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"ID_239": {
"value": "Note 1 \u2013 General Information
These consolidated financial statements are for the reporting entity
Aker BioMarine ASA (the
\u201cCompany\u201d) and its subsidiaries (together, the \u201cGroup\u201d)
. The Company is a
limited liability company
domiciled in
Norway
\u00a0
with its registered office at
Oksen\u00f8yveien 10, 1366 Lysaker, Norway
The Group is a
global supplier of krill-derived products, with a fully owned supply chain
. The operations
of the Group spans from harvesting krill in the Antarctica with vessels owned by the Group, includes
distribution world-wide from Uruguay, and further processing of the krill into oil-products in the United
These consolidated financial statements were authorized for issue by the Board of Directors\u2019 and the
CEO on 21 March 2023. The consolidated financial statements will be submitted to Aker BioMarine\u2019s
annual General Assembly on 20 April 2023 for final approval.
\u00a0
Basis for preparation
The consolidated financial statements have been prepared in accordance with IFRS and the IFRS
Interpretations Committee (IFRIC) interpretations as approved by the IASB and adopted by the EU as of
31 December 2022. The consolidated financial statements of
Aker BioMarine AS
\u00a0
have been prepared on
a going concern basis under the historical cost convention, except as otherwise described in the
sections below where fair value is required for derivatives and contingent consideration. Certain
comparative figures may be reclassified to conform to the presentation adopted in the current year.
In these consolidated financial statements amounts have been rounded to the nearest million USD,
unless otherwise stated. As a result of rounding differences, amounts may not add up to the total.
Summary of Group accounting policies
Accounting policies that relate to the consolidated financial statements in general are set out below,
while the accounting policies related to specific assets, liabilities or financial statements line items are
included in the corresponding note disclosure. All accounting policies have been consistently applied
to all the years presented, except for the accounting policies related to leasing agreements. IFRS 16
Leases
was implemented as of January 1, 2019. See Note 18 for additional information.
\u00a0
Functional and presentation currency
Transactions recorded in the financial statements of each subsidiary are done in its functional
currency, i.e. the currency that best reflects the primary economic environment in which the entity
operates. The consolidated financial statements are presented in US Dollars (\u201cUSD\u201d), which is the
Group\u2019s presentation currency as the Group\u2019s cash flow and economic returns are principally
denominated in USD and is the functional currency of each key subsidiary. The functional currency of
the parent company
Aker BioMarine ASA
Critical accounting estimates and significant judgments
The preparation of consolidated financial statements in conformity with IFRS requires management to
make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and
liabilities. The estimates and judgments are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable, and constitute management\u2019s best
judgment at the date of the consolidated financial statements. In the future, actual results may differ
from those estimates.
Where appropriate, present values are calculated using discount rates reflecting the currency and
maturity of the items being valued. Further details of critical estimates and significant judgments are
set out in the related notes to the consolidated financial statements.
The critical estimates that have a significant risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities within the next financial year results relate to:
\u00a0
\u25cf
Technical assessments
\u00a0
when estimating
\u00a0
the useful
\u00a0
life of the
\u00a0
Group\u2019s vessels
\u00a0
and machinery
(see Note 8),
\u25cf
Estimating the recoverable
\u00a0
amount of the
\u00a0
tangible and intangible
\u00a0
assets, goodwill and
\u00a0
RoU (not
explained) assets allocated to the Krill cash
\u00a0
generating unit when conducting impairment tests
(see Note 9 and 10),
\u25cf
Allocation of production
\u00a0
cost between products
\u00a0
produced in the
\u00a0
Ingredients segment (see
\u00a0
Note
12).
The significant judgements that management has made in the process of applying the entity\u2019s
accounting policies and that have the most significant effect on the amounts recognized in the financial
statements relate to:
\u00a0
\u25cf
Expenses included as part
\u00a0
of the indirect production
\u00a0
costs capitalized as
\u00a0
a part of
\u00a0
the inventory
and the
\u00a0
measurement of
\u00a0
the krill-
\u00a0
based products
\u00a0
held as
\u00a0
Inventories at
\u00a0
year end
\u00a0
(see Note
\u25cf
Recognition and measurement of expenditure on vessels and machinery included
\u00a0
in Property,
plant and equipment (see Note 8).
Changes in accounting policies and new pronouncements
\u00a0
There are no changes in the accounting policies for the consolidated financial statements for the year
ending 31 December 2022 as compared to the accounting policies for the 2021 reporting year. The new
IFRS standards applicable for reporting periods on or after 1 January 2022 adopted by the Group have
not had a material impact for the Group\u2019s financial reporting.
None of the issued, not yet effective IFRS standards, amendments to such standards or IFRIC
interpretations are expected to have significant effects for the Group\u2019s financial reporting.
Significant changes in the current reporting period
The financial position and performance of the group was particularly affected by the following events
and transactions during the reporting period:
\u25cf
Aion transaction: In April 2022, a third party obtained control of the
\u00a0
Group\u2019s investment in Aion
AS
\u00a0
leading
\u00a0
to
\u00a0
derecognition
\u00a0
of
\u00a0
consolidated
\u00a0
assets
\u00a0
and
\u00a0
liabilities
\u00a0
and
\u00a0
a
\u00a0
subsequent
\u00a0
gain
recognized
\u00a0
as \u2018Other
\u00a0
operating income\u2019
\u00a0
in the
\u00a0
Statement
\u00a0
of Profit
\u00a0
or Loss
\u00a0
(see Note
\u00a0
2). The
Group\u2019s involvement in Aion is
\u00a0
limited to board participation and
\u00a0
purchase of circular products
on
\u00a0
market
\u00a0
terms.
\u00a0
The
\u00a0
investment
\u00a0
in
\u00a0
Aion
\u00a0
is
\u00a0
treated
\u00a0
as
\u00a0
\u2018Investments
\u00a0
in
\u00a0
equity-accounted
investees\u2019 in the Statement of Financial Position.
\u25cf
Construction of protein
\u00a0
plant: During the
\u00a0
year the Group
\u00a0
has capitalized investments
\u00a0
into the
new protein plant (see Note 8). The plant will be finalized in 2023.
Going concern
These financial statements have been prepared under the assumption of going concern. Prior to the
authorization of these financial statements, Management has been in dialog with the bank group
regarding additional financing alternatives and covenants for 2023.
Basis for preparation
The consolidated financial statements have been prepared in accordance with IFRS and the IFRS
Interpretations Committee (IFRIC) interpretations as approved by the IASB and adopted by the EU as of
31 December 2022. The consolidated financial statements of
Aker BioMarine AS
\u00a0
have been prepared on
a going concern basis under the historical cost convention, except as otherwise described in the
sections below where fair value is required for derivatives and contingent consideration. Certain
comparative figures may be reclassified to conform to the presentation adopted in the current year.
In these consolidated financial statements amounts have been rounded to the nearest million USD,
unless otherwise stated. As a result of rounding differences, amounts may not add up to the total.
Basis for preparation
The consolidated financial statements have been prepared in accordance with IFRS and the IFRS
Interpretations Committee (IFRIC) interpretations as approved by the IASB and adopted by the EU as of
31 December 2022. The consolidated financial statements of
Aker BioMarine AS
\u00a0
have been prepared on
a going concern basis under the historical cost convention, except as otherwise described in the
sections below where fair value is required for derivatives and contingent consideration. Certain
comparative figures may be reclassified to conform to the presentation adopted in the current year.
In these consolidated financial statements amounts have been rounded to the nearest million USD,
unless otherwise stated. As a result of rounding differences, amounts may not add up to the total.
Functional and presentation currency
Transactions recorded in the financial statements of each subsidiary are done in its functional
currency, i.e. the currency that best reflects the primary economic environment in which the entity
operates. The consolidated financial statements are presented in US Dollars (\u201cUSD\u201d), which is the
Group\u2019s presentation currency as the Group\u2019s cash flow and economic returns are principally
denominated in USD and is the functional currency of each key subsidiary. The functional currency of
the parent company
Aker BioMarine ASA
Critical accounting estimates and significant judgments
The preparation of consolidated financial statements in conformity with IFRS requires management to
make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and
liabilities. The estimates and judgments are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable, and constitute management\u2019s best
judgment at the date of the consolidated financial statements. In the future, actual results may differ
from those estimates.
Where appropriate, present values are calculated using discount rates reflecting the currency and
maturity of the items being valued. Further details of critical estimates and significant judgments are
set out in the related notes to the consolidated financial statements.
The critical estimates that have a significant risk of resulting in a material adjustment to the carrying
amounts of assets and liabilities within the next financial year results relate to:
\u00a0
\u25cf
Technical assessments
\u00a0
when estimating
\u00a0
the useful
\u00a0
life of the
\u00a0
Group\u2019s vessels
\u00a0
and machinery
(see Note 8),
\u25cf
Estimating the recoverable
\u00a0
amount of the
\u00a0
tangible and intangible
\u00a0
assets, goodwill and
\u00a0
RoU (not
explained) assets allocated to the Krill cash
\u00a0
generating unit when conducting impairment tests
(see Note 9 and 10),
\u25cf
Allocation of production
\u00a0
cost between products
\u00a0
produced in the
\u00a0
Ingredients segment (see
\u00a0
Note
12).
The significant judgements that management has made in the process of applying the entity\u2019s
accounting policies and that have the most significant effect on the amounts recognized in the financial
statements relate to:
\u00a0
\u25cf
Expenses included as part
\u00a0
of the indirect production
\u00a0
costs capitalized as
\u00a0
a part of
\u00a0
the inventory
and the
\u00a0
measurement of
\u00a0
the krill-
\u00a0
based products
\u00a0
held as
\u00a0
Inventories at
\u00a0
year end
\u00a0
(see Note
\u25cf
Recognition and measurement of expenditure on vessels and machinery included
\u00a0
in Property,
plant and equipment (see Note 8).
There are no changes in the accounting policies for the consolidated financial statements for the year
ending 31 December 2022 as compared to the accounting policies for the 2021 reporting year. The new
IFRS standards applicable for reporting periods on or after 1 January 2022 adopted by the Group have
not had a material impact for the Group\u2019s financial reporting.
Note 2 \u2013 Revenue and Other income
Revenue primarily stems from the sale of Qrill\u2122 branded ingredients, or Krill oil during the year, used
either in the feed industry or within human health and nutrition. Lang, the distributor of private labels
within the Brands segment operates within the human health and nutrition markets but also sells other
natural supplements in addition to Krill oil. The Group\u2019s main performance obligation is related to the
delivery of agreed volumes of the above-mentioned products. Some customers have longer term frame
agreements, agreeing the prices of the product per MT/KG, but all sales are based on individual
purchase orders detailing the volume to be delivered at a certain point in time, at a designated
The Group recognizes as revenue the agreed transaction price in a contract with a customer at the time
when the Group transfers the control of a distinct product or service to the customer.
Ordinary purchase orders are normally the contracts with the customer which create enforceable rights
and obligations. Volume discounts are the dominant sales incentives used by Aker BioMarine. Volume
discounts with retrospective effect are systematically accrued and recognized as reduction of revenue
based on the best estimate of the amounts potentially due to the customer.
Under IFRS 15 the Group\u2019s revenue from sale of Krill oil and Qrill\u2122 is recognized at a point in time, when
the customer obtains control over the goods.
Control is transferred to the customer according to agreed delivery terms, which is based on
standardized contract templates as published by the International Chamber of Commerce (set forth in
the Incoterms 2010). All sales are conducted using F-terms (delivery terms where the risk and
responsibility for any cost of transport, insurance etc. are transferred to the buyer when the goods are
on board the vessel/truck) or C-terms (delivery terms where seller pays the costs and freight to bring
the goods to the port of destination), meaning the risk is transferred upon handing the goods over to
the carrier engaged by either the customer or Group, respectively.
\u00a0
The main performance obligations for the Group are related to the sale of goods of specified amounts
and quality to customers. For a significant part of the sales, the Group organizes and pays for shipping
of the goods (C-terms). The Group has assessed that for these sales, there are two performance
obligations, and that the Group acts as an agent for the shipping services. As a result, shipping revenue
and related shipping costs are netted in the consolidated statement of profit or loss. The shipping
commission for transport of goods is considered by the Group to be immaterial and further, the Group's
delivery obligation is satisfied at the same time as the control of the goods is transferred to the
customers. Consequently, the shipping commission is not separated from the revenues of sale of
The goods are sold with standard warranties that the goods sold comply with agreed upon specification
and condition. The Group does not have any significant obligations for returns or refunds, and any
warranties would be accounted for using IAS 37
Provisions, contingent liabilities and contingent assets
Payment terms are usually between 30-60 days. The Group does not have any contracts with a
significant financing component.
Geographical allocation of revenue from sale of products (based on location of customer)
\u00a0
:
Year ended 31 December
USD Millions
2022
2021
Norway
26.8
22.9
EMEA
50.9
54.0
Americas
144.3
138.6
Asia Pacific
55.2
46.6
Total
277.2
262.1
During the reporting periods the Group has had one customer exceeding 16.1% of Net sales. In 2021,
12.6% of the Net sales was towards this customer. The revenue from this customer is attributable to the
Ingredients segment. The Group\u2019s three largest customers in terms of revenue accounted for 34.5% of
the revenue in 2022 (2021: 32.8%). North America is the Group\u2019s largest market which accounted for
\u00a0
USD
134.8 million of total Net sales (2021: USD 130.7 million).
Assets and liabilities related to contracts with customers
The Group has recognized an incremental cost of obtaining customer contracts, which the Group
expects to recover. A success fee of USD 10 million was paid upon signing of a significant contract in the
Brands segment in 2020 and this contract cost is being amortized over 5 years. The carried amount as
of 31 December 2022 was USD 5.2 million. The Group expects to recover this cost from future sales and
the Group would not have incurred these incremental costs if a certain contract had not been obtained.
Liabilities with customers is less than the reporting threshold as of 31 December 2022 (2021: USD 0.1
million), the liabilities relate to prepayments from customers.
The timing of revenue recognition, billings, and cash collections results in billed trade receivables (Note
13 and 19) and prepayments from customers (contract liabilities). Prepayments up front is common
practice to reduce price risk for new customers.
Other operating income is comprised of the following:
Year ended 31 December
USD Millions
2022
2021
Aion transaction
5.8
-
Gain from sale of fixed asset
-
0.4
Rebalancing fuel hedge
2.9
2.5
Other
1.5
0.2
Total
10.2
3.1
The spin-off of Aion AS (see Note 1) in Q2 resulted in a total gain of USD 9.2 million where USD 5.8
million has been recognized as other operating income and USD 3.4 million has been recognized as
Finance Income in the Statement of Profit or loss. In September 2021 the supply vessel La Manche was
sold with a transaction price of USD 1.8 million. This resulted in a gain of USD 0.4 million. Other consist
\u00a0
s
of insurance and other reimbursements. Refer to Note 19 for more information about the fuel hedge.
Note 2 \u2013 Revenue and Other income
Revenue primarily stems from the sale of Qrill\u2122 branded ingredients, or Krill oil during the year, used
either in the feed industry or within human health and nutrition. Lang, the distributor of private labels
within the Brands segment operates within the human health and nutrition markets but also sells other
natural supplements in addition to Krill oil. The Group\u2019s main performance obligation is related to the
delivery of agreed volumes of the above-mentioned products. Some customers have longer term frame
agreements, agreeing the prices of the product per MT/KG, but all sales are based on individual
purchase orders detailing the volume to be delivered at a certain point in time, at a designated
The Group recognizes as revenue the agreed transaction price in a contract with a customer at the time
when the Group transfers the control of a distinct product or service to the customer.
Ordinary purchase orders are normally the contracts with the customer which create enforceable rights
and obligations. Volume discounts are the dominant sales incentives used by Aker BioMarine. Volume
discounts with retrospective effect are systematically accrued and recognized as reduction of revenue
based on the best estimate of the amounts potentially due to the customer.
Under IFRS 15 the Group\u2019s revenue from sale of Krill oil and Qrill\u2122 is recognized at a point in time, when
the customer obtains control over the goods.
Control is transferred to the customer according to agreed delivery terms, which is based on
standardized contract templates as published by the International Chamber of Commerce (set forth in
the Incoterms 2010). All sales are conducted using F-terms (delivery terms where the risk and
responsibility for any cost of transport, insurance etc. are transferred to the buyer when the goods are
on board the vessel/truck) or C-terms (delivery terms where seller pays the costs and freight to bring
the goods to the port of destination), meaning the risk is transferred upon handing the goods over to
the carrier engaged by either the customer or Group, respectively.
\u00a0
The main performance obligations for the Group are related to the sale of goods of specified amounts
and quality to customers. For a significant part of the sales, the Group organizes and pays for shipping
of the goods (C-terms). The Group has assessed that for these sales, there are two performance
obligations, and that the Group acts as an agent for the shipping services. As a result, shipping revenue
and related shipping costs are netted in the consolidated statement of profit or loss. The shipping
commission for transport of goods is considered by the Group to be immaterial and further, the Group's
delivery obligation is satisfied at the same time as the control of the goods is transferred to the
customers. Consequently, the shipping commission is not separated from the revenues of sale of
The goods are sold with standard warranties that the goods sold comply with agreed upon specification
and condition. The Group does not have any significant obligations for returns or refunds, and any
warranties would be accounted for using IAS 37
Provisions, contingent liabilities and contingent assets
Payment terms are usually between 30-60 days. The Group does not have any contracts with a
significant financing component.
Geographical allocation of revenue from sale of products (based on location of customer)
\u00a0
:
Year ended 31 December
USD Millions
2022
2021
Norway
26.8
22.9
EMEA
50.9
54.0
Americas
144.3
138.6
Asia Pacific
55.2
46.6
Total
277.2
262.1
During the reporting periods the Group has had one customer exceeding 16.1% of Net sales. In 2021,
12.6% of the Net sales was towards this customer. The revenue from this customer is attributable to the
Ingredients segment. The Group\u2019s three largest customers in terms of revenue accounted for 34.5% of
the revenue in 2022 (2021: 32.8%). North America is the Group\u2019s largest market which accounted for
\u00a0
USD
134.8 million of total Net sales (2021: USD 130.7 million).
Assets and liabilities related to contracts with customers
The Group has recognized an incremental cost of obtaining customer contracts, which the Group
expects to recover. A success fee of USD 10 million was paid upon signing of a significant contract in the
Brands segment in 2020 and this contract cost is being amortized over 5 years. The carried amount as
of 31 December 2022 was USD 5.2 million. The Group expects to recover this cost from future sales and
the Group would not have incurred these incremental costs if a certain contract had not been obtained.
Liabilities with customers is less than the reporting threshold as of 31 December 2022 (2021: USD 0.1
million), the liabilities relate to prepayments from customers.
The timing of revenue recognition, billings, and cash collections results in billed trade receivables (Note
13 and 19) and prepayments from customers (contract liabilities). Prepayments up front is common
practice to reduce price risk for new customers.
Other operating income is comprised of the following:
Year ended 31 December
USD Millions
2022
2021
Aion transaction
5.8
-
Gain from sale of fixed asset
-
0.4
Rebalancing fuel hedge
2.9
2.5
Other
1.5
0.2
Total
10.2
3.1
The spin-off of Aion AS (see Note 1) in Q2 resulted in a total gain of USD 9.2 million where USD 5.8
million has been recognized as other operating income and USD 3.4 million has been recognized as
Finance Income in the Statement of Profit or loss. In September 2021 the supply vessel La Manche was
sold with a transaction price of USD 1.8 million. This resulted in a gain of USD 0.4 million. Other consist
\u00a0
s
of insurance and other reimbursements. Refer to Note 19 for more information about the fuel hedge.
Ordinary purchase orders are normally the contracts with the customer which create enforceable rights
and obligations. Volume discounts are the dominant sales incentives used by Aker BioMarine. Volume
discounts with retrospective effect are systematically accrued and recognized as reduction of revenue
based on the best estimate of the amounts potentially due to the customer.
Under IFRS 15 the Group\u2019s revenue from sale of Krill oil and Qrill\u2122 is recognized at a point in time, when
the customer obtains control over the goods.
The Group recognizes as revenue the agreed transaction price in a contract with a customer at the time
when the Group transfers the control of a distinct product or service to the customer.
Note 3 \u2013 Operating segments and adjusted EBITDA
The Group discloses segment information and identifies reportable segments in accordance with IFRS 8
Operating Segments
. IFRS 8 requires management to report segment information according to the
organization and reporting structure used by the chief operating decision maker (CODM). The Group
defines the CODM as the Executive Management Team (EMT) and the CEO.
The Group\u2019s operations have historically occurred in one reportable segment with the production and
sale of krill products. This is the Ingredients business segment. Following the acquisition of Lang on 1
March 2019, the Group has two reportable segments. The production and sale of krill products remains
the same, but with Lang there is now a distribution segment, the Brands business. The two segments
are operated and managed separately, and financial results are measured and reported on a stand-
alone basis for the two operating segments. The key financial metric that management uses for
decision making is Adjusted EBITDA.
Transactions between the two segments are eliminated in the \u2018Adjustments\u2019 column, as well as group
adjustments in relation to financial items (such as changes in earn-outs) and depreciation and
amortization on group assets (such as customer lists acquired in a transaction).
The Ingredients business consists of offshore harvesting and production activities, the logistical
operations and the onshore manufacturing and sale of krill oil products globally to distributors and
feed producers. This segment sells the products Krill oil and Krill Meal. This was the Group\u2019s core
business and only identified segment up until the acquisition of Lang on 1 March 2019.
The Brands segment is the human consumption distribution business. As of 31 December 2022, the
Brands segment comprises the group legal entities Lang Pharma Nutrition LLC (Lang), Epion Brands LLC
(Epion) and the holding company New Ride LLC. Lang acquires raw materials derived from krill, fish and
plants. These raw materials are then processed and packaged, labeled and sold to retailers in the US
market. The Brands segment sells the products under the brand name Qrill
TM
\u00a0
Pet and other brand
names.
Recognition and measurement applied to the segment reporting is consistent with the accounting
principles applied when preparing the financial statements. Transactions between segments and
\u00a0
internally within the Ingredients segment follow recognized principals of transfer pricing. The
geographical distribution of revenue is presented in Note 2. This is not part of the monthly/bi-monthly
segment reporting to management. Segment financial information is given in the tables below for the
years 2022 and 2021.
Operating segments 2022:
Unallocated &
USD Millions
Ingredients
Brands
Eliminations
Total
External sales
128.7
108.2
-
236.9
Internal sales
47.9
6.7
-14.3
40.3
Cost of goods sold
-101.2
-81.7
20.5
-162.4
Gross profit
75.4
33.2
6.2
114.8
SG&A
-55.7
-30.8
-
-86.5
Depreciation, amortization and impairment
-9.6
-6.8
-
-16.4
Other operating income/(cost), net
10.1
0.2
-
10.2
Operating profit
20.2
-4.2
6.2
22.1
Net financial items
-6.1
-3.9
-
-10.0
Tax expense
-0.5
-1.7
-
-2.2
Net profit (loss)
13.6
-9.8
6.2
10.0
Depreciation, amortization and impairment (Note
8)
44.6
6.8
-
51.4
EBITDA
64.8
2.6
6.2
73.6
Adjusted EBITDA
60.2
2.6
6.2
69.0
Unallocated &
Balance sheet items
Ingredients
Brands
Eliminations
Total
Property, plant and equipment
332.9
0.3
-
333.2
Right-of-use assets (leasing)
9.7
0.2
-
9.9
Intangible assets
92.6
70.1
-
162.7
Cash and cash equivalents
9.9
12.4
-
22.3
Interest-bearing debt
-311.8
-69.4
-
-381.2
Inventory
138.0
39.2
5.5
182.7
Net interest free asset and liabilities
53.6
1.0
-5.5
49.1
Total equity
324.9
53.8
-
378.7
Operating segments 2021:
Unallocated &
USD Millions
Ingredients
Brands
Eliminations
Total
External sales
83.3
104.1
-
187.4
Internal sales
86.3
6.3
-17.9
74.7
Cost of goods sold
-109.0
-81.7
16.7
-174.0
Gross profit
60.6
28.7
-1.2
88.1
SG&A
-59.2
-26.5
-
-85.7
Depreciation, amortization and impairment
-17.2
-2.0
-
-19.2
Other operating income/(cost), net
3.1
-
-
3.1
Operating profit
-12.7
0.2
-1.2
-13.7
Net financial items
-10.6
16.9
-
6.3
Tax expense
1.2
-1.8
-
-0.6
Net profit (loss)
-22.1
15.3
-1.2
-8.0
Depreciation, amortization and impairment (Note
8)
54.9
2.0
-
56.9
EBITDA
42.5
2.2
-1.2
43.2
Adjusted EBITDA
45.4
2.5
-
47.9
Unallocated &
Balance sheet items
Ingredients
Brands
Eliminations
Total
Property, plant and equipment
327.5
0.4
-
327.9
Right-of-use assets (leasing)
10.8
0.4
-
11.2
Intangible assets
104.7
66.9
-
171.6
Cash and cash equivalents
5.9
5.2
-
11.1
Interest-bearing debt
-324.8
-
-
-324.8
Inventory
104.2
39.4
-5.4
138.2
Net interest free asset and liabilities
76.6
-46.8
5.4
35.2
Total equity
304.9
65.5
-
370.4
Adjusted EBITDA
The Executive Management Team (EMT) evaluates the performance based on Adjusted EBITDA. This
metric is defined as operating profit before depreciation, amortization, write-downs and impairments,
and special operating items. Special operating items include gains or losses on sale of assets, if
material, restructuring expenses and other material items which are not primarily related to the period
in which they are recognized or special in nature compared to ordinary operational income or
expenses. See description of the Alternative Performance Measures (APM) attached to the consolidated
financial statement.
The EMT has provided the following information:
Year ended 31 December
USD Millions
2022
2021
Krill oil
158.6
163.8
Krill meal
105.1
83.1
Qrill\u2122 Pet and other products
13.0
15.4
Other income
10.6
3.1
Total revenue and other income
287.3
265.4
Total operating expenses before depreciation, amortization and impairment
-213.8
-222.2
Special operating items
-4.5
4.7
Adjusted EBITDA
69.0
47.9
The following table reconciles Adjusted EBITDA to Net loss in the consolidated statements of profit or
loss.
Year ended 31 December
USD Millions
2022
2021
Net loss
10.0
-8.0
Tax expense
2.2
0.6
Financial income
-4.0
-21.3
Financial expenses
22.0
15.7
Net foreign exchange gain/loss
-8.1
-0.6
Operating profit
22.1
-13.7
Depreciation, amortization and impairment
51.4
56.9
EBITDA
73.5
43.2
Special operating items
-4.5
4.7
Adjusted EBITDA
69.0
47.9
The following table reconciles Special operating items.
