00 per share for the financial year
\n2022, corresponding to a distribution to shareholders of DKK
\n591 million (DKK 304 million).
\nAt 31 December 2022, net interest-bearing debt amounted
\nto DKK 2,664 million (DKK 2,126 million). Note 3.10 provides
\nan overview of the debt\u2019s maturity profile and information
\non the debt\u2019s financial covenants. Bakkafrost complied with
\nthe covenants loan agreements at the end of 2022.
\n
\n\n\nFINANCIAL RISK MANAGEMENT
\nThe Group has exposure to the following risks from its use
\nof financial instruments: market risk, liquidity risk and credit
\nrisk. This note presents information about the Group\u2019s expo-
\nsure to each of these risks, the Group\u2019s objectives, policies
\nand procedures for measuring and managing risks.
\nFurther quantitative disclosures are included throughout
\nthese consolidated financial statements.
\nThe main objective of Bakkafrost\u2019s financial risk manage-
\nment policies is to ensure the ongoing liquidity of the Group,
\ndefined as being at all times in a position to meet the liabil-
\nities of the Group as they fall due. This also includes being
\nable to meet financial covenants on Group debt under normal
\ncircumstances.
\nConcerning insurance coverage, the Group insures against
\nmaterial risks, where the insurance is economically viable.
\nThe balance between the amount covered by insurance and
\nwhat is left to own risk varies, depending on the nature of
\nthe risk, the value of the assets and prospective liabilities
\nand the cost, actual coverage and the availability of insur-
\nance.
\nThe Board of Directors believe that the most important meas-
\nure against any risk is to have a strong financial position. At
\n31 December 2022, the Group\u2019s equity ratio was 62% (64%).
\nRisk management policies and procedures are reviewed reg-
\nularly to reflect changes in market conditions and the Group\u2019s
\nactivities.
\nFINANCIAL RISK
\nFinancial risk can be defined as the risk that the Group will
\nnot be able to meet its financial obligations.
\nIn addition to bank loans, the Group has financial instru-
\nments such as accounts receivables, cash, shares, accounts
\npayables, etc., which are ascribable directly to day-to-day
\nbusiness operations.
\n
\n
\n\n
\n\n
\n
\n\n
\nThe Group uses financial derivatives, mainly currency for-
\nward contracts. The purpose of these instruments is to man-
\nage the currency risks arising from the Group\u2019s operations.
\nThe Group does not employ financial instruments, including
\nfinancial derivatives, for the purpose of arbitrage.
\nThe most important financial risks, to which the company is
\nexposed, are interest rate risk, foreign exchange risk, liquidi-
\nty risk and credit risk. The management monitors these risks
\non an on-going basis and draws up guidelines, for how these
\nshould be managed.
\n\n
\nMARKET RISK
\nMarket risk can be defined as the risk that the Group\u2019s in-
\ncome and expenses, future cash flows or fair value of finan-
\ncial instruments will fluctuate because of changes in market
\nprices. Market risk comprises three types of risk: currency
\nrisk, interest rates risk and other price risk (such as commod-
\nity prices and salmon spot prices).
\nMarket risk is monitored and actively managed by the Group.
\nExposure to these risks is reduced by diversification, suitable
\ncontrols and business tactics. In some cases, market risks are
\ntransferred to third parties via contractual price adjustment
\nclauses, but rarely by means of financial derivatives.
\n\nForeign exchange risk
\nBecause of the international nature of its operations, the
\nGroup is exposed to fluctuations of foreign currency rates.
\nFor risk management purposes, three types of currency ex-
\nposure have been identified: Translational exposure, Trans-
\nactional exposure and Economic currency exposure:
\n
\n\nTranslational exposure
\n Bakkafrost has subsidiaries abroad in Scotland, England, USA,
\nFrance and Denmark. Thus, Bakkafrost faces currency risks
\narising from the translation of subsidiaries whose functional
\ncurrency differ from the presentation currency of the Group.
\nThe exposure related to equity of foreign subsidiaries is gen-
\nerally not hedged.
\nTransactional exposure
\nMost of the operating companies in the Group are exposed to
\nchanges in the value received or paid under foreign currency
\ndenominated committed transactions. For the farming seg-
\nments, exposure arises mainly from export sales, while for
\nthe FOF segment, exposure results from the sourcing of raw
\nmaterials in the international commodities markets.
\nThe Group has normally a net positive cash flow exposure
\nfrom USD and EUR and a net negative cash flow expo-
\nsure from DKK, GBP, and NOK. The predominant exposure
\ncomes from the USD. The Group has therefore a policy for a
\n12-months layered hedging programme of USD/DKK.
\nThe table below summarizes the foreign currency exposure
\non the net monetary position of all Group entities against
\ntheir functional currency. The exposure on translating the fi-
\nnancial statements of subsidiaries into the presentation cur-
\nrency is not included in the analysis.
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nExposure to currency risk Currency
\nDKK 1,000
\n2022 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\nCash and cash equivalents 358,978 0 219,246 24,031 2,324
\nAccounts receivable 398,970 73,511 105,135 88,451 5,730
\nTrade payables 0 -55,642 -22,555 -8,772 0
\nInterest-bearing debt -706,467 -628,838 0 0 0
\nForward contracts 0 0 -331,250 0 0
\nNet exposure 51,481 -610,969 -29,424 103,710 8,054
\n
\n2021 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\nCash and cash equivalents 203,593 0 181,144 0 15,018
\nAccounts receivable 318,369 66,785 203,383 14,063 2,803
\nTrade payables -1,253 -88,590 -9,992 0 0
\nInterest-bearing debt -706,468 -716,025 0 -8,905 0
\nForward contracts 0 0 -249,562 7,873 0
\nNet exposure -185,759 -737,830 124,973 13,031 17,821
\n
\nSensitivity analysis Currency
\nDKK 1,000
\n2022 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK Result
\nNet exposure 51,481 -610,969 -29,424 103,710 8,054
\nHistorical volatility for the last 5 years 0.28% 7.24% 7.35% 9.98% 8.34%
\nTotal effect on Profit of +movements 144 -44,234 -2,163 10,350 672 -35,231
\nTotal effect on Profit of -movements -144 44,234 2,163 -10,350 -672 35,231
\n
\n2021 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK Result
\nNet exposure -185,759 -737,830 124,973 13,031 17,821
\nHistorical volatility for the last 5 years 0.28% 7.19% 6.65% 9.31% 7.21%
\nTotal effect on Profit of +movements -520 -53,050 8,311 1,213 1,285 -42,761
\nTotal effect on Profit of -movements 520 53,050 -8,311 -1,213 -1,285 42,761
\nThe analysis is based on the currencies that the Group is
\nmost exposed to at the end of 2022. The reasonable shifts
\nin exchange rates in the table above are based on 5 years
\nhistorical volatility.
\nIf the relevant cross foreign exchange rates moved by the
\namounts showed in the table above, the effect on the Group\u2019s
\nnet income would be DKK -35 million (2021: DKK -43 mil-
\nlion).
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n
\n
\n\nCurrency forward contracts as at 31 December 2022
\n Bakkafrost Group buys Bakkafrost Group sells
\nDKK 1,000
\nDKK 331,250 USD 46,957
\n
\nCurrency forward contracts as at 31 December 2021
\n
\n Bakkafrost Group buys Bakkafrost Group sells
\nDKK 1,000
\nDKK 249,562 39,247
\nNOK 10,950 GBP 7,873
\n
\nSignificant exchange rates (average) during the year EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\n2022 743.96 872.59 708.30 73.69 5.40
\n2021 743.70 865.25 629.18 73.18 5.73
\n
\n\n\nInterest rate risk
\nThe Group is exposed to increase in interest rates as a result
\nof having debt with floating interest rate terms. An increased
\ncost of borrowing might adversely affect the Group\u2019s profita-
\nbility. The Group does not have fixed interest rate debt.
\nAccording to the Group\u2019s finance policy, the main objective
\nof interest rate risk management activities should be to min-
\nimize the risk of breach of the Group\u2019s debt covenants and
\nto avoid situations of financial distress that might jeopard-
\nize strategic flexibility. Trading in interest rate derivatives is
\nundertaken to cover existing exposures. Purely speculative
\ntransactions are not allowed.
\nThe Group has no fixed rate liabilities and is therefore not
\nexposed to the risk that changes in interest rates might drive
\nchanges in market value of outstanding debt.
\nA 100 basis points increase in interest rate at the reporting
\ndate would have a negative impact on the income statement
\namounting to DKK 27 million (2021: DKK 21 million), based
\non NIBD.
\nPrice risk
\nThe farming segments are sensitive to fluctuations in the
\nspot prices of salmon, which are determined by global supply
\nand demand. The impact of changes in salmon spot prices is
\npartly mitigated by long-term contracts at fixed prices in the
\nVAP segment and financial contracts, however, due to long
\nproduction cycles, it is difficult to respond quickly to global
\ntrends in market prices. Salmon is to a large extent traded
\nbased on spot prices, although this would vary with different
\nmarkets and with the market position of the Group.
\nOther price risk
\nThe Group\u2019s FOF segment is active in the international com-
\nmodity markets. A large portion of raw materials needed in
\nproduction is contracted in advance of periodic sales price
\nregulations, this way the risk associated with increases in
\ncommodity prices is effectively transferred to feed custom-
\ners, mainly inside the Group. Constraints in the availability
\nof certain raw materials might result in increased sourcing
\ncosts in those cases, where an unexpected surge in sales vol-
\nume makes it necessary to purchase raw materials outside of
\npreviously negotiated purchase agreements. Under these cir-
\ncumstances, it might not be possible to charge the customers
\nwith the increased cost, and profitability would thus suffer.
\n
\n
\n
\n\n\nLiquidity risk
\nLiquidity risk arises from the Group\u2019s potential inability to
\nmeet its financial obligations towards suppliers and debt
\ncapital providers. The Group\u2019s liquidity situation is closely
\nmonitored and rolling forecasts of cash flows and cash hold-
\nings are prepared regularly.
\nLiquidity risk is managed through maintaining flexibility in
\nfunding by securing available committed credit lines, pro-
\nvided by our bank, and through maintaining sufficient liquid
\nassets with the same relationship bank.
\nThe Group seeks to maintain committed facilities to cover
\nforecast borrowings for the next 24 months, plus financial
\nheadroom to cover the planned investments and unfore-
\nseen movements in cash requirements. Please also refer
\n
\n\n
\n\n
\n\n
\n
\n
\n\n
\n
\n\nto Note 3.11 for information on committed credit facilities,
\navailable credit lines, and maturity of interest-bearing debt.
\nIn addition to the above-described sources of liquidity,
\n Bakkafrost monitors funding options available in the capi-
\ntal markets as well as trends in the availability and cost of
\nsuch funding with a view to maintain financial flexibility and
\nlimiting refinancing risk. Bakkafrost\u2019s overall liquidity as at
\n31 December 2022 included DKK 720 million (2021: DKK
\n509 million) (see Note 3.11) of cash and cash equivalents
\nheld in various currencies.
\n
\n\n\nCredit risk
\nCredit risk represents the accounting loss that would have
\nto be recognized if other parties failed to perform as con-
\ntracted and is related to financial instruments such as cash
\nand cash equivalents, receivables and derivative financial
\ninstruments.
\n Bakkafrost has a Group-wide credit management policy,
\ngoverned by Bakkafrost\u2019s credit committee. The committee
\nis responsible for granting credits to the Groups customers.
\nIn general, Bakkafrost uses credit insurance, bank guaran-
\ntees, parent company guarantees, or other securities such as
\npledges on biological assets, thus reducing the actual risk on
\noutstanding receivables significantly. Historically, losses due
\nto bad debts have been low in Bakkafrost. Recoverable Tax
\nand VAT, included in the balance, also reduces the risk. In
\naddition to such risk mitigating measures, the Group focuses
\non detailed credit management in operating companies, sup-
\nported by regular follow up by central functions.
\nThe concentration of credit risk is at the outset not con-
\nsidered significant, since the Group\u2019s customers represent
\nvarious industries and geographic areas. Counterparty risk
\nagainst financial institutions is not considered significant,
\ndue to limited liquid assets and low traded volumes in deriv-
\natives. For these transactions, the Group relies upon Nordic
\nrelationship banks, other relationship banks or widely recog-
\nnized commodity exchanges.
\nThe carrying amount of financial assets represents the max-
\nimum credit exposure. The maximum exposure to credit risk
\nat the reporting date consists of accounts receivables, other
\nreceivables, tax receivables and cash and cash equivalents
\nand amounts to DKK 1,697 million as at 31 December 2022
\n(2021: DKK 1,411 million). For the age distribution of ac-
\ncounts receivable, please refer to Note 3.8.
\nCredit Risk 2022 2021
\nAccounts receivable 808,755 620,324
\nOther receivables 102,450 172,206
\nTax receivables 65,822 109,700
\nCash and Cash equivalents 719,603 509,157
\nTotal 1,696,630 1,411,387
\n Bakkafrost has implemented a Group-wide cash management
\npolicy with the overall objective of minimizing cash holdings,
\nwhile ensuring sufficient liquidity to meet business needs,
\navoid shortage of cash and limit the need for borrowing. The
\ncash management is carried out from the Group\u2019s head office.
\n
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n\nNOTE 4.2 CATEGORIES AND FAIR VALUE OF
\nFINANCIAL INSTRUMENTS
\nFair value of financial instruments
\nAll assets/liabilities, for which fair value is recognized or dis-
\nclosed, are categorized within the fair value hierarchy, de-
\nscribed as follows, based on the lowest level input that is
\nsignificant to the fair value measurement as a whole:
\nLevel 1: Quoted market prices in an active market (that are
\nunadjusted) for identical assets or liabilities.
\nLevel 2: Valuation techniques (for which the lowest level in-
\nput that is significant to the fair value measurement is direct-
\nly or indirectly observable).
\nLevel 3: Valuation techniques (for which the lowest level in-
\nput that is significant to the fair value measurement is un-
\nobservable).
\nFor biological assets, the fair value calculation is done using
\na valuation model (level 3 in the valuation hierarchy), where
\nthe value is estimated based on observable market prices
\nper period end. For more information on these calculations,
\nrefer to Note 3.7.
\nFor assets/liabilities that are recognized at fair value on a re-
\ncurring basis, the Group determines, whether transfers have
\noccurred between Levels in the hierarchy by reassessing cat-
\negorization (based on the lowest level input that is signifi-
\ncant to the fair value measurement).
\nThere have been no transfers into or out of Level 3 fair value
\nmeasurements.
\nAs at December 31st the Group held the following classes of assets/liabilities measured at fair value:
\n
\n
\nDKK 1,000
\nAssets and liabilities measured at fair value Fair value Cost amount Level 1 Level 2 Level 3
\n
\nBiological assets (biomass) 2,938,485 2,055,386 0 0 2,938,485
\nAssets measured at fair value 31-12-22 2,938,485 2,055,386 0 0 2,938,485
\n
\nLiabilities measured at fair value 31-12-22 0 0 0 0 0
\nBiological assets (biomass) 2,448,289 1,843,582 0 0 2,448,289
\nAssets measured at fair value 31-12-21 2,448,289 1,843,582 0 0 2,448,289
\n
\nLiabilities measured at fair value 31-12-21 0 0 0 0 0
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\nNOTE 4.3 EARNINGS PER SHARE
\nDKK 1,000 2022 2021
\nEarnings per share 2022 2021
\nAdjusted earnings per share (before fair value adjustments
\nof biomass and provision for onerous contracts (adjusted EPS)
\n Bakkafrost Group has no stock option programme running at present.
\n
\n\n
\n\nACCOUNTING POLICIES
\nBasic earnings per share
\nBasic EPS is calculated by dividing the profi t attributable
\nto equity holders of the company by the weighted average
\nnumber of ordinary shares in issue during the year, exclud-
\ning ordinary shares purchased by the company and held as
\ntreasury shares.
\nDiluted earnings per share
\nDiluted earnings per share are adjusted for the dilution ef-
\nfect of issued share options. Bakkafrost has no share options
\noutstanding.
\nAdjusted earnings per share
\nAdjusted EPS is based on the reversal of certain fair value
\nadjustments shown in the table above, as it is Bakkafrost\u2019s
\nview that this fi gure provides a more reliable measure of the
\nunderlying performance.
\n
\n\n
\n\n
\n\n
\n\n
\nNOTES \u2013 SECTION 5
\n
\nOther
\nDisclosures
\nThis section gives more details on the statutory notes
\nthat have secondary importance from the perspective of
\n Bakkafrost.
\n\n
\n\nNOTE 5.1. CAPITAL COMMITMENTS
\n
\n2022 2023 2024 Total
\nTotal contractual new Hatchery stations in the Faroe Islands 57,077 26,294 83,371
\nTotal contractual new marine sites and development of an existing freshwater site in Scotland. 233,900 0 233,900
\nTotal contractual other PPE investments 336,700 0 336,700
\nTotal 627,677 26,294 653,971
\n
\n2021 2022 2023 Total
\nTotal contractual new Hatchery stations in the Faroe Islands 163,204 99,065 262,269
\nTotal contractual new marine sites and development of an existing freshwater site in Scotland. 163,400 0 163,400
\nTotal contractual other PPE investments 324,600 0 324,600
\nTotal 651,204 99,065 750,269
\n
\n\n
\n\n
\n\n\nNOTE 5.2 RELATED-PARTY TRANSACTIONS
\n\n\nRelated parties are in this respect considered as persons or
\nlegal entities, which directly or indirectly possess signifi cant
\ninfl uence on the Bakkafrost Group through shareholding or
\nposition and vice versa. Related party transactions are at
\narm\u2019s length terms.
\n
\n\n
\n\n\nDKK 1,000 2022 2021
\nBased on key personnel
\nRevenues - Betri Trygging P/F 368 0
\nPurchase - Betri Trygging P/F 36,948 42,593
\nAccounts receivables - Betri Trygging P/F 143 0
\nAccounts payable - Betri Trygging P/F 2,344 50
\nRevenues - Gist & Vist P/F n/a 919
\nPurchase - Gist & Vist P/F n/a 106
\nAccounts receivable \u2013 Gist & Vist P/F n/a 59
\nPurchase \u2013 Frost P/F n/a 669
\nAccounts payable - Frost P/F n/a 77
\nRevenues - Tjaldur P/F 108 0
\nPurchase - Tjaldur P/F 161,289 81,766
\nAccounts payable - Tjaldur P/F 12,211 5,375
\nPurchase - Eystur- og Sandoyartunlar P/F 813 704
\nAccounts payable - Eystur- og Sandoyartunlar P/F 27 2
\nRevenues - Posta P/F 2 n/a
\nPurchase - Posta P/F 7,652 n/a
\nAccounts receivables - Posta P/F 0 n/a
\nAccounts payable - Posta P/F 9 n/a
\nBased on association
\nRevenues - FF Skagen A/S 49,242 14,019
\nPurchase - FF Skagen A/S 15,973 0
\nAccounts payable - FF Skagen A/S 6,099 0
\nRevenues - Pelagos P/F 0 27
\nPurchase - Pelagos P/F 144,702 51,401
\nAccounts payable - Pelagos P/F 46 4,028
\nRevenues - Salmon Proteins P/F 9,558 8,005
\nPurchase - Salmon Proteins P/F 1,794 131
\nAccounts receivables - Salmon Proteins P/F 0 1,941
\nAccounts payable - Salmon Proteins P/F 342 0
\nRevenues - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F
\nn/a 411
\nPurchase - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F n/a 6,137
\nAccounts receivables - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F n/a 8,102
\nAccounts payable - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F n/a 722
\n
\n\n
\n\n
\n\n
\n\n
\nNOTE 5.3 BUSINESS COMBINATIONS
\nIn a transaction closed on 1 January 2022, Bakkafrost has
\nacquired 90% of the shares in Munkebo Seafood A/S. The
\ndeal was jointly made with the General Manager of Munkebo
\nSeafood. The shares were acquired from Paul Lybech, who
\nhas been engaged with Munkebo Seafood for almost 25
\nyears. Following the transaction, the General Manager holds
\n10% of the shares in Munkebo Seafood A/S while Bakkafrost
\nholds 90% of the shares.
\nMunkebo Seafood A/S was founded in 1974 and has since
\nthe formation been engaged in production of canned fish at
\nthe factory in the city of Munkebo in Denmark. Today, the
\ncompany operates a modern canning facility and offers a
\nwide range of products, of which a larger share is based on
\nsalmon. Bakkafrost has been one of the largest suppliers of
\nraw materials for Munkebo Seafood for the past few years,
\nmaking Munkebo Seafood a great extension of Bakkafrost\u2019s
\nvalue chain. With a planned increase in production of salm-
\non over the coming years, from Bakkafrost\u2019s farms in the
\n Faroe Islands and in Scotland, Munkebo Seafood will have a
\nstrengthened raw material base and Bakkafrost will strength-
\nen the ability to further increase the value derived from its
\nsalmon by-products.
\nThe operations of Munkebo Seafood will remain unchanged.
\nMunkebo Seafood has around 40 employees, and the prod-
\nucts are currently sold mainly within the EU market to retail
\ncustomers. The key employees of Munkebo AS will continue.
\nThere is considerable spare production capacity for future
\ngrowth within the current facility.
\nWith the acquisition of Munkebo Seafood, Bakkafrost can
\nnow offer a wider range of products. Bakkafrost offers fresh,
\nfrozen, and smoked salmon products, and now canned food is
\nadded. Bakkafrost has a global sales network, and Munkebo
\nSeafood\u2019s products will now be offered in a wider market
\nas a supplement to Bakkafrost\u2019s other consumer packaged
\nproducts.
\nThe fair value of intangible assets has been determined on
\nan estimated fair value. Fair value has been identified in cus-
\ntomer relationship employing generally accepted valuation
\ntechniques. The market value of the customer relationship is
\nmeasured to DKK 6.2 million.
\nThe fair value of property, plant and equipment has been
\ndetermined based a 3rd party valuation.
\nThe fair value of receivables has been determined based an
\nestimate of an age-distributed debtor list and historical fig-
\nures on doubtful debtors.
\nThe fair value of the inventory has been determined based
\non inventory lists, historical sales data, and subtraction of
\nobsolete goods.
\nThere have been no other new material business combina-
\ntions in 2022 and there were no new material business com-
\nbinations in 2021.
\n
\n\n
\n\n
\n\n
\n Book value Fair Value
\nDKK 1,000 31/12/2021 adjustments Fair value
\nGoodwill 0 7,586 7,586
\nIntangible assets 7 0 7
\nProperty, plant, and equipment - incl. IFRS 16 13,665 0 13,665
\nAccount\u2019s receivables 8,480 0 8,480
\nInventories 21,238 0 21,238
\nOther current assets, excluding cash and bank 2,202 0 2,202
\nTotal assets 45,592 7,586 53,178
\nDeferred taxes and other taxes 1,091 1,157 2,248
\nLong-term liabilities, interest-bearing 7,405 0 7,405
\nAccounts payable 13,733 0 13,733
\nOther payable 4,404 0 4,404
\nLiabilities 26,633 1,157 27,790
\nNet assets 18,959 6,429 25,388
\n
\n\n
\n\n
\n
\n\nNOTE 5.4 EVENTS AFTER THE DATE OF THE
\nSTATEMENT OF FINANCIAL POSITION
\nThis is regarding new information regarding the company\u2019s
\nfi nancial position on the statement of fi nancial position,
\nwhich is received after the date of the statement of fi nancial
\nposition, has been recognized in the annual accounts. Events
\nafter the date of the statement of fi nancial position, which do
\nnot affect the company\u2019s fi nancial position on the statement
\nof fi nancial position date, but which will affect the company\u2019s
\nfuture fi nancial position, are disclosed if material.
\n
\n\n\nNOTE 5.5 AUDITOR\u2019S FEES
\nFees paid to auditors (ex. VAT) break down as follows:
\nDKK 1,000 2022 2021
\nStatutory auditing 1,366 1,262
\nTax advisory services 9 55
\nOther services 361 300
\nTotal auditor\u2019s fees 1,736 1,617
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\nNOTE 5.6 GOING CONCERN
\nWith reference to the Group\u2019s profi ts, fi nancial strength and
\nlong-term forecasts for the years ahead, it is confi rmed that
\nthe fi nancial statements for 2022 are based on the assump-
\ntion that Bakkafrost is a going concern. In the opinion of the
\nBoard, the Group\u2019s fi nancial position is good.
\n
\n\n\nNOTE 5.7
\nALTERNATIVE PERFORMANCE MEASURES
\nThe Groups fi nancial information is prepared in accordance
\nwith international fi nancial reporting standards (IFRS). In ad-
\ndition, the management\u2019s intention is to provide alternative
\nperformance measures, which are regularly reviewed by the
\nmanagement to enhance the understanding of the company\u2019s
\nperformance, but not replacing the fi nancial statements pre-
\npared in accordance with IFRS. The alternative performance
\nmeasures presented may be determined or calculated dif-
\nferently by other companies. Bakkafrost\u2019s experience is that
\nthese APM\u2019s are frequently used by analysts, investors and
\nother parties.
\nThese APM\u2019s are adjusted IFRS measures defi ned, calculated
\nand used in a consistent and transparent manner over the
\nyears and across the company where relevant.
\nNIBD
\nNet interest-bearing debt consists of both current and
\nnon-current interest-bearing liabilities, less related current
\nand non-current hedging instruments, fi nancial instruments,
\nsuch as debt instruments and derivatives, and cash and cash
\nequivalents. The net interest-bearing debt is a measure of the
\nGroup\u2019s net indebtedness that provides an indicator of the
\noverall balance sheet strength. It is also a single measure that
\ncan be used to assess both the Group\u2019s cash position and its
\nindebtedness. The use of the term \u2018net debt\u2019 does not neces-
\nsarily mean that the cash included in the net debt calculation
\nis available to settle the liabilities included in this measure.
\nNet debt is an alternative performance measure as it is not
\ndefi ned in IFRS. The most directly comparable IFRS measure
\nis the aggregate interest-bearing liabilities (both current and
\nnon-current) and cash and cash equivalents. A reconciliation
\nfrom these to net debt is provided below.
\n
\n
\n\n\nDKK 1,000 2022 2021
\nCash and cash equivalents -719,603 -509,157
\nLong- and short-term interest-bearing debt 3,383,289 2,634,968
\nNet interest-bearing debt 2,663,686 2,125,811
\n
\n\n
\n\n
\n
\n
\n
\n\nOperational EBIT
\nOperational EBIT is EBIT aligned for fair value adjustments,
\nonerous contracts provisions, income from associates and
\nrevenue tax - FO.
\nOperational EBIT is a major alternative performance measure
\nin the salmon farming industry. A reconciliation from EBIT to
\nOperational EBIT is provided below.
\nDKK 1,000 2022 2021
\nEBIT 1,826,153 1,144,685
\nFair value adjustments of biological assets -278,392 -434,868
\nIncome from associates -57,597 -30,112
\nRevenue tax - FO 215,001 141,489
\nOperational EBIT 1,705,165 821,194
\nEBITDA
\nEarnings before interest, tax, depreciations and amortizations
\n(EBITDA) is a key fi nancial parameter for Bakkafrost\u2019s FOF
\nsegment. EBITDA before other income and other expenses is
\ndefi ned as EBITDA less gains and losses on disposals of fi xed
\nassets and operations and is reconciled in the section Group
\noverview. This measure is useful to users of Bakkafrost\u2019s fi -
\nnancial information in evaluating operating profi tability on
\na more variable cost basis, as it excludes depreciations and
\namortization expenses related primarily to capital expendi-
\ntures and acquisitions, which occurred in the past, nonrecur-
\nring items, as well as evaluating operating performance in re-
\nlation to Bakkafrost\u2019s FOF segments competitors. The EBITDA
\nmargin presented is defi ned as EBITDA before other income
\nand other expenses divided by total revenues.
\nOperational EBIT per kg:
\nFarming FO segment:
\nOperational EBIT Farming FO segment
\nTotal harvested volumes FO (gw)
\nVAP segment:
\nOperational EBIT VAP segment
\nTotal volumes produced (raw material gw)
\nFarming FO and VAP segment:
\nOperational EBIT Farming FO and VAP segment
\nTotal harvested volumes FO (gw)
\nFarming SCT segment:
\nOperational EBIT Farming SCT segment
\nTotal harvested volumes SCT (gw)
\n
\n\n
\n\n
\n
\n\nDKK 1,000 2022 2021
\nProfi t for the year to the shareholders of P/F Bakkafrost 1,344,330 964,036
\nFair value adjustment of biomass -278,392 -434,868
\nTax on fair value adjustment and onerous contracts provisions 57,682 78,276
\nAdjusted profi t for the year to shareholders of P/F Bakkafrost 1,123,620 607,444
\nTime-weighted average number of shares outstanding through the year 59,090,186 59,064,994
\nAdjusted earnings per share (before fair value adjustment of
\nbiomass and provisions for onerous contracts) 19.02 10.28
\nAdjusted EPS
\nAdjusted EPS is based on the reversal of certain fair value
\nadjustments shown in the table above, as it is Bakkafrost\u2019s
\nview that this fi gure provides a more reliable measure of the
\nunderlying performance.
\n
\n\n
\n",
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"Tag647": {
"value": "\nNOTE 1. GENERAL INFORMATION
\nP/F Bakkafrost (\u201ccompany\u201d) is a public limited company dom-
\niciled in the Faroe Islands at Bakkavegur 9, Glyvrar.
\nP/F Bakkafrost was listed on Oslo Stock Exchange in 2010
\nwith the ticker code: BAKKA.
\n
\n",
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"language": "en",
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"value": "P/F Bakkafrost ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag643": {
"value": "Faroe Islands at Bakkavegur 9, Glyvrar",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag657": {
"value": "\n
\n
\nNOTE 1.1 SUMMARY OF SIGNIFICANT
\nACCOUNTING POLICIES
\nThe principal accounting policies applied in the preparation
\nof these consolidated financial statements are set out below.
\nThese policies have been consistently applied to all periods
\npresented.
\n
\n\n
\n
\nNOTE 1.2 BASIS OF PRESENTATION
\n\nThe Annual Report comprises the income statement, state-
\nment of comprehensive income, statement of financial posi-
\ntion, specification of changes in equity, cash flow statement
\nand note disclosures for the Group. The accounting year
\nequals the calendar year. The financial statements were for-
\nmally drawn up in accordance with International Financial
\nReporting Standards (IFRS) and the interpretations issued by
\nthe International Accounting Standards Board as approved
\nby the European Community and the additional requirements
\nin the Faroese Financial Reporting act.
\n
\n\nThe Annual and Consolidated Report and Accounts for the
\nperiod 1 January to 31 December 2022 comprises both the
\nConsolidated Annual Report and Accounts for P/F Bakkafrost
\nand its subsidiaries (Group) and the separate Annual Ac-
\ncounts for the parent company.
\n\nThe financial statements were formally authorized for issue
\nby the Board of Directors on 31 March 2023.
\n
\n\nThe Annual Report has been prepared on a historical cost
\nbasis except for where IFRS requires recognition at fair value,
\nmainly valuation of licences, which are acquired by business
\ncombinations, and of biomass.
\nPreparation of the financial statements involves the use of
\nestimates and assumptions. Changes in estimates and esti-
\nmated assumptions are accounted for when they occur. De-
\nscriptions about the various estimates applied are given in
\nthe notes to the accounts where relevant.
\n
\n
\n\n
\n
\n\n
\n\n
\nNOTE 1.3 CONSOLIDATION PRINCIPLES
\nThe consolidated financial statements include P/F Bakkafrost
\nand the subsidiaries over which P/F Bakkafrost has a con-
\ntrolling influence either by shareholding or by agreement. A
\ncontrolling interest is normally deemed to exist when own-
\nership directly or indirectly exceeds 50% of the voting rights.
\nControlling interest may also exist by nature of agreement.
\nSimilarly, limitations in voting rights by agreement may im-
\npede exercise of control, and the investment concerned will
\nbe considered an associate.
\n\nNewly acquired subsidiaries are included from the date on
\nwhich a controlling interest is secured, and divested subsid-
\niaries are included up until the date of divestment. The con-
\nsolidated accounts have been prepared in accordance with
\nuniform accounting principles for similar transactions in all
\ncompanies included in the consolidated accounts.
\nAll material transactions and balances between Group Com-
\npanies have been eliminated.
\nShares in subsidiaries have been eliminated in the consoli-
\ndated financial statements in accordance with the acquisition
\nmethod. This means that the acquired company\u2019s assets and
\nliabilities are reported at fair value at the date of acquisition,
\nwith any excess value being classified as goodwill. Where the
\nfair value of the assets acquired exceeds the payment made,
\nthe difference is treated as negative goodwill in the Income
\nStatement.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n
\n\n
\n\nWhen shares are acquired in stages, the value basis of the
\nassets and liabilities is the date, the Group was formed. Later
\nacquisition of assets in existing subsidiaries will not affect
\nthe value of assets or liabilities, except for goodwill, which is
\ncalculated with each acquisition.
\n
\n\n
\n\n
\n\n
\n\nInvestments in companies in which the Group has a signifi-
\ncant influence (associated companies) are treated in accord-
\nance with the equity method in the consolidated accounts. A
\nconsiderable influence is normally deemed to exist when the
\nGroup owns 20%\u201350% of the voting capital. The Group\u2019s share
\nof the profits in such companies is based on profit after tax,
\nless internal gains, and depreciation on excess value due to
\nthe cost price of the shares being higher than the acquired
\nportion of book equity. In the Income Statement, the profit
\nshare is presented on a separate line, while the assets are
\npresented in the statement of financial position as non-cur-
\nrent financial assets. The accounting principles used by as-
\nsociated companies have been changed where necessary to
\nachieve consistency with the principles used by the Group.
\n
\n\n
\n\n
\n\n\nNOTE 1.4 TRANSLATION OF FOREIGN
\nCURRENCIES
\nFor each individual entity, which is recognized in the consoli-
\ndated accounts, a functional currency is determined in which
\nthe entity measures its results and financial position. The
\nfunctional currency is the currency of the primary economic
\nenvironment in which the entity operates. Transactions in
\nother currencies than the functional currency are transac-
\ntions in a foreign currency.
\nA foreign currency transaction is, on initial recognition, re-
\ncorded in the functional currency at the spot exchange rate
\nbetween the functional currency and the foreign currency on
\nthe date of the transaction.
\nAt each balance sheet date, receivables, payables, and oth-
\ner monetary items in foreign currency are translated to the
\nfunctional currency using the closing rate. Exchange differ-
\nences arising on the settlement of monetary items or on
\ntranslating monetary items, at rates different from those at
\nwhich they were translated on initial recognition during the
\nperiod or in previous financial statements, shall be recog-
\nnized in the income statement under financial revenues and
\nexpenses.
\nOn consolidation, the results and financial position of the
\nGroup\u2019s individual entities with different functional curren-
\ncies than the Group\u2019s presentation currency (DKK) are trans-
\nlated into the Group\u2019s presentation currency using the fol-
\nlowing procedure:
\n\u2022 Assets and liabilities are translated at the closing rate at
\nthe date of the balance sheet.
\n\u2022 Income and expenses are translated at exchange rates at
\nthe dates of the transactions.
\n\u2022 All resulting exchange differences are recognized directly
\nin equity as a separate component of equity. For practical
\nreasons an average rate for the period that approximates
\nthe exchange rates at the dates of the transactions is used.
\n
\n
\n\nNOTE 1.5 CLASSIFICATION PRINCIPLES
\nBiomass is recognized at fair value in the Statement of Fi-
\nnancial Position. Changes in biomass and inventory meas-
\nured at cost are presented as a one-line item in the Income
\nStatement. Biomass at cost consists of all production costs.
\nThe biomass is then adjusted to fair value, i.e., market value
\nless finishing costs, by adding or subtracting an IFRS adjust-
\nment. The IFRS adjustment is the difference between bio-
\nmass measured at cost and measured at fair value.
\nCash and cash equivalents consist of cash in hand and bank
\ndeposits. Assets, which form part of the production cycle or
\nfall due for payment within 12 months, are classified as cur-
\nrent assets. Other assets are classified as non-current assets.
\nLiabilities, which form part of the production cycle or fall
\ndue for payment within 12 months, are classified as current
\nliabilities. Other liabilities are classified as non-current lia-
\nbilities.
\n\nDividend proposals are not classified as liabilities until the
\nparent company has assumed an irrevocable obligation to
\npay the dividend, normally when dividend proposals have
\nbeen approved by the Annual General Meeting.
\n
\n\nNext year\u2019s instalments on long-term debts are classified as
\ncurrent liabilities.
\n\nChanges in the fair value of biological assets are presented
\non a line item separately from biomass changes measured at
\ncost under operating profit/loss. This allows the reader of the
\nFinancial Report to determine both production efficiency and
\nbiomass at fair value.
\n
\n\n\nNOTE 1.6 FUNCTIONAL CURRENCY
\nThe consolidated accounts are presented in Danish Kroner
\n(DKK), which is the Group\u2019s functional and presentation cur-
\nrency. All transactions in foreign currencies are translated
\ninto DKK at the time of transaction. In the statement of fi-
\nnancial position, monetary items in foreign currencies are
\ntranslated at the exchange rate in effect on the statement of
\nfinancial position date.