Year ended 31 December
USD Millions
2022
2021
La Mance operating cost and gain from sale
-
0.4
Restructuring and improvement program
1.3
-2.7
Transaction related costs- SG&A
-
-1.3
Oslo B\u00f8rs listing
-
-1.1
Aion transaction
-5.8
-
Special operating items
-4.5
-4.7
Note 3 \u2013 Operating segments and adjusted EBITDA
The Group discloses segment information and identifies reportable segments in accordance with IFRS 8
Operating Segments
. IFRS 8 requires management to report segment information according to the
organization and reporting structure used by the chief operating decision maker (CODM). The Group
defines the CODM as the Executive Management Team (EMT) and the CEO.
The Group\u2019s operations have historically occurred in one reportable segment with the production and
sale of krill products. This is the Ingredients business segment. Following the acquisition of Lang on 1
March 2019, the Group has two reportable segments. The production and sale of krill products remains
the same, but with Lang there is now a distribution segment, the Brands business. The two segments
are operated and managed separately, and financial results are measured and reported on a stand-
alone basis for the two operating segments. The key financial metric that management uses for
decision making is Adjusted EBITDA.
Transactions between the two segments are eliminated in the \u2018Adjustments\u2019 column, as well as group
adjustments in relation to financial items (such as changes in earn-outs) and depreciation and
amortization on group assets (such as customer lists acquired in a transaction).
The Ingredients business consists of offshore harvesting and production activities, the logistical
operations and the onshore manufacturing and sale of krill oil products globally to distributors and
feed producers. This segment sells the products Krill oil and Krill Meal. This was the Group\u2019s core
business and only identified segment up until the acquisition of Lang on 1 March 2019.
The Brands segment is the human consumption distribution business. As of 31 December 2022, the
Brands segment comprises the group legal entities Lang Pharma Nutrition LLC (Lang), Epion Brands LLC
(Epion) and the holding company New Ride LLC. Lang acquires raw materials derived from krill, fish and
plants. These raw materials are then processed and packaged, labeled and sold to retailers in the US
market. The Brands segment sells the products under the brand name Qrill
TM
\u00a0
Pet and other brand
names.
Recognition and measurement applied to the segment reporting is consistent with the accounting
principles applied when preparing the financial statements. Transactions between segments and
\u00a0
internally within the Ingredients segment follow recognized principals of transfer pricing. The
geographical distribution of revenue is presented in Note 2. This is not part of the monthly/bi-monthly
segment reporting to management. Segment financial information is given in the tables below for the
years 2022 and 2021.
Operating segments 2022:
Unallocated &
USD Millions
Ingredients
Brands
Eliminations
Total
External sales
128.7
108.2
-
236.9
Internal sales
47.9
6.7
-14.3
40.3
Cost of goods sold
-101.2
-81.7
20.5
-162.4
Gross profit
75.4
33.2
6.2
114.8
SG&A
-55.7
-30.8
-
-86.5
Depreciation, amortization and impairment
-9.6
-6.8
-
-16.4
Other operating income/(cost), net
10.1
0.2
-
10.2
Operating profit
20.2
-4.2
6.2
22.1
Net financial items
-6.1
-3.9
-
-10.0
Tax expense
-0.5
-1.7
-
-2.2
Net profit (loss)
13.6
-9.8
6.2
10.0
Depreciation, amortization and impairment (Note
8)
44.6
6.8
-
51.4
EBITDA
64.8
2.6
6.2
73.6
Adjusted EBITDA
60.2
2.6
6.2
69.0
Unallocated &
Balance sheet items
Ingredients
Brands
Eliminations
Total
Property, plant and equipment
332.9
0.3
-
333.2
Right-of-use assets (leasing)
9.7
0.2
-
9.9
Intangible assets
92.6
70.1
-
162.7
Cash and cash equivalents
9.9
12.4
-
22.3
Interest-bearing debt
-311.8
-69.4
-
-381.2
Inventory
138.0
39.2
5.5
182.7
Net interest free asset and liabilities
53.6
1.0
-5.5
49.1
Total equity
324.9
53.8
-
378.7
Operating segments 2021:
Unallocated &
USD Millions
Ingredients
Brands
Eliminations
Total
External sales
83.3
104.1
-
187.4
Internal sales
86.3
6.3
-17.9
74.7
Cost of goods sold
-109.0
-81.7
16.7
-174.0
Gross profit
60.6
28.7
-1.2
88.1
SG&A
-59.2
-26.5
-
-85.7
Depreciation, amortization and impairment
-17.2
-2.0
-
-19.2
Other operating income/(cost), net
3.1
-
-
3.1
Operating profit
-12.7
0.2
-1.2
-13.7
Net financial items
-10.6
16.9
-
6.3
Tax expense
1.2
-1.8
-
-0.6
Net profit (loss)
-22.1
15.3
-1.2
-8.0
Depreciation, amortization and impairment (Note
8)
54.9
2.0
-
56.9
EBITDA
42.5
2.2
-1.2
43.2
Adjusted EBITDA
45.4
2.5
-
47.9
Unallocated &
Balance sheet items
Ingredients
Brands
Eliminations
Total
Property, plant and equipment
327.5
0.4
-
327.9
Right-of-use assets (leasing)
10.8
0.4
-
11.2
Intangible assets
104.7
66.9
-
171.6
Cash and cash equivalents
5.9
5.2
-
11.1
Interest-bearing debt
-324.8
-
-
-324.8
Inventory
104.2
39.4
-5.4
138.2
Net interest free asset and liabilities
76.6
-46.8
5.4
35.2
Total equity
304.9
65.5
-
370.4
Adjusted EBITDA
The Executive Management Team (EMT) evaluates the performance based on Adjusted EBITDA. This
metric is defined as operating profit before depreciation, amortization, write-downs and impairments,
and special operating items. Special operating items include gains or losses on sale of assets, if
material, restructuring expenses and other material items which are not primarily related to the period
in which they are recognized or special in nature compared to ordinary operational income or
expenses. See description of the Alternative Performance Measures (APM) attached to the consolidated
financial statement.
The EMT has provided the following information:
Year ended 31 December
USD Millions
2022
2021
Krill oil
158.6
163.8
Krill meal
105.1
83.1
Qrill\u2122 Pet and other products
13.0
15.4
Other income
10.6
3.1
Total revenue and other income
287.3
265.4
Total operating expenses before depreciation, amortization and impairment
-213.8
-222.2
Special operating items
-4.5
4.7
Adjusted EBITDA
69.0
47.9
The following table reconciles Adjusted EBITDA to Net loss in the consolidated statements of profit or
loss.
Year ended 31 December
USD Millions
2022
2021
Net loss
10.0
-8.0
Tax expense
2.2
0.6
Financial income
-4.0
-21.3
Financial expenses
22.0
15.7
Net foreign exchange gain/loss
-8.1
-0.6
Operating profit
22.1
-13.7
Depreciation, amortization and impairment
51.4
56.9
EBITDA
73.5
43.2
Special operating items
-4.5
4.7
Adjusted EBITDA
69.0
47.9
The following table reconciles Special operating items.
Year ended 31 December
USD Millions
2022
2021
La Mance operating cost and gain from sale
-
0.4
Restructuring and improvement program
1.3
-2.7
Transaction related costs- SG&A
-
-1.3
Oslo B\u00f8rs listing
-
-1.1
Aion transaction
-5.8
-
Special operating items
-4.5
-4.7
The Group discloses segment information and identifies reportable segments in accordance with IFRS 8
Operating Segments
. IFRS 8 requires management to report segment information according to the
organization and reporting structure used by the chief operating decision maker (CODM). The Group
defines the CODM as the Executive Management Team (EMT) and the CEO.
Note 4 \u2013 Selling, General & Administration expenses and
Other operating cost
The presentation of operating expenses in the consolidated statements of profit or loss is based on
function of the expenses. Production and operating expenses are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
Salaries and payroll expenses not related to production, sales and distribution costs, and other general
and administrative costs are recognized when they occur or when the Group has a liability for future
expenses. Production and operating expenses allocated to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses consists of:
Year ended 31 December
USD Millions
2022
2021
Sales and Distribution Costs
-67.7
-63.5
Research and Development
-4.0
-3.0
Administrative Costs
-14.8
-19.2
Total
-86.5
-85.7
Sales and Distribution costs are all costs related to selling, marketing, and distributing and storing the
Research and Development costs represent the Innovation department where ongoing studies within
the application and use of krill as an ingredient both for human and for animal feed is being expensed.
The department also works on early phase product development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs which includes the management group, finance,
and Transformation (sustainability, strategy and IT), providing services to the entire Group.
Government grants
During 2022 the Group received grants of USD 0.36 million (2021: USD 0.68 million). The grants are partly
included in the Research and Development and partly \u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There are not any unfulfilled conditions or other contingencies
on these grants.
Salary specification by function
The below schedule describes the total salary costs of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory, as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of the total expenses of USD 86.5 million (2021: USD 85.7
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2022
2021
Offshore - inventoriable
-25.2
-27.2
Onshore - inventoriable
-10.5
-12.4
Selling, general and administrative
-32.6
-32.0
Total
-68.3
-71.6
Number of employees at year-end
628
589
Full time Equivalent
626
568
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2022
2021
Salaries
-57.9
-61.8
Employer's social security contribution
-1.0
-1.1
Pension expenses
-1.5
-1.9
Other benefits
-7.9
-6.8
Total
-68.3
-71.6
Pension plans
The Group has a defined contribution plan that cover all employees except one employee who has a
defined benefit plan. The plans comply with laws and regulations set forth in the different countries of
operations. At the end of the year the defined benefit obligations were USD 0.5 million and the assets
were USD 0.4 million. The fair value of the net obligation has been calculated using an appropriate
discount rate. During the year the Group expensed USD 0.04 million, net of settlements and curtailment,
on the defined benefit plan (2021: USD 0.05 million), and USD 1.5 million for the contribution plan (2021:
Remuneration to the Group auditors (excluding VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2022 and 2021. For both categories the reported fee is the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2022
2021
Audit fees
-0.3
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
-0.1
-
Total
-0.5
-0.4
Note 4 \u2013 Selling, General & Administration expenses and
Other operating cost
The presentation of operating expenses in the consolidated statements of profit or loss is based on
function of the expenses. Production and operating expenses are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
Salaries and payroll expenses not related to production, sales and distribution costs, and other general
and administrative costs are recognized when they occur or when the Group has a liability for future
expenses. Production and operating expenses allocated to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses consists of:
Year ended 31 December
USD Millions
2022
2021
Sales and Distribution Costs
-67.7
-63.5
Research and Development
-4.0
-3.0
Administrative Costs
-14.8
-19.2
Total
-86.5
-85.7
Sales and Distribution costs are all costs related to selling, marketing, and distributing and storing the
Research and Development costs represent the Innovation department where ongoing studies within
the application and use of krill as an ingredient both for human and for animal feed is being expensed.
The department also works on early phase product development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs which includes the management group, finance,
and Transformation (sustainability, strategy and IT), providing services to the entire Group.
Government grants
During 2022 the Group received grants of USD 0.36 million (2021: USD 0.68 million). The grants are partly
included in the Research and Development and partly \u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There are not any unfulfilled conditions or other contingencies
on these grants.
Salary specification by function
The below schedule describes the total salary costs of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory, as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of the total expenses of USD 86.5 million (2021: USD 85.7
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2022
2021
Offshore - inventoriable
-25.2
-27.2
Onshore - inventoriable
-10.5
-12.4
Selling, general and administrative
-32.6
-32.0
Total
-68.3
-71.6
Number of employees at year-end
628
589
Full time Equivalent
626
568
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2022
2021
Salaries
-57.9
-61.8
Employer's social security contribution
-1.0
-1.1
Pension expenses
-1.5
-1.9
Other benefits
-7.9
-6.8
Total
-68.3
-71.6
Pension plans
The Group has a defined contribution plan that cover all employees except one employee who has a
defined benefit plan. The plans comply with laws and regulations set forth in the different countries of
operations. At the end of the year the defined benefit obligations were USD 0.5 million and the assets
were USD 0.4 million. The fair value of the net obligation has been calculated using an appropriate
discount rate. During the year the Group expensed USD 0.04 million, net of settlements and curtailment,
on the defined benefit plan (2021: USD 0.05 million), and USD 1.5 million for the contribution plan (2021:
Remuneration to the Group auditors (excluding VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2022 and 2021. For both categories the reported fee is the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2022
2021
Audit fees
-0.3
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
-0.1
-
Total
-0.5
-0.4
Note 4 \u2013 Selling, General & Administration expenses and
Other operating cost
The presentation of operating expenses in the consolidated statements of profit or loss is based on
function of the expenses. Production and operating expenses are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
Salaries and payroll expenses not related to production, sales and distribution costs, and other general
and administrative costs are recognized when they occur or when the Group has a liability for future
expenses. Production and operating expenses allocated to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses consists of:
Year ended 31 December
USD Millions
2022
2021
Sales and Distribution Costs
-67.7
-63.5
Research and Development
-4.0
-3.0
Administrative Costs
-14.8
-19.2
Total
-86.5
-85.7
Sales and Distribution costs are all costs related to selling, marketing, and distributing and storing the
Research and Development costs represent the Innovation department where ongoing studies within
the application and use of krill as an ingredient both for human and for animal feed is being expensed.
The department also works on early phase product development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs which includes the management group, finance,
and Transformation (sustainability, strategy and IT), providing services to the entire Group.
Government grants
During 2022 the Group received grants of USD 0.36 million (2021: USD 0.68 million). The grants are partly
included in the Research and Development and partly \u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There are not any unfulfilled conditions or other contingencies
on these grants.
Salary specification by function
The below schedule describes the total salary costs of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory, as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of the total expenses of USD 86.5 million (2021: USD 85.7
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2022
2021
Offshore - inventoriable
-25.2
-27.2
Onshore - inventoriable
-10.5
-12.4
Selling, general and administrative
-32.6
-32.0
Total
-68.3
-71.6
Number of employees at year-end
628
589
Full time Equivalent
626
568
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2022
2021
Salaries
-57.9
-61.8
Employer's social security contribution
-1.0
-1.1
Pension expenses
-1.5
-1.9
Other benefits
-7.9
-6.8
Total
-68.3
-71.6
Pension plans
The Group has a defined contribution plan that cover all employees except one employee who has a
defined benefit plan. The plans comply with laws and regulations set forth in the different countries of
operations. At the end of the year the defined benefit obligations were USD 0.5 million and the assets
were USD 0.4 million. The fair value of the net obligation has been calculated using an appropriate
discount rate. During the year the Group expensed USD 0.04 million, net of settlements and curtailment,
on the defined benefit plan (2021: USD 0.05 million), and USD 1.5 million for the contribution plan (2021:
Remuneration to the Group auditors (excluding VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2022 and 2021. For both categories the reported fee is the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2022
2021
Audit fees
-0.3
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
-0.1
-
Total
-0.5
-0.4
Note 4 \u2013 Selling, General & Administration expenses and
Other operating cost
The presentation of operating expenses in the consolidated statements of profit or loss is based on
function of the expenses. Production and operating expenses are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
Salaries and payroll expenses not related to production, sales and distribution costs, and other general
and administrative costs are recognized when they occur or when the Group has a liability for future
expenses. Production and operating expenses allocated to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses consists of:
Year ended 31 December
USD Millions
2022
2021
Sales and Distribution Costs
-67.7
-63.5
Research and Development
-4.0
-3.0
Administrative Costs
-14.8
-19.2
Total
-86.5
-85.7
Sales and Distribution costs are all costs related to selling, marketing, and distributing and storing the
Research and Development costs represent the Innovation department where ongoing studies within
the application and use of krill as an ingredient both for human and for animal feed is being expensed.
The department also works on early phase product development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs which includes the management group, finance,
and Transformation (sustainability, strategy and IT), providing services to the entire Group.
Government grants
During 2022 the Group received grants of USD 0.36 million (2021: USD 0.68 million). The grants are partly
included in the Research and Development and partly \u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There are not any unfulfilled conditions or other contingencies
on these grants.
Salary specification by function
The below schedule describes the total salary costs of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory, as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of the total expenses of USD 86.5 million (2021: USD 85.7
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2022
2021
Offshore - inventoriable
-25.2
-27.2
Onshore - inventoriable
-10.5
-12.4
Selling, general and administrative
-32.6
-32.0
Total
-68.3
-71.6
Number of employees at year-end
628
589
Full time Equivalent
626
568
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2022
2021
Salaries
-57.9
-61.8
Employer's social security contribution
-1.0
-1.1
Pension expenses
-1.5
-1.9
Other benefits
-7.9
-6.8
Total
-68.3
-71.6
Pension plans
The Group has a defined contribution plan that cover all employees except one employee who has a
defined benefit plan. The plans comply with laws and regulations set forth in the different countries of
operations. At the end of the year the defined benefit obligations were USD 0.5 million and the assets
were USD 0.4 million. The fair value of the net obligation has been calculated using an appropriate
discount rate. During the year the Group expensed USD 0.04 million, net of settlements and curtailment,
on the defined benefit plan (2021: USD 0.05 million), and USD 1.5 million for the contribution plan (2021:
Remuneration to the Group auditors (excluding VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2022 and 2021. For both categories the reported fee is the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2022
2021
Audit fees
-0.3
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
-0.1
-
Total
-0.5
-0.4
Note 4 \u2013 Selling, General & Administration expenses and
Other operating cost
The presentation of operating expenses in the consolidated statements of profit or loss is based on
function of the expenses. Production and operating expenses are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
Salaries and payroll expenses not related to production, sales and distribution costs, and other general
and administrative costs are recognized when they occur or when the Group has a liability for future
expenses. Production and operating expenses allocated to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses consists of:
Year ended 31 December
USD Millions
2022
2021
Sales and Distribution Costs
-67.7
-63.5
Research and Development
-4.0
-3.0
Administrative Costs
-14.8
-19.2
Total
-86.5
-85.7
Sales and Distribution costs are all costs related to selling, marketing, and distributing and storing the
Research and Development costs represent the Innovation department where ongoing studies within
the application and use of krill as an ingredient both for human and for animal feed is being expensed.
The department also works on early phase product development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs which includes the management group, finance,
and Transformation (sustainability, strategy and IT), providing services to the entire Group.
Government grants
During 2022 the Group received grants of USD 0.36 million (2021: USD 0.68 million). The grants are partly
included in the Research and Development and partly \u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There are not any unfulfilled conditions or other contingencies
on these grants.
Salary specification by function
The below schedule describes the total salary costs of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory, as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of the total expenses of USD 86.5 million (2021: USD 85.7
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2022
2021
Offshore - inventoriable
-25.2
-27.2
Onshore - inventoriable
-10.5
-12.4
Selling, general and administrative
-32.6
-32.0
Total
-68.3
-71.6
Number of employees at year-end
628
589
Full time Equivalent
626
568
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2022
2021
Salaries
-57.9
-61.8
Employer's social security contribution
-1.0
-1.1
Pension expenses
-1.5
-1.9
Other benefits
-7.9
-6.8
Total
-68.3
-71.6
Pension plans
The Group has a defined contribution plan that cover all employees except one employee who has a
defined benefit plan. The plans comply with laws and regulations set forth in the different countries of
operations. At the end of the year the defined benefit obligations were USD 0.5 million and the assets
were USD 0.4 million. The fair value of the net obligation has been calculated using an appropriate
discount rate. During the year the Group expensed USD 0.04 million, net of settlements and curtailment,
on the defined benefit plan (2021: USD 0.05 million), and USD 1.5 million for the contribution plan (2021:
Remuneration to the Group auditors (excluding VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2022 and 2021. For both categories the reported fee is the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2022
2021
Audit fees
-0.3
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
-0.1
-
Total
-0.5
-0.4
Note 4 \u2013 Selling, General & Administration expenses and
Other operating cost
The presentation of operating expenses in the consolidated statements of profit or loss is based on
function of the expenses. Production and operating expenses are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
Salaries and payroll expenses not related to production, sales and distribution costs, and other general
and administrative costs are recognized when they occur or when the Group has a liability for future
expenses. Production and operating expenses allocated to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses consists of:
Year ended 31 December
USD Millions
2022
2021
Sales and Distribution Costs
-67.7
-63.5
Research and Development
-4.0
-3.0
Administrative Costs
-14.8
-19.2
Total
-86.5
-85.7
Sales and Distribution costs are all costs related to selling, marketing, and distributing and storing the
Research and Development costs represent the Innovation department where ongoing studies within
the application and use of krill as an ingredient both for human and for animal feed is being expensed.
The department also works on early phase product development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs which includes the management group, finance,
and Transformation (sustainability, strategy and IT), providing services to the entire Group.
Government grants
During 2022 the Group received grants of USD 0.36 million (2021: USD 0.68 million). The grants are partly
included in the Research and Development and partly \u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There are not any unfulfilled conditions or other contingencies
on these grants.
Salary specification by function
The below schedule describes the total salary costs of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory, as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of the total expenses of USD 86.5 million (2021: USD 85.7
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2022
2021
Offshore - inventoriable
-25.2
-27.2
Onshore - inventoriable
-10.5
-12.4
Selling, general and administrative
-32.6
-32.0
Total
-68.3
-71.6
Number of employees at year-end
628
589
Full time Equivalent
626
568
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2022
2021
Salaries
-57.9
-61.8
Employer's social security contribution
-1.0
-1.1
Pension expenses
-1.5
-1.9
Other benefits
-7.9
-6.8
Total
-68.3
-71.6
Pension plans
The Group has a defined contribution plan that cover all employees except one employee who has a
defined benefit plan. The plans comply with laws and regulations set forth in the different countries of
operations. At the end of the year the defined benefit obligations were USD 0.5 million and the assets
were USD 0.4 million. The fair value of the net obligation has been calculated using an appropriate
discount rate. During the year the Group expensed USD 0.04 million, net of settlements and curtailment,
on the defined benefit plan (2021: USD 0.05 million), and USD 1.5 million for the contribution plan (2021:
Remuneration to the Group auditors (excluding VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2022 and 2021. For both categories the reported fee is the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2022
2021
Audit fees
-0.3
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
-0.1
-
Total
-0.5
-0.4
Note 4 \u2013 Selling, General & Administration expenses and
Other operating cost
The presentation of operating expenses in the consolidated statements of profit or loss is based on
function of the expenses. Production and operating expenses are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
Salaries and payroll expenses not related to production, sales and distribution costs, and other general
and administrative costs are recognized when they occur or when the Group has a liability for future
expenses. Production and operating expenses allocated to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses consists of:
Year ended 31 December
USD Millions
2022
2021
Sales and Distribution Costs
-67.7
-63.5
Research and Development
-4.0
-3.0
Administrative Costs
-14.8
-19.2
Total
-86.5
-85.7
Sales and Distribution costs are all costs related to selling, marketing, and distributing and storing the
Research and Development costs represent the Innovation department where ongoing studies within
the application and use of krill as an ingredient both for human and for animal feed is being expensed.
The department also works on early phase product development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs which includes the management group, finance,
and Transformation (sustainability, strategy and IT), providing services to the entire Group.
Government grants
During 2022 the Group received grants of USD 0.36 million (2021: USD 0.68 million). The grants are partly
included in the Research and Development and partly \u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There are not any unfulfilled conditions or other contingencies
on these grants.
Salary specification by function
The below schedule describes the total salary costs of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory, as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of the total expenses of USD 86.5 million (2021: USD 85.7
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2022
2021
Offshore - inventoriable
-25.2
-27.2
Onshore - inventoriable
-10.5
-12.4
Selling, general and administrative
-32.6
-32.0
Total
-68.3
-71.6
Number of employees at year-end
628
589
Full time Equivalent
626
568
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2022
2021
Salaries
-57.9
-61.8
Employer's social security contribution
-1.0
-1.1
Pension expenses
-1.5
-1.9
Other benefits
-7.9
-6.8
Total
-68.3
-71.6
Pension plans
The Group has a defined contribution plan that cover all employees except one employee who has a
defined benefit plan. The plans comply with laws and regulations set forth in the different countries of
operations. At the end of the year the defined benefit obligations were USD 0.5 million and the assets
were USD 0.4 million. The fair value of the net obligation has been calculated using an appropriate
discount rate. During the year the Group expensed USD 0.04 million, net of settlements and curtailment,
on the defined benefit plan (2021: USD 0.05 million), and USD 1.5 million for the contribution plan (2021:
Remuneration to the Group auditors (excluding VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2022 and 2021. For both categories the reported fee is the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2022
2021
Audit fees
-0.3
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
-0.1
-
Total
-0.5
-0.4
The presentation of operating expenses in the consolidated statements of profit or loss is based on
function of the expenses. Production and operating expenses are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
Salaries and payroll expenses not related to production, sales and distribution costs, and other general
and administrative costs are recognized when they occur or when the Group has a liability for future
expenses. Production and operating expenses allocated to product is presented within Note 12
Inventories.
Government grants
During 2022 the Group received grants of USD 0.36 million (2021: USD 0.68 million). The grants are partly
included in the Research and Development and partly \u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There are not any unfulfilled conditions or other contingencies
on these grants.
Remuneration to the Group auditors (excluding VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2022 and 2021. For both categories the reported fee is the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2022
2021
Audit fees
-0.3
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
-0.1
-
Total
-0.5
-0.4
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
and guarantee fees.
Year ended 31 December
USD Millions
2022
2021
Interest income, bank deposits
0.2
-
Interest income loans and receivables (amortized cost)
0.4
-
Subsidiaries- shares change in fair value, impairment, gain and losses
3.4
-
Earn Out adjustment
-
21.1
Other financial income
-
0.2
Total financial income
4.0
21.3
Interest expense on financial liabilities at amortized cost
-20.3
-13.7
Other financial expenses
-1.7
-2.0
Total financial expenses
-22.0
-15.7
Foreign exchange gains (realized and unrealized)
14.3
6.0
Foreign exchange losses (realized and unrealized)
-6.2
-5.3
Foreign exchange gains/losses net
8.1
0.6
Net financial expenses
-9.9
6.2
Other financial expenses include provision and guarantee expenses paid to DNB.
Capitalized borrowing costs
Borrowing and refinancing costs have been capitalized. The applied interest rate is the CIRR
(Commercial Interest Reference Rates).
\u00a0
Year ended 31 December
USD Millions
2022
2021
Endurance
0.4
0.5
Refinancing -
\u00a0
New Bank Syndicate
1.4
1.9
Total
1.8
2.4
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
and guarantee fees.
Year ended 31 December
USD Millions
2022
2021
Interest income, bank deposits
0.2
-
Interest income loans and receivables (amortized cost)
0.4
-
Subsidiaries- shares change in fair value, impairment, gain and losses
3.4
-
Earn Out adjustment
-
21.1
Other financial income
-
0.2
Total financial income
4.0
21.3
Interest expense on financial liabilities at amortized cost
-20.3
-13.7
Other financial expenses
-1.7
-2.0
Total financial expenses
-22.0
-15.7
Foreign exchange gains (realized and unrealized)
14.3
6.0
Foreign exchange losses (realized and unrealized)
-6.2
-5.3
Foreign exchange gains/losses net
8.1
0.6
Net financial expenses
-9.9
6.2
Other financial expenses include provision and guarantee expenses paid to DNB.
Capitalized borrowing costs
Borrowing and refinancing costs have been capitalized. The applied interest rate is the CIRR
(Commercial Interest Reference Rates).
\u00a0
Year ended 31 December
USD Millions
2022
2021
Endurance
0.4
0.5
Refinancing -
\u00a0
New Bank Syndicate
1.4
1.9
Total
1.8
2.4
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
and guarantee fees.
Year ended 31 December
USD Millions
2022
2021
Interest income, bank deposits
0.2
-
Interest income loans and receivables (amortized cost)
0.4
-
Subsidiaries- shares change in fair value, impairment, gain and losses
3.4
-
Earn Out adjustment
-
21.1
Other financial income
-
0.2
Total financial income
4.0
21.3
Interest expense on financial liabilities at amortized cost
-20.3
-13.7
Other financial expenses
-1.7
-2.0
Total financial expenses
-22.0
-15.7
Foreign exchange gains (realized and unrealized)
14.3
6.0
Foreign exchange losses (realized and unrealized)
-6.2
-5.3
Foreign exchange gains/losses net
8.1
0.6
Net financial expenses
-9.9
6.2
Other financial expenses include provision and guarantee expenses paid to DNB.
Capitalized borrowing costs
Borrowing and refinancing costs have been capitalized. The applied interest rate is the CIRR
(Commercial Interest Reference Rates).
\u00a0
Year ended 31 December
USD Millions
2022
2021
Endurance
0.4
0.5
Refinancing -
\u00a0
New Bank Syndicate
1.4
1.9
Total
1.8
2.4
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
and guarantee fees.
Year ended 31 December
USD Millions
2022
2021
Interest income, bank deposits
0.2
-
Interest income loans and receivables (amortized cost)
0.4
-
Subsidiaries- shares change in fair value, impairment, gain and losses
3.4
-
Earn Out adjustment
-
21.1
Other financial income
-
0.2
Total financial income
4.0
21.3
Interest expense on financial liabilities at amortized cost
-20.3
-13.7
Other financial expenses
-1.7
-2.0
Total financial expenses
-22.0
-15.7
Foreign exchange gains (realized and unrealized)
14.3
6.0
Foreign exchange losses (realized and unrealized)
-6.2
-5.3
Foreign exchange gains/losses net
8.1
0.6
Net financial expenses
-9.9
6.2
Other financial expenses include provision and guarantee expenses paid to DNB.
Capitalized borrowing costs
Borrowing and refinancing costs have been capitalized. The applied interest rate is the CIRR
(Commercial Interest Reference Rates).
\u00a0
Year ended 31 December
USD Millions
2022
2021
Endurance
0.4
0.5
Refinancing -
\u00a0
New Bank Syndicate
1.4
1.9
Total
1.8
2.4
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
and guarantee fees.
Year ended 31 December
USD Millions
2022
2021
Interest income, bank deposits
0.2
-
Interest income loans and receivables (amortized cost)
0.4
-
Subsidiaries- shares change in fair value, impairment, gain and losses
3.4
-
Earn Out adjustment
-
21.1
Other financial income
-
0.2
Total financial income
4.0
21.3
Interest expense on financial liabilities at amortized cost
-20.3
-13.7
Other financial expenses
-1.7
-2.0
Total financial expenses
-22.0
-15.7
Foreign exchange gains (realized and unrealized)
14.3
6.0
Foreign exchange losses (realized and unrealized)
-6.2
-5.3
Foreign exchange gains/losses net
8.1
0.6
Net financial expenses
-9.9
6.2
Other financial expenses include provision and guarantee expenses paid to DNB.
Capitalized borrowing costs
Borrowing and refinancing costs have been capitalized. The applied interest rate is the CIRR
(Commercial Interest Reference Rates).
\u00a0
Year ended 31 December
USD Millions
2022
2021
Endurance
0.4
0.5
Refinancing -
\u00a0
New Bank Syndicate
1.4
1.9
Total
1.8
2.4
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
and guarantee fees.
Year ended 31 December
USD Millions
2022
2021
Interest income, bank deposits
0.2
-
Interest income loans and receivables (amortized cost)
0.4
-
Subsidiaries- shares change in fair value, impairment, gain and losses
3.4
-
Earn Out adjustment
-
21.1
Other financial income
-
0.2
Total financial income
4.0
21.3
Interest expense on financial liabilities at amortized cost
-20.3
-13.7
Other financial expenses
-1.7
-2.0
Total financial expenses
-22.0
-15.7
Foreign exchange gains (realized and unrealized)
14.3
6.0
Foreign exchange losses (realized and unrealized)
-6.2
-5.3
Foreign exchange gains/losses net
8.1
0.6
Net financial expenses
-9.9
6.2
Other financial expenses include provision and guarantee expenses paid to DNB.
Capitalized borrowing costs
Borrowing and refinancing costs have been capitalized. The applied interest rate is the CIRR
(Commercial Interest Reference Rates).
\u00a0
Year ended 31 December
USD Millions
2022
2021
Endurance
0.4
0.5
Refinancing -
\u00a0
New Bank Syndicate
1.4
1.9
Total
1.8
2.4
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
and guarantee fees.
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
and guarantee fees.
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
and guarantee fees.
Note 7 \u2013 Income tax
The Group is headquartered in Norway and pays taxes according to the rates applicable in the
countries and states in which it operates. All the vessels operate under Norwegian tax jurisdiction. Most
taxes are recorded in the statement of profit or loss and relate to taxes payable for the reporting
period (current tax), but also deferred taxes. Deferred tax is calculated based on the differences
between the accounting value and tax value of assets and liabilities at the reporting period date using
the applicable tax rate.
Reconciliation of nominal statutory tax rate to effective tax rate:
Year ended 31 December
USD Millions
2022
2021
Profit (loss) before tax
12.2
-7.4
Calculated income tax at statutory rate of 22%
-2.7
1.6
Tax differential Norway and abroad
-0.5
0.2
Unrecognized change in deferred tax assets
-5.8
-6.9
Permanent differences
-
-0.5
Currency translation and other
6.8
5.0
Total tax expense
-2.2
-0.6
Effective tax rate
18%
-8%
* The Group files its tax return in NOK
Deferred tax assets comprise:
Year ended 31 December
USD Millions
2022
2021
Property, plant and equipment and intangible assets
-10.6
-12.6
Inventory
-
1.5
Tax losses carried forward
60.8
67.0
Interest rate deductability carry forward
13.0
11.0
Other
2.7
-
Deferred tax assets
65.9
66.9
Unrecognized deferred tax assets
-71.3
-71.8
Recognized deferred tax asset (liabilities)
-5.4
-4.9
Current income tax expenses relate to subsidiaries in US (21% Federal tax rate) and Australia (30%).
There were no changes in corporate tax rates in these countries over 2022 and 2021. In Norway the
corporate tax rate was reduced from 23% to 22% in 2019 and is unchanged in 2022. The recognized
deferred tax liability of USD 5.4 million relates to the entities in the US.
\u00a0
The movement in deferred tax assets from USD 71.8 million in 2021 to USD 71.3 million in 2022 is mainly
due to decrease in taxable losses, interests where deductibility has been denied, and temporary
differences related to the Group\u2019s fixed and intangible assets.
Based on the historical losses of the Group, it was concluded that deferred tax assets could not be
recognized in the consolidated statement of financial position as of 31 December 2022 or 2021.
\u00a0
Of the Group\u2019s tax losses carried forward, USD 0.7 million was in the US subsidiary Aker BioMarine
Manufacturing LLC, whereas the remaining tax loss carried forward was with Aker BioMarine ASA and
Aker BioMarine Antarctic AS, both Norwegian legal entities.
Note 7 \u2013 Income tax
The Group is headquartered in Norway and pays taxes according to the rates applicable in the
countries and states in which it operates. All the vessels operate under Norwegian tax jurisdiction. Most
taxes are recorded in the statement of profit or loss and relate to taxes payable for the reporting
period (current tax), but also deferred taxes. Deferred tax is calculated based on the differences
between the accounting value and tax value of assets and liabilities at the reporting period date using
the applicable tax rate.
Reconciliation of nominal statutory tax rate to effective tax rate:
Year ended 31 December
USD Millions
2022
2021
Profit (loss) before tax
12.2
-7.4
Calculated income tax at statutory rate of 22%
-2.7
1.6
Tax differential Norway and abroad
-0.5
0.2
Unrecognized change in deferred tax assets
-5.8
-6.9
Permanent differences
-
-0.5
Currency translation and other
6.8
5.0
Total tax expense
-2.2
-0.6
Effective tax rate
18%
-8%
* The Group files its tax return in NOK
Deferred tax assets comprise:
Year ended 31 December
USD Millions
2022
2021
Property, plant and equipment and intangible assets
-10.6
-12.6
Inventory
-
1.5
Tax losses carried forward
60.8
67.0
Interest rate deductability carry forward
13.0
11.0
Other
2.7
-
Deferred tax assets
65.9
66.9
Unrecognized deferred tax assets
-71.3
-71.8
Recognized deferred tax asset (liabilities)
-5.4
-4.9
Current income tax expenses relate to subsidiaries in US (21% Federal tax rate) and Australia (30%).
There were no changes in corporate tax rates in these countries over 2022 and 2021. In Norway the
corporate tax rate was reduced from 23% to 22% in 2019 and is unchanged in 2022. The recognized
deferred tax liability of USD 5.4 million relates to the entities in the US.
\u00a0
The movement in deferred tax assets from USD 71.8 million in 2021 to USD 71.3 million in 2022 is mainly
due to decrease in taxable losses, interests where deductibility has been denied, and temporary
differences related to the Group\u2019s fixed and intangible assets.
Based on the historical losses of the Group, it was concluded that deferred tax assets could not be
recognized in the consolidated statement of financial position as of 31 December 2022 or 2021.
\u00a0
Of the Group\u2019s tax losses carried forward, USD 0.7 million was in the US subsidiary Aker BioMarine
Manufacturing LLC, whereas the remaining tax loss carried forward was with Aker BioMarine ASA and
Aker BioMarine Antarctic AS, both Norwegian legal entities.
Note 7 \u2013 Income tax
The Group is headquartered in Norway and pays taxes according to the rates applicable in the
countries and states in which it operates. All the vessels operate under Norwegian tax jurisdiction. Most
taxes are recorded in the statement of profit or loss and relate to taxes payable for the reporting
period (current tax), but also deferred taxes. Deferred tax is calculated based on the differences
between the accounting value and tax value of assets and liabilities at the reporting period date using
the applicable tax rate.
Reconciliation of nominal statutory tax rate to effective tax rate:
Year ended 31 December
USD Millions
2022
2021
Profit (loss) before tax
12.2
-7.4
Calculated income tax at statutory rate of 22%
-2.7
1.6
Tax differential Norway and abroad
-0.5
0.2
Unrecognized change in deferred tax assets
-5.8
-6.9
Permanent differences
-
-0.5
Currency translation and other
6.8
5.0
Total tax expense
-2.2
-0.6
Effective tax rate
18%
-8%
* The Group files its tax return in NOK
Deferred tax assets comprise:
Year ended 31 December
USD Millions
2022
2021
Property, plant and equipment and intangible assets
-10.6
-12.6
Inventory
-
1.5
Tax losses carried forward
60.8
67.0
Interest rate deductability carry forward
13.0
11.0
Other
2.7
-
Deferred tax assets
65.9
66.9
Unrecognized deferred tax assets
-71.3
-71.8
Recognized deferred tax asset (liabilities)
-5.4
-4.9
Current income tax expenses relate to subsidiaries in US (21% Federal tax rate) and Australia (30%).
There were no changes in corporate tax rates in these countries over 2022 and 2021. In Norway the
corporate tax rate was reduced from 23% to 22% in 2019 and is unchanged in 2022. The recognized
deferred tax liability of USD 5.4 million relates to the entities in the US.
\u00a0
The movement in deferred tax assets from USD 71.8 million in 2021 to USD 71.3 million in 2022 is mainly
due to decrease in taxable losses, interests where deductibility has been denied, and temporary
differences related to the Group\u2019s fixed and intangible assets.
Based on the historical losses of the Group, it was concluded that deferred tax assets could not be
recognized in the consolidated statement of financial position as of 31 December 2022 or 2021.
\u00a0
Of the Group\u2019s tax losses carried forward, USD 0.7 million was in the US subsidiary Aker BioMarine
Manufacturing LLC, whereas the remaining tax loss carried forward was with Aker BioMarine ASA and
Aker BioMarine Antarctic AS, both Norwegian legal entities.
The Group is headquartered in Norway and pays taxes according to the rates applicable in the
countries and states in which it operates. All the vessels operate under Norwegian tax jurisdiction. Most
taxes are recorded in the statement of profit or loss and relate to taxes payable for the reporting
period (current tax), but also deferred taxes. Deferred tax is calculated based on the differences
between the accounting value and tax value of assets and liabilities at the reporting period date using
the applicable tax rate.
Note 8 \u2013 Property, plant and equipment
\u00a0
Property, plant and equipment are recorded at cost, less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized on a straight-line basis over the estimated
useful lives of each major component of property, plant and equipment. Assets under construction are
not depreciated until the items are available for use as intended by management.
Expenditures to replace a component of property, plant and equipment are capitalized if it is probable
that future economic benefits associated with the asset will flow to the Group and the costs can be
measured reliably. Gains and losses are recognized upon asset de-recognition. The costs of
consumables used, and day-to-day maintenance of property, plant and equipment are expensed as
incurred. Costs incurred for major inspections and overhauls or to improve a vessel\u2019s operating
efficiency, functionality or safety are capitalized.
\u00a0
Movements in property, plant and equipment in 2022
USD Millions
Vessels, transportation
equipment, etc.
Machinery
Asset under construction
Buildings and Land
Total
Acquisition cost as of 1 January 2022
285.4
163.2
25.7
18.8
493.1
Investments
10.1
7.7
21.9
0.8
40.5
Asset retirements
-12.6
-21.3
-
-
-33.9
Deconsolidation
-
-0.4
-
-
-0.4
Other reclassifications
\u00a0
0.8
-0.2
-1.0
-
-0.4
Acquisition cost as of 31 December 2022
283.7
149.0
46.5
19.6
498.8
Acc. depreciation and impairment as of 1 January 2022
-89.8
-68.7
-2.7
-4.0
-165.2
Depreciation for the year
-18.9
-15.2
-
-0.7
-34.8
Asset retirements
12.6
21.4
-
-
34.0
Other reclassifications
-
0.4
-
-
0.4
Acc. depreciation and impairment as of 31 December 2022
-96.1
-62.1
-2.7
-4.7
-165.6
Book value as of 31 December 2022
187.6
86.9
43.8
14.9
333.2
Depreciation period
Depreciation method
Straight-line
Major inspections of vessels are performed on a regular basis as required by the classification
society, such as Det Norske Veritas and according to laws and regulations. The costs of such
inspections are, including replacement spares and labor costs, capitalized and amortized over the
average expected life between major inspections. All other costs relating to maintenance of
vessels is charged to the statement of profit or loss on consumption or as incurred.
Depreciation of vessels is included in the cost of inventory conversion (see Note 12).
Movements in property, plant and equipment in
\u00a0
2021
USD Millions
\u00a0
Vessels, transportation,
equipment, etc
Machinery
Asset under construction
Buildings and Land 2)
Total
Acquisition cost as of 1 January 2021
206.6
157.3
12.5
18.6
395.0
Investments
6.7
6.4
65.5
0.2
78.8
Sale of vessel
-1.4
-0.5
-
-
-1.9
Other reclassifications 1)
73.5
-
-52.3
-
21.2
Acquisition cost as of 31 December 2021
285.4
163.2
25.7
18.8
493.1
Acc. depreciation and impairment as of 1 January 2021
-69.7
-52.9
-2.7
-3.2
-128.5
Depreciation for the year
-18.9
-15.9
-
-0.5
-35.3
Impairment
-1.8
-
-
-0.3
-2.1
Other reclassifications 1)
0.6
0.1
-
-
0.7
Acc. depreciation and impairment as of 31 December 2021
-89.8
-68.7
-2.7
-4.0
-165.2
Book value as of 31 December 2021
195.6
94.5
23.0
14.8
327.9
Depreciation period
Depreciation method
Straight-line
1) Net Other reclassifications include reclassifications payments related to construction of a new charter
\u00a0
vessel from Asset under construction to prepayment. See Note 13 Trade receivable and other current
\u00a0
assets.
Reconciliation depreciation and amortization
USD Millions
2022
2021
Depreciation for the year of Property, plant & equipment
(34.8)
(35.3)
Impairment Property, plant & equipment
-
(2.1)
Amortization for the year of Intangible assets
(10.2)
(11.9)
Amortization for the year of Contract cost
(2.0)
(2.0)
Leasing (ROU) depreciation
(4.4)
(5.6)
Total
(51.4)
(56.9)
Depreciation and amortization related to production assets and
\u00a0
included in cost to inventory
(35.0)
(37.7)
Depreciation and amortization related to other assets
(16.4)
(19.2)
The Group\u2019s total depreciation, amortization, and impairment is presented in the above schedule.
As compared to the consolidated statement of profit or loss the USD 16.4 million (2021: USD 19.2
million) relates to depreciation and amortization of assets not directly used in the production of
goods, and therefore recognized as depreciation, amortization and impairment in the statement of
profit or loss. Other assets primarily consist of the customer portfolios recognized following the
business combinations /asset acquisitions of Lang, Neptune and Enzymotec, and the impairment
of customer portfolios and trademarks. Inventoriable depreciation mainly consists of the Group\u2019s
operating harvesting vessels and the manufacturing plant in Houston, Texas, amounting to USD
35.0 million (2021: USD 37.7 million).
\u00a0
Investments in 2022:
Investments in machinery and vessels are mainly installments and harvesting equipment on the
vessels. Assets under construction comprise the investments the Group has in Understory and
Lysoveta initiatives. The Group has had its annual shipyard in Q4-22 where all the vessels were
upgraded. Shipyard expenses amounted to USD 12 million in 2022.
\u00a0
Asset retirements in 2022:
Asset retirements mainly include machinery and harvesting equipment. All components that have
been retired were fully depreciated.
See Note 18 Leasing of right-of-use assets.
The decrease in depreciation of fixed asset from 2021 to 2022 is mainly related to asset retirement.
\u00a0
As of 31 December 2022, the Group has USD 7.4 million in commitments for further investments in
property, plant and equipment (2021: USD 10.0 million). For details on mortgages and pledging of
security, see Note 15.
Note 8 \u2013 Property, plant and equipment
\u00a0
Property, plant and equipment are recorded at cost, less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized on a straight-line basis over the estimated
useful lives of each major component of property, plant and equipment. Assets under construction are
not depreciated until the items are available for use as intended by management.
Expenditures to replace a component of property, plant and equipment are capitalized if it is probable
that future economic benefits associated with the asset will flow to the Group and the costs can be
measured reliably. Gains and losses are recognized upon asset de-recognition. The costs of
consumables used, and day-to-day maintenance of property, plant and equipment are expensed as
incurred. Costs incurred for major inspections and overhauls or to improve a vessel\u2019s operating
efficiency, functionality or safety are capitalized.
\u00a0
Movements in property, plant and equipment in 2022
USD Millions
Vessels, transportation
equipment, etc.
Machinery
Asset under construction
Buildings and Land
Total
Acquisition cost as of 1 January 2022
285.4
163.2
25.7
18.8
493.1
Investments
10.1
7.7
21.9
0.8
40.5
Asset retirements
-12.6
-21.3
-
-
-33.9
Deconsolidation
-
-0.4
-
-
-0.4
Other reclassifications
\u00a0
0.8
-0.2
-1.0
-
-0.4
Acquisition cost as of 31 December 2022
283.7
149.0
46.5
19.6
498.8
Acc. depreciation and impairment as of 1 January 2022
-89.8
-68.7
-2.7
-4.0
-165.2
Depreciation for the year
-18.9
-15.2
-
-0.7
-34.8
Asset retirements
12.6
21.4
-
-
34.0
Other reclassifications
-
0.4
-
-
0.4
Acc. depreciation and impairment as of 31 December 2022
-96.1
-62.1
-2.7
-4.7
-165.6
Book value as of 31 December 2022
187.6
86.9
43.8
14.9
333.2
Depreciation period
Depreciation method
Straight-line
Major inspections of vessels are performed on a regular basis as required by the classification
society, such as Det Norske Veritas and according to laws and regulations. The costs of such
inspections are, including replacement spares and labor costs, capitalized and amortized over the
average expected life between major inspections. All other costs relating to maintenance of
vessels is charged to the statement of profit or loss on consumption or as incurred.
Depreciation of vessels is included in the cost of inventory conversion (see Note 12).
Movements in property, plant and equipment in
\u00a0
2021
USD Millions
\u00a0
Vessels, transportation,
equipment, etc
Machinery
Asset under construction
Buildings and Land 2)
Total
Acquisition cost as of 1 January 2021
206.6
157.3
12.5
18.6
395.0
Investments
6.7
6.4
65.5
0.2
78.8
Sale of vessel
-1.4
-0.5
-
-
-1.9
Other reclassifications 1)
73.5
-
-52.3
-
21.2
Acquisition cost as of 31 December 2021
285.4
163.2
25.7
18.8
493.1
Acc. depreciation and impairment as of 1 January 2021
-69.7
-52.9
-2.7
-3.2
-128.5
Depreciation for the year
-18.9
-15.9
-
-0.5
-35.3
Impairment
-1.8
-
-
-0.3
-2.1
Other reclassifications 1)
0.6
0.1
-
-
0.7
Acc. depreciation and impairment as of 31 December 2021
-89.8
-68.7
-2.7
-4.0
-165.2
Book value as of 31 December 2021
195.6
94.5
23.0
14.8
327.9
Depreciation period
Depreciation method
Straight-line
1) Net Other reclassifications include reclassifications payments related to construction of a new charter
\u00a0
vessel from Asset under construction to prepayment. See Note 13 Trade receivable and other current
\u00a0
assets.
Reconciliation depreciation and amortization
USD Millions
2022
2021
Depreciation for the year of Property, plant & equipment
(34.8)
(35.3)
Impairment Property, plant & equipment
-
(2.1)
Amortization for the year of Intangible assets
(10.2)
(11.9)
Amortization for the year of Contract cost
(2.0)
(2.0)
Leasing (ROU) depreciation
(4.4)
(5.6)
Total
(51.4)
(56.9)
Depreciation and amortization related to production assets and
\u00a0
included in cost to inventory
(35.0)
(37.7)
Depreciation and amortization related to other assets
(16.4)
(19.2)
The Group\u2019s total depreciation, amortization, and impairment is presented in the above schedule.
As compared to the consolidated statement of profit or loss the USD 16.4 million (2021: USD 19.2
million) relates to depreciation and amortization of assets not directly used in the production of
goods, and therefore recognized as depreciation, amortization and impairment in the statement of
profit or loss. Other assets primarily consist of the customer portfolios recognized following the
business combinations /asset acquisitions of Lang, Neptune and Enzymotec, and the impairment
of customer portfolios and trademarks. Inventoriable depreciation mainly consists of the Group\u2019s
operating harvesting vessels and the manufacturing plant in Houston, Texas, amounting to USD
35.0 million (2021: USD 37.7 million).
\u00a0
Investments in 2022:
Investments in machinery and vessels are mainly installments and harvesting equipment on the
vessels. Assets under construction comprise the investments the Group has in Understory and
Lysoveta initiatives. The Group has had its annual shipyard in Q4-22 where all the vessels were
upgraded. Shipyard expenses amounted to USD 12 million in 2022.
\u00a0
Asset retirements in 2022:
Asset retirements mainly include machinery and harvesting equipment. All components that have
been retired were fully depreciated.
See Note 18 Leasing of right-of-use assets.
The decrease in depreciation of fixed asset from 2021 to 2022 is mainly related to asset retirement.
\u00a0
As of 31 December 2022, the Group has USD 7.4 million in commitments for further investments in
property, plant and equipment (2021: USD 10.0 million). For details on mortgages and pledging of
security, see Note 15.
Note 10 \u2013 Impairment assessment
Property, plant and equipment, RoU assets, intangible assets and goodwill are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable, in accordance with IAS 36 Impairment of Assets. Goodwill and intangible assets with
indefinite life are required to be tested for impairment annually, in addition to any tests required when
impairment indicators are determined to be present.
Identification of CGU's involves judgment, considering if an active market exists for the output produced
by an asset or group of assets, independent cash inflows as well as how management monitors the
Group's operations or how management makes decisions about continuing or disposing of the Group's
assets and operations.
\u00a0
Based on a thorough analysis, a CGU for goodwill impairment testing is assessed to be the krill
business as a whole (the \"Ingredients\" segment) because the offshore harvesting and production,
logistical operation, onshore manufacturing and sale of krill oil products globally to distributors and
feed producers form an integrated value chain for which no independent prices for the intermediate
products exist. This level is also the level at which management monitors, makes strategies, operates,
allocates resources and makes decisions on acquisitions, continuation, or disposals.
\u00a0
For the \u201cBrands\u201d segment, goodwill is monitored and tested at segment level which is a group of CGUs.
The segment consists of the human consumption distribution business, which comprises of Lang and
Epion. Lang acquires products derived from krill, fish and, plants then packages, labels, and sells the
products onwards to retailers in the US market. Approximately 30% of Lang\u2019s revenue is derived from
sale of krill oil and part of this revenue is towards Epion. The Group sells Kori Krill oil (own national krill
oil brand in the US) through Epion to the same retailers as Lang. The purpose of Kori krill oil is to
increase the awareness of krill oil in the Omega-3 category, which also benefits the private label sale
\u00a0
of
krill oil from Lang. The Brands segment has management functions such as CEO and Finance Director
(overlooking both Lang and Epion). Impairment testing has been done at the operating segment level.
Indicators that could trigger an impairment test includes such conditions as significant
underperformance in sales volumes or margins relative to historical or projected results, significant
changes in the Group's planned use of the assets, obsolescence or physical damage of an asset, or
significant negative industry or economic trends.