\n
\n\n
\n\n
\n
\n
\n
\n\nNOTE 1.7 NEW STANDARDS
\nStandards and interpretations, which are issued at the date
\nof the Group\u2019s Financial statements, but will become effec-
\ntive later, are disclosed below. The disclosures contain stand-
\nards including amendments, which may influence recognition
\nor measurements in the Financial statements, alter existing
\ndisclosures or require additional disclosures when effective
\nat a future date. The standards are implemented as they be-
\ncome effective.
\nNew standards, regulating issues not relevant to the Group
\nor with insignificant impact on the Group, are omitted from
\nthis narrative.
\nNew standards effective from 1 January 2023 and
\nOnly minor adjustments have been made in standards and
\ninterpretations (IFRIC) which are effective for the financial
\nyear 2022. Neither are new standards nor amendments to
\nthese from 2023 and forth expected to have any impact on
\nthe Bakkafrost Group.
\n
\n\n\nNOTE 1.8 ACCOUNTING ESTIMATES
\nThe preparation of financial statements in accordance with
\nIFRS requires the management to make judgement estimates
\nand assumptions that affect the application of accounting
\nprinciples and carrying amounts of assets and liabilities, in-
\ncome, and expenses. The estimates and underlying assump-
\ntions are based on experience and other factors perceived to
\nbe relevant and probable when the judgements were made.
\nEstimates are reviewed on an on-going basis, and actual val-
\nues and results may deviate from the initial estimates. Revi-
\nsion to accounting estimates is recognized in the period in
\nwhich the estimates are revised. The evaluations and esti-
\nmates, deemed to be of greatest significance for Bakkafrost
\nGroup\u2019s Financial Statements, are described in the notes.
\n
\n\n\nNOTE 1.9 IXBRL REPORTING
\nWe are required to file our annual report in the European
\nSingle Electronic Format (\u2018ESEF\u2019) using the XHTML format and
\nto tag the primary consolidated financial statements using
\nInline eXtensible Business Reporting Language (iXBRL). The
\niXBRL tags comply with the ESEF taxonomy. Where a finan-
\ncial statement line item is not defined in the ESEF taxon-
\nomy, an extension to the taxonomy has been created. The
\nannual report submitted to the Faroese Financial Supervi-
\nsory Authority consists of the XHTML document together
\nwith certain technical files, all included in a ZIP file named
\n2138007LH7OP4V112978-2022-12-31-en.
\n
\n\n
\n\n
\n\nACCOUNTING POLICIES SEGMENT REPORTING
\nFarming FO
\nFish farming involves the breeding and on-growing of salmon
\nas well as the harvesting, sales, and distribution of salmon.
\nThe Group has production facilities around the Faroe Islands.
\nThere are no significant differences in the production prop-
\nerties of the licences, and the Group therefore reports the
\nfarmed salmonids, including the sale of fresh salmon, as one
\nsegment. The salmon is sold on the spot market for salmon
\nproducts and to foreign seafood processing companies.
\nFarming SCT
\nThe Farming SCT segment comprises the total operation in the
\nScottish part of the Group. The operation in Scotland includes
\nsalmon farming, harvest, filleting, sales and administration.
\nValue added products (VAP)
\nA significant share of the farmed products is value added at
\nthe factory in Glyvrar. The outputs of the factory are pre-
\ndominantly portions for the retail market. The business seg-
\nment definition is based on the distinction between output
\nsold to the industrial market and the value-added products
\nfor the end-consumers in the retail market.
\nFishmeal, fish oil and fish feed (FOF)
\nFishmeal, fish oil and fish feed involve the production and
\nsale of fishmeal, fish oil and fish feed. The production of fish-
\nmeal, fish oil and fish feed are operated by Bakkafrost\u2019s sub-
\nsidiary Havsbr\u00fan, located in Fuglafj\u00f8r\u00f0ur.
\n
\n
\n\n
\n
\n\n\nACCOUNTING POLICIES SHARE-BASED
\nPAYMENTS
\nThe share saving plan liabilities and payroll expense have
\nbeen allocated over the employees' contribution period. The
\ncontribution period is from when the employee signed the
\nshare saving plan and until the shares are granted. The fair
\nvalue of these liabilities will be determined using the number
\nof shares contracted at the start of the share saving plan,
\nusing the share price on the date of the employee signature,
\nadjustment is made for estimated leavers of the share saving
\nplan. The difference between the fair value and the share
\nprice, when the shares are granted, will be booked as a fi nan-
\ncial item in the income statement. The liability is recognized
\nin other equity reserves within equity.
\n
\n\n\nPENSIONS
\nThe Group operates a defi ned contribution pension scheme.
\nPension premiums are charged to the Income Statement as
\nthey accrue. The Group has no additional pension liabilities
\ntowards the employees, apart from these periodical pay-
\nments.
\n
\n\n
\n\n\n\nACCOUNTING POLICIES FINANCIAL INCOME
\nInterest income is recognized on an accrual basis. Dividend
\nincome is recognized, when the shareholders\u2019 right to receive
\na dividend has been approved by the Annual General Meet-
\ning.
\n
\n\n
\n\n\n
\n\n
\n\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nACCOUNTING POLICIES
\nThe tax expense is matched against the profi t or loss before
\ntax, as it appears in the accounts. Tax ascribable to equity
\ntransactions is taken to equity. The tax expense comprises
\ntax payable (tax on the year\u2019s direct taxable income) and
\nchanges in net deferred taxes. Deferred tax liabilities and
\ndeferred tax assets are presented net in the statement of
\nfi nancial position to the extent that tax assets and liabilities
\ncan be netted against each other.
\nDeferred tax in the statement of fi nancial position is a nom-
\ninal amount calculated based on temporary differences be-
\ntween accounting and tax values at their intended use, as
\nwell as the taxable loss carried forward at the end of the
\nfi nancial year.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\nACCOUNTING POLICIES
\nIntangible assets that are purchased individually are capital-
\nized at acquisition cost. Intangible assets acquired in connec-
\ntion with the purchase of a business entity are capitalized at
\nacquisition cost when the criteria for separate recognition
\nare met.
\nIntangible assets with a limited economic lifespan are depre-
\nciated systematically. Intangible assets are written down to
\nthe recoverable amount if the expected financial benefits do
\nnot cover their carrying amount.
\n\nCosts relating to research and development are charged as
\nexpenses as they accrue. R&D costs are capitalized in the
\nstatement of financial position, when it can be demonstrated
\nthat the relevant R&D projects carry economic benefits, that
\nthey can be technically finalized, and that the company in-
\ntends to and is financially able to reap the economic benefits.
\n
\n\nSea farming licences, which are purchased either as part of an
\nacquisition or business combination according to IFRS 3, are
\ncapitalized at cost less accumulated write-downs according
\nto a PPA analysis. Sea farming licences in the Faroe Islands
\nand Scotland are considered perpetual, given that certain
\npreconditions regarding environmental protection and ani-
\nmal welfare are met. Consequently, sea farming licences are
\nnot depreciated systematically, but are subject to an annual
\nimpairment test. If the carrying amount exceeds the recov-
\nerable amount, licences are considered impaired, and write-
\ndowns are entered and charged to the Income Statement.
\nThe assessment of indefinite life is reviewed annually to de-
\ntermine whether the indefinite life continues to be appropri-
\nate. If not, the change in useful life from indefinite to finite is
\nmade on a prospective basis.
\nLicenses with indefinite useful lives
\nThe sea farming licenses in the Faroe Islands are defined as
\nthe right to utilize a given area of fjords for farming fish.
\nThere are no provisions as to the maximum allowed biomass
\nat the given site, but the legislation has imposed strict meas-
\nures to regulate the farming activity to be environmentally
\nsustainable.
\nThe sea farming licenses in the Faroes are issued with a nom-
\ninal lifespan of 12 years. Licenses are renewed, unless there
\nis a specific reason against renewal, based on failure to fulfil
\nthe veterinary conditions set by the authorities. In connec-
\ntion with renewal of licenses, authorities may only decline
\nrenewal if specific legislation on area planning, animal wel-
\nfare or environmental protection conflicts with renewal of
\nthe licenses. Special emphasis is to be placed on the fact that
\nit is renewals of existing licenses. This means that sea farm-
\ning licenses are operated in a 12-year rolling lifespan system,
\nwhere the licenses are renewed every 12th year. In the very
\nrare cases, where the authorities have declined to renew li-
\ncenses to use locations for other purposes, the farmers have
\nobtained licenses from the authorities at other locations.
\nThe sea farming licenses in Scotland are perpetual if certain
\nenvironmental, operational, and biological conditions speci-
\nfied in the licenses continue to be met.
\nThe Group has therefore decided to account for sea farming
\nlicenses, which are capitalized, following the provisions for
\nintangible rights with indefinite useful lives.
\n\n
\n
\n
\n
\n\n
GOODWILL
\n
When the company assumes control over a separate business
\n
entity for a consideration that exceeds the fair value of the
\n
individual assets, the difference is entered as goodwill in the
\n
statement of financial position.
\n
Goodwill deriving from purchases of subsidiaries and asso-
\n
ciates is presented under intangible assets. Goodwill is not
\n
depreciated but is tested for impairment annually or more
\n
often if there are indications that its value is lower than the
\n
carrying amount. When assessing the need to write-down
\n
goodwill, this is assigned to relevant cash flow generating
\n
units or groups, which are expected to benefit from the ac-
\n
quisition.
\n
Write-downs are performed in accordance with an assess-
\n
ment of the recoverable value of each of the cash-flow
\n
generating units to which the goodwill is assigned. To iden-
\n
tify the Group\u2019s cash-flow generating units, the assets are
\n
grouped according to the lowest level to which separate and
\n
independent cash flows may be ascribed. Recoverable value
\n
is calculated based on value in use. This is arrived at by esti-
\n
mating future cash flows.
\n
If the calculated value in use is less than the carrying amount
\n
of the cash-flow generating unit, goodwill is written down
\n
first, and then other assets as required.
\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\nACCOUNTING POLICIES
\nProperty, plant, and equipment is capitalized at acquisition
\ncost, less accumulated depreciation and write downs. When
\nassets are sold, or divested, the book value is deducted, and
\nany loss or gain entered to the Income Statement. Ordinary
\ndepreciation commences from the date on which the asset
\ngoes into normal operation and is calculated based on its
\neconomic lifespan. Depreciation is assigned in a straight line
\nover the expected economic lifespan of the assets, taking
\ninto consideration the estimated residual value.
\nIf an asset comprises significant components with varying
\nlifespan, these components are depreciated separately. The
\nscrap value of the property, plant, and equipment as well as
\nthe depreciation period and depreciation method employed
\nare reassessed annually.
\nFacilities under construction are not depreciated. Deprecia-
\ntion is charged to expenses when the facilities are ready for
\nuse. If the situation or circumstances indicate that the carry-
\ning amount of an asset cannot be recovered, an assessment is
\nmade about whether to write-down its value. If the recover-
\nable value of the assets is less than the carrying amount and
\nthe impairment is not expected to be temporary, the assets
\nare written down to the recoverable value. The recoverable
\nvalue is the greater of net sales price or value in use. Value in
\nuse is the present value of the future cash flows, which the
\nasset will generate.
\n
\n\n
\n\n
\n\n
\n\nAccounting policies
\nBased on the accounting policy applied, Bakkafrost recogniz-
\nes a right-of-use asset and a lease liability at the commence-
\nment date of the contract for all leases, conveying the right
\nto control the use of an identified asset for a period. The
\ncommencement date is the date on which a lessor makes an
\nunderlying asset available for use by a lessee.
\nThe right of use assets is recognized at cost. The cost of the
\nasset consists of the total discounted lease payments (the
\nlease obligation), plus lease payments paid at contract of the
\nagreement (e.g., upfront payments) less any lease incentives
\nreceived, plus any costs directly related to the conclusion of
\nthe agreement and the obligation to demolish or restore the
\nasset after use.
\nSubsequent measurement of the leasing asset is done ac-
\ncording to the same practice as for similar assets, that is
\nowned by the company. This means that leased assets are
\nclassified as tangible fixed assets, even if it is legally a right
\nof use asset.
\nThe lease obligation is recognized at the present value of the
\nlease payments obtained by discounting the lease payments,
\nusing the company\u2019s marginal borrowing rate, since the inter-
\nnal rate cannot be reasonably defined.
\nThe lease payments consist of the fixed lease payments,
\nguaranteed residual values and payment for exercise of pur-
\nchase option or payment for cancellation of lease when con-
\nsidered reasonably certain that the options are exercised. In
\naddition, variable lease payments which are adjusted, based
\n
\n\n
\n\n
\n\non an index, whereas consumption-based leasing payments
\nare not recognized as part of the cost of the lease asset and
\nliability.
\nThe lease payments are distributed between an instalment
\nportion and an interest portion. The lease obligation is re-
\ncalculated at a constant interest rate, corresponding to the
\ndiscount rate used. At initial recognition, the value of the
\nleased asset corresponds to the value of the lease obligation,
\nunless upfront payments and/or there are recovery obliga-
\ntions regarding the asset.
\nThe Group chose to apply the two practical exceptions in
\nIFRS 16 regarding short term leases and low value assets.
\nShort term leases represent lease agreements shorter than
\n12 months from the date of the contract, and low value as-
\nsets represent lease agreements that are lower than DKK
\n35,000 each.
\n
\n\n
\n\n
\n\nACCOUNTING POLICIES
\nInventories consist of inventories in the Farming FO unit,
\nFarming SCT unit, VAP unit and the FOF unit.
\nFARMING FO AND FARMING SCT
\nInventories include mainly feed, packaging materials and fi n-
\nished goods. Inventories of goods are stated at the lower of
\ncost and net realizable value.
\nThe cost of processed goods is a full production cost that in-
\ncludes direct material and personnel costs, and a percentage
\nof indirect processing costs. Interest costs are not included in
\nthe value of inventory.
\nThe cost price of purchased goods is the acquisition price.
\nCost is based on the FIFO principle.
\nNet realizable value is estimated sales price less selling
\n expenses.
\nVAP
\nInventories consist of raw material, additives, packaging ma-
\nterial and fi nished goods. Raw material in the VAP unit con-
\nsist basically of processed salmonids. Raw material is meas-
\nured at fair value at the time of harvesting.
\nPackaging material and additives are valued at the lesser of
\ncost or expected sales price less sales costs. The FIFO princi-
\nple is used concerning the periodic assignment of inventory
\ncosts.
\nFinished goods in inventory, fresh or frozen, are measured at
\nthe lesser of cost or the expected sales price less sales costs.
\nIn a case, where the cost price exceeds the sales price less
\nsales cost, impairment is entered and charged to the Income
\nStatement.
\nThe cost price of goods produced in-house is the full pro-
\nduction cost, including production costs, which can be only
\nindirectly allocated to produce goods, less general adminis-
\ntration costs.
\nFOF
\nRaw materials and purchased commodities are valued at the
\nlower of historical cost and net realizable value in accord-
\nance with the FIFO principle.
\nFinished goods are fi shmeal, oil and feed ready for delivery
\nto customer, valued at the lower of cost and net realizable
\nvalue. The cost of fi nished goods includes any processing
\ncosts that have incurred. Processing costs consist of logistics,
\nhandling and storage costs.
\nThe cost price of goods produced in-house is the full pro-
\nduction cost, including production costs, which can be only
\nindirectly allocated to produce goods, less general adminis-
\ntration costs.
\n
\n
\n
\n\n
\n
\n
\n\nACCOUNTING POLICIES
\nIAS 41 requires biomass to be accounted for at the estimated
\nfair value net of sales costs and harvesting costs. The calcu-
\nlation of the estimated fair value is based on market prices
\nfor harvested fish. In the accounts, the change in estimated
\nfair value is entered to the Income Statement on a continuous
\nbasis.
\nThe Group\u2019s biological assets are salmon at all stages of the
\nlife cycle. The fish is divided into two main groups, depend-
\ning on the stage of the life cycle. The first group is fish pro-
\nduced on land in fresh water. The second is, when the fish
\nare released to sea.
\nFor the first group, historical cost is deemed a reasonable
\napproach to fair value, as there is little biological transfor-
\nmation. This assessment must be seen in the light of the fact
\nthat smolts are currently released to sea at a stage when
\ntheir weight is still relatively low.
\nFor the second group, the fair value is calculated by applying
\na present value model at level 3 in the fair value hierarchy in
\nIFRS 13. In accordance with the principle in IFRS 13 for high-
\nest and best use, the Group considers optimal harvest weight
\nto be for Farming FO 5.2 kg gutted weight (6.3 kg live weight)
\nand for Farming SCT 4.9 kg gutted weight (6.0 kg live weight).
\nThe valuation model
\nThe valuation model calculates the net present value of ex-
\npected cash flow from biological assets.
\nChanges to estimated fair value of biological assets are pre-
\nsented on the line Fair value adjustments of biological assets
\nin the Income Statement.
\nThe measurement unit is the individual fish. However, for
\npractical reasons, cash flows and estimates are carried out
\nper locality.
\nMain components in the model are:
\n\u2022 Volume
\n\u2022 Production costs
\n\u2022 Sales price
\n\u2022 Discount rate
\nVolume
\nEstimated harvest volume is based on the actual number of
\nfish in the sea on the balance sheet date, minus estimated
\nfuture mortality from balance sheet date and multiplied by
\noptimal harvest weight per fish.
\nFuture monthly mortality is estimated to be for Farming FO
\n0.9% (2021: 0.9%) and for Farming SCT 2.0% (2021: 1.5%) of
\nthe number of incoming fish per month.
\nCost
\nEstimated future costs are based on the Group\u00b4s prognoses
\nper locality. Cost comprises mainly feed, production, harvest,
\nand transport costs.
\nPrice
\nEstimated sales prices are based on externally quoted prices
\nfrom Fish Pool with adjustments to local conditions.
\nFish Pool is a marketplace for financial purchase and sale
\nagreements for superior Norwegian salmon size 3-6 kg gut-
\nted weight. The volume on Fish Pool is, however, limited. This
\nmarket may therefore be considered insufficiently active and
\neffective. Despite this, Bakkafrost\u2019s opinion is that the ob-
\nservable forward prices are the best approach to a price for
\nthe sale of salmon.
\nThe prices are reduced for harvesting costs, freight costs to
\nmarket to arrive at a net value back-to-farm and for Farming
\nFO also revenue tax. The valuation also reflects the expected
\nquality grading.
\nDiscounts
\nThe estimated future cash flow is discounted monthly. The
\nmonthly discount rate on 31 December 2022 is 6.0% (2021:
\n6.0%) per month for Farming FO and 4.0% (2021: 4.0%) per
\nmonth for Farming SCT. The discount rate considers a risk
\n
\n\nadjustment and time value. The risk adjustment considers the
\nvolatility in volume, cost, and price.
\nMortality
\nMortality above normal will be accounted for when a farming
\nsite either experiences elevated mortality over time or mor-
\ntality due to an incident.
\nCosts related to abnormal mortality will be recognized in the
\nIncome Statement and presented on the line for changes in
\ninventory, while normal mortality is classified as part of pro-
\nduction costs.
\n Bakkafrost uses a common indicator and threshold for all
\nfarming sites to assess normal and abnormal mortality. In-
\ndication of abnormal mortality is when a farming site in a
\nmonth registers mortality exceeding 1.5% (2021: 1.5%) for
\nFarming FO and 4.0% (2021: 4.0%) for Farming SCT of the
\nincoming number of fish. A more detailed assessment is then
\ncarried out to evaluate, whether mortality is abnormal. These
\nassessments consider the cause of mortality and the size of
\nthe fish.
\nSIGNIFICANT ASSUMPTIONS SENSITIVITY
\nThe estimate of fair value of biomass will always be based on
\nuncertain assumptions, even though the company has built
\nsubstantial expertise in assessing these factors.
\nThe Group considers three components to be key parameters
\nfor valuation. These are: average price, monthly discount rate
\nand estimated biomass volume. In the table above a simu-
\nlated sensitivity analysis to changes in fair value of the bi-
\nological assets is portrayed in the event of changes in these
\nparameters.
\n
\n\n
\n\nACCOUNTING POLICIES
\nAccounts receivable and other receivables are presented at
\nface value less provisions for bad debts. Provisions for bad
\ndebts are made based on an individual assessment of the
\nreceivables concerned. Due to insignifi cant cost and the short
\ncredit period, amortized cost is equivalent to face value less
\nforeseeable losses.
\n
\n\n
\n\n
\n
\n
\n\n
\n
\n
\nACCOUNTING POLICES
\nIn accordance with IFRS 9, financial instruments falling with-
\nin its remit are classified into the following categories: fair
\nvalue with changes in value entered to the Income State-
\nment, hold until maturity, loans and receivables, available for
\nsale, and other liabilities.
\n\nFinancial instruments at fair value with changes in value
\nentered to the Income Statement
\nFinancial instruments, which are held primarily for buying
\nor selling in the short term, are classified as being held for
\ntrading purposes. These instruments are included in the cat-
\negory of financial instruments recognized at fair value with
\nchanges in value entered to the Income Statement alongside
\nforward currency contracts, which are recognized at fair val-
\nue with changes in value, entered to the Income Statement.
\n
\n\n\n
\n\nHedge accounting
\nInterest rate swaps and forward currency settlement con-
\ntracts are used as hedges of its exposure to foreign currency
\nrisk, interest expenses and instalment payments in foreign
\ncurrencies. The hedges are cash flow hedges.
\nThe effective portion of the gain or loss on the hedging in-
\nstrument is recognized directly in other comprehensive in-
\ncome in the cash flow hedge reserve.
\nAmounts recognized as other comprehensive income are
\ntransferred to the Income Statement, when the hedged trans-
\naction affects profit or loss, and when financial liabilities are
\nsettled, such as when the hedged financial income or finan-
\ncial expense is recognized.
\nIf the forecast transactions or commitments are no longer ex-
\npected to occur, the cumulative gain or loss, previously rec-
\nognized in equity, is transferred to the Income Statement. If
\nthe hedging instrument expires or is sold, terminated, or ex-
\nercised without replacement or rollover, or if its designation
\nas a hedge is revoked, any cumulative gain or loss, previ-
\nously recognized in other comprehensive income, remain in
\nother comprehensive income until firm commitment affects
\nprofit or loss, or settlement payments are made.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n
\n\nPROVISIONS FOR ONEROUS CONTRACTS
\nACCOUNTING POLICIES
\nThe Group enters sales contracts for value added salmon
\nproducts (VAP) on an on-going basis. The contracts involve
\nphysical settlement, and deliveries associated with the con-
\ntracts form part of the Group\u2019s normal business activities.
\nThe contracts contain no built-in derivative elements.
\nWith respect to fixed-price contracts, which result in the
\nGroup being obligated to sell salmon products at a price
\nless than production cost (including fair value adjustment of
\nraw materials at the point of harvesting), the contracts are
\nconsidered onerous, and provisions are calculated and en-
\ntered to the statement of financial position. The provision is
\ncharged to the Income Statement.
\n
\n\n
\n\n
\n\nACCOUNTING POLICIES
\nBasic earnings per share
\nBasic EPS is calculated by dividing the profi t attributable
\nto equity holders of the company by the weighted average
\nnumber of ordinary shares in issue during the year, exclud-
\ning ordinary shares purchased by the company and held as
\ntreasury shares.
\nDiluted earnings per share
\nDiluted earnings per share are adjusted for the dilution ef-
\nfect of issued share options. Bakkafrost has no share options
\noutstanding.
\nAdjusted earnings per share
\nAdjusted EPS is based on the reversal of certain fair value
\nadjustments shown in the table above, as it is Bakkafrost\u2019s
\nview that this fi gure provides a more reliable measure of the
\nunderlying performance.
\n
\n\n
\n\n\nRelated parties are in this respect considered as persons or
\nlegal entities, which directly or indirectly possess signifi cant
\ninfl uence on the Bakkafrost Group through shareholding or
\nposition and vice versa. Related party transactions are at
\narm\u2019s length terms.
\n
\n\n
\n",
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"Tag659": {
"value": "\n
\n
\nNOTE 1.2 BASIS OF PRESENTATION
\n\nThe Annual Report comprises the income statement, state-
\nment of comprehensive income, statement of financial posi-
\ntion, specification of changes in equity, cash flow statement
\nand note disclosures for the Group. The accounting year
\nequals the calendar year. The financial statements were for-
\nmally drawn up in accordance with International Financial
\nReporting Standards (IFRS) and the interpretations issued by
\nthe International Accounting Standards Board as approved
\nby the European Community and the additional requirements
\nin the Faroese Financial Reporting act.
\n
\n\nThe Annual and Consolidated Report and Accounts for the
\nperiod 1 January to 31 December 2022 comprises both the
\nConsolidated Annual Report and Accounts for P/F Bakkafrost
\nand its subsidiaries (Group) and the separate Annual Ac-
\ncounts for the parent company.
\n\nThe financial statements were formally authorized for issue
\nby the Board of Directors on 31 March 2023.
\n
\n\nThe Annual Report has been prepared on a historical cost
\nbasis except for where IFRS requires recognition at fair value,
\nmainly valuation of licences, which are acquired by business
\ncombinations, and of biomass.
\nPreparation of the financial statements involves the use of
\nestimates and assumptions. Changes in estimates and esti-
\nmated assumptions are accounted for when they occur. De-
\nscriptions about the various estimates applied are given in
\nthe notes to the accounts where relevant.
\n
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag651": {
"value": "\nThe Annual Report comprises the income statement, state-
\nment of comprehensive income, statement of financial posi-
\ntion, specification of changes in equity, cash flow statement
\nand note disclosures for the Group. The accounting year
\nequals the calendar year. The financial statements were for-
\nmally drawn up in accordance with International Financial
\nReporting Standards (IFRS) and the interpretations issued by
\nthe International Accounting Standards Board as approved
\nby the European Community and the additional requirements
\nin the Faroese Financial Reporting act.
\n
\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag654": {
"value": "\nThe financial statements were formally authorized for issue
\nby the Board of Directors on 31 March 2023.
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag649": {
"value": "\n
\n\n
\nNOTE 1.3 CONSOLIDATION PRINCIPLES
\nThe consolidated financial statements include P/F Bakkafrost
\nand the subsidiaries over which P/F Bakkafrost has a con-
\ntrolling influence either by shareholding or by agreement. A
\ncontrolling interest is normally deemed to exist when own-
\nership directly or indirectly exceeds 50% of the voting rights.
\nControlling interest may also exist by nature of agreement.
\nSimilarly, limitations in voting rights by agreement may im-
\npede exercise of control, and the investment concerned will
\nbe considered an associate.
\n\nNewly acquired subsidiaries are included from the date on
\nwhich a controlling interest is secured, and divested subsid-
\niaries are included up until the date of divestment. The con-
\nsolidated accounts have been prepared in accordance with
\nuniform accounting principles for similar transactions in all
\ncompanies included in the consolidated accounts.
\nAll material transactions and balances between Group Com-
\npanies have been eliminated.
\nShares in subsidiaries have been eliminated in the consoli-
\ndated financial statements in accordance with the acquisition
\nmethod. This means that the acquired company\u2019s assets and
\nliabilities are reported at fair value at the date of acquisition,
\nwith any excess value being classified as goodwill. Where the
\nfair value of the assets acquired exceeds the payment made,
\nthe difference is treated as negative goodwill in the Income
\nStatement.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n\nWhen shares are acquired in stages, the value basis of the
\nassets and liabilities is the date, the Group was formed. Later
\nacquisition of assets in existing subsidiaries will not affect
\nthe value of assets or liabilities, except for goodwill, which is
\ncalculated with each acquisition.
\n
\n\n
\n\n
\n\n
\n\nInvestments in companies in which the Group has a signifi-
\ncant influence (associated companies) are treated in accord-
\nance with the equity method in the consolidated accounts. A
\nconsiderable influence is normally deemed to exist when the
\nGroup owns 20%\u201350% of the voting capital. The Group\u2019s share
\nof the profits in such companies is based on profit after tax,
\nless internal gains, and depreciation on excess value due to
\nthe cost price of the shares being higher than the acquired
\nportion of book equity. In the Income Statement, the profit
\nshare is presented on a separate line, while the assets are
\npresented in the statement of financial position as non-cur-
\nrent financial assets. The accounting principles used by as-
\nsociated companies have been changed where necessary to
\nachieve consistency with the principles used by the Group.
\n
\n\n
\n\n
\n",
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"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag658": {
"value": "\n
\nNOTE 1.3 CONSOLIDATION PRINCIPLES
\nThe consolidated financial statements include P/F Bakkafrost
\nand the subsidiaries over which P/F Bakkafrost has a con-
\ntrolling influence either by shareholding or by agreement. A
\ncontrolling interest is normally deemed to exist when own-
\nership directly or indirectly exceeds 50% of the voting rights.
\nControlling interest may also exist by nature of agreement.
\nSimilarly, limitations in voting rights by agreement may im-
\npede exercise of control, and the investment concerned will
\nbe considered an associate.
\n\nNewly acquired subsidiaries are included from the date on
\nwhich a controlling interest is secured, and divested subsid-
\niaries are included up until the date of divestment. The con-
\nsolidated accounts have been prepared in accordance with
\nuniform accounting principles for similar transactions in all
\ncompanies included in the consolidated accounts.
\nAll material transactions and balances between Group Com-
\npanies have been eliminated.
\nShares in subsidiaries have been eliminated in the consoli-
\ndated financial statements in accordance with the acquisition
\nmethod. This means that the acquired company\u2019s assets and
\nliabilities are reported at fair value at the date of acquisition,
\nwith any excess value being classified as goodwill. Where the
\nfair value of the assets acquired exceeds the payment made,
\nthe difference is treated as negative goodwill in the Income
\nStatement.
\n
\n\n
\n\n
\n\nWhen shares are acquired in stages, the value basis of the
\nassets and liabilities is the date, the Group was formed. Later
\nacquisition of assets in existing subsidiaries will not affect
\nthe value of assets or liabilities, except for goodwill, which is
\ncalculated with each acquisition.
\n
\n\n
\n",
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"Tag653": {
"value": "\nNewly acquired subsidiaries are included from the date on
\nwhich a controlling interest is secured, and divested subsid-
\niaries are included up until the date of divestment. The con-
\nsolidated accounts have been prepared in accordance with
\nuniform accounting principles for similar transactions in all
\ncompanies included in the consolidated accounts.
\nAll material transactions and balances between Group Com-
\npanies have been eliminated.
\nShares in subsidiaries have been eliminated in the consoli-
\ndated financial statements in accordance with the acquisition
\nmethod. This means that the acquired company\u2019s assets and
\nliabilities are reported at fair value at the date of acquisition,
\nwith any excess value being classified as goodwill. Where the
\nfair value of the assets acquired exceeds the payment made,
\nthe difference is treated as negative goodwill in the Income
\nStatement.
\n
\n\nWhen shares are acquired in stages, the value basis of the
\nassets and liabilities is the date, the Group was formed. Later
\nacquisition of assets in existing subsidiaries will not affect
\nthe value of assets or liabilities, except for goodwill, which is
\ncalculated with each acquisition.
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag661": {
"value": "\n
\n\nInvestments in companies in which the Group has a signifi-
\ncant influence (associated companies) are treated in accord-
\nance with the equity method in the consolidated accounts. A
\nconsiderable influence is normally deemed to exist when the
\nGroup owns 20%\u201350% of the voting capital. The Group\u2019s share
\nof the profits in such companies is based on profit after tax,
\nless internal gains, and depreciation on excess value due to
\nthe cost price of the shares being higher than the acquired
\nportion of book equity. In the Income Statement, the profit
\nshare is presented on a separate line, while the assets are
\npresented in the statement of financial position as non-cur-
\nrent financial assets. The accounting principles used by as-
\nsociated companies have been changed where necessary to
\nachieve consistency with the principles used by the Group.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
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"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag656": {
"value": "\nInvestments in companies in which the Group has a signifi-
\ncant influence (associated companies) are treated in accord-
\nance with the equity method in the consolidated accounts. A
\nconsiderable influence is normally deemed to exist when the
\nGroup owns 20%\u201350% of the voting capital. The Group\u2019s share
\nof the profits in such companies is based on profit after tax,
\nless internal gains, and depreciation on excess value due to
\nthe cost price of the shares being higher than the acquired
\nportion of book equity. In the Income Statement, the profit
\nshare is presented on a separate line, while the assets are
\npresented in the statement of financial position as non-cur-
\nrent financial assets. The accounting principles used by as-
\nsociated companies have been changed where necessary to
\nachieve consistency with the principles used by the Group.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag652": {
"value": "\nNOTE 1.4 TRANSLATION OF FOREIGN
\nCURRENCIES
\nFor each individual entity, which is recognized in the consoli-
\ndated accounts, a functional currency is determined in which
\nthe entity measures its results and financial position. The
\nfunctional currency is the currency of the primary economic
\nenvironment in which the entity operates. Transactions in
\nother currencies than the functional currency are transac-
\ntions in a foreign currency.
\nA foreign currency transaction is, on initial recognition, re-
\ncorded in the functional currency at the spot exchange rate
\nbetween the functional currency and the foreign currency on
\nthe date of the transaction.
\nAt each balance sheet date, receivables, payables, and oth-
\ner monetary items in foreign currency are translated to the
\nfunctional currency using the closing rate. Exchange differ-
\nences arising on the settlement of monetary items or on
\ntranslating monetary items, at rates different from those at
\nwhich they were translated on initial recognition during the
\nperiod or in previous financial statements, shall be recog-
\nnized in the income statement under financial revenues and
\nexpenses.
\nOn consolidation, the results and financial position of the
\nGroup\u2019s individual entities with different functional curren-
\ncies than the Group\u2019s presentation currency (DKK) are trans-
\nlated into the Group\u2019s presentation currency using the fol-
\nlowing procedure:
\n\u2022 Assets and liabilities are translated at the closing rate at
\nthe date of the balance sheet.
\n\u2022 Income and expenses are translated at exchange rates at
\nthe dates of the transactions.
\n\u2022 All resulting exchange differences are recognized directly
\nin equity as a separate component of equity. For practical
\nreasons an average rate for the period that approximates
\nthe exchange rates at the dates of the transactions is used.
\n
\n
\n\nForeign exchange risk
\nBecause of the international nature of its operations, the
\nGroup is exposed to fluctuations of foreign currency rates.
\nFor risk management purposes, three types of currency ex-
\nposure have been identified: Translational exposure, Trans-
\nactional exposure and Economic currency exposure:
\n
\n\nExposure to currency risk Currency
\nDKK 1,000
\n2022 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\nCash and cash equivalents 358,978 0 219,246 24,031 2,324
\nAccounts receivable 398,970 73,511 105,135 88,451 5,730
\nTrade payables 0 -55,642 -22,555 -8,772 0
\nInterest-bearing debt -706,467 -628,838 0 0 0
\nForward contracts 0 0 -331,250 0 0
\nNet exposure 51,481 -610,969 -29,424 103,710 8,054
\n
\n2021 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\nCash and cash equivalents 203,593 0 181,144 0 15,018
\nAccounts receivable 318,369 66,785 203,383 14,063 2,803
\nTrade payables -1,253 -88,590 -9,992 0 0
\nInterest-bearing debt -706,468 -716,025 0 -8,905 0
\nForward contracts 0 0 -249,562 7,873 0
\nNet exposure -185,759 -737,830 124,973 13,031 17,821
\n
\nSensitivity analysis Currency
\nDKK 1,000
\n2022 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK Result
\nNet exposure 51,481 -610,969 -29,424 103,710 8,054
\nHistorical volatility for the last 5 years 0.28% 7.24% 7.35% 9.98% 8.34%
\nTotal effect on Profit of +movements 144 -44,234 -2,163 10,350 672 -35,231
\nTotal effect on Profit of -movements -144 44,234 2,163 -10,350 -672 35,231
\n
\n2021 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK Result
\nNet exposure -185,759 -737,830 124,973 13,031 17,821
\nHistorical volatility for the last 5 years 0.28% 7.19% 6.65% 9.31% 7.21%
\nTotal effect on Profit of +movements -520 -53,050 8,311 1,213 1,285 -42,761
\nTotal effect on Profit of -movements 520 53,050 -8,311 -1,213 -1,285 42,761
\nThe analysis is based on the currencies that the Group is
\nmost exposed to at the end of 2022. The reasonable shifts
\nin exchange rates in the table above are based on 5 years
\nhistorical volatility.
\nIf the relevant cross foreign exchange rates moved by the
\namounts showed in the table above, the effect on the Group\u2019s
\nnet income would be DKK -35 million (2021: DKK -43 mil-
\nlion).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag655": {
"value": "Cash and cash equivalents consist of cash in hand and bankdeposits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag648": {
"value": "\nDividend proposals are not classified as liabilities until the
\nparent company has assumed an irrevocable obligation to
\npay the dividend, normally when dividend proposals have
\nbeen approved by the Annual General Meeting.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag645": {
"value": "\nChanges in the fair value of biological assets are presented
\non a line item separately from biomass changes measured at
\ncost under operating profit/loss. This allows the reader of the
\nFinancial Report to determine both production efficiency and
\nbiomass at fair value.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag641": {
"value": "\nNOTE 1.6 FUNCTIONAL CURRENCY
\nThe consolidated accounts are presented in Danish Kroner
\n(DKK), which is the Group\u2019s functional and presentation cur-
\nrency. All transactions in foreign currencies are translated
\ninto DKK at the time of transaction. In the statement of fi-
\nnancial position, monetary items in foreign currencies are
\ntranslated at the exchange rate in effect on the statement of
\nfinancial position date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag660": {
"value": "\nNOTE 1.7 NEW STANDARDS
\nStandards and interpretations, which are issued at the date
\nof the Group\u2019s Financial statements, but will become effec-
\ntive later, are disclosed below. The disclosures contain stand-
\nards including amendments, which may influence recognition
\nor measurements in the Financial statements, alter existing
\ndisclosures or require additional disclosures when effective
\nat a future date. The standards are implemented as they be-
\ncome effective.