\u00a0
Fair value may be estimated based on recent transactions on comparable assets. Calculation of the
value in use of an asset or CGU involves estimating the future cash inflows and outflows to be derived
from continuing use of the asset/CGU and from its ultimate disposal.
Impairment losses are only reversed to the extent that the asset\u2019s carrying value does not exceed the
carrying value that would have been determined, net of depreciation, if no impairment had been
Goodwill impairment testing
Mandatory annual tests for impairment are performed for CGUs and operating segments with allocated
goodwill or assets with indefinite useful life, and for assets/CGUs/operating segments where
impairment indicators have been identified. Impairment tests are performed on Ingredients and Brands
(the Ingredrients CGU and Brands operating segment both with allocated goodwill). The impairment test
of the Ingredient segment also includes a fishing license and trademark assets with indefinite useful
life.
Main assumptions for the value-in-use calculation
The Group updates its Group Business Plan for the next five years on an annual basis. The purpose of
the Group Business Plan process is to set overall goals for the business and define the steps necessary
to achieve these goals. The plan facilitates the strategic planning process and provides the Board of
Directors/Executive Management with a structure to monitor progress towards these goals. It is a result
of a bottom-up involvement of the organization, and the key goals and objectives are in turn
communicated to the broader organization to set the direction for departments and employees. In the
value in use assessment used for impairment testing purposes, the business plan has been risk
adjusted to reflect
\u00a0
accuracy of previous budgets towards actual figures.
The Group Business Plan uses sensitivities and scenarios to analyze and understand how changes in
one or more internal/external variables impacts the future of the Group\u2019s financials. Scenario planning
and sensitivity analysis provides a rational and structured way to analyze the impact from altering key
variables such as sales units, prices and timing, production volumes, COGS, etc. The scenarios and
sensitivities are used by the Board of Directors/Executive Management to measure and manage the risk
profile.
The discount rates used reflect the current market assessment of the risks specific to each CGU or
operating segment and are estimated based on the weighted average cost of capital. The discount rate
is estimated based on a weighted average of equity return requirements and expected costs of debt,
assuming a projected debt-to-equity ratio of 1. The basis for the discount rate is a risk-free interest rate
set at 10 years US government bonds, and the credit risk premium has been set equal to the credit
spread (compared to government bonds) for US corporate bonds with credit rating B. The Group has
used different discount rates for the Ingredients CGU and the Brands operating segment to reflect the
different market operations.
\u00a0
Climate risk has been assessed when performing the value-in-use calculation, primarily in the
Ingredients CGU. Any climate change affecting the krill biomass with regards to availability and
nutrients composition could significantly impact the harvesting. In addition, ice and general weather
conditions could create operational difficulties. In the value-in-use calculations the normal production
capacity of krill meal considers these uncertainties.
\u00a0
Ingredients:
Projected cash flows are based on management\u2019s best estimates and the business plan for the
Ingredients segment for the subsequent five years period. The estimates are based on detailed forecast
prepared by the various departments in the ingredients segment. For subsequent periods, the model is
based on an estimated terminal growth. In the forecast for the period 2023-2026, revenue projections
are based on executed agreements, actual historical prices, and management\u2019s evaluation of the
potential for new agreements. The estimated operating margin is in accordance with management\u2019s
forecast which is based on the scalability in the business model. As approximately 65 per cent of the
Group\u2019s operating expenses are fixed costs (in line with IAS 2), increased sales levels will contribute to
higher operating margins. Future product pricing has as per the above been based on historical prices
and management\u2019s expectation with regards to new arrangements. The Group expects slightly lower
krill oil sales prices as well as a moderate increase in the krill meal sales prices in the forecast period,
compared to the sales price levels in 2022. Sales volumes have been modelled to follow the production
targets, however lagging as to allow for building and maintaining safety-stock.
In the Ingredients impairment model the forecast period is 2023-2026. At the end of the forecast period
there is an extrapolation period from 2027-2031 (as no detailed budget is prepared after 2026). In the
extrapolation period growth has been set to 10.0%. The growth rate is set to 10% to reflect increased
sale of krill oil in regions such as South Korea and China, combined with further increase of prices for
premium products. The discount rate is based on a WACC of 9.6% and in the terminal value it is
assumed a long-term annual growth equal to 2.0%. The discount rate has decreased from last year due
to a reduction in the small stock premium when calculating the cost of equity,.
\u00a0
Capital expenditure is based on the long-term technical and operations program and firm
commitments. It is also assumed that the vessels will be replaced upon the end of the assumed useful
Brands
Projected cash flows are based on management\u2019s best estimates and the business plan for the Brands
segment for the subsequent five years period. The estimates are based on a detailed forecast prepared
by management in Lang and Epion. For subsequent periods, the model is based on an estimated
terminal growth, that does not exceed the growth for the products, industry or country (US) in which
\u00a0
the
segment operates. In the forecast for the period 2022-2025, revenue projections are based on executed
agreements, actual historical prices, and management\u2019s evaluation of the potential for new agreements.
The estimated operating margin is in accordance with management\u2019s forecast.
In the Brands impairment model the forecast period is 2023-2026. At the end of the forecast period
there is an extrapolation period from 2027-2031. In the extrapolation period growth has been set to
5.0%. The discount rate is based on a WACC of 10.4% and in the terminal value it is assumed a long-
term annual growth equal to 2.0%.
Segment
2022
2021
2022
2021
Ingredients
9.6 %
10.0 %
9.8 %
11.6 %
Brands
10.4 %
8.0 %
10.7 %
11.5 %
* The pre-tax discount rate is the discount rate without tax charge in the cash flow yielding the same recoverable
amount.
Sensitivities - impact of possible changes in key assumptions:
Ingredients
The sensitivities of the value in use have been tested by using simulations of various combinations of
discount rates, terminal value growth, changes in vessel production volumes, sales prices, krill
production and sales in addition to fuel cost and EBITDA. The CGU\u2019s value in use is significantly higher
than the carrying amount. No reasonable possible change in any of the key assumptions would cause
the unit\u2019s recoverable amount to be lower than the carrying value.
Brands
The sensitivities of the value in use have been tested by using simulations of various combinations of
discount rates, terminal value growth, sales, and EBITDA.
\u00a0
The operating segment\u2019s value in use is significantly higher than the carrying amount. No reasonable
possible change in any of the key assumptions would cause the unit\u2019s recoverable amount to be lower
than the carrying value.
Intangible assets impairment testing
For customer relations, cash inflows can be monitored at a lower level than the identified
CGU/operating segment for goodwill impairment testing. During 2022, Management has assessed that
there was no impairment based on a separate impairment test per customer portfolio in 2022.
\u00a0
All other intangible assets have been assessed for impairment with the conclusion that the value in use
is higher than the book value.
Property, plant and equipment are recorded at cost, less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized on a straight-line basis over the estimated
useful lives of each major component of property, plant and equipment. Assets under construction are
not depreciated until the items are available for use as intended by management.
Property, plant and equipment are recorded at cost, less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized on a straight-line basis over the estimated
useful lives of each major component of property, plant and equipment. Assets under construction are
not depreciated until the items are available for use as intended by management.
Property, plant and equipment are recorded at cost, less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized on a straight-line basis over the estimated
useful lives of each major component of property, plant and equipment. Assets under construction are
not depreciated until the items are available for use as intended by management.
Property, plant and equipment are recorded at cost, less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized on a straight-line basis over the estimated
useful lives of each major component of property, plant and equipment. Assets under construction are
not depreciated until the items are available for use as intended by management.
Expenditures to replace a component of property, plant and equipment are capitalized if it is probable
that future economic benefits associated with the asset will flow to the Group and the costs can be
measured reliably. Gains and losses are recognized upon asset de-recognition. The costs of
consumables used, and day-to-day maintenance of property, plant and equipment are expensed as
incurred. Costs incurred for major inspections and overhauls or to improve a vessel\u2019s operating
efficiency, functionality or safety are capitalized.
Note 9 \u2013 Goodwill and Intangible Assets
Intangible assets, acquired individually or as a group, are recognized at cost when acquired.
Intangible assets with finite useful lives are carried at cost less accumulated amortization,
recognized on a straight-line basis over their estimated useful lives, and accumulated impairment
losses. The estimated useful life and amortization method are reviewed at the end of each
reporting period, and assets are tested for impairment if impairment indicators exist.
Intangible assets acquired in a business combination are recognized at fair value separately from
goodwill when they arise from contractual or legal rights or can be separated from the acquired
entity and sold or transferred. Intangible assets with indefinite useful lives are carried at cost less
accumulated impairment losses. These assets are not amortized, but are tested for impairment
annually, and more frequently if indicators of possible impairment are observed, in accordance
with IAS 36.
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Group\u2019s interest in net fair value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the fair value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus tested for impairment annually, and more frequently
if indicators of possible impairment are observed. Goodwill is allocated to the cash generating
units (\"CGU\"), which are expected to benefit from synergies of the combination. Each unit to which
goodwill is allocated represents the lowest level within the Group at which goodwill is monitored
for internal management purposes and reporting.
Intangible assets
Development
Expenditures for research activities performed to gain new scientific, technical or other knowledge
are expensed when incurred. Development expenditures are capitalized only if the expenditure
can be measured reliably, the product or process is technically and commercially feasible, future
economic benefits probable and the Group intends to and has adequate resources to complete
development and to use or sell the asset. The amount capitalized includes the cost of materials
and direct attributable expenses. Additions to development in 2022 include Understory (protein
product project) and development of other new products.
License agreements
License agreements acquired separately are measured at cost. Following initial recognition, the
Group\u2019s license agreements are recorded less any accumulated amortization and impairment
losses. The license relates to the Group\u2019s technology to extract purified krill oil at the facility in
Houston, Texas.
Fishing License
One of the Group\u2019s fishing licenses is recognized at USD 10.5 million. The license relates to krill
fishery in the Southern Ocean and will remain in the Group\u2019s possession if all applicable
requirements are met, and as such they are determined to have an indefinite life.
Customer relation
Customer relation (customer contracts) were acquired as part of business combinations
recognized at fair value. Following initial recognition, the customer relations are recorded less any
accumulated amortization and impairment losses.
\u00a0
Trademark
Trademark are intangible assets with indefinite useful lives that are not amortized but carried at
cost less accumulated impairment losses. The trademarks include NKO and KREAL.
\u00a0
Movements in intangible assets for 2022
USD Millions
Goodwill
Development
License
agreements
Fishing license
Customer
relation
Trademark
Total
Acquisition cost as of 1 January 2022
94.6
8.2
2.4
10.5
91.7
5.7
213.1
Additions - external cost
-
5.7
-
-
-
-
5.7
Deconsolidation
-
-4.0
-
-
-0.3
-
-4.3
Reclassifications
-
-0.5
-
-
0.5
-
-
Acquisition cost as of 31 December 2022
94.6
9.4
2.4
10.5
91.9
5.7
214.5
Amortization and impairment losses as of 1 January 2022
-
-5.3
-1.5
-
-33.9
-0.9
-41.6
Amortization for the year
-
-0.2
-0.5
-
-9.5
-
-10.2
Reclassifications
-
0.1
-0.2
-
0.1
-
-
Amortization and impairment losses as of 31 December 2022
-
-5.4
-2.2
-
-43.3
-0.9
-51.8
Book value as of 31 December 2022
94.6
4.0
0.2
10.5
48.6
4.8
162.7
Amortization period
7-10 years
Amortization method
Straight-line
Straight-line
Straight-line
Movements in intangible assets for 2021
USD Millions
Goodwill
Development
License
agreements
Fishing license
Customer
relation
Trademark
Total
Acquisition cost as of 1 January 2021
94.6
5.3
2.4
10.5
91.7
5.7
210.2
Acquisition
-
2.9
-
-
-
-
2.9
Acquisition cost as of 31 December 2021
94.6
8.2
2.4
10.5
91.7
5.7
213.1
Amortization and impairment losses as of 1 January 2021
-
-5.3
-1.0
-
-23.4
-
-29.7
Amortization/ impairment for the year
-
-
-0.5
-
-10.5
-0.9
-11.9
Amortization and impairment losses as of 31 December 2021
-
-5.3
-1.5
-
-33.9
-0.9
-41.6
Book value as of 31 December 2021
94.6
2.9
0.9
10.5
57.8
4.8
171.5
Amortization period
7-10 years
Amortization method
Straight-line
Straight-line
Straight-line
Segment allocation of goodwill and intangible assets:
USD Millions
Segment
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Ingredients
66.4
66.4
1.8
2.4
-
0.9
10.5
10.5
19.7
24.6
4.8
4.8
Brands
28.2
28.2
3.0
0.6
-
-
-
-
28.4
33.3
-
-
Total
94.6
94.6
4.8
3.0
-
0.9
10.5
10.5
48.1
57.9
4.8
4.8
*In 2021 the Group revised the internal allocation of goodwill and intangible assets between the 2 segments.
Note 9 \u2013 Goodwill and Intangible Assets
Intangible assets, acquired individually or as a group, are recognized at cost when acquired.
Intangible assets with finite useful lives are carried at cost less accumulated amortization,
recognized on a straight-line basis over their estimated useful lives, and accumulated impairment
losses. The estimated useful life and amortization method are reviewed at the end of each
reporting period, and assets are tested for impairment if impairment indicators exist.
Intangible assets acquired in a business combination are recognized at fair value separately from
goodwill when they arise from contractual or legal rights or can be separated from the acquired
entity and sold or transferred. Intangible assets with indefinite useful lives are carried at cost less
accumulated impairment losses. These assets are not amortized, but are tested for impairment
annually, and more frequently if indicators of possible impairment are observed, in accordance
with IAS 36.
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Group\u2019s interest in net fair value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the fair value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus tested for impairment annually, and more frequently
if indicators of possible impairment are observed. Goodwill is allocated to the cash generating
units (\"CGU\"), which are expected to benefit from synergies of the combination. Each unit to which
goodwill is allocated represents the lowest level within the Group at which goodwill is monitored
for internal management purposes and reporting.
Intangible assets
Development
Expenditures for research activities performed to gain new scientific, technical or other knowledge
are expensed when incurred. Development expenditures are capitalized only if the expenditure
can be measured reliably, the product or process is technically and commercially feasible, future
economic benefits probable and the Group intends to and has adequate resources to complete
development and to use or sell the asset. The amount capitalized includes the cost of materials
and direct attributable expenses. Additions to development in 2022 include Understory (protein
product project) and development of other new products.
License agreements
License agreements acquired separately are measured at cost. Following initial recognition, the
Group\u2019s license agreements are recorded less any accumulated amortization and impairment
losses. The license relates to the Group\u2019s technology to extract purified krill oil at the facility in
Houston, Texas.
Fishing License
One of the Group\u2019s fishing licenses is recognized at USD 10.5 million. The license relates to krill
fishery in the Southern Ocean and will remain in the Group\u2019s possession if all applicable
requirements are met, and as such they are determined to have an indefinite life.
Customer relation
Customer relation (customer contracts) were acquired as part of business combinations
recognized at fair value. Following initial recognition, the customer relations are recorded less any
accumulated amortization and impairment losses.
\u00a0
Trademark
Trademark are intangible assets with indefinite useful lives that are not amortized but carried at
cost less accumulated impairment losses. The trademarks include NKO and KREAL.
\u00a0
Movements in intangible assets for 2022
USD Millions
Goodwill
Development
License
agreements
Fishing license
Customer
relation
Trademark
Total
Acquisition cost as of 1 January 2022
94.6
8.2
2.4
10.5
91.7
5.7
213.1
Additions - external cost
-
5.7
-
-
-
-
5.7
Deconsolidation
-
-4.0
-
-
-0.3
-
-4.3
Reclassifications
-
-0.5
-
-
0.5
-
-
Acquisition cost as of 31 December 2022
94.6
9.4
2.4
10.5
91.9
5.7
214.5
Amortization and impairment losses as of 1 January 2022
-
-5.3
-1.5
-
-33.9
-0.9
-41.6
Amortization for the year
-
-0.2
-0.5
-
-9.5
-
-10.2
Reclassifications
-
0.1
-0.2
-
0.1
-
-
Amortization and impairment losses as of 31 December 2022
-
-5.4
-2.2
-
-43.3
-0.9
-51.8
Book value as of 31 December 2022
94.6
4.0
0.2
10.5
48.6
4.8
162.7
Amortization period
7-10 years
Amortization method
Straight-line
Straight-line
Straight-line
Movements in intangible assets for 2021
USD Millions
Goodwill
Development
License
agreements
Fishing license
Customer
relation
Trademark
Total
Acquisition cost as of 1 January 2021
94.6
5.3
2.4
10.5
91.7
5.7
210.2
Acquisition
-
2.9
-
-
-
-
2.9
Acquisition cost as of 31 December 2021
94.6
8.2
2.4
10.5
91.7
5.7
213.1
Amortization and impairment losses as of 1 January 2021
-
-5.3
-1.0
-
-23.4
-
-29.7
Amortization/ impairment for the year
-
-
-0.5
-
-10.5
-0.9
-11.9
Amortization and impairment losses as of 31 December 2021
-
-5.3
-1.5
-
-33.9
-0.9
-41.6
Book value as of 31 December 2021
94.6
2.9
0.9
10.5
57.8
4.8
171.5
Amortization period
7-10 years
Amortization method
Straight-line
Straight-line
Straight-line
Segment allocation of goodwill and intangible assets:
USD Millions
Segment
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Ingredients
66.4
66.4
1.8
2.4
-
0.9
10.5
10.5
19.7
24.6
4.8
4.8
Brands
28.2
28.2
3.0
0.6
-
-
-
-
28.4
33.3
-
-
Total
94.6
94.6
4.8
3.0
-
0.9
10.5
10.5
48.1
57.9
4.8
4.8
*In 2021 the Group revised the internal allocation of goodwill and intangible assets between the 2 segments.
Note 9 \u2013 Goodwill and Intangible Assets
Intangible assets, acquired individually or as a group, are recognized at cost when acquired.
Intangible assets with finite useful lives are carried at cost less accumulated amortization,
recognized on a straight-line basis over their estimated useful lives, and accumulated impairment
losses. The estimated useful life and amortization method are reviewed at the end of each
reporting period, and assets are tested for impairment if impairment indicators exist.
Intangible assets acquired in a business combination are recognized at fair value separately from
goodwill when they arise from contractual or legal rights or can be separated from the acquired
entity and sold or transferred. Intangible assets with indefinite useful lives are carried at cost less
accumulated impairment losses. These assets are not amortized, but are tested for impairment
annually, and more frequently if indicators of possible impairment are observed, in accordance
with IAS 36.
Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Group\u2019s interest in net fair value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the fair value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus tested for impairment annually, and more frequently
if indicators of possible impairment are observed. Goodwill is allocated to the cash generating
units (\"CGU\"), which are expected to benefit from synergies of the combination. Each unit to which
goodwill is allocated represents the lowest level within the Group at which goodwill is monitored
for internal management purposes and reporting.
Intangible assets
Development
Expenditures for research activities performed to gain new scientific, technical or other knowledge
are expensed when incurred. Development expenditures are capitalized only if the expenditure
can be measured reliably, the product or process is technically and commercially feasible, future
economic benefits probable and the Group intends to and has adequate resources to complete
development and to use or sell the asset. The amount capitalized includes the cost of materials
and direct attributable expenses. Additions to development in 2022 include Understory (protein
product project) and development of other new products.
License agreements
License agreements acquired separately are measured at cost. Following initial recognition, the
Group\u2019s license agreements are recorded less any accumulated amortization and impairment
losses. The license relates to the Group\u2019s technology to extract purified krill oil at the facility in
Houston, Texas.
Fishing License
One of the Group\u2019s fishing licenses is recognized at USD 10.5 million. The license relates to krill
fishery in the Southern Ocean and will remain in the Group\u2019s possession if all applicable
requirements are met, and as such they are determined to have an indefinite life.
Customer relation
Customer relation (customer contracts) were acquired as part of business combinations
recognized at fair value. Following initial recognition, the customer relations are recorded less any
accumulated amortization and impairment losses.
\u00a0
Trademark
Trademark are intangible assets with indefinite useful lives that are not amortized but carried at
cost less accumulated impairment losses. The trademarks include NKO and KREAL.
\u00a0
Movements in intangible assets for 2022
USD Millions
Goodwill
Development
License
agreements
Fishing license
Customer
relation
Trademark
Total
Acquisition cost as of 1 January 2022
94.6
8.2
2.4
10.5
91.7
5.7
213.1
Additions - external cost
-
5.7
-
-
-
-
5.7
Deconsolidation
-
-4.0
-
-
-0.3
-
-4.3
Reclassifications
-
-0.5
-
-
0.5
-
-
Acquisition cost as of 31 December 2022
94.6
9.4
2.4
10.5
91.9
5.7
214.5
Amortization and impairment losses as of 1 January 2022
-
-5.3
-1.5
-
-33.9
-0.9
-41.6
Amortization for the year
-
-0.2
-0.5
-
-9.5
-
-10.2
Reclassifications
-
0.1
-0.2
-
0.1
-
-
Amortization and impairment losses as of 31 December 2022
-
-5.4
-2.2
-
-43.3
-0.9
-51.8
Book value as of 31 December 2022
94.6
4.0
0.2
10.5
48.6
4.8
162.7
Amortization period
7-10 years
Amortization method
Straight-line
Straight-line
Straight-line
Movements in intangible assets for 2021
USD Millions
Goodwill
Development
License
agreements
Fishing license
Customer
relation
Trademark
Total
Acquisition cost as of 1 January 2021
94.6
5.3
2.4
10.5
91.7
5.7
210.2
Acquisition
-
2.9
-
-
-
-
2.9
Acquisition cost as of 31 December 2021
94.6
8.2
2.4
10.5
91.7
5.7
213.1
Amortization and impairment losses as of 1 January 2021
-
-5.3
-1.0
-
-23.4
-
-29.7
Amortization/ impairment for the year
-
-
-0.5
-
-10.5
-0.9
-11.9
Amortization and impairment losses as of 31 December 2021
-
-5.3
-1.5
-
-33.9
-0.9
-41.6
Book value as of 31 December 2021
94.6
2.9
0.9
10.5
57.8
4.8
171.5
Amortization period
7-10 years
Amortization method
Straight-line
Straight-line
Straight-line
Segment allocation of goodwill and intangible assets:
USD Millions
Segment
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
2022
2021
Ingredients
66.4
66.4
1.8
2.4
-
0.9
10.5
10.5
19.7
24.6
4.8
4.8
Brands
28.2
28.2
3.0
0.6
-
-
-
-
28.4
33.3
-
-
Total
94.6
94.6
4.8
3.0
-
0.9
10.5
10.5
48.1
57.9
4.8
4.8
*In 2021 the Group revised the internal allocation of goodwill and intangible assets between the 2 segments.
Intangible assets, acquired individually or as a group, are recognized at cost when acquired.
Intangible assets with finite useful lives are carried at cost less accumulated amortization,
recognized on a straight-line basis over their estimated useful lives, and accumulated impairment
losses. The estimated useful life and amortization method are reviewed at the end of each
reporting period, and assets are tested for impairment if impairment indicators exist.
Intangible assets acquired in a business combination are recognized at fair value separately from
goodwill when they arise from contractual or legal rights or can be separated from the acquired
entity and sold or transferred. Intangible assets with indefinite useful lives are carried at cost less
accumulated impairment losses. These assets are not amortized, but are tested for impairment
annually, and more frequently if indicators of possible impairment are observed, in accordance
with IAS 36.
Intangible assets, acquired individually or as a group, are recognized at cost when acquired.
Intangible assets with finite useful lives are carried at cost less accumulated amortization,
recognized on a straight-line basis over their estimated useful lives, and accumulated impairment
losses. The estimated useful life and amortization method are reviewed at the end of each
reporting period, and assets are tested for impairment if impairment indicators exist.
Intangible assets acquired in a business combination are recognized at fair value separately from
goodwill when they arise from contractual or legal rights or can be separated from the acquired
entity and sold or transferred. Intangible assets with indefinite useful lives are carried at cost less
accumulated impairment losses. These assets are not amortized, but are tested for impairment
annually, and more frequently if indicators of possible impairment are observed, in accordance
with IAS 36.
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Group\u2019s interest in net fair value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the fair value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus tested for impairment annually, and more frequently
if indicators of possible impairment are observed. Goodwill is allocated to the cash generating
units (\"CGU\"), which are expected to benefit from synergies of the combination. Each unit to which
goodwill is allocated represents the lowest level within the Group at which goodwill is monitored
for internal management purposes and reporting.
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Group\u2019s interest in net fair value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the fair value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus tested for impairment annually, and more frequently
if indicators of possible impairment are observed. Goodwill is allocated to the cash generating
units (\"CGU\"), which are expected to benefit from synergies of the combination. Each unit to which
goodwill is allocated represents the lowest level within the Group at which goodwill is monitored
for internal management purposes and reporting.
Expenditures for research activities performed to gain new scientific, technical or other knowledge
are expensed when incurred. Development expenditures are capitalized only if the expenditure
can be measured reliably, the product or process is technically and commercially feasible, future
economic benefits probable and the Group intends to and has adequate resources to complete
development and to use or sell the asset. The amount capitalized includes the cost of materials
and direct attributable expenses. Additions to development in 2022 include Understory (protein
product project) and development of other new products.
Property, plant and equipment, RoU assets, intangible assets and goodwill are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable, in accordance with IAS 36 Impairment of Assets. Goodwill and intangible assets with
indefinite life are required to be tested for impairment annually, in addition to any tests required when
impairment indicators are determined to be present.
Property, plant and equipment, RoU assets, intangible assets and goodwill are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable, in accordance with IAS 36 Impairment of Assets. Goodwill and intangible assets with
indefinite life are required to be tested for impairment annually, in addition to any tests required when
impairment indicators are determined to be present.
Property, plant and equipment, RoU assets, intangible assets and goodwill are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable, in accordance with IAS 36 Impairment of Assets. Goodwill and intangible assets with
indefinite life are required to be tested for impairment annually, in addition to any tests required when
impairment indicators are determined to be present.
Note 12 \u2013 Inventories
Inventories are measured at the lower of cost and net realizable value. The cost of finished goods and
raw material and goods under production comprises the costs of raw materials, direct labor and other
direct costs, and related production overheads. Indirect costs allocated to inventories, include salaries,
depreciation and certain other directly attributable operating expenses. The Group allocate cost of
inventories using a weighted average cost formula.
\u00a0
Net realizable value is the estimated selling price in the ordinary course of business less the estimated
costs of completion and the estimated costs necessary to make the sale. The impairment from cost to
net realizable value is recognized in \u2018Cost of goods sold\u2019 in the Consolidated statement of Profit or
\u00a0
loss.
Ingredients:
The production of krill derived products in the Ingredients segment is highly complex in several stages.
First, the raw krill is harvested in the Southern Ocean using Eco-Harvesting. Then the raw krill is
processed into krill meal and raw krill oil onboard the vessels. These products are subsequently
shipped to the logistics hub in Montevideo, Uruguay. From Uruguay the meal is sent to feed customers
or to the Group\u2019s krill oil facility in Houston where krill oil is extracted from the meal. After the oil
extraction, the Group has a low fat/ high protein krill meal and krill oil, where krill oil is the main
product. As part of the reprocessing of krill oil the Group gets a neutral oil that can be blended into krill
oil or used as ingredient into other applications. The low fat/ high protein krill meal is currently sold to
feed customers. In future production this meal will be used as an ingredient to the Group\u2019s novel
protein product.
In the Brands segment,
\u00a0
raw materials and goods under production and finished goods inventory
include processing cost incurred by the Group from outside manufacturing service providers.
Inventory balances as of 31 December 2022 and 2021 are shown below:
Year ended 31 December
USD Millions
2022
2021
Raw materials and goods under production
20.5
24.4
Finished goods
162.2
113.8
Total
182.7
138.2
Cost of inventories recognized at net realizable value
-
37.2
Carrying value of inventories recognized at net realizable value
-
30.3
Write-down of inventories recognized towards net change in inventories in the
period*
-
-6.9
Carrying value of inventories pledged as security
182.7
138.2
*) Includes weight corrections, replacements to customers and obsolesence
The inventory balance is pledged as security at both 31 December 2022 and 2021 and is included in the
book value of assets pledged as security, please refer to Note 15.
\u00a0
Movements in inventory during 2022:
USD Millions
Ingredients
Brand
Elim
Total
Inventory at 1 January 2022
104.2
39.4
-5.4
138.2
Acquired inventory for sale
-
81.5
-9.6
71.9
Production
164.5
-
-
164.5
Sale
-101.2
-81.7
20.5
-162.4
Consumption
-31.5
-
-
-31.5
Other changes
1.3
-
-
1.3
Freight
0.6
-
-
0.6
Inventory at 31 December 2022
137.9
39.2
5.5
182.7
Reconciliation of net change in inventories 2022:
USD Millions
2022
Cost of goods sold before elimination of internal sales and internal profit
-182.9
Produced inventory
164.5
Acquired inventory
81.5
Rework, consumptions and obsolete
-29.5
Elimination of internal profit on stock
10.9
Net change in inventories
44.5
Cost of goods sold before elimination of internal sales and internal profit
-182.9
Elimination of cost of internal sales
20.5
Cost of goods sold recognized in Profit and Loss
-162.4
Movements in inventory during 2021:
USD Millions
Brand
Elim
Total
Inventory at 1 January
80.5
36.7
-2.7
114.6
Acquired inventory for sale
-
84.4
-19.4
65.0
Production
169.8
-
-
169.8
Sale
-109.0
-81.7
16.7
-174.0
Consumption
-38.9
-
-
-38.9
Other charges
6.3
-
-
6.3
Freight
2.3
-
-
2.3
NRV
-6.9
-
-
-6.9
Inventory at 31 December
104.2
39.4
-5.4
138.2
Reconciliation of net change in inventories 2021:
USD Millions
2021
Cost of goods sold before elimination of internal sales and internal profit
-190.7
Produced inventory
169.8
Acquired inventory
84.4
Rework, consumptions and obsolete
-37.2
Elimination of internal profit on stock
-2.7
Net change in inventories
23.6
Cost of goods sold before elimination of internal sales and internal profit
-190.7
Elimination of cost of internal sales
16.7
Cost of goods sold recognized in Profit and Loss
-174.0
The total production value of goods manufactured can be specified as follows:
Year ended 31 December
USD Millions
2022
2021
Salaries
-32.2
-35.7
Direct Production
-8.9
-7.9
Fuel
-18.6
-17.2
Consumables
-4.2
-4.2
R&M
-8.0
-6.7
Other
-12.7
-15.3
Nutra Freight
-3.1
-2.3
Capsulation
-5.0
-4.9
Contract manufacturing
-
-0.7
Uruguay
-8.3
-
Depreciation
-35.0
-37.7
Consumption of krill raw materials
-31.5
-38.9
Total costs allocated to inventory
-167.5
-171.5
Inventories are measured at the lower of cost and net realizable value. The cost of finished goods and
raw material and goods under production comprises the costs of raw materials, direct labor and other
direct costs, and related production overheads. Indirect costs allocated to inventories, include salaries,
depreciation and certain other directly attributable operating expenses. The Group allocate cost of
inventories using a weighted average cost formula.
\u00a0
Net realizable value is the estimated selling price in the ordinary course of business less the estimated
costs of completion and the estimated costs necessary to make the sale. The impairment from cost to
net realizable value is recognized in \u2018Cost of goods sold\u2019 in the Consolidated statement of Profit or
\u00a0
loss.
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2022
2021
Accounts receivable
59.9
50.3
Prepaid expenses
9.6
17.3
Other current receivables
13.2
10.1
Total
82.7
77.7
The change in prepayments relates mainly to stock of fuel, packing material and other equipment
related to the operation of the vessels and the factory in Houston.
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2022
2021
Accounts receivable
59.9
50.3
Prepaid expenses
9.6
17.3
Other current receivables
13.2
10.1
Total
82.7
77.7
The change in prepayments relates mainly to stock of fuel, packing material and other equipment
related to the operation of the vessels and the factory in Houston.
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2022
2021
Accounts receivable
59.9
50.3
Prepaid expenses
9.6
17.3
Other current receivables
13.2
10.1
Total
82.7
77.7
The change in prepayments relates mainly to stock of fuel, packing material and other equipment
related to the operation of the vessels and the factory in Houston.
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2022
2021
Accounts receivable
59.9
50.3
Prepaid expenses
9.6
17.3
Other current receivables
13.2
10.1
Total
82.7
77.7
The change in prepayments relates mainly to stock of fuel, packing material and other equipment
related to the operation of the vessels and the factory in Houston.
Note 14 \u2013 Cash and cash equivalents
Cash and cash equivalents in the consolidated statement of financial position and statement of cash
flow comprise cash at banks, including restricted deposits, and cash on hand.
As per 31 December
USD Millions
2022
2021
Cash and bank deposits
21.0
9.1
Restricted bank deposits
1.3
2.0
Cash and cash equivalents
22.3
11.1
Restricted bank deposits relate to employee tax withholdings used to settle tax remittances with the tax
authorities on a periodic basis. As of 31 December 2022, the Group had drawn USD 33.9 million (2021:
USD 16.9 million) out of a total of USD 40.0 million available in an overdraft facility.
Note 14 \u2013 Cash and cash equivalents
Cash and cash equivalents in the consolidated statement of financial position and statement of cash
flow comprise cash at banks, including restricted deposits, and cash on hand.
As per 31 December
USD Millions
2022
2021
Cash and bank deposits
21.0
9.1
Restricted bank deposits
1.3
2.0
Cash and cash equivalents
22.3
11.1
Restricted bank deposits relate to employee tax withholdings used to settle tax remittances with the tax
authorities on a periodic basis. As of 31 December 2022, the Group had drawn USD 33.9 million (2021:
USD 16.9 million) out of a total of USD 40.0 million available in an overdraft facility.
Note 14 \u2013 Cash and cash equivalents
Cash and cash equivalents in the consolidated statement of financial position and statement of cash
flow comprise cash at banks, including restricted deposits, and cash on hand.
As per 31 December
USD Millions
2022
2021
Cash and bank deposits
21.0
9.1
Restricted bank deposits
1.3
2.0
Cash and cash equivalents
22.3
11.1
Restricted bank deposits relate to employee tax withholdings used to settle tax remittances with the tax
authorities on a periodic basis. As of 31 December 2022, the Group had drawn USD 33.9 million (2021:
USD 16.9 million) out of a total of USD 40.0 million available in an overdraft facility.
Cash and cash equivalents in the consolidated statement of financial position and statement of cash
flow comprise cash at banks, including restricted deposits, and cash on hand.
Note 15 \u2013 Interest bearing debt
The Group recognizes interest-bearing debt initially at fair value, net of transaction costs incurred.
Subsequently, the debt is carried at amortized cost. Any difference between the proceeds (net of
transaction costs) and the redemption value is recognized in the consolidated statements of profit or
loss over the period of the debt using the effective interest method.
As per 31 December
USD Millions
2022
2021
Non-current liabilities
Secured bank loans
326.5
285.3
Non-current NOK-denominated loan from Antarctic Harvesting Holding AS
1.3
1.3
Leasing liabilities
5.8
7.5
Book value total interest-bearing non-current liabilities
333.6
294.1
Current liabilities
Current portion of secured loans
9.4
9.4
Overdraft facilities
33.4
16.9
Leasing liabilities
4.8
4.4
Book value total interest-bearing current liabilities
47.6
30.7
Book value total interest-bearing liabilities
381.2
324.8
Total interest-bearing debt was at USD 381.2 million, including IFRS 16 leasing commitments of USD 10.5
million as of 31 December 2022. Cash amounted to USD 22.3 million, implying net interest-bearing debt
of USD 370.6 million, up from USD 313.7 million same period last year. The increase is mainly due to
investments in the protein factory, upgrades at Houston Plant as well as shipyard.. Total available
liquidity as of 31 December 2022 was USD 48.9 million (cash and available amounts under the debt
facilities).
The company signed and executed its new financing structure with a bank group consisting of DNB
Bank, Cooperative Rabobank and Nordea Bank. The new facility has a more favorable structure with
increased flexibility on covenants, dividends, and indebtedness. The amortization profile is changed as
a result of moving from several term loans into a larger corporate revolving credit facility (RCF) and only
one term loan for the Endurance vessel. The Group obtained a covenant waiver for the second quarter
and the rest of 2022. The waiver was granted by the bank group prior to 30 June 2022 and sets out a
\u00a0
new
maximum threshold up to 6.5:1 (net interest-bearing debt / 12 month Adjusted EBITDA). For fourth
quarter 2022 (and year 2022) the company is compliant with the loan Covenants.
\u00a0
Terms and debt repayment schedule per 31 December 2022:
Loan
Currency
USD Millions
Nominal interest rate
Year of maturity
Instalments
Secured bank loan - Bank syndicate
USD
77.3
3,13 % (fixed)
2031
Quarterly
Secured loan - Bank syndicate
USD
258.6
SOFR + margin
1)
2024
In full upon
termination
Antarctic Harvesting Holding AS
NOK
1.3
7.0%
-
-
Overdraft facility with DNB
USD
33.4
NOWA+0,13% yearly framework
agreement provision
2)
n/a
n/a
Leasing financing
NOK/USD
10.5
6.4 - 7.3%
< 2026
Monthly
1) SOFR: Secured Overnight Financing Rate
2) NOWA: Norwegian Overnight Weighted Average
The following table displays debt secured by mortgaged assets:
As per 31 December
USD Millions
2022
2021
Secured bank loans
335.9
294.7
Overdraft facility
33.4
16.9
Total secured debt
369.3
311.6
Book value of assets pledged as security
Operating assets
731.9
721.1
Asset pledged as security per company as of 31 December 2022:
AKBM US
Holding
AKBM
Manufacturing
USD Millions
Group total
Antarctic AS
New Ride
Lang
Ships/Rigs
187.2
187.2
-
-
-
-
Customers receivable
46.3
32.0
-
-
-
14.3
Shares
261.7
108.2
100.6
-
52.9
-
Inventory
128.9
91.4
-
-
-
37.5
Other assets
107.8
50.4
-
57.0
-
0.4
Total
731.9
469.2
100.6
57.0
52.9
52.2
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2022:
Secured bank
loans
Proceeds from
owner
USD Millions
Lease
Bank overdraft
Total
Balance Interest bearing debt at 31 December 2021
294.7
1.3
11.9
16.9
324.8
Changes in Financing cash flows
Secured bank loan - RCF
\u00a0
- DNB/ RABO
50.0
-
-
-
50.0
Instalment Secured bank loan DNB/GIEK/NEK
-9.4
-
-
-
-9.4
Lease payments
-
-
-4.8
-
-4.8
Overdraft facility with DNB/RABO
-
-
-
16.5
16.5
Net cash flow from financing activities
40.6
-
-4.8
16.5
52.3
Non-Cash changes
Leasing financing (IFRS16)
-
-
3.5
-
3.5
Other changes, liability related
Interest/fees charged to loan
0.6
-
-
-
0.6
Total liability related changes
0.6
-
-
-
0.6
Balance Interest bearing debt at 31 December 2022
335.9
1.3
10.6
33.4
381.2
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2021:
Secured bank
loans
Proceeds from
owner
Lease
Bank overdraft
Total
Balance Interest bearing debt at 31 December 2020
215.0
1.3
13.8
12.7
242.8
Changes in Financing cash flows
Refinancing new bank syndicate
210.0
-
-
-
210.0
Secured bank loan - RCF + TL NewRide - DNB/ RABO
65.0
-
-
-
65.0
Secured bank loan - DNB and Eksportkreditt (Provider)
60.0
-
-
-
60.0
Instalment Secured bank loan DNB/GIEK/NEK
-182.3
-
-
-
-182.3
Instalment bank loan Provider
-60.0
-
-
-
-60.0
Instalment Innovation Norway
-10.2
-
-
-
-10.2
Instalment Caterpillar Finance
-1.4
-
-
-
-1.4
Lease payments
-
-
-6.3
-
-6.3
Overdraft facility with DNB/RABO
-
-
-
4.2
4.2
Net cash flow from financing activities
81.1
-
-6.3
4.2
79.0
Non-Cash changes
Leasing financing (IFRS16)
-
-
4.5
-
4.5
Other changes, liability related
Interest/fees charged to loan
-1.5
-
-
-
-1.5
Effect of changes in foreign exchange rates
0.1
-
-0.1
-
-
Total liability related changes
-1.4
-
-0.1
-
-1.5
Balance Interest bearing debt at 31 December 2021
294.7
1.3
11.9
16.9
324.8
Note 15 \u2013 Interest bearing debt
The Group recognizes interest-bearing debt initially at fair value, net of transaction costs incurred.
Subsequently, the debt is carried at amortized cost. Any difference between the proceeds (net of
transaction costs) and the redemption value is recognized in the consolidated statements of profit or
loss over the period of the debt using the effective interest method.
As per 31 December
USD Millions
2022
2021
Non-current liabilities
Secured bank loans
326.5
285.3
Non-current NOK-denominated loan from Antarctic Harvesting Holding AS
1.3
1.3
Leasing liabilities
5.8
7.5
Book value total interest-bearing non-current liabilities
333.6
294.1
Current liabilities
Current portion of secured loans
9.4
9.4
Overdraft facilities
33.4
16.9
Leasing liabilities
4.8
4.4
Book value total interest-bearing current liabilities
47.6
30.7
Book value total interest-bearing liabilities
381.2
324.8
Total interest-bearing debt was at USD 381.2 million, including IFRS 16 leasing commitments of USD 10.5
million as of 31 December 2022. Cash amounted to USD 22.3 million, implying net interest-bearing debt
of USD 370.6 million, up from USD 313.7 million same period last year. The increase is mainly due to
investments in the protein factory, upgrades at Houston Plant as well as shipyard.. Total available
liquidity as of 31 December 2022 was USD 48.9 million (cash and available amounts under the debt
facilities).
The company signed and executed its new financing structure with a bank group consisting of DNB
Bank, Cooperative Rabobank and Nordea Bank. The new facility has a more favorable structure with
increased flexibility on covenants, dividends, and indebtedness. The amortization profile is changed as
a result of moving from several term loans into a larger corporate revolving credit facility (RCF) and only
one term loan for the Endurance vessel. The Group obtained a covenant waiver for the second quarter
and the rest of 2022. The waiver was granted by the bank group prior to 30 June 2022 and sets out a
\u00a0
new
maximum threshold up to 6.5:1 (net interest-bearing debt / 12 month Adjusted EBITDA). For fourth
quarter 2022 (and year 2022) the company is compliant with the loan Covenants.
\u00a0
Terms and debt repayment schedule per 31 December 2022:
Loan
Currency
USD Millions
Nominal interest rate
Year of maturity
Instalments
Secured bank loan - Bank syndicate
USD
77.3
3,13 % (fixed)
2031
Quarterly
Secured loan - Bank syndicate
USD
258.6
SOFR + margin
1)
2024
In full upon
termination
Antarctic Harvesting Holding AS
NOK
1.3
7.0%
-
-
Overdraft facility with DNB
USD
33.4
NOWA+0,13% yearly framework
agreement provision
2)
n/a
n/a
Leasing financing
NOK/USD
10.5
6.4 - 7.3%
< 2026
Monthly
1) SOFR: Secured Overnight Financing Rate
2) NOWA: Norwegian Overnight Weighted Average
The following table displays debt secured by mortgaged assets:
As per 31 December
USD Millions
2022
2021
Secured bank loans
335.9
294.7
Overdraft facility
33.4
16.9
Total secured debt
369.3
311.6
Book value of assets pledged as security
Operating assets
731.9
721.1
Asset pledged as security per company as of 31 December 2022:
AKBM US
Holding
AKBM
Manufacturing
USD Millions
Group total
Antarctic AS
New Ride
Lang
Ships/Rigs
187.2
187.2
-
-
-
-
Customers receivable
46.3
32.0
-
-
-
14.3
Shares
261.7
108.2
100.6
-
52.9
-
Inventory
128.9
91.4
-
-
-
37.5
Other assets
107.8
50.4
-
57.0
-
0.4
Total
731.9
469.2
100.6
57.0
52.9
52.2
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2022:
Secured bank
loans
Proceeds from
owner
USD Millions
Lease
Bank overdraft
Total
Balance Interest bearing debt at 31 December 2021
294.7
1.3
11.9
16.9
324.8
Changes in Financing cash flows
Secured bank loan - RCF
\u00a0
- DNB/ RABO
50.0
-
-
-
50.0
Instalment Secured bank loan DNB/GIEK/NEK
-9.4
-
-
-
-9.4
Lease payments
-
-
-4.8
-
-4.8
Overdraft facility with DNB/RABO
-
-
-
16.5
16.5
Net cash flow from financing activities
40.6
-
-4.8
16.5
52.3
Non-Cash changes
Leasing financing (IFRS16)
-
-
3.5
-
3.5
Other changes, liability related
Interest/fees charged to loan
0.6
-
-
-
0.6
Total liability related changes
0.6
-
-
-
0.6
Balance Interest bearing debt at 31 December 2022
335.9
1.3
10.6
33.4
381.2
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2021:
Secured bank
loans
Proceeds from
owner
Lease
Bank overdraft
Total
Balance Interest bearing debt at 31 December 2020
215.0
1.3
13.8
12.7
242.8
Changes in Financing cash flows
Refinancing new bank syndicate
210.0
-
-
-
210.0
Secured bank loan - RCF + TL NewRide - DNB/ RABO
65.0
-
-
-
65.0
Secured bank loan - DNB and Eksportkreditt (Provider)
60.0
-
-
-
60.0
Instalment Secured bank loan DNB/GIEK/NEK
-182.3
-
-
-
-182.3
Instalment bank loan Provider
-60.0
-
-
-
-60.0
Instalment Innovation Norway
-10.2
-
-
-
-10.2
Instalment Caterpillar Finance
-1.4
-
-
-
-1.4
Lease payments
-
-
-6.3
-
-6.3
Overdraft facility with DNB/RABO
-
-
-
4.2
4.2
Net cash flow from financing activities
81.1
-
-6.3
4.2
79.0
Non-Cash changes
Leasing financing (IFRS16)
-
-
4.5
-
4.5
Other changes, liability related
Interest/fees charged to loan
-1.5
-
-
-
-1.5
Effect of changes in foreign exchange rates
0.1
-
-0.1
-
-
Total liability related changes
-1.4
-
-0.1
-
-1.5
Balance Interest bearing debt at 31 December 2021
294.7
1.3
11.9
16.9
324.8
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on financial investments and foreign exchange gains
recognized in the consolidated statement of profit or loss. Financial expenses include interest expense
and guarantee fees.
Year ended 31 December
USD Millions
2022
2021
Interest income, bank deposits
0.2
-
Interest income loans and receivables (amortized cost)
0.4
-
Subsidiaries- shares change in fair value, impairment, gain and losses
3.4
-
Earn Out adjustment
-
21.1
Other financial income
-
0.2
Total financial income
4.0
21.3
Interest expense on financial liabilities at amortized cost
-20.3
-13.7
Other financial expenses
-1.7
-2.0
Total financial expenses
-22.0
-15.7
Foreign exchange gains (realized and unrealized)
14.3
6.0
Foreign exchange losses (realized and unrealized)
-6.2
-5.3
Foreign exchange gains/losses net
8.1
0.6
Net financial expenses
-9.9
6.2
Other financial expenses include provision and guarantee expenses paid to DNB.
Capitalized borrowing costs
Borrowing and refinancing costs have been capitalized. The applied interest rate is the CIRR
(Commercial Interest Reference Rates).
\u00a0
Year ended 31 December
USD Millions
2022
2021
Endurance
0.4
0.5
Refinancing -
\u00a0
New Bank Syndicate
1.4
1.9
Total
1.8
2.4
The Group recognizes interest-bearing debt initially at fair value, net of transaction costs incurred.
Subsequently, the debt is carried at amortized cost. Any difference between the proceeds (net of
transaction costs) and the redemption value is recognized in the consolidated statements of profit or
loss over the period of the debt using the effective interest method.
The Group recognizes interest-bearing debt initially at fair value, net of transaction costs incurred.
Subsequently, the debt is carried at amortized cost. Any difference between the proceeds (net of
transaction costs) and the redemption value is recognized in the consolidated statements of profit or
loss over the period of the debt using the effective interest method.
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2021:
Secured bank
loans
Proceeds from
owner
Lease
Bank overdraft
Total
Balance Interest bearing debt at 31 December 2020
215.0
1.3
13.8
12.7
242.8
Changes in Financing cash flows
Refinancing new bank syndicate
210.0
-
-
-
210.0
Secured bank loan - RCF + TL NewRide - DNB/ RABO
65.0
-
-
-
65.0
Secured bank loan - DNB and Eksportkreditt (Provider)
60.0
-
-
-
60.0
Instalment Secured bank loan DNB/GIEK/NEK
-182.3
-
-
-
-182.3
Instalment bank loan Provider
-60.0
-
-
-
-60.0
Instalment Innovation Norway
-10.2
-
-
-
-10.2
Instalment Caterpillar Finance
-1.4
-
-
-
-1.4
Lease payments
-
-
-6.3
-
-6.3
Overdraft facility with DNB/RABO
-
-
-
4.2
4.2
Net cash flow from financing activities
81.1
-
-6.3
4.2
79.0
Non-Cash changes
Leasing financing (IFRS16)
-
-
4.5
-
4.5
Other changes, liability related
Interest/fees charged to loan
-1.5
-
-
-
-1.5
Effect of changes in foreign exchange rates
0.1
-
-0.1
-
-
Total liability related changes
-1.4
-
-0.1
-
-1.5
Balance Interest bearing debt at 31 December 2021
294.7
1.3
11.9
16.9
324.8
Note 16 \u2013 Other non-current liabilities
\u00a0
Year ended 31 December
USD Millions
2022
2021
Contingent consideration
\u2013
10.6
Pension liabilities
0.1
0.2
Total
0.1
10.8
The earn-out period related to Lang Acquisition was from 2019 through 2021. The fair value of the earn-
out (USD 10.2 million) was reevaluated per 31 December 2021 and paid out in 2022.
Note 16 \u2013 Other non-current liabilities
\u00a0
Year ended 31 December
USD Millions
2022
2021
Contingent consideration
\u2013
10.6
Pension liabilities
0.1
0.2
Total
0.1
10.8
The earn-out period related to Lang Acquisition was from 2019 through 2021. The fair value of the earn-
out (USD 10.2 million) was reevaluated per 31 December 2021 and paid out in 2022.
Note 17 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2022
2021
Accounts payable
39.0
25.3
Accrued expenses
14.9
17.6
Other current liabilities
3.2
3.7
Total
57.1
46.6
Foreign exchange and liquidity risks are described in Note 19.
Note 16 \u2013 Other non-current liabilities
\u00a0
Year ended 31 December
USD Millions
2022
2021
Contingent consideration
\u2013
10.6
Pension liabilities
0.1
0.2
Total
0.1
10.8
The earn-out period related to Lang Acquisition was from 2019 through 2021. The fair value of the earn-
out (USD 10.2 million) was reevaluated per 31 December 2021 and paid out in 2022.
Note 17 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2022
2021
Accounts payable
39.0
25.3
Accrued expenses
14.9
17.6
Other current liabilities
3.2
3.7
Total
57.1
46.6
Foreign exchange and liquidity risks are described in Note 19.
Note 17 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2022
2021
Accounts payable
39.0
25.3
Accrued expenses
14.9
17.6
Other current liabilities
3.2
3.7
Total
57.1
46.6
Foreign exchange and liquidity risks are described in Note 19.
Note 17 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2022
2021
Accounts payable
39.0
25.3
Accrued expenses
14.9
17.6
Other current liabilities
3.2
3.7
Total
57.1
46.6
Foreign exchange and liquidity risks are described in Note 19.
Note 18 \u2013 Leasing
The Group leases various types of assets, with the most significant monetarily being the leases for
office buildings, warehouses and a tramper vessel. The smaller leases comprise mainly leases for
housing for employees, IT equipment and production-related equipment in the factory.
Management determines the lease term as the non-cancellable term of the lease, as well as any
additional periods covered by an option to extend the lease if it is reasonably certain to be exercised.
Time periods in the lease covered by an option to terminate the lease are also included in the lease
term if it is reasonably certain the termination clause will not to be exercised. Management applies
judgement in evaluating whether it is reasonably certain to exercise a renewal option, considering all
relevant factors as well as the potential economic incentives related to the exercise of the renewal
option. The lease period in the current leases held by the Group varies from one to five years. Several
of the leases have a lease term that includes the optional renewal period. Most of the leases include a
clause for annual price increases during the term of the lease agreement.
The Group has elected not to recognize right-of-use (ROU) assets and lease liabilities for the following
types of leases, as allowed under IFRS 16:
\u25cf
Short-term leases with a lease term
\u00a0
of less than 12 months
\u00a0
from commencement that does not
include any purchase or renewal options, and
\u25cf
Leases of low- value assets.
The Group recognizes a ROU asset as of the lease commencement date. The ROU asset is initially
measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses
and adjusted for certain remeasurements of the lease liability. The ROU asset is generally depreciated
on a straight-line-basis over the shorter of the estimated useful life of the asset or the lease term and
is subject to impairment assessments of non-financial assets.