\nNew standards, regulating issues not relevant to the Group
\nor with insignificant impact on the Group, are omitted from
\nthis narrative.
\nNew standards effective from 1 January 2023 and
\nOnly minor adjustments have been made in standards and
\ninterpretations (IFRIC) which are effective for the financial
\nyear 2022. Neither are new standards nor amendments to
\nthese from 2023 and forth expected to have any impact on
\nthe Bakkafrost Group.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag642": {
"value": "\nNOTE 1.8 ACCOUNTING ESTIMATES
\nThe preparation of financial statements in accordance with
\nIFRS requires the management to make judgement estimates
\nand assumptions that affect the application of accounting
\nprinciples and carrying amounts of assets and liabilities, in-
\ncome, and expenses. The estimates and underlying assump-
\ntions are based on experience and other factors perceived to
\nbe relevant and probable when the judgements were made.
\nEstimates are reviewed on an on-going basis, and actual val-
\nues and results may deviate from the initial estimates. Revi-
\nsion to accounting estimates is recognized in the period in
\nwhich the estimates are revised. The evaluations and esti-
\nmates, deemed to be of greatest significance for Bakkafrost
\nGroup\u2019s Financial Statements, are described in the notes.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag662": {
"value": "\nNOTE 1.9 IXBRL REPORTING
\nWe are required to file our annual report in the European
\nSingle Electronic Format (\u2018ESEF\u2019) using the XHTML format and
\nto tag the primary consolidated financial statements using
\nInline eXtensible Business Reporting Language (iXBRL). The
\niXBRL tags comply with the ESEF taxonomy. Where a finan-
\ncial statement line item is not defined in the ESEF taxon-
\nomy, an extension to the taxonomy has been created. The
\nannual report submitted to the Faroese Financial Supervi-
\nsory Authority consists of the XHTML document together
\nwith certain technical files, all included in a ZIP file named
\n2138007LH7OP4V112978-2022-12-31-en.
\n
\n",
"dimensions": {
"concept": "bakka:DescriptionOfAccountingPolicyForIxbrlReportingExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag579": {
"value": "\nNOTE 2.1 REVENUE
\nRevenue is measured at the fair value of the consideration
\nreceived or receivable for the sale of goods and services in
\nthe ordinary course of business. Revenue is recognized net of
\ndiscounts, VAT and other sales related taxes.
\nThe revenue of the Group is mainly from sales of salmon,
\nfishmeal, fish oil and fish feed. Sales revenue is recognized
\nwhen the goods are delivered, and both title and risk have
\npassed to the customer. This will normally be upon delivery.
\n
\n\n
\n\n
\nNOTE 2.3 OPERATING SEGMENT INFORMATION
\n2022 \u2013 DKK 1,000
\nFarming FO
\nValue Added
\nProducts
\nFishmeal,
\noil and feed
\nFarming SCT
\nEliminations
\nBakkafros
\nGroup
\nExternal operating revenues 3,242,069 1,703,637 742,695 1,441,566 0 7,129,967
\nInternal operating revenues 1,390,512 0 1,690,799 0 -3,081,311 0
\nTotal operating revenues 4,632,581 1,703,637 2,433,494 1,441,566 -3,081,311 7,129,967
\n
\nDepreciation and amortization -298,677 -21,269 -25,882 -191,652 0 -537,480
\nOperating expenses -1,320,326 -342,680 -1,997,344 -982,145 -269,207 -4,911,702
\nInternal operating expenses -1,101,044 -1,390,512 0 -589,755 3,081,311 0
\nOther income 0 0 0 24,380 0 24,380
\nOperating EBIT 1,912,534 -50,824 410,268 -297,606 -269,207 1,705,165
\nFair value adjustments on biological assets 170,228 0 0 108,164 0 278,392
\nIncome from associates 4,415 0 53,182 0 0 57,597
\nRevenue tax -215,001 0 0 0 0 -215,001
\nEBIT 1,872,176 -50,824 463,450 -189,442 -269,207 1,826,153
\nOperating EBITDA 2,211,211 -29,555 436,150 -105,954 -269,207 2,242,645
\nINVESTMENTS
\nProperty, plant and equipment 681,395 9,170 140,624 435,867 1,267,056
\nDepreciation -298,677 -21,269 -25,882 -191,652 -537,480
\n
\n\n
\n\n
\n\n2021 \u2013 DKK 1,000
\nFarming FO
\nValue Added
\nProducts
\nFishmeal,
\noil and feed
\nFarming SCT
\nEliminations
\nBakkafros
\nGroup
\nExternal operating revenue 2,665,396 1,195,195 237,867 1,455,391 0 5,553,849
\nInternal operating revenue 811,326 0 1,421,484 0 -2,232,810 0
\nTotal operating revenue 3,476,722 1,195,195 1,659,351 1,455,391 -2,232,810 5,553,849
\n
\nDepreciation and amortization -278,395 -21,316 -30,057 -200,666 0 -530,434
\nOperating expenses -1,241,170 -243,032 -1,353,124 -1,163,882 -229,890 -4,231,098
\nInternal operating expenses -1,052,267 -811,326 0 -369,217 2,232,810 0
\nOther income 0 0 0 28,877 0 28,877
\nOperating EBIT 904,890 119,521 276,170 -249,497 -229,890 821,194
\n
\nFair value adjustments on biological assets 539,040 0 0 -104,172 0 434,868
\nIncome from associates 294 0 29,818 0 0 30,112
\nRevenue tax -141,489 0 0 0 0 -141,489
\nEBIT 1,302,735 119,521 305,988 -353,669 -229,890 1,144,685
\n
\nOperating EBITDA 1,183,285 140,837 306,227 -48,831 -229,890 1,351,628
\n
\nINVESTMENTS
\nProperty, plant and equipment 601,185 720 29,430 436,533 1,067,868
\nDepreciation -278,395 -21,316 -30,057 -200,666 -530,434
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag564": {
"value": "\nNOTE 2.2 MAJOR CUSTOMERS
\nIn 2022, there were no major customers - as defined in IFRS
\n8.34, compared to no major customer in 2021.
\n
\n\n
\n\n
\n\n
\nNOTE 2.3 OPERATING SEGMENT INFORMATION
\n2022 \u2013 DKK 1,000
\nFarming FO
\nValue Added
\nProducts
\nFishmeal,
\noil and feed
\nFarming SCT
\nEliminations
\nBakkafros
\nGroup
\nExternal operating revenues 3,242,069 1,703,637 742,695 1,441,566 0 7,129,967
\nInternal operating revenues 1,390,512 0 1,690,799 0 -3,081,311 0
\nTotal operating revenues 4,632,581 1,703,637 2,433,494 1,441,566 -3,081,311 7,129,967
\n
\nDepreciation and amortization -298,677 -21,269 -25,882 -191,652 0 -537,480
\nOperating expenses -1,320,326 -342,680 -1,997,344 -982,145 -269,207 -4,911,702
\nInternal operating expenses -1,101,044 -1,390,512 0 -589,755 3,081,311 0
\nOther income 0 0 0 24,380 0 24,380
\nOperating EBIT 1,912,534 -50,824 410,268 -297,606 -269,207 1,705,165
\nFair value adjustments on biological assets 170,228 0 0 108,164 0 278,392
\nIncome from associates 4,415 0 53,182 0 0 57,597
\nRevenue tax -215,001 0 0 0 0 -215,001
\nEBIT 1,872,176 -50,824 463,450 -189,442 -269,207 1,826,153
\nOperating EBITDA 2,211,211 -29,555 436,150 -105,954 -269,207 2,242,645
\nINVESTMENTS
\nProperty, plant and equipment 681,395 9,170 140,624 435,867 1,267,056
\nDepreciation -298,677 -21,269 -25,882 -191,652 -537,480
\n
\n\n
\n\n
\n\n
\n\n
\n\n2021 \u2013 DKK 1,000
\nFarming FO
\nValue Added
\nProducts
\nFishmeal,
\noil and feed
\nFarming SCT
\nEliminations
\nBakkafros
\nGroup
\nExternal operating revenue 2,665,396 1,195,195 237,867 1,455,391 0 5,553,849
\nInternal operating revenue 811,326 0 1,421,484 0 -2,232,810 0
\nTotal operating revenue 3,476,722 1,195,195 1,659,351 1,455,391 -2,232,810 5,553,849
\n
\nDepreciation and amortization -278,395 -21,316 -30,057 -200,666 0 -530,434
\nOperating expenses -1,241,170 -243,032 -1,353,124 -1,163,882 -229,890 -4,231,098
\nInternal operating expenses -1,052,267 -811,326 0 -369,217 2,232,810 0
\nOther income 0 0 0 28,877 0 28,877
\nOperating EBIT 904,890 119,521 276,170 -249,497 -229,890 821,194
\n
\nFair value adjustments on biological assets 539,040 0 0 -104,172 0 434,868
\nIncome from associates 294 0 29,818 0 0 30,112
\nRevenue tax -141,489 0 0 0 0 -141,489
\nEBIT 1,302,735 119,521 305,988 -353,669 -229,890 1,144,685
\n
\nOperating EBITDA 1,183,285 140,837 306,227 -48,831 -229,890 1,351,628
\n
\nINVESTMENTS
\nProperty, plant and equipment 601,185 720 29,430 436,533 1,067,868
\nDepreciation -278,395 -21,316 -30,057 -200,666 -530,434
\n
\n\n
\n\n
\n\n2022 2021
\nFARMING FO \u2013 DISTRIBUTION OF HARVESTED VOLUMES tgw % tgw %
\nHarvested FO volume used in VAP production 26,401 39.6% 21,974 32.7%
\nHarvested FO volume sold fresh/frozen 40,285 60.4% 45,243 67.3%
\nTotal harvested volumes 66,686 100.0% 67,217 100.0%
\n
\n
\nFOF SEGMENT \u2013 DISTRIBUTION OF FEED tonnes % tonnes %
\nVolumes used internally 123,118 96.3% 124,259 96.7%
\nExternal sold 4,722 3.7% 4,230 3.3%
\nTotal Sold volumes 127,840 100.0% 128,489 100.0%
\n
\n
\nPRODUCTION OF FISHMEAL AND FISH OIL tonnes % tonnes %
\nFishmeal 65,395 73.3% 34,962 81.1%
\nFish oil 23,862 26.7% 8,124 18.9%
\nTotal production 89,257 100.0% 43,086 100.0%
\n
\n
\nFARMING SCT \u2013 DISTRIBUTION OF HARVESTED VOLUMES tgw % tgw %
\nHarvested volume sold fresh/frozen 23,917 100.0% 29,672 100.0%
\nTotal harvested volumes 23,917 100.0% 29,672 100.0%
\n
\n\n
\nGEOGRAPHIC BREAKDOWN OF SALES REVENUES BASED ON SEGMENTS AND CUSTOMER LOCATION
\n
\n2022 \u2013 DKK 1,000 Farming FO VAP FOF Farming SCT Total
\nWestern Europe 1,361,669 1,431,055 742,695 1,326,241 4,861,660
\nNorth America 1,102,303 119,255 0 72,078 1,293,636
\nAsia 583,572 51,109 0 28,831 663,512
\nEastern Europe 162,103 85,182 0 14,416 261,701
\nRest of the world 32,422 17,036 0 0 49,458
\nTotal 3,242,069 1,703,637 742,695 1,441,566 7,129,967
\n
\n2021 \u2013 DKK 1,000 Farming FO VAP FOF Farming SCT Total
\nWestern Europe 1,170,908 896,396 237,867 1,178,867 3,484,038
\nNorth America 693,003 179,279 0 145,539 1,017,821
\nAsia 453,117 11,952 0 130,985 596,054
\nEastern Europe 346,501 107,568 0 0 454,069
\nRest of the world 1,867 0 0 0 1,867
\nTotal 2,665,396 1,195,195 237,867 1,455,391 5,553,849
\nThe Group has four reportable segments in accordance with
\nIFRS 8, Operating Segments. The Group\u2019s main strategic business
\narea is aquaculture, which consists of four segments: fish farm-
\ning Faroe Islands and Scotland, value added products (VAP) and
\nproduction and sales of fishmeal, fish oil and fish feed (FOF).
\nThe same accounting principles, as described for the consol-
\nidated financial statements, have been applied for the seg-
\nment reporting. Intersegment transfers or transactions are
\nentered into under normal commercial terms and conditions,
\nand the measurement used in the segment reporting is the
\nsame as used for the third party\u2019s transactions. The pric-
\ning principle between the VAP and Farming FO segments is
\nbased on market reference prices for spot sale, and the pric-
\ning principle between the FOF and the Farming FO segments
\nis based on quarterly contracts.
\n
\n\n
\n\nACCOUNTING POLICIES SEGMENT REPORTING
\nFarming FO
\nFish farming involves the breeding and on-growing of salmon
\nas well as the harvesting, sales, and distribution of salmon.
\nThe Group has production facilities around the Faroe Islands.
\nThere are no significant differences in the production prop-
\nerties of the licences, and the Group therefore reports the
\nfarmed salmonids, including the sale of fresh salmon, as one
\nsegment. The salmon is sold on the spot market for salmon
\nproducts and to foreign seafood processing companies.
\nFarming SCT
\nThe Farming SCT segment comprises the total operation in the
\nScottish part of the Group. The operation in Scotland includes
\nsalmon farming, harvest, filleting, sales and administration.
\nValue added products (VAP)
\nA significant share of the farmed products is value added at
\nthe factory in Glyvrar. The outputs of the factory are pre-
\ndominantly portions for the retail market. The business seg-
\nment definition is based on the distinction between output
\nsold to the industrial market and the value-added products
\nfor the end-consumers in the retail market.
\nFishmeal, fish oil and fish feed (FOF)
\nFishmeal, fish oil and fish feed involve the production and
\nsale of fishmeal, fish oil and fish feed. The production of fish-
\nmeal, fish oil and fish feed are operated by Bakkafrost\u2019s sub-
\nsidiary Havsbr\u00fan, located in Fuglafj\u00f8r\u00f0ur.
\n
\n
\n\n
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag583": {
"value": "\n
\nNOTE 2.3 OPERATING SEGMENT INFORMATION
\n2022 \u2013 DKK 1,000
\nFarming FO
\nValue Added
\nProducts
\nFishmeal,
\noil and feed
\nFarming SCT
\nEliminations
\nBakkafros
\nGroup
\nExternal operating revenues 3,242,069 1,703,637 742,695 1,441,566 0 7,129,967
\nInternal operating revenues 1,390,512 0 1,690,799 0 -3,081,311 0
\nTotal operating revenues 4,632,581 1,703,637 2,433,494 1,441,566 -3,081,311 7,129,967
\n
\nDepreciation and amortization -298,677 -21,269 -25,882 -191,652 0 -537,480
\nOperating expenses -1,320,326 -342,680 -1,997,344 -982,145 -269,207 -4,911,702
\nInternal operating expenses -1,101,044 -1,390,512 0 -589,755 3,081,311 0
\nOther income 0 0 0 24,380 0 24,380
\nOperating EBIT 1,912,534 -50,824 410,268 -297,606 -269,207 1,705,165
\nFair value adjustments on biological assets 170,228 0 0 108,164 0 278,392
\nIncome from associates 4,415 0 53,182 0 0 57,597
\nRevenue tax -215,001 0 0 0 0 -215,001
\nEBIT 1,872,176 -50,824 463,450 -189,442 -269,207 1,826,153
\nOperating EBITDA 2,211,211 -29,555 436,150 -105,954 -269,207 2,242,645
\nINVESTMENTS
\nProperty, plant and equipment 681,395 9,170 140,624 435,867 1,267,056
\nDepreciation -298,677 -21,269 -25,882 -191,652 -537,480
\n
\n\n2021 \u2013 DKK 1,000
\nFarming FO
\nValue Added
\nProducts
\nFishmeal,
\noil and feed
\nFarming SCT
\nEliminations
\nBakkafros
\nGroup
\nExternal operating revenue 2,665,396 1,195,195 237,867 1,455,391 0 5,553,849
\nInternal operating revenue 811,326 0 1,421,484 0 -2,232,810 0
\nTotal operating revenue 3,476,722 1,195,195 1,659,351 1,455,391 -2,232,810 5,553,849
\n
\nDepreciation and amortization -278,395 -21,316 -30,057 -200,666 0 -530,434
\nOperating expenses -1,241,170 -243,032 -1,353,124 -1,163,882 -229,890 -4,231,098
\nInternal operating expenses -1,052,267 -811,326 0 -369,217 2,232,810 0
\nOther income 0 0 0 28,877 0 28,877
\nOperating EBIT 904,890 119,521 276,170 -249,497 -229,890 821,194
\n
\nFair value adjustments on biological assets 539,040 0 0 -104,172 0 434,868
\nIncome from associates 294 0 29,818 0 0 30,112
\nRevenue tax -141,489 0 0 0 0 -141,489
\nEBIT 1,302,735 119,521 305,988 -353,669 -229,890 1,144,685
\n
\nOperating EBITDA 1,183,285 140,837 306,227 -48,831 -229,890 1,351,628
\n
\nINVESTMENTS
\nProperty, plant and equipment 601,185 720 29,430 436,533 1,067,868
\nDepreciation -278,395 -21,316 -30,057 -200,666 -530,434
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag636": {
"value": "\nACCOUNTING POLICIES SEGMENT REPORTING
\nFarming FO
\nFish farming involves the breeding and on-growing of salmon
\nas well as the harvesting, sales, and distribution of salmon.
\nThe Group has production facilities around the Faroe Islands.
\nThere are no significant differences in the production prop-
\nerties of the licences, and the Group therefore reports the
\nfarmed salmonids, including the sale of fresh salmon, as one
\nsegment. The salmon is sold on the spot market for salmon
\nproducts and to foreign seafood processing companies.
\nFarming SCT
\nThe Farming SCT segment comprises the total operation in the
\nScottish part of the Group. The operation in Scotland includes
\nsalmon farming, harvest, filleting, sales and administration.
\nValue added products (VAP)
\nA significant share of the farmed products is value added at
\nthe factory in Glyvrar. The outputs of the factory are pre-
\ndominantly portions for the retail market. The business seg-
\nment definition is based on the distinction between output
\nsold to the industrial market and the value-added products
\nfor the end-consumers in the retail market.
\nFishmeal, fish oil and fish feed (FOF)
\nFishmeal, fish oil and fish feed involve the production and
\nsale of fishmeal, fish oil and fish feed. The production of fish-
\nmeal, fish oil and fish feed are operated by Bakkafrost\u2019s sub-
\nsidiary Havsbr\u00fan, located in Fuglafj\u00f8r\u00f0ur.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag572": {
"value": "\n
\n
\n
\n
\nNOTE 2.4 SALARIES AND OTHER PERSONNEL EXPENSES
\nDKK 1,000 2022 2021
\nWages and salaries 673,986 613,756
\nShare based payment 30,610 3,547
\nSocial security taxes 50,809 45,825
\nPension expenses 54,850 48,392
\nOther benefi ts 21,424 16,903
\nTotal payroll expenses 831,679 728,423
\n\nAverage number of full-time employees 1,778 1,653
\n
\n\n\nDKK 1,000 2022 2021
\nR\u00fani M. Hansen** Chairman of the Board 487 482
\nJohannes Jensen*** Deputy Chairman of the Board 90 274
\nAnnika Frederiksberg* Member of the Board 221 219
\nEinar Wathne Member of the Board 240 236
\nTeitur Samuelsen** Member of the Board 266 263
\n\u00d8ystein Sandvik** Member of the Board 289 283
\nGu\u00f0ri\u00f0 H\u00f8jgaard**** Member of the Board 147 0
\nTotal remuneration 1,740 1,757
\n* Annika Frederiksberg is also an employee in the Bakkafrost Group. For this, she received DKK 661 thousand (2021: DKK 656 thousand) and has been
\nawarded 245 restriced shares which equals 85 tDKK
\n** Member of the audit committee. Salary includes fee to the audit committee.
\n*** Member of the Board of Directors until May 2022
\n**** Member of the Board of Directors from May 2022
\n
\n\n\nRemuneration to corporate management
\nThe total remuneration to the corporate management con-
\nsists of basic salary (main element), benefi ts in-kind and pen-
\nsion schemes, but varies from person to person. The Group\u2019s
\nChief Executive Offi cer determines the remunerations to oth-
\ner management in agreement with the Chairman of the Board
\nof Directors. The total remuneration is determined based on
\nthe need to offer competitive terms in the various business
\nareas. The remunerations should promote the Group\u2019s com-
\npetitiveness in the relevant labour market.
\nThe total remuneration must neither pose a threat to Bakka-
\nfrost\u2019s reputation nor be market leading but should ensure
\nthat Bakkafrost attracts and retains senior executives with
\nthe desired skills and experience. The basic salary is subject
\nto an annual evaluation and is determined based on general
\nsalary levels in the labour market.
\n
\n\nNotice of Termination and Severance Payment
\nBakkafrost may terminate employment by giving Group Man-
\nagement Executives a notice period. The company\u2019s period of
\nnotice for the Group\u2019s Chief Executive Offi cer is 24 months.
\nThe company\u2019s period of notice for other Group Management
\nExecutives covers a period from 6 to 12 months.
\n\nSHARE-BASED PAYMENT
\nIn 2021, Bakkafrost implemented a share-based bonus
\nscheme for all employees in the Group. According to the
\nscheme, all employees are awarded free bonus shares de-
\npendent on achieved performance against certain KPIs and
\nBakkafrost Group\u2019s adjusted earnings per share being above
\na certain threshold. The bonus shares are awarded quarterly
\nas restricted shares units which are released pursuant only
\nto the Annual General Meeting resolution to pay dividends
\nto the shareholders. Employees still employed two calendar
\nyears after being awarded bonus shares, will additionally re-
\nceive free loyalty shares.
\n
\n\n
\n\n
\n\n
\n\n Fixed remuneration Variable remuneration
\n2022 - DKK 1,000 Share saving
\nSalary and other benefits paid Salary Pension Other Total Bonus RSU 1* RSU 2** Plan*** Total Total
\nChief Executive Officer 2,048 195 89 2,332 0 402 402 136 940 3,272
\nManaging Director 1,485 141 0 1,626 0 292 292 93 677 2,303
\nChief Financial Officer 1,485 141 89 1,715 0 292 292 61 645 2,360
\nTotal remuneration 5,018 477 178 5,673 0 986 986 290 2,262 7,935
\n
\n2021 - DKK 1,000 Share saving
\nSalary and other benefits paid Salary Pension Other Total Bonus RSU 1* RSU 2** Plan*** Total Total
\nChief Executive Officer 2,099 168 89 2,356 0 0 0 117 117 2,473
\nManaging Director 1,727 140 0 1,867 58 0 0 97 155 2,022
\nChief Financial Officer 1,362 109 89 1,560 58 0 0 0 58 1,618
\nTotal remuneration 5,188 417 178 5,783 116 0 0 214 330 6,113
\n* Restricted Share Units 1 will be released out as shares if the AGM on 28 April 2023 pays out a dividend
\n** Restricted Share Units 2 will be released in shares in 2025 if the AGM on 8 April 2023 pays out a dividend and the employee still is hired
\n*** Matching shares in the share saving plan
\n Movements in share-based payment in DKK 1,000 Movements in share-based payment number of shares
\nOutstanding
\nper
\n01.01.22
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.22
\nOutstanding
\nper
\n01.01.22
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.22
\nChief Executive Officer 0 804 0 804 0 2,294 0 2,294
\nManaging Director 0 583 0 583 0 1,664 0 1,664
\nChief Financial Officer 0 583 0 583 0 1,664 0 1,664
\nTotal remuneration 0 1,970 0 1,970 0 5,622 0 5,622
\n
\n
\nOutstanding
\nper
\n01.01.21
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.21
\nOutstanding
\nper
\n01.01.21
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.21
\nChief Executive Officer 0 0 0 0 0 0 0 0
\nManaging Director 0 0 0 0 0 0 0 0
\nChief Financial Officer 0 0 0 0 0 0 0 0
\nTotal remuneration 0 0 0 0 0 0 0 0
\n
\n\n
\n\n
\n\n
\n\n
\nEach quarter, the Board reviews and determines the param-
\neters used in the bonus scheme \u2013 e.g. overall size of bonus
\npool, KPIs and thresholds. The Board has the right to decide,
\nin its sole discretion, whether the bonus scheme will be con-
\ntinued in the following quarter, and the terms of the plan.
\nSHARE SAVING PLAN
\nBakkafrost has established a share saving plan for its em-
\nployees in the Faroe Islands. In 2022, the plan will be ex-
\ntended to all employees of the Group. It is the Board's inten-
\ntion that the plan shall be a continuing part of the company's
\nemployee incentive scheme. The Board shall, however, have
\nthe right to decide, in its sole discretion, whether the plan
\nwill be extended in the future, and the terms of the plan.
\nEmployees may invest up to 5% of their base salary in Bak-
\nkafrost shares. The saved amount is deducted from the
\nmonthly net salary and used to purchase Bakkafrost shares
\non behalf of the employees. The purchase will be made from
\nBakkafrost's treasury shares or on the market. An employee
\nmay not change the savings amount during the year, but an
\nemployee may cancel the subscription during the year. The
\npurchase price and the number of shares acquired by the
\ncompany will be reported in accordance with the applicable
\nregulations.
\nAfter a lock-in period of two calendar years, one extra match-
\ning share will be awarded for each share purchased. Shares
\ntransferred to employees are acquired by the company on
\nthe market.
\n
\n\nLOANS TO EMPLOYEES
\nAs at 31.12.2022, there are no loans to employees.
\n\n\nACCOUNTING POLICIES SHARE-BASED
\nPAYMENTS
\nThe share saving plan liabilities and payroll expense have
\nbeen allocated over the employees' contribution period. The
\ncontribution period is from when the employee signed the
\nshare saving plan and until the shares are granted. The fair
\nvalue of these liabilities will be determined using the number
\nof shares contracted at the start of the share saving plan,
\nusing the share price on the date of the employee signature,
\nadjustment is made for estimated leavers of the share saving
\nplan. The difference between the fair value and the share
\nprice, when the shares are granted, will be booked as a fi nan-
\ncial item in the income statement. The liability is recognized
\nin other equity reserves within equity.
\n
\n\n\nPENSIONS
\nThe Group operates a defi ned contribution pension scheme.
\nPension premiums are charged to the Income Statement as
\nthey accrue. The Group has no additional pension liabilities
\ntowards the employees, apart from these periodical pay-
\nments.
\n
\n\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag563": {
"value": "\nAverage number of full-time employees 1,778 1,653
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag637": {
"value": "\nDKK 1,000 2022 2021
\nR\u00fani M. Hansen** Chairman of the Board 487 482
\nJohannes Jensen*** Deputy Chairman of the Board 90 274
\nAnnika Frederiksberg* Member of the Board 221 219
\nEinar Wathne Member of the Board 240 236
\nTeitur Samuelsen** Member of the Board 266 263
\n\u00d8ystein Sandvik** Member of the Board 289 283
\nGu\u00f0ri\u00f0 H\u00f8jgaard**** Member of the Board 147 0
\nTotal remuneration 1,740 1,757
\n* Annika Frederiksberg is also an employee in the Bakkafrost Group. For this, she received DKK 661 thousand (2021: DKK 656 thousand) and has been
\nawarded 245 restriced shares which equals 85 tDKK
\n** Member of the audit committee. Salary includes fee to the audit committee.
\n*** Member of the Board of Directors until May 2022
\n**** Member of the Board of Directors from May 2022
\n
\n\nRemuneration to corporate management
\nThe total remuneration to the corporate management con-
\nsists of basic salary (main element), benefi ts in-kind and pen-
\nsion schemes, but varies from person to person. The Group\u2019s
\nChief Executive Offi cer determines the remunerations to oth-
\ner management in agreement with the Chairman of the Board
\nof Directors. The total remuneration is determined based on
\nthe need to offer competitive terms in the various business
\nareas. The remunerations should promote the Group\u2019s com-
\npetitiveness in the relevant labour market.
\nThe total remuneration must neither pose a threat to Bakka-
\nfrost\u2019s reputation nor be market leading but should ensure
\nthat Bakkafrost attracts and retains senior executives with
\nthe desired skills and experience. The basic salary is subject
\nto an annual evaluation and is determined based on general
\nsalary levels in the labour market.
\n
\n\n Fixed remuneration Variable remuneration
\n2022 - DKK 1,000 Share saving
\nSalary and other benefits paid Salary Pension Other Total Bonus RSU 1* RSU 2** Plan*** Total Total
\nChief Executive Officer 2,048 195 89 2,332 0 402 402 136 940 3,272
\nManaging Director 1,485 141 0 1,626 0 292 292 93 677 2,303
\nChief Financial Officer 1,485 141 89 1,715 0 292 292 61 645 2,360
\nTotal remuneration 5,018 477 178 5,673 0 986 986 290 2,262 7,935
\n
\n2021 - DKK 1,000 Share saving
\nSalary and other benefits paid Salary Pension Other Total Bonus RSU 1* RSU 2** Plan*** Total Total
\nChief Executive Officer 2,099 168 89 2,356 0 0 0 117 117 2,473
\nManaging Director 1,727 140 0 1,867 58 0 0 97 155 2,022
\nChief Financial Officer 1,362 109 89 1,560 58 0 0 0 58 1,618
\nTotal remuneration 5,188 417 178 5,783 116 0 0 214 330 6,113
\n* Restricted Share Units 1 will be released out as shares if the AGM on 28 April 2023 pays out a dividend
\n** Restricted Share Units 2 will be released in shares in 2025 if the AGM on 8 April 2023 pays out a dividend and the employee still is hired
\n*** Matching shares in the share saving plan
\n Movements in share-based payment in DKK 1,000 Movements in share-based payment number of shares
\nOutstanding
\nper
\n01.01.22
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.22
\nOutstanding
\nper
\n01.01.22
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.22
\nChief Executive Officer 0 804 0 804 0 2,294 0 2,294
\nManaging Director 0 583 0 583 0 1,664 0 1,664
\nChief Financial Officer 0 583 0 583 0 1,664 0 1,664
\nTotal remuneration 0 1,970 0 1,970 0 5,622 0 5,622
\n
\n
\nOutstanding
\nper
\n01.01.21
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.21
\nOutstanding
\nper
\n01.01.21
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.21
\nChief Executive Officer 0 0 0 0 0 0 0 0
\nManaging Director 0 0 0 0 0 0 0 0
\nChief Financial Officer 0 0 0 0 0 0 0 0
\nTotal remuneration 0 0 0 0 0 0 0 0
\n
\n\nShares owned directly and indirectly by the members of the Board of Directors and Group Management:
\nName Position No. of shares Shareholding
\nR\u00fani M. Hansen Chairman of the Board 10,761 0.02%
\nTeitur Samuelsen Member of the Board 100 0.00%
\nAnnika Frederiksberg Member of the Board 16,250 0.03%
\n\u00d8ystein Sandvik Member of the Board 0 0.00%
\nEinar Wathne Member of the Board 0 0.00%
\nGu\u00f0ri\u00f0 H\u00f8jgaard Member of the Board 0 0.00%
\nRegin Jacobsen Chief Executive Officer 4,617,351 7.81%
\nOdd Eliasen Managing Director 184,969 0.31%
\nH\u00f8gni D. Jakobsen Chief Financial Officer 74,593 0.13%
\n
\n\nDKK 1,000 2022 2021
\nBased on key personnel
\nRevenues - Betri Trygging P/F 368 0
\nPurchase - Betri Trygging P/F 36,948 42,593
\nAccounts receivables - Betri Trygging P/F 143 0
\nAccounts payable - Betri Trygging P/F 2,344 50
\nRevenues - Gist & Vist P/F n/a 919
\nPurchase - Gist & Vist P/F n/a 106
\nAccounts receivable \u2013 Gist & Vist P/F n/a 59
\nPurchase \u2013 Frost P/F n/a 669
\nAccounts payable - Frost P/F n/a 77
\nRevenues - Tjaldur P/F 108 0
\nPurchase - Tjaldur P/F 161,289 81,766
\nAccounts payable - Tjaldur P/F 12,211 5,375
\nPurchase - Eystur- og Sandoyartunlar P/F 813 704
\nAccounts payable - Eystur- og Sandoyartunlar P/F 27 2
\nRevenues - Posta P/F 2 n/a
\nPurchase - Posta P/F 7,652 n/a
\nAccounts receivables - Posta P/F 0 n/a
\nAccounts payable - Posta P/F 9 n/a
\nBased on association
\nRevenues - FF Skagen A/S 49,242 14,019
\nPurchase - FF Skagen A/S 15,973 0
\nAccounts payable - FF Skagen A/S 6,099 0
\nRevenues - Pelagos P/F 0 27
\nPurchase - Pelagos P/F 144,702 51,401
\nAccounts payable - Pelagos P/F 46 4,028
\nRevenues - Salmon Proteins P/F 9,558 8,005
\nPurchase - Salmon Proteins P/F 1,794 131
\nAccounts receivables - Salmon Proteins P/F 0 1,941
\nAccounts payable - Salmon Proteins P/F 342 0
\nRevenues - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F
\nn/a 411
\nPurchase - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F n/a 6,137
\nAccounts receivables - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F n/a 8,102
\nAccounts payable - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F n/a 722
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag573": {
"value": "\nSHARE-BASED PAYMENT
\nIn 2021, Bakkafrost implemented a share-based bonus
\nscheme for all employees in the Group. According to the
\nscheme, all employees are awarded free bonus shares de-
\npendent on achieved performance against certain KPIs and
\nBakkafrost Group\u2019s adjusted earnings per share being above
\na certain threshold. The bonus shares are awarded quarterly
\nas restricted shares units which are released pursuant only
\nto the Annual General Meeting resolution to pay dividends
\nto the shareholders. Employees still employed two calendar
\nyears after being awarded bonus shares, will additionally re-
\nceive free loyalty shares.
\n
\n\n
\n\n Fixed remuneration Variable remuneration
\n2022 - DKK 1,000 Share saving
\nSalary and other benefits paid Salary Pension Other Total Bonus RSU 1* RSU 2** Plan*** Total Total
\nChief Executive Officer 2,048 195 89 2,332 0 402 402 136 940 3,272
\nManaging Director 1,485 141 0 1,626 0 292 292 93 677 2,303
\nChief Financial Officer 1,485 141 89 1,715 0 292 292 61 645 2,360
\nTotal remuneration 5,018 477 178 5,673 0 986 986 290 2,262 7,935
\n
\n2021 - DKK 1,000 Share saving
\nSalary and other benefits paid Salary Pension Other Total Bonus RSU 1* RSU 2** Plan*** Total Total
\nChief Executive Officer 2,099 168 89 2,356 0 0 0 117 117 2,473
\nManaging Director 1,727 140 0 1,867 58 0 0 97 155 2,022
\nChief Financial Officer 1,362 109 89 1,560 58 0 0 0 58 1,618
\nTotal remuneration 5,188 417 178 5,783 116 0 0 214 330 6,113
\n* Restricted Share Units 1 will be released out as shares if the AGM on 28 April 2023 pays out a dividend
\n** Restricted Share Units 2 will be released in shares in 2025 if the AGM on 8 April 2023 pays out a dividend and the employee still is hired
\n*** Matching shares in the share saving plan
\n Movements in share-based payment in DKK 1,000 Movements in share-based payment number of shares
\nOutstanding
\nper
\n01.01.22
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.22
\nOutstanding
\nper
\n01.01.22
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.22
\nChief Executive Officer 0 804 0 804 0 2,294 0 2,294
\nManaging Director 0 583 0 583 0 1,664 0 1,664
\nChief Financial Officer 0 583 0 583 0 1,664 0 1,664
\nTotal remuneration 0 1,970 0 1,970 0 5,622 0 5,622
\n
\n
\nOutstanding
\nper
\n01.01.21
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.21
\nOutstanding
\nper
\n01.01.21
\nRestricted
\nShare based
\nPayment
\nReleased
\nShare based
\nPayment
\nOutstanding
\nper
\n31.12.21
\nChief Executive Officer 0 0 0 0 0 0 0 0
\nManaging Director 0 0 0 0 0 0 0 0
\nChief Financial Officer 0 0 0 0 0 0 0 0
\nTotal remuneration 0 0 0 0 0 0 0 0
\n
\n\n
\n\n
\nEach quarter, the Board reviews and determines the param-
\neters used in the bonus scheme \u2013 e.g. overall size of bonus
\npool, KPIs and thresholds. The Board has the right to decide,
\nin its sole discretion, whether the bonus scheme will be con-
\ntinued in the following quarter, and the terms of the plan.
\nSHARE SAVING PLAN
\nBakkafrost has established a share saving plan for its em-
\nployees in the Faroe Islands. In 2022, the plan will be ex-
\ntended to all employees of the Group. It is the Board's inten-
\ntion that the plan shall be a continuing part of the company's
\nemployee incentive scheme. The Board shall, however, have
\nthe right to decide, in its sole discretion, whether the plan
\nwill be extended in the future, and the terms of the plan.