The lease liability is initially measured at the present value of the future lease payments at
commencement date discounted using either:
\u25cf
The rate implicit in the lease, or if that cannot be determined, or
\u25cf
The leasing entity\u2019s incremental borrowing rate.
The Group is calculating the incremental borrowing rate in a model with an interest rate swap rate as a
basis and adjustments reflecting:
\u25cf
Credit worthiness of the lessee
\u25cf
Lease term of the contract
\u25cf
Acquisition cost of the ROU
\u25cf
\u25cf
Jurisdiction and the contact\u2019s currency.
The Group\u2019s ROU asset as at 31 December 2022 include:
USD Millions
Buildings and
vessel
Machinery and
equipment
Total
Balance as of 1 January 2022
11.0
0.3
11.3
Depreciation for the year
-4.2
-0.2
-4.4
Additions to ROU assets
0.6
-
0.6
Adjustment of ROU asset
2.4
-
2.4
Balance as of 31 December 2022
9.8
0.1
9.9
Additions to ROU assets relates to the new lease of offices in Bangkok, Beijing, and Uruguay; a new
lease of a warehouse in Uruguay, and the annual CPI adjustments in some of the lease payments.
The Group\u2019s ROU asset as at 31 December 2021 include:
USD Millions
Buildings and
vessel
Machinery and
equipment
Total
Balance as of 1 January 2021
12.6
0.5
13.1
Depreciation for the year
-5.3
-0.2
-5.5
Additions to ROU assets
3.5
-
3.5
Adjustment of ROU assets
0.2
-
0.2
Balance as of 31 December 2021
11.0
0.3
11.3
Additions to ROU assets relates to the new lease of a factory in Ski, Norway, warehouses in India and
Uruguay, and the annual CPI adjustments in some of the lease payments.
Amounts recognized in profit or loss:
Year ended 31 December
USD Millions
2022
2021
Expenses related to short-term lease
-3.9
-1.8
Leasing expenses related to variable payments not included in lease liabilities
-2.0
-0.1
Interest on ROU lease liabilities
-0.7
-0.9
Effect of changes in foreign exchange rates
0.2
0.1
Total
-6.4
-2.7
ROU assets recognized in cash flow statement:
-4.8
-6.3
Future lease liability payments as of year-end 2022 and 2021 (IFRS 16)
USD Millions
2022
2021
Within one year
4.9
4.2
1-2 years
3.1
3.4
3-5 years
0.7
4.0
More than 5 years
1.0
0.3
Total
9.7
11.9
Lease liabilities as of 31 December 2022 totaled USD 10.5 million (31 December 2021: USD 11.9 million) of
which USD 4.8 million (31 December 2021: USD 4.4 million) was classified as current and USD 5.8 million
(31 December 2021: USD 7.5 million) as non-current, see Note 15.
The Group leases various types of assets, with the most significant monetarily being the leases for
office buildings, warehouses and a tramper vessel. The smaller leases comprise mainly leases for
housing for employees, IT equipment and production-related equipment in the factory.
Note 19 \u2013 Financial risk
The Group's activities expose it to various types of risk which are associated with the financial
instruments and markets in which it operates. The most significant types of financial risk the Group is
exposed to are credit risk, liquidity risk, and market risks (including foreign exchange risk, interest rate
risk and bunker risk. To manage these risks, risk management is carried out in order to create
predictability and stability for operating cash flows and values. Management can use financial
derivatives to hedge against risk relating to operations, financing, and investment activities if the
financial derivative has been approved by the Board of Directors. In 2020 the company entered a fuel
hedge contract with DNB, see further description of the contract below under iii) Fuel price risk.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The Group\u2019s main credit risk relates to receivables
from customers. Exposure to that risk is monitored on a routine basis and credit evaluations are
performed on customers as appropriate. When entering significant sales contracts, the sales
department seeks to reduce credit risk through more stringent payment terms including requirement of
up-front payments. The Group has had low losses on receivables as the sales department is
maintaining close contact with each customer and routine billing and cash collection is performed.
The book value of financial assets represents the maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables are ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The Group does not grant any payment terms more than 12
months, meaning that if the Group were to estimate expected credit losses (ECL) as according to
general or simplified approach, the ECL would (for all material purposes) represent the lifetime
expected credit losses.
The Group has determined to apply the practical expedient for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller clients, and the limited amount of losses over the
The Group has designed a provision matrix based on the assessment on historical data over the last
years to identify whether there are either geographical or market (Qrill / Superba) indications of
whether any additional breakdowns into sub-portfolios is required. The reasonability of the ECL
accruals compared to prior years actual losses has also been assessed, to ensure it constitutes a
reasonable expectation.
The ECL rates per portfolio will be reviewed at each reporting date to assess if the matrix still reflects
the current conditions, and if the provision still is at a reasonable and supportable level, reflecting the
future economic conditions.
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2022
2021
Not at maturity
46.5
28.2
0-30 days overdue
10.1
10.2
31-120 days overdue
2.0
9.5
121- 365 days overdue
2.4
3.3
More than one year overdue
0.3
-
Total trade receivable
61.3
51.2
Bad debt provision
-1.3
-0.9
Write off and allocation for loss on trade receivable are included under operating expenses in the
consolidated profit and loss.
Movements in allocation to loss on trade receivable and contract assets:
USD Millions
2022
2021
Balance at 1 January under IFRS 9
-0.9
-0.7
Impairment loss (write-off) on trade and other receivables
-0.4
-0.4
Effects of changes in foreign exchange rates
-
0.2
Allocation to loss on trade receivable and contract assets
-1.3
-0.9
The Group`s two most significant customers account for USD 10.7 million of the receivables carrying
amount as of 31 December 2022 (2021: USD 12.1 million).
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial liabilities as they mature.
\u00a0
The Group does not hedge against exposure to interest-rate fluctuations on debt and is therefore
exposed to fluctuations on the variable-rate amount of interest-bearing liabilities, which was USD 369.2
million as of 31 December 2022 (2021: USD 311.6 million).
\u00a0
Overview of maturities including estimated interest payments by category of liability in 2022:
USD Millions
December
Nominal values
Up to
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
335.9
-393.1
-16.3
-16.5
-291.8
-36.0
-32.4
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
33.4
-33.4
-33.4
-
-
Leasing liabilities (IFRS16)
10.5
-9.7
-2.5
-2.4
-3.1
-0.7
-1.0
Total 2022 maturity of loans and interest on interest-bearing debt
381.1
-438.0
-52.3
-19.0
-295.0
-36.8
-34.9
Accounts payable and other current liabilities
57.1
-57.1
-57.1
-
-
-
-
Non-current non-interest-bearing liabilities
5.5
-5.5
-
-
-0.0
-
-5.5
Total liabilities
443.8
-500.6
-109.4
-19.0
-295.1
-36.8
-40.3
Overview of maturities including estimated interest payments by category of liability in 2021:
USD Millions
December
Nominal values
Up to
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
294.7
-325.8
-9.3
-9.2
-18.1
-248.0
-41.2
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
16.9
-16.8
-16.8
-
-
-
-
Leasing liabilities (IFRS16)
11.9
-11.9
-2.1
-2.1
-3.5
-4.0
-0.3
Total 2021 maturity of loans and interest on interest-bearing debt
324.8
-356.3
-28.3
-11.4
-21.7
-252.0
-42.9
Accounts payable and other current liabilities
46.6
-46.6
-46.6
-
-
-
-
Non-current non-interest-bearing liabilities
15.7
-15.5
-
-
-10.6
-
-4.9
Total liabilities
387.1
-418.4
-74.9
-11.4
-32.3
-252.0
-47.8
Due to lower-than-expected sales, there is a risk for the Group to be in breach with its leverage
covenant (net debt/LTM Adjusted EBITDA). The Group had an optional waiver through 2022 and has for
2023 continued the dialogue with its bank group to obtain waivers for the leverage covenant for part of
the year where this could be necessary.
Market risk
Foreign exchange risk
The Group operates in a global market and is exposed to currency fluctuations, primarily through
fluctuations in the USD, NOK and EUR exchange rates. In addition, the Group has operations with
exposure to local currencies in Uruguay, Australia, India, Thailand, New Zealand, Canada and China, but
these exposures are regarded minimal. The Group has USD as its presentation and functional currency
in the main group companies. The Group has NOK denominated financial instruments thus the
consolidated statement of financial position is exposed to changes in NOK/USD exchange rate
.
The Group seeks to ensure that revenues and expenses are in the same currency. Future cash flows are
estimated and offset. The Group periodically assesses the need for foreign currency hedging. Currency
risk is managed on an overall Group level.
\u00a0
As of 31 December 2022 the Group recognized an asset of USD 11.0 million from a fuel hedge contract,
see description under iii) Fuel price risk.
The table below shows the Group's exposure to foreign exchange risk as per 31 December.
2022
2021
USD Millions
Euro
NOK
Euro
NOK
Accounts receivable
-
6.2
0.3
6.1
Cash
-0.3
-2.3
-
-15.3
Other assets
-
-
-
-
Secured bank loan
-
-
2.5
-22.6
Accounts payable
-1.1
-13.2
-1.9
-11.9
Other balance sheet items
-
-7.0
-
-0.2
Gross balance sheet exposure
-1.4
-16.3
0.9
-43.9
Currency forwards
-
-
-
-
Net exposure
-1.4
-16.3
0.9
-43.9
Sensitivity analysis
A 10% increase or decrease in USD relative to the Euro and the NOK would have reduced or increased
the Group\u2019s profit before tax with USD 0.1 million related to Euro and USD 1.6 million related to NOK,
Interest rate risk
The Group\u2019s borrowings and any surplus cash balances are held at variable and fixed interest rates
linked to the Norwegian or London interbank offered rate (NIBOR and LIBOR, 3 or 6 months). A
movement of 100 basis points in the interest rate on borrowings and surplus cash balances as of 31
December 2022 would have affected the Group\u2019s profit before tax with USD 2.8 million (2021: USD 1.3
million). This analysis assumes that all other variables, especially the exchange rates, remain constant.
Interest rate profile
At the close of the year, the interest-
\u00a0
rate profile for the Group's interest-bearing financial instruments
was as follows:
USD Millions
Year ended 31 December
2022
Effective interest rate year
ended 31 December 2022
Year ended 31 December
2021
Effective interest rate year
ended 31 December 2021
Fixed-interest instruments
Loan from Antarctic Harvesting Holding AS
-1.3
7.0 %
-1.3
7.0 %
Secured bank loan - Bank syndicate
77.2
3.1 %
-96.0
3.1 %
Net fixed interest instruments
75.9
-97.3
Floating-interest instruments
Financial assets
Cash and cash equivalents
22.3
variable *)
11.1
variable *)
Financial liabilities
Secured bank loan - Bank syndicate
-335.9
3,1%-7,1%
-198.7
3.1 %
Overdraft facility
-33.4
variable **)
-16.9
variable **)
Leasing liabilities (IFRS16)
-10.5
variable **)
-11.9
variable **)
Net variable interest instruments
-357.5
-216.4
Total net interest-bearing debt
-281.6
-313.7
*) different cash and cash equivalents carry different interest rates, as such no effective interest rate has been calculated
**) different loans/ receivables carry different interest rates, as such no effective interest rate has been presented
Fuel price risk
Marine Gasoil (\u201cMGO\u201d) fuel used for vessel propulsion and krill meal production is one of the Groups\u2019
most significant operating costs. The profitability and cash flow of the Group will therefore be affected
by the market price of MGO. To reduce Aker BioMarine\u2019s exposure to fluctuations in the fuel price, the
operating subsidiary Aker BioMarine Antarctic AS purchased call options on Gasoil 0.1% at barges FOB
Rotterdam in 2020. These options give Aker BioMarine Antarctic AS the right to purchase Gasoil 0.1% at
barges FOB Rotterdam at defined price (\u201cthe strike\u201d) each month until December 2024. As of 31
December 2022, Aker BioMarine held 44,604 call option contracts giving the Group the right to purchase
44,604 MT of fuel between 2022 and 2024. The value of these options is reflected in the mark-to-market
(\u201cM2M\u201d) value, which at 31 December 2022 was USD 11.0 million.
Contracts
(000)
Strike
(USD/MT)
M2M 31
December
2022 (USDM)
2023
22.3
550.0
6.2
2024
22.3
580.0
4.8
Total
44.6
11.0
Classification of derivatives
The Group uses fuel options for economic hedging purposes and not as speculative investments. From 1
January 2021 the Company met the requirements for using hedge accounting on its fuel options which
means that the options are recognized in the balance sheet under the line item \u2018Derivative assets\u2019.
During 2022, the Group rebalanced its call option portfolio to align with an updated forecast of
production and operations. As a result, the Group sold 7 454 call options. The sale has been recognized
as a rebalancing effect of designated fuel volumes and have been accounted for in accordance with the
requirements for discontinuation of hedge accounting. The gain from rebalancing was USD 2.9 million
and was recognized as \u2018Other operating income\u2019 in the statement of profit or loss, see Note 2. Contracts
not sold continue to follow hedge accounting.
In addition to the USD 2.9 million recognized from the rebalancing exercise, the Group also recognized
profits from cash-settling expiring option contracts throughout the year. In total, the Group realized a
gain of USD 14.6 million on cash settled contracts.
\u00a0
Fuel hedge cash flow overview:
USD Millions
2022
Hedge settlements
15.0
Sale of surplus call options
2.9
2021 net cash impact
17.9
M2M Hedge value 2023-2024 calls
11.0
Net cash equivalent 2023-2024
11.0
Hedge reserves
The Group\u2019s hedging reserves mainly relate to fuel hedge contracts for hedging of bunkers oil for the
period 2021-2024. Total hedge reserve was USD 5.4 million as of December 2021. The fair value of the
hedging instrument decreased by USD 1.9 million in 2022, leading to a total hedge reserve of USD 3.5
million at the end of the year.
Hedge effectiveness
The Group determines hedge effectiveness at the inception of the hedge relationship, and through
periodic prospective effectiveness assessments, to ensure that an economic relationship exists
between the hedged item and hedging instrument. As of 31 December 2022, the hedge was found
effective.
Movements in the fuel hedge reserve for the year ended 31 December:
USD Millions
2022
2021
Opening balance as per 1 January
5.4
0.1
Change in fair value of hedging instrument recognised in OCI
-1.9
5.2
Reclassified to the cost of inventory \u2013 not included in OCI
-15.0
-3.8
Intrinsic value of options
17.8
6.9
Reclassified from OCI to profit or loss
-2.8
-3.0
Closing balance as per 31 December
3.5
5.4
Fair values
The Group had financial receivables that under IFRS 9, based on evaluation of business model applied,
will be measured at fair value over the profit and loss; however, this is in line with how these assets
previously have been accounted for, and the last applicable receivable was settled in 2019.
Trade receivables are classified at amortized cost. An expected loss recognition process is used,
utilizing the practical expedient. Expected credit losses (ECL) are calculated based on a matrix taking
into consideration customer risk, and geographical segments and historical data.
\u00a0
Based on the Group\u2019s assessment, there were no new classification requirements following IFRS 9
implementation, which had material impact on accounting for financial assets or liabilities upon
implementation in 2018.
The fair values quoted in the table below are categorized within the fair value hierarchy, described
below, and based on the lowest level input that is significant to the fair value measurement as a whole:
\u25cf
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
\u25cf
Level 2
\u00a0
- Valuation
\u00a0
techniques for
\u00a0
which the
\u00a0
lowest level
\u00a0
input that
\u00a0
is significant
\u00a0
to the
\u00a0
fair value
measurement is directly or indirectly observable.
\u25cf
Level 3
\u00a0
- Valuation
\u00a0
techniques for
\u00a0
which the
\u00a0
lowest level
\u00a0
input that
\u00a0
is significant
\u00a0
to the
\u00a0
fair value
measurement is unobservable.
All fair values using Level 2 valuation techniques are based on discounted cash flow models.
The short-term nature of financial instruments such as cash and bank deposits result in the book value
approximating fair value. The same approach applies to receivables and debt associated with the
business cycle. Financial assets that are classified as held for sale and financial assets at fair value
through profit and loss are recorded at fair value.
Capital management
The Group\u2019s objectives when managing capital are to i) ensure the Groups ability to continue as a going
concern, and ii) maintain an optimal capital structure to reduce the cost of capital and be in
compliance with bank covenants.
In order to maintain or adjust the capital structure, the group may obtain short term funding through
supply chain financing, receivables purchase agreements, issue new shares or sell assets to reduce
debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio
as agreed with the bank syndicate which is net interest-bearing debt / 12 month Adjusted EBITDA (see
Note 15).
Note 19 \u2013 Financial risk
The Group's activities expose it to various types of risk which are associated with the financial
instruments and markets in which it operates. The most significant types of financial risk the Group is
exposed to are credit risk, liquidity risk, and market risks (including foreign exchange risk, interest rate
risk and bunker risk. To manage these risks, risk management is carried out in order to create
predictability and stability for operating cash flows and values. Management can use financial
derivatives to hedge against risk relating to operations, financing, and investment activities if the
financial derivative has been approved by the Board of Directors. In 2020 the company entered a fuel
hedge contract with DNB, see further description of the contract below under iii) Fuel price risk.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The Group\u2019s main credit risk relates to receivables
from customers. Exposure to that risk is monitored on a routine basis and credit evaluations are
performed on customers as appropriate. When entering significant sales contracts, the sales
department seeks to reduce credit risk through more stringent payment terms including requirement of
up-front payments. The Group has had low losses on receivables as the sales department is
maintaining close contact with each customer and routine billing and cash collection is performed.
The book value of financial assets represents the maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables are ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The Group does not grant any payment terms more than 12
months, meaning that if the Group were to estimate expected credit losses (ECL) as according to
general or simplified approach, the ECL would (for all material purposes) represent the lifetime
expected credit losses.
The Group has determined to apply the practical expedient for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller clients, and the limited amount of losses over the
The Group has designed a provision matrix based on the assessment on historical data over the last
years to identify whether there are either geographical or market (Qrill / Superba) indications of
whether any additional breakdowns into sub-portfolios is required. The reasonability of the ECL
accruals compared to prior years actual losses has also been assessed, to ensure it constitutes a
reasonable expectation.
The ECL rates per portfolio will be reviewed at each reporting date to assess if the matrix still reflects
the current conditions, and if the provision still is at a reasonable and supportable level, reflecting the
future economic conditions.
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2022
2021
Not at maturity
46.5
28.2
0-30 days overdue
10.1
10.2
31-120 days overdue
2.0
9.5
121- 365 days overdue
2.4
3.3
More than one year overdue
0.3
-
Total trade receivable
61.3
51.2
Bad debt provision
-1.3
-0.9
Write off and allocation for loss on trade receivable are included under operating expenses in the
consolidated profit and loss.
Movements in allocation to loss on trade receivable and contract assets:
USD Millions
2022
2021
Balance at 1 January under IFRS 9
-0.9
-0.7
Impairment loss (write-off) on trade and other receivables
-0.4
-0.4
Effects of changes in foreign exchange rates
-
0.2
Allocation to loss on trade receivable and contract assets
-1.3
-0.9
The Group`s two most significant customers account for USD 10.7 million of the receivables carrying
amount as of 31 December 2022 (2021: USD 12.1 million).
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial liabilities as they mature.
\u00a0
The Group does not hedge against exposure to interest-rate fluctuations on debt and is therefore
exposed to fluctuations on the variable-rate amount of interest-bearing liabilities, which was USD 369.2
million as of 31 December 2022 (2021: USD 311.6 million).
\u00a0
Overview of maturities including estimated interest payments by category of liability in 2022:
USD Millions
December
Nominal values
Up to
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
335.9
-393.1
-16.3
-16.5
-291.8
-36.0
-32.4
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
33.4
-33.4
-33.4
-
-
Leasing liabilities (IFRS16)
10.5
-9.7
-2.5
-2.4
-3.1
-0.7
-1.0
Total 2022 maturity of loans and interest on interest-bearing debt
381.1
-438.0
-52.3
-19.0
-295.0
-36.8
-34.9
Accounts payable and other current liabilities
57.1
-57.1
-57.1
-
-
-
-
Non-current non-interest-bearing liabilities
5.5
-5.5
-
-
-0.0
-
-5.5
Total liabilities
443.8
-500.6
-109.4
-19.0
-295.1
-36.8
-40.3
Overview of maturities including estimated interest payments by category of liability in 2021:
USD Millions
December
Nominal values
Up to
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
294.7
-325.8
-9.3
-9.2
-18.1
-248.0
-41.2
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
16.9
-16.8
-16.8
-
-
-
-
Leasing liabilities (IFRS16)
11.9
-11.9
-2.1
-2.1
-3.5
-4.0
-0.3
Total 2021 maturity of loans and interest on interest-bearing debt
324.8
-356.3
-28.3
-11.4
-21.7
-252.0
-42.9
Accounts payable and other current liabilities
46.6
-46.6
-46.6
-
-
-
-
Non-current non-interest-bearing liabilities
15.7
-15.5
-
-
-10.6
-
-4.9
Total liabilities
387.1
-418.4
-74.9
-11.4
-32.3
-252.0
-47.8
Due to lower-than-expected sales, there is a risk for the Group to be in breach with its leverage
covenant (net debt/LTM Adjusted EBITDA). The Group had an optional waiver through 2022 and has for
2023 continued the dialogue with its bank group to obtain waivers for the leverage covenant for part of
the year where this could be necessary.
Market risk
Foreign exchange risk
The Group operates in a global market and is exposed to currency fluctuations, primarily through
fluctuations in the USD, NOK and EUR exchange rates. In addition, the Group has operations with
exposure to local currencies in Uruguay, Australia, India, Thailand, New Zealand, Canada and China, but
these exposures are regarded minimal. The Group has USD as its presentation and functional currency
in the main group companies. The Group has NOK denominated financial instruments thus the
consolidated statement of financial position is exposed to changes in NOK/USD exchange rate
.
The Group seeks to ensure that revenues and expenses are in the same currency. Future cash flows are
estimated and offset. The Group periodically assesses the need for foreign currency hedging. Currency
risk is managed on an overall Group level.
\u00a0
As of 31 December 2022 the Group recognized an asset of USD 11.0 million from a fuel hedge contract,
see description under iii) Fuel price risk.
The table below shows the Group's exposure to foreign exchange risk as per 31 December.
2022
2021
USD Millions
Euro
NOK
Euro
NOK
Accounts receivable
-
6.2
0.3
6.1
Cash
-0.3
-2.3
-
-15.3
Other assets
-
-
-
-
Secured bank loan
-
-
2.5
-22.6
Accounts payable
-1.1
-13.2
-1.9
-11.9
Other balance sheet items
-
-7.0
-
-0.2
Gross balance sheet exposure
-1.4
-16.3
0.9
-43.9
Currency forwards
-
-
-
-
Net exposure
-1.4
-16.3
0.9
-43.9
Sensitivity analysis
A 10% increase or decrease in USD relative to the Euro and the NOK would have reduced or increased
the Group\u2019s profit before tax with USD 0.1 million related to Euro and USD 1.6 million related to NOK,
Interest rate risk
The Group\u2019s borrowings and any surplus cash balances are held at variable and fixed interest rates
linked to the Norwegian or London interbank offered rate (NIBOR and LIBOR, 3 or 6 months). A
movement of 100 basis points in the interest rate on borrowings and surplus cash balances as of 31
December 2022 would have affected the Group\u2019s profit before tax with USD 2.8 million (2021: USD 1.3
million). This analysis assumes that all other variables, especially the exchange rates, remain constant.
Interest rate profile
At the close of the year, the interest-
\u00a0
rate profile for the Group's interest-bearing financial instruments
was as follows:
USD Millions
Year ended 31 December
2022
Effective interest rate year
ended 31 December 2022
Year ended 31 December
2021
Effective interest rate year
ended 31 December 2021
Fixed-interest instruments
Loan from Antarctic Harvesting Holding AS
-1.3
7.0 %
-1.3
7.0 %
Secured bank loan - Bank syndicate
77.2
3.1 %
-96.0
3.1 %
Net fixed interest instruments
75.9
-97.3
Floating-interest instruments
Financial assets
Cash and cash equivalents
22.3
variable *)
11.1
variable *)
Financial liabilities
Secured bank loan - Bank syndicate
-335.9
3,1%-7,1%
-198.7
3.1 %
Overdraft facility
-33.4
variable **)
-16.9
variable **)
Leasing liabilities (IFRS16)
-10.5
variable **)
-11.9
variable **)
Net variable interest instruments
-357.5
-216.4
Total net interest-bearing debt
-281.6
-313.7
*) different cash and cash equivalents carry different interest rates, as such no effective interest rate has been calculated
**) different loans/ receivables carry different interest rates, as such no effective interest rate has been presented
Fuel price risk
Marine Gasoil (\u201cMGO\u201d) fuel used for vessel propulsion and krill meal production is one of the Groups\u2019
most significant operating costs. The profitability and cash flow of the Group will therefore be affected
by the market price of MGO. To reduce Aker BioMarine\u2019s exposure to fluctuations in the fuel price, the
operating subsidiary Aker BioMarine Antarctic AS purchased call options on Gasoil 0.1% at barges FOB
Rotterdam in 2020. These options give Aker BioMarine Antarctic AS the right to purchase Gasoil 0.1% at
barges FOB Rotterdam at defined price (\u201cthe strike\u201d) each month until December 2024. As of 31
December 2022, Aker BioMarine held 44,604 call option contracts giving the Group the right to purchase
44,604 MT of fuel between 2022 and 2024. The value of these options is reflected in the mark-to-market
(\u201cM2M\u201d) value, which at 31 December 2022 was USD 11.0 million.
Contracts
(000)
Strike
(USD/MT)
M2M 31
December
2022 (USDM)
2023
22.3
550.0
6.2
2024
22.3
580.0
4.8
Total
44.6
11.0
Classification of derivatives
The Group uses fuel options for economic hedging purposes and not as speculative investments. From 1
January 2021 the Company met the requirements for using hedge accounting on its fuel options which
means that the options are recognized in the balance sheet under the line item \u2018Derivative assets\u2019.
During 2022, the Group rebalanced its call option portfolio to align with an updated forecast of
production and operations. As a result, the Group sold 7 454 call options. The sale has been recognized
as a rebalancing effect of designated fuel volumes and have been accounted for in accordance with the
requirements for discontinuation of hedge accounting. The gain from rebalancing was USD 2.9 million
and was recognized as \u2018Other operating income\u2019 in the statement of profit or loss, see Note 2. Contracts
not sold continue to follow hedge accounting.
In addition to the USD 2.9 million recognized from the rebalancing exercise, the Group also recognized
profits from cash-settling expiring option contracts throughout the year. In total, the Group realized a
gain of USD 14.6 million on cash settled contracts.