\nEmployees may invest up to 5% of their base salary in Bak-
\nkafrost shares. The saved amount is deducted from the
\nmonthly net salary and used to purchase Bakkafrost shares
\non behalf of the employees. The purchase will be made from
\nBakkafrost's treasury shares or on the market. An employee
\nmay not change the savings amount during the year, but an
\nemployee may cancel the subscription during the year. The
\npurchase price and the number of shares acquired by the
\ncompany will be reported in accordance with the applicable
\nregulations.
\nAfter a lock-in period of two calendar years, one extra match-
\ning share will be awarded for each share purchased. Shares
\ntransferred to employees are acquired by the company on
\nthe market.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag582": {
"value": "\nACCOUNTING POLICIES SHARE-BASED
\nPAYMENTS
\nThe share saving plan liabilities and payroll expense have
\nbeen allocated over the employees' contribution period. The
\ncontribution period is from when the employee signed the
\nshare saving plan and until the shares are granted. The fair
\nvalue of these liabilities will be determined using the number
\nof shares contracted at the start of the share saving plan,
\nusing the share price on the date of the employee signature,
\nadjustment is made for estimated leavers of the share saving
\nplan. The difference between the fair value and the share
\nprice, when the shares are granted, will be booked as a fi nan-
\ncial item in the income statement. The liability is recognized
\nin other equity reserves within equity.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag571": {
"value": "\nPENSIONS
\nThe Group operates a defi ned contribution pension scheme.
\nPension premiums are charged to the Income Statement as
\nthey accrue. The Group has no additional pension liabilities
\ntowards the employees, apart from these periodical pay-
\nments.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag562": {
"value": "\n
\n\n
\n\nNOTE 2.5 OTHER OPERATING EXPENSES AND OTHER INCOME
\nDKK 1,000 2022 2021
\nMaintenance -239,362 -187,655
\nOperating expenses -418,158 -291,690
\nHealth -183,070 -227,542
\nFreight -686,183 -629,123
\nEnergy -364,513 -226,988
\nOther costs -99,013 -69,116
\nOther operating expenses total -1,990,299 -1,632,114
\nR&D Expenditure tax credit in SCT 28,877 44,041
\nOther income 28,877 44,041
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag568": {
"value": "\n
\n\nNOTE 2.5 OTHER OPERATING EXPENSES AND OTHER INCOME
\nDKK 1,000 2022 2021
\nMaintenance -239,362 -187,655
\nOperating expenses -418,158 -291,690
\nHealth -183,070 -227,542
\nFreight -686,183 -629,123
\nEnergy -364,513 -226,988
\nOther costs -99,013 -69,116
\nOther operating expenses total -1,990,299 -1,632,114
\nR&D Expenditure tax credit in SCT 28,877 44,041
\nOther income 28,877 44,041
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag569": {
"value": "\nNOTE 2.5 OTHER OPERATING EXPENSES AND OTHER INCOME
\nDKK 1,000 2022 2021
\nMaintenance -239,362 -187,655
\nOperating expenses -418,158 -291,690
\nHealth -183,070 -227,542
\nFreight -686,183 -629,123
\nEnergy -364,513 -226,988
\nOther costs -99,013 -69,116
\nOther operating expenses total -1,990,299 -1,632,114
\nR&D Expenditure tax credit in SCT 28,877 44,041
\nOther income 28,877 44,041
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag577": {
"value": "\nNOTE 2.6 RESEARCH AND DEVELOPMENT
\nEXPENSES
\nR&D expenditure occurs throughout the value chain. R&D is
\nbuilt in the Bakkafrost business model DNA.
\n Bakkafrost has a continual development of the entire value
\nchain. This is not seen as R&D but is an integrated part of
\nother operating expenses and salaries.
\nThe focus of Bakkafrost\u2019s R&D efforts has been evaluated and
\nslightly improved during recent years. Lice abatement, bio-
\nmass control and smolt quality remain high priorities, and
\nthe development and improvement of vaccines, nutrition and
\nfeeding, as well as operating technologies, are equally top-
\nical. In addition, Bakkafrost continuously performs assess-
\nments of its own operating practices.
\n Bakkafrost aims to expand its R&D activities in feed and
\nfeeding and sees a substantial need for greater focus on basic
\nknowledge of how the fi sh are fed and how we can maintain
\na healthy salmon. The past year has proven to be above our
\n
\n\nexpectations in terms of production improvements in farm-
\ning. We are convinced that our adaption of the mix of raw
\nmaterial has resulted in better nutritional quality in the feed.
\nIt is Bakkafrost\u2019s clearly expressed goal to initiate better and
\nmore comprehensive research into these issues under large-
\nscale conditions.
\n Bakkafrost focuses on reducing biological risk continuously
\nand has made several new investments and procedures to
\ndiminish this risk. Bakkafrost focuses on using non-medical
\nmethods in treatments against sea lice and has invested in
\nnew technology to follow this strategy.
\n Bakkafrost has a large-smolt strategy and aims at increas-
\ning smolt size to around 500 grams smolts in 2023 the
\n Faroe Islands. The strategy is also pivotal to the turnaround
\nof the operation in Scotland. The benefi ts are shorter pro-
\nduction time at sea and reduced biological risk. The hatch-
\nery at Strond, Klaksv\u00edk, is an essential part of this plan for
\nthe Faroe Islands. This hatchery is fully operational and can
\nproduce 8 million smolts at 500 g. In addition, Bakkafrost
\nis expanding Faroese hatchery capacity of the hatcheries
\nat Glyvradal, Nor\u00f0toftir and the new hatchery at \u00d3nav\u00edk. In
\nScotland, three large hatcheries will be built, the fi rst be-
\ning the hatchery at Applecross. All Bakkafrost\u2019s hatcheries
\nwill be based on state-of-the-art technology and advanced
\nRAS (water recirculation) systems. The capacity growth from
\nthese investments is crucial to enable harvest volume growth
\nto 150,000 tonnes for the Group in 2026.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag578": {
"value": "\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\nNOTE 2.7 NET FINANCIAL ITEMS
\nDKK 1,000 2022 2021
\nRealised profi t on fi nancial derivatives 4,889 4,942
\nOther fi nancial income 2,111 473
\nFinancial income 7,000 5,415
\nInterest expenses on long-term loans -53,135 -31,958
\nLoss on fi nancial derivatives -3,088 0
\nInterest expenses on credit lines -470 -403
\nInterest expenses on IFRS 16 (leases) -7,197 -7,468
\nInterest expenses on accounts payable -1,149 -779
\nFinancial expenses -65,039 -40,608
\nOther exchange differences -69,066 38,761
\nNet currency effects -69,066 38,761
\nOther fi nancial expenses -8,713 -10,591
\nOther fi nancial items -8,713 -10,591
\nNet fi nancial items -135,818 -7,023
\n\n\n\nACCOUNTING POLICIES FINANCIAL INCOME
\nInterest income is recognized on an accrual basis. Dividend
\nincome is recognized, when the shareholders\u2019 right to receive
\na dividend has been approved by the Annual General Meet-
\ning.
\n
\n\n
\n\n\n
\n\n
\n\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag576": {
"value": "\n
\n\n
\n\n
\n\n
\n\n
\nNOTE 2.7 NET FINANCIAL ITEMS
\nDKK 1,000 2022 2021
\nRealised profi t on fi nancial derivatives 4,889 4,942
\nOther fi nancial income 2,111 473
\nFinancial income 7,000 5,415
\nInterest expenses on long-term loans -53,135 -31,958
\nLoss on fi nancial derivatives -3,088 0
\nInterest expenses on credit lines -470 -403
\nInterest expenses on IFRS 16 (leases) -7,197 -7,468
\nInterest expenses on accounts payable -1,149 -779
\nFinancial expenses -65,039 -40,608
\nOther exchange differences -69,066 38,761
\nNet currency effects -69,066 38,761
\nOther fi nancial expenses -8,713 -10,591
\nOther fi nancial items -8,713 -10,591
\nNet fi nancial items -135,818 -7,023
\n\n\n\nACCOUNTING POLICIES FINANCIAL INCOME
\nInterest income is recognized on an accrual basis. Dividend
\nincome is recognized, when the shareholders\u2019 right to receive
\na dividend has been approved by the Annual General Meet-
\ning.
\n
\n\n
\n\n\n
\n\n
\n\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag588": {
"value": "\n
\n\n
\n\n
\n\n
\nNOTE 2.7 NET FINANCIAL ITEMS
\nDKK 1,000 2022 2021
\nRealised profi t on fi nancial derivatives 4,889 4,942
\nOther fi nancial income 2,111 473
\nFinancial income 7,000 5,415
\nInterest expenses on long-term loans -53,135 -31,958
\nLoss on fi nancial derivatives -3,088 0
\nInterest expenses on credit lines -470 -403
\nInterest expenses on IFRS 16 (leases) -7,197 -7,468
\nInterest expenses on accounts payable -1,149 -779
\nFinancial expenses -65,039 -40,608
\nOther exchange differences -69,066 38,761
\nNet currency effects -69,066 38,761
\nOther fi nancial expenses -8,713 -10,591
\nOther fi nancial items -8,713 -10,591
\nNet fi nancial items -135,818 -7,023
\n\n\n\nACCOUNTING POLICIES FINANCIAL INCOME
\nInterest income is recognized on an accrual basis. Dividend
\nincome is recognized, when the shareholders\u2019 right to receive
\na dividend has been approved by the Annual General Meet-
\ning.
\n
\n\n
\n\n\n
\n\n
\n\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag585": {
"value": "\n
\n\n
\n\n
\nNOTE 2.7 NET FINANCIAL ITEMS
\nDKK 1,000 2022 2021
\nRealised profi t on fi nancial derivatives 4,889 4,942
\nOther fi nancial income 2,111 473
\nFinancial income 7,000 5,415
\nInterest expenses on long-term loans -53,135 -31,958
\nLoss on fi nancial derivatives -3,088 0
\nInterest expenses on credit lines -470 -403
\nInterest expenses on IFRS 16 (leases) -7,197 -7,468
\nInterest expenses on accounts payable -1,149 -779
\nFinancial expenses -65,039 -40,608
\nOther exchange differences -69,066 38,761
\nNet currency effects -69,066 38,761
\nOther fi nancial expenses -8,713 -10,591
\nOther fi nancial items -8,713 -10,591
\nNet fi nancial items -135,818 -7,023
\n\n\n\nACCOUNTING POLICIES FINANCIAL INCOME
\nInterest income is recognized on an accrual basis. Dividend
\nincome is recognized, when the shareholders\u2019 right to receive
\na dividend has been approved by the Annual General Meet-
\ning.
\n
\n\n
\n\n\n
\n\n
\n\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag586": {
"value": "\n
\n\n
\nNOTE 2.7 NET FINANCIAL ITEMS
\nDKK 1,000 2022 2021
\nRealised profi t on fi nancial derivatives 4,889 4,942
\nOther fi nancial income 2,111 473
\nFinancial income 7,000 5,415
\nInterest expenses on long-term loans -53,135 -31,958
\nLoss on fi nancial derivatives -3,088 0
\nInterest expenses on credit lines -470 -403
\nInterest expenses on IFRS 16 (leases) -7,197 -7,468
\nInterest expenses on accounts payable -1,149 -779
\nFinancial expenses -65,039 -40,608
\nOther exchange differences -69,066 38,761
\nNet currency effects -69,066 38,761
\nOther fi nancial expenses -8,713 -10,591
\nOther fi nancial items -8,713 -10,591
\nNet fi nancial items -135,818 -7,023
\n\n\n\nACCOUNTING POLICIES FINANCIAL INCOME
\nInterest income is recognized on an accrual basis. Dividend
\nincome is recognized, when the shareholders\u2019 right to receive
\na dividend has been approved by the Annual General Meet-
\ning.
\n
\n\n
\n\n\n
\n\n
\n\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag565": {
"value": "\n
\nNOTE 2.7 NET FINANCIAL ITEMS
\nDKK 1,000 2022 2021
\nRealised profi t on fi nancial derivatives 4,889 4,942
\nOther fi nancial income 2,111 473
\nFinancial income 7,000 5,415
\nInterest expenses on long-term loans -53,135 -31,958
\nLoss on fi nancial derivatives -3,088 0
\nInterest expenses on credit lines -470 -403
\nInterest expenses on IFRS 16 (leases) -7,197 -7,468
\nInterest expenses on accounts payable -1,149 -779
\nFinancial expenses -65,039 -40,608
\nOther exchange differences -69,066 38,761
\nNet currency effects -69,066 38,761
\nOther fi nancial expenses -8,713 -10,591
\nOther fi nancial items -8,713 -10,591
\nNet fi nancial items -135,818 -7,023
\n\n\n\nACCOUNTING POLICIES FINANCIAL INCOME
\nInterest income is recognized on an accrual basis. Dividend
\nincome is recognized, when the shareholders\u2019 right to receive
\na dividend has been approved by the Annual General Meet-
\ning.
\n
\n\n
\n\n\n
\n\n
\n\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag570": {
"value": "\n\nACCOUNTING POLICIES FINANCIAL INCOME
\nInterest income is recognized on an accrual basis. Dividend
\nincome is recognized, when the shareholders\u2019 right to receive
\na dividend has been approved by the Annual General Meet-
\ning.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag580": {
"value": "\nACCOUNTING POLICIES FINANCIAL INCOME
\nInterest income is recognized on an accrual basis. Dividend
\nincome is recognized, when the shareholders\u2019 right to receive
\na dividend has been approved by the Annual General Meet-
\ning.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag574": {
"value": "\n
\n\n
\n\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag575": {
"value": "\n
\n\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag587": {
"value": "\nBORROWING COSTS
\nBorrowings is recognized initially at fair value, net of trans-
\naction costs incurred. Borrowings is subsequently stated at
\namortized cost; any difference between the proceeds (net of
\ntransaction costs) and the redemption value is recognized
\nin the income statement over the period of the borrowings.
\nBorrowings is classifi ed as a current liability, unless the
\nGroup has an unconditional right to defer settlement of the
\nliability for at least 12 months after the balance sheet date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag567": {
"value": "\n
\nNOTE 2.8 TAX
\n\nThe tax expense for the year breaks down as follows:
\nDKK 1,000 2022 2021
\nTax payable 240,529 171,283
\nTax credit 0 -1,151
\nChange in deferred tax 105,476 3,494
\nTax expense on ordinary profi t 346,005 173,626
\nTax payable 237,780 170,997
\nTax payable in the statement of fi nancial position 237,780 170,997
\nSECTION 2
\nSpecifi cations of temporary differences and deferred tax
\nDKK 1,000 2022 2021
\n Temporary Temporary
\nDeferred tax assets Differences Deferred tax Differences Deferred tax
\nProperty, plant and equipment 21,083 5,271 32,450 8,037
\nBiomass 135,655 24,418 175,529 36,248
\nReceivables 1,245 224 1,995 359
\nDerivatives (Equity posted) 0 0 5,099 1,275
\nLosses carried forward 1,228,522 305,805 677,309 169,329
\nOther differances 1,207 302 0 0
\nTotal temporary differences 336,020 215,248
\n
\n\n
\n\n
\n
\n
\n\nDKK 1,000 2022 2021
\n Temporary Temporary
\nDeferred tax liabilities Differences Deferred tax Differences Deferred tax
\nLicences 3,690,715 896,381 3,601,916 874,182
\nGoodwill 11,592 2,039 0 0
\nResearch and development 541 119 0 0
\nProperty, plant and equipment 2,463,339 491,927 1,539,529 353,079
\nFinancial assets 149,582 26,925 92,302 16,614
\nBiomass 2,234,515 407,074 1,892,013 340,562
\nCurrency effects 0 0 1,219 240
\nDerivatives (Equity posted) 7,474 1,346 0 0
\nOther differances 289 62 21,428 5,357
\nTotal temporary differences 1,825,873 1,590,034
\nDeferred tax assets -336,020 -215,248
\nDeferred tax liabilities 1,825,873 1,590,034
\nDeferred tax liabilities (+) / assets (-) 1,489,853 1,374,786
\n
\n\nReconciliation from nominal to actual tax rate
\nDKK 1,000 2022 2021
\nProfi t before tax 1,690,335 1,137,662
\nExpected tax at nominal tax rate 292,568 178,385
\nPermanent differences 53,437 -4,759
\nCalculated tax expense 346,005 173,626
\nEffective tax rate excl. equity entries 20.47% 15.26%
\nNormal tax rate for countries in the Group:
\n- Faroe Islands 18%
\n- UK/Scotland 19% (25% from 2023)
\n- USA 21% + New Jersey 11.5%
\n- Denmark 22%
\n- France 25%
\n\n
\n\n
\n\nACCOUNTING POLICIES
\nThe tax expense is matched against the profi t or loss before
\ntax, as it appears in the accounts. Tax ascribable to equity
\ntransactions is taken to equity. The tax expense comprises
\ntax payable (tax on the year\u2019s direct taxable income) and
\nchanges in net deferred taxes. Deferred tax liabilities and
\ndeferred tax assets are presented net in the statement of
\nfi nancial position to the extent that tax assets and liabilities
\ncan be netted against each other.
\nDeferred tax in the statement of fi nancial position is a nom-
\ninal amount calculated based on temporary differences be-
\ntween accounting and tax values at their intended use, as
\nwell as the taxable loss carried forward at the end of the
\nfi nancial year.
\n
\n\n
\n\n
\n\nSIGNIFICANT ASSUMPTION ACCOUNTING FOR
\nDEFERRED TAX LIABILITIES
\nThe accounting of deferred taxes refl ects tax rates and tax
\nlaws that have been enacted or substantively enacted by the
\ndate of the statement of fi nancial position. The recognition of
\na deferred tax asset is based on expectations of profi tability
\nin the future. In addition, there are many transactions and
\ncalculations during the ordinary course of business for which
\nthe ultimate tax determination is uncertain.
\nDeferred taxes are calculated using the nominal tax rate ac-
\ncording to IAS 12.
\nSIGNIFICANT ASSUMPTION ACCOUNTING FOR
\nDEFERRED TAX ASSETS
\nDeferred tax assets, including tax loss carry forwards, are
\nassessed once a year. Losses are recognized if it is likely that
\nthey will be utilized in the foreseeable future.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag566": {
"value": "\nThe tax expense for the year breaks down as follows:
\nDKK 1,000 2022 2021
\nTax payable 240,529 171,283
\nTax credit 0 -1,151
\nChange in deferred tax 105,476 3,494
\nTax expense on ordinary profi t 346,005 173,626
\nTax payable 237,780 170,997
\nTax payable in the statement of fi nancial position 237,780 170,997
\nSECTION 2
\nSpecifi cations of temporary differences and deferred tax
\nDKK 1,000 2022 2021
\n Temporary Temporary
\nDeferred tax assets Differences Deferred tax Differences Deferred tax
\nProperty, plant and equipment 21,083 5,271 32,450 8,037
\nBiomass 135,655 24,418 175,529 36,248
\nReceivables 1,245 224 1,995 359
\nDerivatives (Equity posted) 0 0 5,099 1,275
\nLosses carried forward 1,228,522 305,805 677,309 169,329
\nOther differances 1,207 302 0 0
\nTotal temporary differences 336,020 215,248
\n
\n\nDKK 1,000 2022 2021
\n Temporary Temporary
\nDeferred tax liabilities Differences Deferred tax Differences Deferred tax
\nLicences 3,690,715 896,381 3,601,916 874,182
\nGoodwill 11,592 2,039 0 0
\nResearch and development 541 119 0 0
\nProperty, plant and equipment 2,463,339 491,927 1,539,529 353,079
\nFinancial assets 149,582 26,925 92,302 16,614
\nBiomass 2,234,515 407,074 1,892,013 340,562
\nCurrency effects 0 0 1,219 240
\nDerivatives (Equity posted) 7,474 1,346 0 0
\nOther differances 289 62 21,428 5,357
\nTotal temporary differences 1,825,873 1,590,034
\nDeferred tax assets -336,020 -215,248
\nDeferred tax liabilities 1,825,873 1,590,034
\nDeferred tax liabilities (+) / assets (-) 1,489,853 1,374,786
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag584": {
"value": "\n
\n\nACCOUNTING POLICIES
\nThe tax expense is matched against the profi t or loss before
\ntax, as it appears in the accounts. Tax ascribable to equity
\ntransactions is taken to equity. The tax expense comprises
\ntax payable (tax on the year\u2019s direct taxable income) and
\nchanges in net deferred taxes. Deferred tax liabilities and
\ndeferred tax assets are presented net in the statement of
\nfi nancial position to the extent that tax assets and liabilities
\ncan be netted against each other.
\nDeferred tax in the statement of fi nancial position is a nom-
\ninal amount calculated based on temporary differences be-
\ntween accounting and tax values at their intended use, as
\nwell as the taxable loss carried forward at the end of the
\nfi nancial year.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag581": {
"value": "\nACCOUNTING POLICIES
\nThe tax expense is matched against the profi t or loss before
\ntax, as it appears in the accounts. Tax ascribable to equity
\ntransactions is taken to equity. The tax expense comprises
\ntax payable (tax on the year\u2019s direct taxable income) and
\nchanges in net deferred taxes. Deferred tax liabilities and
\ndeferred tax assets are presented net in the statement of
\nfi nancial position to the extent that tax assets and liabilities
\ncan be netted against each other.
\nDeferred tax in the statement of fi nancial position is a nom-
\ninal amount calculated based on temporary differences be-
\ntween accounting and tax values at their intended use, as
\nwell as the taxable loss carried forward at the end of the
\nfi nancial year.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag602": {
"value": "\n
\n\n
\n\n
\n
\n\nNOTE 3.1 INTANGIBLE ASSETS
\nDKK 1,000 Goodwill Licences Brands Total
\nAcquisitions costs as at 01.01.22 669,319 3,720,158 108,400 4,497,877
\nReclassification -99,725 99,725 0 0
\nAdditions in the year 12,136 0 0 12,136
\nCurrency translation differences -1,309 0 0 -1,309
\nAcquisitions costs as at 31.12.22 580,421 3,819,883 108,400 4,508,704
\n
\nDepreciations and impairments 01.01.22 -2,151 0 0 -2,151
\nDepreciation during the year 2,151 0 0 2,151
\nAccumulated impairments/depreciation and write-downs as at 31.12.22 0 0 0 0
\n
\nNet book value as at 31.12.22 580,421 3,819,883 108,400 4,508,704
\n
\nDKK 1,000 Goodwill Licences Brands Total
\nAcquisitions costs as at 01.01.21 666,950 3,720,158 108,400 4,495,508
\nCurrency translation differences 2,369 0 0 2,369
\nAcquisitions costs as at 31.12.21 669,319 3,720,158 108,400 4,497,877
\n
\nDepreciations and impairments 01.01.21 -2,113 0 0 -2,113
\nDepreciation during the year -38 0 0 -38
\nAccumulated impairments/depreciation and write-downs as at 31.12.21 -2,151 0 0 -2,151
\n
\nNet book value as at 31.12.21 667,168 3,720,158 108,400 4,495,726
\n
\n\nIn the Faroe Islands, Bakkafrost operates its sea farming ac-
\ntivity in 14 identifiable CGUs based on single or groups of
\nsea farming licenses, seven out of which are issued by the
\ngovernment without consideration, and hence are not capi-
\ntalized. These belong to the North region.
\nThe other seven CGUs were acquired as part of business com-
\nbinations. Respectively, when acquiring the Vestlax Group,
\nHavsbr\u00fan Group and Faroe Farming, hence three groups of
\nCGUs. These belong to the West region. These are considered
\nas significant in comparison to the total carrying amount of
\ngoodwill and intangible assets with indefinite useful lives.
\nIn Scotland, Bakkafrost has chosen to include all the farming
\nin Scotland into one CGU.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n
\nImpairment testing
\nThe Group tests intangible assets annually for impairment or
\nmore frequently if there are indications that the assets are
\nimpaired. The annual impairment test is performed at year-
\nend. The Group has substantial assets with indefinite lives in
\nthe form of licenses. The licenses are subject to impairment
\ntesting in combination with goodwill in the annual test. The
\nGroup identifies each farming zone, which may contain one
\nor several licences or farming sites, as one cash-generating
\nunit.
\nThe procedure of impairment testing
\nImpairment testing is carried out by calculating the net pres-
\nent value of estimated future cash flows (value in use) for
\nthe cash-generating unit in line with IAS 36 and comparing
\nthe net present value of the cash flow towards the carry-
\ning amount of net assets held by the cash-generating unit
\n(CGU). The cash flow used in the calculations represents the
\nmanagement\u2019s best estimate at the time of reporting. If the
\ncarrying amount is higher than the calculated value in use,
\nthe assets are considered impaired. The estimated cash flow
\nis based on an assumption of continued operation. The ba-
\nsis for the estimated cash flow is the strategic plan for the
\nfollowing years. The strategic plans have been reviewed and
\nthe targets approved by the Group management.
\nThe considered operating conditions are costs of feed, smolt,
\nharvest, packaging, transport, and other costs. Other operat-
\ning conditions considered the same are mortality, production
\ntime, fallowing and harvest weight. CAPEX is also assumed
\nto be the same for all CGUs over the calculated period. All
\nCGUs are calculated with the same WACC. If there will be
\nvariances between the assumptions for the different CGUs in
\nthe future, this will be incorporated into the impairment test.
\nIndications of impairment
\nThe impairment testing at year-end did not result in identifi-
\ncation of impairment losses. Intangible assets were tested for
\nimpairment to evaluate if the cash flow from a conservative
\nestimate was sufficient to support the carrying amount of net
\nassets. The test confirmed the asset values.
\nThe key assumptions
\nThe key assumptions in the calculations of value in use are
\nharvest volume, prices, and costs, hence EBIDTA and WACC.
\nAmongst other assumptions are inflation, CAPEX, and termi-
\nnal growth.
\nIn general, the value in use has been determined based on
\nfuture strategic plans considering the expected development
\nin both macroeconomic and company-related conditions.
\nThe assumptions used, rest on uncertainty regarding product
\nprices, input prices, biological performance, and future reg-
\nulatory frameworks. Costs can normally be estimated with
\nmore accuracy than income. As profitability in the salmon
\nfarming industry historically has been very volatile, depend-
\ning on developments in the prices of salmon. Bakkafrost uses
\nbudgets and long-term plans for the first five years of the
\nanalysis but returns to long- term historic averages for prof-
\nitability in the sixth year and terminal period.
\nThe key assumptions used in determining the value in use are:
\n\u2022 Harvested volume is based on the current stocking plans
\nfor each unit, and forecasted figures for growth, assumed
\nharvest weight and mortality, based on historical figures.
\n\u2022 The costs are based on the Groups own assumptions, based
\non historical costs and expectations. The costs are expect-
\ned to remain stable but are calculated to increase with an
\ninflation rate of FO: 2.6% (2021: 0.9%) and SCT: 2.0% (2021:
\n2.3%)
\n\u2022 The forward prices are based on the Fish Pool index \u2013
\nwhich is a part of Oslo B\u00f8rs ASA \u2013 at the day of the calcula-
\ntion. The long-term forward prices are based on third-par-
\nties\u2019 sources with adjustments to local conditions.
\n\u2022 The WACC is FO: 9.6% (2021: 8.9%) and SCT 9.6% (2021:
\n8.9%) pre-tax and calculated in accordance with IAS 36.
\nThe WACC model is used for estimating the discount rate.
\nThe input data for the model is updated each year for the
\nannual impairment test. The choice of input data for the
\nmodel significantly influences the outcome of the model,
\nand to ensure that there is as little uncertainty as possible
\nwith regards to the calculation of the WACC, third-party
\nsources are used where available (interest, inflation, beta).
\nThe discount rate is based on a five-year average for ten-
\nyear bonds issued by the Danish government, with an ad-
\njustment margin for the food industry in the EU.
\n\u2022 The inflation is set to FO: 2.6% (2021: 0.9%) and SCT: 2.0%
\n(2021: 2.3%) for the budget period. This is done based on
\nthird-parties\u2019 sources. The terminal growth is set to 0%.
\n\u2022 Capital expenditure (CAPEX). In the 5-year forecast period,
\nthe capital expenditure necessary to meet the expected
\ngrowth in revenue and profit is taken into consideration.
\nCapital expenditures are aligned with the growth and re-
\nplacement plans. Capital expenditure to comply with cur-
\nrent laws and regulations has been included. Capex related
\nto committed and approved efficiency improvement pro-
\ngrammes has also been included to support the inclusion
\nof the benefits in the applied margin. Changes in applicable
\nlaws and regulations may affect future estimated capital
\nexpenditure needs; this is not reflected in the figures used
\nin the impairment test. Beyond the forecast period, capital
\nexpenditure will in general equal depreciation and relate
\nto maintenance investments.
\nSensitivity
\nIn connection with the impairment testing of intangible as-
\nsets, a sensitivity analysis has been carried out. Sensitivity
\nanalysis has been performed for each of the defined cash
\ngenerating units. With the assumptions used, the headroom
\nis DKK 20,198 million (DKK 10,900 million).
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\nACCOUNTING POLICIES
\nIntangible assets that are purchased individually are capital-
\nized at acquisition cost. Intangible assets acquired in connec-
\ntion with the purchase of a business entity are capitalized at
\nacquisition cost when the criteria for separate recognition
\nare met.
\nIntangible assets with a limited economic lifespan are depre-
\nciated systematically. Intangible assets are written down to
\nthe recoverable amount if the expected financial benefits do
\nnot cover their carrying amount.
\n\nCosts relating to research and development are charged as
\nexpenses as they accrue. R&D costs are capitalized in the
\nstatement of financial position, when it can be demonstrated
\nthat the relevant R&D projects carry economic benefits, that
\nthey can be technically finalized, and that the company in-
\ntends to and is financially able to reap the economic benefits.
\n
\n\nSea farming licences, which are purchased either as part of an
\nacquisition or business combination according to IFRS 3, are
\ncapitalized at cost less accumulated write-downs according
\nto a PPA analysis. Sea farming licences in the Faroe Islands
\nand Scotland are considered perpetual, given that certain
\npreconditions regarding environmental protection and ani-
\nmal welfare are met. Consequently, sea farming licences are
\nnot depreciated systematically, but are subject to an annual
\nimpairment test. If the carrying amount exceeds the recov-
\nerable amount, licences are considered impaired, and write-
\ndowns are entered and charged to the Income Statement.
\nThe assessment of indefinite life is reviewed annually to de-
\ntermine whether the indefinite life continues to be appropri-
\nate. If not, the change in useful life from indefinite to finite is
\nmade on a prospective basis.
\nLicenses with indefinite useful lives
\nThe sea farming licenses in the Faroe Islands are defined as
\nthe right to utilize a given area of fjords for farming fish.
\nThere are no provisions as to the maximum allowed biomass
\nat the given site, but the legislation has imposed strict meas-
\nures to regulate the farming activity to be environmentally
\nsustainable.
\nThe sea farming licenses in the Faroes are issued with a nom-
\ninal lifespan of 12 years. Licenses are renewed, unless there
\nis a specific reason against renewal, based on failure to fulfil
\nthe veterinary conditions set by the authorities. In connec-
\ntion with renewal of licenses, authorities may only decline
\nrenewal if specific legislation on area planning, animal wel-
\nfare or environmental protection conflicts with renewal of
\nthe licenses. Special emphasis is to be placed on the fact that
\nit is renewals of existing licenses. This means that sea farm-
\ning licenses are operated in a 12-year rolling lifespan system,
\nwhere the licenses are renewed every 12th year. In the very
\nrare cases, where the authorities have declined to renew li-
\ncenses to use locations for other purposes, the farmers have
\nobtained licenses from the authorities at other locations.
\nThe sea farming licenses in Scotland are perpetual if certain
\nenvironmental, operational, and biological conditions speci-
\nfied in the licenses continue to be met.
\nThe Group has therefore decided to account for sea farming
\nlicenses, which are capitalized, following the provisions for
\nintangible rights with indefinite useful lives.
\n\n
\n
\n
\n
\n\n
GOODWILL
\n
When the company assumes control over a separate business
\n
entity for a consideration that exceeds the fair value of the
\n
individual assets, the difference is entered as goodwill in the
\n
statement of financial position.
\n
Goodwill deriving from purchases of subsidiaries and asso-
\n
ciates is presented under intangible assets. Goodwill is not
\n
depreciated but is tested for impairment annually or more
\n
often if there are indications that its value is lower than the
\n
carrying amount. When assessing the need to write-down
\n
goodwill, this is assigned to relevant cash flow generating
\n
units or groups, which are expected to benefit from the ac-
\n
quisition.
\n
Write-downs are performed in accordance with an assess-
\n
ment of the recoverable value of each of the cash-flow
\n
generating units to which the goodwill is assigned. To iden-
\n
tify the Group\u2019s cash-flow generating units, the assets are
\n
grouped according to the lowest level to which separate and
\n
independent cash flows may be ascribed. Recoverable value
\n
is calculated based on value in use. This is arrived at by esti-
\n
mating future cash flows.
\n
If the calculated value in use is less than the carrying amount
\n
of the cash-flow generating unit, goodwill is written down
\n
first, and then other assets as required.
\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nSPECIFICATION OF CGUS - BOOKED VALUE TESTED AND SENSITIVITY
\nSensitivity analyses and booked value per CGU:
\n Total
\n booked EBITDA WACC WACC
\n Other value change change change
\nCGUs (1,000) Licenses assets***** tested WACC of +/-1% of -1% of +1%
\n
\n31/12/2022
\nThe Scottish Salmon Company acquisition**** 4,006,820 2,082,123 6,088,943 9.6% 455,069 2,213,869 -1,567,700
\nVestlax acquisition* 132,708 1,623,586 1,756,294 9.6% 92,103 876,396 -597,990
\nHavsbr\u00fan acquisition** 157,430 390,749 548,179 9.6% 304,962 2,901,845 -1,980,012
\nFaroe Farming acquisition*** 82,000 1,131,089 1,213,089 9.6% 176,018 1,674,891 -1,142,825
\nTOTAL 4,378,958 5,227,547 9,606,505 1,028,152 7,667,001 -5,288,527
\n
\n31/12/2021
\nThe Scottish Salmon Company acquisition**** 4,006,820 1,906,234 5,913,054 8.9% 382,619 2,378,574 -1,599,072
\nVestlax acquisition* 132,708 1,318,791 1,451,499 8.9% 57,039 365,472 -269,400
\nHavsbr\u00fan acquisition** 157,430 301,696 459,126 8.9% 188,862 1,210,119 -892,012
\nFaroe Farming acquisition*** 82,000 955,167 1,037,167 8.9% 109,008 514,853 -698,458
\nTOTAL 4,378,958 4,481,888 8,860,846 737,528 4,469,018 -3,458,942
\n* 4 CGUs in 7 licenses. Acquired in 2010.
\n** 2 CGUs in 2 licenses. Acquired in 2011.
\n*** 1 CGU in 2 licenses A-92. Acquired in 2016.
\n**** 7 CGUs in 44 licenses. Acquired in 2019.
\n***** Other assets consist of goodwill, PP&E, inventory, receivables, etc. which can be allocated to CGUs or are directly attributable to CGUs.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag589": {
"value": "\n
\n\n
\n
\n\nNOTE 3.1 INTANGIBLE ASSETS
\nDKK 1,000 Goodwill Licences Brands Total
\nAcquisitions costs as at 01.01.22 669,319 3,720,158 108,400 4,497,877
\nReclassification -99,725 99,725 0 0
\nAdditions in the year 12,136 0 0 12,136
\nCurrency translation differences -1,309 0 0 -1,309
\nAcquisitions costs as at 31.12.22 580,421 3,819,883 108,400 4,508,704
\n
\nDepreciations and impairments 01.01.22 -2,151 0 0 -2,151
\nDepreciation during the year 2,151 0 0 2,151
\nAccumulated impairments/depreciation and write-downs as at 31.12.22 0 0 0 0
\n
\nNet book value as at 31.12.22 580,421 3,819,883 108,400 4,508,704
\n
\nDKK 1,000 Goodwill Licences Brands Total
\nAcquisitions costs as at 01.01.21 666,950 3,720,158 108,400 4,495,508
\nCurrency translation differences 2,369 0 0 2,369
\nAcquisitions costs as at 31.12.21 669,319 3,720,158 108,400 4,497,877
\n
\nDepreciations and impairments 01.01.21 -2,113 0 0 -2,113
\nDepreciation during the year -38 0 0 -38
\nAccumulated impairments/depreciation and write-downs as at 31.12.21 -2,151 0 0 -2,151
\n
\nNet book value as at 31.12.21 667,168 3,720,158 108,400 4,495,726
\n
\n\nIn the Faroe Islands, Bakkafrost operates its sea farming ac-
\ntivity in 14 identifiable CGUs based on single or groups of
\nsea farming licenses, seven out of which are issued by the
\ngovernment without consideration, and hence are not capi-
\ntalized. These belong to the North region.
\nThe other seven CGUs were acquired as part of business com-
\nbinations. Respectively, when acquiring the Vestlax Group,
\nHavsbr\u00fan Group and Faroe Farming, hence three groups of
\nCGUs. These belong to the West region. These are considered
\nas significant in comparison to the total carrying amount of
\ngoodwill and intangible assets with indefinite useful lives.
\nIn Scotland, Bakkafrost has chosen to include all the farming
\nin Scotland into one CGU.