\u00a0
Fuel hedge cash flow overview:
USD Millions
2022
Hedge settlements
15.0
Sale of surplus call options
2.9
2021 net cash impact
17.9
M2M Hedge value 2023-2024 calls
11.0
Net cash equivalent 2023-2024
11.0
Hedge reserves
The Group\u2019s hedging reserves mainly relate to fuel hedge contracts for hedging of bunkers oil for the
period 2021-2024. Total hedge reserve was USD 5.4 million as of December 2021. The fair value of the
hedging instrument decreased by USD 1.9 million in 2022, leading to a total hedge reserve of USD 3.5
million at the end of the year.
Hedge effectiveness
The Group determines hedge effectiveness at the inception of the hedge relationship, and through
periodic prospective effectiveness assessments, to ensure that an economic relationship exists
between the hedged item and hedging instrument. As of 31 December 2022, the hedge was found
effective.
Movements in the fuel hedge reserve for the year ended 31 December:
USD Millions
2022
2021
Opening balance as per 1 January
5.4
0.1
Change in fair value of hedging instrument recognised in OCI
-1.9
5.2
Reclassified to the cost of inventory \u2013 not included in OCI
-15.0
-3.8
Intrinsic value of options
17.8
6.9
Reclassified from OCI to profit or loss
-2.8
-3.0
Closing balance as per 31 December
3.5
5.4
Fair values
The Group had financial receivables that under IFRS 9, based on evaluation of business model applied,
will be measured at fair value over the profit and loss; however, this is in line with how these assets
previously have been accounted for, and the last applicable receivable was settled in 2019.
Trade receivables are classified at amortized cost. An expected loss recognition process is used,
utilizing the practical expedient. Expected credit losses (ECL) are calculated based on a matrix taking
into consideration customer risk, and geographical segments and historical data.
\u00a0
Based on the Group\u2019s assessment, there were no new classification requirements following IFRS 9
implementation, which had material impact on accounting for financial assets or liabilities upon
implementation in 2018.
The fair values quoted in the table below are categorized within the fair value hierarchy, described
below, and based on the lowest level input that is significant to the fair value measurement as a whole:
\u25cf
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
\u25cf
Level 2
\u00a0
- Valuation
\u00a0
techniques for
\u00a0
which the
\u00a0
lowest level
\u00a0
input that
\u00a0
is significant
\u00a0
to the
\u00a0
fair value
measurement is directly or indirectly observable.
\u25cf
Level 3
\u00a0
- Valuation
\u00a0
techniques for
\u00a0
which the
\u00a0
lowest level
\u00a0
input that
\u00a0
is significant
\u00a0
to the
\u00a0
fair value
measurement is unobservable.
All fair values using Level 2 valuation techniques are based on discounted cash flow models.
The short-term nature of financial instruments such as cash and bank deposits result in the book value
approximating fair value. The same approach applies to receivables and debt associated with the
business cycle. Financial assets that are classified as held for sale and financial assets at fair value
through profit and loss are recorded at fair value.
Capital management
The Group\u2019s objectives when managing capital are to i) ensure the Groups ability to continue as a going
concern, and ii) maintain an optimal capital structure to reduce the cost of capital and be in
compliance with bank covenants.
In order to maintain or adjust the capital structure, the group may obtain short term funding through
supply chain financing, receivables purchase agreements, issue new shares or sell assets to reduce
debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio
as agreed with the bank syndicate which is net interest-bearing debt / 12 month Adjusted EBITDA (see
Note 15).
Note 19 \u2013 Financial risk
The Group's activities expose it to various types of risk which are associated with the financial
instruments and markets in which it operates. The most significant types of financial risk the Group is
exposed to are credit risk, liquidity risk, and market risks (including foreign exchange risk, interest rate
risk and bunker risk. To manage these risks, risk management is carried out in order to create
predictability and stability for operating cash flows and values. Management can use financial
derivatives to hedge against risk relating to operations, financing, and investment activities if the
financial derivative has been approved by the Board of Directors. In 2020 the company entered a fuel
hedge contract with DNB, see further description of the contract below under iii) Fuel price risk.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The Group\u2019s main credit risk relates to receivables
from customers. Exposure to that risk is monitored on a routine basis and credit evaluations are
performed on customers as appropriate. When entering significant sales contracts, the sales
department seeks to reduce credit risk through more stringent payment terms including requirement of
up-front payments. The Group has had low losses on receivables as the sales department is
maintaining close contact with each customer and routine billing and cash collection is performed.
The book value of financial assets represents the maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables are ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The Group does not grant any payment terms more than 12
months, meaning that if the Group were to estimate expected credit losses (ECL) as according to
general or simplified approach, the ECL would (for all material purposes) represent the lifetime
expected credit losses.
The Group has determined to apply the practical expedient for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller clients, and the limited amount of losses over the
The Group has designed a provision matrix based on the assessment on historical data over the last
years to identify whether there are either geographical or market (Qrill / Superba) indications of
whether any additional breakdowns into sub-portfolios is required. The reasonability of the ECL
accruals compared to prior years actual losses has also been assessed, to ensure it constitutes a
reasonable expectation.
The ECL rates per portfolio will be reviewed at each reporting date to assess if the matrix still reflects
the current conditions, and if the provision still is at a reasonable and supportable level, reflecting the
future economic conditions.
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2022
2021
Not at maturity
46.5
28.2
0-30 days overdue
10.1
10.2
31-120 days overdue
2.0
9.5
121- 365 days overdue
2.4
3.3
More than one year overdue
0.3
-
Total trade receivable
61.3
51.2
Bad debt provision
-1.3
-0.9
Write off and allocation for loss on trade receivable are included under operating expenses in the
consolidated profit and loss.
Movements in allocation to loss on trade receivable and contract assets:
USD Millions
2022
2021
Balance at 1 January under IFRS 9
-0.9
-0.7
Impairment loss (write-off) on trade and other receivables
-0.4
-0.4
Effects of changes in foreign exchange rates
-
0.2
Allocation to loss on trade receivable and contract assets
-1.3
-0.9
The Group`s two most significant customers account for USD 10.7 million of the receivables carrying
amount as of 31 December 2022 (2021: USD 12.1 million).
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial liabilities as they mature.
\u00a0
The Group does not hedge against exposure to interest-rate fluctuations on debt and is therefore
exposed to fluctuations on the variable-rate amount of interest-bearing liabilities, which was USD 369.2
million as of 31 December 2022 (2021: USD 311.6 million).
\u00a0
Overview of maturities including estimated interest payments by category of liability in 2022:
USD Millions
December
Nominal values
Up to
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
335.9
-393.1
-16.3
-16.5
-291.8
-36.0
-32.4
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
33.4
-33.4
-33.4
-
-
Leasing liabilities (IFRS16)
10.5
-9.7
-2.5
-2.4
-3.1
-0.7
-1.0
Total 2022 maturity of loans and interest on interest-bearing debt
381.1
-438.0
-52.3
-19.0
-295.0
-36.8
-34.9
Accounts payable and other current liabilities
57.1
-57.1
-57.1
-
-
-
-
Non-current non-interest-bearing liabilities
5.5
-5.5
-
-
-0.0
-
-5.5
Total liabilities
443.8
-500.6
-109.4
-19.0
-295.1
-36.8
-40.3
Overview of maturities including estimated interest payments by category of liability in 2021:
USD Millions
December
Nominal values
Up to
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
294.7
-325.8
-9.3
-9.2
-18.1
-248.0
-41.2
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
16.9
-16.8
-16.8
-
-
-
-
Leasing liabilities (IFRS16)
11.9
-11.9
-2.1
-2.1
-3.5
-4.0
-0.3
Total 2021 maturity of loans and interest on interest-bearing debt
324.8
-356.3
-28.3
-11.4
-21.7
-252.0
-42.9
Accounts payable and other current liabilities
46.6
-46.6
-46.6
-
-
-
-
Non-current non-interest-bearing liabilities
15.7
-15.5
-
-
-10.6
-
-4.9
Total liabilities
387.1
-418.4
-74.9
-11.4
-32.3
-252.0
-47.8
Due to lower-than-expected sales, there is a risk for the Group to be in breach with its leverage
covenant (net debt/LTM Adjusted EBITDA). The Group had an optional waiver through 2022 and has for
2023 continued the dialogue with its bank group to obtain waivers for the leverage covenant for part of
the year where this could be necessary.
Market risk
Foreign exchange risk
The Group operates in a global market and is exposed to currency fluctuations, primarily through
fluctuations in the USD, NOK and EUR exchange rates. In addition, the Group has operations with
exposure to local currencies in Uruguay, Australia, India, Thailand, New Zealand, Canada and China, but
these exposures are regarded minimal. The Group has USD as its presentation and functional currency
in the main group companies. The Group has NOK denominated financial instruments thus the
consolidated statement of financial position is exposed to changes in NOK/USD exchange rate
.
The Group seeks to ensure that revenues and expenses are in the same currency. Future cash flows are
estimated and offset. The Group periodically assesses the need for foreign currency hedging. Currency
risk is managed on an overall Group level.
\u00a0
As of 31 December 2022 the Group recognized an asset of USD 11.0 million from a fuel hedge contract,
see description under iii) Fuel price risk.
The table below shows the Group's exposure to foreign exchange risk as per 31 December.
2022
2021
USD Millions
Euro
NOK
Euro
NOK
Accounts receivable
-
6.2
0.3
6.1
Cash
-0.3
-2.3
-
-15.3
Other assets
-
-
-
-
Secured bank loan
-
-
2.5
-22.6
Accounts payable
-1.1
-13.2
-1.9
-11.9
Other balance sheet items
-
-7.0
-
-0.2
Gross balance sheet exposure
-1.4
-16.3
0.9
-43.9
Currency forwards
-
-
-
-
Net exposure
-1.4
-16.3
0.9
-43.9
Sensitivity analysis
A 10% increase or decrease in USD relative to the Euro and the NOK would have reduced or increased
the Group\u2019s profit before tax with USD 0.1 million related to Euro and USD 1.6 million related to NOK,
Interest rate risk
The Group\u2019s borrowings and any surplus cash balances are held at variable and fixed interest rates
linked to the Norwegian or London interbank offered rate (NIBOR and LIBOR, 3 or 6 months). A
movement of 100 basis points in the interest rate on borrowings and surplus cash balances as of 31
December 2022 would have affected the Group\u2019s profit before tax with USD 2.8 million (2021: USD 1.3
million). This analysis assumes that all other variables, especially the exchange rates, remain constant.
Interest rate profile
At the close of the year, the interest-
\u00a0
rate profile for the Group's interest-bearing financial instruments
was as follows:
USD Millions
Year ended 31 December
2022
Effective interest rate year
ended 31 December 2022
Year ended 31 December
2021
Effective interest rate year
ended 31 December 2021
Fixed-interest instruments
Loan from Antarctic Harvesting Holding AS
-1.3
7.0 %
-1.3
7.0 %
Secured bank loan - Bank syndicate
77.2
3.1 %
-96.0
3.1 %
Net fixed interest instruments
75.9
-97.3
Floating-interest instruments
Financial assets
Cash and cash equivalents
22.3
variable *)
11.1
variable *)
Financial liabilities
Secured bank loan - Bank syndicate
-335.9
3,1%-7,1%
-198.7
3.1 %
Overdraft facility
-33.4
variable **)
-16.9
variable **)
Leasing liabilities (IFRS16)
-10.5
variable **)
-11.9
variable **)
Net variable interest instruments
-357.5
-216.4
Total net interest-bearing debt
-281.6
-313.7
*) different cash and cash equivalents carry different interest rates, as such no effective interest rate has been calculated
**) different loans/ receivables carry different interest rates, as such no effective interest rate has been presented
Fuel price risk
Marine Gasoil (\u201cMGO\u201d) fuel used for vessel propulsion and krill meal production is one of the Groups\u2019
most significant operating costs. The profitability and cash flow of the Group will therefore be affected
by the market price of MGO. To reduce Aker BioMarine\u2019s exposure to fluctuations in the fuel price, the
operating subsidiary Aker BioMarine Antarctic AS purchased call options on Gasoil 0.1% at barges FOB
Rotterdam in 2020. These options give Aker BioMarine Antarctic AS the right to purchase Gasoil 0.1% at
barges FOB Rotterdam at defined price (\u201cthe strike\u201d) each month until December 2024. As of 31
December 2022, Aker BioMarine held 44,604 call option contracts giving the Group the right to purchase
44,604 MT of fuel between 2022 and 2024. The value of these options is reflected in the mark-to-market
(\u201cM2M\u201d) value, which at 31 December 2022 was USD 11.0 million.
Contracts
(000)
Strike
(USD/MT)
M2M 31
December
2022 (USDM)
2023
22.3
550.0
6.2
2024
22.3
580.0
4.8
Total
44.6
11.0
Classification of derivatives
The Group uses fuel options for economic hedging purposes and not as speculative investments. From 1
January 2021 the Company met the requirements for using hedge accounting on its fuel options which
means that the options are recognized in the balance sheet under the line item \u2018Derivative assets\u2019.
During 2022, the Group rebalanced its call option portfolio to align with an updated forecast of
production and operations. As a result, the Group sold 7 454 call options. The sale has been recognized
as a rebalancing effect of designated fuel volumes and have been accounted for in accordance with the
requirements for discontinuation of hedge accounting. The gain from rebalancing was USD 2.9 million
and was recognized as \u2018Other operating income\u2019 in the statement of profit or loss, see Note 2. Contracts
not sold continue to follow hedge accounting.
In addition to the USD 2.9 million recognized from the rebalancing exercise, the Group also recognized
profits from cash-settling expiring option contracts throughout the year. In total, the Group realized a
gain of USD 14.6 million on cash settled contracts.
\u00a0
Fuel hedge cash flow overview:
USD Millions
2022
Hedge settlements
15.0
Sale of surplus call options
2.9
2021 net cash impact
17.9
M2M Hedge value 2023-2024 calls
11.0
Net cash equivalent 2023-2024
11.0
Hedge reserves
The Group\u2019s hedging reserves mainly relate to fuel hedge contracts for hedging of bunkers oil for the
period 2021-2024. Total hedge reserve was USD 5.4 million as of December 2021. The fair value of the
hedging instrument decreased by USD 1.9 million in 2022, leading to a total hedge reserve of USD 3.5
million at the end of the year.
Hedge effectiveness
The Group determines hedge effectiveness at the inception of the hedge relationship, and through
periodic prospective effectiveness assessments, to ensure that an economic relationship exists
between the hedged item and hedging instrument. As of 31 December 2022, the hedge was found
effective.
Movements in the fuel hedge reserve for the year ended 31 December:
USD Millions
2022
2021
Opening balance as per 1 January
5.4
0.1
Change in fair value of hedging instrument recognised in OCI
-1.9
5.2
Reclassified to the cost of inventory \u2013 not included in OCI
-15.0
-3.8
Intrinsic value of options
17.8
6.9
Reclassified from OCI to profit or loss
-2.8
-3.0
Closing balance as per 31 December
3.5
5.4
Fair values
The Group had financial receivables that under IFRS 9, based on evaluation of business model applied,
will be measured at fair value over the profit and loss; however, this is in line with how these assets
previously have been accounted for, and the last applicable receivable was settled in 2019.
Trade receivables are classified at amortized cost. An expected loss recognition process is used,
utilizing the practical expedient. Expected credit losses (ECL) are calculated based on a matrix taking
into consideration customer risk, and geographical segments and historical data.
\u00a0
Based on the Group\u2019s assessment, there were no new classification requirements following IFRS 9
implementation, which had material impact on accounting for financial assets or liabilities upon
implementation in 2018.
The fair values quoted in the table below are categorized within the fair value hierarchy, described
below, and based on the lowest level input that is significant to the fair value measurement as a whole:
\u25cf
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
\u25cf
Level 2
\u00a0
- Valuation
\u00a0
techniques for
\u00a0
which the
\u00a0
lowest level
\u00a0
input that
\u00a0
is significant
\u00a0
to the
\u00a0
fair value
measurement is directly or indirectly observable.
\u25cf
Level 3
\u00a0
- Valuation
\u00a0
techniques for
\u00a0
which the
\u00a0
lowest level
\u00a0
input that
\u00a0
is significant
\u00a0
to the
\u00a0
fair value
measurement is unobservable.
All fair values using Level 2 valuation techniques are based on discounted cash flow models.
The short-term nature of financial instruments such as cash and bank deposits result in the book value
approximating fair value. The same approach applies to receivables and debt associated with the
business cycle. Financial assets that are classified as held for sale and financial assets at fair value
through profit and loss are recorded at fair value.
Capital management
The Group\u2019s objectives when managing capital are to i) ensure the Groups ability to continue as a going
concern, and ii) maintain an optimal capital structure to reduce the cost of capital and be in
compliance with bank covenants.
In order to maintain or adjust the capital structure, the group may obtain short term funding through
supply chain financing, receivables purchase agreements, issue new shares or sell assets to reduce
debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio
as agreed with the bank syndicate which is net interest-bearing debt / 12 month Adjusted EBITDA (see
Note 15).
Note 19 \u2013 Financial risk
The Group's activities expose it to various types of risk which are associated with the financial
instruments and markets in which it operates. The most significant types of financial risk the Group is
exposed to are credit risk, liquidity risk, and market risks (including foreign exchange risk, interest rate
risk and bunker risk. To manage these risks, risk management is carried out in order to create
predictability and stability for operating cash flows and values. Management can use financial
derivatives to hedge against risk relating to operations, financing, and investment activities if the
financial derivative has been approved by the Board of Directors. In 2020 the company entered a fuel
hedge contract with DNB, see further description of the contract below under iii) Fuel price risk.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The Group\u2019s main credit risk relates to receivables
from customers. Exposure to that risk is monitored on a routine basis and credit evaluations are
performed on customers as appropriate. When entering significant sales contracts, the sales
department seeks to reduce credit risk through more stringent payment terms including requirement of
up-front payments. The Group has had low losses on receivables as the sales department is
maintaining close contact with each customer and routine billing and cash collection is performed.
The book value of financial assets represents the maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables are ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The Group does not grant any payment terms more than 12
months, meaning that if the Group were to estimate expected credit losses (ECL) as according to
general or simplified approach, the ECL would (for all material purposes) represent the lifetime
expected credit losses.
The Group has determined to apply the practical expedient for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller clients, and the limited amount of losses over the
The Group has designed a provision matrix based on the assessment on historical data over the last
years to identify whether there are either geographical or market (Qrill / Superba) indications of
whether any additional breakdowns into sub-portfolios is required. The reasonability of the ECL
accruals compared to prior years actual losses has also been assessed, to ensure it constitutes a
reasonable expectation.
The ECL rates per portfolio will be reviewed at each reporting date to assess if the matrix still reflects
the current conditions, and if the provision still is at a reasonable and supportable level, reflecting the
future economic conditions.
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2022
2021
Not at maturity
46.5
28.2
0-30 days overdue
10.1
10.2
31-120 days overdue
2.0
9.5
121- 365 days overdue
2.4
3.3
More than one year overdue
0.3
-
Total trade receivable
61.3
51.2
Bad debt provision
-1.3
-0.9
Write off and allocation for loss on trade receivable are included under operating expenses in the
consolidated profit and loss.
Movements in allocation to loss on trade receivable and contract assets:
USD Millions
2022
2021
Balance at 1 January under IFRS 9
-0.9
-0.7
Impairment loss (write-off) on trade and other receivables
-0.4
-0.4
Effects of changes in foreign exchange rates
-
0.2
Allocation to loss on trade receivable and contract assets
-1.3
-0.9
The Group`s two most significant customers account for USD 10.7 million of the receivables carrying
amount as of 31 December 2022 (2021: USD 12.1 million).
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its financial liabilities as they mature.
\u00a0
The Group does not hedge against exposure to interest-rate fluctuations on debt and is therefore
exposed to fluctuations on the variable-rate amount of interest-bearing liabilities, which was USD 369.2
million as of 31 December 2022 (2021: USD 311.6 million).
\u00a0
Overview of maturities including estimated interest payments by category of liability in 2022:
USD Millions
December
Nominal values
Up to
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
335.9
-393.1
-16.3
-16.5
-291.8
-36.0
-32.4
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
33.4
-33.4
-33.4
-
-
Leasing liabilities (IFRS16)
10.5
-9.7
-2.5
-2.4
-3.1
-0.7
-1.0
Total 2022 maturity of loans and interest on interest-bearing debt
381.1
-438.0
-52.3
-19.0
-295.0
-36.8
-34.9
Accounts payable and other current liabilities
57.1
-57.1
-57.1
-
-
-
-
Non-current non-interest-bearing liabilities
5.5
-5.5
-
-
-0.0
-
-5.5
Total liabilities
443.8
-500.6
-109.4
-19.0
-295.1
-36.8
-40.3
Overview of maturities including estimated interest payments by category of liability in 2021:
USD Millions
December
Nominal values
Up to
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
294.7
-325.8
-9.3
-9.2
-18.1
-248.0
-41.2
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
16.9
-16.8
-16.8
-
-
-
-
Leasing liabilities (IFRS16)
11.9
-11.9
-2.1
-2.1
-3.5
-4.0
-0.3
Total 2021 maturity of loans and interest on interest-bearing debt
324.8
-356.3
-28.3
-11.4
-21.7
-252.0
-42.9
Accounts payable and other current liabilities
46.6
-46.6
-46.6
-
-
-
-
Non-current non-interest-bearing liabilities
15.7
-15.5
-
-
-10.6
-
-4.9
Total liabilities
387.1
-418.4
-74.9
-11.4
-32.3
-252.0
-47.8
Due to lower-than-expected sales, there is a risk for the Group to be in breach with its leverage
covenant (net debt/LTM Adjusted EBITDA). The Group had an optional waiver through 2022 and has for
2023 continued the dialogue with its bank group to obtain waivers for the leverage covenant for part of
the year where this could be necessary.
Market risk
Foreign exchange risk
The Group operates in a global market and is exposed to currency fluctuations, primarily through
fluctuations in the USD, NOK and EUR exchange rates. In addition, the Group has operations with
exposure to local currencies in Uruguay, Australia, India, Thailand, New Zealand, Canada and China, but
these exposures are regarded minimal. The Group has USD as its presentation and functional currency
in the main group companies. The Group has NOK denominated financial instruments thus the
consolidated statement of financial position is exposed to changes in NOK/USD exchange rate
.
The Group seeks to ensure that revenues and expenses are in the same currency. Future cash flows are
estimated and offset. The Group periodically assesses the need for foreign currency hedging. Currency
risk is managed on an overall Group level.
\u00a0
As of 31 December 2022 the Group recognized an asset of USD 11.0 million from a fuel hedge contract,
see description under iii) Fuel price risk.
The table below shows the Group's exposure to foreign exchange risk as per 31 December.
2022
2021
USD Millions
Euro
NOK
Euro
NOK
Accounts receivable
-
6.2
0.3
6.1
Cash
-0.3
-2.3
-
-15.3
Other assets
-
-
-
-
Secured bank loan
-
-
2.5
-22.6
Accounts payable
-1.1
-13.2
-1.9
-11.9
Other balance sheet items
-
-7.0
-
-0.2
Gross balance sheet exposure
-1.4
-16.3
0.9
-43.9
Currency forwards
-
-
-
-
Net exposure
-1.4
-16.3
0.9
-43.9
Sensitivity analysis
A 10% increase or decrease in USD relative to the Euro and the NOK would have reduced or increased
the Group\u2019s profit before tax with USD 0.1 million related to Euro and USD 1.6 million related to NOK,
Interest rate risk
The Group\u2019s borrowings and any surplus cash balances are held at variable and fixed interest rates
linked to the Norwegian or London interbank offered rate (NIBOR and LIBOR, 3 or 6 months). A
movement of 100 basis points in the interest rate on borrowings and surplus cash balances as of 31
December 2022 would have affected the Group\u2019s profit before tax with USD 2.8 million (2021: USD 1.3
million). This analysis assumes that all other variables, especially the exchange rates, remain constant.
Interest rate profile
At the close of the year, the interest-
\u00a0
rate profile for the Group's interest-bearing financial instruments
was as follows:
USD Millions
Year ended 31 December
2022
Effective interest rate year
ended 31 December 2022
Year ended 31 December
2021
Effective interest rate year
ended 31 December 2021
Fixed-interest instruments
Loan from Antarctic Harvesting Holding AS
-1.3
7.0 %
-1.3
7.0 %
Secured bank loan - Bank syndicate
77.2
3.1 %
-96.0
3.1 %
Net fixed interest instruments
75.9
-97.3
Floating-interest instruments
Financial assets
Cash and cash equivalents
22.3
variable *)
11.1
variable *)
Financial liabilities
Secured bank loan - Bank syndicate
-335.9
3,1%-7,1%
-198.7
3.1 %
Overdraft facility
-33.4
variable **)
-16.9
variable **)
Leasing liabilities (IFRS16)
-10.5
variable **)
-11.9
variable **)
Net variable interest instruments
-357.5
-216.4
Total net interest-bearing debt
-281.6
-313.7
*) different cash and cash equivalents carry different interest rates, as such no effective interest rate has been calculated
**) different loans/ receivables carry different interest rates, as such no effective interest rate has been presented
Fuel price risk
Marine Gasoil (\u201cMGO\u201d) fuel used for vessel propulsion and krill meal production is one of the Groups\u2019
most significant operating costs. The profitability and cash flow of the Group will therefore be affected
by the market price of MGO. To reduce Aker BioMarine\u2019s exposure to fluctuations in the fuel price, the
operating subsidiary Aker BioMarine Antarctic AS purchased call options on Gasoil 0.1% at barges FOB
Rotterdam in 2020. These options give Aker BioMarine Antarctic AS the right to purchase Gasoil 0.1% at
barges FOB Rotterdam at defined price (\u201cthe strike\u201d) each month until December 2024. As of 31
December 2022, Aker BioMarine held 44,604 call option contracts giving the Group the right to purchase
44,604 MT of fuel between 2022 and 2024. The value of these options is reflected in the mark-to-market
(\u201cM2M\u201d) value, which at 31 December 2022 was USD 11.0 million.
Contracts
(000)
Strike
(USD/MT)
M2M 31
December
2022 (USDM)
2023
22.3
550.0
6.2
2024
22.3
580.0
4.8
Total
44.6
11.0
Classification of derivatives
The Group uses fuel options for economic hedging purposes and not as speculative investments. From 1
January 2021 the Company met the requirements for using hedge accounting on its fuel options which
means that the options are recognized in the balance sheet under the line item \u2018Derivative assets\u2019.