\n
\n\n
\n\n
\n
\n\n
\n\n
\n
\nImpairment testing
\nThe Group tests intangible assets annually for impairment or
\nmore frequently if there are indications that the assets are
\nimpaired. The annual impairment test is performed at year-
\nend. The Group has substantial assets with indefinite lives in
\nthe form of licenses. The licenses are subject to impairment
\ntesting in combination with goodwill in the annual test. The
\nGroup identifies each farming zone, which may contain one
\nor several licences or farming sites, as one cash-generating
\nunit.
\nThe procedure of impairment testing
\nImpairment testing is carried out by calculating the net pres-
\nent value of estimated future cash flows (value in use) for
\nthe cash-generating unit in line with IAS 36 and comparing
\nthe net present value of the cash flow towards the carry-
\ning amount of net assets held by the cash-generating unit
\n(CGU). The cash flow used in the calculations represents the
\nmanagement\u2019s best estimate at the time of reporting. If the
\ncarrying amount is higher than the calculated value in use,
\nthe assets are considered impaired. The estimated cash flow
\nis based on an assumption of continued operation. The ba-
\nsis for the estimated cash flow is the strategic plan for the
\nfollowing years. The strategic plans have been reviewed and
\nthe targets approved by the Group management.
\nThe considered operating conditions are costs of feed, smolt,
\nharvest, packaging, transport, and other costs. Other operat-
\ning conditions considered the same are mortality, production
\ntime, fallowing and harvest weight. CAPEX is also assumed
\nto be the same for all CGUs over the calculated period. All
\nCGUs are calculated with the same WACC. If there will be
\nvariances between the assumptions for the different CGUs in
\nthe future, this will be incorporated into the impairment test.
\nIndications of impairment
\nThe impairment testing at year-end did not result in identifi-
\ncation of impairment losses. Intangible assets were tested for
\nimpairment to evaluate if the cash flow from a conservative
\nestimate was sufficient to support the carrying amount of net
\nassets. The test confirmed the asset values.
\nThe key assumptions
\nThe key assumptions in the calculations of value in use are
\nharvest volume, prices, and costs, hence EBIDTA and WACC.
\nAmongst other assumptions are inflation, CAPEX, and termi-
\nnal growth.
\nIn general, the value in use has been determined based on
\nfuture strategic plans considering the expected development
\nin both macroeconomic and company-related conditions.
\nThe assumptions used, rest on uncertainty regarding product
\nprices, input prices, biological performance, and future reg-
\nulatory frameworks. Costs can normally be estimated with
\nmore accuracy than income. As profitability in the salmon
\nfarming industry historically has been very volatile, depend-
\ning on developments in the prices of salmon. Bakkafrost uses
\nbudgets and long-term plans for the first five years of the
\nanalysis but returns to long- term historic averages for prof-
\nitability in the sixth year and terminal period.
\nThe key assumptions used in determining the value in use are:
\n\u2022 Harvested volume is based on the current stocking plans
\nfor each unit, and forecasted figures for growth, assumed
\nharvest weight and mortality, based on historical figures.
\n\u2022 The costs are based on the Groups own assumptions, based
\non historical costs and expectations. The costs are expect-
\ned to remain stable but are calculated to increase with an
\ninflation rate of FO: 2.6% (2021: 0.9%) and SCT: 2.0% (2021:
\n2.3%)
\n\u2022 The forward prices are based on the Fish Pool index \u2013
\nwhich is a part of Oslo B\u00f8rs ASA \u2013 at the day of the calcula-
\ntion. The long-term forward prices are based on third-par-
\nties\u2019 sources with adjustments to local conditions.
\n\u2022 The WACC is FO: 9.6% (2021: 8.9%) and SCT 9.6% (2021:
\n8.9%) pre-tax and calculated in accordance with IAS 36.
\nThe WACC model is used for estimating the discount rate.
\nThe input data for the model is updated each year for the
\nannual impairment test. The choice of input data for the
\nmodel significantly influences the outcome of the model,
\nand to ensure that there is as little uncertainty as possible
\nwith regards to the calculation of the WACC, third-party
\nsources are used where available (interest, inflation, beta).
\nThe discount rate is based on a five-year average for ten-
\nyear bonds issued by the Danish government, with an ad-
\njustment margin for the food industry in the EU.
\n\u2022 The inflation is set to FO: 2.6% (2021: 0.9%) and SCT: 2.0%
\n(2021: 2.3%) for the budget period. This is done based on
\nthird-parties\u2019 sources. The terminal growth is set to 0%.
\n\u2022 Capital expenditure (CAPEX). In the 5-year forecast period,
\nthe capital expenditure necessary to meet the expected
\ngrowth in revenue and profit is taken into consideration.
\nCapital expenditures are aligned with the growth and re-
\nplacement plans. Capital expenditure to comply with cur-
\nrent laws and regulations has been included. Capex related
\nto committed and approved efficiency improvement pro-
\ngrammes has also been included to support the inclusion
\nof the benefits in the applied margin. Changes in applicable
\nlaws and regulations may affect future estimated capital
\nexpenditure needs; this is not reflected in the figures used
\nin the impairment test. Beyond the forecast period, capital
\nexpenditure will in general equal depreciation and relate
\nto maintenance investments.
\nSensitivity
\nIn connection with the impairment testing of intangible as-
\nsets, a sensitivity analysis has been carried out. Sensitivity
\nanalysis has been performed for each of the defined cash
\ngenerating units. With the assumptions used, the headroom
\nis DKK 20,198 million (DKK 10,900 million).
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\nACCOUNTING POLICIES
\nIntangible assets that are purchased individually are capital-
\nized at acquisition cost. Intangible assets acquired in connec-
\ntion with the purchase of a business entity are capitalized at
\nacquisition cost when the criteria for separate recognition
\nare met.
\nIntangible assets with a limited economic lifespan are depre-
\nciated systematically. Intangible assets are written down to
\nthe recoverable amount if the expected financial benefits do
\nnot cover their carrying amount.
\n\nCosts relating to research and development are charged as
\nexpenses as they accrue. R&D costs are capitalized in the
\nstatement of financial position, when it can be demonstrated
\nthat the relevant R&D projects carry economic benefits, that
\nthey can be technically finalized, and that the company in-
\ntends to and is financially able to reap the economic benefits.
\n
\n\nSea farming licences, which are purchased either as part of an
\nacquisition or business combination according to IFRS 3, are
\ncapitalized at cost less accumulated write-downs according
\nto a PPA analysis. Sea farming licences in the Faroe Islands
\nand Scotland are considered perpetual, given that certain
\npreconditions regarding environmental protection and ani-
\nmal welfare are met. Consequently, sea farming licences are
\nnot depreciated systematically, but are subject to an annual
\nimpairment test. If the carrying amount exceeds the recov-
\nerable amount, licences are considered impaired, and write-
\ndowns are entered and charged to the Income Statement.
\nThe assessment of indefinite life is reviewed annually to de-
\ntermine whether the indefinite life continues to be appropri-
\nate. If not, the change in useful life from indefinite to finite is
\nmade on a prospective basis.
\nLicenses with indefinite useful lives
\nThe sea farming licenses in the Faroe Islands are defined as
\nthe right to utilize a given area of fjords for farming fish.
\nThere are no provisions as to the maximum allowed biomass
\nat the given site, but the legislation has imposed strict meas-
\nures to regulate the farming activity to be environmentally
\nsustainable.
\nThe sea farming licenses in the Faroes are issued with a nom-
\ninal lifespan of 12 years. Licenses are renewed, unless there
\nis a specific reason against renewal, based on failure to fulfil
\nthe veterinary conditions set by the authorities. In connec-
\ntion with renewal of licenses, authorities may only decline
\nrenewal if specific legislation on area planning, animal wel-
\nfare or environmental protection conflicts with renewal of
\nthe licenses. Special emphasis is to be placed on the fact that
\nit is renewals of existing licenses. This means that sea farm-
\ning licenses are operated in a 12-year rolling lifespan system,
\nwhere the licenses are renewed every 12th year. In the very
\nrare cases, where the authorities have declined to renew li-
\ncenses to use locations for other purposes, the farmers have
\nobtained licenses from the authorities at other locations.
\nThe sea farming licenses in Scotland are perpetual if certain
\nenvironmental, operational, and biological conditions speci-
\nfied in the licenses continue to be met.
\nThe Group has therefore decided to account for sea farming
\nlicenses, which are capitalized, following the provisions for
\nintangible rights with indefinite useful lives.
\n\n
\n
\n
\n
\n\n
GOODWILL
\n
When the company assumes control over a separate business
\n
entity for a consideration that exceeds the fair value of the
\n
individual assets, the difference is entered as goodwill in the
\n
statement of financial position.
\n
Goodwill deriving from purchases of subsidiaries and asso-
\n
ciates is presented under intangible assets. Goodwill is not
\n
depreciated but is tested for impairment annually or more
\n
often if there are indications that its value is lower than the
\n
carrying amount. When assessing the need to write-down
\n
goodwill, this is assigned to relevant cash flow generating
\n
units or groups, which are expected to benefit from the ac-
\n
quisition.
\n
Write-downs are performed in accordance with an assess-
\n
ment of the recoverable value of each of the cash-flow
\n
generating units to which the goodwill is assigned. To iden-
\n
tify the Group\u2019s cash-flow generating units, the assets are
\n
grouped according to the lowest level to which separate and
\n
independent cash flows may be ascribed. Recoverable value
\n
is calculated based on value in use. This is arrived at by esti-
\n
mating future cash flows.
\n
If the calculated value in use is less than the carrying amount
\n
of the cash-flow generating unit, goodwill is written down
\n
first, and then other assets as required.
\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\nSPECIFICATION OF CGUS - BOOKED VALUE TESTED AND SENSITIVITY
\nSensitivity analyses and booked value per CGU:
\n Total
\n booked EBITDA WACC WACC
\n Other value change change change
\nCGUs (1,000) Licenses assets***** tested WACC of +/-1% of -1% of +1%
\n
\n31/12/2022
\nThe Scottish Salmon Company acquisition**** 4,006,820 2,082,123 6,088,943 9.6% 455,069 2,213,869 -1,567,700
\nVestlax acquisition* 132,708 1,623,586 1,756,294 9.6% 92,103 876,396 -597,990
\nHavsbr\u00fan acquisition** 157,430 390,749 548,179 9.6% 304,962 2,901,845 -1,980,012
\nFaroe Farming acquisition*** 82,000 1,131,089 1,213,089 9.6% 176,018 1,674,891 -1,142,825
\nTOTAL 4,378,958 5,227,547 9,606,505 1,028,152 7,667,001 -5,288,527
\n
\n31/12/2021
\nThe Scottish Salmon Company acquisition**** 4,006,820 1,906,234 5,913,054 8.9% 382,619 2,378,574 -1,599,072
\nVestlax acquisition* 132,708 1,318,791 1,451,499 8.9% 57,039 365,472 -269,400
\nHavsbr\u00fan acquisition** 157,430 301,696 459,126 8.9% 188,862 1,210,119 -892,012
\nFaroe Farming acquisition*** 82,000 955,167 1,037,167 8.9% 109,008 514,853 -698,458
\nTOTAL 4,378,958 4,481,888 8,860,846 737,528 4,469,018 -3,458,942
\n* 4 CGUs in 7 licenses. Acquired in 2010.
\n** 2 CGUs in 2 licenses. Acquired in 2011.
\n*** 1 CGU in 2 licenses A-92. Acquired in 2016.
\n**** 7 CGUs in 44 licenses. Acquired in 2019.
\n***** Other assets consist of goodwill, PP&E, inventory, receivables, etc. which can be allocated to CGUs or are directly attributable to CGUs.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag601": {
"value": "\n
\n
\n\nNOTE 3.1 INTANGIBLE ASSETS
\nDKK 1,000 Goodwill Licences Brands Total
\nAcquisitions costs as at 01.01.22 669,319 3,720,158 108,400 4,497,877
\nReclassification -99,725 99,725 0 0
\nAdditions in the year 12,136 0 0 12,136
\nCurrency translation differences -1,309 0 0 -1,309
\nAcquisitions costs as at 31.12.22 580,421 3,819,883 108,400 4,508,704
\n
\nDepreciations and impairments 01.01.22 -2,151 0 0 -2,151
\nDepreciation during the year 2,151 0 0 2,151
\nAccumulated impairments/depreciation and write-downs as at 31.12.22 0 0 0 0
\n
\nNet book value as at 31.12.22 580,421 3,819,883 108,400 4,508,704
\n
\nDKK 1,000 Goodwill Licences Brands Total
\nAcquisitions costs as at 01.01.21 666,950 3,720,158 108,400 4,495,508
\nCurrency translation differences 2,369 0 0 2,369
\nAcquisitions costs as at 31.12.21 669,319 3,720,158 108,400 4,497,877
\n
\nDepreciations and impairments 01.01.21 -2,113 0 0 -2,113
\nDepreciation during the year -38 0 0 -38
\nAccumulated impairments/depreciation and write-downs as at 31.12.21 -2,151 0 0 -2,151
\n
\nNet book value as at 31.12.21 667,168 3,720,158 108,400 4,495,726
\n
\n\nIn the Faroe Islands, Bakkafrost operates its sea farming ac-
\ntivity in 14 identifiable CGUs based on single or groups of
\nsea farming licenses, seven out of which are issued by the
\ngovernment without consideration, and hence are not capi-
\ntalized. These belong to the North region.
\nThe other seven CGUs were acquired as part of business com-
\nbinations. Respectively, when acquiring the Vestlax Group,
\nHavsbr\u00fan Group and Faroe Farming, hence three groups of
\nCGUs. These belong to the West region. These are considered
\nas significant in comparison to the total carrying amount of
\ngoodwill and intangible assets with indefinite useful lives.
\nIn Scotland, Bakkafrost has chosen to include all the farming
\nin Scotland into one CGU.
\n
\n\n
\n\n
\n
\nImpairment testing
\nThe Group tests intangible assets annually for impairment or
\nmore frequently if there are indications that the assets are
\nimpaired. The annual impairment test is performed at year-
\nend. The Group has substantial assets with indefinite lives in
\nthe form of licenses. The licenses are subject to impairment
\ntesting in combination with goodwill in the annual test. The
\nGroup identifies each farming zone, which may contain one
\nor several licences or farming sites, as one cash-generating
\nunit.
\nThe procedure of impairment testing
\nImpairment testing is carried out by calculating the net pres-
\nent value of estimated future cash flows (value in use) for
\nthe cash-generating unit in line with IAS 36 and comparing
\nthe net present value of the cash flow towards the carry-
\ning amount of net assets held by the cash-generating unit
\n(CGU). The cash flow used in the calculations represents the
\nmanagement\u2019s best estimate at the time of reporting. If the
\ncarrying amount is higher than the calculated value in use,
\nthe assets are considered impaired. The estimated cash flow
\nis based on an assumption of continued operation. The ba-
\nsis for the estimated cash flow is the strategic plan for the
\nfollowing years. The strategic plans have been reviewed and
\nthe targets approved by the Group management.
\nThe considered operating conditions are costs of feed, smolt,
\nharvest, packaging, transport, and other costs. Other operat-
\ning conditions considered the same are mortality, production
\ntime, fallowing and harvest weight. CAPEX is also assumed
\nto be the same for all CGUs over the calculated period. All
\nCGUs are calculated with the same WACC. If there will be
\nvariances between the assumptions for the different CGUs in
\nthe future, this will be incorporated into the impairment test.
\nIndications of impairment
\nThe impairment testing at year-end did not result in identifi-
\ncation of impairment losses. Intangible assets were tested for
\nimpairment to evaluate if the cash flow from a conservative
\nestimate was sufficient to support the carrying amount of net
\nassets. The test confirmed the asset values.
\nThe key assumptions
\nThe key assumptions in the calculations of value in use are
\nharvest volume, prices, and costs, hence EBIDTA and WACC.
\nAmongst other assumptions are inflation, CAPEX, and termi-
\nnal growth.
\nIn general, the value in use has been determined based on
\nfuture strategic plans considering the expected development
\nin both macroeconomic and company-related conditions.
\nThe assumptions used, rest on uncertainty regarding product
\nprices, input prices, biological performance, and future reg-
\nulatory frameworks. Costs can normally be estimated with
\nmore accuracy than income. As profitability in the salmon
\nfarming industry historically has been very volatile, depend-
\ning on developments in the prices of salmon. Bakkafrost uses
\nbudgets and long-term plans for the first five years of the
\nanalysis but returns to long- term historic averages for prof-
\nitability in the sixth year and terminal period.
\nThe key assumptions used in determining the value in use are:
\n\u2022 Harvested volume is based on the current stocking plans
\nfor each unit, and forecasted figures for growth, assumed
\nharvest weight and mortality, based on historical figures.
\n\u2022 The costs are based on the Groups own assumptions, based
\non historical costs and expectations. The costs are expect-
\ned to remain stable but are calculated to increase with an
\ninflation rate of FO: 2.6% (2021: 0.9%) and SCT: 2.0% (2021:
\n2.3%)
\n\u2022 The forward prices are based on the Fish Pool index \u2013
\nwhich is a part of Oslo B\u00f8rs ASA \u2013 at the day of the calcula-
\ntion. The long-term forward prices are based on third-par-
\nties\u2019 sources with adjustments to local conditions.
\n\u2022 The WACC is FO: 9.6% (2021: 8.9%) and SCT 9.6% (2021:
\n8.9%) pre-tax and calculated in accordance with IAS 36.
\nThe WACC model is used for estimating the discount rate.
\nThe input data for the model is updated each year for the
\nannual impairment test. The choice of input data for the
\nmodel significantly influences the outcome of the model,
\nand to ensure that there is as little uncertainty as possible
\nwith regards to the calculation of the WACC, third-party
\nsources are used where available (interest, inflation, beta).
\nThe discount rate is based on a five-year average for ten-
\nyear bonds issued by the Danish government, with an ad-
\njustment margin for the food industry in the EU.
\n\u2022 The inflation is set to FO: 2.6% (2021: 0.9%) and SCT: 2.0%
\n(2021: 2.3%) for the budget period. This is done based on
\nthird-parties\u2019 sources. The terminal growth is set to 0%.
\n\u2022 Capital expenditure (CAPEX). In the 5-year forecast period,
\nthe capital expenditure necessary to meet the expected
\ngrowth in revenue and profit is taken into consideration.
\nCapital expenditures are aligned with the growth and re-
\nplacement plans. Capital expenditure to comply with cur-
\nrent laws and regulations has been included. Capex related
\nto committed and approved efficiency improvement pro-
\ngrammes has also been included to support the inclusion
\nof the benefits in the applied margin. Changes in applicable
\nlaws and regulations may affect future estimated capital
\nexpenditure needs; this is not reflected in the figures used
\nin the impairment test. Beyond the forecast period, capital
\nexpenditure will in general equal depreciation and relate
\nto maintenance investments.
\nSensitivity
\nIn connection with the impairment testing of intangible as-
\nsets, a sensitivity analysis has been carried out. Sensitivity
\nanalysis has been performed for each of the defined cash
\ngenerating units. With the assumptions used, the headroom
\nis DKK 20,198 million (DKK 10,900 million).
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\nACCOUNTING POLICIES
\nIntangible assets that are purchased individually are capital-
\nized at acquisition cost. Intangible assets acquired in connec-
\ntion with the purchase of a business entity are capitalized at
\nacquisition cost when the criteria for separate recognition
\nare met.
\nIntangible assets with a limited economic lifespan are depre-
\nciated systematically. Intangible assets are written down to
\nthe recoverable amount if the expected financial benefits do
\nnot cover their carrying amount.
\n\nCosts relating to research and development are charged as
\nexpenses as they accrue. R&D costs are capitalized in the
\nstatement of financial position, when it can be demonstrated
\nthat the relevant R&D projects carry economic benefits, that
\nthey can be technically finalized, and that the company in-
\ntends to and is financially able to reap the economic benefits.
\n
\n\nSea farming licences, which are purchased either as part of an
\nacquisition or business combination according to IFRS 3, are
\ncapitalized at cost less accumulated write-downs according
\nto a PPA analysis. Sea farming licences in the Faroe Islands
\nand Scotland are considered perpetual, given that certain
\npreconditions regarding environmental protection and ani-
\nmal welfare are met. Consequently, sea farming licences are
\nnot depreciated systematically, but are subject to an annual
\nimpairment test. If the carrying amount exceeds the recov-
\nerable amount, licences are considered impaired, and write-
\ndowns are entered and charged to the Income Statement.
\nThe assessment of indefinite life is reviewed annually to de-
\ntermine whether the indefinite life continues to be appropri-
\nate. If not, the change in useful life from indefinite to finite is
\nmade on a prospective basis.
\nLicenses with indefinite useful lives
\nThe sea farming licenses in the Faroe Islands are defined as
\nthe right to utilize a given area of fjords for farming fish.
\nThere are no provisions as to the maximum allowed biomass
\nat the given site, but the legislation has imposed strict meas-
\nures to regulate the farming activity to be environmentally
\nsustainable.
\nThe sea farming licenses in the Faroes are issued with a nom-
\ninal lifespan of 12 years. Licenses are renewed, unless there
\nis a specific reason against renewal, based on failure to fulfil
\nthe veterinary conditions set by the authorities. In connec-
\ntion with renewal of licenses, authorities may only decline
\nrenewal if specific legislation on area planning, animal wel-
\nfare or environmental protection conflicts with renewal of
\nthe licenses. Special emphasis is to be placed on the fact that
\nit is renewals of existing licenses. This means that sea farm-
\ning licenses are operated in a 12-year rolling lifespan system,
\nwhere the licenses are renewed every 12th year. In the very
\nrare cases, where the authorities have declined to renew li-
\ncenses to use locations for other purposes, the farmers have
\nobtained licenses from the authorities at other locations.
\nThe sea farming licenses in Scotland are perpetual if certain
\nenvironmental, operational, and biological conditions speci-
\nfied in the licenses continue to be met.
\nThe Group has therefore decided to account for sea farming
\nlicenses, which are capitalized, following the provisions for
\nintangible rights with indefinite useful lives.
\n\n
\n
\n
\n
\n\n
GOODWILL
\n
When the company assumes control over a separate business
\n
entity for a consideration that exceeds the fair value of the
\n
individual assets, the difference is entered as goodwill in the
\n
statement of financial position.
\n
Goodwill deriving from purchases of subsidiaries and asso-
\n
ciates is presented under intangible assets. Goodwill is not
\n
depreciated but is tested for impairment annually or more
\n
often if there are indications that its value is lower than the
\n
carrying amount. When assessing the need to write-down
\n
goodwill, this is assigned to relevant cash flow generating
\n
units or groups, which are expected to benefit from the ac-
\n
quisition.
\n
Write-downs are performed in accordance with an assess-
\n
ment of the recoverable value of each of the cash-flow
\n
generating units to which the goodwill is assigned. To iden-
\n
tify the Group\u2019s cash-flow generating units, the assets are
\n
grouped according to the lowest level to which separate and
\n
independent cash flows may be ascribed. Recoverable value
\n
is calculated based on value in use. This is arrived at by esti-
\n
mating future cash flows.
\n
If the calculated value in use is less than the carrying amount
\n
of the cash-flow generating unit, goodwill is written down
\n
first, and then other assets as required.
\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n
\n\n
\n\nSPECIFICATION OF CGUS - BOOKED VALUE TESTED AND SENSITIVITY
\nSensitivity analyses and booked value per CGU:
\n Total
\n booked EBITDA WACC WACC
\n Other value change change change
\nCGUs (1,000) Licenses assets***** tested WACC of +/-1% of -1% of +1%
\n
\n31/12/2022
\nThe Scottish Salmon Company acquisition**** 4,006,820 2,082,123 6,088,943 9.6% 455,069 2,213,869 -1,567,700
\nVestlax acquisition* 132,708 1,623,586 1,756,294 9.6% 92,103 876,396 -597,990
\nHavsbr\u00fan acquisition** 157,430 390,749 548,179 9.6% 304,962 2,901,845 -1,980,012
\nFaroe Farming acquisition*** 82,000 1,131,089 1,213,089 9.6% 176,018 1,674,891 -1,142,825
\nTOTAL 4,378,958 5,227,547 9,606,505 1,028,152 7,667,001 -5,288,527
\n
\n31/12/2021
\nThe Scottish Salmon Company acquisition**** 4,006,820 1,906,234 5,913,054 8.9% 382,619 2,378,574 -1,599,072
\nVestlax acquisition* 132,708 1,318,791 1,451,499 8.9% 57,039 365,472 -269,400
\nHavsbr\u00fan acquisition** 157,430 301,696 459,126 8.9% 188,862 1,210,119 -892,012
\nFaroe Farming acquisition*** 82,000 955,167 1,037,167 8.9% 109,008 514,853 -698,458
\nTOTAL 4,378,958 4,481,888 8,860,846 737,528 4,469,018 -3,458,942
\n* 4 CGUs in 7 licenses. Acquired in 2010.
\n** 2 CGUs in 2 licenses. Acquired in 2011.
\n*** 1 CGU in 2 licenses A-92. Acquired in 2016.
\n**** 7 CGUs in 44 licenses. Acquired in 2019.
\n***** Other assets consist of goodwill, PP&E, inventory, receivables, etc. which can be allocated to CGUs or are directly attributable to CGUs.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag597": {
"value": "\nNOTE 3.1 INTANGIBLE ASSETS
\nDKK 1,000 Goodwill Licences Brands Total
\nAcquisitions costs as at 01.01.22 669,319 3,720,158 108,400 4,497,877
\nReclassification -99,725 99,725 0 0
\nAdditions in the year 12,136 0 0 12,136
\nCurrency translation differences -1,309 0 0 -1,309
\nAcquisitions costs as at 31.12.22 580,421 3,819,883 108,400 4,508,704
\n
\nDepreciations and impairments 01.01.22 -2,151 0 0 -2,151
\nDepreciation during the year 2,151 0 0 2,151
\nAccumulated impairments/depreciation and write-downs as at 31.12.22 0 0 0 0
\n
\nNet book value as at 31.12.22 580,421 3,819,883 108,400 4,508,704
\n
\nDKK 1,000 Goodwill Licences Brands Total
\nAcquisitions costs as at 01.01.21 666,950 3,720,158 108,400 4,495,508
\nCurrency translation differences 2,369 0 0 2,369
\nAcquisitions costs as at 31.12.21 669,319 3,720,158 108,400 4,497,877
\n
\nDepreciations and impairments 01.01.21 -2,113 0 0 -2,113
\nDepreciation during the year -38 0 0 -38
\nAccumulated impairments/depreciation and write-downs as at 31.12.21 -2,151 0 0 -2,151
\n
\nNet book value as at 31.12.21 667,168 3,720,158 108,400 4,495,726
\n
\n\nNOTE 3.2 PROPERTY, PLANT AND EQUIPMENT
\nPlant,
\n machinery,
\n Land operating Other
\n and equipment, operating Assets under
\nDKK 1,000 buildings fixtures etc. equipment Vessels construction Total
\nAcquisition costs as at 01.01.22 2,119,115 3,229,596 449,031 642,653 782,545 7,222,940
\nReclassification -7,409 78,750 76,650 47,418 -201,554 -6,145
\nAcquisitions during the year 28,092 176,326 23,856 495,140 543,642 1,267,056
\nDisposals and scrapping during the year -25,096 -73,359 -922 -3,120 0 -102,497
\nCurrency translation differences -2,757 -38,215 -509 -7,027 -9,763 -58,271
\nAcquisition costs as at 31.12.22 2,111,945 3,373,098 548,106 1,175,064 1,114,870 8,323,083
\nAccumulated depreciations and write-downs as at 01.01.22 -517,934 -1,443,109 -222,921 -150,199 0 -2,334,163
\nReclassification 18,118 38,087 -38,498 -28,346 0 -10,639
\nDepreciations during the year -77,220 -252,802 -58,987 -47,168 0 -436,177
\nAccumulated deprecations and write-downs on disposals and scrapping 24,926 67,661 73 3,053 0 95,713
\nCurrency translation differences 783 7,546 9 1,006 0 9,344
\nAccumulated depreciations and write-downs as at 31.12.22 -551,327 -1,582,617 -320,324 -221,654 0 -2,675,922
\nNet book value as at 31.12.22 1,560,618 1,790,481 227,782 953,410 1,114,870 5,647,161
\nAcquisition costs as at 01.01.21 1,936,967 2,746,675 406,493 450,899 387,946 5,928,980
\nReclassification 83,078 61,012 57,444 53,117 -52,912 201,739
\nAcquisitions during the year 72,206 432,757 41,218 81,455 440,231 1,067,867
\nDisposals and scrapping during the year -2,519 -96,842 -5,023 -373 0 -104,757
\nCurrency translation differences 29,383 85,994 -51,101 57,555 7,280 129,111
\nAcquisition costs as at 31.12.21 2,119,115 3,229,596 449,031 642,653 782,545 7,222,940
\nAccumulated depreciations and write-downs as at 01.01.21 -381,949 -1,043,442 -164,346 -118,644 0 -1,708,381
\nReclassification -44,377 -141,158 -16,205 0 0 -201,739
\nDepreciations during the year -80,574 -277,445 -45,526 -30,403 0 -433,948
\nAccumulated deprecations and write-downs on disposals and scrapping 2,519 94,787 4,239 242 0 101,788
\nCurrency translation differences -13,554 -75,850 -1,082 -1,394 0 -91,882
\nAccumulated depreciations and write-downs as at 31.12.21 -517,935 -1,443,108 -222,920 -150,199 0 -2,334,162
\nNet book value as at 31.12.21 1,601,180 1,786,488 226,111 492,454 782,545 4,888,778
\n
\n\nRight of use
\n Land and buldings Ships, and
\nDKK 1,000 & properties equipment TOTAL
\nBeginning balance 01.01.22 126,861 175,244 302,105
\nAdditions 0 253,383 253,383
\nAdjustments 4,184 -1,012 3,172
\nDepreciation -8,384 -95,070 -103,454
\nEffect of changes in currency exchange rate -2,381 -14,280 -16,661
\nEnding balance 31.12.22 120,280 318,265 438,545
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag593": {
"value": "\n
\n
\nImpairment testing
\nThe Group tests intangible assets annually for impairment or
\nmore frequently if there are indications that the assets are
\nimpaired. The annual impairment test is performed at year-
\nend. The Group has substantial assets with indefinite lives in
\nthe form of licenses. The licenses are subject to impairment
\ntesting in combination with goodwill in the annual test. The
\nGroup identifies each farming zone, which may contain one
\nor several licences or farming sites, as one cash-generating
\nunit.
\nThe procedure of impairment testing
\nImpairment testing is carried out by calculating the net pres-
\nent value of estimated future cash flows (value in use) for
\nthe cash-generating unit in line with IAS 36 and comparing
\nthe net present value of the cash flow towards the carry-
\ning amount of net assets held by the cash-generating unit
\n(CGU). The cash flow used in the calculations represents the
\nmanagement\u2019s best estimate at the time of reporting. If the
\ncarrying amount is higher than the calculated value in use,
\nthe assets are considered impaired. The estimated cash flow
\nis based on an assumption of continued operation. The ba-
\nsis for the estimated cash flow is the strategic plan for the
\nfollowing years. The strategic plans have been reviewed and
\nthe targets approved by the Group management.
\nThe considered operating conditions are costs of feed, smolt,
\nharvest, packaging, transport, and other costs. Other operat-
\ning conditions considered the same are mortality, production
\ntime, fallowing and harvest weight. CAPEX is also assumed
\nto be the same for all CGUs over the calculated period. All
\nCGUs are calculated with the same WACC. If there will be
\nvariances between the assumptions for the different CGUs in
\nthe future, this will be incorporated into the impairment test.
\nIndications of impairment
\nThe impairment testing at year-end did not result in identifi-
\ncation of impairment losses. Intangible assets were tested for
\nimpairment to evaluate if the cash flow from a conservative
\nestimate was sufficient to support the carrying amount of net
\nassets. The test confirmed the asset values.
\nThe key assumptions
\nThe key assumptions in the calculations of value in use are
\nharvest volume, prices, and costs, hence EBIDTA and WACC.
\nAmongst other assumptions are inflation, CAPEX, and termi-
\nnal growth.
\nIn general, the value in use has been determined based on
\nfuture strategic plans considering the expected development
\nin both macroeconomic and company-related conditions.
\nThe assumptions used, rest on uncertainty regarding product
\nprices, input prices, biological performance, and future reg-
\nulatory frameworks. Costs can normally be estimated with
\nmore accuracy than income. As profitability in the salmon
\nfarming industry historically has been very volatile, depend-
\ning on developments in the prices of salmon. Bakkafrost uses
\nbudgets and long-term plans for the first five years of the
\nanalysis but returns to long- term historic averages for prof-
\nitability in the sixth year and terminal period.
\nThe key assumptions used in determining the value in use are:
\n\u2022 Harvested volume is based on the current stocking plans
\nfor each unit, and forecasted figures for growth, assumed
\nharvest weight and mortality, based on historical figures.
\n\u2022 The costs are based on the Groups own assumptions, based
\non historical costs and expectations. The costs are expect-
\ned to remain stable but are calculated to increase with an
\ninflation rate of FO: 2.6% (2021: 0.9%) and SCT: 2.0% (2021:
\n2.3%)
\n\u2022 The forward prices are based on the Fish Pool index \u2013
\nwhich is a part of Oslo B\u00f8rs ASA \u2013 at the day of the calcula-
\ntion. The long-term forward prices are based on third-par-
\nties\u2019 sources with adjustments to local conditions.
\n\u2022 The WACC is FO: 9.6% (2021: 8.9%) and SCT 9.6% (2021:
\n8.9%) pre-tax and calculated in accordance with IAS 36.
\nThe WACC model is used for estimating the discount rate.
\nThe input data for the model is updated each year for the
\nannual impairment test. The choice of input data for the
\nmodel significantly influences the outcome of the model,
\nand to ensure that there is as little uncertainty as possible
\nwith regards to the calculation of the WACC, third-party
\nsources are used where available (interest, inflation, beta).
\nThe discount rate is based on a five-year average for ten-
\nyear bonds issued by the Danish government, with an ad-
\njustment margin for the food industry in the EU.
\n\u2022 The inflation is set to FO: 2.6% (2021: 0.9%) and SCT: 2.0%
\n(2021: 2.3%) for the budget period. This is done based on
\nthird-parties\u2019 sources. The terminal growth is set to 0%.
\n\u2022 Capital expenditure (CAPEX). In the 5-year forecast period,
\nthe capital expenditure necessary to meet the expected
\ngrowth in revenue and profit is taken into consideration.
\nCapital expenditures are aligned with the growth and re-
\nplacement plans. Capital expenditure to comply with cur-
\nrent laws and regulations has been included. Capex related
\nto committed and approved efficiency improvement pro-
\ngrammes has also been included to support the inclusion
\nof the benefits in the applied margin. Changes in applicable
\nlaws and regulations may affect future estimated capital
\nexpenditure needs; this is not reflected in the figures used
\nin the impairment test. Beyond the forecast period, capital
\nexpenditure will in general equal depreciation and relate
\nto maintenance investments.
\nSensitivity
\nIn connection with the impairment testing of intangible as-
\nsets, a sensitivity analysis has been carried out. Sensitivity
\nanalysis has been performed for each of the defined cash
\ngenerating units. With the assumptions used, the headroom
\nis DKK 20,198 million (DKK 10,900 million).
\n
\n
\n",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag600": {
"value": "\n
\n\n
\n
\nACCOUNTING POLICIES
\nIntangible assets that are purchased individually are capital-
\nized at acquisition cost. Intangible assets acquired in connec-
\ntion with the purchase of a business entity are capitalized at
\nacquisition cost when the criteria for separate recognition
\nare met.
\nIntangible assets with a limited economic lifespan are depre-
\nciated systematically. Intangible assets are written down to
\nthe recoverable amount if the expected financial benefits do
\nnot cover their carrying amount.
\n\nCosts relating to research and development are charged as
\nexpenses as they accrue. R&D costs are capitalized in the
\nstatement of financial position, when it can be demonstrated
\nthat the relevant R&D projects carry economic benefits, that
\nthey can be technically finalized, and that the company in-
\ntends to and is financially able to reap the economic benefits.
\n
\n\nSea farming licences, which are purchased either as part of an
\nacquisition or business combination according to IFRS 3, are
\ncapitalized at cost less accumulated write-downs according
\nto a PPA analysis. Sea farming licences in the Faroe Islands
\nand Scotland are considered perpetual, given that certain
\npreconditions regarding environmental protection and ani-
\nmal welfare are met. Consequently, sea farming licences are
\nnot depreciated systematically, but are subject to an annual
\nimpairment test. If the carrying amount exceeds the recov-
\nerable amount, licences are considered impaired, and write-
\ndowns are entered and charged to the Income Statement.
\nThe assessment of indefinite life is reviewed annually to de-
\ntermine whether the indefinite life continues to be appropri-
\nate. If not, the change in useful life from indefinite to finite is
\nmade on a prospective basis.
\nLicenses with indefinite useful lives
\nThe sea farming licenses in the Faroe Islands are defined as
\nthe right to utilize a given area of fjords for farming fish.
\nThere are no provisions as to the maximum allowed biomass
\nat the given site, but the legislation has imposed strict meas-
\nures to regulate the farming activity to be environmentally
\nsustainable.
\nThe sea farming licenses in the Faroes are issued with a nom-
\ninal lifespan of 12 years. Licenses are renewed, unless there
\nis a specific reason against renewal, based on failure to fulfil
\nthe veterinary conditions set by the authorities. In connec-
\ntion with renewal of licenses, authorities may only decline
\nrenewal if specific legislation on area planning, animal wel-
\nfare or environmental protection conflicts with renewal of
\nthe licenses. Special emphasis is to be placed on the fact that
\nit is renewals of existing licenses. This means that sea farm-
\ning licenses are operated in a 12-year rolling lifespan system,
\nwhere the licenses are renewed every 12th year. In the very
\nrare cases, where the authorities have declined to renew li-
\ncenses to use locations for other purposes, the farmers have
\nobtained licenses from the authorities at other locations.
\nThe sea farming licenses in Scotland are perpetual if certain
\nenvironmental, operational, and biological conditions speci-
\nfied in the licenses continue to be met.
\nThe Group has therefore decided to account for sea farming
\nlicenses, which are capitalized, following the provisions for
\nintangible rights with indefinite useful lives.
\n\n
\n
\n
\n
\n\n
GOODWILL
\n
When the company assumes control over a separate business
\n
entity for a consideration that exceeds the fair value of the
\n
individual assets, the difference is entered as goodwill in the
\n
statement of financial position.
\n
Goodwill deriving from purchases of subsidiaries and asso-
\n
ciates is presented under intangible assets. Goodwill is not
\n
depreciated but is tested for impairment annually or more
\n
often if there are indications that its value is lower than the
\n
carrying amount. When assessing the need to write-down
\n
goodwill, this is assigned to relevant cash flow generating
\n
units or groups, which are expected to benefit from the ac-
\n
quisition.
\n
Write-downs are performed in accordance with an assess-
\n
ment of the recoverable value of each of the cash-flow
\n
generating units to which the goodwill is assigned. To iden-
\n
tify the Group\u2019s cash-flow generating units, the assets are
\n
grouped according to the lowest level to which separate and
\n
independent cash flows may be ascribed. Recoverable value
\n
is calculated based on value in use. This is arrived at by esti-
\n
mating future cash flows.
\n
If the calculated value in use is less than the carrying amount
\n
of the cash-flow generating unit, goodwill is written down
\n
first, and then other assets as required.
\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n",
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"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag595": {
"value": "\n
\n
\nACCOUNTING POLICIES
\nIntangible assets that are purchased individually are capital-
\nized at acquisition cost. Intangible assets acquired in connec-
\ntion with the purchase of a business entity are capitalized at
\nacquisition cost when the criteria for separate recognition
\nare met.
\nIntangible assets with a limited economic lifespan are depre-
\nciated systematically. Intangible assets are written down to
\nthe recoverable amount if the expected financial benefits do
\nnot cover their carrying amount.
\n\nCosts relating to research and development are charged as
\nexpenses as they accrue. R&D costs are capitalized in the
\nstatement of financial position, when it can be demonstrated
\nthat the relevant R&D projects carry economic benefits, that
\nthey can be technically finalized, and that the company in-
\ntends to and is financially able to reap the economic benefits.
\n
\n\nSea farming licences, which are purchased either as part of an
\nacquisition or business combination according to IFRS 3, are
\ncapitalized at cost less accumulated write-downs according
\nto a PPA analysis. Sea farming licences in the Faroe Islands
\nand Scotland are considered perpetual, given that certain
\npreconditions regarding environmental protection and ani-
\nmal welfare are met. Consequently, sea farming licences are
\nnot depreciated systematically, but are subject to an annual
\nimpairment test. If the carrying amount exceeds the recov-
\nerable amount, licences are considered impaired, and write-
\ndowns are entered and charged to the Income Statement.
\nThe assessment of indefinite life is reviewed annually to de-
\ntermine whether the indefinite life continues to be appropri-
\nate. If not, the change in useful life from indefinite to finite is
\nmade on a prospective basis.
\nLicenses with indefinite useful lives
\nThe sea farming licenses in the Faroe Islands are defined as
\nthe right to utilize a given area of fjords for farming fish.
\nThere are no provisions as to the maximum allowed biomass
\nat the given site, but the legislation has imposed strict meas-
\nures to regulate the farming activity to be environmentally
\nsustainable.
\nThe sea farming licenses in the Faroes are issued with a nom-
\ninal lifespan of 12 years. Licenses are renewed, unless there
\nis a specific reason against renewal, based on failure to fulfil
\nthe veterinary conditions set by the authorities. In connec-
\ntion with renewal of licenses, authorities may only decline
\nrenewal if specific legislation on area planning, animal wel-
\nfare or environmental protection conflicts with renewal of
\nthe licenses. Special emphasis is to be placed on the fact that
\nit is renewals of existing licenses. This means that sea farm-
\ning licenses are operated in a 12-year rolling lifespan system,
\nwhere the licenses are renewed every 12th year. In the very
\nrare cases, where the authorities have declined to renew li-
\ncenses to use locations for other purposes, the farmers have
\nobtained licenses from the authorities at other locations.
\nThe sea farming licenses in Scotland are perpetual if certain
\nenvironmental, operational, and biological conditions speci-
\nfied in the licenses continue to be met.
\nThe Group has therefore decided to account for sea farming
\nlicenses, which are capitalized, following the provisions for
\nintangible rights with indefinite useful lives.
\n\n
\n
\n
\n
\n\n
GOODWILL
\n
When the company assumes control over a separate business
\n
entity for a consideration that exceeds the fair value of the
\n
individual assets, the difference is entered as goodwill in the
\n
statement of financial position.
\n
Goodwill deriving from purchases of subsidiaries and asso-
\n
ciates is presented under intangible assets. Goodwill is not
\n
depreciated but is tested for impairment annually or more
\n
often if there are indications that its value is lower than the
\n
carrying amount. When assessing the need to write-down
\n
goodwill, this is assigned to relevant cash flow generating
\n
units or groups, which are expected to benefit from the ac-
\n
quisition.
\n
Write-downs are performed in accordance with an assess-
\n
ment of the recoverable value of each of the cash-flow
\n
generating units to which the goodwill is assigned. To iden-
\n
tify the Group\u2019s cash-flow generating units, the assets are
\n
grouped according to the lowest level to which separate and
\n
independent cash flows may be ascribed. Recoverable value
\n
is calculated based on value in use. This is arrived at by esti-
\n
mating future cash flows.
\n
If the calculated value in use is less than the carrying amount
\n
of the cash-flow generating unit, goodwill is written down
\n
first, and then other assets as required.
\n
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag591": {
"value": "\nCosts relating to research and development are charged as
\nexpenses as they accrue. R&D costs are capitalized in the
\nstatement of financial position, when it can be demonstrated
\nthat the relevant R&D projects carry economic benefits, that
\nthey can be technically finalized, and that the company in-
\ntends to and is financially able to reap the economic benefits.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag603": {
"value": "\nGOODWILL
\nWhen the company assumes control over a separate business
\nentity for a consideration that exceeds the fair value of the
\nindividual assets, the difference is entered as goodwill in the
\nstatement of financial position.
\nGoodwill deriving from purchases of subsidiaries and asso-
\nciates is presented under intangible assets. Goodwill is not
\ndepreciated but is tested for impairment annually or more
\noften if there are indications that its value is lower than the
\ncarrying amount. When assessing the need to write-down
\ngoodwill, this is assigned to relevant cash flow generating
\nunits or groups, which are expected to benefit from the ac-
\nquisition.
\nWrite-downs are performed in accordance with an assess-
\nment of the recoverable value of each of the cash-flow
\ngenerating units to which the goodwill is assigned. To iden-
\ntify the Group\u2019s cash-flow generating units, the assets are
\ngrouped according to the lowest level to which separate and
\nindependent cash flows may be ascribed. Recoverable value
\nis calculated based on value in use. This is arrived at by esti-
\nmating future cash flows.
\nIf the calculated value in use is less than the carrying amount
\nof the cash-flow generating unit, goodwill is written down
\nfirst, and then other assets as required.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag605": {
"value": "\n
\n
\n
\n\nNOTE 3.2 PROPERTY, PLANT AND EQUIPMENT
\nPlant,
\n machinery,
\n Land operating Other
\n and equipment, operating Assets under
\nDKK 1,000 buildings fixtures etc. equipment Vessels construction Total
\nAcquisition costs as at 01.01.22 2,119,115 3,229,596 449,031 642,653 782,545 7,222,940
\nReclassification -7,409 78,750 76,650 47,418 -201,554 -6,145
\nAcquisitions during the year 28,092 176,326 23,856 495,140 543,642 1,267,056
\nDisposals and scrapping during the year -25,096 -73,359 -922 -3,120 0 -102,497
\nCurrency translation differences -2,757 -38,215 -509 -7,027 -9,763 -58,271
\nAcquisition costs as at 31.12.22 2,111,945 3,373,098 548,106 1,175,064 1,114,870 8,323,083
\nAccumulated depreciations and write-downs as at 01.01.22 -517,934 -1,443,109 -222,921 -150,199 0 -2,334,163
\nReclassification 18,118 38,087 -38,498 -28,346 0 -10,639
\nDepreciations during the year -77,220 -252,802 -58,987 -47,168 0 -436,177
\nAccumulated deprecations and write-downs on disposals and scrapping 24,926 67,661 73 3,053 0 95,713
\nCurrency translation differences 783 7,546 9 1,006 0 9,344
\nAccumulated depreciations and write-downs as at 31.12.22 -551,327 -1,582,617 -320,324 -221,654 0 -2,675,922
\nNet book value as at 31.12.22 1,560,618 1,790,481 227,782 953,410 1,114,870 5,647,161
\nAcquisition costs as at 01.01.21 1,936,967 2,746,675 406,493 450,899 387,946 5,928,980
\nReclassification 83,078 61,012 57,444 53,117 -52,912 201,739
\nAcquisitions during the year 72,206 432,757 41,218 81,455 440,231 1,067,867
\nDisposals and scrapping during the year -2,519 -96,842 -5,023 -373 0 -104,757
\nCurrency translation differences 29,383 85,994 -51,101 57,555 7,280 129,111
\nAcquisition costs as at 31.12.21 2,119,115 3,229,596 449,031 642,653 782,545 7,222,940
\nAccumulated depreciations and write-downs as at 01.01.21 -381,949 -1,043,442 -164,346 -118,644 0 -1,708,381
\nReclassification -44,377 -141,158 -16,205 0 0 -201,739
\nDepreciations during the year -80,574 -277,445 -45,526 -30,403 0 -433,948
\nAccumulated deprecations and write-downs on disposals and scrapping 2,519 94,787 4,239 242 0 101,788
\nCurrency translation differences -13,554 -75,850 -1,082 -1,394 0 -91,882
\nAccumulated depreciations and write-downs as at 31.12.21 -517,935 -1,443,108 -222,920 -150,199 0 -2,334,162
\nNet book value as at 31.12.21 1,601,180 1,786,488 226,111 492,454 782,545 4,888,778
\n
\n\n
\n\n
\n
\n
\nDescription of depreciations Estimated lifetime Depreciation method Scrap value
\nLand and buildings 10-25 years linear 10%
\nPlant, machinery, operating equipment, fixtures etc. 3-20 years linear 0%-10%
\nOther operating equipment 3-8 years linear 0%
\nShips 15-25 years linear 10%-13%
\n\n
\n\n
\n\nACCOUNTING POLICIES
\nProperty, plant, and equipment is capitalized at acquisition
\ncost, less accumulated depreciation and write downs. When
\nassets are sold, or divested, the book value is deducted, and
\nany loss or gain entered to the Income Statement. Ordinary
\ndepreciation commences from the date on which the asset
\ngoes into normal operation and is calculated based on its
\neconomic lifespan. Depreciation is assigned in a straight line
\nover the expected economic lifespan of the assets, taking
\ninto consideration the estimated residual value.
\nIf an asset comprises significant components with varying
\nlifespan, these components are depreciated separately. The
\nscrap value of the property, plant, and equipment as well as
\nthe depreciation period and depreciation method employed
\nare reassessed annually.
\nFacilities under construction are not depreciated. Deprecia-
\ntion is charged to expenses when the facilities are ready for
\nuse. If the situation or circumstances indicate that the carry-
\ning amount of an asset cannot be recovered, an assessment is
\nmade about whether to write-down its value. If the recover-
\nable value of the assets is less than the carrying amount and
\nthe impairment is not expected to be temporary, the assets
\nare written down to the recoverable value. The recoverable
\nvalue is the greater of net sales price or value in use. Value in
\nuse is the present value of the future cash flows, which the
\nasset will generate.
\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag599": {
"value": "\n
\n\nACCOUNTING POLICIES
\nProperty, plant, and equipment is capitalized at acquisition
\ncost, less accumulated depreciation and write downs. When
\nassets are sold, or divested, the book value is deducted, and
\nany loss or gain entered to the Income Statement. Ordinary
\ndepreciation commences from the date on which the asset
\ngoes into normal operation and is calculated based on its
\neconomic lifespan. Depreciation is assigned in a straight line
\nover the expected economic lifespan of the assets, taking
\ninto consideration the estimated residual value.
\nIf an asset comprises significant components with varying
\nlifespan, these components are depreciated separately. The
\nscrap value of the property, plant, and equipment as well as
\nthe depreciation period and depreciation method employed
\nare reassessed annually.
\nFacilities under construction are not depreciated. Deprecia-
\ntion is charged to expenses when the facilities are ready for
\nuse. If the situation or circumstances indicate that the carry-
\ning amount of an asset cannot be recovered, an assessment is
\nmade about whether to write-down its value. If the recover-
\nable value of the assets is less than the carrying amount and
\nthe impairment is not expected to be temporary, the assets
\nare written down to the recoverable value. The recoverable
\nvalue is the greater of net sales price or value in use. Value in
\nuse is the present value of the future cash flows, which the
\nasset will generate.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag596": {
"value": "\nACCOUNTING POLICIES
\nProperty, plant, and equipment is capitalized at acquisition
\ncost, less accumulated depreciation and write downs. When
\nassets are sold, or divested, the book value is deducted, and
\nany loss or gain entered to the Income Statement. Ordinary
\ndepreciation commences from the date on which the asset
\ngoes into normal operation and is calculated based on its
\neconomic lifespan. Depreciation is assigned in a straight line
\nover the expected economic lifespan of the assets, taking
\ninto consideration the estimated residual value.
\nIf an asset comprises significant components with varying
\nlifespan, these components are depreciated separately. The
\nscrap value of the property, plant, and equipment as well as
\nthe depreciation period and depreciation method employed
\nare reassessed annually.
\nFacilities under construction are not depreciated. Deprecia-
\ntion is charged to expenses when the facilities are ready for
\nuse. If the situation or circumstances indicate that the carry-
\ning amount of an asset cannot be recovered, an assessment is
\nmade about whether to write-down its value. If the recover-
\nable value of the assets is less than the carrying amount and
\nthe impairment is not expected to be temporary, the assets
\nare written down to the recoverable value. The recoverable
\nvalue is the greater of net sales price or value in use. Value in
\nuse is the present value of the future cash flows, which the
\nasset will generate.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag590": {
"value": "\n
\nNOTE 3.3 LEASING
\n\nRight of use
\n Land and buldings Ships, and
\nDKK 1,000 & properties equipment TOTAL
\nBeginning balance 01.01.22 126,861 175,244 302,105
\nAdditions 0 253,383 253,383
\nAdjustments 4,184 -1,012 3,172
\nDepreciation -8,384 -95,070 -103,454
\nEffect of changes in currency exchange rate -2,381 -14,280 -16,661
\nEnding balance 31.12.22 120,280 318,265 438,545
\n
\n\n
\nLease liability
\nBeginning balance 01.01.22 -153,043 -180,378 -333,421
\nAdditions 0 -244,898 -244,898
\nEffect of changes in currency exchange rate 0 2,223 2,223
\nAdjustments 2,212 10,518 12,730
\nLease payments 13,001 97,833 110,834
\nInterests -2,448 -4,132 -6,580
\nEnding balance 31.12.22 -145,021 -314,549 -459,570
\nCurrent lease liability -12,682 -93,533 -106,215
\nNon-current lease liability -132,339 -221,016 -353,355
\n
\nMaturity analysis, undiscounted cash flow
\nUp to 1 year 106,215
\n1-2 years 96,670
\n2-3 years 90,716
\n3-4 years 53,167
\n4-5 years 39,090
\nMore than 5 years 73,712
\n
\n\n
\nRight of use
\n Land and buildings Ships, and
\nDKK 1,000 & properties other equipment TOTAL
\nBeginning balance 01.01.21 107,108 239,376 346,484
\nAdditions 10,322 10,752 21,074
\nAdjustments 17,267 305 17,572
\nDepreciation -7,835 -88,632 -96,467
\nEffect of changes in currency exchange rate -1 13,443 13,442
\nEnding balance 31.12.21 126,861 175,244 302,105
\n
\nLease liability
\nBeginning balance 01.01.21 -136,031 -252,182 -388,213
\nAdditions -9,962 -3,878 -13,840
\nEffect of changes in currency exchange rate 0 1,898 1,898
\nAdjustments -17,266 -304 -17,570
\nLease payments 12,769 102,482 115,251
\nInterests -2,554 -5,050 -7,604
\nEffect of changes in currency exchange rate 1 -23,344 -23,343
\nEnding balance 31.12.21 -153,043 -180,378 -333,421
\nCurrent lease liability -9,399 -78,608 -87,668
\nNon-current lease liability -143,644 -101,769 -245,753
\n
\nMaturity analysis, undiscounted cash flow
\nUp to 1 year 87,668
\n1-2 years 51,216
\n2-3 years 48,550
\n3-4 years 46,710
\n4-5 years 11,257
\nMore than 5 years 88,020
\n Bakkafrost has applied the rules for short-term leases and
\nleases with low value leasing assets and has expensed these
\nin the Income Statement. The amount is not material to the
\nGroup.
\n\n
\n\nAccounting policies
\nBased on the accounting policy applied, Bakkafrost recogniz-
\nes a right-of-use asset and a lease liability at the commence-
\nment date of the contract for all leases, conveying the right
\nto control the use of an identified asset for a period. The
\ncommencement date is the date on which a lessor makes an
\nunderlying asset available for use by a lessee.
\nThe right of use assets is recognized at cost. The cost of the
\nasset consists of the total discounted lease payments (the
\nlease obligation), plus lease payments paid at contract of the
\nagreement (e.g., upfront payments) less any lease incentives
\nreceived, plus any costs directly related to the conclusion of
\nthe agreement and the obligation to demolish or restore the
\nasset after use.
\nSubsequent measurement of the leasing asset is done ac-
\ncording to the same practice as for similar assets, that is
\nowned by the company. This means that leased assets are
\nclassified as tangible fixed assets, even if it is legally a right
\nof use asset.
\nThe lease obligation is recognized at the present value of the
\nlease payments obtained by discounting the lease payments,
\nusing the company\u2019s marginal borrowing rate, since the inter-
\nnal rate cannot be reasonably defined.
\nThe lease payments consist of the fixed lease payments,
\nguaranteed residual values and payment for exercise of pur-
\nchase option or payment for cancellation of lease when con-
\nsidered reasonably certain that the options are exercised. In
\naddition, variable lease payments which are adjusted, based
\n
\n\n
\n\n
\n\n
\n\n
\n\non an index, whereas consumption-based leasing payments
\nare not recognized as part of the cost of the lease asset and
\nliability.
\nThe lease payments are distributed between an instalment
\nportion and an interest portion. The lease obligation is re-
\ncalculated at a constant interest rate, corresponding to the
\ndiscount rate used. At initial recognition, the value of the
\nleased asset corresponds to the value of the lease obligation,
\nunless upfront payments and/or there are recovery obliga-
\ntions regarding the asset.
\nThe Group chose to apply the two practical exceptions in
\nIFRS 16 regarding short term leases and low value assets.
\nShort term leases represent lease agreements shorter than
\n12 months from the date of the contract, and low value as-
\nsets represent lease agreements that are lower than DKK
\n35,000 each.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag594": {
"value": "\nAccounting policies
\nBased on the accounting policy applied, Bakkafrost recogniz-
\nes a right-of-use asset and a lease liability at the commence-
\nment date of the contract for all leases, conveying the right
\nto control the use of an identified asset for a period. The
\ncommencement date is the date on which a lessor makes an
\nunderlying asset available for use by a lessee.
\nThe right of use assets is recognized at cost. The cost of the
\nasset consists of the total discounted lease payments (the
\nlease obligation), plus lease payments paid at contract of the
\nagreement (e.g., upfront payments) less any lease incentives
\nreceived, plus any costs directly related to the conclusion of
\nthe agreement and the obligation to demolish or restore the
\nasset after use.
\nSubsequent measurement of the leasing asset is done ac-
\ncording to the same practice as for similar assets, that is
\nowned by the company. This means that leased assets are
\nclassified as tangible fixed assets, even if it is legally a right
\nof use asset.
\nThe lease obligation is recognized at the present value of the
\nlease payments obtained by discounting the lease payments,
\nusing the company\u2019s marginal borrowing rate, since the inter-
\nnal rate cannot be reasonably defined.
\nThe lease payments consist of the fixed lease payments,
\nguaranteed residual values and payment for exercise of pur-
\nchase option or payment for cancellation of lease when con-
\nsidered reasonably certain that the options are exercised. In
\naddition, variable lease payments which are adjusted, based
\n
\n\non an index, whereas consumption-based leasing payments
\nare not recognized as part of the cost of the lease asset and
\nliability.
\nThe lease payments are distributed between an instalment
\nportion and an interest portion. The lease obligation is re-
\ncalculated at a constant interest rate, corresponding to the
\ndiscount rate used. At initial recognition, the value of the
\nleased asset corresponds to the value of the lease obligation,
\nunless upfront payments and/or there are recovery obliga-
\ntions regarding the asset.
\nThe Group chose to apply the two practical exceptions in
\nIFRS 16 regarding short term leases and low value assets.
\nShort term leases represent lease agreements shorter than
\n12 months from the date of the contract, and low value as-
\nsets represent lease agreements that are lower than DKK
\n35,000 each.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag598": {
"value": "\n
\nNOTE 3.4 COMPANIES IN THE GROUP
\nThe consolidated accounts for 2022 include the following subsidiaries and associates:
\n\n Nominal
\nSubsidiary Companies Currency Nature of Business Head Office Ownership share capital
\n Bakkafrost Farming P/F DKK Salmon farming Glyvrar 100% 19,762
\n Bakkafrost Processing P/F DKK Value adding of salmon (VAP) Glyvrar 100% 150,000
\n Bakkafrost Sales P/F DKK Sales of salmon and VAP products Glyvrar 100% 667
\n Bakkafrost Packaging P/F DKK Production of styrofoam boxes Glyvrar 100% 8,022
\nHavsbr\u00fan P/F DKK Production and sales of fishmeal, fish oil and fish feed Fuglafj\u00f8r\u00f0ur 100% 2,000
\n Bakkafrost UK Ltd. GBP Sales of salmon Grimsby 100% 2 GBP
\n Bakkafrost USA LLC USD Sales of salmon Clifton, New Jersey 100% 2,000,000 USD
\nF\u00f6rka P/F DKK Production of biogas and fertilizer Glyvrar 100% 5,000
\n Bakkafrost Scotland Ltd.* GBP Salmon Farming Edinburgh 100% 20,000,000
\nScottish Salmon 2020 (Jersey) Ltd. GBP In liquidation Edinburgh 100% 17,530,000
\nSv\u00ednoyar rognkelsisst\u00f8\u00f0 Sp/f DKK Lumpfish farming Sv\u00ednoy 100% 8,102,222
\nFaroe Seafood 2011 P/F DKK Trading fish Glyvrar 100% 2,000,000
\n Bakkafrost France SARL EUR Trading fish Boulogne, France 100% 160,000 EUR
\nMunkebo Seafood A/S DKK Production and sales of canned fish Munkebo 90% 1,800,000
\nFarCargo P/F** DKK Freight transportation of goods Glyvrar 70% 4,666,667
\n* Previously Scottish Salmon Company Ltd.
\n** Previously 07.07.2021 P/F
\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\n Carrying Carrying
\nAssociated Companies Head Net Share of value value
\nDKK 1,000 Offi ce Ownership Additions the result 2022 2021
\nPelagos P/F Fuglafj\u00f8r\u00f0ur 30% 0 10,427 98,734 88,307
\nSalmon Proteins P/F* Ei\u00f0i 79% 0 312 5,176 4,864
\nSv\u00ednoyar rognkelsisst\u00f8\u00f0 Sp/f** Sv\u00ednoy 100% n/a n/a n/a 733
\nFF Skagen A/S*** Skagen 25% 90,854 38,512 129,366 n/a
\nTotal 233,276 93,904
\n Total assets Total assets Equity Equity Result Result
\n 2022 2021 2022 2021 2022 2021
\nPelagos P/F**** 540,104 540,104 291,441 291,441 97,495 97,495
\nSalmon Proteins P/F**** 9,557 9,557 6,183 6,183 407 407
\nSv\u00ednoyar rognkelsisst\u00f8\u00f0 Sp/f**** n/a 8,386 n/a -842 n/a -837
\nFF Skagen A/S**** 1,364,847 1,364,847 412,081 412,081 8,403 8,403
\n*Voting rights 30%. The voting rights are limited in the Articles of Association of P/F Salmon Proteins.
\n**Changed classifi cation to a subsidiary company during 2022
\n***Changed classifi cation to an associated company during 2022
\n****Information from 2021
\n
\n\n\nNOTE 3.5 SHARES AND HOLDINGS IN OTHER COMPANIES
\n Carrying Carrying
\nDKK 1,000 amount amount
\nCompanies 2022 2021
\nOthers 933 55,321
\nTotal 933 55,321
\nCompanies 2022 2021
\nOthers 933 55,321
\nTotal 933 55,321
\n
\n\n\nACCOUNTING POLICIES
\nInvestments in other companies are classifi ed as available
\nfor sale. Shares and holdings in which the Group does not
\nhave signifi cant infl uence are valued at cost as fair value
\ncannot be measured reliably.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag604": {
"value": "\n Nominal
\nSubsidiary Companies Currency Nature of Business Head Office Ownership share capital
\n Bakkafrost Farming P/F DKK Salmon farming Glyvrar 100% 19,762
\n Bakkafrost Processing P/F DKK Value adding of salmon (VAP) Glyvrar 100% 150,000
\n Bakkafrost Sales P/F DKK Sales of salmon and VAP products Glyvrar 100% 667
\n Bakkafrost Packaging P/F DKK Production of styrofoam boxes Glyvrar 100% 8,022
\nHavsbr\u00fan P/F DKK Production and sales of fishmeal, fish oil and fish feed Fuglafj\u00f8r\u00f0ur 100% 2,000
\n Bakkafrost UK Ltd. GBP Sales of salmon Grimsby 100% 2 GBP
\n Bakkafrost USA LLC USD Sales of salmon Clifton, New Jersey 100% 2,000,000 USD
\nF\u00f6rka P/F DKK Production of biogas and fertilizer Glyvrar 100% 5,000
\n Bakkafrost Scotland Ltd.* GBP Salmon Farming Edinburgh 100% 20,000,000
\nScottish Salmon 2020 (Jersey) Ltd. GBP In liquidation Edinburgh 100% 17,530,000
\nSv\u00ednoyar rognkelsisst\u00f8\u00f0 Sp/f DKK Lumpfish farming Sv\u00ednoy 100% 8,102,222
\nFaroe Seafood 2011 P/F DKK Trading fish Glyvrar 100% 2,000,000
\n Bakkafrost France SARL EUR Trading fish Boulogne, France 100% 160,000 EUR
\nMunkebo Seafood A/S DKK Production and sales of canned fish Munkebo 90% 1,800,000
\nFarCargo P/F** DKK Freight transportation of goods Glyvrar 70% 4,666,667
\n* Previously Scottish Salmon Company Ltd.
\n** Previously 07.07.2021 P/F
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag592": {
"value": "\n Carrying Carrying
\nAssociated Companies Head Net Share of value value
\nDKK 1,000 Offi ce Ownership Additions the result 2022 2021
\nPelagos P/F Fuglafj\u00f8r\u00f0ur 30% 0 10,427 98,734 88,307
\nSalmon Proteins P/F* Ei\u00f0i 79% 0 312 5,176 4,864
\nSv\u00ednoyar rognkelsisst\u00f8\u00f0 Sp/f** Sv\u00ednoy 100% n/a n/a n/a 733
\nFF Skagen A/S*** Skagen 25% 90,854 38,512 129,366 n/a
\nTotal 233,276 93,904
\n Total assets Total assets Equity Equity Result Result
\n 2022 2021 2022 2021 2022 2021
\nPelagos P/F**** 540,104 540,104 291,441 291,441 97,495 97,495
\nSalmon Proteins P/F**** 9,557 9,557 6,183 6,183 407 407
\nSv\u00ednoyar rognkelsisst\u00f8\u00f0 Sp/f**** n/a 8,386 n/a -842 n/a -837
\nFF Skagen A/S**** 1,364,847 1,364,847 412,081 412,081 8,403 8,403
\n*Voting rights 30%. The voting rights are limited in the Articles of Association of P/F Salmon Proteins.
\n**Changed classifi cation to a subsidiary company during 2022
\n***Changed classifi cation to an associated company during 2022
\n****Information from 2021
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag639": {
"value": "\nNOTE 3.5 SHARES AND HOLDINGS IN OTHER COMPANIES
\n Carrying Carrying
\nDKK 1,000 amount amount
\nCompanies 2022 2021
\nOthers 933 55,321
\nTotal 933 55,321
\nCompanies 2022 2021
\nOthers 933 55,321
\nTotal 933 55,321
\n
\n",
"dimensions": {
"concept": "bakka:DisclosureOfSharesAndHoldingsInOtherCompaniesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag638": {
"value": "\nACCOUNTING POLICIES
\nInvestments in other companies are classifi ed as available
\nfor sale. Shares and holdings in which the Group does not
\nhave signifi cant infl uence are valued at cost as fair value
\ncannot be measured reliably.
\n
\n",
"dimensions": {
"concept": "bakka:DescriptionOfAccountingPolicyForSharesAndHoldingsInOtherCompaniesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag159": {
"value": "\n
\n
\nNOTE 3.6 INVENTORY
\nDKK 1,000 2022 2021
\nRaw materials and goods in-progress 843,909 514,977
\nFinished goods 230,435 194,329
\nTotal inventory 1,074,344 709,306
\nRaw materials primarily consist of raw material to produce
\nfi shmeal, fi sh oil and fi sh feed and packaging materials used
\nin processing.
\nGoods in-progress include semi-fi nished products and spare
\nparts.
\nFinished products include all products ready for sale, such
\nas fi sh feed, fresh and frozen whole salmon, as well as pro-
\ncessed salmon products.
\nInventories are measured at full cost price.
\n\n
\n\nACCOUNTING POLICIES
\nInventories consist of inventories in the Farming FO unit,
\nFarming SCT unit, VAP unit and the FOF unit.
\nFARMING FO AND FARMING SCT
\nInventories include mainly feed, packaging materials and fi n-
\nished goods. Inventories of goods are stated at the lower of
\ncost and net realizable value.
\nThe cost of processed goods is a full production cost that in-
\ncludes direct material and personnel costs, and a percentage
\nof indirect processing costs. Interest costs are not included in
\nthe value of inventory.
\nThe cost price of purchased goods is the acquisition price.
\nCost is based on the FIFO principle.
\nNet realizable value is estimated sales price less selling
\n expenses.
\nVAP
\nInventories consist of raw material, additives, packaging ma-
\nterial and fi nished goods. Raw material in the VAP unit con-
\nsist basically of processed salmonids. Raw material is meas-
\nured at fair value at the time of harvesting.
\nPackaging material and additives are valued at the lesser of
\ncost or expected sales price less sales costs. The FIFO princi-
\nple is used concerning the periodic assignment of inventory
\ncosts.
\nFinished goods in inventory, fresh or frozen, are measured at
\nthe lesser of cost or the expected sales price less sales costs.
\nIn a case, where the cost price exceeds the sales price less
\nsales cost, impairment is entered and charged to the Income
\nStatement.
\nThe cost price of goods produced in-house is the full pro-
\nduction cost, including production costs, which can be only
\nindirectly allocated to produce goods, less general adminis-
\ntration costs.
\nFOF
\nRaw materials and purchased commodities are valued at the
\nlower of historical cost and net realizable value in accord-
\nance with the FIFO principle.
\nFinished goods are fi shmeal, oil and feed ready for delivery
\nto customer, valued at the lower of cost and net realizable
\nvalue. The cost of fi nished goods includes any processing
\ncosts that have incurred. Processing costs consist of logistics,
\nhandling and storage costs.
\nThe cost price of goods produced in-house is the full pro-
\nduction cost, including production costs, which can be only
\nindirectly allocated to produce goods, less general adminis-
\ntration costs.
\n
\n
\n
\n\n
\n
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag167": {
"value": "\nACCOUNTING POLICIES
\nInventories consist of inventories in the Farming FO unit,
\nFarming SCT unit, VAP unit and the FOF unit.
\nFARMING FO AND FARMING SCT
\nInventories include mainly feed, packaging materials and fi n-
\nished goods. Inventories of goods are stated at the lower of
\ncost and net realizable value.
\nThe cost of processed goods is a full production cost that in-
\ncludes direct material and personnel costs, and a percentage
\nof indirect processing costs. Interest costs are not included in
\nthe value of inventory.
\nThe cost price of purchased goods is the acquisition price.
\nCost is based on the FIFO principle.
\nNet realizable value is estimated sales price less selling
\n expenses.
\nVAP
\nInventories consist of raw material, additives, packaging ma-
\nterial and fi nished goods. Raw material in the VAP unit con-
\nsist basically of processed salmonids. Raw material is meas-
\nured at fair value at the time of harvesting.
\nPackaging material and additives are valued at the lesser of
\ncost or expected sales price less sales costs. The FIFO princi-
\nple is used concerning the periodic assignment of inventory
\ncosts.
\nFinished goods in inventory, fresh or frozen, are measured at
\nthe lesser of cost or the expected sales price less sales costs.
\nIn a case, where the cost price exceeds the sales price less
\nsales cost, impairment is entered and charged to the Income
\nStatement.
\nThe cost price of goods produced in-house is the full pro-
\nduction cost, including production costs, which can be only
\nindirectly allocated to produce goods, less general adminis-
\ntration costs.
\nFOF
\nRaw materials and purchased commodities are valued at the
\nlower of historical cost and net realizable value in accord-
\nance with the FIFO principle.
\nFinished goods are fi shmeal, oil and feed ready for delivery
\nto customer, valued at the lower of cost and net realizable
\nvalue. The cost of fi nished goods includes any processing
\ncosts that have incurred. Processing costs consist of logistics,
\nhandling and storage costs.
\nThe cost price of goods produced in-house is the full pro-
\nduction cost, including production costs, which can be only
\nindirectly allocated to produce goods, less general adminis-
\ntration costs.
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag163": {
"value": "\nNOTE 3.7 BIOLOGICAL ASSETS
\nDKK 1,000 2022 2021
\nBiological assets carrying amount 01.01. 2,448,289 2,117,024
\nIncrease due to production or purchases 3,917,146 3,158,703
\nReduction due to harvesting or sale (costs of goods sold) -3,363,747 -2,931,526
\nReduction due to mortality (costs of incidents-based mortality) -282,768 -307,551
\nFair value adjustment at the beginning of the period reversed -604,707 -145,387
\nFair value reclassifi cation currency translation differences prior year 0 -24,452
\nFair value adjustments at the end of the period 883,099 604,707
\nReversal of elimination at the beginning of the period 134,193 80,083
\nEliminations -135,650 -134,193
\nCurrency translation differences -57,370 30,881
\nBiological assets carrying amount 31.12. 2,938,485 2,448,289
\nCost price biological assets 2,248,406 1,946,894
\nFair value adjustments at the end of the 883,099 604,707
\nEliminations -135,650 -134,193
\nCurrency translation differences -57,370 30,881
\nBiological assets carrying amount 2,938,485 2,448,289
\nBiomass on average (tonnes)
\n< 1 kg 4,737 5,070
\n1 < 2 kg 6,811 7,673
\n2 < 3 kg 8,608 10,026
\n3 < 4 kg 9,589 13,538
\n4 kg < 18,566 22,288
\nVolume of biomass at sea 48,311 58,595
\nNumber of fi sh on average (thousand)
\n< 1 kg 11,043 9,770
\n1 < 2 kg 4,595 5,255
\n2 < 3 kg 3,520 3,873
\n3 < 4 kg 2,717 3,920
\n4 kg < 3,877 4,595
\nTotal number of fi sh at sea 25,752 27,413
\nHarvested volumes (TGW) 90,603 96,889
\nNumber of smolts released (thousand)
\nQ1 4,237 4,044
\nQ2 6,166 5,233
\nQ3 6,563 7,022
\nQ4 8,459 9,236
\nTotal number of smolts released 25,425 25,535
\nChang
\ne in discount rate +1% -212,686 -150,709
\nChange in discount rate -1% 238,534 167,502
\nChange in sales price +5 DKK 353,080 423,223
\nChange in sales price -5 DKK -353,080 -423,223
\nChange in biomass volume +1% 18,217 8,982
\nChange in biomass volume -1% -18,217 -8,982
\nOne year forward prices in EUR FCA Oslo*
\nAt year end 7.50 6.72
\nQ1 (forward) 8.58 6.86
\nQ2 (forward) 8.96 6.81
\nQ3 (forward) 7.16 5.66
\nQ4 (forward) 7.31 6.15
\n* Source Fish Pool
\n
\n\n
\n\nACCOUNTING POLICIES
\nIAS 41 requires biomass to be accounted for at the estimated
\nfair value net of sales costs and harvesting costs. The calcu-
\nlation of the estimated fair value is based on market prices
\nfor harvested fish. In the accounts, the change in estimated
\nfair value is entered to the Income Statement on a continuous
\nbasis.