During 2022, the Group rebalanced its call option portfolio to align with an updated forecast of
production and operations. As a result, the Group sold 7 454 call options. The sale has been recognized
as a rebalancing effect of designated fuel volumes and have been accounted for in accordance with the
requirements for discontinuation of hedge accounting. The gain from rebalancing was USD 2.9 million
and was recognized as \u2018Other operating income\u2019 in the statement of profit or loss, see Note 2. Contracts
not sold continue to follow hedge accounting.
In addition to the USD 2.9 million recognized from the rebalancing exercise, the Group also recognized
profits from cash-settling expiring option contracts throughout the year. In total, the Group realized a
gain of USD 14.6 million on cash settled contracts.
\u00a0
Fuel hedge cash flow overview:
USD Millions
2022
Hedge settlements
15.0
Sale of surplus call options
2.9
2021 net cash impact
17.9
M2M Hedge value 2023-2024 calls
11.0
Net cash equivalent 2023-2024
11.0
Hedge reserves
The Group\u2019s hedging reserves mainly relate to fuel hedge contracts for hedging of bunkers oil for the
period 2021-2024. Total hedge reserve was USD 5.4 million as of December 2021. The fair value of the
hedging instrument decreased by USD 1.9 million in 2022, leading to a total hedge reserve of USD 3.5
million at the end of the year.
Hedge effectiveness
The Group determines hedge effectiveness at the inception of the hedge relationship, and through
periodic prospective effectiveness assessments, to ensure that an economic relationship exists
between the hedged item and hedging instrument. As of 31 December 2022, the hedge was found
effective.
Movements in the fuel hedge reserve for the year ended 31 December:
USD Millions
2022
2021
Opening balance as per 1 January
5.4
0.1
Change in fair value of hedging instrument recognised in OCI
-1.9
5.2
Reclassified to the cost of inventory \u2013 not included in OCI
-15.0
-3.8
Intrinsic value of options
17.8
6.9
Reclassified from OCI to profit or loss
-2.8
-3.0
Closing balance as per 31 December
3.5
5.4
Fair values
The Group had financial receivables that under IFRS 9, based on evaluation of business model applied,
will be measured at fair value over the profit and loss; however, this is in line with how these assets
previously have been accounted for, and the last applicable receivable was settled in 2019.
Trade receivables are classified at amortized cost. An expected loss recognition process is used,
utilizing the practical expedient. Expected credit losses (ECL) are calculated based on a matrix taking
into consideration customer risk, and geographical segments and historical data.
\u00a0
Based on the Group\u2019s assessment, there were no new classification requirements following IFRS 9
implementation, which had material impact on accounting for financial assets or liabilities upon
implementation in 2018.
The fair values quoted in the table below are categorized within the fair value hierarchy, described
below, and based on the lowest level input that is significant to the fair value measurement as a whole:
\u25cf
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
\u25cf
Level 2
\u00a0
- Valuation
\u00a0
techniques for
\u00a0
which the
\u00a0
lowest level
\u00a0
input that
\u00a0
is significant
\u00a0
to the
\u00a0
fair value
measurement is directly or indirectly observable.
\u25cf
Level 3
\u00a0
- Valuation
\u00a0
techniques for
\u00a0
which the
\u00a0
lowest level
\u00a0
input that
\u00a0
is significant
\u00a0
to the
\u00a0
fair value
measurement is unobservable.
All fair values using Level 2 valuation techniques are based on discounted cash flow models.
The short-term nature of financial instruments such as cash and bank deposits result in the book value
approximating fair value. The same approach applies to receivables and debt associated with the
business cycle. Financial assets that are classified as held for sale and financial assets at fair value
through profit and loss are recorded at fair value.
Capital management
The Group\u2019s objectives when managing capital are to i) ensure the Groups ability to continue as a going
concern, and ii) maintain an optimal capital structure to reduce the cost of capital and be in
compliance with bank covenants.
In order to maintain or adjust the capital structure, the group may obtain short term funding through
supply chain financing, receivables purchase agreements, issue new shares or sell assets to reduce
debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio
as agreed with the bank syndicate which is net interest-bearing debt / 12 month Adjusted EBITDA (see
Note 15).
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The Group\u2019s main credit risk relates to receivables
from customers. Exposure to that risk is monitored on a routine basis and credit evaluations are
performed on customers as appropriate. When entering significant sales contracts, the sales
department seeks to reduce credit risk through more stringent payment terms including requirement of
up-front payments. The Group has had low losses on receivables as the sales department is
maintaining close contact with each customer and routine billing and cash collection is performed.
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2022
2021
Not at maturity
46.5
28.2
0-30 days overdue
10.1
10.2
31-120 days overdue
2.0
9.5
121- 365 days overdue
2.4
3.3
More than one year overdue
0.3
-
Total trade receivable
61.3
51.2
Bad debt provision
-1.3
-0.9
Write off and allocation for loss on trade receivable are included under operating expenses in the
consolidated profit and loss.
The Group uses fuel options for economic hedging purposes and not as speculative investments. From 1
January 2021 the Company met the requirements for using hedge accounting on its fuel options which
means that the options are recognized in the balance sheet under the line item \u2018Derivative assets\u2019.
The Group uses fuel options for economic hedging purposes and not as speculative investments. From 1
January 2021 the Company met the requirements for using hedge accounting on its fuel options which
means that the options are recognized in the balance sheet under the line item \u2018Derivative assets\u2019.
Fair values
The Group had financial receivables that under IFRS 9, based on evaluation of business model applied,
will be measured at fair value over the profit and loss; however, this is in line with how these assets
previously have been accounted for, and the last applicable receivable was settled in 2019.
Trade receivables are classified at amortized cost. An expected loss recognition process is used,
utilizing the practical expedient. Expected credit losses (ECL) are calculated based on a matrix taking
into consideration customer risk, and geographical segments and historical data.
\u00a0
Based on the Group\u2019s assessment, there were no new classification requirements following IFRS 9
implementation, which had material impact on accounting for financial assets or liabilities upon
implementation in 2018.
The fair values quoted in the table below are categorized within the fair value hierarchy, described
below, and based on the lowest level input that is significant to the fair value measurement as a whole:
\u25cf
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
\u25cf
Level 2
\u00a0
- Valuation
\u00a0
techniques for
\u00a0
which the
\u00a0
lowest level
\u00a0
input that
\u00a0
is significant
\u00a0
to the
\u00a0
fair value
measurement is directly or indirectly observable.
\u25cf
Level 3
\u00a0
- Valuation
\u00a0
techniques for
\u00a0
which the
\u00a0
lowest level
\u00a0
input that
\u00a0
is significant
\u00a0
to the
\u00a0
fair value
measurement is unobservable.
All fair values using Level 2 valuation techniques are based on discounted cash flow models.
The short-term nature of financial instruments such as cash and bank deposits result in the book value
approximating fair value. The same approach applies to receivables and debt associated with the
business cycle. Financial assets that are classified as held for sale and financial assets at fair value
through profit and loss are recorded at fair value.
The short-term nature of financial instruments such as cash and bank deposits result in the book value
approximating fair value. The same approach applies to receivables and debt associated with the
business cycle. Financial assets that are classified as held for sale and financial assets at fair value
through profit and loss are recorded at fair value.
The short-term nature of financial instruments such as cash and bank deposits result in the book value
approximating fair value. The same approach applies to receivables and debt associated with the
business cycle. Financial assets that are classified as held for sale and financial assets at fair value
through profit and loss are recorded at fair value.
The short-term nature of financial instruments such as cash and bank deposits result in the book value
approximating fair value. The same approach applies to receivables and debt associated with the
business cycle. Financial assets that are classified as held for sale and financial assets at fair value
through profit and loss are recorded at fair value.
The Group recognizes a provision when it has a legal or constructive obligation as a result of a past
event, when it is probable that payment or the transfer of other assets will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation.
Note 21 \u2013 Related parties
The Group\u2019s consolidated financial statements include the following transactions and intercompany
balances with Aker ASA and companies controlled by Aker ASA. Refer to Note 22 for remuneration to key
management.
Aker ASA is the controlling shareholder of the Group.
The guarantee fee relates to the guarantee provided from Aker ASA related to the Group\u2019s long-term
loan with DNB/Rabobank (see Note 15).
\u00a0
USD Millions
2022
2021
Office Rent Fornebu N\u00e6ring
-1.0
-1.1
Recharge Rev Ocean
0.1
0.1
-1.3
-0.8
-2.3
-1.8
Guarantee fee Aker ASA
-
-0.3
Total
-2.3
-2.1
Note 22 \u2013 Salaries and other remuneration to the Board of
Directors and executive management
Board remuneration
There is no remuneration paid to the Board members and Employee representative other than ordinary
salaries. For details about board remuneration, refer to the Company\u2019s Remuneration Report which is
published on the Company\u2019s website.
\u00a0
https://www.akerbiomarine.com/investor-other-reports-and-presentations
Remuneration paid to the CEO and Executive management team (EMT)
The CEO is member of the defined contribution pension and insurance plans that cover all employees.
The Group uses standard employment contracts. The CEO may be dismissed upon three months' notice.
If the company terminates the employment, the CEO is entitled to three months' severance pay after
the end of the notice period. The pension is capped at a salary of 12 times the National Social Security
base amount.
The Group implemented share incentive programs for employees in February 2022.
\u00a0
In addition to the EMT bonus program also referred to in the Remuneration report, Aker BioMarine has
established a bonus program for level two managers based on EBITDA performance. Sales resources
have separate bonus programs linked to achievement of certain sales related KPIs.
Based on the company\u2019s performance in 2020, management team was awarded a bonus totaling USD
0.9 million that was accrued in 2021 and paid in 2022. No bonus awarded in 2021 or 2022, except for one
member of the EMT.
For details about remuneration paid to the CEO and EMT, refer to the Company\u2019s Remuneration Report
which is published on the Company\u2019s website.
\u00a0
https://www.akerbiomarine.com/investor-other-reports-and-presentations
Note 22 \u2013 Salaries and other remuneration to the Board of
Directors and executive management
Board remuneration
There is no remuneration paid to the Board members and Employee representative other than ordinary
salaries. For details about board remuneration, refer to the Company\u2019s Remuneration Report which is
published on the Company\u2019s website.
\u00a0
https://www.akerbiomarine.com/investor-other-reports-and-presentations
Remuneration paid to the CEO and Executive management team (EMT)
The CEO is member of the defined contribution pension and insurance plans that cover all employees.
The Group uses standard employment contracts. The CEO may be dismissed upon three months' notice.
If the company terminates the employment, the CEO is entitled to three months' severance pay after
the end of the notice period. The pension is capped at a salary of 12 times the National Social Security
base amount.
The Group implemented share incentive programs for employees in February 2022.
\u00a0
In addition to the EMT bonus program also referred to in the Remuneration report, Aker BioMarine has
established a bonus program for level two managers based on EBITDA performance. Sales resources
have separate bonus programs linked to achievement of certain sales related KPIs.
Based on the company\u2019s performance in 2020, management team was awarded a bonus totaling USD
0.9 million that was accrued in 2021 and paid in 2022. No bonus awarded in 2021 or 2022, except for one
member of the EMT.
For details about remuneration paid to the CEO and EMT, refer to the Company\u2019s Remuneration Report
which is published on the Company\u2019s website.
\u00a0
https://www.akerbiomarine.com/investor-other-reports-and-presentations
Note 23 \u2013 Group companies
As of 31 December 2022, Aker Capital AS held 77.7% of the shares in Aker BioMarine, and the CEO,
through his wholly owned subsidiary KMMN Invest II AS, held 1.2%.
Assessment of non-controlling interests:
Through its fully owned company Antarctic Harvesting Holding AS (AHH), The Resource Group TGR AS,
subscribed to 555,900 new shares (the A-shares) in Aker BioMarine Antarctic AS for a cash
consideration of NOK 11 million in September 2015. The shares subscribed to constitute a separate
share class with rights to an annual preferential dividend of 7% of the invested capital, but with no
economic rights to any profits above this level. The preferred shares are included as interest bearing
debt in the statement of financial position.
\u00a0
The structure enables the company to access foreign capital while remaining in compliance with its
fishing licenses. Through the shareholders agreement, the company holds the majority of the voting
rights for all matter except the reserved matters. The reserved matters give AHH some rights, but not
power over the relevant activities. AHH\u2019s rights are either protective or relates to activities that does
not significantly affect the return. The company has power over the relevant activities, and has
control over Aker BioMarine Antarctic AS.
Based on the content of the shareholder agreement between the company and AHH, the company
defines Aker BioMarine Antarctic AS as a subsidiary, even if the ownership is 40% (the B-shares). It
has therefore been assessed that the shareholders agreement does not give rise to any non-
controlling interests in the Group financial statements.
Investments in associates
The Group accounts for investments in associates under the equity method. As per 31 December
2022, the investment and share of results are immaterial to the Group\u2019s financial statements.
The consolidated financial statements for the Group in 2022 included the following
\u00a0
subsidiaries:
Shareholding
Voting rights
\u00a0
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Antarctic AS
40
Lysaker
Norway
Aker BioMarine Antarctic US LLC
100
100
Issaquah
USA
Aker BioMarine Antarctic Services AS
100
100
Lysaker
Norway
Aker BioMarine Antarctic Australia Pty Ltd
100
100
Melbourne
Australia
Aker BioMarine Manufacturing LLC
100
100
Houston
USA
Aker BioMarine Antarctic SA (former Odalson S.A.)
100
100
Montevideo
Uruguay
Aker BioMarine US Holding Inc
100
100
Issaquah
USA
Complector Ship Management
\u00a0
AS
100
100
Lysaker
Norway
Aker BioMarine Asia Ltd
100
100
Hong Kong
China
Aker BioMarine Shanghai International Trading Co Ltd
100
100
Shanghai
China
Aker BioMarine Canada Inc
100
100
Vancouver
Canada
Euphausia LLC
100
100
Wilmington
USA
Aker BioMarine (Thailand) Ltd
100
100
Bangkok
Thailand
Aker BioMarine India Private Ltd
100
100
Mumbai
India
NewRide LLC
100
100
Issaquah
USA
Epion Brands LLC
100
100
Issaquah
USA
Lang Pharma Nutrion Inc
100
100
Middletown
USA
Wanaka BioMarine Ltd
100
100
Nelson
New Zealand
Aker BioMarine Japan K.K
100
100
Tokyo
Japan
Aker BioMarine Chile S.A
100
100
Puerto Varas
Chile
Aion AS (until April 2022, see Note 1)
100
100
Lysaker
Norway
*) Aker BioMarine ASA has all voting rights except for certain fundamental matters which require consent from both
shareholders
The consolidated financial statements for the Group in 2021 included the following
\u00a0
subsidiaries:
Shareholding
Voting rights
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Antarctic AS
40
Lysaker
Norway
Aker BioMarine Antarctic US LLC
100
100
Issaquah
USA
Aker BioMarine Antarctic Services AS
100
100
Lysaker
Norway
Aker BioMarine Antarctic Australia Pty Ltd
100
100
Melbourne
Australia
Aker BioMarine Manufacturing LLC
100
100
Houston
USA
Aker BioMarine Financing LLC
100
100
Houston
USA
Aker BioMarine Antarctic SA (former Odalson S.A.)
100
100
Montevideo
Uruguay
Aker BioMarine US Holding Inc
100
100
Issaquah
USA
Complector Ship Management
\u00a0
AS
100
100
Lysaker
Norway
Aker BioMarine Asia Ltd
100
100
Hong Kong
China
Aker BioMarine Shanghai International Trading Co Ltd
100
100
Shanghai
China
Aker BioMarine Canada Inc
100
100
Vancouver
Canada
Euphausia LLC
100
100
Wilmington
USA
Aker BioMarine (Thailand) Ltd
100
100
Bangkok
Thailand
Aker BioMarine India Private Ltd
100
100
Mumbai
India
NewRide LLC
100
100
Issaquah
USA
Epion Brands LLC
100
100
Issaquah
USA
Lang Pharma Nutrion Inc
100
100
Middletown
USA
Wanaka BioMarine Ltd
100
100
Nelson
New Zealand
Aion AS
100
100
Lysaker
Norway
*) Aker BioMarine ASA has all voting rights except for certain fundamental matters which require consent from both
shareholders
Note 23 \u2013 Group companies
As of 31 December 2022, Aker Capital AS held 77.7% of the shares in Aker BioMarine, and the CEO,
through his wholly owned subsidiary KMMN Invest II AS, held 1.2%.
Assessment of non-controlling interests:
Through its fully owned company Antarctic Harvesting Holding AS (AHH), The Resource Group TGR AS,
subscribed to 555,900 new shares (the A-shares) in Aker BioMarine Antarctic AS for a cash
consideration of NOK 11 million in September 2015. The shares subscribed to constitute a separate
share class with rights to an annual preferential dividend of 7% of the invested capital, but with no
economic rights to any profits above this level. The preferred shares are included as interest bearing
debt in the statement of financial position.
\u00a0
The structure enables the company to access foreign capital while remaining in compliance with its
fishing licenses. Through the shareholders agreement, the company holds the majority of the voting
rights for all matter except the reserved matters. The reserved matters give AHH some rights, but not
power over the relevant activities. AHH\u2019s rights are either protective or relates to activities that does
not significantly affect the return. The company has power over the relevant activities, and has
control over Aker BioMarine Antarctic AS.
Based on the content of the shareholder agreement between the company and AHH, the company
defines Aker BioMarine Antarctic AS as a subsidiary, even if the ownership is 40% (the B-shares). It
has therefore been assessed that the shareholders agreement does not give rise to any non-
controlling interests in the Group financial statements.
Investments in associates
The Group accounts for investments in associates under the equity method. As per 31 December
2022, the investment and share of results are immaterial to the Group\u2019s financial statements.
The consolidated financial statements for the Group in 2022 included the following
\u00a0
subsidiaries:
Shareholding
Voting rights
\u00a0
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Antarctic AS
40
Lysaker
Norway
Aker BioMarine Antarctic US LLC
100
100
Issaquah
USA
Aker BioMarine Antarctic Services AS
100
100
Lysaker
Norway
Aker BioMarine Antarctic Australia Pty Ltd
100
100
Melbourne
Australia
Aker BioMarine Manufacturing LLC
100
100
Houston
USA
Aker BioMarine Antarctic SA (former Odalson S.A.)
100
100
Montevideo
Uruguay
Aker BioMarine US Holding Inc
100
100
Issaquah
USA
Complector Ship Management
\u00a0
AS
100
100
Lysaker
Norway
Aker BioMarine Asia Ltd
100
100
Hong Kong
China
Aker BioMarine Shanghai International Trading Co Ltd
100
100
Shanghai
China
Aker BioMarine Canada Inc
100
100
Vancouver
Canada
Euphausia LLC
100
100
Wilmington
USA
Aker BioMarine (Thailand) Ltd
100
100
Bangkok
Thailand
Aker BioMarine India Private Ltd
100
100
Mumbai
India
NewRide LLC
100
100
Issaquah
USA
Epion Brands LLC
100
100
Issaquah
USA
Lang Pharma Nutrion Inc
100
100
Middletown
USA
Wanaka BioMarine Ltd
100
100
Nelson
New Zealand
Aker BioMarine Japan K.K
100
100
Tokyo
Japan
Aker BioMarine Chile S.A
100
100
Puerto Varas
Chile
Aion AS (until April 2022, see Note 1)
100
100
Lysaker
Norway
*) Aker BioMarine ASA has all voting rights except for certain fundamental matters which require consent from both
shareholders
The consolidated financial statements for the Group in 2021 included the following
\u00a0
subsidiaries:
Shareholding
Voting rights
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Antarctic AS
40
Lysaker
Norway
Aker BioMarine Antarctic US LLC
100
100
Issaquah
USA
Aker BioMarine Antarctic Services AS
100
100
Lysaker
Norway
Aker BioMarine Antarctic Australia Pty Ltd
100
100
Melbourne
Australia
Aker BioMarine Manufacturing LLC
100
100
Houston
USA
Aker BioMarine Financing LLC
100
100
Houston
USA
Aker BioMarine Antarctic SA (former Odalson S.A.)
100
100
Montevideo
Uruguay
Aker BioMarine US Holding Inc
100
100
Issaquah
USA
Complector Ship Management
\u00a0
AS
100
100
Lysaker
Norway
Aker BioMarine Asia Ltd
100
100
Hong Kong
China
Aker BioMarine Shanghai International Trading Co Ltd
100
100
Shanghai
China
Aker BioMarine Canada Inc
100
100
Vancouver
Canada
Euphausia LLC
100
100
Wilmington
USA
Aker BioMarine (Thailand) Ltd
100
100
Bangkok
Thailand
Aker BioMarine India Private Ltd
100
100
Mumbai
India
NewRide LLC
100
100
Issaquah
USA
Epion Brands LLC
100
100
Issaquah
USA
Lang Pharma Nutrion Inc
100
100
Middletown
USA
Wanaka BioMarine Ltd
100
100
Nelson
New Zealand
Aion AS
100
100
Lysaker
Norway
*) Aker BioMarine ASA has all voting rights except for certain fundamental matters which require consent from both
shareholders
Note 23 \u2013 Group companies
As of 31 December 2022, Aker Capital AS held 77.7% of the shares in Aker BioMarine, and the CEO,
through his wholly owned subsidiary KMMN Invest II AS, held 1.2%.
Assessment of non-controlling interests:
Through its fully owned company Antarctic Harvesting Holding AS (AHH), The Resource Group TGR AS,
subscribed to 555,900 new shares (the A-shares) in Aker BioMarine Antarctic AS for a cash
consideration of NOK 11 million in September 2015. The shares subscribed to constitute a separate
share class with rights to an annual preferential dividend of 7% of the invested capital, but with no
economic rights to any profits above this level. The preferred shares are included as interest bearing
debt in the statement of financial position.
\u00a0
The structure enables the company to access foreign capital while remaining in compliance with its
fishing licenses. Through the shareholders agreement, the company holds the majority of the voting
rights for all matter except the reserved matters. The reserved matters give AHH some rights, but not
power over the relevant activities. AHH\u2019s rights are either protective or relates to activities that does
not significantly affect the return. The company has power over the relevant activities, and has
control over Aker BioMarine Antarctic AS.
Based on the content of the shareholder agreement between the company and AHH, the company
defines Aker BioMarine Antarctic AS as a subsidiary, even if the ownership is 40% (the B-shares). It
has therefore been assessed that the shareholders agreement does not give rise to any non-
controlling interests in the Group financial statements.
Investments in associates
The Group accounts for investments in associates under the equity method. As per 31 December
2022, the investment and share of results are immaterial to the Group\u2019s financial statements.
The consolidated financial statements for the Group in 2022 included the following
\u00a0
subsidiaries:
Shareholding
Voting rights
\u00a0
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Antarctic AS
40
Lysaker
Norway
Aker BioMarine Antarctic US LLC
100
100
Issaquah
USA
Aker BioMarine Antarctic Services AS
100
100
Lysaker
Norway
Aker BioMarine Antarctic Australia Pty Ltd
100
100
Melbourne
Australia
Aker BioMarine Manufacturing LLC
100
100
Houston
USA
Aker BioMarine Antarctic SA (former Odalson S.A.)
100
100
Montevideo
Uruguay
Aker BioMarine US Holding Inc
100
100
Issaquah
USA
Complector Ship Management
\u00a0
AS
100
100
Lysaker
Norway
Aker BioMarine Asia Ltd
100
100
Hong Kong
China
Aker BioMarine Shanghai International Trading Co Ltd
100
100
Shanghai
China
Aker BioMarine Canada Inc
100
100
Vancouver
Canada
Euphausia LLC
100
100
Wilmington
USA
Aker BioMarine (Thailand) Ltd
100
100
Bangkok
Thailand
Aker BioMarine India Private Ltd
100
100
Mumbai
India
NewRide LLC
100
100
Issaquah
USA
Epion Brands LLC
100
100
Issaquah
USA
Lang Pharma Nutrion Inc
100
100
Middletown
USA
Wanaka BioMarine Ltd
100
100
Nelson
New Zealand
Aker BioMarine Japan K.K
100
100
Tokyo
Japan
Aker BioMarine Chile S.A
100
100
Puerto Varas
Chile
Aion AS (until April 2022, see Note 1)
100
100
Lysaker
Norway
*) Aker BioMarine ASA has all voting rights except for certain fundamental matters which require consent from both
shareholders
The consolidated financial statements for the Group in 2021 included the following
\u00a0
subsidiaries:
Shareholding
Voting rights
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Antarctic AS
40
Lysaker
Norway
Aker BioMarine Antarctic US LLC
100
100
Issaquah
USA
Aker BioMarine Antarctic Services AS
100
100
Lysaker
Norway
Aker BioMarine Antarctic Australia Pty Ltd
100
100
Melbourne
Australia
Aker BioMarine Manufacturing LLC
100
100
Houston
USA
Aker BioMarine Financing LLC
100
100
Houston
USA
Aker BioMarine Antarctic SA (former Odalson S.A.)
100
100
Montevideo
Uruguay
Aker BioMarine US Holding Inc
100
100
Issaquah
USA
Complector Ship Management
\u00a0
AS
100
100
Lysaker
Norway
Aker BioMarine Asia Ltd
100
100
Hong Kong
China
Aker BioMarine Shanghai International Trading Co Ltd
100
100
Shanghai
China
Aker BioMarine Canada Inc
100
100
Vancouver
Canada
Euphausia LLC
100
100
Wilmington
USA
Aker BioMarine (Thailand) Ltd
100
100
Bangkok
Thailand
Aker BioMarine India Private Ltd
100
100
Mumbai
India
NewRide LLC
100
100
Issaquah
USA
Epion Brands LLC
100
100
Issaquah
USA
Lang Pharma Nutrion Inc
100
100
Middletown
USA
Wanaka BioMarine Ltd
100
100
Nelson
New Zealand
Aion AS
100
100
Lysaker
Norway
*) Aker BioMarine ASA has all voting rights except for certain fundamental matters which require consent from both
shareholders
Note 24 \u2013 Earnings per share
USD Millions
2022
2021
Continued operations:
Net profit (loss)
10.0
-8.0
Profit (loss) from continued operations attributable to Equity holders of the
parent
10.0
-8.0
Number of shares
Share outstanding as per 1 January
87,586,086
87,586,086
Capital increase
51,647
-
Shares outstanding as per 31 December
87,637,733
87,586,086
Weighted average number of shares as per 31 December
87,629,125
87,586,086
Earnings per share
Basic
0.11
-0.09
Dilluted
0.11
-0.09
Note 25 \u2013 Events after the end of the reporting period
The Group performed a review of events after the balance sheet date through the date the financial
statements were issued and determined that there were no such events requiring recognition or
disclosure in the financial statements.