\nThe Group\u2019s biological assets are salmon at all stages of the
\nlife cycle. The fish is divided into two main groups, depend-
\ning on the stage of the life cycle. The first group is fish pro-
\nduced on land in fresh water. The second is, when the fish
\nare released to sea.
\nFor the first group, historical cost is deemed a reasonable
\napproach to fair value, as there is little biological transfor-
\nmation. This assessment must be seen in the light of the fact
\nthat smolts are currently released to sea at a stage when
\ntheir weight is still relatively low.
\nFor the second group, the fair value is calculated by applying
\na present value model at level 3 in the fair value hierarchy in
\nIFRS 13. In accordance with the principle in IFRS 13 for high-
\nest and best use, the Group considers optimal harvest weight
\nto be for Farming FO 5.2 kg gutted weight (6.3 kg live weight)
\nand for Farming SCT 4.9 kg gutted weight (6.0 kg live weight).
\nThe valuation model
\nThe valuation model calculates the net present value of ex-
\npected cash flow from biological assets.
\nChanges to estimated fair value of biological assets are pre-
\nsented on the line Fair value adjustments of biological assets
\nin the Income Statement.
\nThe measurement unit is the individual fish. However, for
\npractical reasons, cash flows and estimates are carried out
\nper locality.
\nMain components in the model are:
\n\u2022 Volume
\n\u2022 Production costs
\n\u2022 Sales price
\n\u2022 Discount rate
\nVolume
\nEstimated harvest volume is based on the actual number of
\nfish in the sea on the balance sheet date, minus estimated
\nfuture mortality from balance sheet date and multiplied by
\noptimal harvest weight per fish.
\nFuture monthly mortality is estimated to be for Farming FO
\n0.9% (2021: 0.9%) and for Farming SCT 2.0% (2021: 1.5%) of
\nthe number of incoming fish per month.
\nCost
\nEstimated future costs are based on the Group\u00b4s prognoses
\nper locality. Cost comprises mainly feed, production, harvest,
\nand transport costs.
\nPrice
\nEstimated sales prices are based on externally quoted prices
\nfrom Fish Pool with adjustments to local conditions.
\nFish Pool is a marketplace for financial purchase and sale
\nagreements for superior Norwegian salmon size 3-6 kg gut-
\nted weight. The volume on Fish Pool is, however, limited. This
\nmarket may therefore be considered insufficiently active and
\neffective. Despite this, Bakkafrost\u2019s opinion is that the ob-
\nservable forward prices are the best approach to a price for
\nthe sale of salmon.
\nThe prices are reduced for harvesting costs, freight costs to
\nmarket to arrive at a net value back-to-farm and for Farming
\nFO also revenue tax. The valuation also reflects the expected
\nquality grading.
\nDiscounts
\nThe estimated future cash flow is discounted monthly. The
\nmonthly discount rate on 31 December 2022 is 6.0% (2021:
\n6.0%) per month for Farming FO and 4.0% (2021: 4.0%) per
\nmonth for Farming SCT. The discount rate considers a risk
\n
\n\n
\n\n
\n\nadjustment and time value. The risk adjustment considers the
\nvolatility in volume, cost, and price.
\nMortality
\nMortality above normal will be accounted for when a farming
\nsite either experiences elevated mortality over time or mor-
\ntality due to an incident.
\nCosts related to abnormal mortality will be recognized in the
\nIncome Statement and presented on the line for changes in
\ninventory, while normal mortality is classified as part of pro-
\nduction costs.
\n Bakkafrost uses a common indicator and threshold for all
\nfarming sites to assess normal and abnormal mortality. In-
\ndication of abnormal mortality is when a farming site in a
\nmonth registers mortality exceeding 1.5% (2021: 1.5%) for
\nFarming FO and 4.0% (2021: 4.0%) for Farming SCT of the
\nincoming number of fish. A more detailed assessment is then
\ncarried out to evaluate, whether mortality is abnormal. These
\nassessments consider the cause of mortality and the size of
\nthe fish.
\nSIGNIFICANT ASSUMPTIONS SENSITIVITY
\nThe estimate of fair value of biomass will always be based on
\nuncertain assumptions, even though the company has built
\nsubstantial expertise in assessing these factors.
\nThe Group considers three components to be key parameters
\nfor valuation. These are: average price, monthly discount rate
\nand estimated biomass volume. In the table above a simu-
\nlated sensitivity analysis to changes in fair value of the bi-
\nological assets is portrayed in the event of changes in these
\nparameters.
\n
\n\n
\n",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag160": {
"value": "\n
\nNOTE 3.8. ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
\nDKK 1,000 2022 2021
\nAccounts receivable 808,806 620,356
\nProvisions for bad debts -51 -32
\nNet accounts receivables 808,755 620,324
\nVAT 75,973 78,227
\nOther 26,477 93,979
\nTax receivables 65,822 109,701
\nOther receivables 168,272 281,907
\nTotal short-term receivables 977,027 902,231
\nLong-term receivables 0 8,102
\nTotal accounts receivable and other receivables 977,027 910,333
\nAGE DISTRIBUTION OF ACCOUNTS RECEIVABLE
\nDKK 1,000
\nReceivables not overdue 614,760 508,400
\nOverdue 0\u20136 months 190,538 103,258
\nOverdue more than 6 months 3,508 8,666
\nTotal 808,806 620,324
\nThe Group\u2019s exposure to credit risks related to accounts receivable is disclosed in Note 4.1.
\n
\n\n
\nCURRENCY EXPOSURE TO ACCOUNTS RECEIVABLE
\nThe Group holds accounts receivable in foreign currencies amounting to DKK 672 million at year-end 2022. (2021: DKK 528 million).
\nBelow is presented the book value of receivables specifi ed in currency, translated into DKK employing the currency value at
\n31.12.
\nCURRENCY DISTRIBUTION OF RECEIVABLES
\nDKK 1,000 2022 2021
\nDKK 137,009 92,104
\nEUR 398,970 318,369
\nUSD 105,135 126,231
\nGBP 73,511 66,754
\nJPY 5,730 0
\nNOK 88,451 2,803
\nOthers 0 14,063
\nTotal 808,806 620,324
\n
\n\n
\n\n
\n\nACCOUNTING POLICIES
\nAccounts receivable and other receivables are presented at
\nface value less provisions for bad debts. Provisions for bad
\ndebts are made based on an individual assessment of the
\nreceivables concerned. Due to insignifi cant cost and the short
\ncredit period, amortized cost is equivalent to face value less
\nforeseeable losses.
\n
\n\n
\n\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag165": {
"value": "\nACCOUNTING POLICIES
\nAccounts receivable and other receivables are presented at
\nface value less provisions for bad debts. Provisions for bad
\ndebts are made based on an individual assessment of the
\nreceivables concerned. Due to insignifi cant cost and the short
\ncredit period, amortized cost is equivalent to face value less
\nforeseeable losses.
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag169": {
"value": "\nNOTE 3.9 CASH AND CASH EQUIVALENTS
\nCash and cash equivalents consist of short-term bank depos-
\nits and were DKK 720 million at year-end 2022, compared to
\nDKK 509 million at year-end 2021.
\n
\n",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag164": {
"value": "\n
\n
\n\nNOTE 3.10 SHARE CAPITAL AND MAJOR SHAREHOLDERS
\nShare capital:
\nDKK 1,000 2022 2021
\nShare capital at 1 January 59,143 59,143
\nShare capital at 31 December 59,143 59,143
\nThe parent company\u2019s share capital comprises:
\nDKK No. of Shares Face Value Share Capital
\nOrdinary shares 59,143,000 1 59,143,000
\nTotal share capital 59,143,000
\nReconciliation of outstanding shares: 2022 2021
\nOutstanding shares at 1 January 59,075,165 59,044,071
\nSale of own shares to cover the employee bonus program 23,316 31,094
\nOutstanding shares at 31 December 59,098,481 59,075,165
\nTreasury shares at 31 December 44,519 67,835
\nSHAREHOLDERS
\nThese shareholders held directly or indirectly more than
\n5% of the shares in the company as at 31 December 2022:
\nFolketrygdfondet, Regin Jacobsen, Oddv\u00f8r Jacobsen and
\nThe Goldman Sachs Group, Inc..
\n
\n\n
\n\n
\n\n
\n
\n\nShares owned directly and indirectly by the members of the Board of Directors and Group Management:
\nName Position No. of shares Shareholding
\nR\u00fani M. Hansen Chairman of the Board 10,761 0.02%
\nTeitur Samuelsen Member of the Board 100 0.00%
\nAnnika Frederiksberg Member of the Board 16,250 0.03%
\n\u00d8ystein Sandvik Member of the Board 0 0.00%
\nEinar Wathne Member of the Board 0 0.00%
\nGu\u00f0ri\u00f0 H\u00f8jgaard Member of the Board 0 0.00%
\nRegin Jacobsen Chief Executive Officer 4,617,351 7.81%
\nOdd Eliasen Managing Director 184,969 0.31%
\nH\u00f8gni D. Jakobsen Chief Financial Officer 74,593 0.13%
\n
\n\n\nDividend
\nThe Board has proposed a dividend per share of DKK 10.00
\nfor 2022. DKK 304 million were paid out for 2021. The div-
\nidends proposed are to be approved at the Annual General
\nMeeting and if approved, the total dividend payment will
\namount to DKK 591 million. The dividend proposal has not
\nbeen recognized as a liability at 31 December 2022 but is
\npresented as an item within equity.
\n
\n\n
\n\n
\n",
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"Tag168": {
"value": "\nNOTE 3.10 SHARE CAPITAL AND MAJOR SHAREHOLDERS
\nShare capital:
\nDKK 1,000 2022 2021
\nShare capital at 1 January 59,143 59,143
\nShare capital at 31 December 59,143 59,143
\nThe parent company\u2019s share capital comprises:
\nDKK No. of Shares Face Value Share Capital
\nOrdinary shares 59,143,000 1 59,143,000
\nTotal share capital 59,143,000
\nReconciliation of outstanding shares: 2022 2021
\nOutstanding shares at 1 January 59,075,165 59,044,071
\nSale of own shares to cover the employee bonus program 23,316 31,094
\nOutstanding shares at 31 December 59,098,481 59,075,165
\nTreasury shares at 31 December 44,519 67,835
\nSHAREHOLDERS
\nThese shareholders held directly or indirectly more than
\n5% of the shares in the company as at 31 December 2022:
\nFolketrygdfondet, Regin Jacobsen, Oddv\u00f8r Jacobsen and
\nThe Goldman Sachs Group, Inc..
\n
\n\n
\n
\n\nShares owned directly and indirectly by the members of the Board of Directors and Group Management:
\nName Position No. of shares Shareholding
\nR\u00fani M. Hansen Chairman of the Board 10,761 0.02%
\nTeitur Samuelsen Member of the Board 100 0.00%
\nAnnika Frederiksberg Member of the Board 16,250 0.03%
\n\u00d8ystein Sandvik Member of the Board 0 0.00%
\nEinar Wathne Member of the Board 0 0.00%
\nGu\u00f0ri\u00f0 H\u00f8jgaard Member of the Board 0 0.00%
\nRegin Jacobsen Chief Executive Officer 4,617,351 7.81%
\nOdd Eliasen Managing Director 184,969 0.31%
\nH\u00f8gni D. Jakobsen Chief Financial Officer 74,593 0.13%
\n
\n\n\nDividend
\nThe Board has proposed a dividend per share of DKK 10.00
\nfor 2022. DKK 304 million were paid out for 2021. The div-
\nidends proposed are to be approved at the Annual General
\nMeeting and if approved, the total dividend payment will
\namount to DKK 591 million. The dividend proposal has not
\nbeen recognized as a liability at 31 December 2022 but is
\npresented as an item within equity.
\n
\n\n
\n",
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"Tag162": {
"value": "\nDividend
\nThe Board has proposed a dividend per share of DKK 10.00
\nfor 2022. DKK 304 million were paid out for 2021. The div-
\nidends proposed are to be approved at the Annual General
\nMeeting and if approved, the total dividend payment will
\namount to DKK 591 million. The dividend proposal has not
\nbeen recognized as a liability at 31 December 2022 but is
\npresented as an item within equity.
\n
\n",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag166": {
"value": "10",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"Tag161": {
"value": "591000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"Tag170": {
"value": "\nNOTE 3.11 INTEREST-BEARING DEBT
\nDKK 1,000 2022 2021
\nLong-term interest-bearing debt 3,383,289 2,634,968
\nTotal long-term interest-bearing debt 31.12. 3,383,289 2,634,968
\nTotal interest-bearing debt 3,383,289 2,634,968
\nCash and cash equivalents -719,603 -509,157
\nNet interest-bearing debt 2,663,686 2,125,811
\nThe maturity structure of the Group\u2019s fi nancial commitments
\nis based on undiscounted contractual payments. As the credit
\nlimit is not necessarily in the same currency of debt drawn,
\ncurrency fl uctuations affect the amount available under the
\nfacilities at any time.
\n
\n\nThe maturity plan of the Group\u2019s interest-bearing debt is as follows
\n 2022 2021
\nDKK 1,000 Carrying Contractual Carrying Contractual
\n amount amount amount payments
\nCredit facilities -3,383,289 -3,408,576 -2,634,968 -2,648,059
\nGross interest-bearing debt -3,383,289 -3,408,576 -2,634,968 -2,648,059
\nCredit line 5,205,550 5,205,550
\nLong-term interest-bearing debt -3,383,289 -2,634,968
\nCash and cash equivalents 719,603 509,157
\nTotal available credit lines 2,541,864 3,079,739
\nREMAINING PERIOD
\n31.12.2022 1\u20133 months 3\u201312 months 1\u20135 years > 5 years Total
\nInterest-bearing bank loans 0 0 3,383,289 0 3,383,289
\nAccounts payable and other debt 579,247 237,780 0 0 817,027
\nREMAINING PERIOD
\n31.12.2021 1\u20133 months 3\u201312 months 1\u20135 years > 5 years Total
\nInterest-bearing bank loans 0 0 2,634,968 0 2,634,968
\nAccounts payable and other debt 543,394 170,997 0 0 714,391
\n
\n\nThe difference between the carrying amount and the total
\nexpected payments in the table above is due to upfront ar-
\nrangement and legal fees incurred in connection with the re-
\nfinancing of the credit facilities. One long-term bank borrow-
\ning is drawn from a revolving credit facility, under which the
\nGroup may draw and pay down any amount. The contractual
\npayments illustrated in the table above do not reflect rollo-
\nver dates of loans drawn but are based on the maturity date
\nof the credit facilities.
\nINTEREST-BEARING DEBT IN MORE DETAIL
\nFinancing of the Bakkafrost Group is mainly executed by the
\nparent company. Subsidiaries can only enter external financ-
\ning if it is seen favourable for the whole Bakkafrost Group.
\nSustainability-linked financing
\nIn December 2021 the Group entered a term sheet for a sus-
\ntainability-linked EUR 700 million multicurrency revolving
\ncredit facility with a tenor of five years. The Facility Agree-
\nment was signed in March 2022. In February 2023 the Group
\nmade use of an extension option and extended the Facility
\nwith 12 months until February 2028.
\n
\nThe purpose of the Facility was to refinance Bakkafrost\u2019s ex-
\nisting bank facilities as well as general corporate purposes
\nincluding acquisitions. The Facility will serve as a robust and
\nflexible financial framework for the Group\u2019s investment plans
\naimed at organic growth for the Group and structural cost
\nreductions in Scotland, as described at the Capital Markets
\nDay 2021.
\nAs The Facility is sustainability-linked means that the margin
\npayable will be linked to Bakkafrost\u2019s performance against
\ncertain sustainability KPIs, consistent with the Group\u2019s over-
\nall ESG targets and ambitions. The Facility includes flexi-
\nbility for the parties to agree an additional amount of up
\nto EUR 150 million during the tenor. The principal financial
\ncovenants of the Facility are: (1) an equity ratio of no less
\nthan 35% and (2) an interest coverage ratio (EBITDA to net
\ninterest payable) of no less than 2x. The Bakkafrost Group
\ncomplied with these covenants at the end of 2022.
\nCo\u00f6peratieve Rabobank U.A, DNB Bank ASA and Nordea
\nBank ABPm (Filial i Norge), have agreed to continue their
\nsupport as lenders.
\nAt the end of 2022, the Group had unused committed credit
\nfacilities of DKK 2,542 million (DKK 3,080 million). In addi-
\ntion, the Group has an accordion of EUR 150 million.
\nMaturity analysis - contractual payments
\nDKK 1,000 2023 2024 2025 2026 2027 2028
\nLong-term credit facilities 0 0 0 0 0 3,383,289
\nGross interest-bearing debt 0 0 0 0 0 3,383,289
\n
\n
\nReconciliation of development in interest-bearing debt
\n 2021 Cash flows 2022
\nLong term interest-bearing debt 2.634.968 748.321 3.383.289
\nTotal interest-bearing debt 2.634.968 748.321 3.383.289
\n
\n 2020 Cash flows 2021
\nLong term interest-bearing debt 2.219.690 415.278 2.634.968
\nTotal interest-bearing debt 2.219.690 415.278 2.634.968
\n
\n",
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"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag606": {
"value": "\nNOTE 3.12 MORTGAGES AND GUARANTEES
\nCarrying amount of debt secured by mortgages and pledges
\nThe Bakkafrost Group has a group fi nancing. The Group com-
\npanies are liable jointly and severely for the balance without
\nlimitations for each other.
\nAs part of the guarantees are also any insurance refunds.
\nIn addition, the shares in larger subsidiaries have been
\npledged to the bank syndicate.
\nDKK 1,000 2022 2021
\nLong-term debt to fi nancial institutions 3,383,289 2,634,968
\nCarrying amount of assets pledged as security for recognized debt
\nLicences 3,819,883 3,720,158
\nProperty, plant and equipment 1,046,827 3,606,250
\nBiological assets (biomass) 2,938,485 2,448,289
\nInventory 131,770 703,600
\nTotal 7,936,965 10,478,297
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag618": {
"value": "\nNOTE 3.13 DERIVATIVES
\nDKK 1,000 2022 2021
\nCurrency swaps regarding forward contracts -7,474 7,809
\nDerivatives total -7,474 7,809
\nThe fair value of derivatives held at the balance sheet date can be allocated as follows:
\n Recognized in Recognized in
\n the Income Recognized the Income Recognized
\n Fair Value Statement in equity Fair Value Statement in equity
\n 2022 2022 2022 2021 2021 2021
\nCurrency derivatives -7,474 0 -7,474 7,809 0 7,809
\nTotal -7,474 0 -7,474 7,809 0 7,809
\nThe expected timing of the effect on the income statement is as follows:
\n Interest and Interest and
\n Currency currency Total Currency currency Total
\n derivatives derivatives 2022 derivatives derivatives 2021
\nWithin one year -7,474 0 -7,474 4,602 0 4,602
\nBetween one and fi ve years 0 0 0 3,207 0 3,207
\nAfter fi ve years 0 0 0 0 0 0
\nTotal -7,474 0 -7,474 7,809 0 7,809
\n
\n\n
\n\n
\n
\n
\n\n
\n
\n
\nACCOUNTING POLICES
\nIn accordance with IFRS 9, financial instruments falling with-
\nin its remit are classified into the following categories: fair
\nvalue with changes in value entered to the Income State-
\nment, hold until maturity, loans and receivables, available for
\nsale, and other liabilities.
\n\nFinancial instruments at fair value with changes in value
\nentered to the Income Statement
\nFinancial instruments, which are held primarily for buying
\nor selling in the short term, are classified as being held for
\ntrading purposes. These instruments are included in the cat-
\negory of financial instruments recognized at fair value with
\nchanges in value entered to the Income Statement alongside
\nforward currency contracts, which are recognized at fair val-
\nue with changes in value, entered to the Income Statement.
\n
\n\n\n
\n\nHedge accounting
\nInterest rate swaps and forward currency settlement con-
\ntracts are used as hedges of its exposure to foreign currency
\nrisk, interest expenses and instalment payments in foreign
\ncurrencies. The hedges are cash flow hedges.
\nThe effective portion of the gain or loss on the hedging in-
\nstrument is recognized directly in other comprehensive in-
\ncome in the cash flow hedge reserve.
\nAmounts recognized as other comprehensive income are
\ntransferred to the Income Statement, when the hedged trans-
\naction affects profit or loss, and when financial liabilities are
\nsettled, such as when the hedged financial income or finan-
\ncial expense is recognized.
\nIf the forecast transactions or commitments are no longer ex-
\npected to occur, the cumulative gain or loss, previously rec-
\nognized in equity, is transferred to the Income Statement. If
\nthe hedging instrument expires or is sold, terminated, or ex-
\nercised without replacement or rollover, or if its designation
\nas a hedge is revoked, any cumulative gain or loss, previ-
\nously recognized in other comprehensive income, remain in
\nother comprehensive income until firm commitment affects
\nprofit or loss, or settlement payments are made.
\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag613": {
"value": "\n
\n
\n
\nACCOUNTING POLICES
\nIn accordance with IFRS 9, financial instruments falling with-
\nin its remit are classified into the following categories: fair
\nvalue with changes in value entered to the Income State-
\nment, hold until maturity, loans and receivables, available for
\nsale, and other liabilities.
\n\nFinancial instruments at fair value with changes in value
\nentered to the Income Statement
\nFinancial instruments, which are held primarily for buying
\nor selling in the short term, are classified as being held for
\ntrading purposes. These instruments are included in the cat-
\negory of financial instruments recognized at fair value with
\nchanges in value entered to the Income Statement alongside
\nforward currency contracts, which are recognized at fair val-
\nue with changes in value, entered to the Income Statement.
\n
\n\n\n
\n\nHedge accounting
\nInterest rate swaps and forward currency settlement con-
\ntracts are used as hedges of its exposure to foreign currency
\nrisk, interest expenses and instalment payments in foreign
\ncurrencies. The hedges are cash flow hedges.
\nThe effective portion of the gain or loss on the hedging in-
\nstrument is recognized directly in other comprehensive in-
\ncome in the cash flow hedge reserve.
\nAmounts recognized as other comprehensive income are
\ntransferred to the Income Statement, when the hedged trans-
\naction affects profit or loss, and when financial liabilities are
\nsettled, such as when the hedged financial income or finan-
\ncial expense is recognized.
\nIf the forecast transactions or commitments are no longer ex-
\npected to occur, the cumulative gain or loss, previously rec-
\nognized in equity, is transferred to the Income Statement. If
\nthe hedging instrument expires or is sold, terminated, or ex-
\nercised without replacement or rollover, or if its designation
\nas a hedge is revoked, any cumulative gain or loss, previ-
\nously recognized in other comprehensive income, remain in
\nother comprehensive income until firm commitment affects
\nprofit or loss, or settlement payments are made.
\n
\n
\n\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag609": {
"value": "\nFinancial instruments at fair value with changes in value
\nentered to the Income Statement
\nFinancial instruments, which are held primarily for buying
\nor selling in the short term, are classified as being held for
\ntrading purposes. These instruments are included in the cat-
\negory of financial instruments recognized at fair value with
\nchanges in value entered to the Income Statement alongside
\nforward currency contracts, which are recognized at fair val-
\nue with changes in value, entered to the Income Statement.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag611": {
"value": "\n
\n\nHedge accounting
\nInterest rate swaps and forward currency settlement con-
\ntracts are used as hedges of its exposure to foreign currency
\nrisk, interest expenses and instalment payments in foreign
\ncurrencies. The hedges are cash flow hedges.
\nThe effective portion of the gain or loss on the hedging in-
\nstrument is recognized directly in other comprehensive in-
\ncome in the cash flow hedge reserve.
\nAmounts recognized as other comprehensive income are
\ntransferred to the Income Statement, when the hedged trans-
\naction affects profit or loss, and when financial liabilities are
\nsettled, such as when the hedged financial income or finan-
\ncial expense is recognized.
\nIf the forecast transactions or commitments are no longer ex-
\npected to occur, the cumulative gain or loss, previously rec-
\nognized in equity, is transferred to the Income Statement. If
\nthe hedging instrument expires or is sold, terminated, or ex-
\nercised without replacement or rollover, or if its designation
\nas a hedge is revoked, any cumulative gain or loss, previ-
\nously recognized in other comprehensive income, remain in
\nother comprehensive income until firm commitment affects
\nprofit or loss, or settlement payments are made.
\n
\n
\n\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag610": {
"value": "\nHedge accounting
\nInterest rate swaps and forward currency settlement con-
\ntracts are used as hedges of its exposure to foreign currency
\nrisk, interest expenses and instalment payments in foreign
\ncurrencies. The hedges are cash flow hedges.
\nThe effective portion of the gain or loss on the hedging in-
\nstrument is recognized directly in other comprehensive in-
\ncome in the cash flow hedge reserve.
\nAmounts recognized as other comprehensive income are
\ntransferred to the Income Statement, when the hedged trans-
\naction affects profit or loss, and when financial liabilities are
\nsettled, such as when the hedged financial income or finan-
\ncial expense is recognized.
\nIf the forecast transactions or commitments are no longer ex-
\npected to occur, the cumulative gain or loss, previously rec-
\nognized in equity, is transferred to the Income Statement. If
\nthe hedging instrument expires or is sold, terminated, or ex-
\nercised without replacement or rollover, or if its designation
\nas a hedge is revoked, any cumulative gain or loss, previ-
\nously recognized in other comprehensive income, remain in
\nother comprehensive income until firm commitment affects
\nprofit or loss, or settlement payments are made.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag622": {
"value": "\n
\nNOTE 3.14 PROVISIONS
\nA provision is recognized when, and only when, the compa-
\nny has a valid liability (legal or self-imposed) deriving from
\nan event which has occurred, and when it is probable (more
\nlikely than not) that a financial settlement will take place
\nbecause of that liability, and when the amount in question
\ncan be reliably quantified. Provisions are reviewed on each
\nclosing date, and the level reflects the best estimate for the
\nliability. The Group has no provisions as per 31 December
\n2022, compared to no provisions as per 31 December 2021.
\n\n
\n\nPROVISIONS FOR ONEROUS CONTRACTS
\nACCOUNTING POLICIES
\nThe Group enters sales contracts for value added salmon
\nproducts (VAP) on an on-going basis. The contracts involve
\nphysical settlement, and deliveries associated with the con-
\ntracts form part of the Group\u2019s normal business activities.
\nThe contracts contain no built-in derivative elements.
\nWith respect to fixed-price contracts, which result in the
\nGroup being obligated to sell salmon products at a price
\nless than production cost (including fair value adjustment of
\nraw materials at the point of harvesting), the contracts are
\nconsidered onerous, and provisions are calculated and en-
\ntered to the statement of financial position. The provision is
\ncharged to the Income Statement.
\n
\n\n
\n\nSIGNIFICANT ASSUMPTION
\nThe company holds long-term sale contracts related to salm-
\non products. These contracts do not contain any elements
\nof embedded derivatives and are therefore not treated as
\nfinancial instruments. The contracts are settled, based exclu-
\nsively on the assumption that delivery of salmon products
\nshould take place. The contracts are not tradable, nor do they
\ncontain a clause for settlement in cash or cash equivalents.
\nProvisions are made for estimated onerous contracts that
\noblige the Group to sell fish at a price less than calculated
\nproduction costs including raw materials, biomass, measured
\nat fair value.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag612": {
"value": "\nPROVISIONS FOR ONEROUS CONTRACTS
\nACCOUNTING POLICIES
\nThe Group enters sales contracts for value added salmon
\nproducts (VAP) on an on-going basis. The contracts involve
\nphysical settlement, and deliveries associated with the con-
\ntracts form part of the Group\u2019s normal business activities.
\nThe contracts contain no built-in derivative elements.
\nWith respect to fixed-price contracts, which result in the
\nGroup being obligated to sell salmon products at a price
\nless than production cost (including fair value adjustment of
\nraw materials at the point of harvesting), the contracts are
\nconsidered onerous, and provisions are calculated and en-
\ntered to the statement of financial position. The provision is
\ncharged to the Income Statement.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag616": {
"value": "\nCAPITAL MANAGEMENT
\nThe Group\u2019s objective, when managing capital, is to maintain
\na capital structure able to support the operations and max-
\nimize shareholder value. The farming business is character-
\nized by price volatility and challenging production dynamics.
\nThe Group must be financially solid in order to be able to
\ncope with fluctuations in profits and financial position, and
\nthe consolidated equity ratio shall at no time be lower than
\n35%. At 31 December 2022, the Group\u2019s equity ratio was 62%
\n(64%).
\nThe Group manages the capital structure and adjusts corre-
\nsponding to changes in the underlying economic conditions.
\nIn December Bakkafrost entered a term sheet for a sustaina-
\nbility-linked EUR 700 million multicurrency revolving credit
\nfacility with a tenor of five years. The facility agreement was
\nsigned in March 2022. In February 2023 the Group made
\nuse of an extension option and extended the Facility with 12
\nmonths until February 2028.
\nAccording to the Group\u2019s dividend policy, under normal cir-
\ncumstances, average dividends over several years should be
\n30 to 50% of the adjusted net profit. The Board has proposed
\na dividend of DKK 10.00 per share for the financial year
\n2022, corresponding to a distribution to shareholders of DKK
\n591 million (DKK 304 million).
\nAt 31 December 2022, net interest-bearing debt amounted
\nto DKK 2,664 million (DKK 2,126 million). Note 3.10 provides
\nan overview of the debt\u2019s maturity profile and information
\non the debt\u2019s financial covenants. Bakkafrost complied with
\nthe covenants loan agreements at the end of 2022.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag614": {
"value": "\nFINANCIAL RISK MANAGEMENT
\nThe Group has exposure to the following risks from its use
\nof financial instruments: market risk, liquidity risk and credit
\nrisk. This note presents information about the Group\u2019s expo-
\nsure to each of these risks, the Group\u2019s objectives, policies
\nand procedures for measuring and managing risks.
\nFurther quantitative disclosures are included throughout
\nthese consolidated financial statements.
\nThe main objective of Bakkafrost\u2019s financial risk manage-
\nment policies is to ensure the ongoing liquidity of the Group,
\ndefined as being at all times in a position to meet the liabil-
\nities of the Group as they fall due. This also includes being
\nable to meet financial covenants on Group debt under normal
\ncircumstances.
\nConcerning insurance coverage, the Group insures against
\nmaterial risks, where the insurance is economically viable.
\nThe balance between the amount covered by insurance and
\nwhat is left to own risk varies, depending on the nature of
\nthe risk, the value of the assets and prospective liabilities
\nand the cost, actual coverage and the availability of insur-
\nance.
\nThe Board of Directors believe that the most important meas-
\nure against any risk is to have a strong financial position. At
\n31 December 2022, the Group\u2019s equity ratio was 62% (64%).
\nRisk management policies and procedures are reviewed reg-
\nularly to reflect changes in market conditions and the Group\u2019s
\nactivities.
\nFINANCIAL RISK
\nFinancial risk can be defined as the risk that the Group will
\nnot be able to meet its financial obligations.
\nIn addition to bank loans, the Group has financial instru-
\nments such as accounts receivables, cash, shares, accounts
\npayables, etc., which are ascribable directly to day-to-day
\nbusiness operations.
\n
\n
\n\n
\nThe Group uses financial derivatives, mainly currency for-
\nward contracts. The purpose of these instruments is to man-
\nage the currency risks arising from the Group\u2019s operations.
\nThe Group does not employ financial instruments, including
\nfinancial derivatives, for the purpose of arbitrage.
\nThe most important financial risks, to which the company is
\nexposed, are interest rate risk, foreign exchange risk, liquidi-
\nty risk and credit risk. The management monitors these risks
\non an on-going basis and draws up guidelines, for how these
\nshould be managed.
\n\n
\nMARKET RISK
\nMarket risk can be defined as the risk that the Group\u2019s in-
\ncome and expenses, future cash flows or fair value of finan-
\ncial instruments will fluctuate because of changes in market
\nprices. Market risk comprises three types of risk: currency
\nrisk, interest rates risk and other price risk (such as commod-
\nity prices and salmon spot prices).
\nMarket risk is monitored and actively managed by the Group.
\nExposure to these risks is reduced by diversification, suitable
\ncontrols and business tactics. In some cases, market risks are
\ntransferred to third parties via contractual price adjustment
\nclauses, but rarely by means of financial derivatives.
\n\nForeign exchange risk
\nBecause of the international nature of its operations, the
\nGroup is exposed to fluctuations of foreign currency rates.
\nFor risk management purposes, three types of currency ex-
\nposure have been identified: Translational exposure, Trans-
\nactional exposure and Economic currency exposure:
\n
\n\nTranslational exposure
\n Bakkafrost has subsidiaries abroad in Scotland, England, USA,
\nFrance and Denmark. Thus, Bakkafrost faces currency risks
\narising from the translation of subsidiaries whose functional
\ncurrency differ from the presentation currency of the Group.
\nThe exposure related to equity of foreign subsidiaries is gen-
\nerally not hedged.
\nTransactional exposure
\nMost of the operating companies in the Group are exposed to
\nchanges in the value received or paid under foreign currency
\ndenominated committed transactions. For the farming seg-
\nments, exposure arises mainly from export sales, while for
\nthe FOF segment, exposure results from the sourcing of raw
\nmaterials in the international commodities markets.
\nThe Group has normally a net positive cash flow exposure
\nfrom USD and EUR and a net negative cash flow expo-
\nsure from DKK, GBP, and NOK. The predominant exposure
\ncomes from the USD. The Group has therefore a policy for a
\n12-months layered hedging programme of USD/DKK.
\nThe table below summarizes the foreign currency exposure
\non the net monetary position of all Group entities against
\ntheir functional currency. The exposure on translating the fi-
\nnancial statements of subsidiaries into the presentation cur-
\nrency is not included in the analysis.
\n
\n
\n\n
\n\n
\n\n
\n\nExposure to currency risk Currency
\nDKK 1,000
\n2022 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\nCash and cash equivalents 358,978 0 219,246 24,031 2,324
\nAccounts receivable 398,970 73,511 105,135 88,451 5,730
\nTrade payables 0 -55,642 -22,555 -8,772 0
\nInterest-bearing debt -706,467 -628,838 0 0 0
\nForward contracts 0 0 -331,250 0 0
\nNet exposure 51,481 -610,969 -29,424 103,710 8,054
\n
\n2021 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\nCash and cash equivalents 203,593 0 181,144 0 15,018
\nAccounts receivable 318,369 66,785 203,383 14,063 2,803
\nTrade payables -1,253 -88,590 -9,992 0 0
\nInterest-bearing debt -706,468 -716,025 0 -8,905 0
\nForward contracts 0 0 -249,562 7,873 0
\nNet exposure -185,759 -737,830 124,973 13,031 17,821
\n
\nSensitivity analysis Currency
\nDKK 1,000
\n2022 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK Result
\nNet exposure 51,481 -610,969 -29,424 103,710 8,054
\nHistorical volatility for the last 5 years 0.28% 7.24% 7.35% 9.98% 8.34%
\nTotal effect on Profit of +movements 144 -44,234 -2,163 10,350 672 -35,231
\nTotal effect on Profit of -movements -144 44,234 2,163 -10,350 -672 35,231
\n
\n2021 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK Result
\nNet exposure -185,759 -737,830 124,973 13,031 17,821
\nHistorical volatility for the last 5 years 0.28% 7.19% 6.65% 9.31% 7.21%
\nTotal effect on Profit of +movements -520 -53,050 8,311 1,213 1,285 -42,761
\nTotal effect on Profit of -movements 520 53,050 -8,311 -1,213 -1,285 42,761
\nThe analysis is based on the currencies that the Group is
\nmost exposed to at the end of 2022. The reasonable shifts
\nin exchange rates in the table above are based on 5 years
\nhistorical volatility.
\nIf the relevant cross foreign exchange rates moved by the
\namounts showed in the table above, the effect on the Group\u2019s
\nnet income would be DKK -35 million (2021: DKK -43 mil-
\nlion).
\n
\n\n
\n\n
\n\n
\n
\n
\n\nCurrency forward contracts as at 31 December 2022
\n Bakkafrost Group buys Bakkafrost Group sells
\nDKK 1,000
\nDKK 331,250 USD 46,957
\n
\nCurrency forward contracts as at 31 December 2021
\n
\n Bakkafrost Group buys Bakkafrost Group sells
\nDKK 1,000
\nDKK 249,562 39,247
\nNOK 10,950 GBP 7,873
\n
\nSignificant exchange rates (average) during the year EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\n2022 743.96 872.59 708.30 73.69 5.40
\n2021 743.70 865.25 629.18 73.18 5.73
\n
\n\n\nInterest rate risk
\nThe Group is exposed to increase in interest rates as a result
\nof having debt with floating interest rate terms. An increased
\ncost of borrowing might adversely affect the Group\u2019s profita-
\nbility. The Group does not have fixed interest rate debt.
\nAccording to the Group\u2019s finance policy, the main objective
\nof interest rate risk management activities should be to min-
\nimize the risk of breach of the Group\u2019s debt covenants and
\nto avoid situations of financial distress that might jeopard-
\nize strategic flexibility. Trading in interest rate derivatives is
\nundertaken to cover existing exposures. Purely speculative
\ntransactions are not allowed.
\nThe Group has no fixed rate liabilities and is therefore not
\nexposed to the risk that changes in interest rates might drive
\nchanges in market value of outstanding debt.
\nA 100 basis points increase in interest rate at the reporting
\ndate would have a negative impact on the income statement
\namounting to DKK 27 million (2021: DKK 21 million), based
\non NIBD.
\nPrice risk
\nThe farming segments are sensitive to fluctuations in the
\nspot prices of salmon, which are determined by global supply
\nand demand. The impact of changes in salmon spot prices is
\npartly mitigated by long-term contracts at fixed prices in the
\nVAP segment and financial contracts, however, due to long
\nproduction cycles, it is difficult to respond quickly to global
\ntrends in market prices. Salmon is to a large extent traded
\nbased on spot prices, although this would vary with different
\nmarkets and with the market position of the Group.
\nOther price risk
\nThe Group\u2019s FOF segment is active in the international com-
\nmodity markets. A large portion of raw materials needed in
\nproduction is contracted in advance of periodic sales price
\nregulations, this way the risk associated with increases in
\ncommodity prices is effectively transferred to feed custom-
\ners, mainly inside the Group. Constraints in the availability
\nof certain raw materials might result in increased sourcing
\ncosts in those cases, where an unexpected surge in sales vol-
\nume makes it necessary to purchase raw materials outside of
\npreviously negotiated purchase agreements. Under these cir-
\ncumstances, it might not be possible to charge the customers
\nwith the increased cost, and profitability would thus suffer.
\n
\n
\n
\n\n\nLiquidity risk
\nLiquidity risk arises from the Group\u2019s potential inability to
\nmeet its financial obligations towards suppliers and debt
\ncapital providers. The Group\u2019s liquidity situation is closely
\nmonitored and rolling forecasts of cash flows and cash hold-
\nings are prepared regularly.
\nLiquidity risk is managed through maintaining flexibility in
\nfunding by securing available committed credit lines, pro-
\nvided by our bank, and through maintaining sufficient liquid
\nassets with the same relationship bank.
\nThe Group seeks to maintain committed facilities to cover
\nforecast borrowings for the next 24 months, plus financial
\nheadroom to cover the planned investments and unfore-
\nseen movements in cash requirements. Please also refer
\n
\n\n
\n\n
\n
\n\nto Note 3.11 for information on committed credit facilities,
\navailable credit lines, and maturity of interest-bearing debt.
\nIn addition to the above-described sources of liquidity,
\n Bakkafrost monitors funding options available in the capi-
\ntal markets as well as trends in the availability and cost of
\nsuch funding with a view to maintain financial flexibility and
\nlimiting refinancing risk. Bakkafrost\u2019s overall liquidity as at
\n31 December 2022 included DKK 720 million (2021: DKK
\n509 million) (see Note 3.11) of cash and cash equivalents
\nheld in various currencies.
\n
\n\n\nCredit risk
\nCredit risk represents the accounting loss that would have
\nto be recognized if other parties failed to perform as con-
\ntracted and is related to financial instruments such as cash
\nand cash equivalents, receivables and derivative financial
\ninstruments.
\n Bakkafrost has a Group-wide credit management policy,
\ngoverned by Bakkafrost\u2019s credit committee. The committee
\nis responsible for granting credits to the Groups customers.
\nIn general, Bakkafrost uses credit insurance, bank guaran-
\ntees, parent company guarantees, or other securities such as
\npledges on biological assets, thus reducing the actual risk on
\noutstanding receivables significantly. Historically, losses due
\nto bad debts have been low in Bakkafrost. Recoverable Tax
\nand VAT, included in the balance, also reduces the risk. In
\naddition to such risk mitigating measures, the Group focuses
\non detailed credit management in operating companies, sup-
\nported by regular follow up by central functions.
\nThe concentration of credit risk is at the outset not con-
\nsidered significant, since the Group\u2019s customers represent
\nvarious industries and geographic areas. Counterparty risk
\nagainst financial institutions is not considered significant,
\ndue to limited liquid assets and low traded volumes in deriv-
\natives. For these transactions, the Group relies upon Nordic
\nrelationship banks, other relationship banks or widely recog-
\nnized commodity exchanges.
\nThe carrying amount of financial assets represents the max-
\nimum credit exposure. The maximum exposure to credit risk
\nat the reporting date consists of accounts receivables, other
\nreceivables, tax receivables and cash and cash equivalents
\nand amounts to DKK 1,697 million as at 31 December 2022
\n(2021: DKK 1,411 million). For the age distribution of ac-
\ncounts receivable, please refer to Note 3.8.
\nCredit Risk 2022 2021
\nAccounts receivable 808,755 620,324
\nOther receivables 102,450 172,206
\nTax receivables 65,822 109,700
\nCash and Cash equivalents 719,603 509,157
\nTotal 1,696,630 1,411,387
\n Bakkafrost has implemented a Group-wide cash management
\npolicy with the overall objective of minimizing cash holdings,
\nwhile ensuring sufficient liquidity to meet business needs,
\navoid shortage of cash and limit the need for borrowing. The
\ncash management is carried out from the Group\u2019s head office.
\n
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag608": {
"value": "\n
\nMARKET RISK
\nMarket risk can be defined as the risk that the Group\u2019s in-
\ncome and expenses, future cash flows or fair value of finan-
\ncial instruments will fluctuate because of changes in market
\nprices. Market risk comprises three types of risk: currency
\nrisk, interest rates risk and other price risk (such as commod-
\nity prices and salmon spot prices).
\nMarket risk is monitored and actively managed by the Group.
\nExposure to these risks is reduced by diversification, suitable
\ncontrols and business tactics. In some cases, market risks are
\ntransferred to third parties via contractual price adjustment
\nclauses, but rarely by means of financial derivatives.
\n\nForeign exchange risk
\nBecause of the international nature of its operations, the
\nGroup is exposed to fluctuations of foreign currency rates.
\nFor risk management purposes, three types of currency ex-
\nposure have been identified: Translational exposure, Trans-
\nactional exposure and Economic currency exposure:
\n
\n\nTranslational exposure
\n Bakkafrost has subsidiaries abroad in Scotland, England, USA,
\nFrance and Denmark. Thus, Bakkafrost faces currency risks
\narising from the translation of subsidiaries whose functional
\ncurrency differ from the presentation currency of the Group.
\nThe exposure related to equity of foreign subsidiaries is gen-
\nerally not hedged.
\nTransactional exposure
\nMost of the operating companies in the Group are exposed to
\nchanges in the value received or paid under foreign currency
\ndenominated committed transactions. For the farming seg-
\nments, exposure arises mainly from export sales, while for
\nthe FOF segment, exposure results from the sourcing of raw
\nmaterials in the international commodities markets.
\nThe Group has normally a net positive cash flow exposure
\nfrom USD and EUR and a net negative cash flow expo-
\nsure from DKK, GBP, and NOK. The predominant exposure
\ncomes from the USD. The Group has therefore a policy for a
\n12-months layered hedging programme of USD/DKK.
\nThe table below summarizes the foreign currency exposure
\non the net monetary position of all Group entities against
\ntheir functional currency. The exposure on translating the fi-
\nnancial statements of subsidiaries into the presentation cur-
\nrency is not included in the analysis.
\n
\n
\n\n
\n\nExposure to currency risk Currency
\nDKK 1,000
\n2022 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\nCash and cash equivalents 358,978 0 219,246 24,031 2,324
\nAccounts receivable 398,970 73,511 105,135 88,451 5,730
\nTrade payables 0 -55,642 -22,555 -8,772 0
\nInterest-bearing debt -706,467 -628,838 0 0 0
\nForward contracts 0 0 -331,250 0 0
\nNet exposure 51,481 -610,969 -29,424 103,710 8,054
\n
\n2021 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\nCash and cash equivalents 203,593 0 181,144 0 15,018
\nAccounts receivable 318,369 66,785 203,383 14,063 2,803
\nTrade payables -1,253 -88,590 -9,992 0 0
\nInterest-bearing debt -706,468 -716,025 0 -8,905 0
\nForward contracts 0 0 -249,562 7,873 0
\nNet exposure -185,759 -737,830 124,973 13,031 17,821
\n
\nSensitivity analysis Currency
\nDKK 1,000
\n2022 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK Result
\nNet exposure 51,481 -610,969 -29,424 103,710 8,054
\nHistorical volatility for the last 5 years 0.28% 7.24% 7.35% 9.98% 8.34%
\nTotal effect on Profit of +movements 144 -44,234 -2,163 10,350 672 -35,231
\nTotal effect on Profit of -movements -144 44,234 2,163 -10,350 -672 35,231
\n
\n2021 EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK Result
\nNet exposure -185,759 -737,830 124,973 13,031 17,821
\nHistorical volatility for the last 5 years 0.28% 7.19% 6.65% 9.31% 7.21%
\nTotal effect on Profit of +movements -520 -53,050 8,311 1,213 1,285 -42,761
\nTotal effect on Profit of -movements 520 53,050 -8,311 -1,213 -1,285 42,761
\nThe analysis is based on the currencies that the Group is
\nmost exposed to at the end of 2022. The reasonable shifts
\nin exchange rates in the table above are based on 5 years
\nhistorical volatility.
\nIf the relevant cross foreign exchange rates moved by the
\namounts showed in the table above, the effect on the Group\u2019s
\nnet income would be DKK -35 million (2021: DKK -43 mil-
\nlion).
\n
\n\n
\n\nCurrency forward contracts as at 31 December 2022
\n Bakkafrost Group buys Bakkafrost Group sells
\nDKK 1,000
\nDKK 331,250 USD 46,957
\n
\nCurrency forward contracts as at 31 December 2021
\n
\n Bakkafrost Group buys Bakkafrost Group sells
\nDKK 1,000
\nDKK 249,562 39,247
\nNOK 10,950 GBP 7,873
\n
\nSignificant exchange rates (average) during the year EUR/DKK GBP/DKK USD/DKK NOK/DKK JPY/DKK
\n2022 743.96 872.59 708.30 73.69 5.40
\n2021 743.70 865.25 629.18 73.18 5.73
\n
\n\nInterest rate risk
\nThe Group is exposed to increase in interest rates as a result
\nof having debt with floating interest rate terms. An increased
\ncost of borrowing might adversely affect the Group\u2019s profita-
\nbility. The Group does not have fixed interest rate debt.
\nAccording to the Group\u2019s finance policy, the main objective
\nof interest rate risk management activities should be to min-
\nimize the risk of breach of the Group\u2019s debt covenants and
\nto avoid situations of financial distress that might jeopard-
\nize strategic flexibility. Trading in interest rate derivatives is
\nundertaken to cover existing exposures. Purely speculative
\ntransactions are not allowed.
\nThe Group has no fixed rate liabilities and is therefore not
\nexposed to the risk that changes in interest rates might drive
\nchanges in market value of outstanding debt.
\nA 100 basis points increase in interest rate at the reporting
\ndate would have a negative impact on the income statement
\namounting to DKK 27 million (2021: DKK 21 million), based
\non NIBD.
\nPrice risk
\nThe farming segments are sensitive to fluctuations in the
\nspot prices of salmon, which are determined by global supply
\nand demand. The impact of changes in salmon spot prices is
\npartly mitigated by long-term contracts at fixed prices in the
\nVAP segment and financial contracts, however, due to long
\nproduction cycles, it is difficult to respond quickly to global
\ntrends in market prices. Salmon is to a large extent traded
\nbased on spot prices, although this would vary with different
\nmarkets and with the market position of the Group.
\nOther price risk
\nThe Group\u2019s FOF segment is active in the international com-
\nmodity markets. A large portion of raw materials needed in
\nproduction is contracted in advance of periodic sales price
\nregulations, this way the risk associated with increases in
\ncommodity prices is effectively transferred to feed custom-
\ners, mainly inside the Group. Constraints in the availability
\nof certain raw materials might result in increased sourcing
\ncosts in those cases, where an unexpected surge in sales vol-
\nume makes it necessary to purchase raw materials outside of
\npreviously negotiated purchase agreements. Under these cir-
\ncumstances, it might not be possible to charge the customers
\nwith the increased cost, and profitability would thus suffer.
\n
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag623": {
"value": "\nLiquidity risk
\nLiquidity risk arises from the Group\u2019s potential inability to
\nmeet its financial obligations towards suppliers and debt
\ncapital providers. The Group\u2019s liquidity situation is closely
\nmonitored and rolling forecasts of cash flows and cash hold-
\nings are prepared regularly.
\nLiquidity risk is managed through maintaining flexibility in
\nfunding by securing available committed credit lines, pro-
\nvided by our bank, and through maintaining sufficient liquid
\nassets with the same relationship bank.
\nThe Group seeks to maintain committed facilities to cover
\nforecast borrowings for the next 24 months, plus financial
\nheadroom to cover the planned investments and unfore-
\nseen movements in cash requirements. Please also refer
\n
\n\nto Note 3.11 for information on committed credit facilities,
\navailable credit lines, and maturity of interest-bearing debt.
\nIn addition to the above-described sources of liquidity,
\n Bakkafrost monitors funding options available in the capi-
\ntal markets as well as trends in the availability and cost of
\nsuch funding with a view to maintain financial flexibility and
\nlimiting refinancing risk. Bakkafrost\u2019s overall liquidity as at
\n31 December 2022 included DKK 720 million (2021: DKK
\n509 million) (see Note 3.11) of cash and cash equivalents
\nheld in various currencies.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag620": {
"value": "\nCredit risk
\nCredit risk represents the accounting loss that would have
\nto be recognized if other parties failed to perform as con-
\ntracted and is related to financial instruments such as cash
\nand cash equivalents, receivables and derivative financial
\ninstruments.
\n Bakkafrost has a Group-wide credit management policy,
\ngoverned by Bakkafrost\u2019s credit committee. The committee
\nis responsible for granting credits to the Groups customers.
\nIn general, Bakkafrost uses credit insurance, bank guaran-
\ntees, parent company guarantees, or other securities such as
\npledges on biological assets, thus reducing the actual risk on
\noutstanding receivables significantly. Historically, losses due
\nto bad debts have been low in Bakkafrost. Recoverable Tax
\nand VAT, included in the balance, also reduces the risk. In
\naddition to such risk mitigating measures, the Group focuses
\non detailed credit management in operating companies, sup-
\nported by regular follow up by central functions.
\nThe concentration of credit risk is at the outset not con-
\nsidered significant, since the Group\u2019s customers represent
\nvarious industries and geographic areas. Counterparty risk
\nagainst financial institutions is not considered significant,
\ndue to limited liquid assets and low traded volumes in deriv-
\natives. For these transactions, the Group relies upon Nordic
\nrelationship banks, other relationship banks or widely recog-
\nnized commodity exchanges.
\nThe carrying amount of financial assets represents the max-
\nimum credit exposure. The maximum exposure to credit risk
\nat the reporting date consists of accounts receivables, other
\nreceivables, tax receivables and cash and cash equivalents
\nand amounts to DKK 1,697 million as at 31 December 2022
\n(2021: DKK 1,411 million). For the age distribution of ac-
\ncounts receivable, please refer to Note 3.8.
\nCredit Risk 2022 2021
\nAccounts receivable 808,755 620,324
\nOther receivables 102,450 172,206
\nTax receivables 65,822 109,700
\nCash and Cash equivalents 719,603 509,157
\nTotal 1,696,630 1,411,387
\n Bakkafrost has implemented a Group-wide cash management
\npolicy with the overall objective of minimizing cash holdings,
\nwhile ensuring sufficient liquidity to meet business needs,
\navoid shortage of cash and limit the need for borrowing. The
\ncash management is carried out from the Group\u2019s head office.
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag621": {
"value": "\n
\n
\n\n
\n\nNOTE 4.2 CATEGORIES AND FAIR VALUE OF
\nFINANCIAL INSTRUMENTS
\nFair value of financial instruments
\nAll assets/liabilities, for which fair value is recognized or dis-
\nclosed, are categorized within the fair value hierarchy, de-
\nscribed as follows, based on the lowest level input that is
\nsignificant to the fair value measurement as a whole:
\nLevel 1: Quoted market prices in an active market (that are
\nunadjusted) for identical assets or liabilities.
\nLevel 2: Valuation techniques (for which the lowest level in-
\nput that is significant to the fair value measurement is direct-
\nly or indirectly observable).
\nLevel 3: Valuation techniques (for which the lowest level in-
\nput that is significant to the fair value measurement is un-
\nobservable).
\nFor biological assets, the fair value calculation is done using
\na valuation model (level 3 in the valuation hierarchy), where
\nthe value is estimated based on observable market prices
\nper period end. For more information on these calculations,
\nrefer to Note 3.7.
\nFor assets/liabilities that are recognized at fair value on a re-
\ncurring basis, the Group determines, whether transfers have
\noccurred between Levels in the hierarchy by reassessing cat-
\negorization (based on the lowest level input that is signifi-
\ncant to the fair value measurement).
\nThere have been no transfers into or out of Level 3 fair value
\nmeasurements.
\nAs at December 31st the Group held the following classes of assets/liabilities measured at fair value:
\n
\n
\nDKK 1,000
\nAssets and liabilities measured at fair value Fair value Cost amount Level 1 Level 2 Level 3
\n
\nBiological assets (biomass) 2,938,485 2,055,386 0 0 2,938,485
\nAssets measured at fair value 31-12-22 2,938,485 2,055,386 0 0 2,938,485
\n
\nLiabilities measured at fair value 31-12-22 0 0 0 0 0
\nBiological assets (biomass) 2,448,289 1,843,582 0 0 2,448,289
\nAssets measured at fair value 31-12-21 2,448,289 1,843,582 0 0 2,448,289
\n
\nLiabilities measured at fair value 31-12-21 0 0 0 0 0
\n
\n\n
\n\n
\n",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag607": {
"value": "\n
\n\nNOTE 4.2 CATEGORIES AND FAIR VALUE OF
\nFINANCIAL INSTRUMENTS
\nFair value of financial instruments
\nAll assets/liabilities, for which fair value is recognized or dis-
\nclosed, are categorized within the fair value hierarchy, de-
\nscribed as follows, based on the lowest level input that is
\nsignificant to the fair value measurement as a whole:
\nLevel 1: Quoted market prices in an active market (that are
\nunadjusted) for identical assets or liabilities.
\nLevel 2: Valuation techniques (for which the lowest level in-
\nput that is significant to the fair value measurement is direct-
\nly or indirectly observable).
\nLevel 3: Valuation techniques (for which the lowest level in-
\nput that is significant to the fair value measurement is un-
\nobservable).
\nFor biological assets, the fair value calculation is done using
\na valuation model (level 3 in the valuation hierarchy), where
\nthe value is estimated based on observable market prices
\nper period end. For more information on these calculations,
\nrefer to Note 3.7.
\nFor assets/liabilities that are recognized at fair value on a re-
\ncurring basis, the Group determines, whether transfers have
\noccurred between Levels in the hierarchy by reassessing cat-
\negorization (based on the lowest level input that is signifi-
\ncant to the fair value measurement).
\nThere have been no transfers into or out of Level 3 fair value
\nmeasurements.
\nAs at December 31st the Group held the following classes of assets/liabilities measured at fair value:
\n
\n
\nDKK 1,000
\nAssets and liabilities measured at fair value Fair value Cost amount Level 1 Level 2 Level 3
\n
\nBiological assets (biomass) 2,938,485 2,055,386 0 0 2,938,485
\nAssets measured at fair value 31-12-22 2,938,485 2,055,386 0 0 2,938,485
\n
\nLiabilities measured at fair value 31-12-22 0 0 0 0 0
\nBiological assets (biomass) 2,448,289 1,843,582 0 0 2,448,289
\nAssets measured at fair value 31-12-21 2,448,289 1,843,582 0 0 2,448,289
\n
\nLiabilities measured at fair value 31-12-21 0 0 0 0 0
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag615": {
"value": "\nNOTE 4.2 CATEGORIES AND FAIR VALUE OF
\nFINANCIAL INSTRUMENTS
\nFair value of financial instruments
\nAll assets/liabilities, for which fair value is recognized or dis-
\nclosed, are categorized within the fair value hierarchy, de-
\nscribed as follows, based on the lowest level input that is
\nsignificant to the fair value measurement as a whole:
\nLevel 1: Quoted market prices in an active market (that are
\nunadjusted) for identical assets or liabilities.
\nLevel 2: Valuation techniques (for which the lowest level in-
\nput that is significant to the fair value measurement is direct-
\nly or indirectly observable).
\nLevel 3: Valuation techniques (for which the lowest level in-
\nput that is significant to the fair value measurement is un-
\nobservable).
\nFor biological assets, the fair value calculation is done using
\na valuation model (level 3 in the valuation hierarchy), where
\nthe value is estimated based on observable market prices
\nper period end. For more information on these calculations,
\nrefer to Note 3.7.
\nFor assets/liabilities that are recognized at fair value on a re-
\ncurring basis, the Group determines, whether transfers have
\noccurred between Levels in the hierarchy by reassessing cat-
\negorization (based on the lowest level input that is signifi-
\ncant to the fair value measurement).
\nThere have been no transfers into or out of Level 3 fair value
\nmeasurements.
\nAs at December 31st the Group held the following classes of assets/liabilities measured at fair value:
\n
\n
\nDKK 1,000
\nAssets and liabilities measured at fair value Fair value Cost amount Level 1 Level 2 Level 3
\n
\nBiological assets (biomass) 2,938,485 2,055,386 0 0 2,938,485
\nAssets measured at fair value 31-12-22 2,938,485 2,055,386 0 0 2,938,485
\n
\nLiabilities measured at fair value 31-12-22 0 0 0 0 0
\nBiological assets (biomass) 2,448,289 1,843,582 0 0 2,448,289
\nAssets measured at fair value 31-12-21 2,448,289 1,843,582 0 0 2,448,289
\n
\nLiabilities measured at fair value 31-12-21 0 0 0 0 0
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
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"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag617": {
"value": "\n
\nNOTE 4.3 EARNINGS PER SHARE
\nDKK 1,000 2022 2021
\nEarnings per share 2022 2021
\nAdjusted earnings per share (before fair value adjustments
\nof biomass and provision for onerous contracts (adjusted EPS)
\n Bakkafrost Group has no stock option programme running at present.
\n
\n\n
\n\nACCOUNTING POLICIES
\nBasic earnings per share
\nBasic EPS is calculated by dividing the profi t attributable
\nto equity holders of the company by the weighted average
\nnumber of ordinary shares in issue during the year, exclud-
\ning ordinary shares purchased by the company and held as
\ntreasury shares.
\nDiluted earnings per share
\nDiluted earnings per share are adjusted for the dilution ef-
\nfect of issued share options. Bakkafrost has no share options
\noutstanding.
\nAdjusted earnings per share
\nAdjusted EPS is based on the reversal of certain fair value
\nadjustments shown in the table above, as it is Bakkafrost\u2019s
\nview that this fi gure provides a more reliable measure of the
\nunderlying performance.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag619": {
"value": "\nACCOUNTING POLICIES
\nBasic earnings per share
\nBasic EPS is calculated by dividing the profi t attributable
\nto equity holders of the company by the weighted average
\nnumber of ordinary shares in issue during the year, exclud-
\ning ordinary shares purchased by the company and held as
\ntreasury shares.
\nDiluted earnings per share
\nDiluted earnings per share are adjusted for the dilution ef-
\nfect of issued share options. Bakkafrost has no share options
\noutstanding.
\nAdjusted earnings per share
\nAdjusted EPS is based on the reversal of certain fair value
\nadjustments shown in the table above, as it is Bakkafrost\u2019s
\nview that this fi gure provides a more reliable measure of the
\nunderlying performance.
\n
\n",
"dimensions": {
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"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag668": {
"value": "\n
\n\nNOTE 5.1. CAPITAL COMMITMENTS
\n
\n2022 2023 2024 Total
\nTotal contractual new Hatchery stations in the Faroe Islands 57,077 26,294 83,371
\nTotal contractual new marine sites and development of an existing freshwater site in Scotland. 233,900 0 233,900
\nTotal contractual other PPE investments 336,700 0 336,700
\nTotal 627,677 26,294 653,971
\n
\n2021 2022 2023 Total
\nTotal contractual new Hatchery stations in the Faroe Islands 163,204 99,065 262,269
\nTotal contractual new marine sites and development of an existing freshwater site in Scotland. 163,400 0 163,400
\nTotal contractual other PPE investments 324,600 0 324,600
\nTotal 651,204 99,065 750,269
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag665": {
"value": "\nNOTE 5.1. CAPITAL COMMITMENTS
\n
\n2022 2023 2024 Total
\nTotal contractual new Hatchery stations in the Faroe Islands 57,077 26,294 83,371
\nTotal contractual new marine sites and development of an existing freshwater site in Scotland. 233,900 0 233,900
\nTotal contractual other PPE investments 336,700 0 336,700
\nTotal 627,677 26,294 653,971
\n
\n2021 2022 2023 Total
\nTotal contractual new Hatchery stations in the Faroe Islands 163,204 99,065 262,269
\nTotal contractual new marine sites and development of an existing freshwater site in Scotland. 163,400 0 163,400
\nTotal contractual other PPE investments 324,600 0 324,600
\nTotal 651,204 99,065 750,269
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag664": {
"value": "\nNOTE 5.2 RELATED-PARTY TRANSACTIONS
\n\n\nRelated parties are in this respect considered as persons or
\nlegal entities, which directly or indirectly possess signifi cant
\ninfl uence on the Bakkafrost Group through shareholding or
\nposition and vice versa. Related party transactions are at
\narm\u2019s length terms.
\n
\n\n
\n\n\nDKK 1,000 2022 2021
\nBased on key personnel
\nRevenues - Betri Trygging P/F 368 0
\nPurchase - Betri Trygging P/F 36,948 42,593
\nAccounts receivables - Betri Trygging P/F 143 0
\nAccounts payable - Betri Trygging P/F 2,344 50
\nRevenues - Gist & Vist P/F n/a 919
\nPurchase - Gist & Vist P/F n/a 106
\nAccounts receivable \u2013 Gist & Vist P/F n/a 59
\nPurchase \u2013 Frost P/F n/a 669
\nAccounts payable - Frost P/F n/a 77
\nRevenues - Tjaldur P/F 108 0
\nPurchase - Tjaldur P/F 161,289 81,766
\nAccounts payable - Tjaldur P/F 12,211 5,375
\nPurchase - Eystur- og Sandoyartunlar P/F 813 704
\nAccounts payable - Eystur- og Sandoyartunlar P/F 27 2
\nRevenues - Posta P/F 2 n/a
\nPurchase - Posta P/F 7,652 n/a
\nAccounts receivables - Posta P/F 0 n/a
\nAccounts payable - Posta P/F 9 n/a
\nBased on association
\nRevenues - FF Skagen A/S 49,242 14,019
\nPurchase - FF Skagen A/S 15,973 0
\nAccounts payable - FF Skagen A/S 6,099 0
\nRevenues - Pelagos P/F 0 27
\nPurchase - Pelagos P/F 144,702 51,401
\nAccounts payable - Pelagos P/F 46 4,028
\nRevenues - Salmon Proteins P/F 9,558 8,005
\nPurchase - Salmon Proteins P/F 1,794 131
\nAccounts receivables - Salmon Proteins P/F 0 1,941
\nAccounts payable - Salmon Proteins P/F 342 0
\nRevenues - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F
\nn/a 411
\nPurchase - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F n/a 6,137
\nAccounts receivables - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F n/a 8,102
\nAccounts payable - Sv\u00ednoyar Rognkelsisst\u00f8\u00f0 SP/F n/a 722
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag666": {
"value": "\nRelated parties are in this respect considered as persons or
\nlegal entities, which directly or indirectly possess signifi cant
\ninfl uence on the Bakkafrost Group through shareholding or
\nposition and vice versa. Related party transactions are at
\narm\u2019s length terms.
\n
\n",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag669": {
"value": "\n
\nNOTE 5.3 BUSINESS COMBINATIONS
\nIn a transaction closed on 1 January 2022, Bakkafrost has
\nacquired 90% of the shares in Munkebo Seafood A/S. The
\ndeal was jointly made with the General Manager of Munkebo
\nSeafood. The shares were acquired from Paul Lybech, who
\nhas been engaged with Munkebo Seafood for almost 25
\nyears. Following the transaction, the General Manager holds
\n10% of the shares in Munkebo Seafood A/S while Bakkafrost
\nholds 90% of the shares.
\nMunkebo Seafood A/S was founded in 1974 and has since
\nthe formation been engaged in production of canned fish at
\nthe factory in the city of Munkebo in Denmark. Today, the
\ncompany operates a modern canning facility and offers a
\nwide range of products, of which a larger share is based on
\nsalmon. Bakkafrost has been one of the largest suppliers of
\nraw materials for Munkebo Seafood for the past few years,
\nmaking Munkebo Seafood a great extension of Bakkafrost\u2019s
\nvalue chain. With a planned increase in production of salm-
\non over the coming years, from Bakkafrost\u2019s farms in the
\n Faroe Islands and in Scotland, Munkebo Seafood will have a
\nstrengthened raw material base and Bakkafrost will strength-
\nen the ability to further increase the value derived from its
\nsalmon by-products.
\nThe operations of Munkebo Seafood will remain unchanged.
\nMunkebo Seafood has around 40 employees, and the prod-
\nucts are currently sold mainly within the EU market to retail
\ncustomers. The key employees of Munkebo AS will continue.
\nThere is considerable spare production capacity for future
\ngrowth within the current facility.
\nWith the acquisition of Munkebo Seafood, Bakkafrost can
\nnow offer a wider range of products. Bakkafrost offers fresh,
\nfrozen, and smoked salmon products, and now canned food is
\nadded. Bakkafrost has a global sales network, and Munkebo
\nSeafood\u2019s products will now be offered in a wider market
\nas a supplement to Bakkafrost\u2019s other consumer packaged
\nproducts.
\nThe fair value of intangible assets has been determined on
\nan estimated fair value. Fair value has been identified in cus-
\ntomer relationship employing generally accepted valuation
\ntechniques. The market value of the customer relationship is
\nmeasured to DKK 6.2 million.
\nThe fair value of property, plant and equipment has been
\ndetermined based a 3rd party valuation.
\nThe fair value of receivables has been determined based an
\nestimate of an age-distributed debtor list and historical fig-
\nures on doubtful debtors.
\nThe fair value of the inventory has been determined based
\non inventory lists, historical sales data, and subtraction of
\nobsolete goods.
\nThere have been no other new material business combina-
\ntions in 2022 and there were no new material business com-
\nbinations in 2021.
\n
\n\n
\n Book value Fair Value
\nDKK 1,000 31/12/2021 adjustments Fair value
\nGoodwill 0 7,586 7,586
\nIntangible assets 7 0 7
\nProperty, plant, and equipment - incl. IFRS 16 13,665 0 13,665
\nAccount\u2019s receivables 8,480 0 8,480
\nInventories 21,238 0 21,238
\nOther current assets, excluding cash and bank 2,202 0 2,202
\nTotal assets 45,592 7,586 53,178
\nDeferred taxes and other taxes 1,091 1,157 2,248
\nLong-term liabilities, interest-bearing 7,405 0 7,405
\nAccounts payable 13,733 0 13,733
\nOther payable 4,404 0 4,404
\nLiabilities 26,633 1,157 27,790
\nNet assets 18,959 6,429 25,388
\n
\n",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"Tag671": {
"value": "\nNOTE 5.4 EVENTS AFTER THE DATE OF THE
\nSTATEMENT OF FINANCIAL POSITION
\nThis is regarding new information regarding the company\u2019s
\nfi nancial position on the statement of fi nancial position,
\nwhich is received after the date of the statement of fi nancial
\nposition, has been recognized in the annual accounts. Events
\nafter the date of the statement of fi nancial position, which do
\nnot affect the company\u2019s fi nancial position on the statement
\nof fi nancial position date, but which will affect the company\u2019s
\nfuture fi nancial position, are disclosed if material.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag663": {
"value": "\nNOTE 5.5 AUDITOR\u2019S FEES
\nFees paid to auditors (ex. VAT) break down as follows:
\nDKK 1,000 2022 2021
\nStatutory auditing 1,366 1,262
\nTax advisory services 9 55
\nOther services 361 300
\nTotal auditor\u2019s fees 1,736 1,617
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag670": {
"value": "\nNOTE 5.6 GOING CONCERN
\nWith reference to the Group\u2019s profi ts, fi nancial strength and
\nlong-term forecasts for the years ahead, it is confi rmed that
\nthe fi nancial statements for 2022 are based on the assump-
\ntion that Bakkafrost is a going concern. In the opinion of the
\nBoard, the Group\u2019s fi nancial position is good.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138007LH7OP4V112978",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag667": {
"value": "\nNOTE 5.7
\nALTERNATIVE PERFORMANCE MEASURES
\nThe Groups fi nancial information is prepared in accordance
\nwith international fi nancial reporting standards (IFRS). In ad-
\ndition, the management\u2019s intention is to provide alternative
\nperformance measures, which are regularly reviewed by the
\nmanagement to enhance the understanding of the company\u2019s
\nperformance, but not replacing the fi nancial statements pre-
\npared in accordance with IFRS. The alternative performance
\nmeasures presented may be determined or calculated dif-
\nferently by other companies. Bakkafrost\u2019s experience is that
\nthese APM\u2019s are frequently used by analysts, investors and
\nother parties.
\nThese APM\u2019s are adjusted IFRS measures defi ned, calculated
\nand used in a consistent and transparent manner over the
\nyears and across the company where relevant.
\nNIBD
\nNet interest-bearing debt consists of both current and
\nnon-current interest-bearing liabilities, less related current
\nand non-current hedging instruments, fi nancial instruments,
\nsuch as debt instruments and derivatives, and cash and cash
\nequivalents. The net interest-bearing debt is a measure of the
\nGroup\u2019s net indebtedness that provides an indicator of the
\noverall balance sheet strength. It is also a single measure that
\ncan be used to assess both the Group\u2019s cash position and its
\nindebtedness. The use of the term \u2018net debt\u2019 does not neces-
\nsarily mean that the cash included in the net debt calculation
\nis available to settle the liabilities included in this measure.
\nNet debt is an alternative performance measure as it is not
\ndefi ned in IFRS. The most directly comparable IFRS measure
\nis the aggregate interest-bearing liabilities (both current and
\nnon-current) and cash and cash equivalents. A reconciliation
\nfrom these to net debt is provided below.
\n
\n
\n\nDKK 1,000 2022 2021
\nCash and cash equivalents -719,603 -509,157
\nLong- and short-term interest-bearing debt 3,383,289 2,634,968
\nNet interest-bearing debt 2,663,686 2,125,811
\n
\n\nOperational EBIT
\nOperational EBIT is EBIT aligned for fair value adjustments,
\nonerous contracts provisions, income from associates and
\nrevenue tax - FO.
\nOperational EBIT is a major alternative performance measure
\nin the salmon farming industry. A reconciliation from EBIT to
\nOperational EBIT is provided below.
\nDKK 1,000 2022 2021
\nEBIT 1,826,153 1,144,685
\nFair value adjustments of biological assets -278,392 -434,868
\nIncome from associates -57,597 -30,112
\nRevenue tax - FO 215,001 141,489
\nOperational EBIT 1,705,165 821,194
\nEBITDA
\nEarnings before interest, tax, depreciations and amortizations
\n(EBITDA) is a key fi nancial parameter for Bakkafrost\u2019s FOF
\nsegment. EBITDA before other income and other expenses is
\ndefi ned as EBITDA less gains and losses on disposals of fi xed
\nassets and operations and is reconciled in the section Group
\noverview. This measure is useful to users of Bakkafrost\u2019s fi -
\nnancial information in evaluating operating profi tability on
\na more variable cost basis, as it excludes depreciations and
\namortization expenses related primarily to capital expendi-
\ntures and acquisitions, which occurred in the past, nonrecur-
\nring items, as well as evaluating operating performance in re-
\nlation to Bakkafrost\u2019s FOF segments competitors. The EBITDA
\nmargin presented is defi ned as EBITDA before other income
\nand other expenses divided by total revenues.
\nOperational EBIT per kg:
\nFarming FO segment:
\nOperational EBIT Farming FO segment
\nTotal harvested volumes FO (gw)
\nVAP segment:
\nOperational EBIT VAP segment
\nTotal volumes produced (raw material gw)
\nFarming FO and VAP segment:
\nOperational EBIT Farming FO and VAP segment
\nTotal harvested volumes FO (gw)
\nFarming SCT segment:
\nOperational EBIT Farming SCT segment
\nTotal harvested volumes SCT (gw)
\n
\n\nDKK 1,000 2022 2021
\nProfi t for the year to the shareholders of P/F Bakkafrost 1,344,330 964,036
\nFair value adjustment of biomass -278,392 -434,868
\nTax on fair value adjustment and onerous contracts provisions 57,682 78,276
\nAdjusted profi t for the year to shareholders of P/F Bakkafrost 1,123,620 607,444
\nTime-weighted average number of shares outstanding through the year 59,090,186 59,064,994
\nAdjusted earnings per share (before fair value adjustment of
\nbiomass and provisions for onerous contracts) 19.02 10.28
\nAdjusted EPS
\nAdjusted EPS is based on the reversal of certain fair value
\nadjustments shown in the table above, as it is Bakkafrost\u2019s
\nview that this fi gure provides a more reliable measure of the
\nunderlying performance.
\n
\n",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag640": {
"value": "P/F BAKKAFROST",
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